Document:

EX 10.28s - Terms of Performance-Based RSUs

	
	
	Exhibit 10.28s

	2014

	PERFORMANCE-BASED

	RESTRICTED STOCK

	GRANT 

	TERMS

TIFFANY & CO.
a Delaware Corporation
(the “Parent”)
AMENDED AND RESTATED
TERMS OF PERFORMANCE-BASED RESTRICTED STOCK GRANT
(Non-Transferable)
under the  
  2005 EMPLOYEE INCENTIVE PLAN
(the “Plan”)
Terms Effective January 15, 2014

1.  Introduction and Terms of Grant.  Participant has been granted (the “Grant”) Stock Units which shall be settled by the issuance and delivery of Shares of the Parent’s Common Stock.  The Grant has been made under the Plan by the Stock Option Subcommittee of the Parent Board (the “Committee”).  The name of the “Participant”, the “Grant Date”, the number of “Stock Units” granted, the “Performance Period”, the “Earnings Threshold”, the “Earnings Target”, the “Earnings Maximum” and the “ROA Target” are stated in the attached “Notice of Grant”.  The other terms and conditions of the Grant are stated in this document and in the Plan.  Certain initially capitalized words and phrases used in this document are defined in the Definitions Appendix attached and elsewhere in this document or in the Plan.  Reference to Stock Units in this document is reference to all or part of the Stock Units which are subject to the Grant, and not to other Stock Units that have been granted or that may be granted in the future.  

2.  Grant and Adjustment.  Subject to the terms and conditions stated in this document, Participant has been granted Stock Units by the Parent.  As of the Grant Date, each Stock Unit has a Settlement Value of one Share, but the number of Shares which shall be issued and delivered pursuant to the Grant on the settlement of each Stock Unit (the “Settlement Value”) shall be subject to adjustment as provided in Section 4.2(c) of the Plan, to adjust for, among other corporate developments, stock splits and stock dividends. References to Settlement Values in this document shall be deemed reference to Settlement Values as so adjusted.  As anticipated in Section 4.7 of the Plan, Shares that have not been issued and delivered to a Participant shall be represented by Stock Units.

3.   Performance Vesting.  Unless otherwise provided in sections 4 or 5 below, the Performance Portion (as defined below) of the Stock Units will vest three business days following the public announcement of the Parent’s audited, consolidated financial results for the last fiscal year in the Performance Period (the “Maturity Date”).  A Stock Unit that has vested is herein referred to as a “Vested Unit.”  Within thirty (30) days following the Maturity Date, but in no event later than December 31 of the calendar year in which the last day of the Performance Period occurs, the Settlement Value of each Vested Unit shall be issued and delivered to or for the account of Participant in Shares.  As provided for in Section 7 below, the Parent may make such delivery to a Service Provider.  In all circumstances, a Stock Unit which fails to vest on or before the Maturity Date shall be void and shall not confer upon the owner of such Stock Unit any rights, including any right to any Share.  In the event that any provision of this document would otherwise result in the issuance of a fractional Share, the Parent will not be obligated to issue such fractional Share.   

The “Performance Portion” shall be a percentage of the Stock Units calculated as hereinafter provided (provided that the Performance Portion shall never exceed 100% of the Stock Units):

		
	(a)
	The Performance Portion shall be 0% of the Stock Units if the Earnings Threshold is not attained over the Performance Period.  

		
	(b)
	Subject to reduction pursuant to subsection (c) below, if the Earnings Threshold has been attained over the Performance Period, the Performance Portion shall be 100% of the Stock Units.   

		
	(c)
	If the Earnings Threshold has been attained over the Performance Period the Committee shall, in its sole discretion, have the right to reduce the Performance Portion to 0% of the Stock Units or any percentage of the Stock Units less than 100%.  The Committee may exercise such discretion on any date that occurs following the close of the Performance Period and prior to the Maturity Date.  The Committee has provided guidance to Participant with respect to factors, including the Earnings Target, the Earnings Maximum and the ROA Target, that the Committee intends to apply in effecting such a reduction, but the Committee shall not be limited in its discretion to those factors.

“Earnings” means the Company’s consolidated earnings per share on a diluted basis, as reported in the Company’s Annual Report on Form 10-K, aggregated over the Performance Period and as adjusted by the Committee as provided for below and in the Plan. 

The “Earnings Threshold”, “Earnings Target” and “Earnings Maximum” are expressed in the Notice of Grant as functions of Earnings, as so defined.

“ROA” means the Company’s consolidated return on average assets in each of the fiscal years in the Performance Period, expressed as a percentage, and then averaged over the entire Performance Period.  In each of the fiscal years average assets will be computed by averaging total assets at the beginning and at the end of the fiscal year; net earnings for such fiscal years shall be divided by average assets.  Both total assets and net earnings shall be as reported in the Company’s Annual Report on Form 10-K.

The “ROA Target” is expressed in the Notice of Grant as a function of ROA, as so defined.

Each of Earnings and ROA is a “Performance Goal”.   In determining whether the Earnings Threshold has been met the Committee shall appropriately adjust any evaluation of attainment of a Performance Goal to exclude any of the following events that occurs during a Performance Period:  (i) asset write-downs, (ii) litigation or claim judgments or settlements, (iii) the effect of changes in tax law, accounting principles or other such laws or provisions affecting reported results, (iv) accruals for reorganization and restructuring programs, and (v) extraordinary non-recurring items as described in Accounting Principles Board Opinion No. 30 and/or in management’s discussion and analysis of financial condition and results of operations appearing in said Annual Report for the applicable year.

4.  Effect of Termination of Employment on Vesting.  Except as provided in this Section 4, no Stock Units shall vest if the Participant’s Date of Termination occurs before the conclusion of the Performance Period:

		
	(a)
	if the Participant’s Date of Termination occurs by reason of death or Disability within the last fiscal year of the Performance Period, Stock Units shall vest as provided in Section 3 above as though the Participant’s Date of Termination had not occurred before the conclusion of the Performance Period;

		
	(b)
	if the Participant’s Date of Termination occurs by reason of death or Disability within the second fiscal year of the Performance Period, 34%  of Stock Units shall vest on the date of such death or Disability;

		
	(c) 
	if the Participant’s Date of Termination occurs by reason of death or Disability within the first fiscal year of the Performance Period, 17%  of Stock Units shall vest on the date of such death or Disability;

		
	(d)
	if the Participant’s Date of Termination occurs by reason of Cause, no Stock Units shall vest;

		
	(e)
	if the Participant’s Date of Termination occurs by reason of Participant’s voluntary resignation, no Stock Units shall vest; and

		
	(f)
	if the Participant’s Date of Termination occurs at the initiative of the Participant’s employer (but not for Cause) the Committee reserves the right to vest the Stock Units as follows, but may condition such vesting upon Participant’s release of the Parent and its affiliates from all claims, Participant’s agreement to reasonable non-competition covenants or both:

		
	(i)
	If the Date of Termination occurs in the last fiscal year of the Performance Period, the percentage of the Stock Units the Committee may elect to vest will be based on the Company’s cumulative performance during the first and second fiscal year of the Performance Period, as compared to the Earnings Threshold, Earnings Target, and Earnings Maximum expressed in the Notice of Grant.  For purposes of this Section 4(f)(i), the Earnings Threshold, Earnings Target, and Earnings Maximum shall be pro-rated for the cumulative two-year period (66.67%), and applied in a manner consistent with the guidance provided by the Committee as referenced in Section 3(c) above.  Achievement of the ROA Target shall not be considered as a factor in determining the number of units to vest.

