Document:

Form of senior debt security -- medium-term note

 Exhibit 4.01 
 LEHMAN BROTHERS HOLDINGS INC. 
 100% Principal Protected Autocallable Absolute Return Barrier Notes Linked to the MSCI
EAFE® Index Due June 29, 2009 
  

			
	Number R-1	  	$3,115,000
	ISIN US52517P3Q22	  	CUSIP 52517P3Q2

 See Reverse for Certain Definitions 
 THIS SECURITY (THIS “SECURITY”) IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN
THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A
NOMINEE OF THE DEPOSITORY TO SUCH DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TO LEHMAN BROTHERS HOLDINGS INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 LEHMAN BROTHERS
HOLDINGS INC., a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), for value received, hereby promises to pay to CEDE & CO. or registered assigns, at the
office or agency of the Company in the Borough of Manhattan, The City of New York, on the Maturity Date, or Call Settlement Date, if applicable, in such coin or currency of the United States of America at the time of payment shall be legal tender
for the payment of public and private debts, for each $1,000 principal amount of the Securities represented hereby, an amount equal to the Payment at Maturity or amount due upon an Automatic Call, if applicable. THE SECURITIES REPRESENTED HEREBY
SHALL NOT BEAR ANY INTEREST. 
 Any amount payable on the Maturity Date or upon an Automatic Call, if applicable, hereon will be paid only
upon presentation and surrender of this Security. 
 REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS SECURITY SET FORTH ON THE
REVERSE HEREOF WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE. 

 The MSCI indexes are the exclusive property of MSCI, Inc. (“MSCI”, the successor to Morgan
Stanley Capital International Inc.). MSCI and the MSCI index names are mark(s) of MSCI or its affiliates and have been be licensed for use for certain purposes by Lehman Brothers Holdings Inc. The notes referred to herein are not sponsored,
endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such financial securities. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI. 
  

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 IN WITNESS WHEREOF, Lehman Brothers Holdings Inc. has caused this instrument to be signed by its
Chairman of the Board, its President, its Vice Chairman, its Chief Financial Officer, one of its Vice Presidents or its Treasurer, by manual or facsimile signature under its corporate seal, attested by its Secretary or one of its Assistant
Secretaries by manual or facsimile signature. 
  

							
	Dated: December 28, 2007	 	LEHMAN BROTHERS HOLDINGS INC.	 	
				
	[SEAL]	 	By:	 	  
	 	
		 		 	Vice President	 	
				
		 	Attest:	 	  
	 	
		 		 	Assistant Secretary	 	

  
 TRUSTEE’S CERTIFICATE OF
AUTHENTICATION 
 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 
  

			
	 CITIBANK, N.A.
 as
Trustee

		
	By:	 	  

		 	    Authorized Officer

  

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 Reverse of Security 
 This Security is one of a duly authorized series of Securities of the Company designated as 100% Principal Protected Autocallable Absolute Return Barrier Notes Linked to the MSCI EAFE® Index Due June 29, 2009 (herein called the “Securities”). The Company may, without the consent of the holders of the Securities, create and issue additional securities ranking equally with the
Securities and otherwise similar in all respects so that such additional securities shall be consolidated and form a single series with the Securities; provided that no additional securities can be issued if an Event of Default has occurred with
respect to the Securities. This series of Securities is one of an indefinite number of series of debt securities of the Company, issued and to be issued under an indenture, dated as of September 1, 1987, as amended (herein called the
“Indenture”), duly executed and delivered by the Company and Citibank, N.A., as trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities. 
 The Payment at Maturity or amount due upon an Automatic Call, if applicable, at the request of the Trustee, shall be determined by the Calculation Agent
pursuant to the Calculation Agency Agreement. The Trustee shall fully rely on the determination by the Calculation Agent of the Payment at Maturity or amount due upon an Automatic Call, if applicable, and shall have no duty to make any such
determination. The Calculation Agent will provide written notice to the Trustee at its New York office, on which notice the Trustee may conclusively rely, of the Payment at Maturity or amount due upon an Automatic Call, if applicable, on or prior to
11:00 a.m. on the Business Day preceding the Maturity Date or applicable Call Settlement Date. 
 All calculations with respect to the Index
Starting Level, the Index Ending Level, the Absolute Index Return or any Index Closing Level will be rounded to the nearest one hundred-thousandth, with five one-millionths rounded upward (e.g., .876545 would be rounded to .87655); all dollar
amounts related to determination of the payment per $1,000 principal amount Security on the Maturity Date or Call Settlement Date, if any, will be rounded to the nearest ten-thousandth, with five one hundred-thousandths rounded upward (e.g.,
..76545 would be rounded up to .7655); and all dollar amounts paid on the aggregate principal amount of Securities per Holder will be rounded to the nearest cent, with one-half cent rounded upward. 
 This Security is not subject to any sinking fund. 
 If an Event of Default with respect to the Securities shall occur and be continuing, the amounts payable on all of the Securities may be declared due and payable in the manner and with the effect provided in the Indenture. The amount
payable to the Holder hereof upon any acceleration permitted under the Indenture will be equal to the Payment at Maturity, which will be calculated as though the date of acceleration were the Maturity Date and the third Business Day immediately
preceding the date of acceleration were the Final Valuation Date. If the maturity of the Securities is accelerated because of an Event of Default, the Company shall, or shall cause the Calculation Agent to, provide written notice to the Trustee at
its New York office, on which notice the Trustee may conclusively rely, and to The Depository Trust Company of the cash amount due with respect to the Securities as promptly as possible and in no event later than two Business Days after the date of
acceleration. 

