Document:

RESTRICTED STOCK AGREEMENT

 Exhibit 10.1 
 2012 Patriot Award 
 RESTRICTED STOCK AGREEMENT 

THIS AGREEMENT, dated January 3, 2012 (the “Grant Date”), is made by and between PATRIOT COAL
CORPORATION, a Delaware corporation (the “Company”), and the undersigned employee or other service provider of the Company or a Subsidiary (as defined below) or an Affiliate (as defined below) of the Company (the
“Grantee”). 
 WHEREAS, the Company wishes to afford the Grantee the opportunity to own shares of its
$.01 par value common stock (the “Common Stock”); 
 WHEREAS, the Company wishes to carry out the Plan
(as hereinafter defined), the terms of which are hereby incorporated by reference and made a part of this Agreement; and 

WHEREAS, the Administrator appointed to administer the Plan has determined that it would be to the advantage and best interest of
the Company and its stockholders to grant the shares of Common Stock provided for herein to the Grantee, on a restricted basis, as an incentive for increased efforts during his or her term of office with the Company or its Subsidiaries or
Affiliates, and has advised the Company thereof and instructed the undersigned officer to grant the award; 
 NOW,
THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto agree as follows: 

ARTICLE 1 

DEFINITIONS 
 Whenever the following terms are used in this Agreement, they shall have the meanings specified below. Capitalized terms that are not defined in this Agreement shall have the meanings specified in the
Plan. 
 Section 1.1 - “Affiliate” means any Person that (i) is directly or indirectly controlling,
controlled by, or under common control with the Company and (ii) would, together with the Company, be classified as the “service recipient” (as defined in the regulations under Code Section 409A) with respect to the Grantee. For
purposes of this definition, the term “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”), as applied to any Person, means the possession,
directly or indirectly, of the power to direct or cause the direction of the management and policies of that Person, whether through the ownership of voting securities, by contract or otherwise. 

Section 1.2 - “Cause” shall mean (i) any material and uncorrected breach by the Grantee of the terms of his or her
employment agreement with the Company, including, but not limited to, a violation of Section 13 thereof, (ii) any willful fraud or dishonesty of the Grantee involving the property or business of the Company, (iii) a deliberate or
willful refusal or failure of the Grantee to comply with any major corporate policy of the Company which is communicated to the Grantee in writing or (iv) the Grantee’s conviction of, or plea of nolo contendere to, any felony if
such conviction or plea results in his or her imprisonment; provided 

 
that, with respect to clauses (i), (ii) and (iii) above, the Grantee shall have thirty (30) days following his or her receipt of written notice of the conduct that is the
basis for the potential termination for Cause within which to cure such conduct to prevent termination for Cause by the Company; provided further that, notwithstanding the foregoing, in the event that the Grantee is subject to a
definition of “Cause” in his or her employment agreement with the Company that contains any terms that are more favorable to the Grantee, “Cause” (including the related cure period) shall include such terms. 

Section 1.3 - “Code” means the Internal Revenue Code of 1986, as amended. 

Section 1.4 - “Good Reason” means: (i) a reduction by the Company in the Grantee’s base salary; (ii) a
material reduction in the aggregate program of employee benefits and perquisites to which the Grantee is entitled (other than a reduction that generally affects all executives); (iii) a material decline in the Grantee’s bonus or long term
incentive award opportunities (other than a decline that generally affects all executives); (iv) relocation of the Grantee’s primary office by more than 50 miles from the location of the Grantee’s primary office as specified in his or
her employment agreement with the Company; or (v) any material diminution or material adverse change in the Grantee’s title, duties, responsibilities or reporting relationships. If the Grantee does not give notice to the Company (as
described in the Grantee’s employment agreement with the Company) within ninety (90) days after an event giving rise to Good Reason, the Grantee’s right to claim Good Reason termination on the basis of such event shall be deemed
waived. Notwithstanding the foregoing, in the event that the Grantee is subject to a definition of “Good Reason” in his or her employment agreement with the Company that is more favorable to the Grantee, “Good Reason” (including
any related notice period) shall have the meaning described therein. 
 Section 1.5 - “Person” means an
individual, partnership, corporation, business trust, joint stock company, trust, unincorporated association, joint venture, governmental authority or other entity of whatever nature. 

Section 1.6 - “Plan” means the Patriot Coal Corporation 2007 Long-Term Equity Incentive Plan, as it may be amended from
time to time. 
 Section 1.7 - “Subsidiary” means any corporation that (i) is in an unbroken chain of
corporations beginning with the Company if each of the corporations, or group of commonly controlled corporations, other than the last corporation in the unbroken chain, then owns stock possessing 50% or more of the total combined voting power of
all classes of stock in one of the other corporations in such chain and (ii) would, together with the Company, be classified as a “service recipient” (as defined in the regulations under Code Section 409A) with respect to the
Grantee. 
 Section 1.8 - “Termination of Employment” means a termination of the Grantee’s employment or
service with the Company, a Subsidiary or an Affiliate (regardless of the reason therefor). 

  
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 ARTICLE 2 
 GRANT OF RESTRICTED STOCK 
 Section 2.1 - Grant of Restricted Stock.
For good and valuable consideration, the Company hereby grants to the Grantee the number of restricted shares of its Common Stock (the “Restricted Stock”) set forth on the signature page hereof upon the terms and subject to the
conditions set forth in this Agreement. 
 Section 2.2 - Transfer Restrictions. At any time prior to vesting in
accordance with Article 3, the shares of Restricted Stock or any interest therein cannot be directly or indirectly transferred, sold, assigned, pledged, hypothecated or otherwise disposed of. Upon vesting in accordance with Article 3, the shares of
Restricted Stock shall cease to be restricted and shall become non-forfeitable, and the Grantee shall own such shares free of all restrictions otherwise imposed by this Agreement. 

Section 2.3 - No Obligation of Employment or Service. Nothing in this Agreement or in the Plan shall confer upon the Grantee any
right to continue in the service of the Company or any Subsidiary or Affiliate or interfere with or restrict in any way the rights of the Company and its Subsidiaries or Affiliates, which are hereby expressly reserved, to terminate the service of
the Grantee at any time for any reason whatsoever. 
 ARTICLE 3 

VESTING OF RESTRICTED STOCK 
 Section 3.1 - Restricted Stock Vesting. Unless otherwise provided in this Agreement, the shares of Restricted Stock shall become vested and non-forfeitable on January 3, 2015, provided that
the Grantee has remained continuously employed by the Company through such applicable date. 
 Section 3.2 - Acceleration
Events. Notwithstanding anything in this Article 3 to the contrary, the shares of Restricted Stock shall become fully vested and non-forfeitable (but only to the extent the Award has not otherwise terminated) upon (i) the Grantee’s
Termination of Employment due to death or Disability or (ii) a Change of Control. Upon Grantee’s (i) Termination of Employment by the Company without Cause or (ii) by the Grantee for Good Reason, a pro rata portion equal to a
fraction, the numerator of which is the number of days starting from January 3, 2012 until the date of the Grantee’s Termination of Employment and the denominator of which is 1096, of the Restricted Stock shall vest and become
non-forfeitable. 
 Section 3.3 - Effect of Termination of Employment. Except as otherwise provided in Section 3.2,
no share of Restricted Stock shall become vested and non-forfeitable following the Grantee’s Termination of Employment, and any unvested and forfeitable share of Restricted Stock shall be immediately and automatically forfeited upon Termination
of Employment. 

  
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 ARTICLE 4 
 RECEIPT OF STOCK 
 Section 4.1 - Conditions to Issuance of Stock
Certificates. The shares of Common Stock deliverable hereunder may be either previously authorized but unissued shares or issued shares that have been reacquired by the Company. Such shares shall be fully paid and nonassessable. The Company
shall not be required to issue or deliver any certificate or certificates for shares of Common Stock granted hereunder prior to fulfillment of both of the following conditions: 

