Document:

Second Supplemental Indenture

 Exhibit 4.25 
 HARRAH’S OPERATING COMPANY, INC. 
 as Issuer 
 AND 
 HARRAH’S ENTERTAINMENT, INC.

 as Guarantor 
 AND

 U.S. BANK, NATIONAL ASSOCIATION 
 as Trustee 
  
  
 SECOND SUPPLEMENTAL INDENTURE 
 Dated
as of January 8, 2008 
 to 
 the Amended and Restated Indenture 
 Dated as of July 28, 2005 
 Floating Rate Contingent Convertible Senior Notes due 2024 

 THIS SECOND SUPPLEMENTAL INDENTURE, (the “Supplemental Indenture”), dated as of
January 8, 2008, is by and among Harrah’s Entertainment, Inc., a Delaware corporation (the “Parent”), Harrah’s Operating Company, Inc., a Delaware corporation and a wholly owned subsidiary of the Parent (the
“Company”), and U.S. Bank National Association, as trustee under the indenture referred to below (the “Trustee”). 
 W I T N E S S E T H 
 WHEREAS, reference is made to that certain Amended and Restated
Indenture, dated as of July 28, 2005, by and among the Parent, the Company, as successor to Caesars Entertainment, Inc., a Delaware corporation, and the Trustee, as amended and supplemented by that certain First Supplemental Indenture, dated as
of September 9, 2005 (as so amended and restated, the “Indenture”) with respect to the Company’s Floating Rate Contingent Convertible Senior Notes due 2024 (the “Notes”); 
 WHEREAS, pursuant to Section 9.01(c) of the Indenture, the Company and the Trustee may amend or supplement the Indenture to make any other changes
that does not adversely affect the rights of any Holder in any material respect; 
 WHEREAS, this Supplemental Indenture is intended to amend
the references to denominations of the Notes contained in the Indenture; 
 WHEREAS, the amendments set forth herein are authorized pursuant
to Section 9.01(c) of the Indenture referred to above; and 
 WHEREAS, the execution and delivery of this Supplemental Indenture has
been duly authorized by the parties hereto, and all other acts necessary to make this Supplemental Indenture a valid and binding supplement to the Indenture effectively amending the Indenture as set forth herein have been duly taken. 
 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company, the Parent and the Trustee mutually covenant and agree as follows: 
 ARTICLE I 
 CAPTALIZED TERMS 
 Section 1.1
Capitalized Terms. Capitalized terms used herein without definition shall have the meanings ascribed to them in the Indenture. Unless the context otherwise requires, from and after the date hereof, all references to the Indenture shall
mean the Indenture as amended and supplemented hereby. 
 ARTICLE II 
 AMENDMENTS 
 Section 2.1 Amendments to the Indenture. All
references to “only in denominations of $1,000 of principal amount and any integral multiple thereof,” “in any integral multiple of $1,000,” “in principal amounts of $1,000 and integral multiples thereof” or words of
like import contained in the Indenture are hereby deleted in their entirety and replaced with “only in denominations of $1.00 of principal amount and any integral multiple thereof,” “in any integral multiple of $1.00” and
“in principal amounts of $1.00 and integral multiples thereof”, as applicable. 
 ARTICLE III 
 MISCELLANEOUS PROVISIONS 
 Section 3.1
Ratification and Effect. Except as amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. Upon and after the execution of this
Supplemental Indenture, each reference in the Indenture to “this Indenture”, “hereunder”, “hereof” or words of like import referring to the Indenture shall mean and be a reference to the Indenture as modified hereby.

  

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 Section 3.2 Severability. In case any provision in this Supplemental Indenture shall
be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 3.3 Effect of Headings. The Article and Section headings used herein are for convenience only and shall not affect the construction of this Supplemental Indenture. 
 Section 3.4 Governing Law. THIS SUPPLEMENTAL INDENTURE AND THE NOTES WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. Each of the parties hereto agrees to submit to the jurisdiction of the courts of the State of New York in
any action or proceeding arising out of, or relating to, this Supplemental Indenture or the Notes. 
 Section 3.5
Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent one and the same agreement. 
 Section 3.6 Successors. All agreements of the Company, the Parent and the Trustee in this Supplemental Indenture shall bind their
respective successors. 
 (THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK) 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed
as of the day and year written above. 
  

			
	HARRAH’S OPERATING COMPANY, INC.
		