 The Indenture contains provisions permitting the Company and the Trustee, with the consent of the
holders of not less than 66 2/3% in aggregate principal amount of each series of Securities at the time
Outstanding to be affected (each series voting as a class), evidenced as in the Indenture provided, to execute supplemental indentures adding any provisions to, or changing in any manner or eliminating any of the provisions of the Indenture or of
any supplemental indenture or modifying in any manner the rights of the holders of the Securities of all such series; provided, however, that no such supplemental indenture shall, among other things, (i) change the fixed maturity
of any Security, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, if any, or reduce any premium payable on redemption, or make the principal thereof, or premium, if any, or interest
thereon, if any, payable in any coin or currency other than that hereinabove provided, without the consent of the holder of each Security so affected, or (ii) change the place of payment on any Security, or impair the right to institute suit
for payment on any Security, or reduce the aforesaid percentage of Securities, the holders of which are required to consent to any such supplemental indenture, without the consent of the holders of each Security so affected. It is also provided in
the Indenture that, prior to any declaration accelerating the maturity of any series of Securities, the holders of a majority in aggregate principal amount of the Securities of such series Outstanding may on behalf of the holders of all the
Securities of such series waive any past default or Event of Default under the Indenture with respect to such series and its consequences, except a default in the payment of interest, if any, or the principal of, or premium, if any, on any of the
Securities of such series, or in the payment of any sinking fund installment or analogous obligation with respect to Securities of such series. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such
Holder and upon all future holders and owners of this Security and any Securities which may be issued in exchange or substitution hereof, irrespective of whether or not any notation thereof is made upon this Security or such other Securities.

 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of
the Company, which is absolute and unconditional, to pay the Payment at Maturity or amount due upon an Automatic Call, if applicable, with respect to this Security. 
 The Securities are issuable in denominations of $1,000 and any whole multiples of $1,000. 
 The Company,
the Trustee, and any agent of the Company or of the Trustee may deem and treat the registered holder (the “Holder”) hereof as the absolute owner of this Security (whether or not this Security shall be overdue and notwithstanding any
notation of ownership or other writing hereon), for the purpose of receiving payment hereof, or on account hereof, and for all other purposes and neither the Company nor the Trustee nor any agent of the Company or of the Trustee shall be affected by
any notice to the contrary. All such payments made to or upon the order of such registered holder shall, to the extent of the sum or sums paid, effectually satisfy and discharge liability for moneys payable on this Security. 
  

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 No recourse for the payment of the principal of, premium, if any, or interest on this Security, or for
any claim based hereon or otherwise in respect hereof, and no recourse under or upon any obligation, covenant or agreement of the Company in the Indenture or any indenture supplemental thereto or in any Security, or because of the creation of any
indebtedness represented thereby, shall be had against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or of any successor corporation, either directly or through the Company or any successor
corporation, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof,
expressly waived and released. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this
Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the Corporate Trust Office or agency in a Place of Payment for this Security, duly endorsed by, or accompanied by a written instrument
of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Securities of this series or of like tenor and of
authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The
Company agrees, and by acceptance of a beneficial ownership interest in the Securities, each Holder will be deemed to have agreed, for United States federal income tax purposes, (i) to treat the Securities as indebtedness that is subject to
Treas. Reg. Sec. 1.1275-4 (the “Contingent Payment Regulations”) and (ii) to be bound by the Company’s determination of the “comparable yield” and “projected payment schedule,” within the meaning of the
Contingent Payment Regulations, with respect to the Securities. The Company has determined that the comparable yield is an annual rate of 5.2325%, compounded semi-annually. Based on the comparable yield, the projected payment schedule per $1,000
principal amount Security is $1,160.11 due at maturity. 
 THE INDENTURE AND THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 Definitions 
 Set forth below are definitions of the terms used in this Security. 
 “Absolute Index
Return” as calculated by the Calculation Agent, is the absolute value of the following: 
  

					
		 	Index Ending Level – Index Starting Level	 	
		 	Index Starting Level	 	

 An “Automatic Call” occurs if the Index Closing Level on any Trading Day during
the Observation Period is above the Upper Index Barrier or below the Lower Index Barrier. Upon the occurrence of an Automatic Call, the Securities will be automatically called for a Payment upon Automatic Call. 
  

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 If the Securities are subject to an Automatic Call at any time during the Observation Period other than
the Final Valuation Date, the Holders will receive Payment upon Automatic Call. If the Securities are subject to an Automatic Call on the Final Valuation Date, the Holders will receive a cash payment of $1,000 for each $1,000 principal amount
Security on the Maturity Date. 
 “Business Day”, notwithstanding any provision in the Indenture, shall mean any day that
is not a Saturday or Sunday and that is not a day on which banking institutions in the City of New York are authorized or obligated by law to close. 
 “Calculation Agency Agreement” shall mean the Calculation Agency Agreement, dated as of December 21, 2006 between the Company and the Calculation Agent, as amended from time to time, or any
successor calculation agency agreement. 
 “Calculation Agent” shall mean the person that has entered into an agreement
with the Company providing for, among other things, the determination of the Payment at Maturity, which term shall, unless the context otherwise requires, include its successors and assigns. The initial Calculation Agent shall be Lehman Brothers
Inc. 
 “Call Settlement Date” shall mean, the third Business Day following the date an Automatic Call occurs, if
applicable. 
 “Closing Price” of a security, on any particular day, means the last reported sales price for that security
on the Relevant Exchange at the scheduled weekday closing time of the regular trading session of the Relevant Exchange. If, however, the security is not listed or traded on a bulletin board, then the Closing Price of the security will be determined
using the average execution price per share that an affiliate of the Company pays or receives upon the purchase or sale of the security used to hedge the Company’s obligations under the Securities. 
 “Company” shall have the meaning set forth on the face of this Security. 
 “Final Valuation Date” shall mean June 24, 2009. If the Final Valuation Date is not a Trading Day or if there is a Market
Disruption Event on such day, the applicable Final Valuation Date will be the immediately succeeding Trading Day during which no Market Disruption Event shall have occurred or is continuing; provided, however, that the Index Ending
Level will not be determined on a date later than the eighth scheduled Trading Day after the scheduled Final Valuation Date, and if such day is not a Trading Day, or if there is a Market Disruption Event on such date, the Calculation Agent will
determine the Index Ending Level on such date in accordance with the formula for and method of calculating the Index Ending Level last in effect prior to commencement of the Market Disruption Event (or prior to the non-Trading Day), using the
Closing Price (or, if trading in the relevant securities has been materially suspended or materially limited, it’s good faith estimate of the Closing Price that would have prevailed but for such suspension or limitation or non-Trading Day) on
such eighth scheduled Trading Day of each security most recently constituting the Index. 
 “Holder” shall have the meaning
set forth on the reverse of this Security. 
  