(a) The obtaining of approval or other clearance from any state or federal governmental agency that the Administrator, in
its absolute discretion, determines to be necessary or advisable; and 
 (b) The lapse of such reasonable period
of time following the grant as the Administrator may establish from time to time for administrative convenience. 
 Section 4.2
- Escrow. Upon issuance, the certificates for the shares of Restricted Stock shall be held in escrow by the Company until, and to the extent, the shares of Restricted Stock cease to be restricted and become non-forfeitable and the Grantee
owns such shares free of all restrictions otherwise imposed by this Agreement. Any new, substituted or additional securities or other property described in and issued under Section 6.1 of the Plan shall immediately be delivered to the Company
to be held in such escrow. Shares of Restricted Stock, together with any other assets or securities held in escrow hereunder, shall be (i) surrendered to the Company for cancellation upon forfeiture, if any, of such shares of Restricted Stock
by the Grantee hereunder or (ii) subject to the provisions of Section 5.1, released to the Grantee to the extent the shares of Restricted Stock are no longer subject to any of the restrictions otherwise imposed by this Agreement or the
Plan. 
 Section 4.3 - Rights as Stockholder. The Grantee shall not be, and shall not have any of the rights or
privileges of, a stockholder of the Company in respect of any shares of Common Stock granted hereunder unless and until the date (the “Issuance Date”) on which certificates representing such shares have been issued by the Company to
or in the name of such Grantee (including certificates held in escrow by the Company in accordance with Section 4.2). The Grantee shall be entitled to receive any dividends paid with respect to the shares of Restricted Stock that become payable
on or after the Issuance Date; provided, however, that no dividends shall be payable to or for the benefit of the Grantee for shares of Restricted Stock with respect to record dates occurring prior to the Issuance Date, or with respect to record
dates occurring on or after the date, if any, on which the Grantee has forfeited those shares of Restricted Stock. Any dividends payable in accordance with this Section 4.3 shall be paid as soon as practicable after the date on which such
dividends are declared and in no event later than the later of (i) the end of the calendar year in which such dividends are paid to shareholders of the same class of stock, or (ii) the fifteenth day of the third month following the date on
which such dividends are paid to shareholders of the same class of stock. 
 The Grantee shall be entitled to vote the shares of
Restricted Stock on or after the Issuance Date to the same extent as would have been applicable to the Grantee if the shares of 

  
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Restricted Stock had then been fully vested and non-forfeitable; provided, however, that the Grantee shall not be entitled to vote the shares of Restricted Stock with respect to record dates for
such voting rights occurring prior to the Issuance Date, or with respect to record dates occurring on or after the date, if any, on which the Grantee forfeited those shares of Restricted Stock. 

ARTICLE 5 

MISCELLANEOUS 
 Section 5.1 - Tax Consequences. Unless otherwise specifically provided in another agreement between the Company and the Grantee, the Company shall not be liable or responsible in any way for any
tax (including any withholding tax) consequences relating to the shares of Restricted Stock, and the Grantee agrees to undertake to determine, and be responsible for, any and all tax (including any withholding tax) consequences to himself or herself
with respect to the shares of Restricted Stock. Notwithstanding any other provision of this Agreement, the shares of Restricted Stock, together with any other assets or securities held in escrow hereunder, shall not be released to the Grantee unless
the Grantee has paid to the Company, or made arrangements satisfactory to the Company regarding the payment of, any federal, state, local or foreign taxes of any kind required by law to be withheld with respect to the grant of the shares of
Restricted Stock or the lapse of restrictions imposed by this Agreement. 
 Section 5.2 - Section 83(b) Election.
The Grantee understands that Code Section 83 may tax as compensation income the difference between the amount paid for the shares of Restricted Stock, if any, and the fair market value of the shares of Restricted Stock as of the date any
restrictions on the shares of Restricted Stock lapse in the absence of an election under Code Section 83(b). In this context, “restriction” means the forfeitability of the shares of Restricted Stock pursuant to the terms of this
Agreement. 
 The Grantee understands that he or she may elect to be taxed at the time he or she receives the shares of
Restricted Stock and while the shares of Restricted Stock are subject to restrictions rather than waiting to be taxed on the shares of Restricted Stock when and as the restrictions lapse. The Grantee realizes that he or she may choose this tax
treatment by filing an election under Code Section 83(b) with the Internal Revenue Service within thirty (30) days after the Grant Date and by filing a copy of such election with his or her tax return for the tax year in which the
Restricted Shares were subjected to the restrictions. THE GRANTEE UNDERSTANDS THAT FAILURE TO MAKE THIS FILING IN A TIMELY MANNER MAY RESULT IN THE RECOGNITION OF COMPENSATION INCOME BY THE GRANTEE, AS THE RESTRICTIONS LAPSE, ON ANY DIFFERENCE
BETWEEN THE PURCHASE PRICE, IF ANY, AND THE FAIR MARKET VALUE OF THE SHARES OF RESTRICTED STOCK AT THE TIME SUCH RESTRICTIONS LAPSE. THE GRANTEE ACKNOWLEDGES THAT IT IS THE GRANTEE’S SOLE RESPONSIBILITY AND NOT THE COMPANY’S TO TIMELY FILE
THE ELECTION UNDER CODE SECTION 83(b). THE GRANTEE ACKNOWLEDGES THAT HE OR SHE SHALL CONSULT HIS OR HER OWN TAX ADVISERS REGARDING THE ADVISABILITY OR NON-ADVISABILITY OF MAKING THE ELECTION UNDER CODE SECTION 83(b) AND ACKNOWLEDGES THAT HE OR SHE
SHALL NOT RELY ON THE COMPANY OR ITS ADVISERS FOR SUCH ADVICE. 

  
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 Section 5.3 - Administration. The Administrator has the power to interpret the Plan
and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules. All actions taken and all interpretations and determinations made by
the Administrator in good faith shall be final and binding upon the Grantee, the Company and all other interested persons. No member of the Administrator shall be personally liable for any action, determination or interpretation made in good faith
with respect to the Plan or the shares of Restricted Stock. In its absolute discretion, the Board of Directors may at any time and from time to time exercise any and all rights and duties of the Administrator under the Plan and this Agreement.

 Section 5.4 - Notices. Any notice to be given under the terms of this Agreement to the Company shall be addressed to
the Company in care of its Secretary, and any notice to be given to the Grantee shall be addressed to him or her at the address given beneath his or her signature hereto. By a notice given pursuant to this Section 5.4, either party may
hereafter designate a different address for notices to be given to him, her or it. Any notice that is required to be given to the Grantee shall, if the Grantee is then deceased, be given to the Grantee’s personal representative if such
representative has previously informed the Company of his, her or its status and address by written notice under this Section 5.4. Any notice shall be deemed duly given when enclosed in a properly sealed envelope or wrapper addressed as
aforesaid, deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service. 
 Section 5.5 - Titles. Titles and headings are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement. 

Section 5.6 - Pronouns. The masculine pronoun shall include the feminine and neuter, and the singular the plural, where the
context so indicates. 
 Section 5.7 - Applicability of Plan. The shares of Common Stock issued to the Grantee hereunder
shall be subject to all of the terms and provisions of the Plan, to the extent applicable to such shares. In the event of any conflict between this Agreement and the Plan, the terms of the Plan shall control. 

Section 5.8 - Amendment. This Agreement may be amended only by a writing executed by the parties hereto that specifically states
that it is amending this Agreement. 
 Section 5.9 - Dispute Resolution. Any dispute or controversy arising under or in
connection with this Agreement shall be resolved by arbitration. Arbitrators shall be selected, and arbitration shall be conducted, in accordance with the rules of the American Arbitration Association. The Company shall pay any legal fees in
connection with such arbitration in the event that the Grantee prevails on a material element of his or her claim or defense. Notwithstanding anything in this Section 5.9 to the contrary, payments made under this Section 5.9 that are
provided during one calendar year shall not affect the amount of such payments provided during a subsequent calendar year, payments under this Section 5.9 may not be exchanged or substituted for other forms of compensation to the Grantee, and
any such reimbursement or payment will be paid within sixty (60) days after the Grantee prevails, but in no event later than the last day of Grantee’s taxable year following the taxable year in which he

  
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incurred the expense giving rise to such reimbursement or payment. This Section 5.9 shall remain in effect throughout the Grantee’s employment and for a period of five (5) years
following the Grantee’s Termination of Employment. 
 Section 5.10 - Governing Law. The laws of the State of
Delaware shall govern the interpretation, validity and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws. 

[SIGNATURE PAGE FOLLOWS] 

  
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 IN WITNESS WHEREOF, this Agreement has been executed and delivered by the parties
hereto, effective on the Grant Date. 
  

					
	GRANTEE	    	PATRIOT COAL CORPORATION
			
	  
	    	By	 	  

		    		 	Richard M. Whiting
	  
	    		 	Its Chief Executive Officer
			
	  
	    		 	
	 Address
	    		 	
		
	  
 Grantee’s Taxpayer
Identification Number:
  

                  
  –                    –               
     
	    	 Aggregate number of shares of Common Stock
 granted hereunder:
                                    

 

  
 8Form of Employment Agreement

 Exhibit 10.1 
 Form SMT Agreement 
 18 Months Severance 

Lifetime Benefits 
 EMPLOYMENT AGREEMENT 
 THIS AGREEMENT, made as of
                ,         ,(the “Effective Date”) between Caesars Entertainment Operating Company, Inc., with
offices at One Caesars Palace Drive, Las Vegas, Nevada (the “Company”), and [            ] (“Executive”). 

