Document:

Settlement Agreement and Release

 Exhibit 10(vv) 
 SETTLEMENT AGREEMENT AND RELEASE 
 This settlement Agreement and release (the
“AGREEMENT”), is entered into between Churchill Downs Incorporated (“CHURCHILL”) and American Alternative Insurance Corporation (“AAIC”), Commonwealth Insurance Company (“Commonwealth”) and Westchester
Surplus Lines Insurance Company (“WESTCHESTER”) (collectively, the “EXCESS INSURERS”) on March 10, 2008. 
 WHEREAS, EXCESS INSURERS issued to CHURCHILL respective policies of excess insurance for the period of December 31, 2004 to March 1, 2006 (hereinafter the “POLICIES”) as follows: 
  

					
	 Insurer
	  	 Policy No.
	  	 Participation

	 AAIC
	  	 78-A2-XP-0000007-00
	  	 33.33%

	 COMMONWEALTH
	  	 US 5444
	  	 33.33%

	 WESTCHESTER
	  	 D35906575 001
	  	 33.33%

 WHEREAS, On or about August 29, 2005, CHURCHILL’s Fair Grounds Race
Course in New Orleans, Louisiana, and eleven Off Track Betting facilities in southeastern Louisiana that it operated, suffered loss and damage as a result of Hurricane Katrina with resulting property damage and loss including, but not limited to,
buildings, structures, machinery, equipment, fixtures, business interruption / time element, extra expense (including but not limited to wagering, betting, slots, video poker, Simulcasting, etc.), facility costs, Purse contributions, future slots
facility, Off Track Betting facilities, and all other expenses and costs (hereinafter the “LOSS”); 
 WHEREAS,
CHURCHILL has submitted a claim (the “CLAIM”) for the LOSS under the POLICIES to the EXCESS INSURERS; 
 WHEREAS,
EXCESS INSURERS, through GAB Robins North America, Inc., adjusted the CLAIM, reserved all rights under the POLICIES and by law, and advised CHURCHILL that certain portions of the CLAIM did not appear to be compensable under the POLICIES; 

WHEREAS, prior to the date of this Agreement, the primary insurer for CHURCHILL paid its policy limits, on an unallocated basis, in
the amount of Twenty-Five Million Dollars ($25,000,000.00) (the “PRIMARY PAYMENT”), and; 
 WHEREAS, by this
AGREEMENT, the Parties herein intend to adopt a full and final release and settlement of any and all demands for money under the POLICIES or otherwise claimed by CHURCHILL against EXCESS INSURERS in connection with any and all damages and losses
arising from the LOSS and the CLAIM under the POLICIES for EXCESS INSURERS’ separate, respective participation share of a total amount of Seventeen Million Two Hundred Thousand Dollars ($17,200,000.00) (the “SETTLEMENT PAYMENT”);

  

 1 

 NOW, THEREFORE, in consideration of the SETTLEMENT PAYMENT and other good and valuable
consideration, the sufficiency and adequacy of which is acknowledged, the parties to this AGREEMENT agree as follows: 
 1.
Within twenty-one (21) days after this AGREEMENT is fully executed by CHURCHILL, EXCESS INSURERS shall pay their separate, respective participation share of the SETTLEMENT PAYMENT of Seventeen Million Two Hundred Thousand Dollars
($17,200,000.00) (as listed below in this paragraph) to CHURCHILL on an unallocated basis in full and final settlement of the LOSS and CLAIM. Payment of the SETTLEMENT PAYMENT shall fully satisfy the obligations of EXCESS INSURERS to CHURCHILL under
the POLICIES with respect to the LOSS and CLAIM. 
  

