Second Amendment to Employment Agreement between Mark A. Brown and Trump Taj Mahal Associates (August 4, 2000)

Summary

This amendment updates the employment agreement between Mark A. Brown and Trump Taj Mahal Associates, effective July 1, 2000. It confirms Mr. Brown's role as President and CEO of several Trump casino entities and sets his annual salary, starting at $1,000,000 and increasing over the next two years. The agreement's expiration is extended to July 31, 2003, with an option for Trump to further extend it to July 31, 2005, provided written notice is given 180 days in advance.

EX-10.15 29 dex1015.txt SECOND AMENDMENT, DATED AUGUST 4, 2000, TO THE EMPLOYMENT AGREEMENT - MARK BROWN Exhibit 10.15 [TRUMP HOTELS & CASINO RESORTS, INC. LETTERHEAD] August 4, 2000 Mr. Mark A. Brown [ADDRESS] Re: Second Amendment of the Employment Agreement dated March 6, 1998 between Mark A. Brown and Trump's Castle Associates, as assigned to Trump Taj Mahal Associates and amended effective as of January 3, 2000 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 July 1, 2000, and the Expiration Date shall be July 31, 2003, subject to Trump's option pursuant to new Paragraph 13.a. below. 2. Paragraph 1 is hereby amended to confirm your employment as President and Chief Executive Officer of each of Trump Taj Mahal Associates, Trump Plaza Associates, Trump's Castle Associates and Trump Indiana, Inc. (subject to necessary licensing by the Indiana Gaming Commission). 3. In consideration for this Amendment, Paragraph 2.a, as previously amended, is hereby deleted in its entirety and replaced as follows: a. During the term of this Agreement, you shall be paid an annual salary at the rate of One Million ($1,000,000) Dollars commencing effective as of July 1, 2000, payable periodically in accordance with Trump's regular payroll practices. Said annual salary shall increase to One Million One Hundred Thousand Dollars ($1,100,000) commencing January 1, 2001 and to One Million Two Hundred Thousand ($1,200,000) Dollars commencing January 1, 2002. 4. Paragraph 13 is hereby deleted and replaced in its entirety with the following: a. Trump, in its sole discretion, shall have the right and option to extend the Expiration Date to July 31, 2005. Trump agrees to notify you in writing one hundred and eighty (180) days prior to the Expiration Date as set forth herein of Trump's decision to exercise such option. In the event Trump exercises such option, your annual salary shall be