		
	(ii)
	If the Date of Termination occurs in the second fiscal year of the Performance Period, the percentage of the Stock Units the Committee may elect to vest will be based on the Company’s cumulative performance during the first fiscal year of the Performance Period, as compared to the Earnings Threshold, Earnings Target, and Earnings Maximum expressed in the Notice of Grant.  For purposes of this Section 4(f)(ii), the Earnings Threshold, Earnings Target, and Earnings Maximum shall be pro-rated for the cumulative two-year period (33.33%), and applied in a manner consistent with the guidance provided by the Committee as referenced in Section 3(c) above.  Achievement of the ROA Target shall not be considered as a factor in determining the number of units to vest.

In the event of vesting pursuant to subsections (b) through (f) above, the Settlement Value of each Vested Unit shall, within 30 days after vesting, be issued and delivered to or for the account of Participant in Shares.  As provided for in Section 7 below, the Parent may make such delivery to a Service Provider.  For the avoidance of doubt, no Stock Units shall vest if the Participant’s Date of Termination occurs before the start of the Performance Period, or, with respect to 4(f), during the first fiscal year of the Performance Period.

5.  Effect of Change in Control on Vesting.  

		
	(a)
	All Stock Units shall vest upon a Change in Control Date for a Terminating Transaction unless such Change of Control Date occurs before the start of the Performance Period in which case none of the Stock Units shall vest.

		
	(b)
	In the event of a Change in Control that is not a Terminating Transaction, Stock Units will convert to Time-Based Restricted Stock Units as follows: 

		
	(i)
	If the Change in Control occurs in the first or second fiscal year of the Performance Period, then 55% Stock Units shall convert to Time-Based Restricted Stock Units; 

		
	(ii)
	If the Change in Control occurs in the last fiscal year of the Performance Period, the percentage of the Target award number of Stock Units to convert to Time-Based Restricted Stock Units will be based on the Company’s cumulative performance during the first and second fiscal year of the Performance Period, as compared to the Earnings Threshold, Earnings Target, and Earnings Maximum expressed in the Notice of Grant.  For purposes of this Section 5(b)(ii), the Earnings Threshold, Earnings Target, and Earnings Maximum shall be pro-rated for the cumulative two-year period (66.67%), and applied in a manner consistent with the guidance provided by the Committee as referenced in Section 3(c) above.  Achievement of the ROA Target shall not be considered as a factor in determining the number of units converted to Time-Based Restricted Stock Units.

		
	(c)
	The vesting of the Time-Based Restricted Stock Units converted as described in Section 5(b): 

		
	(i)
	Will be accelerated to the Date of Termination if the Participant is subject to Involuntary Termination prior to the Maturity Date. 

 
		
	(ii)
	Will occur on the Maturity Date, if Vesting has not otherwise been accelerated as provided above.

		
	(d)
	For the avoidance of doubt no conversion or vesting shall occur pursuant to Sections 5(b) or 5(c) above if the Change of Control Date occurs before the start of the Performance Period.

		
	(e)
	In the event of vesting pursuant to this Section 5, the Settlement Value of each Vested Unit shall, within thirty days after vesting, be issued and delivered to or for the account of Participant in Shares.  As provided for in Section 7 below, the Parent may make such delivery to a Service Provider.

6.  No Dividends or Interest.  No dividends or interest shall accrue or be payable upon any Stock Unit.   Until a Share is issued and delivered it shall not be registered in the name of the Participant.

7.  Withholding for Taxes.   All distributions of Shares shall be subject to withholding of all applicable taxes as computed by the finance department, and the Participant shall make arrangements satisfactory to the Parent to provide the Parent (or any Related Company) with funds necessary for such withholding 

before the Shares are delivered. Without limitation to the Parent’s right to establish other arrangements, the Parent may: (i) designate a single broker or other financial services provider (“Services Provider”) to establish trading accounts for Participants (each a “Participant’s Trading Account”); (ii) deliver Shares to Participant’s Trading Account; (iii) provide Services Provider with information concerning the applicable tax withholding rates for Participant; (iv) cause Services Provider to sell, on behalf of Participant, sufficient Shares to  cover  the Parent’s tax withholding obligations with respect to any delivery of Shares to Participant (a “Covering Sale”); and (v) cause Services Provider to remit funds resulting from such Covering Sale to Parent or any Related Company that is the employer of Participant.  As a condition to distribution the Parent may require the Participant to provide the Services Provider with such signed applications, authorizations, powers and other documents necessary to accomplish the foregoing.  Participant may, by written notice to the Parent addressed to the Parent’s Secretary, and given no less than ten (10) business days before the Maturity Date or other applicable vesting date, elect to avoid such a Covering Sale by delivering with such notice a bank-certified check payable to the Parent (or other type of check or draft payable to the Parent and acceptable to the Secretary) in the estimated amount of any such withholding required, such estimate to be provided by the Tiffany and Company finance department. The Committee may approve other methods of withholding, as provided for in the Plan, before the Shares are delivered.

8.  Transferability. The Stock Units are not transferable otherwise than by will or the laws of descent and distribution, and shall not be otherwise transferred, assigned, pledged, hypothecated or otherwise disposed of in any way, whether by operation of law or otherwise, nor shall it be subject to execution, attachment or similar process. Upon any attempt to transfer the Stock Units otherwise than as permitted herein or to assign, pledge, hypothecate or otherwise dispose of the Stock Units otherwise than as permitted herein, or upon the levy of any execution, attachment or similar process upon the Grant, the Grant shall immediately terminate and become null and void.

9. Definitions.  For the purposes of the Grant, certain words and phrases are defined in the Definitional Appendix attached.  Except where the context clearly implies or indicates the contrary, a word, term or phrase used in the Plan shall have the same meaning in this document.

10.  Heirs and Successors.  The terms of the Grant shall be binding upon, and inure to the benefit of, the Parent and its successors and assigns, and upon any person acquiring, whether by merger, consolidation, purchase of assets or otherwise, all or substantially all of the Parent’s assets and business.  Participant may designate a beneficiary of his/her rights under the Grant by filing written notice with the Secretary of the Parent.  In the event of the Participant’s death prior to the full maturity of the Grant, the Shares will be delivered to such Beneficiary to the extent that it was matured on the Participant’s Termination Date.  If the Participant fails to designate a Beneficiary, or if the designated Beneficiary dies before the Participant, any Shares issuable hereunder will be delivered to the Participant’s estate.

11.  Administration.  The authority to manage and control the operation and administration of the Grant shall be vested in the Committee, and the Committee shall have all powers with respect to the Grant as it has with respect to the Plan.  Any interpretation of the Grant by the Committee and any decision made by it with respect to the Grant is final and binding.