The Company and Executive agree as follows: 
 1. Introductory Statement. The Company desires to secure the services of Executive effective on the Effective Date. This Agreement supersedes the employment agreement between the Company and
Executive dated                 ,         , as amended on
            (the “Prior Employment Agreement”). 

The Company hereby agrees to employ Executive, and Executive hereby agrees to be employed by the Company, subject to the terms and
conditions of this Agreement, for a period beginning on the Effective Date and ending on the fourth anniversary thereof (the “Initial Term”); provided that, on the fourth anniversary of the Effective Date and each anniversary of the
Effective Date thereafter, the employment period shall be extended by one year unless, at least six (6) months prior to such anniversary, the Company or Executive delivers a written notice (a “Notice of Non-Renewal”) to the
other party that the employment period shall not be so extended (the Initial Term as from time to time extended or renewed, the “Employment Term”). 
 2. Agreement of Employment. Effective as of the Effective Date, the Company agrees to, and hereby does, employ Executive, and Executive agrees to, and hereby does, accept continued employment by
the Company, in a full-time capacity as [        ] pursuant to the provisions of this Agreement and of the bylaws of the Company, and subject to the control of the individual or individuals to whom Executive
reports and the Board of Directors (the “Board”). 
 3. Executive’s Obligations. During the period
of his or her service under this Agreement, Executive shall devote substantially all of his or her time and energy during business hours to the benefit of the Company’s business. Executive agrees to serve the Company diligently and to the best
of his or her ability, and to follow the policies and directions of the Company. 
 Executive represents and warrants that he or
she is not subject to any employment, severance, non-competition or other similar arrangement, and Executive agrees and covenants that the execution of this Agreement by Executive does not violate, conflict with, result in a breach or require any
consent, waiver or approval any contract, arrangement or other agreement that Executive is a party to or by which Executive is bound by. 
 4. Compensation. 
 4.1 Base Salary. As compensation for all services
performed by Executive under and during the Employment Term, the Company shall pay to Executive a base salary at the rate of $[            ] per year, in equal bi-weekly installments in
accordance with its customary payroll practices. The Human Resources Committee of the Board or any successor committee responsible for setting compensation levels for executives (the “Committee”) shall, in good faith,

 
review the salary of Executive, on an annual basis, with a view to consideration of appropriate merit increases (but not decreases) in such salary. Such base salary, as may be increased from time
to time, is hereafter referred to as the “Base Salary.” All payments will be subject to Executive’s chosen benefit deductions and the deductions of payroll taxes and similar assessments as required by law. 

4.2 Bonus. Executive will participate in the Company’s annual incentive bonus program(s) applicable to Executive’s
position, in accordance with the terms of such program(s), and shall have the opportunity to earn an annual bonus thereunder based on the achievement of performance objectives determined by the Board. 

If Executive dies or resigns pursuant to this Agreement or pursuant to any other agreement between the Company and Executive providing
for such resignation during the period of this Agreement, service for any part of the month in which any such event occurs shall be considered service for the entire month. 
 5. Equity Award. Executive is eligible for the grant of options (the “Options”) to purchase shares of common stock of the Company (the “Option Shares”) pursuant to
the Caesars Entertainment Corporation Management Equity Incentive Plan dated as of February 27, 2008, as amended (the “Option Plan”), or any successor plans. All grants of Options, if any, is subject to the review and approval
of the Board or the Human Resources Committee of the Board, and Executive acknowledges and agrees that Executive has no right to the grant of any Options. 
 6. Benefits. During the Employment Term, except as otherwise provided herein, Executive shall be entitled to participate in any and all incentive compensation and bonus arrangements maintained by
the Company for its similarly-situated executives and to receive benefits and perquisites at least as favorable to Executive as those presently provided to Executive by the Company. 

6.1 Health Insurance. Executive will receive the regular group health plan coverage(s) provided to similarly situated officers,
which coverage(s) may be subject to generally applicable changes during the Employment Term, provided that such changes are generally applicable to similarly situated officers. Executive will be required to contribute to the cost of the basic plan
in the same manner as other similarly situated officers. Executive will receive coverage under no less favorable a health plan than other similarly situated officers. 
 6.2 Long Term Disability Benefits. Executive will be eligible to receive long term disability coverage paid by the Company in accordance with the terms of the Company’s policies. 

6.3 Life Insurance. Executive will receive life insurance paid by the Company in accordance with the terms of the Company’s
policies as in effect from time to time, which policies may be subject to changes during the Employment Term, provided that such changes are generally applicable to similarly situated officers. 

6.4 Retirement Plan. Executive will also be eligible during the Employment Term to participate in the Company’s 401(k) Plan,
as may be modified or changed. In addition, Executive will also be eligible during the Employment Term to participate in the Company’s deferred compensation plan, as may be modified or changed from time to time, in the same manner as other
similarly situated officers of the Company. 

  
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 6.5 Financial Counseling. During the Employment Term, Executive will also receive
financial counseling in accordance with the terms of the Company’s policies as in effect from time to time, which policies may be subject to changes during the Employment Term, provided that such changes are generally applicable to similarly
situated officers. 
 6.6 Vacation. Executive will be entitled to paid vacation in accordance with the terms of the
Company’s policies. 
 6.7 Reimbursement of Expenses. The Company shall pay, or will reimburse Executive for,
reasonable business expenses incurred in the performance of Executive’s duties hereunder in accordance with Company policy. 
 6.8 D&O Insurance. The Company shall provide Executive with Director’s and Officer’s indemnification insurance coverage, in amount and scope that is customary for a company of the
Company’s size and nature, in accordance with the terms of the Company’s policies as in effect from time to time, which policies may be subject to changes during the Employment Term, provided that such changes are generally applicable to
similarly situated officers. 
 6.9 Reimbursements; In-Kind Benefits. To the extent that any amount eligible for
reimbursement or any in-kind benefit provided under this Agreement is deferred compensation subject to the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), the following rules shall
apply: 
 (a) Payment of such reimbursements shall be made no later than the end of Executive’s taxable year following the
taxable year in which the expense is incurred; 
 (b) All such amounts eligible for reimbursement or any in-kind benefit provided
under this Agreement in one taxable year shall not affect the amount eligible for reimbursement or in-kind benefits to be provided in any other taxable year; and 
 (c) The right to any such reimbursement or in-kind benefit hereunder shall not be subject to liquidation or exchange for any other benefit. 
 The parties intend that all reimbursements or in-kind benefits provided for hereunder will be made in a manner that makes such reimbursements and in-kind benefits consistent with or exempt from
Section 409A of the Code. 
 7. Lifetime Medical Coverage. If (a) Executive reaches the age of fifty
(50) and, when added to his or her number of years of continuous service with the Company, including any period of salary continuation, the sum of his or her age and years of service equals or exceeds sixty-five (65), and at any time after the
occurrence of both such events Executive’s employment is terminated by the Company without Cause, by Executive for Good Reason or due 

  
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to the Company’s delivery to Executive of a Notice of Non-Renewal as described in Section 9.1 below or is terminated by reason of disability as described in Section 9.4 below;
or (b) Executive reaches the age of fifty-five (55) and has attained ten (10) years of continuous service with the Company, including any period of salary continuation, and at any time after the occurrence of both such events
Executive’s employment terminates for any reason other than by the Company for “Cause” as described in Section 9.2 below, Executive and his or her then-eligible dependents shall be entitled to participate in the Company’s
group health insurance plan, as amended from time to time by the Company, after Executive’s Separation Date or the end of the Salary Continuation Period, as applicable, for the remainder of Executive’s life (“Life Coverage
Period”). During the Life Coverage Period, Executive shall pay twenty percent (20%) of then applicable premium for current employees (revised annually) on an after-tax basis each quarter, and the Company shall pay eighty percent
(80%) of said premium on an after-tax basis, which contribution will be imputed income to Executive to the extent required by the applicable provisions of the Code. As soon after the Separation Date as Executive becomes eligible for Medicare
coverage, the Company’s group health insurance plan shall become secondary to Medicare. For the avoidance of doubt, the amount of health insurance benefits paid to Executive under this Section 7 shall be subject to the provisions of
Section 6.9 herein. 
 If Executive engages in any of the activities described in Section 12.1 below during the Life
Coverage Period, the entitlement of Executive and his or her then-eligible dependents to participate in the Company’s group health insurance plan shall terminate automatically, without any further action or notice by either party, subject to
applicable COBRA rights, which shall commence on the Separation Date. If Executive engages in any of the activities described in said Section 12.1 in a business which does not compete with the Company or any of its subsidiaries
during the Life Coverage Period, the Company’s group health insurance plan shall become secondary to any primary health insurance plan or coverage made available to Executive by that business. 

8. Severance Agreement. 
 9. Termination of Employment. Except as expressly provided in Section 8 hereof, the following provisions shall govern Executive’s rights to severance benefits (if any) upon a termination
of his or her employment. 
 9.1 Termination Without Cause; Resignation for Good Reason; Company Failure to Renew. 

