Amendment to Employment Agreement Regarding Relocation Loan Repayment – Park Place Entertainment Corporation and Thomas E. Gallagher
This amendment between Park Place Entertainment Corporation and Thomas E. Gallagher changes the terms of Gallagher's relocation loan under his employment agreement. The revised terms require Gallagher to repay the loan either when his employment with the company ends or when he sells his Los Angeles residence, whichever comes first. The amendment is effective as of October 22, 2001, and is agreed to by both parties.
Exhibit 10.1
April 29, 2002
Thomas E. Gallagher
405 Tracy Court
Incline Village, NV 89451
Re: Relocation Loan
Dear Tom:
Reference is made to the Employment Agreement, dated October 23, 2000, ("Employment Agreement") between you and Park Place Entertainment Corporation ("Company").
This will confirm that Section 3(i) of the Employment Agreement is amended to provide that the relocation loan referred to therein shall be repaid on the earlier of (a) termination of your employment with the Company, and (b) the date that you sell your residence in Los Angeles, California.
| | | |
|---|---|---|
| Sincerely, Park Place Entertainment Corporation | ||
/s/ STEVE BELL Steve Bell Senior Vice President—Human Resources | ||
| Agreed and accepted this 29th day of April, 2002, effective as of October 22, 2001. | ||
/s/ THOMAS E. GALLAGHER Thomas E. Gallagher |