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 “Indenture” shall have the meaning set forth on the reverse of this Security.

 “Index” shall mean the MSCI EAFE® Index, as calculated,
published and disseminated by MSCI, Inc. (“MSCI”, the successor to Morgan Stanley Capital International Inc.). 
 “Index
Ending Level” shall equal the Index Closing Level on the Final Valuation Date. 
 “Index Sponsor”, with respect to
the Index, shall be MSCI. The Calculation Agent, in its sole discretion, may select a new Index Sponsor as described under “Discontinuation of the Index; Alteration of Method of Calculation.” 
 “Index Closing Level”, as determined by the Calculation Agent, shall mean, with respect to any Trading Day, the closing level of the
Index or the Successor Index, as the case may be, at the regular official weekday close of the principal trading session of the Relevant Exchange or market for the Index or the Successor Index, as the case may be, on such day, or as determined by
the Calculation Agent pursuant to the Calculation Agency Agreement as described below under “Discontinuation of the Index; Alteration of Method of Calculation.” 
 “Index Starting Level” shall equal 2,209.79. 
 “Lower Index Barrier” shall equal 1,890.48. 
 “Market Disruption Event”,
with respect to the Index or any Successor Index shall mean any of the following events has occurred on any day as determined by the Calculation Agent: 
  

	 	(1)	a suspension, absence or material limitation of trading of stocks then constituting 20% or more of the level of the Index (or the relevant Successor Index) on the Relevant Exchanges
for such securities at any time during the one hour period preceding the close of the principal trading session on such Relevant Exchange; 

  

	 	(2)	a breakdown or failure in the price and trade reporting systems of any Relevant Exchange as a result of which the reported trading prices for stocks then constituting 20% or more of
the level of the Index (or the relevant Successor Index) at any time during the one hour period preceding the close of the principal trading session on such Relevant Exchange are materially inaccurate; 

  

	 	(3)	a suspension, absence or material limitation of trading on any major securities exchange for trading in futures or options contracts or exchange traded funds related to the Index
(or the relevant Successor Index) at any time during the one hour period preceding the close of the principal trading session on such exchange; or 

  

	 	(4)	a decision to permanently discontinue trading in the relevant futures or options contracts or exchange traded funds. 

  

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 For the purpose of determining whether a Market Disruption Event exists at any time, if trading in a
security included in the Index is materially suspended or materially limited at that time, then the relevant percentage contribution of that security to the level of the Index shall be based on a comparison of: 
  

	 	(1)	the portion of the level of the Index attributable to that security relative to 

  

	 	(2)	the overall level of the Index, 

 in each case
immediately before that suspension or limitation. 
 For purposes of determining whether a Market Disruption Event has occurred: 

 

	 	(1)	a limitation on the hours or number of days of trading will not constitute a Market Disruption Event if it results from an announced change in the regular business hours of the
Relevant Exchange or market; 

  

	 	(2)	limitations pursuant to the rules of any Relevant Exchange similar to NYSE Rule 80B (or any applicable rule or regulation enacted or promulgated by any other self-regulatory
organization or any government agency of scope similar to NYSE Rule 80B as determined by the Calculation Agent in its sole discretion) on trading during significant market fluctuations will constitute a suspension, absence or material limitation of
trading; 

  

	 	(3)	a suspension of trading in futures or options contracts on the Index by the primary securities market trading in such contracts by reason of (i) a price change exceeding limits
set by such exchange or market, (ii) an imbalance of orders relating to such contracts, or (iii) a disparity in bid and ask quotes relating to such contracts, will, in each such case, constitute a suspension, absence or material limitation
of trading in futures or options contracts related to the Index; and 

  

	 	(4)	a suspension, absence or material limitation of trading on any Relevant Exchange or on the primary market on which futures or options contracts related to the Index are traded will
not include any time when such market is itself closed for trading under ordinary circumstances. 

 “Maturity
Date” shall mean June 29, 2009, unless that day is not a Business Day, in which case the amount equal to the Payment at Maturity that would otherwise be due on the scheduled Maturity Date will instead be due on the next succeeding
Business Day following such scheduled Maturity Date with the same effect as if paid on the scheduled Maturity Date; provided, that if due to a non-Trading Day or a Market Disruption Event, the Final Valuation Date is postponed so that it
falls fewer than three Business Days prior to the scheduled Maturity Date, the Maturity Date will be the third Business Day following the Final Valuation Date, as postponed. 
  

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 “NYSE” shall mean The New York Stock Exchange, Inc. 
 “Observation Period” shall mean the period commencing on the Pricing Date and extending to and including the Final Valuation Date.

 “Payment upon Automatic Call”, shall mean a cash payment of $1,000 for each $1,000 principal amount Security on the Call
Settlement Date. 
 “Payment at Maturity”, as calculated by the Calculation Agent and if the Securities are not called
pursuant to an Automatic Call, for each $1,000 principal amount Security shall equal: 
 $1,000 + ($1,000 × Absolute Index Return)

