Sample Business Contracts

Employment Agreement - Trump Plaza Associates and James A. Rigot

Employment Forms

  • Employers can customize an employment agreement that states the salary, benefits, working hours and other important provisions for their new or existing employee.
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  • Employers who compensate their sales employees based on commissions can prepare an agreement to reduce misunderstandings by specifying the base salary and how commissions are calculated.
  • Companies may offer their business executives a contract that is different from the one provided to their regular employees. Executive employment agreements may be more complex because the compensation structure may include a combination of salary and commissions, provide for bonuses based on sales, stock or other financial targets, and include non-compete, confidentiality and severance provisions.
  • Independent sales representatives offer companies the potential to increase the sale of products or services without the burden of increasing headcount. Both parties should understand how commissions are calculated, when commissions will be paid, as well as how the representative will treat confidential information from the company and whether the representative may also sell a competing line of products or services.
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November 17, 1994

Mr. James A. Rigot
1106 Del Mar Court
Absecon, NJ  08201

Dear Mr. Rigot:

This letter will serve to confirm our understanding and agreement pursuant to
which Trump Plaza Associates ("TPA") has agreed to employ you, and you have
agreed to be employed by TPA for the Term defined and set forth in Paragraph 2,
unless terminated earlier by TPA pursuant to Paragraphs 13 or 14 hereof:

1.     You shall be employed by TPA in the capacity of Executive Vice President
       of Casino Operations to perform such duties as are commonly attendant
       upon such office.

2.     Your employment with TPA, subject to your successful completion of a pre-
       employment drug test, shall commence on November 30, 1994 and continue
       for a period of three (3) years thereafter.

3.     a.  During the term of this Agreement, you shall be paid an annual base
       salary at the rate of Two Hundred Fifty Thousand ($250,000) Dollars,
       payable periodically in accordance with TPA's regular payroll practices.

       b.  Upon the commencement of your employment with TPA, you shall receive
       a bonus in the amount of One Hundred Thousand ($100,000) Dollars.

       c.  Upon the commencement of your employment, you shall be entitled to
       three (3) weeks vacation.  Thereafter, you will earn vacation in
       accordance with TPA's regular policies therefor.

4.     On the first anniversary of your employment with TPA and on all
       subsequent anniversary dates, your annual salary


       will be reviewed in accordance with TPA's regular policies therefor.  Any
       increase of your annual salary shall be in TPA's sole and absolute
       discretion.  At no time during the term hereof shall your annual salary
       be less than Two Hundred Fifty Thousand ($250,000) Dollars.

5.     a.  You shall be afforded coverage under TPA's employee insurance
       programs in such form and at such levels as TPA, in its sole and absolute
       discretion, may hereafter elect to provide for similarly situated

       b.  TPA shall reimburse you for the actual costs of your COBRA health
       insurance coverage until you are eligible to participate in TPA's
       insurance program.

6.     From the commencement of this Agreement, you shall be entitled to
       participate in TPA's executive benefit programs, including a bonus
       program, in such form and at such levels as TPA, in its sole and absolute
       discretion, may hereafter elect to provide similarly situated executives.

7.     You agree that so long as TPA continues to pay your salary as provided
       herein, you shall not accept employment, either as an employee,
       consultant or independent contractor, for or on behalf of any other
       casino hotel located in Atlantic City, New Jersey.  You acknowledge and
       agree that this restrictive covenant is reasonable as to duration, terms
       and geographical area and that the same is necessary to protect the
       legitimate interests of TPA, imposes no undue hardship on you and is not
       injurious to the public.

8.     You hereby agree that throughout the term of this Agreement you shall
       devote your full time, attention and efforts to TPA'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 TPA's prior written consent.  You will promptly
       communicate to TPA, in writing when requested, all marketing strategies,
       technical designs and concepts, and other ideas pertaining to TPA's
       business which are conceived or developed by you, alone or with others,
       at any time (during or after business hours) while you are employed by
       TPA.  You acknowledge that all of those ideas will be TPA's exclusive
       property.  You agree to sign any documents which TPA deems necessary to
       confirm its ownership of those ideas, and you agree to otherwise
       cooperate with TPA in order to allow TPA to take full advantage of those


9.     You acknowledge that you have access to information which is proprietary
       and confidential to TPA. This information includes, but is not limited
       to, (1) the identity of customers and prospects, (2) names, addresses and
       telephone 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 TPA 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 TPA's premises. Upon termination of your
       employment, you will immediately return to TPA 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.

10.    You represent to TPA 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.

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

12.    You hereby represent that you presently hold the New Jersey Casino
       Control Commission license required in connection with your employment
       hereunder and will take appropriate steps to renew said license in a
       timely manner.

13.    You hereby understand and acknowledge that TPA 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 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; alcohol or
       drug addiction; your disability, which is defined to be any condition
       prohibiting you from performing your duties


       hereunder for a period in excess of ninety (90) days; or your death.  In
       the event of a termination pursuant to this paragraph, TPA 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.

14.    You hereby also understand and acknowledge that, notwithstanding any
       other provision hereof, TPA may terminate this Agreement for no cause in
       its sole discretion immediately upon notice to you.  In such event, TPA
       shall offer you in satisfaction of all obligations and liabilities
       arising out of your employment relationship with TPA, an amount equal to
       twelve (12) months at your then current salary.  You shall, in such
       event, execute any and all release documents requested by TPA as a
       condition precedent to receiving such payment.

15.    TPA shall indemnify, defend and hold you harmless, including the payment
       of reasonable attorney fees, if TPA does not directly provide your
       defense, from and against any and all claims made by anyone, including,
       but not limited to, a corporate entity, or governmental entity, including
       but not limited to the Casino Control Commission (to the extent such is
       indemnity is permitted by law), company, other employee, agent, patron or
       member of the general public with respect to any claim which asserts as a
       basis, any acts, omissions or other circumstances involving the
       performance of your employment duties hereunder unless such claim is
       based upon your gross negligence or any willful and/or wanton act and
       such claim is sustained by a court of competent jurisdiction.

16.    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.

17.    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 7, 8 and 9 of this Agreement and that a breach may cause
       irreparable injury to TPA which could not be compensated by money
       damages.  Accordingly, TPA will be entitled to enforce this Agreement by
       obtaining a court order prohibiting you 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.

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 and may not be modified or amended without the written agreement
       of both parties.  This Agreement supersedes all other agreements between
       the parties.

19.    It is understood that until you receive Casino Control Commission
       approval to serve in position of Executive Vice President of Casino
       Operations, you shall serve in the position of Casino Manager.

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

Very truly yours,

                                               Agreed & Consented to:

By:          /s/                                          /s/
   -------------------------                   --------------------------
   Barry J. Cregan                                    James A. Rigot
   Chief Operating Officer