EXHIBIT 10.2
October 22, 2001
Xx. Xxx X. Xxxxxx
00000 Xxxxxxx Xxxxx
Xxxxxxx, XX 00000
Dear Xx. Xxxxxx
This letter constitutes an amended letter agreement between The Majestic Star
Casino, LLC, an Indiana limited liability company (or its successor company)
("MSC"), and you, pursuant to which you will serve as an employee of MSC and
will perform those duties generally associated with the duties of a President
and Chief Executive Officer of a company. Your duties may be changed from time
and time by MSC, but any new responsibilities or title shall be consistent with
your experience, knowledge and skills. MSC agrees to pay you compensation of
$370,000 annually, payable in substantially equal weekly payments with usual and
customary payroll deductions. In addition, MSC agrees to pay, on behalf of Xx.
Xxxxxx, certain premiums for life insurance policies. MSC will also reimburse
you for business travel and other related expenses.
If this letter accurately sets forth the terms of our agreement, sign and return
the enclosed copy to us. We look forward to your continued employment with our
organization and to a long and mutually beneficial relationship.
Upon execution of this letter agreement, any prior agreements, including the
letter agreement dated April 25, 1996, shall be terminated.
Sincerely,
THE MAJESTIC STAR CASINO, LLC
By: Xxxxxx Development, Inc.
Its: Manager and Sole Member
By: /s/ Xxxxxxxx X. Xxxxxxx
---------------------------------
Xxxxxxxx X. Xxxxxxx
Its: Vice President
Agreed to and accepted on this 22nd day of October, 2001.
/s/ Xxx X. Xxxxxx
-----------------------------------------
Xxx X. Xxxxxx
