AMENDMENT TO EMPLOYMENT AGREEMENT
This AMENDMENT TO EMPLOYMENT AGREEMENT ("Amendment"), effective as of the 1st
day of June, 1999, by and between PENN NATIONAL GAMING, INC., a Pennsylvania
corporation, with its principal offices at 000 Xxxxxxxxx Xxxxxxxxx, Xxxxx 000,
Xxxxxxxxxx, Xxxxxxxxxxxx 00000 (the "Company") and Xxxxxx Xxxxxxxx, an
individual residing at 0000 Xxx Xxx Xxxxxxx, Xxxxxxxxxx, Xxxxxxxxxxxx 00000 (the
"Employee").
B A C K G R O U N D
Company and Employee are parties to an Employment Agreement dated as of April
12, 1994 (the "Employment Agreement") and desire to amend the Employment
Agreement as set forth in this Amendment. In consideration of their mutual
promises and covenants set forth herein, and intending to be legally bound
hereby, Company and Employee agree as follows:
1. Paragraphs 2, 3 and 10 of the Employment Agreement be and the same is hereby
amended and restated in their entirety as follows:
2. Term. The term of this Agreement shall commence on June 1, 1999 and shall
terminate on May 31, 2000 and shall continue thereafter from year to year unless
terminated by Company upon ninety (90) days written notice to Employee or sooner
terminated in accordance with the provisions of Paragraph 11 of this Agreement.
3. Compensation: For all services rendered by Employee under this Agreement,
Company agrees to pay Employee a salary at the annual rate of $150,000 ("Annual
Salary"), payable in bi-weekly installments, plus such additional compensation
and bonuses as may be awarded from time to time to Employee by the Chairman or
the Board of Directors of Company.
10. Death. In the event of the death of the Employee during the term of this
Agreement, this Agreement shall terminate effective as of the date of the
Employee's death, and the Company shall not have any further obligation or
liability hereunder except that the Company shall pay to Employee's designated
beneficiary or, if none, his estate (i) the portion, if any, of the Employee's
Annual Salary, and any reimbursements, for the period up to the end of the month
of Employee's date of death which remains unpaid, and (ii) the amount of
Employee's Annual Salary in effect at the time of his death, payable in 26 equal
bi-weekly installments following the date of Employee's death, which death
benefit shall be in addition to any life insurance carried or paid for by
Company on the life of Employee.
2. The Employment Agreement, except as amended hereby, shall continue in full
force and effect in accordance with the terms and provisions thereof.
IN WITNESS WHEREOF, this Amendment has been executed by the parties as of the
date first above written.
PENN NATIONAL GAMING, INC.
BY: /s/ Xxxxx X. Xxxxxxx
XXXXX X. XXXXXXX,
Chairman and CEO
/s/ Xxxxxx X. Xxxxxxxx
XXXXXX X. XXXXXXXX
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