 “Place of Payment” shall mean the place or places where the Payment at Maturity or amount due upon an Automatic Call, if
applicable, on the Securities is payable. 
 “Pricing Date” shall mean December 21, 2007. 
 “Relevant Exchange” shall mean, for any security (or any combination thereof) then included in the Index or any Successor Index, the
primary exchange, quotation system (which includes bulletin board services) or other market of trading for such security. 
 “Securities” shall have the meaning set forth on the reverse of this Security. 
 “Trading Day”
means a day, as determined by the Calculation Agent, on which trading is generally conducted on (i) the Relevant Exchanges for securities underlying the Index and (ii) the exchanges on which futures or options contracts related to the
Index are traded, other than a day on which trading on such Relevant Exchange or exchange on which such securities, futures or options contracts are traded is scheduled to close prior to its scheduled weekday closing time. 
 “Trustee” shall have the meaning set forth on the reverse of this Security. 
 “Upper Index Barrier” shall equal 2,529.10. 
 All terms used but not defined in this Security are used herein as defined in the Calculation Agency Agreement or the Indenture. 
 Calculation Agent 
 The Calculation Agent will determine, among other things, the Index Closing Level on each Trading Day
during the Observation Period, whether the Automatic Call feature has triggered a mandatory redemption, the Index Ending Level, the Absolute Index Return if the Securities are not automatically called, the Payment upon Automatic Call and the Payment
at Maturity. In addition, the Calculation Agent will determine whether there has been a Market Disruption Event or a discontinuation of the Index, and whether there has been a material change in the method of calculation of the Index. All
calculations, determinations or adjustments made by the Calculation Agent will be at the sole discretion of the Calculation Agent and will, in 

  

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the absence of manifest error, be conclusive for all purposes and binding on Holders and on the Company. The Company may appoint a different Calculation
Agent from time to time after the date of the original issue of the Securities without the Holders’ consent and without notifying Holders. 
 Discontinuation of the Index; Alteration of Method of Calculation 
 If the Index Sponsor discontinues publication of the
Index and the Index Sponsor or another entity publishes a successor or substitute index that the Calculation Agent determines, in its sole discretion, to be comparable to the discontinued Index (a “Successor Index”), then any Index Closing
Level will be determined by reference to the level of such Successor Index at the close of trading on the Relevant Exchange or market for the Successor Index on any Trading Day. Upon any selection by the Calculation Agent of a Successor Index, the
Calculation Agent will cause written notice thereof to be promptly furnished to the Trustee, to the Company and to the Holders. 
 If the
Index Sponsor discontinues publication of the Index, and such discontinuation is continuing on any Trading Day, and the Calculation Agent determines, in its sole discretion, that no Successor Index is available at such time, or if the Calculation
Agent has previously selected a Successor Index and publication of such Successor Index is discontinued, and such discontinuation is continuing on any Trading Day, or if the Index Sponsor (or the publisher of any Successor Index) fails to calculate
and publish an Index Closing Level for the Index (or any Successor Index) on any date when it would ordinarily do so in accordance with its customary practice, then the Calculation Agent will determine the Index Closing Level for such Trading Day or
such date. The Index Closing Level will be computed by the Calculation Agent in accordance with the formula for and method of calculating the Index or Successor Index, as applicable, last in effect on the date prior to such discontinuation or
failure to calculate or publish an Index Closing Level for the Index or Successor Index, as applicable, using the Closing Price (or, if trading in the relevant securities has been materially suspended or materially limited, its good faith estimate
of the Closing Price that would have prevailed but for such suspension or limitation) at the close of the principal trading session on such date of each security most recently included in the Index or Successor Index, as applicable. 
 If at any time the method of calculating the Index or a Successor Index, or the level thereof, is changed in a material respect, or if the Index or a
Successor Index is in any other way modified so that the Index or such Successor Index does not, in the opinion of the Calculation Agent, fairly represent the level of the Index or such Successor Index in the absence of such changes or
modifications, then the Calculation Agent will, at the close of business in New York City on each date on which the Index Closing Level is to be determined, make such calculations and adjustments as, in the good faith judgment of the Calculation
Agent, may be necessary in order to arrive at a level of a stock index comparable to the Index or such Successor Index, as the case may be, as if such changes or modifications were not made, and the Calculation Agent will calculate the Index Closing
Level with reference to the Index or such Successor Index, as adjusted. Accordingly, if the method of calculating the Index or a Successor Index is modified so that the level of the Index or such Successor Index is a fraction of what it would have
been if there had been no such modification (e.g., due to a split in the Index), then the Calculation Agent will adjust its calculation of the Index or such Successor Index in order to arrive at a level of the Index or such Successor Index as
if there had been no such modification (e.g., as if such split had not occurred). 
  

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 The following abbreviations, when used in the inscription on the face of the within Security, shall be
construed as though they were written out in full according to applicable laws or regulations: 
  

							
	TEN COM -	    	as tenants in common	    	UNIF GIFT MIN ACT - _________ Custodian  _________
		    		    	                          (Cust)             
     (Minor)

	TEN ENT -	    	as tenants by the entireties	    	Under Uniform Gifts to Minors
	JT TEN -	    	as joint tenants with right of	    	Act	  	  

		    	Survivorship and not as tenants in common	    		  	(State)

 Additional abbreviations may also be used though not in the above list. 
 ________________________________ 
 FOR VALUE
RECEIVED, the undersigned hereby sells, assigns and transfers unto 
 PLEASE INSERT SOCIAL SECURITY OR OTHER 
 IDENTIFYING NUMBER OF ASSIGNEE 
  

			
	 	 	
	 	 	
	 	 	

  
  

	
	
	 

 (Name and Address of Assignee, including zip code, must be printed or typewritten.) 
  

	
	 

 the within Security, and all rights thereunder, hereby irrevocably constituting and appointing 
  

	
	 

 to transfer the said Security on the books of the Company, with full power of substitution in the premises.

 Dated: 
 __________________________________________ 
 NOTICE: The signature to this assignment must correspond with the name as it appears
upon the face of the within Security in every particular, without alteration or enlargement or any change whatever. 
 Signature(s) Guaranteed: 

_______________________ 
 THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN
ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED MEDALLION SIGNATURE GUARANTEE PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15. 
  

