EXHIBIT 10.77
XXXXX
XXX XXXXX
CASINO RESORT
January 4, 2000
Xxxx X. Xxxxx
000 X. Xxxxxxx Xxxxxx
Xxxxxxx, Xxx Xxxxxx 00000
RE: Assignment and Amendment of the Employment Agreement dated
March 6, 1998 between Xxxx X. Xxxxx and Trump's Castle
Associates ("TCA") (the "Agreement")
Dear Xx. Xxxxx:
This letter will confirm that the Agreement is hereby assigned to Xxxxx
Xxx Mahal Associates ("TTMA") with your consent and understanding that all
obligations and liabilities thereunder shall be assumed by and be the
responsibility of TTMA and that TCA shall have no further liability or
obligation with respect to the Agreement or arising out of your previous
employment thereunder. To the extent the Agreement refers to TCA, it is
understood and agreed that the Agreement shall be deemed to refer to TTMA.
This will also confirm our agreement to amend the Agreement hereby by
amending the Expiration Date to January 2, 2003. As consideration for this
amendment, your annual base salary as stated in Paragraph 3A of the Agreement
shall be amended as follows (i) Six Hundred thousand ($600,000.00) Dollars for
the calendar year 2000, (ii) Six Hundred Fifty Thousand ($650,00.00) Dollars
commencing January 1, 2001 and (iii) Seven Hundred Thousand ($700,000.00)
commencing January 1, 2002. In recognition of your employment with TCA, you
shall, upon commencement of your employment with TTMA, receive a bonus in the
amount of One Hundred Thousand ($100,000.00) Dollars net of all applicable taxes
and deductions. In addition, the Agreement is also hereby amended to provide
that you shall receive a discretionary bonus based upon the profitability of
Xxxxx Xxx Xxxxx Casino Resort.
This Assignment shall be effective as of January 3, 2000.
Except to the extent modified herein, you and TTMA 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,
XXXXXX X. XXXXX
Chairman
Trump's Castle Associates
Xxxxx Xxx Xxxxx Associates
Agreed to this 3 day of January, 2000.
/s/ Xxxx X. Xxxxx
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Xxxx X. Xxxxx
