Document:

Employment Agreement, dated August 15, 2003, of Scott C. Butera

 Exhibit 10.24 
  
 August 15, 2003 
  
 Scott Butera 
 [ADDRESS] 
  
 Dear Mr. Butera: 
  
 This letter will serve to confirm our understanding and agreement pursuant to which Trump Hotels & Casino Resorts, Inc.
and Trump Hotels & Casino Resorts Holdings, L.P. (collectively “Trump”) have agreed to employ you, and you have agreed to be employed by Trump commencing as of September 3, 2003, and expiring September 2, 2006 (“Expiration
Date”), unless terminated earlier by Trump pursuant to Paragraph 11 or 12 hereof. You may not disclose in any manner the existence, terms or conditions of this Agreement to any third party without the prior written consent of Trump. 

 

	 	1.	You shall be employed by Trump in the capacity of Executive Vice President/Director of Corporate and Strategic Development to perform such duties as may be specified, from time to
time, by Trump. 

  

	 	2.	Commencing September 1, 2003, you shall be paid an annual salary at a rate of $1.5 Million ($1,500,000.00) Dollars per annum, payable periodically in accordance with Trump’s
regular payroll practices. 

  

	 	3.	You shall be afforded coverage under Trump’s employee insurance programs in such form and at such levels as Trump, in its sole and absolute discretion, may hereafter elect to
provide for similarly situated executives. 

  

	 	4.      a.	You shall be entitled to participate in Trump’s benefit programs in such form and at such levels as Trump, in its sole and absolute discretion, may hereafter elect to provide
similarly situated executives. 

  

	 	b.	You shall also have executive comping privileges at such levels, if any, as Trump in its sole and absolute discretion, shall establish from time to time for similarly situated
executives. 

  

	 	5.      a.	In the event this Agreement is terminated by you for any reason or by the Company for any reason set forth in Paragraph 11, you agree that for a period of six (6) months after
termination of your employment, you will not accept employment, either as an employee, consultant or independent contractor, with or on behalf of any casino licensee or casino license applicant in or within a 250 mile radius of any casino owned,
operated or managed by Trump or any subsidiary or affiliate thereof; 

  

	 	b.	You agree that for a period of six (6) months after the termination of your employment with Trump, whether before or after the Expiration Date, you shall not solicit or otherwise
discuss employment, directly or through any other company, any employees of Trump, or any of its related or affiliated companies. 

  

	 	c.	You acknowledge and agree that the restrictive covenants set forth in this Paragraph are reasonable as to duration, terms and geographical area and that the same are necessary to
protect the legitimate interests of Trump, impose no undue hardship on you and are not injurious to the public. 

  

	 	6.      a.	You hereby agree that throughout the term of this Agreement you shall devote your full time, attention and efforts to Trump’s business and shall not, directly or indirectly,
work for, consult with or otherwise engage in any other activities of a business nature for any other person or entity, without Trump’s prior written consent. 

  

	 	b.	You agree that any work, invention, innovation, idea or report which you produce or which results from or is suggested by the Work you do on behalf of Trump is a “work for
hire” and will be the sole property of Trump. (Such work, invention, innovation, ideas and reports are referred to as the “Work”). You will promptly communicate to Trump, in writing when requested, all Work which is conceived or
developed by you, alone or with others, at any time while you are employed by Trump. The foregoing applies whether or not the Work was conceived or performed during Trump’s business hours or on Trump’s equipment. Both during and after
termination of your employment, you agree to sign any documents which Trump deems necessary to confirm its ownership of the Work, and you agree to otherwise cooperate with Trump in order to allow Trump to take full advantage of the Work as Trump may
require. This may include assisting Trump in obtaining patents, copyrights or other legal protection of the Work for Trump’s benefit (although the Work will be the exclusive property of Trump, whether or not patented or copyrighted).

  

	 	7.	You acknowledge that you have access to information which is proprietary and confidential to Trump. This information includes, but is not limited to, (1) the identity of customers
and prospects, (2) names, addresses and phone numbers of individual contacts, (3) pricing policies, marketing strategies, product strategies and methods of operation, and (4) expansion plans, management policies and other business strategies and
policies. You acknowledge and understand that this information must be maintained in strict confidence in order for Trump to protect its business and its competitive position in the marketplace. Accordingly, both during and after termination of your
employment, you agree that you will not disclose any of this information for any purpose or remove materials containing this information from Trump’s premises. Upon termination of your employment, you will immediately return to Trump all
correspondence files, business card files, customer and prospect lists, price books, technical data, notes and other materials which contain any of this information, and you will not retain copies of those materials. 

  

	 	8.	You represent to Trump that there are no restrictions or agreements to which you are a party which would be violated by our execution of this Agreement and your employment
hereunder. 