	By:	 	 /s/ Jonathan S. Halkyard

	Name:	 	Jonathan S. Halkyard
	Title:	 	Senior Vice President, Chief Financial Officer and Treasurer

  

			
	HARRAH’S ENTERTAINMENT, INC.
		
	By:	 	 /s/ Jonathan S. Halkyard

	Name:	 	Jonathan S. Halkyard
	Title:	 	Senior Vice President, Chief Financial Officer and Treasurer

			
	U.S. BANK, N.A., as Trustee
		
	By:	 	 /s/ Raymond S. Haverstock

	Name:	 	Raymond S. Haverstock
	Title:	 	Vice PresidentAmended and Restated Executive Deferred Compensation Trust Agreement

 Exhibit 10.41 
 HARRAH’S ENTERTAINMENT, INC. 
 AMENDED AND RESTATED 
 EXECUTIVE DEFERRED COMPENSATION 
 TRUST AGREEMENT 

 HARRAH’S ENTERTAINMENT, INC. 
 AMENDED AND RESTATED 
 EXECUTIVE DEFERRED COMPENSATION 
 TRUST AGREEMENT 
 THIS AMENDED AND
RESTATED TRUST AGREEMENT is made by and between Harrah’s Entertainment, Inc. (the “Company”) and Wells Fargo Bank, N.A. (the “Trustee”). 
 WHEREAS, the Company has adopted the Harrah’s Entertainment, Inc. Executive Supplemental Savings Plan and the Harrah’s Entertainment, Inc. Executive Supplemental Savings Plan II (collectively, the
“ESSPs”), both nonqualified deferred compensation plans for the benefit of certain executives; 
 WHEREAS, the Company also
sponsors the Harrah’s Entertainment, Inc. Executive Deferred Compensation Plan (the “EDCP”) and the Harrah’s Entertainment, Inc. Deferred Compensation Plan (the “DCP”), nonqualified deferred compensation plans for the
benefit of certain executives and directors; 
 WHEREAS, the Company has entered into an Escrow Agreement dated February 6, 1990,
as amended, pursuant to which the Company may maintain a source of funds to assist it in meeting its liabilities under the EDCP and the portion of its liabilities under the DCP that relates to DCP account balances of individuals who participate in
both the EDCP and the DCP (the “Escrow Agreement”); 
 WHEREAS, the Company expects to incur liabilities with respect to
individuals participating in the ESSPs and the Company has incurred certain liabilities in connection with the DCP for which it has no source of funds other than the general assets of the Company; 
 WHEREAS, the Company has established a trust (the “Harrah’s Trust”) and has made contributions to the Harrah’s Trust to provide a
source of funds to assist the Company in meeting its liabilities under the ESSPs and its liabilities under the portion of the DCP that is not subject to funding through the Escrow Agreement; 
 WHEREAS, the Company acquired Caesars Entertainment, Inc., a Delaware corporation (“Caesars”) through a merger of Caesars with and into
Harrah’s Operating Company, Inc. (“HOC”), a Delaware corporation and a wholly-owned subsidiary of the Company, according to the Agreement and Plan of Merger dated as of July 14, 2004, by and among the Company, HOC and Caesars,
with HOC as the surviving entity; 
 WHEREAS, HOC, as the successor to Caesars, maintains a trust (the “Caesars Trust”) in
order to provide HOC with a source of funds to assist it in satisfying its liabilities under the following plans maintained by HOC as the successor to Caesars: the Caesars Entertainment Executive Deferred Compensation Plan and the Caesars World,
Inc. Executive Security Plan (the “Caesars Plans,” and collectively with the ESSPs and the DCP, the “Plans”); 
  

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 WHEREAS, the Caesars Trust is being merged with and into the Harrah’s Trust according to the
Agreement and Plan of Merger of Trusts by and among the Company, the Trustee, HOC, Caesars and Wachovia Bank, N.A., the trustee of the Caesars Trust, contemporaneously with the effective date of this amendment and restatement; 
 WHEREAS, the Company wishes to contribute to the Harrah’s Trust assets that shall be held therein subject to the claims of the Company’s
Insolvency, as herein defined, until paid to the Plan participants and their beneficiaries in such manner and at such times as specified in the Plans, as applicable; 
 WHEREAS, it is the intention of the parties that this Trust Agreement shall constitute an unfunded arrangement and shall not affect the status of any Plan as an unfunded plan maintained for the purpose of
providing deferred compensation for a select group of management or highly compensated employees for purposes of Title I of the Employee Retirement Income Security Act of 1974 (“Act”). 
 NOW, THEREFORE, the parties now desire to have this Trust Agreement amend and restate the Harrah’s Trust in its entirety and supersede the
Harrah’s Trust in all respects as of the effective date set forth in Section 14.1 hereof and agree that the Harrah’s Trust shall be amended and restated (as amended and restated, the “Trust”) as follows: 
 ARTICLE ONE 
 ESTABLISHMENT
OF TRUST 
 1.1 The Company hereby deposits with the Trustee in trust ten dollars ($10.00), which, together
with subsequent contributions made or to be made by the Company, constitute the principal of the Trust to be held, administered and disposed of by the Trustee in accordance with the terms of the Plan and as provided in this Trust Agreement.

