Document:

EX-10.(kk)

 EXHIBIT 10(kk) 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT is made and entered
into as of February 28, 2011 (“Employment Agreement”), between CHURCHILL DOWNS INCORPORATED, a Kentucky corporation (“Company”) and Alan Tse (“Tse”). 

1. Employment. Pursuant to this Employment Agreement, the Company shall employ Tse, and Tse shall accept employment, in the
capacity of Executive Vice President and General Counsel of the Company, reporting to the President and Chief Executive Officer (the “CEO”) of the Company. Tse and the Company hereby agree that March 22, 2011, is the date on which
Tse’s employment shall begin (the “Effective Date”). Tse shall exert his best efforts and devote his full time and attention to the business and affairs of the Company. Tse shall have all powers and responsibilities attendant to the
position of General Counsel assigned to him or delegated to him by the CEO. The duties and responsibilities of said position may be described in a position description mutually acceptable to him and the CEO; provided that said position shall, in any
case, include (i) those normal and customary duties associated with a position of General Counsel (managing the day to day legal and regulatory compliance activities of the Company and advising the Board of Directors on governance issues) and
(ii) serving on the Executive Leadership team. Tse shall occupy an office at the Company’s headquarters in Louisville, Kentucky. 
 2. Compensation and Perquisites. 
 A. Salary. As compensation for
the services rendered by Tse hereunder, the Company shall pay to Tse a base salary (“base salary”) of $290,000 a year, payable in accordance with the Company’s standard payroll procedures. The base salary shall be prorated in 2011
based upon the proportion of the year remaining as of the Effective Date. Salary adjustments, if any, shall be made, in the discretion of the Compensation Committee of the Board of Directors, at any time but will normally occur in April of each year
in accordance with standard Company policy, beginning for Tse no sooner than April 2012, and in no event may Tse’s base salary be reduced below the annualized base salary paid in the preceding year, unless such reductions are made for other
senior executive officers and the chief executive officer of the Company. 
 B. Expenses. The Company will reimburse Tse
for all reasonable and necessary travel and other out-of-pocket expenses incurred by him in the performance of his duties. The Company will pay Tse’s reasonable travel and entertainment expenses and other reasonable expenses incurred on behalf
of the Company’s business. Tse shall present to the Company on a timely basis from time to time an itemized account of such expenses in such form as may be required by the Company. The reimbursement of such expenses shall be subject to the
customary policies of the Company. 
 C. Miscellaneous Allowance. The Company will provide Tse with an annual allowance
of $10,000 to be paid ratably throughout the year pursuant to the Company’s normal payroll practice, so long as similar benefits are provided to other members of the Executive Leadership Team. This allowance will be prorated in 2011 based upon
the proportion of the year remaining as of the Effective Date. The Company may terminate such benefits at its discretion. 

  
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 D. Moving Expenses. The Company will pay to Tse his reasonable moving expenses
actually incurred up to a maximum of $75,000 (the “Relocation Expenses”), which include but are not limited to, transportation costs, cost of relocating household goods, temporary housing, sales expenses relating to home (including any
commissions due to any real estate agent in connection with the sale or purchase of a house), and living allowances incurred by him in connection with his relocation to Louisville, Kentucky. Tse shall present to the Company an itemized account and
supportive documentation of such expenses. The Company represents that it intends to use the Buyer Value Option “BVO” Program to assist in Tse’s relocation. Relocation Today will manage Tse’s total relocation in conjunction with
the Company’s Human Resources Department. Tse will be required to sign a relocation payback agreement (attached hereto as Exhibit A). 
 E. Cash Signing Bonus: Tse shall receive a cash signing bonus of $80,000, $20,000 to be paid within thirty (30) days of the Effective Date and $60,000 to be paid within 30 days after the
family has completed their move to Louisville, Kentucky. Tse agrees that that if he terminates employment within twelve (12) months of the Effective Date he will repay the cash signing bonus on a daily calendar pro-rated basis [(365
minus number of days since the Effective Date) divided by 365 multiplied by $80,000)]. 
 All payments and
other compensation to Tse shall be subject to applicable withholding. 
 3. Employee Benefits. 