  

	 	9.	You hereby agree to comply with all of the rules, regulations, policies and/or procedures adopted by Trump during the term of this Agreement, as well as all applicable state,
federal and local laws, regulations and ordinances. 

  

	 	10.	You hereby represent that you presently hold, or, prior to commencement of your employment with Trump, shall apply for, obtain and hold the New Jersey Casino Control Commission
qualification or license required in connection with your employment hereunder and will take appropriate steps to renew said license in a timely manner. 

  

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	 	11.	You hereby understand and acknowledge that Trump may terminate this Agreement in the event your Casino Control Commission license is terminated and/or suspended or revoked by the
Commission or if you shall commit an act constituting “Cause”, which is defined to mean any of the following: a breach by you of any of the provisions of this Agreement or any employee conduct rules; an act of dishonesty; the deliberate
and intentional refusal by you to perform your duties hereunder or your failure, as determined solely by Trump, to properly perform and execute your duties hereunder; any act which in Trump’s sole opinion would adversely reflect upon Trump or
would impair your ability to effectively perform your duties hereunder; alcohol or drug addiction; your disability, which is defined to be any condition prohibiting you from performing your duties hereunder to a period in excess of ninety (90) days,
or your death. In the event of a termination pursuant to this Paragraph, Trump shall pay to you your salary earned to the date of termination and shall have no further liability or obligation to you under this Agreement. 

  

	 	12.	You hereby also understand and acknowledge that, notwithstanding any other provision hereof, Trump may terminate this Agreement for no cause in its sole discretion immediately upon
notice to you. In such event, Trump shall pay and you shall accept in satisfaction of all obligations and liabilities hereunder, an amount equal to the lesser of twelve (12) months or the number of months then remaining in this Agreement at your
then current salary. You shall, in such event, execute any and all release documents requested by Trump as a condition precedent to obtaining any amounts under this Paragraph 12. 

  

	 	13.	Unless extended in a writing signed by you and Trump, this Agreement shall terminate on the Expiration Date and your employment thereafter shall continue, if at all, on an
“at-will” basis. This means that you and Trump will no longer have a contractual relationship and that either you or Trump will have the right to terminate your employment with or without cause and with or without notice. After your
employment with Trump is terminated, whether pursuant to a contract or otherwise, you understand and acknowledge that your obligations set forth in Paragraphs 5, 6 and 7 of this Agreement shall survive and remain in full force and effect.

  

	 	14.	Trump shall indemnify, defend and hold you harmless, including the payment of reasonable attorney fees, if Trump does not directly provide your defense, from and against any and all
claims made by anyone, including, but not limited to, a corporate entity, company, other employee, agent, patron or member of the general public which assert as a basis, any acts, omissions or other circumstances involving the performance of your
employment duties hereunder unless such claims are based upon your gross negligence or any willful and/or wanton act. This Paragraph shall not apply in any actions in which your interests are adverse to that of Trump. 

  

	 	15.	You represent that you are a citizen of the United States or that you possess the proper visa and/or work permits necessary to perform your functions hereunder.

  

	 	16.	You acknowledge that it would be extremely difficult to measure the damages that might result from any breach by you of your promises in Sections 5, 6 and 7 of this Agreement and
that a breach may cause irreparable injury to Trump which could not be compensated by money damages. Accordingly, Trump will be entitled to enforce this Agreement by obtaining a court order prohibiting you (and any others involved) from breaching
this Agreement. If a court decides that any part of this Agreement is too broad, the court may limit that part and enforce it as limited. 

  

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	 	17.	If any provision hereof is unenforceable, illegal or invalid for any reason whatsoever, such fact shall not affect the remaining provisions hereof. If any of the provisions hereof
which impose restrictions on you are, with respect to such restrictions, determined by a final judgment of any court of competent jurisdiction to be unenforceable or invalid because of the geographic scope or time duration of such restrictions, such
provisions shall be deemed retroactively modified to provide for the maximum geographic scope and time duration which would make such provisions enforceable and valid. However, no such retroactive modification shall affect any of Employer’s
rights hereunder arising out of the breach of any such restrictive provisions, including without limitation, Trump’s rights to terminate this Agreement. 

  

	 	18.	This Agreement shall be governed by and construed in accordance with the laws of the State of New Jersey and in any lawsuit involving this Agreement, you consent to the jurisdiction
and venue of any state or federal court located in New Jersey. This Agreement represents the entire agreement between the parties, superceding any and all previous agreements, and may not be modified, amended, extended or renewed without the written
agreement of both parties. 

  
 If the foregoing
correctly sets forth our understanding, kindly sign and return to me the duplicate copy of this letter enclosed herewith. 
  

	
	 Very truly yours,

	
	/s/ DONALD J. TRUMP
	

	 DONALD J. TRUMP
 Chairman, President and Chief Executive Officer

  
 Agreed to this              day of                     ,
2003. 
  