12.  Clawback Provisions .Notwithstanding any other provisions in these terms to the contrary, each Vested Unit hereunder, which has been issued and delivered to or for the account of Participant, shall be subject to deductions and clawback as may be required under any applicable law, government regulation or stock exchange listing requirement, or any policy adopted by the Company, including but not limited to the Policy for Recovery of Incentive-based Compensation Erroneously Awarded to Executive Officers, adopted by the Parent Board on September 18, 2013.

13.  Plan Governs.  Notwithstanding anything in this Agreement to the contrary, the terms of the Grant shall be subject to the terms of the Plan, a copy of which may be obtained by the Participant from the office of the Secretary of the Parent.

14.  Section 409A.    Notwithstanding anything herein to the contrary, any benefits and payments provided hereunder that are payable or provided to Participant in connection with a termination of employment that constitute deferred compensation within the meaning of Code Section 409A shall not commence in connection with Participant’s termination of employment unless and until Participant has also incurred a Separation from Service, and unless Employer reasonably determines that such amounts may be provided to Participant without causing Participant to incur additional tax obligations under Code Section 409A.  For the avoidance of doubt, it is intended that payments hereunder comply with or satisfy, to the greatest extent possible, the exemptions from the application of Code Section 409A.  However, if Employer determines that these payments constitute deferred compensation and Participant is, on the termination of his service, a “specified employee” of Employer, as such term is defined in Code Section 409A(a)(2)(B)(i), then, solely to the extent necessary to avoid the incurrence of the adverse personal tax consequences under Code Section 409A, the timing of the payments shall be delayed until the earlier to occur of: (i) the date that is six months and one day after Participant’s Separation from Service or (ii) the date of Participant’s death that occurs after Participant’s Separation from Service. This Section 14 shall be administered, construed and interpreted in a manner consistent with the requirements of Code Section 409A.  In no event shall Employer have any liability or obligation with respect to taxes for which Participant may become liable as a result of the application of Code Section 409A. 

In addition to the provisions regarding Code Section 409A set forth above, the following shall apply:

If Participant notifies Employer that Participant believes that any provision of this Agreement (or of any award of compensation or benefit, including equity compensation or benefits provided herein or at any time during his employment with Employer) would cause Participant to incur any additional tax or interest under Code Section 409A or Employer independently makes such determination, Employer shall, after consulting with Participant, reform such provision (or award of compensation or benefit) to attempt to comply with or be exempt from Code Section 409A through good faith modifications to the minimum extent reasonably appropriate.  To the extent that any provision hereof (or award of compensation or benefit) is modified in order to comply with Code Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to Participant and Employer without violating the provisions of Code Section 409A.

Appendix I -- Definitions
    
“Affiliate” shall mean any Person that controls, is controlled by or is under common control with, any other Person, directly or indirectly.
    
“Cause” shall mean a termination of Participant’s employment which is the result of:

		
	(i)
	Participant’s conviction or plea of nolo contendere to a felony or any other crime involving financial impropriety or which would tend to subject Employer or any of its Affiliates to public criticism or materially interfere with Participant’s continued service to Employer;

		
	(ii)
	Participant’s willful violation of the Code of Conduct;

		
	(iii)
	Participant’s willful failure or refusal to perform substantially all such proper and achievable directives issued by Participant’s superior (other than any such failure resulting from Participant’s incapacity due to physical or mental illness, any such actual or anticipated failure resulting from a resignation by Participant for Good Reason, or any such refusal made by Participant in good faith because Participant believes such directives to be illegal, unethical or immoral) after a written demand for substantial performance is delivered to Participant on behalf of Employer, which demand specifically identifies the manner in which Participant has not substantially performed Participant’s duties, and which performance is not substantially corrected by Participant within ten (10) days of receipt of such demand;

		
	(iv)
	Participant’s gross negligence in the performance of Participant’s duties and responsibilities materially injurious to the Employer;

		
	(v)
	Participant’s willful breach of any material obligation that Participant has to Parent or Employer under any written agreement that Participant has with either Parent or Employer;

		
	(vi)
	Participant’s fraud or dishonesty with regard to Employer or any of its Affiliates; or

		
	(vii)
	Participant’s failure to reasonably cooperate in any investigation of alleged misconduct by Participant or by any other employee of Parent, Employer or any Affiliate of Parent or Employer.

For purposes of the previous sentence, no act or failure to act on Participant’s part shall be deemed “willful” unless done, or omitted to be done, by Participant in bad faith toward, or without reasonable belief that Participant’s action or omission was in the best interests of, Parent, Employer or an Affiliate of Parent or Employer.  Notwithstanding the foregoing, Participant shall not be deemed to have been terminated for Cause with respect to items (i) through (vii)

unless and until there shall have been delivered to Participant a copy of a resolution duly adopted by the affirmative vote of not less than three-fourths (3/4th) of the entire membership of the Employer Board at a meeting called and held for such purpose (after reasonable notice to Participant and an opportunity for Participant, together with Participant’s counsel, to be heard before such Board), finding that, in the good faith opinion of such Board, Cause exists as set forth in any of  items (i) through (vii) above.

“Change in Control.” A Change in Control shall be deemed to have occurred if:

		
	(i)
	any Person, or any syndicate or group deemed to be a person under Section 14(d)(2) of the Exchange Act, excluding Parent or any of its Affiliates, a trustee or any fiduciary holding securities under an employee benefit plan of Parent or any of its Affiliates, an underwriter temporarily holding securities pursuant to an offering of such securities or a corporation owned, directly or indirectly by stockholders of Parent in substantially the same proportion as their ownership of Parent, is or becomes the “beneficial owner” (as defined in Rule 13d-3 of the General Rules and Regulations under the Exchange Act), directly or indirectly, of securities of Parent representing Thirty-five percent  (35%) or more of the combined voting power of Parent’s then outstanding securities entitled to vote in the election of directors of Parent;

		
	(ii)
	if the Incumbent Directors cease to constitute a majority of the Parent Board; provided, however, that no person shall be deemed an Incumbent Director if he or she was appointed or elected to the Parent Board after having been designated to serve on the Parent Board by a Person who has entered into an agreement with Parent to effect a transaction described in clauses (i) through (iv) of this definition;

		
	(iii)
	there occurs a reorganization, merger, consolidation or other corporate transaction involving Parent, in each case with respect to which the stockholders of Parent immediately prior to such transaction do not, immediately after such transaction, own more than Fifty percent (50%) of the combined voting power of the Parent or other corporation resulting from such transaction, as the case may be; or

		
	(iv)
	all or substantially all of the assets of Parent or Employer are sold, liquidated or distributed, except to an Affiliate of Parent;

Provided, that an event shall not constitute a Change in Control unless such event also constitutes a “change in control event” under Treasury Regulation Section 1.409A-3(i)(5).

 “Change in Control Date” shall mean the date on which a Change in Control occurs.

“Code” shall mean the Internal Revenue Code of 1986, as amended, and any successor provisions thereto.

“Code Section 409A” shall mean Section 409A of the Code, and the regulations and guidance promulgated thereunder.