A. Employee Stock Purchase Plan. Tse shall be entitled to participate in the Churchill Downs Incorporated 2000 Employee Stock
Purchase Plan, beginning with the earliest entry date under the terms of the plan that follows the Effective Date, and subject to and on a basis consistent with the terms, conditions and overall administration of such plan. 

B. Long Term Incentive Plan. Tse shall be entitled to participate in the Company’s Terms and Conditions of Performance Share
Awards Issued Pursuant to The Churchill Downs Incorporated 2007 Omnibus Stock Incentive Plan (“Long Term Incentive Plan” or “LTIP”) subject to and on a basis consistent with the terms and conditions and overall administration of
such plan. 
 Tse’s award shall be based on achievement of certain performance goals and vesting criteria as approved by the Compensation
Committee of the Board of Directors. Tse’s LTIP target award opportunity will be $800,000 with terms similar to those other participants at his level. 
 All LTIP awards will be administered per the terms and conditions of the Long Term Incentive Plan and may require Compensation Committee and Board of Director approval. Tse acknowledges receipt of a copy
of the LTIP 
 C. Medical, Dental, Vision and Life Insurance. Tse will be eligible to participate in the Company’s
medical, dental, vision, disability and life insurance plans on the same basis as generally offered to other executives of the Company from time to time. Tse acknowledges receipt of a summary of those benefits. 

  
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 D. Incentive Compensation Plan. Tse shall be entitled to participate in the
Company’s (1997) Incentive Compensation Plan, as amended and restated (the “ICP”), subject to and on a basis consistent with the terms, conditions and overall administration of such plan. For purposes of participation in the ICP,
Tse’s Target Award (as defined therein) for calendar year 2011 shall be set at sixty percent (60%) of base salary. The bonus award for calendar year 2011 performance will be paid in March 2012, and pro-rated based upon the proportion of
the year remaining as of the Effective Date. The ICP may be modified, adjusted and changed from time to time at the discretion of the Company. Tse acknowledges receipt of a copy of the ICP. 

E. Section 401(k) Retirement Plan. Tse shall be entitled to participate in the Company’s Section 401(k) Retirement
Plan, subject to and on a basis consistent with the terms, conditions and overall administration of such plan. 
 F. Other
Plans and Programs. Tse will be eligible to participate in all other plans and programs offered to executives of the Company, subject to and on a basis consistent with the terms, conditions and overall administrative requirements of such plans,
including, without limitation, the Deferred Compensation Plan, the 125 Flex Plan, Executive Supplemental Long Term Disability Insurance; provided that, in some instances, Tse will not be able to participate in such plans until he has completed the
required term of employment as required under the terms of such plans. 
 4. Vacation. Tse shall be awarded paid time off
(PTO) consistent with the Company’s established policy as amended from time to time. 
 5. Termination of
Employment. The Company may terminate Tse’s employment at any time, for any reason. 
 A. By Company (except for
termination for Cause), or Tse for Good Reason. In the event Tse is terminated by the Company, without Cause or in the event of Tse’s termination of employment for Good Reason, the Company shall pay or otherwise provide to Tse the following
amounts and benefits (the “Termination Benefits”): 
 (i) the Company shall pay Tse a severance benefit in accordance
with the Company’s Executive Severance Policy as it may exist from time to time and at the time he incurs an employment termination eligible for payment under such plan; provided that if such termination occurs within eighteen (18) months
of the Effective Date, the severance benefit shall equal twelve (12) months of base salary at the base salary then in effect (unless a reduction in base salary is the basis for Tse’s termination of employment for Good Reason, in which case
the base salary in effect immediately prior to such reduction), 
 (ii) the Company shall pay Tse a pro rated annual bonus for
the year in which Tse’s termination occurs based, at a minimum, on the Target Award (as defined in the ICP), subject to the Company’s accomplishment of the Threshold Company Goal under the ICP for such year as applied to all employee
participants in the ICP. Such amount shall be payable at the time and in the manner stipulated in the ICP, 