 9Amended and Restated Employment and Non-Complete Agreement

 EXHIBIT 10.1 
 AMENDED AND RESTATED 
 EMPLOYMENT AND NON-COMPETE AGREEMENT 
 DOVER MOTORSPORTS, INC. 
 AND 
 TIMOTHY R. HORNE 
 THIS AGREEMENT, is by and between Dover Motorsports, Inc. (the “Company”) and Timothy R. Horne (the “Executive”), is entered into this 3rd day of January 2008 but shall not be effective until the 1st day of April (the
“Effective Date”), and supersedes the Employment and Non-Compete Agreement between the parties dated February 13, 2006 (the “Prior Agreement”). 
 W I T N E S S E T H: 
 WHEREAS, the Executive is currently employed by the Company or
an affiliate thereof in an executive position; and 
 WHEREAS, the Executive has, in the course of his employment, developed relationships
with employees and customers of the Company, and learned valuable and sensitive information concerning the Company’s operations, policies and procedures; and 
 WHEREAS, the Executive has, in the course of his employment, been exposed to valuable and sensitive Company reports, files, memoranda, records, software, and other property; and 
 WHEREAS, the Company recognizes that the solicitation of its employees and customers, and the use or disclosure of the policies, procedures, information,
documents, and property of the Company would be damaging to the Company’s interests; and 
 WHEREAS, the Company has determined that it
is in the best interests of the Company to protect its interests through the use of Employment and Non-Compete Agreements; and 
 WHEREAS,
the Company has determined that it is in the best interests of the Company and its shareholders for the Company to agree to provide benefits under the circumstances described below to the Executive and other executives who agree to such an
agreement. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, the parties hereto agree as
follows: 

 Section 1 
 Definitions 
 “Announcement” shall mean a press release issued by the Company announcing
the signing of an agreement whereby the Company will be acquired by or merge with any other entity or a tender offer for the shares of the Company stock will be initiated. 
 “Board” shall mean the Board of Directors of the Company or the ultimate corporate parent entity which owns the Company if the Company is not
public. 
 “Cause” shall mean a unanimous determination by the Board that the Executive has been convicted of a felony, has
embezzled from, or committed fraud against, the Company which embezzlement or fraud has a material adverse financial impact on the Company or gross insubordination which has continued after written notice of such from the Board which determination
is upheld by a final, non-appealable arbitration award pursuant to Section 6. 
 “Change in Control” shall mean the earlier to
occur of (a) ten (10) days following the closing of a tender offer for the Company’s stock following the Announcement or (b) the closing of a merger or similar transaction (“Transaction”) of the Company and any other
entity; provided, however, a Transaction the result of which is the shareholders of the Company’s voting securities immediately prior to the Transaction own, directly or indirectly in substantially the same proportion, at least 60% of the
voting securities of the survivor of such Transaction immediately following such Transaction shall not be a Change in Control. 
 “Change in Control Fee” shall mean $250,000. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended.

 “Company Information” shall mean (i) confidential information including, without limitation, information received from
third parties under confidential conditions, (ii) information subject to the Company’s and its affiliates’ attorney-client or work-product privilege; and (iii) other technical, business, legal or financial information (including,
without limitation, customer lists), the use or disclosure of which might reasonably be construed to be contrary to the Company’s and its affiliates’ interests. 
 “Date of Termination” shall mean the date on which the Executive’s employment is terminated. 
 “Employment Period” shall mean the period of time during the Extension Period the Executive is an employee of the Company. 
 “Extension Period” shall mean the 24 month period following the Change in Control. 
 “Good Reason” shall mean a
(i) reduction in title, responsibilities, administrative support or support services, (ii) relocation of Executive’s office, (iii) travel at a level that exceeds the travel requirements before the Change in Control, (iv) any
breach by the Company of its obligations hereunder, (v) any breach by the purchaser under a merger or acquisition agreement pursuant to which the Change in Control takes place relating to employee benefits or directors’ and officers’
insurance or indemnification provisions, or (vi) any reason whatsoever two months after the Change in Control. 
 “Monthly
Amount” shall be an amount equal to one-twelfth of the sum of (a) the Executive’s then current annual base salary (excluding any incentive or bonus), and (b) the amount of any cash bonus awarded to the Executive for the then most
recently concluded fiscal year of the Company. 
 “Non-Compete Monthly Amount” shall mean the portion of the Monthly Amount which
is paid in consideration of the Executive’s agreement to the restrictions and other provisions of Section 7, with the remainder of the Monthly Amount and other benefits under this Agreement paid after the Employment Period to be treated as
severance. Executive’s Non-Compete Monthly Amount shall be calculated by multiplying the Monthly Amount by fifty percent. 
 “Retirement Plan” shall mean the Company’s qualified defined benefit retirement plan(s) in which the Executive participates. 
 “SERP” shall mean any and all supplemental retirement plans in which the Executive participates (including, but not limited to, any benefit restoration plan(s) maintained by the Company from time to time).

 Section 2 
 Term of Agreement 
 This Agreement shall be effective as of the Effective Date and shall
automatically terminate if the Executive’s employment is terminated. Renewal of this Agreement shall automatically occur for successive two (2) year terms, provided that at any time prior to any such renewal, the Company’s
Compensation and Stock Incentive Committee shall have the discretion to terminate this automatic renewal provision. 
 Section 3