“Code of Conduct” shall mean Parent’s (i) Code of Business and Ethical Conduct for Directors, the Chief Executive Officer, the Chief Financial Officer and All Other Officers of the Parent and (ii) Business Conduct Policy - Worldwide, as amended from time to time prior to the Change of Control Date and as in effect as of the Change of Control Date.

“Common Stock” shall mean the common stock of Parent.

“Date of Termination”  shall mean, with respect to any Participant, the first day occurring on or after the Grant Date on which Participant’s employment with Employer terminates for any reason; provided that a termination of employment shall not be deemed to occur by reason of a transfer of the employment of Participant between Employers; and further provided that the Participant’s employment shall not be considered terminated while the Participant is on a leave of absence from the Employer approved by Employer or required by applicable law; and further provided that a termination of employment shall not be deemed to occur unless such termination of employment is also a Separation from Service.  If, as a result of a sale or other transaction, Employer ceases to be an Affiliate of Parent, the occurrence of such transaction shall be treated as the Participant’s Date of Termination caused by the Participant being discharged by Employer.
 
“Disability” shall mean Participant’s incapacity due to physical or mental illness which causes Participant to be absent from the full-time performance of Participant’s duties with Employer for six (6) consecutive months provided, however, that Participant shall not be determined to be subject to a Disability for purposes of this Award unless Participant fails to return to full-time performance of Participant’s duties with Employer within thirty (30) days after written Notice of Termination due to Disability is given to Participant. 

“Employer” shall mean the Affiliate of Parent that employs Participant from time to time, and any successor to its business and/or assets by operation of law or otherwise.

“Employer Board” shall mean the board of directors (or other highest governing authority other than the shareholders) of Employer.

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and any successor provisions thereto.

“Good Reason” means Participant’s resignation from employment with Employer as a result of any of the following:

		
	(i)
	a meaningful and detrimental alteration in Participant’s position or the nature or status of Participant’s responsibilities (including reporting

responsibilities) from those in effect immediately before the Change in Control Date;

		
	(ii)
	a material failure by Employer to pay Participant a bonus or incentive award commensurate with the bonus paid others at Participant’s job level (expressed as a percentage of target bonus) unless such failure is justified by clear and objective deficiencies of the business units for which Participant is responsible; 

		
	(iii)
	the relocation of the office of Employer where Participant was employed immediately prior to the Change in Control Date to a location which is more than 50 miles away or should Employer require Participant to be based more than 50 miles away from such office (except for required travel on the Employer’s business to an extent substantially consistent with Participant’s customary business travel obligations in the ordinary course of business prior to the Change in Control Date); or

		
	(iv)
	a Substantial Change.

        
“Incumbent Directors” shall mean those individuals who were members of the Parent Board as of January 15, 2009 and those individuals whose later appointment to such Board, or whose later nomination for election to such Board by the stockholders of Parent, was approved by a vote of at least a majority of those members of such Board who either were members of such Board as of January 15, 2009, or whose election or nomination for election was previously so approved.

“Involuntary Termination” means (i) Participant’s termination of employment by Employer without Cause or (ii) Participant’s resignation of employment with the Employer for Good Reason.  

“Notice of Termination” shall mean a written notice indicating the specific termination provision in this Agreement relied upon and setting forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Participant’s employment under the provision so indicated. 

“Parent” shall mean Tiffany & Co., a Delaware corporation, and any successor to its business and/or assets by operation of law or otherwise.

“Parent Board” shall mean the Board of Directors of Parent.
    
“Person” shall mean any individual, firm, corporation, partnership, limited partnership, limited liability partnership, business trust, limited liability company, unincorporated association or other entity, and shall include any successor (by merger or otherwise) of such entity.

“Retirement”  shall mean the occurrence of the Participant’s Date of Termination after age 65 or the occurrence of the Participant’s Date of Termination after age 55 pursuant to the retirement practices of Employer. 

“Separation from Service” shall have the meaning defined in Treasury Regulation Section 1.409A-1(h).

“Substantial Change” means any material change in the terms or conditions of Participant’s employment (including in salary or target bonus) following a Change of Control Date that is less favorable to Participant than those in effect previous to the Change of Control Date other than (i) a change that has been made on an across-the-board basis for substantially all of Employer’s employees or (ii) a change in equity-based compensation (including the reduction or elimination thereof) resulting from the Change in Control.

“Terminating Transaction” shall mean a Change in Control in which any one of the following occurs:

		
	(i)
	the dissolution or liquidation of the Parent;

		
	(ii)
	a reorganization, merger or consolidation of the Parent with one or more Persons as a result of which the Parent goes out of existence or becomes a subsidiary of another Person; or 

		
	(iii)
	upon the acquisition of substantially all of the property or more than eighty percent (80%) of the then outstanding stock of the Parent by another Person;

provided that none of the foregoing transactions (i) through (iii) will be deemed to be a Terminating Transaction, if as of a date at least fourteen (14) days prior to the date scheduled for such transaction provisions have been made in writing in connection with such transaction for the assumption of the Stock Unit or the substitution for the Stock Unit of a new stock unit covering the publicly-traded stock of a successor Person, with appropriate adjustments as to the number and kind of shares.

“Time-Based Restricted Stock Unit” means a stock unit that shall not mature, and which shall be deemed to have “expired,”  upon the Participant’s Date of Termination, if the Participant’s Date of Termination occurs before the Maturity Date, provided, however, that if such Date of Termination occurs pursuant to an Involuntary Termination or by reason of death or Disability,  in which case the Time-Based Restricted Stock Units will “mature” and vest on the Date of Termination, and the Settlement Value of the Time-Based Restricted Stock Unit in Shares shall be issued and delivered within thirty (30) days of the Date of Termination to or for the account of Participant.EX-10.1

 Exhibit 10.1 

AMENDED AND RESTATED WAIVER AGREEMENT 

This Amended and Restated Waiver Agreement (this “Agreement”) is dated as of August 12, 2014 (the “Effective
Date”) by Caesars Entertainment Operating Company, Inc., a Delaware corporation (the “Company”) and Caesars Entertainment Corporation, a Delaware corporation (“CEC” and, together with the Company, the
“Caesars Entities”), for the exclusive benefit of UMB Bank, National Association, as successor trustee and any successor trustee under each of the Indentures (as defined below) (the “Trustee”), and the registered
and beneficial holders from time to time of the Senior Secured Notes (as defined below) (collectively, “Holders”). 