(a) The Board reserves the right to terminate the Employment Term and Executive from his or her then current position without Cause at
any time. Executive reserves the right to terminate the Employment Term and resign from his or her position for Good Reason (as defined in Section 11.2 herein) by giving the Company thirty (30) days written notice which states the basis
for such Good Reason. 
 (b) Upon (x) the Company’s termination of Executive’s employment without Cause,
(y) a termination of Executive’s employment due to the Company’s delivery to Executive of a Notice of Non-Renewal in accordance with Section 1 hereof (it being understood and agreed that (1) the Company’s obligations
pursuant to this Section 9.1(b)(y) shall survive 

  
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until fully discharged, notwithstanding the conclusion or expiration of the Employment Term and (2) for purposes of the Management Investor Rights Agreement, dated as of January 28,
2008, as amended, among Caesars Entertainment Corporation and the other parties thereto, the termination of Executive’s employment with the Company due to the Company’s delivery to Executive of a Notice of Non-Renewal in accordance with
Section 1 shall be treated as a termination of Executive’s employment without Cause) or (z) Executive’s resignation from his or her position for Good Reason as described in Section 9.1(a) above: 

(i) The Company shall pay Executive, within thirty (30) days following his or her termination of employment, Executive’s
accrued but unused vacation, unreimbursed business expenses and Base Salary through the date of termination (to the extent not theretofore paid) (the “Accrued Benefits”); 

(ii) Subject to Executive executing and not revoking the release attached hereto as Exhibit B, the Company will pay Executive:
(A) in approximately equal installments during the eighteen (18) month period following such termination (the “Severance Period”), a cash severance payment in an amount equal to 1.5 multiplied by his or her Base Salary as
in effect on the date of termination (the “Severance Payment”) and (B) at the time it pays annual bonuses to its similarly situated active officers, a pro rated bonus for the year in which the termination of employment occurs
if (x) as of the date of termination of employment, Executive has been employed with the Company for more than six (6) months, (y) the separation occurs after June 30 of the year in which the termination of employment occurs and
(z) Executive is eligible to receive such bonus on the basis of actual performance in accordance with the terms of the applicable bonus plan. If applicable, Executive will be entitled to receive the benefits set forth on Exhibit A hereto
during the Severance Period. Subject to the following sentence, the installments of the Severance Payment will be paid to Executive in accordance with the Company’s customary payroll practices, and will commence on the first payroll date
following the termination of Executive’s employment. Notwithstanding the foregoing, if, as of the date of termination, Executive is a “specified employee” as defined in subsection (a)(2)(B)(i) of Section 409A of the Code
(“Specified Employee”), installments of the Severance Payments will not commence, and payment of the pro rated bonus (if any) will not be made, until the first business day after the date that is six months following
Executive’s “separation from service” within the meaning of subsection (a)(2)(A)(i) of Section 409A of the Code (the “Delayed Payment Date”) and, on the Delayed Payment Date, the Company will pay to Executive a
lump sum equal to all amounts that would have been paid during the period of the delay if the delay were not required plus interest on such amount at a rate equal to the short-term applicable federal rate then in effect, and will thereafter continue
to pay Executive the Severance Payment in installments in accordance with this Section; and 
 (iii) Executive’s Options
and Option Shares will be treated in accordance with the terms of the New Option Plan. 
 (c) Except as otherwise provided in
this Agreement, and except for any vested benefits under any tax qualified pension plans of the Company and vested deferred compensation under any applicable deferred compensation plans, and continuation of health insurance benefits on the terms and
to the extent required by Section 4980B of the Code and Section 601 of the Employee Retirement Income Security Act of 1974, as amended (which provisions are commonly known as “COBRA”), neither the Company nor Executive
shall have any additional obligations under this Agreement. 

  
 5 

 9.2 Termination for Cause or Resignation Without Good Reason. 

(a) The Company will have the right to terminate the Employment Term and Executive’s employment with the Company at any time from
his or her then-current positions for Cause (as defined in Section 11.1 herein). A resignation by Executive without Good Reason shall not be a breach of this Agreement. 
 (b) If the Employment Term and Executive’s employment are terminated for Cause, or if he or she resigns from his or her position without Good Reason, then: (i) Executive’s employment shall
be deemed terminated on the date of such termination or resignation; (ii) Executive shall be entitled to receive all Accrued Benefits from the Company within thirty (30) days following such termination; and (iii) his or her rights
with respect to his or her Options and Option Shares will be as set forth in the New Option Plan. 
 (c) Except as otherwise
provided in this Agreement, and except for any vested benefits under any tax qualified pension plans of the Company and vested deferred compensation under any applicable deferred compensation plans, and continuation of health insurance benefits on
the terms and to the extent required by COBRA, neither the Company nor Executive shall have any additional obligations under this Agreement. 
 9.3 Death. 
 (a) In the event that the Employment Term and Executive’s
employment are terminated due to his or her death, (i) Executive’s right to receive his or her Base Salary and benefits under this Agreement (other than the Accrued Benefits) will terminate, and his or her estate and beneficiary(ies) will
receive the benefits they are entitled to receive under the terms of the Company’s benefit plans and programs by reason of a participant’s death during active employment, (ii) Executive’s estate shall be entitled to receive all
Accrued Benefits from the Company within thirty (30) days following such termination and (iii) Executive’s Options and Option Shares will be treated in accordance with the terms of the New Option Plan. For the avoidance of doubt,
Executive’s estate shall be an express third party beneficiary of this provision, with the right to enforce the provision for and on behalf of Executive’s beneficiary(ies). 

(b) If Executive dies at a time when the Company owes Executive any Severance Payment(s) pursuant to Section 9.1(b), the Company
shall pay such remaining Severance Payment(s) in a lump sum to Executive’s estate. 
 (c) Except as otherwise provided in
this Agreement, and except for any vested benefits under any tax qualified pension plans of the Company and vested deferred compensation under any applicable deferred compensation plans, and continuation of health insurance benefits on the terms and
to the extent required by COBRA, neither the Company nor Executive shall have any additional obligations under this Agreement. 

  
 6 

 9.4 Disability. 
 (a) If the Employment Term and Executive’s employment are terminated by reason of Executive’s disability (as defined below), he or she will be entitled to apply, at his or her option, for the
Company’s long-term disability benefits and, if he or she is accepted for such benefits, then Executive’s Options and Option Shares will be treated in accordance with the terms of the New Option Plan, and the terms and provisions of the
Company’s benefit plans and programs that are applicable in the event of such disability of an employee shall apply in lieu of the salary and benefits under this Agreement, except that: 

(i) Executive will be entitled to the lifetime group insurance benefits described in Section 7; 

(ii) Executive will be paid his or her Accrued Benefits within thirty (30) days of termination; and 

(iii) Executive will receive eighteen (18) months of Base Salary continuation (the “Salary Continuation Payment”),
offset by any long term disability benefits to which he or she is entitled during such period of salary continuation. In addition to payment of his or her Base Salary, Executive will be entitled to all benefits during the salary continuation period.
Notwithstanding the foregoing, if, as of the date of termination pursuant to this Section 9.4, Executive is a Specified Employee, installments of the Salary Continuation Payment will not commence until the Delayed Payment Date and, on the
Delayed Payment Date, the Company will pay to Executive a lump sum equal to all amounts that would have been paid during the period of the delay if the delay were not required plus interest on such amount at a rate equal to the short-term applicable
federal rate then in effect, and will thereafter continue to pay Executive the Salary Continuation Payment in installments in accordance with this Section. 
 (b) If Executive is disabled so that he or she cannot perform his or her duties, then the Company may terminate his or her duties under this Agreement after giving Executive thirty (30) days’
notice of such termination (during which period Executive shall not have returned to full time performance of his or her duties). For purposes of this Agreement, disability will be the inability of Executive, with or without a reasonable
accommodation, to perform the essential functions of his or her job for one hundred and eighty (180) days during any three hundred and sixty five (365) consecutive calendar day period as reasonably determined by the Committee (excluding
Executive) based on independent medical advice from a physician who has examined Executive (such physician to be selected by the Company and reasonably acceptable to Executive). 

