Exhibit 10.31
EMPLOYMENT AGREEMENT
AMENDMENT
THIS EMPLOYMENT AGREEMENT AMENDMENT
(the “Amendment”) is made this 16th day of October,
2008, by and between MTR Gaming Group, Inc, (“MTR” or
the “Company”), and David Hughes
(“Executive”).
WHEREAS, MTR and Executive entered
into an Employment Agreement on May 15, 2008 (the
“Agreement”).
WHEREAS, the parties desire to amend
the Agreement in the form of this Amendment.
NOW, THEREFORE, the undersigned, in
consideration of the promises, covenants and agreements contained
herein, does hereby agree as follows:
1.
Amendments .
a.
Subsection (b) of Section 3 of the Agreement is hereby
amended in its entirety to read as follows:
(b)
Discretionary Cash Bonus . Executive shall be entitled to
periodic cash bonuses of a minimum of 25% of base salary, payable
on January 1 of each year of the Term with the ability to earn
additional discretionary bonuses at the sole discretion of the
Company’s Compensation Committee.
b.
Subsection (c) of Section 4 of the Agreement is hereby
amended in its entirety to read as follows:
(c)
In the event Executive is discharged by the Company other than for
the reasons set forth in Section 4(b) above, Executive shall have
no further obligations or duties under this Agreement (except as
set forth in Section 5). In the event of termination of the
Period of Employment pursuant to the preceding sentence, unless
such termination is in connection with a change in control of the
Company or a sale of all or substantially all of the assets of MTR
(individually or collectively, a “Change in Control”)
(in which case Executive’s severance will be as set forth
below in this subsection (c)), in consi