  
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 (iii) any equity based award shall be governed by the applicable plan or program (except as
set forth in item (v) below), 
 (iv) the Company shall permit Tse to continue to participate in all other employee
benefits programs in which Tse participated at the time of employment termination, in each case from the date of employment termination until the six (6) month anniversary thereof, with the exception of the Company’s Section 401(k)
Retirement Plan, the 2005 Churchill Downs Incorporated Deferred Compensation Plan, the Churchill Downs Incorporated 2000 Employee Stock Purchase Plan, the Company’s 125 Flex Plan and the Company’s Life and Disability Insurance programs;
provided however, that the Company’s obligations under this subparagraph (v) shall be reduced or eliminated (including, without limitation, as required by the COBRA continuation coverage provisions applicable to the Company health care
plan) to the extent Tse receives similar coverage and benefits under plans and programs of a subsequent employer. 
 In
consideration of the receipt of the payments and benefits of this Paragraph 5 (A), and as a condition thereto, Tse specifically agrees to execute the Company’s standard employee release and waiver agreement (as modified if necessary to be
consistent with the terms of this Employment Agreement) at the time of employment termination, whereby the employee releases and waives any and all claims and causes of action of any kind or nature whatsoever, whether known or unknown and whether or
not specifically mentioned, which may exist or might be claimed to exist at or prior to the date of employment termination, including without limitation any future injuries, losses or damages not known or anticipated at the time of employment
termination but which may later develop or become discovered (including the effects or consequences thereof) and which are attributable to such claims. This release and waiver agreement includes any claims which might exist as of the date of
execution of the agreement, and shall conform in all respects to requirements for a valid and enforceable release and waiver of claims under the Age Discrimination in Employment Act (ADEA). 

B. By Company — (for Cause). In the event Tse is terminated by the Company for Cause, the Company shall be obligated to pay
Tse’s then base salary only through the end of the month during which such termination occurs, plus such other sums as are payable under this Employment Agreement and which shall have accrued through the end of such month. 

For purposes of this Agreement, the term “Cause” means: 

(i) the continued failure of Tse to perform substantially his duties hereunder (other than any such failure resulting from incapacity
due to disability) after written demand for substantial performance improvement is delivered by the Company that specifically identifies the manner in which the Company believes Tse has not substantially performed his duties, 

(ii) Tse’s conviction of, or plea of guilty or no contest to (A) a felony or (B) a misdemeanor involving dishonesty or
moral turpitude; 
 (iii) the engaging by Tse in illegal conduct or gross misconduct which is materially and demonstrably
injurious to the business or reputation of the Company; 

  
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 (iv) the failure of Tse to [A] demonstrate substantial progress by March 31, 2012, in
the relocation of his family to Louisville, Kentucky or [B] complete such relocation by July 1, 2012, or notice (in writing or otherwise) from Tse at any time that he will not relocate; or 

(v) the inability of Tse to obtain a gaming license in any jurisdiction in which the Company engages in business requiring such license.

 The Company shall give written notice to Tse of the termination for Cause. Such notice shall state in detail the particular
act or acts or the failure or failures to act that constitute the ground on which the termination for Cause is based. Such notice shall be given within six (6) months of the occurrence of, or, if later, the Company’s actual knowledge of,
the act or acts or the failure or failures to act which constitute the grounds for Cause. Tse shall have sixty (60) days upon receipt of the notice in which to cure such conduct, to the extent such cure is possible. 

C. Termination following a Change in Control. In the event Tse is terminated by the Company within twenty-four (24) months
following a Change in Control other than for Cause, disability or death, or if Tse voluntarily resigns for Good Reason within such twenty-four (24) month period, Tse shall receive the benefits described in Paragraph 5(A). 