(c) Except as otherwise provided in this Agreement, and except for any vested benefits under any tax qualified pension plans of the
Company and vested deferred compensation under any applicable deferred compensation plans, and continuation of health insurance benefits on the terms and to the extent required by COBRA, neither the Company nor Executive shall have any additional
obligations under this Agreement. 
 10. Voluntary Termination Notice Period. Executive may terminate this Agreement at
any time for any or no reason during its term upon thirty (30) days’ prior written notice to the Company, except as specified in this Section. If Executive is going to work or act in competition with the Company or its affiliates as
described in Section 12 of this Agreement, Executive must give the Company six (6) months’ prior written notice of his or her intention to do so. The written notice provided by Executive shall specify the last day to be worked by
Executive (the “Separation Date”), which Separation Date must be at least thirty (30) days or up to six (6)

  
 7 

 
months (as appropriate) after the date the notice is received by the Company (it being understood that Executive shall not work or act in competition with the Company or its affiliates as
described in Section 12 of this Agreement for the six (6) month period following delivery of the written notice referenced in the immediately preceding sentence without the prior written consent of the Company). Unless otherwise specified
herein, or in a writing executed by both parties, Executive shall not receive any of the benefits provided in this Agreement after the Separation Date except for applicable rights and benefits that apply to employees generally after their
termination of employment. 
 11. Definitions of Cause and Good Reason. 

11.1 (a) For purposes of this Agreement, “Cause” shall mean: 

(i) The willful failure of Executive to substantially perform Executive’s duties with the Company (as described in Section 2
and Section 3) or to follow a lawful, reasonable directive from the Board or the chief executive officer of the Company (“CEO”) or such other executive officer to whom Executive reports (other than any such failure resulting
from incapacity due to physical or mental illness), after a written demand for substantial performance is delivered to Executive by the Board (or the CEO, as applicable) which specifically identifies the manner in which the Board (or the CEO, as
applicable) believes that Executive has willfully not substantially performed Executive’s duties or has willfully failed to follow a lawful, reasonable directive; 
 (ii) (A) Any willful act of fraud, or embezzlement or theft, by Executive, in each case, in connection with Executive’s duties hereunder or in the course of Executive’s employment hereunder or
(B) Executive’s admission in any court, or conviction of, or plea of nolo contendere to, a felony; 
 (iii)
Executive being found unsuitable for or having a gaming license denied or revoked by the gaming regulatory authorities in any jurisdiction in which the Company, Caesars Entertainment Corporation or any of their respective subsidiaries or affiliates
conducts gaming operations; 
 (iv) (A) Executive’s willful and material violation of, or noncompliance with, any
securities laws or stock exchange listing rules, including, without limitation, the Sarbanes-Oxley Act of 2002, provided that such violation or noncompliance resulted in material economic harm to the Company, or (B) a final judicial order or
determination prohibiting Executive from service as an officer pursuant to the Securities and Exchange Act of 1934 or the rules of the New York Stock Exchange or Nasdaq (as applicable); or 

(v) A willful breach by Executive of Section 12 or Section 13 of this Agreement. 

(b) For purposes of this Section 11, no act or failure to act on the part of Executive, shall be considered “willful”
unless it is done, or omitted to be done, by Executive in bad faith and without reasonable belief that Executive’s action or omission was in the best interests of the Company. Any act, or failure to act, based upon authority given pursuant to a
resolution duly adopted by the Board or based upon the advice of counsel for the Company shall 

  
 8 

 
be conclusively presumed to be done, or omitted to be done, by Executive in good faith and in the best interests of the Company. The cessation of employment of Executive shall not be deemed to be
for Cause unless and until Executive has been provided with written notice of the claim(s) against him or her under the above provision(s) and a reasonable opportunity (not to exceed thirty (30) days) to cure, if possible, and to contest said
claim(s) before the Board. 
 11.2 For purposes of this Agreement, “Good Reason” shall mean, without
Executive’s express written consent, the occurrence of any of the following circumstances unless such circumstances are fully corrected prior to the date of termination specified in the written notice given by Executive notifying the Company of
his or her intention to terminate his or her Employment for Good Reason: 
 (a) A reduction by the Company in Executive’s
annual Base Salary, as the same may be increased from time to time pursuant to Section 4.1 hereof, other than a reduction in base salary that applies to a similarly situated class of employees of the Company or its affiliates; 

(b) Any material diminution in the duties or responsibilities of Executive as of the date hereof; provided that a change in control of
the Company that results in the Company becoming part of a larger organization will not, in and of itself and unaccompanied by any material diminution in the duties or responsibilities of Executive, constitute Good Reason; 

(c) (i) The failure by the Company to pay or provide to Executive any material portion of his or her then current Base Salary or then
current benefits hereunder (except pursuant to a compensation deferral elected by Executive) or (ii) the failure to pay Executive any material portion of deferred compensation under any deferred compensation program of the Company within thirty
(30) days of the date such compensation is due and permitted to be paid under Section 409A of the Code, in each case other than any such failure that results from a modification to any compensation arrangement or benefit plan that is
generally applicable to similarly situated officers; 
 (d) The Company’s requiring Executive to be based anywhere other
than [            ] (except for required travel on the Company’s business to an extent substantially consistent with Executive’s present business travel obligations); or

 (e) The Company’s failure to obtain a satisfactory agreement from any successor to assume and agree to perform this
Agreement, as contemplated in Section 17 hereof. 
 12. Non-Competition Agreement. 

12.1 During the Employment Term (so long as Executive remains employed by the Company or its affiliates) and for a period following the
termination of Executive’s employment with the Company and its affiliates equal to the Non-Compete Period (as defined below), he or she will not, directly or indirectly, engage in any activity, including development activity, whether as an
employer, employee, consultant, director, investor, contractor, or otherwise, directly or indirectly, which is in competition with the casino, casino/hotel and/or casino/resort businesses conducted by the Company or any of its subsidiaries or
affiliates in the 

  
 9 

 
United States, Canada or Mexico or such other location that the Company or an affiliate of the Company conducts significant business operations (a) with respect to periods prior to the
termination of Executive’s employment with the Company and its affiliates, at any time during Executive’s active employment period and (b) with respect to periods following the termination of Executive’s employment with the
Company and its affiliates, at any time during the twelve months preceding the termination of Executive’s employment with the Company and its affiliates. Notwithstanding anything herein to the contrary, this Section 12.1 shall not prevent
Executive from: (i) acquiring securities representing not more than 1% of the outstanding voting securities of any entity the securities of which are traded on a national securities exchange or in the over the counter market; or
(ii) obtaining employment in the hotel/resort industry for an entity that does not engage in the casino business. Executive acknowledges that the restrictions described above are reasonable as to both time and geographic scope, as the Company
competes for customers with all gaming establishments in these areas. For purposes of this Agreement, “Non-Compete Period” shall mean the following: (w) if the Executive has voluntarily terminated employment with the Company
without Good Reason, the notice period under Section 10 (including for the avoidance of doubt, the six-month notice period in the event Executive is going to work or act in competition with the Company as described in this Section 12);
(x) (1) if the Company has terminated Executive’s employment with the Company without Cause, (2) if Executive has terminated employment with the Company with Good Reason or (3) if the Company delivers to Executive a Notice
of Non-Renewal in accordance with Section 1, the period during which the Company is obligated to pay Executive severance pursuant to Section 9.1, (y) if the Company has terminated Executive’s employment with the Company for
Cause, six (6) months, or (z) if the Executive’s employment with the Company is terminated due to disability, the salary continuation period pursuant to Section 9.4. 

12.2 If Executive breaches any of the covenants in Section 12.1, then the Company may terminate any of his or her rights under this
Agreement, whereupon all of the Company’s obligations under this Agreement shall terminate without further obligation to him or her except for obligations that have been paid (except as otherwise provided in Section 12.6), accrued or are
vested as of or prior to such termination date. In addition, the Company shall be entitled to seek to enforce any such covenants, including obtaining monetary damages, specific performance and injunctive relief. Executive’s Options and Option
Shares will be treated in accordance with the terms of the New Option Plan. 
 12.3 During the Employment Term (so long as
Executive remains employed by the Company or its affiliates) and for a period of eighteen (18) months following the termination of Executive’s employment with the Company and its affiliates, Executive will not, directly or indirectly hire,
induce, persuade or attempt to induce or persuade, any salary grade 10 or higher employee of the Company or its subsidiaries, to leave or abandon employment with the Company, its subsidiaries or affiliates, for any reason whatsoever (other than
Executive’s personal secretary and/or assistants). 
 12.4 During the Employment Term (so long as Executive remains
employed by the Company or its affiliates) and for a period of eighteen (18) months following the termination of Executive’s employment with the Company and its affiliates, Executive will not communicate with employees, customers, or
suppliers of the Company, or its subsidiaries or affiliates of the Company or any principals or employee thereof, or any person or organization in any manner 

  
 10 

 
whatsoever that is detrimental to the business interests of the Company, its subsidiaries or affiliates. Executive further agrees from the end of Executive’s full-time employment with the
Company and its affiliates not to make statements to the press or general public with respect to the Company or its subsidiaries or affiliates that are detrimental to the Company, its subsidiaries, affiliates or employees without the express written
prior authorization of the Company, and the Company agrees that it will not make statements to the press or general public with respect to Executive that are detrimental to him or her without the express written prior authorization of Executive.
Notwithstanding the foregoing, Executive shall not be prohibited at the expiration of the non-competition period from pursuing his or her own business interests that may conflict with the interests of the Company. 