					
	 Insurer
	  	 Participation
	 	 SETTLEMENT PAYMENT

	 AAIC
	  	 33.33%
	 	$5,733,333.33
	 COMMONWEALTH
	  	 33.33%
	 	$5,733,333.33
	 WESTCHESTER
	  	 33.33%
	 	$5,733,333.33

 EXCESS INSURERS’ payment obligations, as noted above, shall be separate and
individual, and not joint or several with any other settling insurer for the CLAIM. In no event shall an EXCESS INSURER be responsible for any amount owed by any of the other settling insurer(s) for the CLAIM. 
 2. Upon receipt of an EXCESS INSURER’S respective participation share of the SETTLEMENT PAYMENT, CHURCHILL hereby releases and
forever discharges that paying EXCESS INSURER, their affiliates, officers, directors and employees from and against any and all actions, causes of actions, claims, suits, reimbursements, obligations, costs, expenses, debts, judgments, liabilities,
damages and demands of any kind, whether matured or un-matured, whether at law or in equity, whether before a local, state, or federal court or state or federal administrative agency, arbitration or commission, and whether now known or unknown,
foreseen or unforeseen, liquidated or unliquidated, whether under the POLICIES or otherwise, that CHURCHILL now has or may have had, or hereafter claim to have, on behalf of itself, or any other person or entity arising out of the Loss or Claim,
including, but not limited to, those which arise out of or are related in any way to: 
  

	 	 a)
	 the LOSS or CLAIM; 

  

	 	 b)
	 demands for money or damages of any nature – including, but not limited to, damages sustained directly, indirectly or otherwise for the LOSS or CLAIM; and

  

	 	 c)
	 any claim or cause of action for compensatory, punitive, statutory or extra-contractual damages arising out of or related to the POLICIES and/or CLAIM and actual
or alleged insurance coverage for the LOSS based upon i) any alleged violation of the duty of good faith and fair dealing by a paying EXCESS INSURER or its agents; or, ii) any allegation of bad faith conduct by a paying EXCESS INSURER or its agents,
or, iii) any allegations that a 

  

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paying EXCESS INSURER or its agents committed any unfair claims practices; or, iv) any allegation that a paying EXCESS INSURER or its agents violated any
applicable deceptive trade practices act; or, v) any allegation that a paying EXCESS INSURER or its agents violated any applicable insurance code, vi) or any allegation that an EXCESS INSURER violated and/or failed to comply with Louisiana R.S.
22:658 or Louisiana R.S. 22:1220 or vii) any allegation that a paying EXCESS INSURER or its agents committed any other improper act or omission in connection with the investigation, handling, adjustment or settlement arising from the CLAIM and/or
LOSS or, vii) any claims for attorney’s fees, costs or expenses. 

  

	 	 d)
	 Any present or future claims for: consequential loss and/or damage of any kind, contingent loss and/or damage of any kind, loss to improvements and betterments,
damage to real, personal or business property, damage to property of others, loss of stock or contents, business income loss, soft costs loss, delay in opening loss, multiple occurrences, claim preparation fees, extra expense, litigation expense,
expense to reduce loss, sue and labor expense, lost opportunity expense, whether presently known or unknown, asserted or unasserted, whether sounding in tort or in contract, or arising under any statute, insurance or administrative regulation of any
jurisdiction with respect to any and all past, present or future claims, of any type whatsoever that could have been alleged or claimed for as part of the LOSS. 

 3. It is agreed that as respects each paying EXCESS INSURER this AGREEMENT shall be effective as a bar to all matters and claims released
herein, notwithstanding the discovery or existence of any additional or different facts or claims. CHURCHILL acknowledges that this AGREEMENT covers not only facts and/or claims which arise out of or are related in any way to the matters released
herein which are presently known, but also to any further facts and/or claims which arise out of or in any way are related to the matters released herein that are not now known or anticipated but which may later develop or be discovered, including
all unanticipated effects or consequences thereof. 
 4. CHURCHILL represents and warrants that it is the sole and
unconditional owner of all claims, rights, actions, causes of action and any and all other entitlements which are the subject of this AGREEMENT, and that (a) CHURCHILL has not assigned, pledged, hypothecated, contracted or otherwise divested or
encumbered all or any part of any of same and (b) that no other person or entity (of any kind) has any interest in any of these claims, rights, actions, causes of action or other entitlements which are the subject of this AGREEMENT. CHURCHILL
further represents and warrants that it has taken all necessary corporate, legislative, legal or other action to duly approve the making and performance of this AGREEMENT and that no further action or approval is necessary. 
 5. CHURCHILL agrees to defend, indemnify and hold harmless each paying EXCESS INSURER against any such assigned, pledged, hypothecated,
contracted, divested or encumbered claim, right, cause of action or other entitlement that is the subject of this AGREEMENT and against any claim from any party or entity (of any kind) seeking all or any 

  