For purposes of this Agreement, the term “Change in Control” means the first to occur of the following events: 

(i) the acquisition, directly or indirectly, by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2)
of the Exchange Act) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 50% of either the then-outstanding voting securities of the Company (the “Outstanding Company
Common Stock”) or the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for
purposes of this subsection (i), the following acquisitions shall not constitute a Change of Control: (w) any acquisition directly from the Company, (x) any acquisition by the Company or any of its subsidiaries, (y) any acquisition by
any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company, or (z) any acquisition by any corporation pursuant to a transaction which complies with clauses (x), (y) and
(z) of subsection (iii) below; 
 (ii) individuals who, as of the Effective Date of this Agreement, constitute the
Board of Directors of the Company (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the Effective Date of this Agreement
whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the
Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or
threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; 

  
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 (iii) consummation of a reorganization, merger or consolidation or sale or other
disposition of all or substantially all of the assets of the Company or the acquisition of assets of another entity (a “Corporate Transaction”), in each case, unless, immediately following such Corporate Transaction, (x) all or
substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Corporate Transaction beneficially own,
directly or indirectly, more than 50% of, respectively, the then-outstanding shares of Common Stock and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, as the case may be,
of the Company resulting from such Corporate Transaction (including, without limitation, an entity which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more
subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Corporate Transaction, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (y) no Person
(excluding any corporation resulting from such Corporate Transaction or any employee benefit plan (or related trust) of the Company or such corporation resulting from such Corporate Transaction) beneficially owns, directly or indirectly, 50% or more
of, respectively, the then Outstanding Company Common Stock resulting from such Corporate Transaction or the Outstanding Company Voting Securities resulting from such Corporate Transaction, except to the extent that such ownership existed prior to
the Corporate Transaction, and (z) at least a majority of the members of the Board of the Company resulting from the Corporate Transaction were members of the Incumbent Board at the time of the execution of the initial plan or action of the
Board providing for such Corporate Transaction; or 
 (iv) approval by the shareholders of the Company of a complete
liquidation or dissolution of the Company. 
 D. Voluntary Termination by Tse. Tse may at any time resign from his
position after giving the Company not less than thirty (30) days prior written notice of the effective date of his resignation. Any such resignation shall not be deemed to be a material breach by Tse of this Employment Agreement and, except as
contemplated by Paragraph 5(E), Tse shall not be entitled to receive the severance payment contemplated by Paragraph 5(A). Termination by Tse within the first twelve (12) months of employment under this Paragraph 5(D) (but not Paragraph 5(E))
will result in the pro-rated repayment of the cash signing bonus, and within the first twenty-four (24) months of employment the repayment of relocation expenses as outlined in the relocation payback agreement referred to in Section 2.D
above. It is further agreed that upon such resignation, except for (i) obligations of either party to the other which have accrued through the date of Tse’s resignation and (ii) the obligations of Paragraph 6, Tse and the Company
shall be and remain fully and finally released from all further and future obligations of performance under this Employment Agreement. 
 E. Termination by Tse for Good Reason. Tse may, in his sole discretion, terminate his employment with the Company for Good Reason, as defined herein; provided such termination of employment must
occur within one (1) year following the initial existence of one or more of the following conditions (without the consent of Tse), each of which shall constitute and be defined as “Good Reason”: (i) a material diminution of base
compensation, (ii) a material diminution of authority, duties or responsibilities, (iii) a material diminution in the authority, 

  
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duties, or responsibilities of the individual to whom he is required to report, including a requirement that he report to the Chief Executive Officer of the Company, (iv) a material
diminution in the budget over which he retains authority, (v) a material change in the geographic location at which he must perform his services, or (vi) any other action or inaction that constitutes a material breach of this Employment
Agreement. Prior to exercising his right to terminate employment for Good Reason, Tse shall, within sixty (60) days of the initial occurrence of the condition described in items (i) through (vi) above which constitutes Good Reason,
give written notice to the Company of the existence of such condition. Upon receipt of such notice the Company shall have sixty (60) days in which to remedy such condition and not be required to pay the amount. 

