Amendment to Employment Agreement between Park Place Entertainment Corporation and Harry C. Hagerty, III
This amendment updates the employment agreement between Park Place Entertainment Corporation and Harry C. Hagerty, III. Effective March 24, 2003, Mr. Hagerty's annual salary is set at $750,000 for the remainder of his employment term. The salary will be reviewed annually for possible increases based on the company's merit policies, but any increase is at the company's sole discretion. All other terms of the original agreement remain unchanged.
Exhibit 10.1
[PARK PLACE ENTERTAINMENT(R) LETTERHEAD]
Dated as of March 24, 2003
Mr. Harry C. Hagerty, III
Park Place Entertainment Corporation
Park Place and the Boardwalk
Atlantic City, New Jersey 08401
Re: Amendment of Employment Agreement Dated March 14, 2002
Dear Harry:
In consideration of the terms and conditions contained in the referenced Employment Agreement (the “Employment Agreement”), Park Place Entertainment Corporation (the “Company” and/or “Employer”) and you hereby amend said Employment Agreement as follows:
Paragraph 3A - Compensation: Effective as of March 24, 2003, your annual salary shall be adjusted to $750,000 for each twelve month period through the remainder of the Term of your Employment Agreement with the Company. During the Term, the Base Salary shall be reviewed for possible increase annually in accordance with the Company’s then applicable merit policies, although any determination to increase the Base Salary shall be within the Company in its sole discretion.
All other terms and conditions of the referenced agreement shall remain unchanged.
| Very truly yours, | ||
|
| ||
|
| /s/ Wallace R. Barr |
|
| Wallace R. Barr, President and | ||
| Chief Executive Officer | ||
Agreed to:
| /s/ Harry C. Hagerty, III |
| |
| Harry C. Hagerty, III | ||
|
| ||
| Dated: | 6/16/03 |
|