 Benefits 
 (a) On
the date of a Change in Control, the Company shall pay to the Executive in cash the Change in Control Fee. 
 (b) During the Extension
Period, the Company shall pay to the Executive the Monthly Amount, payable on the first day of each month, prorated for partial months. 
 (c) If the Executive’s employment is terminated during the Extension Period, then, 
 (i) within five business
days after the Date of Termination, the Company shall pay to the Executive (or if the Executive dies, to the estate of the Executive) in cash all accrued but unpaid salary, earned but unpaid bonuses, and accrued but unused vacation in accordance
with Company policies; 
 (ii) the Company shall pay to the Executive (or if the Executive dies, to the estate of the
Executive) the Monthly Amount on the first day of each month during the remainder of the Extension Period; 
 (iii) the
Company shall pay to the Executive (or if the Executive dies, to his beneficiary, if any, under the Retirement Plan) a lump sum amount equal to the value of the monthly benefit under (x) the Retirement Plan and (y) the SERP, that the
Executive or his beneficiary, if any, under the Retirement Plan would have received (1) for payments of the Monthly Amount had Executive been an employee while receiving such payments, and (2) for payment of the Change of Control Fee had
such amount been treated as a normal bonus for pension accrual purposes (giving credit for all purposes, including, but not limited to, accrual of benefits, vesting, age and years of service and making the determination without regard to
compensation or benefit limitations prescribed by federal law or regulation), which payment shall be paid within 10 days of the Date of Termination and calculated by Buck Consultants (or such other consultant as may be agreed upon) using the
actuarial assumptions under the Retirement Plan and the discount rate which would be utilized for purposes of funding a Plan termination; 
 (iv) on the Date of Termination the Company shall transfer title and ownership to the Executive of his laptop computer, if any, without any payment by the Executive to the Company. 
 (d) During the Extension Period (whether or not during the Employment Period) the Executive shall be entitled to the following additional benefits:

 (i) The Executive and, as applicable, the Executive’s covered dependents shall be entitled to all health, welfare, and
fringe benefits provided by the Company to its key employees generally or to the Executive on an individual or group basis (including, but not limited to, any life, accident, health, hospitalization or long-term disability insurance, maintained from
time to time by the Company), whether maintained pursuant to a plan, policy or other arrangement (written or unwritten), as if the Executive were still employed during such period, at the same level of benefits and at the same dollar cost to the
Executive as is available generally to comparable employees of the Company (but in no instances shall such benefits be at a level less than as in effect on the date of the Change in Control). If the Company reasonably determines that the coverage
required under this Section would cause a welfare plan sponsored by the Company to violate any provision of the Code prohibiting discrimination in favor of highly compensated employees or key employees, or if any benefits described in this Section
cannot be provided (or the Company determines that it does not wish to provide such benefits) pursuant to the appropriate plan or 

 
program maintained for employees of the Company, the Company shall provide such benefits outside such plan or program at no additional cost (on an after tax
basis) to the Executive or, if the parties shall so agree, the Company will pay to the Executive the cash equivalent thereof. The health benefits provided in accordance with this Section shall be secondary to any comparable benefits provided by
another employer if and only if the Executive chooses to be covered by such other employee plan. 
 (ii) Executive shall
receive continued payment of professional and organizational dues and fees as in effect prior the Change in Control. 
 (e) (i) If all, or
any portion, of the payments and benefits provided under this Agreement, if any, either alone or together with other payments and benefits which the Executive receives or is entitled to receive from the Company, would constitute an excess
“parachute payment” within the meaning of Section 280G of the Code (whether or not under an existing plan, arrangement, or other agreement) (each such parachute payment, a “Parachute Payment”), and would result in the
imposition on the Executive of an excise tax under Section 4999 of the Code, then, in addition to any other benefits to which the Executive is entitled under this Agreement or otherwise, the Executive shall be paid an amount in cash equal to
the sum of the excise taxes payable by the Executive by reason of receiving Parachute Payments plus the amount necessary to place the Executive in the same after-tax position (taking into account any and all applicable federal, state and local
excise, income or other taxes at the highest possible applicable rates on such Parachute Payments (including, without limitation, any payments under this Section) as if no excise taxes had been imposed with respect to Parachute Payments (the
“Parachute Gross-Up”). Any Parachute Gross-Up otherwise required by this Section shall not be made later than the time of the corresponding payment or benefit hereunder giving rise to the underlying Section 4999 excise tax, even if
the payment of the excise tax is not required under the Code until a later time. 
 (ii) Subject to the provisions of
Section 3(d) and except as may otherwise be agreed to by the Company and the Executive, the amount or amounts (if any) payable under this Section 3 shall be as conclusively determined by the KPMG LLP, or such other firm as mutually agreed
to by the Company and the Executive (“Independent Tax Counsel”), whose determination or determinations shall be final and binding on all parties. The Executive shall agree to utilize such determination or determinations, as applicable, in
filing all of the Executive’s tax returns with respect to the excise tax imposed by Section 4999 of the Code, if any. If such Independent Tax Counsel fails or refuses to make the required determinations for any reason, then such
determinations shall be made by a comparable firm or group of national reputation to which the parties reasonably mutually agreed. All fees and expenses of the Independent Tax Counsel or its replacement shall be paid by the Company. 
 (iii) As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the
Independent Tax Counsel hereunder, it is possible that Parachute Gross-Up payments, if any, which will not have been made by the Company, should have been made, together with any interest, penalties or taxes of any kind thereon, consistent with the
calculations required to be made hereunder (an “Underpayment”). The Company shall pay all such Underpayments to or for the benefit of the Executive. The Executive shall notify the Company in writing of any claim by the Internal Revenue
Service that, if successful, would require the payment by the Company of the Gross-Up Payment within ten (10) business days after the Executive is informed in writing of such claim. The Company shall notify the Executive within ten
(10) business days of receipt of the Executive notice that the Company (x) will pay the Underpayment and do so on or before the date due, or (y) that it desires to contest such claim. The Executive will cooperate with the Company in
any such contest; provided, however, that the Company shall bear and pay directly all costs and expenses (including additional interest and penalties) incurred in connection with such contest and shall indemnify and hold the Executive harmless, on
an after-tax basis, for any Excise Tax or income tax (including interest and penalties with respect thereto) imposed as a result of such representation and payment of costs and expenses. Furthermore, the Company’s control of the contest shall
be limited to issues with respect to which a Gross-Up Payment would be payable hereunder and the Executive shall be entitled, at Executive’s expense, to settle or contest, as the case may be, any other issue raised by the Internal Revenue
Service or any other taxing authority. 
 (iv) References herein to Code sections shall apply to comparable Code sections in
the event of any amendment to the Code. 