6. Other Conditions of Employment. Tse agrees that in the case of (i), (ii), (iii) and (v) below for a period of two
(2) years from, and in the case of (iv) below at all times after, the date he ceases to be an employee of the Company or any subsidiary of the Company, regardless of the reason for no longer being an employee, he will not directly or
indirectly: 
 (i) solicit any customers or prospective customers of Company for the purpose of selling them products or
services that compete with those of Company, 
 (ii) solicit any Company sponsors, media rights holders, or any other entity
that pays Company money in exchange for use of its tangible or intangible assets, 
 (iii) solicit or recruit in any form, as
employees, contractors, subcontractors, consultants or other capacity in which such individuals provided services of material business value, any employees or former employees of Company (except those former employees whose employment with the
Company terminated prior to the Effective Date), 
 (iv) disclose to any third parties or use to his own benefit, directly or
indirectly, any confidential or proprietary information or knowledge of Company, or 
 (v) work with or for a competitor of
Company, or for himself, in any manner which would potentially subject Company trade secrets of confidential information to disclosure and/or misuse. 
 7. Notices. All notices, requests, demands and other communications provided for by this Employment Agreement shall be in writing and shall be sufficiently given if and when mailed in the
continental United States by registered or certified mail or personally delivered to the party entitled thereto at the address stated below or to such changed address as the addressee may have given by a similar notice: 

 

			
	To the Company	  	 Churchill Downs Incorporated

Attn: Vice President Human Resources
 700 Central
Avenue
 Louisville, Kentucky 40208

		
	To Tse:	  	To such address as shall most currently appear on the records of the Company

  
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 8. Amendment or Modification; Waiver. No provision of this Employment Agreement may
be amended, modified or waived unless such amendment, modification or waiver shall be authorized by the Board of Directors and shall be agreed to in writing, signed by Tse and by the Chief Executive Officer. Except as otherwise specifically provided
in this Employment Agreement, no waiver by either party hereto of any breach by the other party thereto of any condition or provision of this Employment Agreement to be performed by such other party shall be deemed a waiver of a subsequent breach of
such condition or provision or a waiver of a similar or dissimilar provision or condition at the same or at any prior or subsequent time. 
 9. Severability. In the event that any provision or portion of this Employment Agreement shall be determined to be invalid or unenforceable for any reason, the remaining provisions and portions of
this Employment Agreement shall be unaffected thereby and shall remain in full force and effect to the fullest extent permitted by law. 
 10. Applicable Law. This Employment Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Kentucky. 

11. Obligation to Mitigate; No Right of Offset. In the event of any termination of employment, Tse shall be under no obligation to
seek other employment and, except as specifically provided herein, there shall be no offset against amounts due to Tse under this Employment Agreement on account of any remuneration attributable to any subsequent employment that he may obtain or for
claims the Company may have against him. 
 12. Background Check. Tse agrees that this Employment Agreement is contingent
upon a successful background check and submission of satisfactory proof to work in the United States. Failure to submit this proof prohibits Company from hiring Tse. This Employment Agreement is also subject to the approval of the Company’s
Board of Directors. 

  
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 IN WITNESS WHEREOF, the parties have executed this Employment Agreement as of the date and
year first above written. 
  

