EXHIBIT 10.49(1)
January 4, 2000
Xxxxx X. Xxxxxx
0000 Xxxxxxxx Xxxx
Xxxxxxx, Xxx Xxxxxx 00000
Re: Third Amendment of the Agreement dated July 24, 1995
between Xxxxx X. Xxxxxx and Xxxxx'x Castle Associates
("TCA") (the "Agreement")
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Dear Xx. Xxxxxx:
This letter will confirm that the Agreement is hereby amended to provide
that you shall be employed by TCA in the capacity of President and Chief
Operating Officer effective as of January 3, 2000. This will also confirm our
agreement to amend the Agreement hereby by amending the Expiration Date to
January 2, 2003.
As consideration for these amendments, your annual base salary as
stated in Paragraph 3A of the Agreement shall be amended as follows (i) Three
Hundred Fifty Thousand ($350,000.00) Dollars for the calendar year 2000, (ii)
Four Hundred Thousand ($400,000.00) Dollars commencing January 1, 2001 and (iii)
Four Hundred Fifty Thousand ($450,000.00) commencing January 1, 2002. In
addition, the Agreement is also hereby amended to provide that you shall receive
a discretionary bonus based upon the profitability of Xxxxx Xxxxxx Casino
Resort.
Except to the extent modified herein, you and TCA hereby ratify the
Agreement and agree that all other such terms, conditions and obligations
contained therein remain in full force and effect as stated in the Agreement.
Very truly yours,
/s/ Xxxxxx X. Xxxxx
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XXXXXX X. XXXXX
Chairman
Trump's Castle Associates
Agreed to this 14th day of
January, 2000
/s/ Xxxxx X. Xxxxxx
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XXXXX X. XXXXXX
