Third Amendment to Employment Agreement between Mark A. Brown and Trump Entities (December 11, 2002)

Contract Categories: Human Resources › Employment Agreements
Summary

This amendment updates the employment agreement between Mark A. Brown and several Trump entities, extending the contract through December 31, 2006. It sets out a revised salary schedule, increasing Mr. Brown's annual salary each year from 2003 to 2006. The amendment also reinstates a previously deleted paragraph and confirms that all other terms of the original agreement remain unchanged. Both parties have agreed to these changes as of December 11, 2002.

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EX-10.32 3 dex1032.htm THIRD AMENDMENT, DATED DECEMBER 11,2002, OF THE EMPLOYEE AGREEMENT THIRD AMENDMENT, DATED DECEMBER 11,2002, OF THE EMPLOYEE AGREEMENT

EXHIBIT 10.32

December 11, 2002

Mr. Mark A. Brown
[ADDRESS]

 

Re:

Third Amendment of Employment Agreement dated March 6, 1998, as amended (the “Agreement”)

Dear Mr. Brown:

 

This letter will confirm our agreement to further amend the Agreement as follows:

 

 

 

 

1.

This amendment shall be effective as of the date hereof and the Expiration Date shall be December 31, 2006.

 

 

 

 

2.

In consideration for this Amendment, Paragraph 2.a, as previously amended, is hereby deleted in its entirety and replaced as follows:

 

 

 

 

 

During the term of this Agreement, you shall be paid an annual salary at the rate of One Million Five Hundred Thousand ($1,500,000) Dollars commencing January 1, 2003, payable periodically in accordance with Trump’s regular payroll practices.  Said annual salary shall increase to One Million Six Hundred Thousand Dollars ($1,600,000) commencing January 1, 2004, to One Million Seven Hundred Thousand  ($1,700,000) Dollars commencing January 1, 2005, and to One Million Eight Hundred Thousand ($1,800,000) Dollars commencing January 1, 2006.

 

 

 

 

3.

Paragraph 13 of the Agreement dated March 6, 1998 is reinstated in its entirety.

          Except to the extent modified herein, you hereby ratify the Agreement and confirm that all other such terms, conditions and obligations contained therein remain in full force and effect as stated in the Agreement.

 

Very truly yours,

 

 

 

/s/ DONALD J. TRUMP

 

 

 

 

DONALD J. TRUMP

 

 

Chairman

 

 

Trump’s Castle Associates

 

 

Trump Taj Mahal Associates

 

 

Trump Plaza Associates

 

 

Trump Indiana, Inc.

 

DJT/njd

 

 

 

 

 

Agreed to this 11th day of December, 2002

 

 

 

 

 

/s/ MARK A. BROWN

 

 

 

 

 

 

MARK A. BROWN