			
	CHURCHILL DOWNS INCORPORATED
		
	By:	 	 /s/ Robert L. Evans

		 	Robert L. Evans, President and Chief Executive Officer
		
		 	 /s/ Alan Tse

		 	Alan Tse

  
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 EXHIBIT 10(ll) 
 CHURCHILL DOWNS INCORPORATED 
 RESTRICTED STOCK AGREEMENT

 THIS RESTRICTED STOCK AGREEMENT (the “Agreement”) is made as of the      day of
        , 20     by and between              (“Participant”), who resides at
                    , and Churchill Downs Incorporated (the “Company”), a Kentucky corporation with its principal place of business at 700
Central Avenue, Louisville, Kentucky 40208, pursuant to the provisions of the Churchill Downs Incorporated 2007 Omnibus Stock Incentive Plan (the “Plan”). 
 WITNESSETH: 
 WHEREAS, on March 15, 2007 the Board of Directors of the
Company (the “Board”) adopted the Plan, which was approved by the shareholders of the Company at the 2007 Annual Meeting of Shareholders on June 28, 2007; 
 WHEREAS, the Plan provides for the granting of Restricted Shares of the Company’s Common Stock (the “Stock”), in accordance with the terms and provisions thereof; 

WHEREAS, the Compensation Committee of the Board (the “Committee”) has been delegated authority to administer the Plan in all
respects; 
 WHEREAS, the Company and the Participant have entered into that certain employment agreement of dated as of
            , 20     (the “Employment Agreement”) pursuant to which, among other things, the Company has agreed to grant to the Participant
         shares of the Company’s common stock pursuant to the terms of the Plan; 

WHEREAS, the Compensation Committee has determined that it would be in the best interest of the Company and its Subsidiaries to grant the
Restricted Shares documented herein. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual undertakings herein
contained, and for other good and valuable consideration, the mutuality, receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
 1. Grant of Stock. In accordance with the terms of the Plan and subject to the further terms, conditions and restrictions contained in this Agreement, the Company hereby grants to Participant
         shares (the “Shares”) of the Company’s Stock, in consideration for services to be performed by Participant as an employee of the Company or a Subsidiary. As long as the Shares are
subject to the Restrictions set forth in Section 4 of this Agreement, such shares shall be deemed to be, and are referred to in this Agreement as, the “Restricted Shares.” 

2. Certificates for Shares; Proxies. The Company shall cause entries to be made in the electronic book entry system of the
Company’s stock transfer agent evidencing the Restricted Shares granted pursuant to Section 1 and indicating that the Shares are restricted and held in escrow in favor of the Company until such Shares are released to Participant or
forfeited in accordance with this Agreement. Participant shall, simultaneously with the execution and delivery of this Agreement, execute and deliver to the Company (i) a stock power in blank with respect to the Restricted Shares, in
substantially the form attached as Exhibit A hereto, and (ii) an 

 
irrevocable proxy with respect to the Restricted Shares, appointing the Company as Participant’s proxy until the lapse of the Restrictions in accordance with Section 6 herein, in
substantially the form attached as Exhibit B hereto. If any Restricted Shares are forfeited pursuant to Section 5 of this Agreement, the Company shall direct the transfer agent of the Stock to make the appropriate entries in its records
showing the cancellation of the book entry for such Restricted Shares. 
 3. Adjustments in Restricted Shares. In the
event of any change in the outstanding Stock by reason of a stock dividend or distribution (or distribution on Stock of any security convertible into securities of the Company), recapitalization, merger, consolidation, split-up, combination,
subdivision, reclassification, exchange of shares or the like, the Committee shall make equitable adjustments in the Restricted Shares so that the Restricted Shares represent the same percentage of the Company’s equity as was the case
immediately prior to such change corresponding to adjustments made by the Committee in the number and class of shares of Stock that may be issued under the Plan. Any new, additional or different securities to which Participant shall be entitled in
respect of Restricted Shares by reason of such adjustment shall be deemed to be Restricted Shares and shall be subject to the same terms, conditions and restrictions as the Restricted Shares so adjusted. 