	
	
	/s/ SCOTT BUTERA
	

	 SCOTT BUTERA

  

 4Exclusivity Agreement, dated January 21, 2004

 Exhibit 10.25 
  
 EXCLUSIVITY AGREEMENT 
  

This EXCLUSIVITY AGREEMENT (this “Agreement”), is entered into, as of January 21, 2004, between Trump Hotels & Casino Resorts, Inc., a
Delaware corporation (the “Company”), and DLJ Merchant Banking Partners III, L.P., a Delaware limited partnership (“DLJMB”). 
  
 The parties have engaged in preliminary, non-binding discussions regarding the terms of a possible transaction between the Company and DLJMB pursuant to
which DLJMB would make a substantial equity investment in the Company in connection with a restructuring of the debt securities of the Company’s subsidiaries (the “Transaction”). 
  
 As a condition to pursuing the Transaction, DLJMB has requested that the
Company enter into this Agreement and the Company is willing to do so. 
  
 NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, and intending to be legally bound, the parties hereto agree as follows: 
  
 1. Exclusivity. DLJMB is aware that, prior to the date of this Agreement, the Company has had several discussions
with one or more third parties concerning a possible transaction or transactions which may or may not be similar to the Transaction proposed by DLJMB. Notwithstanding the foregoing, the Company agrees that it shall not, and shall not permit any of
its respective subsidiaries or affiliates, and will cause its respective officers, directors, employees, agents and representatives (including Donald J. Trump) not to, at any time during the sixty (60) day period commencing on the date hereof (the
“Exclusivity Period”), directly or indirectly, (a) solicit, initiate or encourage submission of further proposals or offers from any person, other than DLJMB, relating to any acquisition or purchase of all or a significant portion of the
assets of, including any river boat or other gaming facility or any contract to manage any gaming facility, or any equity interest in, the Company, any of its subsidiaries or affiliates controlled by the Company or any business combination involving
the Company or any of its subsidiaries or affiliates controlled by the Company, or the declaration or payment of any dividend or any change in the public debt or capital structure of the Company or any of its subsidiaries or affiliates controlled by
the Company, (b) further participate in any negotiations regarding, or furnish to any other person any additional non-public information with respect to, or otherwise further cooperate in any way with, or assist or participate in, facilitate or
encourage, any effort or attempt by any other person other than DLJMB to do or seek any of the foregoing. During the Exclusivity Period, (x) the Company shall promptly advise DLJMB if any such proposal or offer, or any inquiry or contact with any
person with respect thereto, is made, shall promptly inform DLJMB of all the terms and conditions thereof, and shall furnish to DLJMB copies of any such written proposal or offer and the contents of any communications in response thereto (it being
understood that the Company shall not be required to take any action pursuant to 

  

 
this clause (x) that would violate any pre-existing confidentiality obligation enforceable against the Company), and (y) the Company shall not waive any
provisions of any “standstill” agreements between the Company and any party. During the Exclusivity Period, the Company shall not, without the consent of DLJMB, enter into, or commit to enter into, any material transaction outside the
ordinary course of business or any transactions of the type described in Paragraph 1(a). In addition, the Company agrees that it will immediately cease, from the date hereof through the end of the Exclusivity Period, any existing discussions or
negotiations with any party other than DLJMB or its affiliates that relate to, or may reasonably be expected to lead to, any transaction outside of the ordinary course of business, consistent with its past practices, or any transaction of the type
described in Paragraph 1(a). The Company shall have the right to terminate the Exclusivity Period upon five (5) days prior written notice to DLJMB if DLJMB terminates discussions regarding the potential Transaction or otherwise abandons or ceases to
actively pursue the Transaction prior to the expiration of the Exclusivity Period. If DLJMB notifies the Company that DLJMB is terminating discussions regarding the potential Transaction, then the Company shall have the right to immediately
terminate the Exclusivity Period. 
  
 2. Access. Upon
reasonable advance notice to the Company, the Company shall allow DLJMB and its representatives full and complete access to the assets and the books, records and documents of the Company and its subsidiaries and affiliates during normal business
hours or such other hours as the Company and DLJMB shall agree and subject to the reasonable rules of the Company, and the Company shall make available (subject to the same conditions) the officers, employees, attorneys, independent accountants and
other agents of the Company and its subsidiaries and affiliates to discuss the business, condition (financial or otherwise) or prospects of the Company in furtherance of the Transaction. Such access and information shall be subject to the terms of
the confidentiality agreement between the Company and DLJMB dated as of September 29, 2003. 
  
