Document:

WebFilings | EDGAR view

 

 
Exhibit 10.14
 
AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
THIS AMENDMENT (this “Amendment”), dated as of March 30, 2011, is entered into between Trump Entertainment Resorts, Inc. and Trump Entertainment Resorts Holdings, L.P. (together, the “Company”), and David R. Hughes (the “Executive”).
WHEREAS, the Executive and the Company entered into an EMPLOYMENT AGREEMENT (the “Agreement”) dated as of October 14, 2010; and
WHEREAS, the Company and the Executive desire to amend the Agreement in certain respects; 
NOW, THEREFORE, in consideration of the mutual promises set forth herein and other good and valuable consideration, it is mutually agreed to amend the Agreement as follows:
1.A new section, Section 5.4A, shall be added to the Agreement, to read in its entirety as follows:
 
“5.4A.  Payments Due Upon a Change in Control.  In the event of a Change in Control that occurs while the Executive is employed by the Company, the Executive shall be entitled (in addition to any amounts that may be payable to the Executive pursuant to Section 5.4 in the event the Executive's employment is terminated by the Company without Cause, or the Executive resigns with Good Reason, upon or after such Change in Control) to receive from the Company a lump sum payment on the business day on which such Change in Control occurs equal to three (3) times the Executive's annual Base Salary (as in effect immediately prior to the Change in Control).”  
2.Section 15 of the Agreement is hereby amended and replaced to read in its entirety as follows:
“15.  Section 280G.  
 15.1.    Reduction of Total Payments.  Notwithstanding anything contained in this Agreement to the contrary, to the extent that any payment or benefit provided for in this Agreement or otherwise (the “Total Payments”) is or would be, if not for this Section 15, subject to excise tax imposed under Section 4999 of the Code (and any similar tax that may hereafter be imposed by any taxing authority) (the “Excise Tax”), then the payments and benefits provided to the Executive hereunder shall be reduced, if and to the extent necessary so that no portion of the Total Payments is subject to the Excise Tax, but only if (i) the net amount of such Total Payments, as so reduced (and after deducting the net amount of federal, state and local income taxes on such reduced Total Payments and after taking into account the phase out of itemized deductions attributable to such reduced Total Payments) is greater than or equal to (ii) the net amount of such Total Payments without such reduction (but after subtracting the net amount of federal, state and local income taxes on such Total Payments and the amount of Excise Tax to which the Executive would be subject in respect of such unreduced Total Payments).
 15.2.    Order of Reduction.  If there is a reduction of the payments or benefits pursuant 

 

 

to the preceding Section 15.1, such reduction shall reduce the payments and benefits to which the Executive would otherwise be entitled, in the following order:  (i) any Severance or Change in Control Severance payable by reference to the Executive's Base Salary, (ii) any other cash amount payable to the Executive, (iii) any employee benefit valued as a “parachute payment” under Section 280G of the Code and (iv) acceleration of vesting of any outstanding equity or equity-based award held by the Executive.  
 15.3.    Calculations.  Any determination required under this Section 15 shall be made in writing by the independent public accountant of the Company (the “Accountants”), whose determination shall be conclusive and binding for all purposes upon the Company and the Executive.  For purposes of making any calculation required by this Section 15, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good-faith interpretations concerning the application of Sections 280G and 4999 of the Code.  
 15.4.    Excess Payments.  In the event the Executive receives Total Payments that are, in the aggregate, more than the amount provided under Section 15.1  (the “Excess Payment”) as established pursuant to a final determination of a court or an Internal Revenue Service proceeding that has been finally and conclusively resolved, the Executive shall promptly repay the Excess Payment to the Company, together with interest on the Excess Payment at the applicable federal rate (as defined in and under Section 1274(d) of the Code) from the date of the Executive's receipt of such Excess Payment until the date of such repayment.”  
3.Amendment; Agreement
 
3.1  Except as expressly provided herein, this Amendment shall not, by implication or otherwise, alter, modify, amend or in any way affect any of the obligations, covenants or rights contained in the Agreement, all of which are ratified and confirmed in all respects by the parties and shall continue in full force and effect.
3.2  Each reference to the Agreement hereafter made in any document, agreement, instrument, notice or communication shall mean and be a reference to the Agreement as amended and modified by this Amendment.
 