In the event the Company merges, consolidates or effects a share exchange with another entity, or all or a substantial portion of the Company’s
assets or outstanding capital stock are acquired (whether by merger, purchase or otherwise) by another entity (any such entity being hereafter referred to as the “Successor”) each of the Restricted Shares shall automatically be converted
into and replaced by share of common stock, or such other class of securities having rights and preferences no less favorable than the Restricted Shares, of the Successor, and the number of Restricted Shares shall be correspondingly adjusted, so
that Participant shall have the right to that number of shares of common stock of the Successor that have a value equal, as of the date of the merger, conversion or acquisition, to the value, as of the date of the merger, conversion or acquisition,
of the Restricted Shares. 
 4. Restrictions. During applicable periods of restriction determined in accordance with
Section 6 of this Agreement, Restricted Shares, and all rights with respect to such Shares, may not be sold, assigned, transferred, exchanged, pledged, hypothecated or otherwise encumbered or disposed of and shall be subject to a
“substantial risk of forfeiture” within the meaning of Section 83 of the Code as set forth in Section 5 of this Agreement (such limitations on transferability and risk of forfeiture being herein referred to as the
“Restrictions”), but Participant shall have all other rights of a stockholder, provided, however, that, until such time as the Restrictions lapse, Participant shall not have the right to vote the Restricted Shares; receive
dividends thereon (which dividends shall accrue and be retained by the Company until such time as the Restrictions lapse); or purchase any securities pursuant to that certain Rights Agreement dated as of March 19, 2008, between the Company and
American Stock Transfer & Trust Company, LLC as successor Rights Agent, as amended, and as the same may be amended, modified or supplemented from time to time, or any similar agreement, document or instrument. 

5. Forfeiture of Restricted Shares. Except as otherwise provided in subsection 6(B) below, in the event that Participant
terminates employment with the Company or a Subsidiary for any reason, all Shares which at that time are Restricted Shares, and any dividends attributable to such Shares that have accrued and have been retained by the Company, shall thereupon be

  
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forfeited by Participant to the Company without payment of any consideration by the Company, and neither Participant nor any heir, personal representative, successor or assign of Participant
shall have any right, title or interest in or to such Restricted Shares or the certificates evidencing the same or the dividends attributable to such Shares that have accrued and been retained by the Company. 

6. Lapse of Restrictions. 
 A. Except as otherwise provided in subsection (B) below, the Restrictions on the Restricted Shares shall lapse on             . 

B. In the event that Participant’s employment is terminated (i) by the Company or a Subsidiary without Cause (as defined in the
Employment Agreement), (ii) by Participant for Good Reason (as defined in the Employment Agreement), or (iii) as a result of Participant’s death or Disability (as defined in the Employment Agreement), then the Restrictions on the
Restricted Shares shall lapse on the later of [1] the date of such event, or [2] six months after the date of this Agreement. The Committee in its sole discretion may accelerate the lapse of the Restrictions as of a specified date. Notwithstanding
the foregoing provisions of this Section 6(B), however, in no event shall the Restrictions lapse prior to the six month anniversary of the date of this Agreement. 
 C. Upon the lapse of the Restrictions in accordance with this Section 6, the Company shall, as soon as practicable thereafter [1] deliver to Participant all accrued dividends that have been retained
by the Company and are attributable to those Shares that are no longer subject to such Restrictions, and [2] cause the appropriate entry to be made in the electronic book entry system of the Company’s stock transfer agent with respect to the
Shares that are no longer subject to such Restrictions, provided, however, that if Participant is an affiliate of the Company, certain restrictions will apply to the sale of the Shares under the federal securities laws and the certificates for the
Shares may contain a legend to that effect. 
 7. Definitions. Capitalized terms not otherwise defined herein shall have
the meaning set forth in the Employment Agreement. 
 8. Section 83(b) Election. Participant acknowledges that he
may, within the thirty (30) day period after the date the Agreement is signed; in his sole discretion make an election with the Internal Revenue Service under Section 83(b) of the Code. If Participant makes such election, he will promptly
file a copy with the Company. 
 9. Withholding Requirements. Whenever Restrictions lapse with respect to Restricted
Shares, the Company shall have the right to (i) withhold from sums due to Participant, (ii) require Participant to remit to the Company, or (iii) retain Shares otherwise deliverable to Participant in an amount sufficient to satisfy
any Federal, state or local withholding tax requirements prior to making such payments or delivering any such Shares to Participant. 
 10. Effect Upon Employment. Nothing contained in this Agreement shall confer upon Participant the right to continue in the employment of the Company or any Subsidiary or affect any right that the
Company or any Subsidiary may have to terminate the employment of Participant. 