12.5 Each of Executive and the Company intends and agrees that if, in any action before any court, agency or arbitration tribunal legally
empowered to enforce the covenants in this Section 12, any term, restriction, covenant or promise contained herein is found to be unreasonable and, accordingly, unenforceable, then such term, restriction, covenant or promise shall be deemed
modified to the extent necessary to make it enforceable by such court, agency or arbitration tribunal. 
 12.6 Should any court,
agency or arbitral tribunal legally empowered to enforce the covenants contained in this Section 12 find that Executive has breached the terms, restrictions, covenants or promises herein in any material respect (except to the extent it has been
modified to make it enforceable): (a) the Company will not be obligated to continue to pay Executive the salary or benefits provided for under the severance provisions contained in the Agreement (including all required benefits under benefit
plans), and (b) Executive will reimburse the Company any severance benefits received after the date of termination as well as any reasonable costs and attorney fees necessary to secure such repayments. For the avoidance of doubt, the Company
shall be entitled to money damages and/or injunctive relief due to Executive’s breach of the terms, restrictions, covenants or promises contained in this Section 12 without regard to whether or not such breach is material, it being
understood that the limiting effect of the phrase “in any material respect” in the immediately preceding sentence shall operate solely with respect to the remedies available pursuant to this Section 12.6. 

12.7 For the avoidance of doubt, for purposes of this Section 12, “Executive’s employment” shall not include any
period of salary continuation hereunder. 
 12.8 This Section and all of its provisions will survive Executive’s separation
from employment for any reason. 
 13. Confidentiality. 

13.1 Executive’s position with the Company will or has resulted in his or her exposure and access to confidential and proprietary
information which he or she did not have access to prior to holding the position, which information is of great value to the Company and the disclosure of which by him or her, directly or indirectly, would be irreparably injurious and detrimental to
the Company. During his or her term of employment and without limitation thereafter, Executive agrees to use his or her best efforts and to observe the utmost diligence to guard and protect all confidential or proprietary information relating to the
Company from 

  
 11 

 
disclosure to third parties. Executive shall not at any time during and after the end of his or her full-time active employment, make available, either directly or indirectly, to any competitor
or potential competitor of the Company or any of its subsidiaries, or their affiliates, or divulge, disclose, communicate to any firm, corporation or other business entity in any manner whatsoever, any confidential or proprietary information covered
or contemplated by this Agreement, unless expressly authorized to do so by the Company in writing. Notwithstanding the above, Executive may provide such Confidential Information if ordered by a federal or state court, arbitrator or any governmental
authority, pursuant to subpoena, or as necessary to secure legal and financial counsel from third party professionals or to enforce his or her rights under this Agreement. In such cases, Executive will use his or her reasonable best efforts to
notify the Company, at least five (5) business days prior to providing such information, including the nature of the information required to be provided. 
 13.2 For the purpose of this Agreement, “Confidential Information” shall mean all information of the Company, its subsidiaries and affiliates relating to, or useful in connection with,
the business of the Company, its subsidiaries and affiliates, whether or not a “trade secret” within the meaning of applicable law, which is not generally known to the general public and which has been or is from time to time disclosed to,
or developed by, Executive as a result of his or her employment with the Company. Confidential Information includes, but is not limited to, the Company’s product development and marketing programs, data, future plans, formula, food and beverage
procedures, recipes, finances, financial management systems, player identification systems (Total Rewards), pricing systems, client and customer lists, organizational charts, salary and benefit programs, training programs, computer software,
business records, files, drawings, prints, prototyping models, letters, notes, notebooks, reports, and copies thereof, whether prepared by him, her or others, and any other information or documents which Executive is told or reasonably ought to know
that the Company regards as confidential. 
 13.3 Executive agrees that upon separation from employment for any reason
whatsoever, he or she shall promptly deliver to the Company all Confidential Information, including but not limited to documents, reports, correspondences, computer printouts, work papers, files, computer lists, telephone and address books, rolodex
cards, computer tapes, disks, and any and all records in his or her possession (and all copies thereof) containing any such Confidential Information, and all items created in whole or in part by Executive within the scope of his or her employment
even if the items do not contain Confidential Information. 
 13.4 Executive shall also be required to sign a non-disclosure or
confidentiality agreement if Executive is not currently a party to such an agreement with the Company. Such agreement shall also remain in full force and effect, provided that, in the event of any conflict between any such agreement(s)
and this Agreement, this Agreement shall control. The form of non-disclosure or confidentiality agreement is attached hereto as Exhibit C. 
 13.5 This Section and all of its provisions will survive Executive’s separation from employment for any reason. 
 14. Injunctive Relief. Executive acknowledges and agrees that the terms provided in Sections 12 and 13 are the minimum necessary to protect the Company, its affiliates and subsidiaries, and their
successors and assigns, in the use and enjoyment of the Confidential 

  
 12 

 
Information and the good will of the business of the Company. Executive further agrees that damages cannot fully and adequately compensate the Company in the event of a breach or violation of the
restrictive covenants set forth herein and that without limiting the right of the Company to pursue all other legal and equitable remedies available to it, the Company shall be entitled to seek injunctive relief, including but not limited to a
temporary restraining order, preliminary injunction and permanent injunction, to prevent any such violations or any continuation of such violations for the protection of the Company. The granting of injunctive relief will not act as a waiver by the
Company of its right to pursue any and all additional remedies. 
 15. Post Employment Cooperation. Executive agrees that
upon separation for any reason from the Company, Executive will cooperate in assuring an orderly transition of all matters being handled by him or her. Upon the Company providing reasonable notice to him or her, he or she will also appear as a
witness at the Company’s request and/or assist the Company in any litigation, bankruptcy or similar matter in which the Company or any affiliate thereof is a party or otherwise involved. The Company will defray any reasonable out-of-pocket
expenses incurred by Executive in connection with any such appearance. In connection therewith, the Company agrees to indemnify Executive as prescribed in Article Tenth of the Certificate of Incorporation, as amended, of the Company. 

16. Release. Upon the termination of Executive’s active full-time employment, and in consideration of and as a condition to
the actual receipt of all compensation and benefits described in this Agreement (including without limitation any severance payments pursuant to this Agreement or the Severance Agreement), except for claims arising from the covenants, agreements,
and undertakings of the Company as set forth herein and except as prohibited by statutory language, Executive and the Company will enter into an agreement which forever and unconditionally waives and releases Caesars Entertainment Corporation,
Caesars Entertainment Operating Company, Inc., their subsidiaries and affiliates, and their officers, directors, agents, benefit plan trustees, and employees from any and all claims, whether known or unknown, and regardless of type, cause or nature,
including but not limited to claims arising under all salary, vacation, insurance, bonus, stock, and all other benefit plans, and all state and federal anti-discrimination, civil rights and human rights laws, ordinances and statutes, including Title
VII of the Civil Rights Act of 1964 and the Age Discrimination in Employment Act, concerning Executive’s employment with Caesars Entertainment Corporation, its subsidiaries and affiliates, the cessation of that employment and Executive’s
service as a shareholder, employee, officer and director of the Company and its subsidiaries. The form of release is set forth in Exhibit B. 
 17. Assumption of Agreement on Merger, Consolidation or Sale of Assets. In the event the Company agrees to (a) enter into any merger or consolidation with another company in which the Company
is not the surviving company or (b) sell or dispose of all or substantially all of its assets, and the company which is to survive fails to make a written agreement with Executive to either: (1) assume the Company’s financial
obligations to Executive under this Agreement or (2) make such other provision for Executive as is reasonably satisfactory to Executive, then Executive shall have the right to resign for Good Reason as defined under this Agreement. 

  
 13 

 18. Assurances on Liquidation. The Company agrees that until the termination of this
Agreement as above provided, it will not voluntarily liquidate or dissolve without first making a full settlement or, at the discretion of Executive, a written agreement with Executive satisfactory to and approved by him or her in writing, in
fulfillment of or in lieu of its obligations to him or her under this Agreement. 
 19. Amendments; Entire Agreement.
This Agreement may not be amended or modified orally, and no provision hereof may be waived, except in a writing signed by the parties hereto. This Agreement and the New Option Plan and, to the extent expressly provided herein, the Severance
Agreement (as modified herein), contain the entire agreement between the parties concerning the subject matter hereof and supersede all prior agreements and understandings, written and oral, between the parties with respect to the subject matter of
this Agreement and the New Option Plan, including without limitation the Prior Employment Agreement. 
 20. Assignment.