 (v) The foregoing provisions of this subsection (f) shall similarly apply to any
benefit provided elsewhere in this Agreement where it is expressly provided that the benefit is to be provided on an after tax basis. 
 (f)
In the event of the Executive’s termination of employment under this Agreement, the Executive shall be under no obligation to seek other employment, and there shall be no offset against amounts due the Executive under this Agreement on account
of any remuneration attributable to any subsequent employment. 
 In the event that Executive’s employment is terminated by the Company
for Cause (and Executive was not capable of voluntarily terminating for Good Reason at or prior to such time) or if Executive voluntarily terminates without Good Reason, the Company shall remain obligated to pay the Non-Compete Monthly Amount but
shall not be obligated to pay the balance of the Monthly Amount. Executive is free to terminate his employment for Good Reason. 
 Section
4 
 Employment 
 Following a Change in Control, the Executive will, except as provided below, continue as an employee during the Extension Period. During the Employment Period: 
 (i) The Executive shall perform services consistent with his past practices, 
 (ii) The Executive shall not be required to relocate or travel in excess of past practices, 
 (iii) The Executive shall enjoy the same office, administrative support and support services as he enjoyed prior to the Change in Control.

 (iv) The Executive shall not be required to devote more time to Company business than he did prior to the Change in Control
and may continue director or officer positions with other private or public entities that do not violate Section 7. 
 (v) The Executive’s expenses shall be reimbursed consistent with past practices, and 
 (vi) The Executive shall
receive at least the same vacation as he currently enjoys, but not less than four weeks paid vacation. 
 No breach or alleged breach of this
Section 4 shall constitute grounds for, or otherwise entitle, the Company to offset payments otherwise owing to the Executive under this Agreement. 
 Section 5 
 Source of Payments 
 All payments provided for in this Agreement shall be paid in cash from the general funds of the Company; provided, however, that such payments shall be
reduced by the amount of any payments made to the Executive or his dependents, beneficiaries or estate from any trust or special or separate fund established by the Company to assure such payments. The Company shall not be required to establish a
special or separate fund or other segregation of assets to assure such payments. 
 Section 6 
 Litigation Expenses and Arbitration 
 In addition to the Company’s other obligations under this Agreement, the Company shall pay all legal fees and expenses incurred in a legal proceeding (including arbitration) by the Executive in seeking to obtain or enforce any right or
benefit provided by this Agreement (including, without limitation, any rights to a tax gross-up). Such payments are to be made within five days after the Executive’s request for payment accompanied with such evidence of fees and expenses
incurred as the Company reasonably may require; provided, however, that if the 

 
Executive institutes a proceeding and the judge or other decision-maker presiding over the proceeding affirmatively finds that the Executive has failed to
prevail substantially, he shall pay his own costs and expenses (and, if applicable, return any amounts theretofore paid on his behalf under this Section 6. 
 All disputes with respect to the subject matter of this Agreement and the enforcement of rights
hereunder shall be submitted to binding arbitration in accordance with the rules of the American Arbitration Association (the “AAA”). Each party hereto shall designate one arbitrator (who need not be impartial) within fifteen
(15) days after notice of the dispute. The two arbitrators so designated shall endeavor to designate promptly a third, neutral arbitrator. If the two arbitrators have not designated the third arbitrator by the fifteenth (15th) day following the designation of the second arbitrator, or if a second arbitrator has not been designated by the (15th) day following the designation of the first, either Party may request the AAA to designate the remaining arbitrator(s). The third arbitrator shall take an oath of neutrality.
The arbitrators shall not be bound by judicial formalities and may abstain from following the strict rules of evidence and shall interpret this Agreement as an honorable engagement and not merely as a legal obligation. The arbitrators shall have the
power to render equitable relief as may be available in accordance with applicable law. Unless otherwise agreed by the parties, any such arbitration shall take place in such City within the United States as Executive may designate, and shall be
conducted in accordance with the Rules of the AAA. The determination reached in such arbitration shall be final and binding on both parties without any right of appeal or further dispute. The arbitrators’ award may be confirmed in, and judgment
upon the award entered by, any federal or state court having jurisdiction over the parties. 
 Section 7 
 Restrictive Covenants 
 (a) Within a
reasonable period of time following his termination of employment, the Executive shall return to the Company all Company Information, reports, files, memoranda, records, credit cards, cardkey passes, door and file keys, computer access codes, and
other property which the Executive has received, prepared, or helped to prepare in connection with his employment with the Company, except as provided in Section 3. The Executive acknowledges that in the course of employment with the Company,
he has acquired Company Information and that such Company Information has been disclosed to him in confidence and for the Company’s use only. The Executive agrees that, during the Extension Period, he (i) will keep such Company Information
confidential at all times, (ii) will not disclose or communicate Company Information to any third party, and (iii) will not make use of Company Information on his own behalf or on behalf of any third party. The Executive further
acknowledges and agrees that the Company’s remedy in the form of monetary damages for any breach by him of any of the provisions of this Section may be inadequate and that, in addition to any monetary damages for such breach, the Company shall
be entitled to institute and maintain any appropriate proceeding or proceedings, including an action for specific performance and/or injunction. 
 (b) Executive agrees not to, during the Extension Period, within the Territory, directly or indirectly, individually or on behalf of persons not now parties to this Agreement, or as a director, officer, principal, agent, executive, or in
any other capacity or relationship, engage in the motorsports business (except as a passive investor holding not more than 3% of the equity of such business), or aid or endeavor to assist any business or legal entity, that is in the motorsports
business and that competes with the Company anywhere in the Territory. The Territory shall consist of the entire State of Delaware and a 100-mile radius around the Company’s facilities in Dover, Delaware, Nashville, Tennessee, Madison,
Illinois, Memphis, Tennessee, and any other facilities which may be acquired or developed by the Company prior to the Change of Control. The Company and Executive acknowledge the reasonableness of this covenant not to compete and the reasonableness
of the geographic area and duration of time which are a part of said covenant. 
 (c) Unless waived in writing by the Company, Executive
further agrees that he will not, directly or indirectly, during the Extension Period, solicit the trade or patronage of any of the customers of the Company, regardless of the location of such customers of the Company with respect to any services,
products, or other matters in which the Company is active. 