Reference is made to: 
  

	 	(i)	that certain Indenture dated as of June 10, 2009 (as modified, supplemented and/or amended and in effect on the date hereof, the “11.25% Note Indenture”), among Harrah’s Operating Escrow LLC,
Harrah’s Escrow Corporation (together, the “Harrah’s Issuers”), Harrah’s Entertainment, Inc. n/k/a Caesars Entertainment Corporation, as Parent Guarantor (the “Parent Guarantor”), and U.S. Bank
National Association, as trustee (the “U.S. Bank”), providing for the issuance of $2,095,000,000 in aggregate principal amount of 11- 1⁄4%
Senior Secured Notes due 2017 (the “11.25% Notes”); 

  

	 	(ii)	that certain Indenture dated as of February 14, 2012 (as modified, supplemented and/or amended and in effect on the date hereof, the “8.5% Note Indenture”), among Caesars Operating Escrow LLC,
Caesars Escrow Corporation (together, the “Escrow Issuers”), the Parent Guarantor and U.S. Bank, providing for the issuance of $1,250,000,000 in aggregate principal amount of 8- 1⁄2% Senior Secured Notes due 2020 (the “8.5% Notes”); 

  

	 	(iii)	that certain Indenture dated as of August 22, 2012 (as modified, supplemented and/or amended and in effect on the date hereof, the “Initial 9% Note Indenture”), among the Escrow Issuers, the Parent
Guarantor and U.S. Bank, providing for the issuance of $1,500,000,000 in aggregate principal amount of 9% Senior Secured Notes due 2020 (the “Initial 9% Notes”); and 

 

	 	(iv)	that certain Indenture dated as of February 15, 2013 (as modified, supplemented and/or amended and in effect on the date hereof, the “Additional 9% Note Indenture”, and together with the 11.25%
Note Indenture, the 8.5% Note Indenture and the Initial 9% Note Indenture, the “Indentures”),1 among the Escrow Issuers, the Parent Guarantor and U.S. Bank, providing for the
issuance of $1,500,000,000 in aggregate principal amount of 9% Senior Secured Notes due 2020 (the “Additional 9% Notes”, and together with the 11.25% Notes, the 8.5% Notes and the Initial 9% Notes, the “Senior Secured
Notes”). 

  
  

	1 	Capitalized terms used but not defined herein shall have such meanings ascribed to them in the Indentures. 

 RECITALS: 

WHEREAS, pursuant to supplemental indentures executed with respect to each of the Indentures, the Company assumed the respective obligations
of the Harrah’s Issuers and the Escrow Issuers under each of the Indentures; 
 WHEREAS, pursuant to that certain Instrument of
Resignation, Appointment and Acceptance, dated July 29, 2014, among the Company, the Trustee, and U.S. Bank, UMB Bank, National Association became the successor trustee to U.S. Bank under each of the Indentures; 

WHEREAS, the Trustee and certain of the Holders allege that: (1) the Company and the Parent Guarantor have violated certain provisions of
each of the Indentures that give rise to “Defaults” under the Indentures, as that term is defined in the Indentures, including but not limited to those listed in Schedule “A” hereto (the “Specified Defaults”),
and (2) the Trustee and the Holders may at any time provide a notice of the Specified Defaults and any additional Defaults to the Company pursuant to Section 6.01 of each of the Indentures (each, a “Notice of Default”) and
to take such other actions and enforce such other rights as are available under the Indentures and applicable law; 
 WHEREAS, the Company
and the Parent Guarantor disagree with the allegations set forth in the previous paragraph and reserve all of their rights, remedies, claims, and defenses with respect thereto; and 

WHEREAS, the Caesars Entities have requested that the Trustee forbear, and the Trustee and certain of the Holders are willing temporarily to
forbear from providing a Notice of Default under the Indentures for a limited period of time, without prejudice to their proceeding at any time, to facilitate discussions among the parties, subject to the terms and the conditions set forth in this
Agreement. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, intending
to be legally bound hereby, each of the Caesars Entities, for themselves and their respective successors and assigns, waive, understand, and agree as follows: 

I. 
 AGREEMENT

 1. No Restraint on Notices of Default or Remedies. Each of the Caesars Entities hereby agrees that neither the Trustee nor the
Holders shall be restricted, limited, or prohibited from providing a Notice of Default with respect to any or all Defaults under any or all of the Indentures at any time on or after the Effective Date of this Agreement, and to take such other
actions and enforce such other rights as are available under the Indentures and applicable law. The Caesars Entities reserve their rights under the Indentures and applicable law, including without limitation the right to challenge or defend against
any Notice of Default or corresponding alleged Default on any basis not inconsistent with the terms of this Agreement. 

  
 - 2 - 

 2. Relation Back. Each of the Caesars Entities hereby agrees that, if the Trustee or
Holders provide a Notice of Default under any or all of the Indentures at any time on or after the Effective Date of this Agreement, such Notice of Default in respect of Specified Defaults under the applicable Indenture will be deemed to have been
given as of the Effective Date of this Agreement for any and all purposes; provided that if such Notice of Default is provided on or after September 19, 2014 and before September 26, 2014, each Specified Default alleged in such
Notice of Default under Section 6.01(c) or (j) of any or all of the Indentures shall become an Event of Default under the Indenture as to which such Notice of Default has been given if the Company does not cure each such Default within ten
(10) calendar days after such Notice of Default is provided; provided further that if such Notice of Default is provided on or after September 26, 2014, each Specified Default alleged in such Notice of Default under
Section 6.01(c) or (j) of any or all of the Indentures shall become an Event of Default under the Indenture as to which such Notice of Default has been given if the Company does not cure each such Default within three (3) calendar
days after such Notice of Default is provided; provided further that, notwithstanding the foregoing, the Company reserves and retains all rights to challenge whether or not any such Specified Defaults constitute actual Defaults under
the applicable Indentures. 
 3. Waiver. Each of the Caesars Entities hereby agrees not to allege, contend, assert directly or
indirectly, plead, raise by claim or defense, challenge, or otherwise contend that the rights of the Trustee or Holders to take such actions and to enforce such rights as are available under the Indentures or applicable law are in any manner
restricted, limited, or otherwise prejudiced due to any delay or failure to provide a Notice of Default on or after the Effective Date of this Agreement to the extent such claim or defense or challenge would be inconsistent with the terms of this
Agreement. 
 4. Reliance. Each of the Caesars Entities hereby acknowledges and understands that any delay or failure on the part of
the Trustee or Holders to provide a Notice of Default on or after the Effective Date of this Agreement is in reliance upon the representations and agreements contained in this Agreement. 

5. Inadmissibility. The Caesars Entities agree that they will not use this Agreement or the existence thereof as a basis for seeking
any relief in any court concerning or related to the rights and obligations under the first lien indentures (other than in defense of any action to enforce the terms of this Agreement) and agree that this Agreement shall be inadmissible for any such
use. 
 II. 

MISCELLANEOUS 
 6.
Representations and Warranties. Each of the Caesars Entities hereby represents and warrants jointly and severally that: 
 (a) It has
all requisite power, authority and legal capacity to execute and deliver this Agreement and to perform its obligations hereunder. 

  
 - 3 - 

 (b) The execution and delivery of this Agreement have been duly authorized by all requisite
corporate action on the part of the Caesars Entities. 
 (c) This Agreement has been duly and validly executed and delivered by the Caesars
Entities and constitutes legal, valid, and binding obligations of the Caesars Entities enforceable against the Caesars Entities in accordance with its terms. 