 3 

 
portion of the proceeds to be paid by each EXCESS INSURER as contemplated by this settlement, or under the POLICIES. 
 CHURCHILL also agrees to defend, indemnify and hold harmless each paying EXCESS INSURER against any claim seeking all or a portion of the
proceeds to be paid by EXCESS INSURERS as contemplated by this settlement or under the POLICIES, if such claim is based on the grounds that the entity (of any kind) making the claim is a named insured, additional insured, other insured, mortgagee,
lien holder or loss payee under the POLICIES and such entity asserts that such status entitles it to receive all or a portion of the proceeds to be paid or claimed to be owed by EXCESS INSURERS as contemplated by this settlement or under the
POLICIES. 
 CHURCHILL represents and warrants that no mortgagee or lien holder has any rights with respect to any of the
payments made hereunder. 
 6. The parties to this AGREEMENT shall use their best efforts to keep the terms and conditions of
this AGREEMENT (including the SETTLEMENT AMOUNT) confidential, except (1) for auditors, tax, legal, mortgage lending purposes, or in applications for insurance, (2) for reinsurers, (3) as may be required by any law, regulation, or
legal, judicial, or administrative process or proceeding, including applicable requirements for public disclosure and otherwise of the Securities and Exchange Commission or state securities regulatory bodies, and (4) in any action relating to
this AGREEMENT. Any such disclosures to an entity or individual outside of the parties shall only be made after informing that individual or entity of the confidential nature of the information or document disclosed and requesting that such
individual or entity maintain the confidentiality of such information or document. Except as provided in this paragraph, neither EXCESS INSURERS nor CHURCHILL shall disclose the terms, conditions or payment to any person without the consent of the
other party. 
 7. EXCESS INSURERS and CHURCHILL agree that this AGREEMENT and payment of the SETTLEMENT PAYMENT by an EXCESS
INSURER cannot and shall not be used as precedent for or an admission of coverage (or non-coverage) or liability (or non-liability) under the POLICIES for any other claim, dispute or controversy or any other policy of insurance issued by EXCESS
INSURERS and does not affect in any way the obligations, rights and defenses of EXCESS INSURERS under the POLICIES or any other policy of insurance issued by EXCESS INSURERS, except that it releases the CLAIM described herein, and CHURCHILL
acknowledges that there has not been any allocation of the SETTLEMENT AMOUNT to any particular portion of the CLAIM. 
 8.
EXCESS INSURERS and CHURCHILL acknowledge that the SETTLEMENT PAYMENT is made as a business accommodation and compromise of the CLAIM between the EXCESS INSURERS and CHURCHILL and that neither EXCESS INSURERS nor CHURCHILL waive, amend or alter any
of their respective rights or defenses available under the POLICIES or by law or the terms, conditions, limitations, requirements, exclusions, provisions, deductible(s), sub-limits, choice of law provisions, or anything whatsoever in the POLICIES,
all of which are expressly reserved and unchanged. 
 9. For purposes of this AGREEMENT, CHURCHILL, as referenced in this
AGREEMENT, shall include CHURCHILL as well as its predecessors, successors, assigns, 

  

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subsidiaries, affiliates, agents, parents, directors, officers, employees and attorneys and their respective successors, predecessors, affiliates,
predecessors, assigns, agents and representatives. 
 10. The wording of this AGREEMENT was negotiated and accepted by
CHURCHILL and EXCESS INSURERS prior to the AGREEMENT being executed, each having had the opportunity for legal counsel regarding the terms and conditions. 
 11. This AGREEMENT shall be governed by and interpreted under the laws of New York. 
 12.
This AGREEMENT can be executed in counterparts by EXCESS INSURERS and CHURCHILL and shall have the same effect and import as if the AGREEMENT were executed in toto by all parties in the same document. 
 13. If any section of this AGREEMENT shall for any reason be or become invalid or unenforceable, it shall not affect the remaining
provisions of this AGREEMENT which shall remain in full force and effect. 
 IN WITNESS WHEREOF and in AGREEMENT herewith,
CHURCHILL has caused this Release and Settlement Agreement to be executed on its behalf, in favor of EXCESS INSURERS, as of the date first written above. 
 On behalf of 
 Churchill Downs Incorporated 
  

			
	 By:    /s/ Michael W. Anderson
	  	
	 Name: Michael W. Anderson

	 Position: Vice President, Corporate Finance & Treasurer

 Sworn to before me this 
 12th Day of March 2008 
 /s/ Kim Tobin 
 Notary Public 
  

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	 On behalf of

	 American Alternative Insurance Corporation

	
	 By:     /s/ Thomas J. Toth

	
	 Name: Thomas J. Toth

	
	 Position: Vice President—Property Claims

	
	 Sworn to before me this

	 13th Day of March 2008

	
	 /s/ Lauren M. Lupica

	 Notary Public

	
	 On behalf of

	 Commonwealth Insurance Company

	
	 By:    /s/ Jonathan L. Murray

	
	 Name: Jonathan L. Murray, FCIP, CRM

	
	 Position: Assistant Vice President, Claims Division

	
	 Sworn to before me this

	 11th Day of March 2008

	
	 /s/ Gregory J. Tucker, Esq.