4.Counterparts.  This Amendment may be executed in any number of counterparts, including counterparts transmitted by facsimile or electronic mail, any one of which shall constitute an original of this Amendment.  When counterparts or facsimile or electronic mail copies have been executed by all parties hereto, they shall have the same effect as if the signatures to each counterpart or copy were upon the same documents and copies of such documents shall be deemed valid as originals.  The parties agree that all such signatures may be transferred to a single document upon the request of any party.  This Amendment shall not be binding unless and until it shall be fully executed and delivered by all parties hereto.  In the event that this Amendment is executed and delivered by way of facsimile transmission or electronic mail, each party delivering a facsimile or electronic mail counterpart shall promptly deliver an ink-signed original counterpart of the Amendment to the other party by overnight courier service; provided, that the failure of a party to deliver an ink-signed original counterpart shall not in any way effect the validity, enforceability or binding effect of a counterpart executed and delivered by facsimile transmission or electronic mail.
 
 
 

 

 

IN WITNESS WHEREOF, the undersigned, intending to be legally bound, have executed this Amendment as of the date first above written.
			
	 

	TRUMP ENTERTAINMENT RESORTS, INC., ON ITS OWN BEHALF AND AS GENERAL PARTNER OF TRUMP ENTERTAINMENT RESORTS HOLDINGS, L.P.

	By:
	/s/ Stephen McCall

	Name:
	Stephen McCall

	Title:
	Chairman of the Compensation Committee

	 

	 

	 

	EXECUTIVE:

	 

	/s/ David R. Hughes

	David R. HughesWebFilings | EDGAR view

 

Exhibit 10.20
 
TRUMP ENTERTAINMENT RESORTS, INC.
AMENDMENT TO REGISTRATION RIGHTS AGREEMENT
 
THIS AMENDMENT dated as of March 30, 2011 to REGISTRATION RIGHTS AGREEMENT dated as of July 16, 2010 (the “Registration Rights Agreement”) by and among TRUMP ENTERTAINMENT RESORTS, INC., a Delaware corporation (the “Company”), and the undersigned Backstop Parties (as defined in the Registration Rights Agreement), being holders of common stock of TER (capitalized terms used but not defined herein having the meanings set forth in the Registration Rights Agreement). 
WHEREAS, in connection with the Company's Joint Plan of Reorganization (the “Plan”) under Chapter 11 of the United States Bankruptcy Code, which Plan became effective on July 16, 2010, the Company agreed to provide certain registration rights, as set forth in the Registration Rights Agreement, for the benefit of the Backstop Parties and certain other investors who purchased shares of Common Stock pursuant to the Plan;
WHEREAS, the Registration Rights Agreement permits the Registration Rights Agreement to be amended or modified, and waivers of the provisions of the Registration Rights Agreement to be granted, with the consent of the Company and Backstop Parties holding a majority of the shares of Common Stock held by all the Backstop Parties;
WHEREAS, the Company's Board of Directors has requested that the Backstop Parties agree to amend the Registration Rights Agreement (i) to permit the Company to withdraw the “shelf” Registration Statement previously filed by the Company with the Securities and Exchange Commission (the “Commission”) on August 16, 2010 pursuant to the provisions of the Registration Rights Agreement and (ii) to provide that the obligation of the Company to register the Registrable Securities for resale pursuant to Rule 415 under the Securities Act shall be deferred as set forth in this Amendment;
 WHEREAS, the undersigned Backstop Parties are willing to agree to such request of the Company; 
NOW, THEREFORE, in consideration of the premises and of the mutual consents and obligations hereinafter set forth, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto hereby agree as follows:
1.   Section 3(a) of the Registration Rights Agreement is hereby amended and restated, effective as of the Amendment Effective Date (as defined below), to read in its entirety as follows:
“(a)     Shelf Registration.  The Company shall:
(i)cause to be filed a “shelf” Registration Statement pursuant to Rule 415 under the Securities Act not later than the Shelf Filing Deadline (as defined below), which Registration Statement shall provide for resales of all Registrable Securities the Holders of which shall have provided such information as the Company may reasonably request for use in connection with such Registration Statement as required pursuant to Section 3(c) hereof; and
 
(ii)use its commercially reasonable efforts to cause such Registration Statement to be declared effective by the Commission as promptly as possible (unless it becomes effective automatically upon filing), and in any event within 60 days after the Shelf Filing Deadline (or if such 60th day is not a Business Day, the next succeeding Business Day);
provided, however, that if Backstop Parties holding 66-2/3% of the shares of Common Stock held by all the Backstop Parties (the “Requisite Backstop Parties”) so elect by written notice to the Company prior to the Shelf Filing Deadline, the Company shall not file such Registration Statement.  
In the event that the Requisite Backstop Parties suspend the filing of such Registration Statement prior to 

