EX-10.2 25 k80333exv10w2.txt LETTER AGREEMENT, DATED OCTOBER 22, 2001 EXHIBIT 10.2 October 22, 2001 Mr. Don H. Barden 18240 Fairway Drive Detroit, MI 48221 Dear Mr. Barden This letter constitutes an amended letter agreement between The Majestic Star Casino, LLC, an Indiana limited liability company (or its successor company) ("MSC"), and you, pursuant to which you will serve as an employee of MSC and will perform those duties generally associated with the duties of a President and Chief Executive Officer of a company. Your duties may be changed from time and time by MSC, but any new responsibilities or title shall be consistent with your experience, knowledge and skills. MSC agrees to pay you compensation of $370,000 annually, payable in substantially equal weekly payments with usual and customary payroll deductions. In addition, MSC agrees to pay, on behalf of Mr. Barden, certain premiums for life insurance policies. MSC will also reimburse you for business travel and other related expenses. If this letter accurately sets forth the terms of our agreement, sign and return the enclosed copy to us. We look forward to your continued employment with our organization and to a long and mutually beneficial relationship. Upon execution of this letter agreement, any prior agreements, including the letter agreement dated April 25, 1996, shall be terminated. Sincerely, THE MAJESTIC STAR CASINO, LLC By: Barden Development, Inc. Its: Manager and Sole Member By: /s/ Michelle R. Sherman --------------------------------- Michelle R. Sherman Its: Vice President Agreed to and accepted on this 22nd day of October, 2001. /s/ Don H. Barden ----------------------------------------- Don H. Barden