Amendment to Employment Agreement between Park Place Entertainment Corporation and Bernard E. DeLury, Jr.
This amendment updates the employment agreement between Park Place Entertainment Corporation and Bernard E. DeLury, Jr. Effective May 21, 2003, Mr. DeLury's title changes to Executive Vice President, Secretary, and General Counsel, and his annual salary is set at $450,000 for the remainder of the agreement's term. The salary will be reviewed annually for possible increases at the company's discretion. All other terms of the original agreement remain unchanged.
Exhibit 10.2
[PARK PLACE ENTERTAINMENT(R) LETTERHEAD]
Dated as of May 21, 2003
Bernard E. DeLury, Jr., Esq.
Park Place Entertainment Corporation
Park Place and the Boardwalk
Atlantic City, New Jersey 08401
Re: Amendment of Employment Agreement Dated February 1, 2003
Dear Bernie:
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 1B – Title Change: Your current title shall be changed to Executive Vice President, Secretary and General Counsel, effective as of May 21, 2003.
Paragraph 3A – Compensation: Effective as of May 21, 2003, your annual salary shall be adjusted to $450,000 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’s sole discretion.
All other terms and conditions of the referenced agreement shall remain unchanged.
| Very truly yours, | ||
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| /s/ Wallace R. Barr |
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| Wallace R. Barr, President and | ||
| Chief Executive Officer | ||
Agreed to:
| /s/ Bernard E. DeLury, Jr. |
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| Bernard E. DeLury, Jr. | ||
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| Dated: | 6/5/03 |
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