	 Notary Public

	
	 On behalf of

	
	 Westchester Surplus Lines Insurance Company

	
	 /s/ Marilyn Roberts

	
	 Name: Marilyn Roberts

	
	 Position: Chief Claims Specialist

	
	 Sworn to before me this

	 13th Day of March 2008

	
	 /s/ Marsha T. Wallace

	 Notary Public

  

 6Deferred Compensation Plan - Officers, Key Employees

 EXHIBIT 10.1 
 CONSOLIDATED-TOMOKA LAND CO. 
 DEFERRED COMPENSATION PLAN FOR OFFICERS AND KEY EMPLOYEES 
 Amended and Restated Effective January 1, 2005 
 Preamble 
 This Plan is an unfunded deferred compensation arrangement established for officers and key employees of
Consolidated-Tomoka Land Co. and all rights thereunder shall be governed by and construed in accordance with the laws of the State of Florida. 
 ARTICLE I 
 Definitions 
 1.1 Where the following words appear in the Plan, they shall have the meaning set forth below: 
 (a) “Annual Deferral
Amount.” The amount deferred each calendar year by a Participant. 
 (b) “Code.” Internal Revenue Code of 1986, as amended.

 (c) “Company.” Consolidated-Tomoka Land Co., a Florida Corporation, and its corporate successors. 
 (d) “Committee.” A Committee, comprised of three (3) persons who are not participants, appointed by the Board of Directors of the Company
from time to time to control and manage the operation and administration of the Plan in accordance with its terms. 
 (e)
“Compensation.” Salaries or bonuses earned through service as an officer or Key Employee of the Company. 
 (f) “Eligible
Employee.” An officer or Key Employee of the Company. 
 (g) “Key Employee.” An employee of the Company who has been
designated as eligible to participate in the Plan by the Committee, in its sole and absolute discretion. 

 (h) “Participant.” An officer or Key Employee of the Company who has made an election as
provided in paragraph 2.1 below. 
 (i) “Participant’s Account.” The amount credited to the Participant under the Plan as a
result of the Participant’s election to defer Compensation pursuant to paragraph 2.1. 
 (j) “Plan.” This Deferred
Compensation Plan for Officers and Key Employees, as it may be amended from time to time. 
 (k) “Separation from Service.”
Cessation of employment of the Participant with the Company due to reasons other than death. 
 (l) “Specified Employee.” A key
employee of the Company (as defined in section 416(i) of the Code, as amended, without regard to paragraph (5) thereof) while the Company is traded on an established securities market or otherwise. 
 ARTICLE II 
 Participants and Deferral of
Compensation 
 2.1 Any Eligible Employee may elect to defer all or a portion of his Compensation. An election to defer
Compensation for any year shall be made prior to December 31 of the preceding calendar year, and may relate to any portion of the Eligible Employee’s salary and/or bonus, for any pay period(s), or for any portion of the year, as determined
by the Eligible Employee. The election shall be made in writing, signed by the Participant, and delivered to the Committee prior to the taxable year during which the services giving rise to the deferred payments are rendered. 
 2.2 As soon as an Eligible Employee notifies the Committee of his election to participate in the Plan, the Committee shall so notify the
Company’s Corporate Secretary. 