 (d) Unless waived in writing by the Company, Executive further agrees that he will not, directly or
indirectly, during the Extension Period, solicit or attempt to entice away from the Company any director, agent or employee of the Company. 
 (e) Executive acknowledges that the Company has no adequate remedy at law and would be irreparably harmed if Executive breaches or threatens to breach any of the provisions of this Section and, therefore, agrees that the Company shall be
entitled to injunctive relief to prevent any such breach or threatened breach thereof and to specific performance of the terms of this Section (in addition to any other legal or equitable remedy the Company may have, including if so determined by
arbitration, that the Company is not obligated to pay to the Executive (or the Executive is required to repay to the Company) a portion or all of the Non-Compete Monthly Amount; provided, however, in all instances the Company shall continue to pay
to Executive the Non-Compete Monthly Amount unless and until all appeals have been exhausted or the time for such has expired). Executive further agrees that Executive shall not, in any equity proceeding relating to the enforcement of this Section,
raise the defense that the Company has an adequate remedy at law. Nothing in this Agreement shall be construed as prohibiting the Company from pursuing any other remedies at law or in equity that it may have under and in respect of this Agreement or
any other agreement. 
 (f) The Executive agrees to pay to the Company any outstanding amounts owed to the Company; provided, however, that
no breach or alleged breach of this subsection (f) or any other provision of this Section shall constitute grounds for, or otherwise entitle, the Company to offset payments otherwise owed to the Executive under this Agreement. 
 Section 8 
 Severability

 If, for any reason, any one or more of the provisions or part of a provision contained in this Agreement shall be held to be invalid,
illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision or part of a provision of this Agreement not held so invalid, illegal or unenforceable, and each other provision or part of
a provision shall to the fullest extent consistent with law continue in full force and effect. 
 Section 9 
 Amendment, Termination, or Modification 
 Except as provided below, this Agreement may not be terminated, modified or amended other than by an instrument in writing signed by the parties hereto. No term or condition of this Agreement shall be deemed to have been waived, nor shall
there be any estoppel against the enforcement of any provision of this Agreement, except by written instrument signed by the party charged with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver unless specifically
stated therein, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other than that specifically waived. 
 Section 10 
 Consolidation, Merger,
or Sale of Assets; Assignability 
 The Company shall require (a) any successor (whether direct or indirect, by purchase, merger,
consolidation, or otherwise) to all or substantially all of the business or assets of the Company and (b) the parent entity owning or controlling such successor expressly to assume and agree to perform under the terms of this Agreement in the
same manner and to the same extent that the Company and its affiliates would be required to perform it if no such succession had taken place (provided that such a requirement to perform which arises by operation of law shall be deemed to satisfy the
requirements for such an express assumption and agreement). Except as provided herein, the Executive’s rights hereunder shall not be assignable. 

 Section 11 
 Tax Withholding 
 The Company may withhold from any payments made under this Agreement all federal,
state or other taxes as shall be required pursuant to any law or governmental regulation or ruling. 
 Section 12 
 Entire Understanding 
 This Agreement
contains the entire understanding between the Company and the Executive with respect to the subject matter hereof and supersedes any prior agreement between the Company and the Executive regarding non-compete provisions, except that this Agreement
shall not affect or operate to reduce any benefit or compensation inuring to the Executive of any kind elsewhere provided and not expressly dealt with in this Agreement. This Agreement supersedes the Prior Agreement. 
 Section 13 
 Binding Agreement 

 This Agreement shall be binding upon, and shall inure to the benefit of, the Executive and the Company and their respective permitted
successors and assigns. 
 Section 14 
 Employment Status 
 Nothing herein contained shall be deemed to create an employment agreement
between the Company and the Executive providing for the employment of the Executive by the Company for any fixed period of time prior to a Change in Control. The Executive’s employment with the Company is terminable at will by the Company or
Executive and each shall have the right to terminate Executive’s employment with the Company at any time, with or without Cause, subject to the Company’s obligation to provide any benefits required hereunder. There are no other agreements
or understandings between the Company and the Executive which guarantee continued employment to the Executive or guarantee any level of compensation, including incentive or bonus payments, to the Executive. 
 Section 15 
 No Attachment

 Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation,
alienation, sale, assignment, encumbrance, charge, pledge or hypothecation or to execution, attachment, levy or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to effect any such action shall be null,
void and of no effect. 
 Section 16 
 Notices 
 All notices, requests, demands and other communications required or permitted hereunder
shall be given in writing and shall be deemed to have been duly given if delivered or mailed, postage prepaid, first class as follows: 
 (a) to the Company, at its Dover, Delaware address 
 (b) to the Executive, at the address
maintained by the Company for the Executive for payroll purposes; 
 or to such address as either party shall have previously specified in
writing to the other. 

 Section 17 
 Revocation and Executive Acknowledgments 
 The Executive acknowledges that he has read and
understands the provisions of this Agreement. The Executive further acknowledges that he has been given an opportunity for his legal counsel to review this Agreement and that the provisions of this Agreement are reasonable and that he has received a
copy of this Agreement. 
 Section 18 
 Headings of No Effect 
 The section headings contained in this Agreement are included solely for
convenience of reference and shall not in any way affect the meaning or interpretation of any of the provisions of this Agreement. 
 Section 19 
 Applicable Law 
 This Agreement and its validity, interpretation, performance, and enforcement shall be governed by the laws of the State of Delaware. 
 Section 20 
 Counterparts 
 This Agreement may be executed in two or more counterparts, each of which shall be an original and all of which shall be deemed to constitute one and the
same instrument. 
 IN WITNESS WHEREOF, the Company through its officer duly authorized, and the 
 Executive both intending to be legally bound have duly executed and delivered this Agreement, to be effective as of the Effective Date. 
  

	
	Dover Motorsports, Inc.
	
	/s/ Denis McGlynn
	    President

  

	
	EXECUTIVE
	
	/s/ Timothy R. Horne

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