7. Effectiveness. This Agreement shall become effective as of the Effective Date upon the execution by each of the Caesars Entities of
their respective counterparts of this Agreement and the delivery thereof to the Trustee. Subject to written extension by the Caesars Entities, any Notice of Default that is provided more than one hundred twenty (120) days after the Effective
Date of this Agreement shall not have the benefit of paragraph 2 of this Agreement. 
 8. Counterparts. This Agreement may be
executed in any number of counterparts, and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same
instrument. Fax or email counterparts shall be deemed original counterparts. 
 9. Reservation of Rights. Nothing in this Agreement
shall be deemed to constitute a restriction, limitation, or waiver by the Trustee or Holders of any right or remedy, whether now existing or hereafter arising, that the Trustee or Holders may have under the Indentures, that certain Waiver Agreement
executed by the Caesars Entities on or about August 12, 2014, or applicable law. Other than as provided for in this Agreement, nothing herein shall restrict, limit or otherwise prejudice the rights of the Caesars Entities with respect to any
Notice of Default, including without limitation any action by the Caesars Entities not inconsistent with the terms of this Agreement. 

  
 - 4 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date set forth above,
by their respective duly authorized officers. 
  

			
	CAESARS ENTERTAINMENT OPERATING COMPANY, INC.
		
	By:	 	 /s/ Mary E. Higgins

		 	Mary E. Higgins
		 	CFO
	
	CAESARS ENTERTAINMENT CORPORATION
		
	By:	 	 /s/ Donald Colvin

		 	Donald Colvin
		 	CFO

  
 - 5 - 

 Schedule A 

Specified Defaults consist of any defaults pursuant to: 

(a) Sections 6.01 and 6.01(j) of the Indentures arising from the failure of Caesars Entertainment Operating Company, Inc.
(“CEOC”) and the other Pledgors (as defined in the Collateral Agreement) to comply with Section 4.04(b) of the Collateral Agreement, including without limitation, because the Pledgors (including CEOC) hold Commercial Tort
Claims that can be reasonably estimated to exceed $15,000,000, including, without limitation, those set forth on Exhibit A hereto, but such Pledgors have failed to so notify the Collateral Agent and have failed to grant the Collateral Agent security
interests in such Commercial Tort Claims and the proceeds thereof (the “Commercial Tort Claims Default”); 
 (b) Sections
6.01 and 6.01(c) of the Indentures arising from the failure of CEOC and certain of its Restricted Subsidiaries to comply with Section 4.06(a) of the Indentures (the “May Asset Sale Default”) in connection with the transactions
(collectively, the “May Transactions”) consummated pursuant to, in contemplation of, or in connection with the Transaction Agreement dated as of March 1, 2014, as amended, by and among Caesars Entertainment Corporation
(“CEC”), CEOC, Caesars License Company, LLC, Harrah’s New Orleans Management Company, Comer Investment Company, LLC, 3535 LV Corp., Parball Corporation, JCC Holding Company II, LLC, Caesars Acquisition Company and Caesars
Growth Partners, LLC, including without limitation, because (i) the consideration received by CEOC and its Restricted Subsidiaries in the May Transactions was not at least equal to the Fair Market Value of the assets that were transferred, and
CEOC could not in good faith have determined otherwise, and (ii) any purported attempt by CEOC to designate the May Transactions as Permitted Investments under the Indentures was ineffective because, to the extent that any such assets were
transferred to Unrestricted Subsidiaries, such transfers did not constitute “investments”; 
 (c) Sections 6.01 and 6.01(c) of the
Indentures arising from the failure of CEOC and certain of its Restricted Subsidiaries to comply with Section 4.07(a) of the Indentures (the “May Affiliate Transaction Default”) in connection with the May Transactions,
including without limitation, because (i) the May Transactions were on terms that were materially less favorable to CEOC or the relevant Restricted Subsidiaries than those that could have been obtained in a comparable transaction by CEOC or
such Restricted Subsidiaries with unrelated Persons, (ii) the Board of Directors of CEOC could not in good faith have approved the May Transactions, and (iii) any purported attempt by CEOC to designate the May Transactions as Permitted
Investments under the Indentures was ineffective because, to the extent that any such assets were transferred to Unrestricted Subsidiaries, such transfers did not constitute “investments”; 

(d) Sections 6.01 and 6.01(c) of the Indentures arising from the failure of CEOC and certain of its Restricted Subsidiaries to comply with
Section 4.06(a) of the Indentures (the “Services Asset Sale Default”) in connection with the transactions (collectively, the “Services Transactions”) consummated pursuant to, in contemplation of, or in
connection with the Omnibus License and Enterprise Services Agreement, dated as of May 20, 2014, by and among Caesars Enterprise Services, LLC, CEOC, Caesars Entertainment Resort Properties LLC,

  
 1 

 
Caesars Growth Partners, LLC, Caesars Licensing Company, LLC, and Caesars World, Inc., including without limitation, because the consideration received by CEOC and its Restricted Subsidiaries in
the Services Transactions was not at least equal to the Fair Market Value of the assets that were transferred, and CEOC could not in good faith have determined otherwise; 

(e) Sections 6.01 and 6.01(c) of the Indentures arising from the failure of CEOC and certain of its Restricted Subsidiaries to comply with
Section 4.07(a) of the Indentures (the “Services Affiliate Transaction Default”) in connection with the Services Transactions, including without limitation, because (i) the Services Transactions were on terms that were
materially less favorable to CEOC or the relevant Restricted Subsidiaries than those that could have been obtained in a comparable transaction by CEOC or such Restricted Subsidiaries with unrelated Persons, and (ii) the Board of Directors of
CEOC could not in good faith have approved the Services Transactions; 
 (f) Sections 6.01 and 6.01(c) of the Indentures arising from the
failure of CEOC and certain of its Restricted Subsidiaries to comply with Section 4.07(a) of the Indentures (the “CEC Affiliate Transaction Default”) in connection with the transactions (collectively, the “CEC
Transactions”), inclusive of any and all transfers made in calendar years 2012, 2013 and 2014, consummated pursuant to, in contemplation of, or in connection with (i) the Amended and Restated Credit Agreement, dated as of
November 14, 2012, among CEOC, as borrower, and CEC, as lender, and any predecessor or successor agreements, and (ii) the Global Intercompany Note, dated as of January 28, 2008, among CEOC and certain affiliate parties thereto,
including without limitation, because (x) the CEC Transactions were on terms that were materially less favorable to CEOC than those that could have been obtained in a comparable transaction by CEOC with unrelated Persons, and (y) the Board
of Directors of CEOC could not in good faith have approved the CEC Transactions; 
 (g) Sections 6.01 and 6.01(c) of the Indentures arising
from the failure of CEOC to comply with Section 4.12 of the Indentures (the “Prohibited Lien Default”) in connection with the transactions (collectively, the “Incurrence Transactions”) consummated pursuant to,
in contemplation of, or in connection with the Incremental Facility Amendment and Term B-7 Agreement, dated as of June 11, 2014, among Caesars Operating Escrow LLC, Caesars Entertainment Corporation, the Incremental Lenders party thereto, Bank
of America, N.A., Credit Suisse AG, Cayman Islands Branch, and upon the assumption of the Term B-7 Loans, Caesars Entertainment Operating Company, Inc., and the Amendment Agreement, dated as of July 25, 2014, among Caesars Entertainment
Corporation, Caesars Entertainment Operating Company, Inc., the Lenders party thereto, Bank of America, N.A., Credit Suisse AG, Cayman Islands Branch, and the other arrangers and bookrunners party thereto, including without limitation, because
(i) the Incurrence Transactions resulted in CEOC’s incurrence of Liens securing First Priority Lien Obligations, and (ii) those Liens were not Permitted Liens because (a) the Incurrence Transactions resulted in CEOC having
incurred Liens securing First Priority Lien Obligations in an aggregate principal amount that exceeded an aggregate principal amount of $11,000 million under the Credit Agreement, as described in Section 4.03(b)(i), and (b) the Secured
Indebtedness Leverage Ratio (as defined in the Indentures) exceeded 4.50x at the time of the Incurrence Transactions; 

