FIRST AMENDMENT TO EMPLOYMENT AGREEMENT DATED MARCH 30, 2011 BETWEEN MTR GAMING GROUP, INC., AND JOSEPH BILLHIMER
Exhibit 10.1
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT DATED
MARCH 30, 2011 BETWEEN MTR GAMING GROUP, INC.,
AND JOSEPH BILLHIMER
WHEREAS, Mountaineer Park, Inc. (the “Company”), a wholly owned subsidiary of MTR Gaming Group, Inc. (“MTR”), MTR and Joseph Billhimer (the “Executive”) (collectively the “Parties”), entered into an Employment Agreement (the “Agreement”) on or about March 30, 2011 securing the employment of Executive as President and General Manager of the Company and MTR’s Senior Vice President for Operations and Development;
WHEREAS, the Parties, in exchange for the consideration detailed below, the sufficiency of which is acknowledged, the Parties mutually desire to amend the Agreement as follows:
| Section 1, EMPLOYER: |
| Employer will now be the parent Company, MTR Gaming Group, Inc.; and |
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| Section 4, DUTIES: |
| Executive is being promoted/appointed to the position of Chief Operating Officer and Executive Vice President; and |
| Section 5, COMPENSATION & BENEFITS: |
| (a) Executive’s base salary is being raised to $340,000.00; and |
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| (b) Executive’s Annual Incentive Bonus Target is being raised from forty percent (40%) to fifty percent (50%) |
WHEREAS, the Parties agree that other than the specific sections described above, all other Terms of the Agreement remain in force and are specifically incorporated by reference herein.
WHEREFORE, the Parties hereby affix their signature below, intending to be legally bound and specifically agreeing to the terms of this First Amendment this 2nd Day of December 2011.
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| /s/ Joseph Billhimer |
| /s/ Jeffrey J. Dahl |
| JOSEPH BILLHIMER |
| JEFFREY J. DAHL |
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| AS, PRESIDENT AND C.E.O. OF MTR GAMING GROUP, INC. |
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| Dated: 2 December, 2011 |
| Dated: 2 December, 2011 |
