Employment Agreement

Employment Agreement Amendment


Exhibit 10.3

 

EMPLOYMENT AGREEMENT — AMENDMENT

 

THIS AMENDMENT is made and entered into by and between MTR Gaming Group, Inc. (“MTR” or the “Company”, having an address of State Route 2, South, Chester, West Virginia 26034) and Robert Norton (“Executive”), collectively referred to as the “Parties;” and

 

WHEREAS, the Parties entered into an employment agreement on or about May 6, 2009 (the “employment agreement”); and

 

WHEREAS, on or about June 9, 2010 the Compensation Committee of the Company agreed to modify the “Change in Control” provisions of Executive’s employment agreement with the Company; and

 

NOW, THEREFORE, the Parties stipulate and agree, that until such time as a new employment agreement is executed by the Parties, the following provisions regarding shall take full effect and control the conduct of the parties:

 

Change in Control:  If during the Period of Employment and at any time within twelve (12) months following a Change in Control, (i) Executive is terminated by the Company or any resulting entity without Cause, or (ii) Executive is not offered the position of C.O.O. or an equivalent position with the resulting entity, and Executive voluntarily terminates his employment with the Company or resulting entity within 30 days therefrom (“Constructive Termination”), then Executive shall be entitled to two years salary following the effective date of the termination. Executive shall concurrently with such payments execute a release in form and substance acceptable to the Company in its sole discretion (and any revocation periods contained in such release have expired) and Executive shall have complied with the Company’s termination procedures.

 

“Change in Control” shall mean a change in 50% or more of the ownership or the combined voting power of the Company’s outstanding voting securities or a sale of substantially all of the assets of the Company.

 



 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of this 27 day of July, 2010.

 

 

 

 

MTR GAMING GROUP, INC.

 

 

 

 

 

 

 

By:

/S/ ROBERT F. GRIFFIN

 

 

ROBERT F. GRIFFIN, PRESIDENT & CEO

 

 

 

 

 

 

 

Accepted by:

/S/ ROBERT J. NORTON

 

 

ROBERT J. NORTON