  
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 (h) Sections 6.01 and 6.01(c) of the Indentures arising from the failure of CEOC to comply with
Section 4.04(a) of the Indentures (the “Restricted Payment Default”) in connection with the transactions (collectively, the “Restricted Transactions”) consummated pursuant to, in contemplation of, or in
connection with the Note Purchase and Support Agreement entered into among CEOC, CEC, and certain holders of CEOC’s outstanding 6.50% Senior Notes due 2016 and 5.75% Senior Notes due 2017, in connection with a private refinancing transaction,
as described in CEC’s Form 8-K filed with the United States Securities & Exchange Commission on or about August 12, 2014, including without limitation, because (i) the Restricted Transactions resulted in or will result in
CEOC’s repurchase and acquisition of “Long-Term Retained Notes,” as that term is defined in the Indentures, prior to their scheduled maturity, and (ii) the Restricted Transactions are not otherwise permitted under
Section 4.04(a) or (b); and 
 (i) Sections 6.01 and 6.01(j) of the Indentures arising from the failure of CEOC and certain of its
Restricted Subsidiaries to comply with Section 3.06(a)(i) of the Collateral Agreement (collectively, with the Commercial Tort Claims Default, the May Asset Sale Default, the May Affiliate Transaction Default, the Services Asset Sale Default,
the Services Affiliate Transaction Default, the CEC Affiliate Transaction Default, the Prohibited Lien Default, and the Restricted Payment Default, the “Specified Defaults”), including without limitation, because such entities
exercised their voting and/or other consensual rights and powers in respect of the Pledged Collateral (as defined in the Collateral Agreement) to approve the May Transactions, the Services Transactions, the CEC Transactions, the Incurrence
Transactions, and the Restricted Transactions, which materially and adversely affected the rights and remedies of the Collateral Agent, the Trustee and the holders of the Notes under the Collateral Agreement and the Indentures. 

  
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 Exhibit A 
  

	 	1.	Commercial Tort Claims arising out of, in connection with, or otherwise relating to the transfer by Caesars Entertainment Operating Company, Inc. or any of its subsidiaries of its direct or indirect rights and interests
in certain intellectual property and trademark assets to Caesars Entertainment Corporation and/or its subsidiaries in or about August 2010, and any actions or transactions in contemplation thereof or related thereto. 

 

	 	2.	Commercial Tort Claims arising out of, in connection with, or otherwise relating to the transfer by Caesars Entertainment Operating Company, Inc. or any of its subsidiaries of its direct or indirect rights and interests
in Caesars Interactive Entertainment, Inc. (and any of its affiliates) to Caesars Entertainment Corporation or any of its subsidiaries, in or about 2011, and any action or transaction in contemplation thereof or related thereto. 

 

	 	3.	Commercial Tort Claims arising out of, in connection with, or otherwise relating to that certain Cross Marketing and Trademark License Agreement, dated as of September 29, 2011, by and among Caesars Entertainment
Corporation, Caesars Entertainment Operating Company, Inc., the Licensors thereto, and Caesars Interactive Entertainment, Inc., and any action or transaction in contemplation thereof or related thereto. 

 

	 	4.	Commercial Tort Claims arising out of, in connection with, or otherwise relating to that certain Transaction Agreement, dated as of October 21, 2013, by and among Caesars Entertainment Corporation, HIE Holdings,
Inc., Harrah’s BC, Inc., PHW Las Vegas, LLC, PHW Manager, LLC, Caesars Baltimore Acquisition Company, LLC, Caesars Baltimore Management Company, LLC, Caesars Acquisition Company and Caesars Growth Partners, LLC, and any actions or transactions
in contemplation thereof or related thereto. 

  

	 	5.	Commercial Tort Claims arising out of, in connection with, or otherwise relating to: (i) that certain Amended and Restated Limited Liability Company Agreement of Caesars Growth Partners, LLC, dated as of
October 21, 2013, by and among Caesars Acquisition Company, HIE Holdings, Inc., and Harrah’s BC, Inc.; (ii) any prior related agreement including that certain Operating Agreement of Caesars Growth Partners, LLC, dated as of
July 18, 2013; and (iii) any actions or transactions in contemplation thereof or related thereto. 

  

	 	6.	Commercial Tort Claims arising out of, in connection with, or otherwise relating to the creation of Octavius/Linq Intermediate Holding, LLC, and the transfer of its membership interests to Rio Properties, LLC, in or
around October 2013 and any actions or transactions in contemplation thereof or related thereto. 

  

	 	7.	 Commercial Tort Claims arising out of, in connection with, or otherwise relating to that certain Transaction Agreement, dated as of March 1,
2014, by and among Caesars Entertainment Corporation, Caesars Entertainment Operating Company, 

  
 4 

	 	
Inc., Caesars License Company, LLC, Harrah’s New Orleans Management Company, Corner Investment Company, LLC, 3535 LV Corp., Parball Corporation, JCC Holding Company II, LLC, Caesars
Acquisition Company, and Caesars Growth Partners, LLC, and any actions or transactions in contemplation thereof or related thereto. 

  

	 	8.	Commercial Tort Claims arising out of, in connection with, or otherwise relating to: (i) that certain Amended and Restated Limited Liability Company Agreement of Caesars Enterprise Services, LLC, dated as of
May 20, 2014, by and among Caesars Entertainment Operating Company, Inc., Caesars Entertainment Resort Properties LLC, Caesars Growth Properties Holdings, LLC and Caesars Entertainment Corporation; (ii) any prior related agreement
including that certain Operating Agreement of Caesars Enterprise Services, LLC, dated as of April 4, 2014; and (iii) any actions or transactions in contemplation thereof or related thereto. 

 

	 	9.	Commercial Tort Claims arising out of, in connection with, or otherwise relating to that certain Omnibus License and Enterprise Services Agreement, dated as of May 20, 2014, by and among Caesars Enterprise
Services, LLC, Caesars Entertainment Operating Company, Inc., Caesars Entertainment Resort Properties LLC, Caesars Growth Properties Holdings, LLC, Caesars Licensing Company, LLC, and Caesars World, Inc., and any actions or transactions in
contemplation thereof or related thereto. 

