EXHIBIT 10.3
SIXTH AMENDMENT TO EMPLOYMENT AGREEMENT
THIS SIXTH AMENDMENT TO EMPLOYMENT AGREEMENT (the "Sixth
Amendment") is made and entered into to be effective as of the 1st day of
January, 1998, between HOLLYWOOD CASINO CORPORATION, a Delaware corporation (the
"Employer"), and XXXXXXX X. XXXXX (the "Employee") with reference to the
foregoing.
RECITALS
X. Xxxxx Hotel Corporation (nka Greate Bay Casino Corporation), a Delaware
corporation ("PHC") which was a direct approximately 80% owned subsidiary of
Employer prior to December 31, 1996, and Employee entered into that certain
Employment Agreement dated as of September 21, 1989;
B. PHC and Employee subsequently entered into that certain First Amendment
to Employment Agreement dated as of January 1, 1991;
C. PHC and Employee subsequently entered into that certain Second
Amendment to Employment Agreement dated as of September 30, 1992;
D. PHC and Employee subsequently entered into that certain Third Amendment
to Employment Agreement dated as of February 23, 1995;
E. PHC assigned to Employer the right, title and interest of PHC in, to
and under, and Employer assumed the obligations of PHC under, the Employment
Agreement, as amended by the First Amendment to Employment Agreement, the Second
Amendment to Employment Agreement and the Third Amendment to Employment
Agreement, pursuant to that certain Assignment of Xxxxx Brother Employment
Contracts and Assumption Agreement dated as of October 16, 1995;
F. Employer and Employee subsequently entered into that certain Fourth
Amendment to Employment Agreement dated as of January 1, 1996;
G. Employer and Employee subsequently entered into that certain Fifth
Amendment to Employment Agreement dated as of January 1, 1997;
H. The Employment Agreement, as amended by the First Amendment to
Employment Agreement, the Second Amendment to Employment Agreement, the Third
Amendment to Employment Agreement, the Fourth Amendment to Employment Agreement
and the Fifth Amendment to Employment Agreement, are hereinafter collectively
called the "Existing Employment Agreement"; and
I. Employer and Employee now desire to further amend the Existing
Employment Agreement as provided below.
AGREEMENTS
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:
1. Paragraph 2 of the Existing Employment Agreement is hereby amended in its
entirety to read as follows:
"2. Term of Employment. The term of employment of the Executive under this
Agreement shall expire on December 31, 2000; subject, however, to the
provisions of Section 5 of this Agreement."
2. This Sixth Amendment may be executed in multiple counterparts, each of which
shall be deemed an original but all of which together shall constitute one and
the same instrument.
3. If any provision of this Sixth Amendment or the application hereof to any
person or circumstances shall to any extent be held void, unenforceable or
invalid, then the remainder of this Sixth Amendment or the application of such
provision to persons or circumstances other than those as to which it is held
void, unenforceable or invalid shall not be affected thereby, and each provision
of this Sixth Amendment shall be valid and enforced to the fullest extent
permitted by law.
4. THIS SIXTH AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
SHALL BE GOVERNED BY THE LAWS OF THE STATE OF TEXAS, WITHOUT REGARD TO ANY OF
SUCH STATE'S DOCTRINES REGARD CONFLICTS OF LAWS.
5. Except as amended hereby, the Existing Employment Agreement shall continue in
full force and effect without any further action by the parties thereto. On or
after the effective date of this Sixth Amendment, references to the "Employment
Agreement" in the Existing Employment Agreement, as amended hereby, shall be
deemed to mean, for purposes of determining the rights, remedies, obligations
and liabilities of the parties thereto and all other purposes, the Existing
Employment Agreement, as amended by this Sixth Amendment.
* * *
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IN WITNESS WHEREOF, the parties to this Sixth Amendment have executed such
Sixth Amendment effective as of the date first set forth above.
/s/ Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx
HOLLYWOOD CASINO CORPORATION
By: /s/ Xxxxxxx X. XxXxxxx III
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Name: Xxxxxxx X. XxXxxxx III
Title: Vice President of Finance
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