 3. Publicity. This Agreement is intended to be confidential and its existence shall not be disclosed by DLJMB or the Company to any person unless required by law or the rules or regulations of the New York
Stock Exchange or unless requested by any regulatory agency, including, but not limited to, any gaming authority or agency; provided, however, that the foregoing shall not prohibit a party from making any such disclosure to any of the
following (“Permitted Recipients”): (i) officers and directors of such party or any subsidiary, (ii) agents and advisors of such party or its subsidiaries (including legal, tax and financial advisors), (iii) applicable gaming authorities
in connection with requesting approval for the proposed Transaction, and (iv) any other person with the prior consent of the other parties. In the event the Company determines that any public announcement of this Agreement is required, the Company
shall afford DLJMB the opportunity to review and comment on such public announcement prior to its release. In any event, if any party discloses, without the prior written consent of the other parties, the fact that discussions concerning a
Transaction between the parties are taking place or the status or terms of any possible Transaction to any person other than a 

  

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Permitted Recipient, then DLJMB (in the case of a disclosure by the Company or any of its Permitted Recipients described in clause (i) or (ii) of the
definition thereof) or (ii) the Company (in the case of a disclosure by DLJMB or any of its Permitted Recipients described in clause (i) or (ii) of the definition thereof) may terminate discussions concerning the Transaction and the Exclusivity
Period. 
  
 4. Expenses. The Company agrees to reimburse
DLJMB, but only if the Transaction is consummated, for all reasonable and accountable out-of-pocket expenses (including without limitation the fees, charges, disbursements and expenses of financial advisors, accountants, consultants, attorneys and
other advisors) incurred by DLJMB and paid to third parties (which shall include CSFB and its affiliates other than DLJMB) by DLJMB in connection with the Transaction (the “Transaction Expenses”). Reimbursement of the Transaction Expenses
shall be made out of the proceeds of the Transaction based upon the submission by DLJMB to the Company of an invoice for such Transaction Expenses. In the event that the Company materially breaches its obligations under this Agreement, the Company
shall reimburse DLJMB for the Transaction Expenses regardless of whether the Transaction is consummated. 
  
 5. No Agreement Regarding the Transaction. There are no legally binding obligations among the parties relating to the Transaction except those
specifically set forth herein. Each party acknowledges and agrees that this Agreement expresses the parties’ interests in continuing discussions regarding the Transaction and is not intended to, and does not, create any legally binding
obligation on any party to consummate the Transaction. Such an obligation will arise only upon the negotiation, execution and delivery of final definitive agreements relating to the Transaction in form and substance satisfactory to the parties and
their respective counsel. Neither the discussions or negotiations between the parties hereto nor this Agreement is intended to, and they do not, create any fiduciary or other special duties or obligations between the parties hereto other than those
specifically set forth herein, including any implied covenant of good faith or fair dealing. 
  
 6. Non-Assignability. This Agreement shall not be assignable without the prior written consent of the non-assigning party. 
  
 7. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of Delaware.

  
 8. Entire Agreement. This Agreement constitutes the
entire agreement between the parties with respect to the subject matter hereof and supersedes any prior oral or written agreements related thereto. 
  
 9. Amendments and Waivers. Neither this Agreement nor any of the terms hereof may be terminated, amended or waived orally, but only by an
instrument in writing signed by the party against which enforcement of the termination, amendment or waiver is sought. The performance or observance of any provision of this Agreement may 

  

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be waived in whole or in part and any period of time relating to such performance or observance may be extended from time to time, as agreed by the parties
hereto. 
  
 10. Counterparts. This Agreement may be
executed in one or more counterparts, each of which shall be deemed an original, and it shall not be necessary in making proof of this Agreement to produce or account for more than one such counterpart. 
  
 11. Termination. This Agreement will terminate upon the earliest of
(a) termination or expiration of the Exclusivity Period in accordance with the terms hereof, (b) execution by the parties of definitive agreements with respect to a Transaction or (c) such earlier date as may be agreed upon by the parties hereto.
Notwithstanding the foregoing, in the event this Agreement is terminated, the parties hereto agree that the provisions of Sections 3, 5, 7, 11 and the last sentence of Section 4 hereof shall survive any such termination and shall continue in full
force and effect. 
  

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 IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be duly executed on its
behalf by its officer thereunto duly authorized, all as of the day and year first above written. 
  

			
	TRUMP HOTELS & CASINO RESORTS, INC.
		
	By:	 	/S/    SCOTT C. BUTERA
	 	 	

	 Name:
	 	Scott C. Butera
	 Its:
	 	Executive Vice President
	
	DLJ MERCHANT BANKING PARTNERS III, L.P.
	 
	By: DLJ Merchant Banking III, Inc., its Managing General Partner
		
	By:	 	/S/    STEVE RATTNER
	 	 	

	 Name:
	 	Steve Rattner
	 Its:
	 	Authorized Signatory

  
  

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