  

	 	10.	Commercial Tort Claims arising out of, in connection with, or otherwise relating to Caesars Entertainment Corporation’s sale of 68.1 shares of Caesars Entertainment Operating Company, Inc.’s common stock to
certain investors on or about May 5, 2014, as described in Caesars Entertainment Corporation’s Form 8-K filed with the United States Securities & Exchange Commission on or about May 6, 2014, and any actions or transactions in
contemplation thereof or related thereto. 

  

	 	11.	 Commercial Tort Claims arising out of, in connection with, or otherwise relating to any termination of Caesars Entertainment Corporation’s
guarantee of the notes and the obligations of Caesars Entertainment Operating Company, Inc., including, but not limited to, those issued and incurred under (i) that certain indenture dated as of June 10, 2009, as amended, with respect to
its 11.25% Senior Secured Notes due 2017, (ii) that certain indenture dated as of February 14, 2012, as amended, with respect to its 8.5% Senior Secured Notes due 2020; (iii) that certain indenture dated as of August 22, 2012, as
amended, with respect to its 9% Senior Secured Notes due 2020; (iv) that certain indenture dated as of February 15,2013, as amended, with respect to its 9% Senior Secured Notes due 2020, (v) that certain indenture dated as of
December 24, 2008, as amended, with respect to its 10.00% Second-Priority Senior Secured Notes due 2015 and its 10.00% Second Priority Senior Secured Notes due 2018, (vi) that certain indenture dated as of April 15, 2009, as amended,
with respect to its 10.00% Second-Priority Senior Secured Notes due 2018, (vii) that certain indenture dated as of April 16, 2010, as 

  
 - 5 - 

	 	
amended, with respect to its 12.75% Second-Priority Senior Secured Notes due 2018, (viii) that certain indenture dated as of June 9, 2006, as amended, with respect to its 6.5% Senior
Notes due 2016, (ix) that certain indenture dated as of September 28, 2005, as amended, with respect to its 5.75% Senior Notes due 2017, and (x) that certain indenture dated as of February 1, 2008, as amended, with respect to its
10.75% Senior Notes due 2016 and its 10.75% / 11.5% Senior Toggle Notes due 2018, and any actions or transactions in contemplation thereof or related to any of the foregoing. 

 

	 	12.	Commercial Tort Claims arising out of, in connection with, or otherwise relating to Caesars Entertainment Operating Company, Inc.’ s tender offers for any and all of its 5.625% Senior Notes due 2015 (the
“5.625% Notes”) and any and all of its 10.00% Second-Priority Senior Secured Notes due 2015, as described in Caesars Entertainment Corporation’s Form 8-K filed with the United States Securities & Exchange Commission on
or about May 6, 2014 (the “May 6, 2014 8-K”), and any actions or transactions in contemplation thereof or related thereto, including but not limited to (i) the note purchase agreements described in the May 6, 2014 8-K
and (ii) the new incremental term loans under Caesars Entertainment Operating Company Inc.’s. senior secured credit facilities described in the May 6, 2014 8-K. 

 

	 	13.	Commercial Tort Claims arising out of, in connection with, or otherwise relating to (i) that certain Amended and Restated Credit Agreement, dated as of November 14, 2012, among Caesars Entertainment Operating
Company, Inc., as borrower, and Caesars Entertainment Corporation, as lender, and any predecessor or successor agreements, and (ii) that certain Global Intercompany Note, dated as of January 28, 2008, among Caesars Entertainment Operating
Company, Inc. and certain affiliate parties thereto, and any actions or transactions in contemplation thereof or related thereto. 

  

	 	14.	Commercial Tort Claims arising out of, in connection with, or otherwise relating to that certain Incremental Facility Amendment and Term B-7 Agreement, dated as of June 11, 2014, among Caesars Operating Escrow LLC,
Caesars Entertainment Corporation, the Incremental Lenders party thereto, Bank of America, N.A., Credit Suisse AG, Cayman Islands Branch, and upon the assumption of the Term B-7 Loans, Caesars Entertainment Operating Company, Inc., and any actions,
investments and transactions in contemplation thereof or related thereto. 

  

	 	15.	Commercial Tort Claims arising out of, in connection with, or otherwise relating to that certain Amendment Agreement, dated as of July 25, 2014, and any other proposed or consummated amendments to the Second
Amended and Restated Credit Agreement, dated as of March 1, 2012, among Caesars Entertainment Corporation, Caesars Entertainment Operating Company, Inc., the Lenders party thereto, Bank of America, N.A., Credit Suisse AG, Cayman Islands Branch,
and the other arrangers and bookrunners party thereto, and any actions, investments and transactions in contemplation thereof or related thereto. 

  
 - 6 - 

	 	16.	Commercial Tort Claims arising out of, in connection with, or otherwise relating to Caesars Entertainment Operating Company, Inc.’s purchase and subsequent closure of the Atlantic Club Casino Hotel in or about
January 2014, and any actions or transactions in contemplation thereof or related thereto. 

  

	 	17.	Commercial Tort Claims arising out of, in connection with, or otherwise relating to Caesars Entertainment Corporation’s adoption of the Caesars Acquisition Company Equity-Based Compensation Plan, as described in
Caesars Entertainment Corporation’s Form 8-K filed with the United States Securities & Exchange Commission on or about April 16, 2014, and any actions or transactions in contemplation thereof or related thereto. 

 

	 	18.	Commercial Tort Claims arising out of, in connection with, or otherwise relating to the lease agreement(s) entered into by and between Caesars Entertainment Resort Properties, Desert Palace, Inc., and/or CEOC (or other
of its subsidiaries) concerning the lease of Octavius Tower, as described in Caesars Entertainment Resort Properties’ Form 10-Q filed with the United States Securities & Exchange Commission on May 30, 2014, and any actions or
transactions in contemplation thereof or related thereto. 

  

	 	19.	Commercial Tort Claims arising out of, in connection with, or otherwise relating to the closure of the Showboat Atlantic City, as described in Caesars Entertainment Corporation’s Form 8-K filed with the United
States Securities & Exchange Commission on or about June 27, 2014, and any actions or transactions in contemplation thereof or related thereto. 

  

	 	20.	Commercial Tort Claims arising out of, in connection with, or otherwise relating to the Note Purchase and Support Agreement entered into among Caesars Entertainment Operating Company, Inc., Caesars Entertainment
Corporation, and certain holders of Caesars Entertainment Operating Company, Inc.’s outstanding 6.50% Senior Notes due 2016 and 5.75% Senior Notes due 2017, in connection with a private refinancing transaction, as described in Caesars
Entertainment Corporation’s Form 8-K filed with the United States Securities & Exchange Commission on or about August 12, 2014, and any actions or transactions in contemplation thereof or related thereto. 

 

	 	21.	Commercial Tort Claims arising out of, in connection with, or otherwise relating to any transfer of value by Caesars Entertainment Operating Company, Inc., or any of its subsidiaries to any insider or affiliate,
including but not limited to, any transfers made in connection with or related to the transactions identified on this Schedule. 

  

	 	22.	Commercial Tort Claims against any entity premised upon theories of alter ego, piercing the corporate veil, substantive consolidation and other similar theories, including, but not limited to those arising out of or
otherwise relating to the Commercial Torts Claims identified on this Schedule. 

  
 - 7 -

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