 

 

the Shelf Filing Deadline, the Requisite Backstop Parties shall have the right to request in writing that the Company cause to be filed a “shelf” Registration Statement with respect to the Registrable Securities in accordance with the terms of this Agreement, at any time after the Shelf Filing Deadline upon no less than 60 days' prior written notice to the Company.
As used herein, “Shelf Filing Deadline” shall mean the earlier of (i) April 15, 2012 and (ii) the date that is 60 days after the receipt by the Company of written requests from the Requisite Backstop Parties requesting that the Company cause to be filed a “shelf” Registration Statement with respect to the Registrable Securities in accordance with the terms of this Agreement, provided, however, that the Requisite Backstop Parties shall not be permitted to make such request prior to July 16, 2011.   
With respect to any Registration Statement filed by the Company with the Commission prior to the Shelf Filing Deadline, the Company shall be permitted, in the discretion of the Company's Board of Directors, to withdraw such Registration Statement at any time.
2.    The Backstop Parties executing this Amendment acknowledge that the “shelf” Registration Statement previously filed by the Company with the Commission on August 16, 2010, pursuant to the provisions of the Registration Rights Agreement, may be withdrawn by the Company at any time on or after the Amendment Effective Date, in the sole discretion of the Company's Board of Directors.  The Company and the Backstop Parties executing this Amendment acknowledge that, as a result of the deferral of the requirement to file a Registration Statement under the Securities Act to register the Registrable Securities for resale, it will not be practical to seek a listing of the Company's common stock on the Nasdaq Stock Market, the New York Stock Exchange or any other national securities exchange until after a Registration Statement is filed and becomes effective.
3.    Each Backstop Party executing this Amendment confirms (i) that the number of shares of Common Stock held or beneficially owned by such Backstop Party as of the date hereof is accurately set forth on such Backstop Party's signature page and (ii) that such Backstop Party has the power and authority to execute this Amendment with respect to the shares of Common Stock set forth on such Backstop Party's signature page.
4.    Nothing contained in this Amendment shall be deemed a consent by any party to any future amendment or modification to the Registration Rights Agreement. 
5.    Except as amended hereby, the Registration Rights Agreement shall remain in full force and effect in accordance with its terms.
6.    This Amendment shall become effective on the first date (the “Amendment Effective Date”) on which the Company has received executed counterparts of this Amendment from Backstop Parties holding a majority of the shares of Common Stock held by all the Backstop Parties.
7.    This Amendment may be executed in any number of counterparts, all of which will be considered one and the same agreement (it being understood that each party need not sign the same counterpart).
 
[Signature Pages Follow]

 

 

 
IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.
 
		
	COMPANY:

	 

	TRUMP ENTERTAINMENT RESORTS, INC.

	 

	 

	By:
	 

	 
	Name:

	 
	Title:

 
 
 
		
	AVENUE NJ ENTERTAINMENT, LLC

	 

	By: Avenue NJ Entertainment Holdings, LLC,

	      its managing member

	 

	 

	By:
	 

	 
	Name:

	 
	Title:

	 

	 

	Number of Shares Held:  _____________________

	 

 
 

 

 

			
	CONTRARIAN FUNDS, LLC

	 

	By:Contrarian Capital Management, LLC, 
as manager

	 

	 

	By:
	 

	 
	Name:

	 
	Title:

	 

	 

	Number of Shares Held:  _____________________
	 

	 

 
 
 
			
	GOLDENTREE ASSET MANAGEMENT, LP, as investment advisor on behalf of certain of its managed funds
	 

	 
	 

	 
	 

	By:
	 
	 

	 
	Name:
	 

	 
	Title:
	 

	 
	 

	 
	 

	Number of Shares Held:  _____________________
	 

	 

 
 

 

 

 
		
	INTERSTATE 15 HOLDINGS, L.P.

	 

	By: Oaktree Fund, GP, LLC

	Its: General Partner

	 

	By: Oaktree Fund GP I, L.P.

	Its: Managing Member

	 

	 

	By:
	 

	 
	Name:

	 
	Title:

	 

	 

	Number of Shares Held:  _____________________

	 

 
 
 
		
	KINGS ROAD HOLDINGS XIV LTD.

	 

	By:Polygon Equities Partners LLP, as investment manager

	 

	By:
	 

	 
	Name:

	 
	Title:

	 

	 

	Number of Shares Held:  _____________________

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00187-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00187-of-00352.parquet"}]]