 ARTICLE III 
 Credits and Distributions 
 3.1 Subject to such reasonable rules as may be prescribed by the
Committee, the Annual Deferral Amount shall be credited to the Participant’s Account. The Committee shall increase annually the Participant’s Account by an amount which is equal to interest on the Participant’s Account (including
amounts previously credited under this paragraph 3.1) at the rate of return earned by the Company on its short term investments. For purposes of the preceding sentence, the average rate earned for the calendar year shall be used to set the rate of
return on the Participant’s Account. The good faith determination by the Treasurer of the Company of the average rate of return shall be conclusive. The average rate of return on tax-free or other tax-favored obligations, such as preferred
stock dividends, will be adjusted to the Company’s tax equivalent rate. 
 3.2 The Committee shall cause sufficient records to be
kept in the name of each Participant and each beneficiary of a deceased Participant to reflect the value of the Participant’s Account. 
 3.3 Unless the Participant elects otherwise as described below, the Committee shall distribute the amounts credited to the Participant in substantially equal installments over a ten (10) year period upon cessation of employment
with the Company. In accordance with procedures established by the Committee, a Participant may elect an alternate form of payment of the Participant’s entire Account. 
 In accordance with section 409A(a)(2)(B)(i) of Code and the applicable guidance and regulations promulgated thereunder, notwithstanding anything to the
contrary herein, distributions to Specified Employees as a result of a Separation from Service may not be made before the date which is six (6) months after the date of Separation from Service (or, if earlier, the date of death of the Specified
Employee). The Committee, in its discretion, shall determine whether the payments to which a Specified Employee would otherwise be entitled during the first 

 six (6) months following the date of Separation from Service
are accumulated and paid on the first day of the seventh (7th) month following the date of Separation from Service, or if each payment to which
a Specified Employee is otherwise entitled upon a Separation from Service is delayed by six (6) months. 
 3.4 Each Participant
shall have the right to designate beneficiaries who are to succeed to his right to receive future payments hereunder in the event of his death. Distribution shall be made to the Participant’s estate where no beneficiary designation is in
effect. No designation of beneficiary shall be valid unless in writing, signed by the Participant, dated, and filed with the Committee. Beneficiaries may be changed at any time without the consent of any prior beneficiary. 
 3.5 Nothing contained herein shall be deemed to create a trust of any kind or create any fiduciary relationship. Funds invested hereunder shall
continue for all purposes to be part of the general funds of the Company, and no person other than the Company shall, by virtue of the provisions of this Plan, have any interest in such fund. To the extent that any person acquires a right to receive
payment from the Company under this Plan, such rights shall be no greater than the right of any unsecured general creditor of the Company. 
 ARTICLE IV 
 Administration 
 4.1 The books and records to be maintained for the purpose of the Plan may be maintained by the officers and employees of the Company at its expense and subject to the provisions and control of the Committee.
All expenses of administering the Plan shall be paid for by the Company. 
 4.2 The right of any Participant or any beneficiary in any
benefit or to any payment hereunder shall not be subject in any manner to attachment or other legal process for the debts of such Participant or beneficiary; and any such benefit or payment shall not be subject to anticipation, alienation, sale,
transfer, assignment or encumbrance. 

 4.3 No member of the Board of Directors or of the Committee and no officer or employee of the
Company shall be liable to any person for any action taken or omitted in connection with the administration of this Plan unless attributable to his own fraud or willful misconduct; nor shall the Company be liable to any person for such action unless
attributable to fraud or willful misconduct on the part of a director, officer or employee of the Company. 
 ARTICLE V 
 Amendment of the Plan 
 5.1 The
Plan may be amended in whole or in part from time to time by the Board of Directors of the Company. 
 5.2 Notice of every such
amendment shall be given in writing to each Participant and beneficiary of a deceased Participant. 
 5.3 If a Change in Control (as
defined below) occurs, the Company may terminate the Plan and distribute all amounts credited to all Participants as permitted under and in accordance with the requirements of Section 409A of the Code, and the regulations promulgated
thereunder. For purposes of this paragraph 5.3, a “Change in Control” shall be deemed to have occurred if (a) as a result of any transaction, another person or entity (the “Acquiror”), acquires voting stock of the Company in
an aggregate amount so as to enable the Acquiror to exercise more than fifty percent (50%) of the voting power of the Company, (b) an unrelated Acquiror acquires all or substantially all of the assets of the Company, or (c) upon the
consummation of a merger or consolidation to which the Company is a party, the voting stock of the Company outstanding immediately prior to consummation of the merger or consolidation is converted into cash or securities possessing less than fifty
percent (50%) of the voting power of the surviving corporation. 

 IN WITNESS WHEREOF, the Company has caused this Plan to be executed in its name and behalf this 25th day
of July, 2007, by its officer thereunto duly authorized. 
  

			
	CONSOLIDATED-TOMOKA LAND CO.
	
	 /s/ William H. McMunn

	By:	 	William H. McMunn
	Its:	 	President

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