  
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 11. Captions. The captions and section headings used herein are for convenience only,
shall not be deemed part of this Agreement and shall not in any way restrict or modify the context and substance of any section or paragraph of this Agreement. 
 12. Amendment. This Agreement may not be amended, modified or supplemented except with the consent of the Committee and by a written instrument duly executed by Participant and the Company.

 13. Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and
their heirs, personal representatives, successors and assigns. Participant acknowledges receipt of a copy of the Plan, which is annexed hereto, represents that he is familiar with the terms and provisions thereof and accepts the award of Shares
hereunder subject to all of the terms and conditions of the Plan and this Agreement. In the event there is a conflict between the provisions of the Plan and this Agreement, the provisions of the Plan shall govern and control. Participant hereby
agrees to accept as binding, conclusive and final all decisions and interpretations of the Committee upon any questions arising under the Plan or this Agreement. 
 14. Notices. Notices shall be deemed delivered if delivered personally or three days after being deposited in the United States mail to the Company in care of its Secretary at its executive offices
at 700 Central Avenue, Louisville, Kentucky 40208, and to Participant at
                                        , or at
such other address as either party may hereafter designate in writing to the other. 
 15. Severability. The invalidity
or unenforceability of any provision of the Agreement shall not affect the validity or enforceability of the remaining provisions of the Agreement, and such invalid or unenforceable provision shall be stricken to the extent necessary to preserve the
validity and enforceability of the Agreement. 
 16. Incorporation of Plan by Reference; Capitalized Terms. The
Restricted Shares are granted pursuant to the terms of the Plan, the terms of which are incorporated herein by reference, and the Restricted Shares shall in all respects be interpreted in accordance with the Plan. Capitalized terms not otherwise
defined herein shall have the meaning given them in the Plan. 
 17. Compliance With Other Laws And Regulations. The
rights of Participant and the obligations of Company under this Agreement shall be subject to all applicable federal and state laws, rules and regulations and to such approvals by any government or regulatory agency as may be required. Company shall
not be required to issue or deliver certificates for shares of Common Stock before [i] the listing of such shares on any stock exchange or over-the-counter market, such as NASDAQ, on which the Common Stock may then be listed or traded, and [ii] the
completion of any registration or qualification of any governmental body which Company shall, in it sole discretion, determines to be necessary or advisable. 
 18. Governing Law; Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the laws of the Commonwealth of Kentucky. Participant consents to the exclusive jurisdiction
of the courts of the Commonwealth of Kentucky and of any federal 

  
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court located in Jefferson County, Kentucky in connection with any action or proceeding arising out of or relating to this Agreement, any document or instrument delivered pursuant to or in
connection with this Agreement, or any breach of this Agreement or any such document or instrument. 
 19. Entire
Agreement. This Agreement and the Plan contain the entire agreement between the parties hereto with respect to the subject matter hereof. It supersedes all prior written or contemporaneous oral agreements related thereto. 

20. Counterparts and Signatures. This Agreement may be signed in counterparts, each of which shall be an original, with the effect
as if the signatures thereto and hereto were upon the same instrument. Signatures conveyed by facsimile or PDF file shall constitute original signatures. 
 IN WITNESS WHEREOF, the Company and Participant have executed and delivered this Agreement as of the date first above written. 

 

			
	CHURCHILL DOWNS INCORPORATED
		
	By:	 	  

		
	Title:	 	  

	
	PARTICIPANT:
		
	By:	 	  

  
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