 20.1 Except as otherwise provided in Section 20.2, this Agreement cannot be assigned by either party hereto, except with
the written consent of the other. Any assignment of this Agreement by either party shall not relieve such party of its or his or her obligations hereunder. 
 20.2 The Company may elect to perform any or all of its obligations under this Agreement through a subsidiary or affiliate, and if the Company so elects, Executive will be an employee of such subsidiary
or affiliate. Notwithstanding any such election, the Company’s obligations to Executive under this Agreement will continue in full force and effect as obligations of the Company, and the Company shall retain primary liability for their
performance. 
 21. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the personal
representatives and successors in interest of the Company. 
 22. Governing Law. This Agreement shall be governed by the
laws of the State of Nevada as to all matters, including but not limited to matters of validity, construction, effect and performance. 
 23. Jurisdiction. Any judicial proceeding seeking to enforce any provision of, or based on any right arising out of, this Agreement or any agreement identified herein may be brought only in state
or federal courts of the State of Nevada, and by the execution and delivery of this Agreement, each of the parties hereto accepts for themselves the exclusive jurisdiction of the aforesaid courts and irrevocably consents to the jurisdiction of such
courts (and the appropriate appellate courts) in any such proceedings, waives any objection to venue laid therein and agrees to be bound by the judgment rendered thereby in connection with this Agreement or any agreement identified herein.

 24. Notices. Any notice to be given hereunder by either party to the other may be effected by personal delivery, in
writing, or by mail, registered or certified, postage prepaid with return receipt requested. Mailed notices shall be addressed to the parties at the addresses set forth below, but each party may change his, her or its address by written notice in
accordance with this Section 24. Notices shall be deemed communicated as of the actual receipt or refusal of receipt. 

  
 14 

					
	 If to Executive:
	  		  	
		  	  
	  	
		  	  
	  	
	 And to:
	  		  	
		  		  	
		  		  	
	 If to Company:
	  	Caesars Entertainment Operating Company, Inc.	  	
		  	One Caesars Palace Drive	  	
		  	Las Vegas, NV 89109	  	
		  	Attn: General Counsel	  	

 25. Construction. This Agreement is to be construed as a whole, according to its fair meaning, and
not strictly for or against any of the parties. 
 26. Severability. If any provision of this Agreement shall be
determined by a court to be invalid or unenforceable, the remaining provisions of this Agreement shall not be affected thereby, shall remain in full force and effect, and shall be enforceable to the fullest extent permitted by applicable law.

 27. Withholding Taxes. Any payments or benefits to be made or provided to Executive pursuant to this Agreement shall
be subject to any withholding tax (including social security contributions and federal income taxes) as shall be required by federal, state, and local withholding tax laws. 
 28. Counterparts. This Agreement may be executed by the parties in any number of counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same
agreement. 
 [Signature Page Follows] 

  
 15 

 IN WITNESS WHEREOF, Executive has hereunto set his or her hand and the Company has caused
this Agreement to be executed in its name and on its behalf and its corporate seal to be hereunto affixed and attested by its corporate officers thereunto duly authorized. 

 

	
	
	 
	Executive

  

			
	Caesars Entertainment Operating Company, Inc.
		
	By:	 	 
	Name:	 	  

	Its:	 	  

 Exhibit A 

 

	 	•	 	 Medical Insurance (including health, dental and vision) 

 

	 	•	 	 Life Accident Insurance 

  

	 	•	 	 Accrued benefits under Savings and retirement plan 

  

	 	•	 	 D&O Insurance 

  

	 	•	 	 Financial Counseling (in accordance with Company policy, maximum benefit is funds allocated as of Separation Date – no new funds)

 Exhibit B 
 GENERAL RELEASE 
 THIS GENERAL RELEASE (the “Release”) is
entered into between Caesars Entertainment Operating Company, Inc. (the “Company”) and [        ] (the “Employee”) as of the
        day of                 ,         . The Company and the Employee agree as follows:

 1. Employment Status. The Employee’s employment with the Company shall terminate effective as
of            ,             (the “Separation Date”). 

2. Payment and Benefits. Upon the effectiveness of the terms set forth herein, the Company shall provide the Employee with all of
the applicable payments and benefits set forth in the Employment Agreement between the Company and the Employee, dated as of             ,
            (as amended from time to time, the “Employment Agreement”). 
 3. No Liability. This Release does not constitute an admission by the Company, or any of its subsidiaries, affiliates, divisions, trustees, officers, directors, partners, agents, or employees, or
by the Employee, of any unlawful acts or of any violation of federal, state or local laws. 
 4. Release. In
consideration of the payments and benefits set forth in Section 9.1 (Termination Without Cause; Resignation for Good Reason; Company Failure to Renew) of the Employment Agreement, the Employee for himself, his heirs, administrators,
representatives, executors, successors and assigns (collectively, “Employee Releasors”) does hereby irrevocably and unconditionally release, acquit and forever discharge the Company and each of its subsidiaries, affiliates,
divisions, successors, assigns, trustees, officers, directors, partners, agents, and former and current employees, including without limitation all persons acting by, through, under or in concert with any of them, including without limitation the
Sponsors (as defined in the Management Investor Rights Agreement, dated as of January 28, 2008 as amended, among the Company, Employee and the other parties specified therein) (collectively, “Company Releasees”), and each of
them from any and all charges, complaints, claims, liabilities, obligations, promises, agreements, controversies, damages, remedies, actions, causes of action, suits, rights, demands, costs, losses, debts and expenses (including attorneys’ fees
and costs) of any nature whatsoever, known or unknown, whether in law or equity and whether arising under federal, state or local law and in particular including any claim for discrimination based upon race, color, ethnicity, sex, national origin,
religion, disability age (including without limitation under the Age Discrimination in Employment Act of 1967 as amended by the Older Workers Benefit Protection Act (“ADEA”), Title VII of the Civil Rights Act of 1964 as amended by
the Civil Rights Act of 1991, the Equal Pay Act of 1962, and the Americans with Disabilities Act of 1990) or any other unlawful criterion or circumstance, which Employee Releasors had, now have, or may have or claim to have in the future against
each or any of the Company Releasees by reason of any matter, cause or thing occurring, done or omitted to be done from the beginning of the world until the date of the execution of this Release; provided, however, that nothing herein
shall release (i) any obligation of Company under Section 7 (Lifetime Medical Coverage), Section 9 (Termination of Employment), Section 19 (Amendments; Entire Agreement) or Section 23 (Jurisdiction) of the

 
Employment Agreement or (ii) any right of indemnification or to director and officer liability insurance coverage under any of the company’s organizational documents or at law under any
plan or agreement and applicable to the Employee. 
 In addition, nothing in this Release is intended to interfere with the
Employee’s right to file a charge with the Equal Employment Opportunity Commission in connection with any claim the Employee believes he may have against the Company Releasees. However, by executing this Release, the Employee hereby waives the
right to recover in any proceeding that the Employee may bring before the Equal Employment Opportunity Commission or any state human rights commission or in any proceeding brought by the Equal Employment Opportunity Commission or any state human
rights commission on the Employee’s behalf. In addition, this release is not intended to interfere with the Employee’s right to challenge that his waiver of any and all ADEA claims pursuant to this Release is a knowing and voluntary
waiver, notwithstanding the Employee’s specific representation to the Company that he has entered into this Agreement knowingly and voluntarily. 
 As of the Separation Date, Employee acknowledges and represents that Employee has not been either directly or indirectly involved in, witnessed or asked or directed to participate in any conduct that
could give rise to an allegation that the Company or any of its subsidiaries or affiliates has violated any laws applicable to its businesses or that could otherwise be construed as inappropriate or unethical in any way, even if such conduct is not,
or does not appear to be, a violation of any law. Employee confirms that Employee has been given the opportunity to report such conduct to the Company and to third parties and that Employee has not made such report. Employee also confirms that
Employee has no charge, complaint or action against the Company or any Company Releasees in any forum or form. 
 5. Bar.
The Employee acknowledges and agrees that if he should hereafter make any claim or demand or commence or threaten to commence any action, claim or proceeding against the Company Releasees with respect to any cause, matter or thing which is the
subject of the release under Paragraph 4 of this Release (other than a claim brought under ADEA), this Release may be raised as a complete bar to any such action, claim or proceeding, and the applicable Company Releasee may recover from the Employee
all costs incurred in connection with such action, claim or proceeding, including attorneys’ fees. 
 6. Restrictive
Covenants. The Employee acknowledges that the provisions of Section 12 (Non-Competition Agreement) through Section 15 (Post Employment Cooperation), inclusive, of the Employment Agreement shall continue to apply pursuant to their
terms. 
 7. Governing Law. This Release shall be governed by and construed in accordance with the laws of the State of
Nevada, without regard to conflicts of laws principles. 
 8. Acknowledgment. The parties hereto have read this Release,
understand it, and voluntarily accept its terms, and the Employee acknowledges that he has been advised by Company to seek the advice of legal counsel before entering into this Release, and has been provided with a period of twenty-one
(21) days in which to consider entering into this Release. 

 9. Revocation. The Employee has a period of seven (7) days following the
execution of this Release during which the Employee may revoke this Release, and this Release shall not become effective or enforceable until such revocation period has expired. If, within the ten (10) day period following such expiration,
Company fails to execute this Release, then this Release shall become null and void and have no force or effect. 
 10.
Counterparts. This Release may be executed by the parties hereto in counterparts, which taken together shall be deemed one original. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 IN WITNESS WHEREOF, Executive has hereunto set his or her hand and the Company has caused
this Release to be executed in its name and on its behalf and its corporate seal to be hereunto affixed and attested by its corporate officers thereunto duly authorized. 

 

			
	Employee
	
	Caesars Entertainment Operating Company, Inc.
		
	By:	 	  

	Name:	 	  

	Its:	 	  

 Exhibit C 
 EMPLOYEE’S AGREEMENT 
 (CONCERNING PROTECTED AND
CONFIDENTIAL 
 COMPANY INFORMATION AND MATERIALS) 

In consideration of, and as a condition precedent to, my employment and/or continued employment, with Caesars Entertainment Operating
Company, Inc., or one of its direct or indirect subsidiaries (hereinafter referred to jointly as the “Company”), and for other good and valuable consideration, including but not limited to any future, additional compensation, bonus, stock
options, 401(k) matching contributions and other benefits, I hereby specifically agree as follows: 
 1. I recognize that the
Company is engaged in the business of developing, owning and/or managing casinos and related hotels, as well as other gaming related activity. I understand that the Company has developed and is the owner of certain commercially valuable technical
and non-technical information, which is not public knowledge, which is a valuable asset essential to and used in the business of the Company. A non-exhaustive list of examples of such Confidential Information is: computer programs including software
related documentation, source codes, object codes, technical plans, processes, methods, practices, algorithms and the reports derived from such processes, manuals and databases; internal financial data; marketing programs, strategies and campaigns;
internal manuals; new product development plans and ideas; lists of customers, including those lists obtained and maintained by the Company during my employment; and designs, blueprints, architectural plans and engineering data. I acknowledge that
the Confidential Information is proprietary to the Company and that, as such, some of the information, including but not limited to that involving computer programs, is treated as a trade secret by the Company and is also protected by certain
copyright laws. I recognize and agree that the Company is engaged in a highly competitive industry and that the maintenance of the secret nature of this information is essential to preserving its value to the Company; that disclosure of any of this
information would be detrimental to and cause substantial harm to the Company; and that as I have or may have access to or be informed of such information during the course of my employment, that I am obligated to and will safeguard all such
information during my employment with the Company. I further agree that I will not duplicate, reverse engineer, alter, replicate or modify the Confidential Information or any part of the Confidential Information made available to me nor disclose to
any third party any Confidential Information. 
 2. In addition to the information developed and owned by the Company that is
confidential, I also understand that certain information received from third parties is also confidential and proprietary. Third parties may include, but not be limited to, any and all tribal entities, business enterprises, or other organizations or
individuals who have relationships with the Company. To this end, any information received by me from third parties during any furtherance of my obligations as an employee of the Company which concerns the personal, financial, or other affairs of
the third party will be treated in full confidence and will not be revealed to any other persons, firms, or organizations and shall be governed by this Agreement in the same manner as the Company’s confidential and proprietary information.

 3. I agree that any work, invention, innovation, idea or report that I produce in connection
with my work for the Company, or which results from or is suggested by the work I do for or on behalf of the Company is a “work for hire”, and will be the sole property of the Company. (Such work, inventions, innovations, ideas, and
reports are referred to as the “Work”.) The foregoing applies whether or not the Work was conceived or performed during Company hours or on Company equipment. I agree that I will execute all necessary documents or take other actions
necessary to assist the Company in obtaining patents, copyrights or other legal protection of the Work for the Company’s benefit (although the Work will be the exclusive property of the Company whether or not patented or copyrighted).

 4. I will not at any time, directly or indirectly, either during my employment or for two years thereafter, disclose to any
person, corporation or other entity which offers any product or service which is, in any way, in competition with any product or service offered by the Company, or use in competition with the Company, any of the Company’s confidential or
proprietary information, except on behalf of the Company, without first obtaining the Company’s written consent thereto, which consent can be given only by a duly authorized officer of the Company. 

5. Upon the termination of my employment for any reason whatsoever, I will promptly deliver to the Company all documents, computer
software, files, databases, drawings, prints, prototypes, models, manuals, letters, lists, notes, notebooks, reports and copies thereof, whether prepared by me or others, all other material of a secret, confidential or proprietary nature relating to
the Company’s business, and any other document relating or referring to such material. 
 6. If I am or become an employee
of the Company in Salary Grade 10 or above (manager or above), I recognize that both I and all others in Salary Grade 10 or above (manager or above) are key employees of the Company who have special and unique knowledge of the Company’s
operations and personnel and who, as a result of those and other factors, occupy positions of trust and responsibility which bring with them a special duty of care and loyalty to the Company. I recognize that the Company has substantial good will in
the casino gaming industry which reaches beyond the Company location at which I am currently employed. I also recognize that the Company has spent substantial time and has incurred substantial expense in maintaining and creating customer good will
among its manager-level employees; that the training, experience, skills and unique knowledge of the Company’s operation are an integral part of, and are necessary for, an efficient, profitable operation; and that, therefore, the Company has a
protectable business interest in maintaining these employees. I understand that my solicitation of any manager-level employee, with whom I have had a reporting relationship (up or down) or other direct contact or association while employed by the
Company or thereafter, for employment at a casino and/or related hotel which competes with the Company in the gaming business would cause detrimental and irreparable harm to the Company. Accordingly, neither during my employment with the Company nor
for eighteen (18) months following the cessation of that employment will I either directly or indirectly induce, persuade, solicit, or attempt to induce or persuade any Company employee in Salary Grade 10 or above (manager or above) as
described above in this paragraph to leave or abandon his/her employment with the Company for employment at a casino and/or related hotel which competes with the Company in the gaming business. I understand that such inducement, persuasion and/or
solicitation includes, but is not limited to, recommending that the manager-level employee contact any person affiliated with a competitor of the Company in the gaming business. 

 7. I understand and agree that a breach by me of any of the obligations set forth above will
cause the Company to suffer irreparable harm. Accordingly, I understand and agree that if I breach any of my obligations set forth above, the Company has the right to petition a court for, and to obtain therefrom, an injunction enjoining me from
breaching any such obligations. I further understand and agree that, to the extent that they can be proven by the Company, I will be liable for such monetary damages as a result from any breach by me of my obligations set forth above prior to such
breach being enjoined by the Company. 
 8. The Company’s rights and my obligations created by this Agreement are intended
to be in addition to, and not in limitation of, any obligation I may have, or right the Company may have, under otherwise applicable law. This Agreement replaces any prior “Employee’s Agreement (Concerning Protected and Confidential
Information and Materials).” Also, this Agreement and the obligations referred to herein are separate from and in addition to any other obligations I may have to the Company. I understand that I have an affirmative obligation to advise any
future employer of mine of the existence of this Agreement and to provide said employer with a copy of the Agreement; and that the Company may also advise and provide any future employer a copy of this Agreement. I specifically acknowledge that both
my obligations and the Company’s remedies hereunder are fair and reasonable. 
 9. If any provision of this Agreement is
held to be unenforceable, I understand and agree that such unenforceability shall not affect any other provision hereof and that the remainder of the Agreement shall be enforceable. I also agree that the Company may assign its rights under this
Agreement to any parent, subsidiary, or affiliate or to any successor entity that becomes my employer through any merger, spin-off, reorganization or restructuring. 
 10. I agree that this Agreement shall be governed by and construed under the laws of the State of
                    (where employed), and I hereby consent to the jurisdiction of the courts of the State of
                    (where employed) in any action brought by the Company to enforce this Agreement. I further agree that I will pay all costs
and expenses, including reasonable attorneys fees, incurred by the Company in enforcing any of my obligations under this Agreement. 
 [Signature Page Follows] 

									
	COMPANY	 		 	EMPLOYEE
				
	  
	 		 	Printed:	 	 
					
	By:	 	  
	 		 	Signed:	 	  

					
	Date:	 	  
	 		 	Date:	 	  

 ACKNOWLEDGEMENT 
 The undersigned hereby acknowledges that he/she has received, read and understands the Caesars Entertainment Operating Company, Inc., or one of its direct or indirect subsidiaries, Employee’s
Agreement (Concerning Protected and Confidential Company Information and Materials). 
  

			
	Signature
	
	  

	Printed Name
		
	Date:

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