 1.2 The Trust hereby established shall be irrevocable. 
 1.3 The Trust is intended to be a grantor trust, of which the Company is the grantor, within the meaning of subpart E, part I,
subchapter J, chapter 1, subtitle A of the Internal Revenue Code of 1986, as amended, and shall be construed accordingly. 
 1.4 The principal of the Trust, and any earnings thereon shall be held separate and apart from other funds of the Company and shall be used exclusively for the uses and purposes of the participants in the Caesars Plans, the
participants in the ESSPs and the participants in the DCP whose DCP benefits are not subject to the Escrow Agreement (collectively, the “Plan Participants”) and the general creditors of the Company, as set forth herein. Plan Participants
and their beneficiaries shall have no preferred claim on, or any beneficial ownership interest in, any assets of the Trust. Any rights created under the Plans and this Trust Agreement shall be mere unsecured contractual rights of participants and
their beneficiaries against the Company. Any assets held by the Trust will be subject to the claims of the Company’s general creditors under federal and state law in the event of Insolvency, as defined in Section 3.1 herein. 
  

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 1.5 The Company, in its sole discretion, may at any time, or from time to time,
make additional deposits of cash or other property in trust with the Trustee to augment the principal to be held, administered and disposed of by the Trustee as provided in the Plans and this Trust Agreement. Neither the Trustee nor any Plan
Participant or beneficiary shall have any right to compel such additional deposits. 
 1.6 Upon a “Change of
Control” (as defined in the ESSPs and the DCP), the Company shall, as soon as possible, but in no event longer than 90 days following the Change of Control, make an irrevocable contribution to the Trust in an amount that is sufficient to pay
each Plan Participant or beneficiary the benefits to which Plan Participants or their beneficiaries would be entitled pursuant to the terms of the Plans as of the date on which the Change of Control occurred. 
 ARTICLE TWO 
 PAYMENTS TO
PLAN PARTICIPANTS 
 AND THEIR BENEFICIARIES 
 2.1 The entitlement of a Plan Participant or his or her beneficiaries to benefits under each Plan shall be determined by the
Company or such party as it shall designate under such Plan, and any claim for such benefits shall be considered and reviewed under the procedures set out in that Plan. No provision in this Trust Agreement shall be construed as affording to a
participant under any Plan rights or privileges available under any other Plan. The rights and entitlements of each Plan Participant or beneficiary shall be determined in accordance with each Plan. 
 2.2 The Company may direct the Trustee to make payment of benefits to Plan Participants or beneficiaries as they become due under
the terms of the Plans. Alternatively, the Company may make payment of benefits directly to Plan Participants or beneficiaries. If the Company elects to make benefit payments directly to the Plan Participants or beneficiaries, the Company shall
notify the Trustee of such election prior to the time amounts become payable to Plan Participants or their beneficiaries under the terms of the Plans. 
 2.3 The Company or a consultant designated by the Company shall provide to the Trustee, at least annually, a schedule showing the account balances of each Plan Participant or beneficiary, the vesting percentage
applicable to each account balance and the entitlement of each Plan Participant or beneficiary to a current or future payment under the Plans (the “Payment Schedule”). If a Plan Participant or his beneficiary shall make a request for
payment from the Trustee, the Trustee shall obtain from the Company its written authorization to make such payment and from the Company or its designated consultant an updated Payment Schedule that specifically reflects the amount currently payable
to any Plan Participant or beneficiary who has requested payment from the Trustee, the form in which such amount is to be paid (as provided for or available under the Plans), and the time of commencement for payment of such amount. Except as
otherwise provided 

  

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herein, the Trustee shall make payments to the Plan Participants and their beneficiaries in accordance with the appropriate Payment Schedule. There shall be
no liability on the part of the Trustee with respect to any payment made in accordance with the terms of this Trust Agreement and the most recent Payment Schedule in the possession of the Trustee and at the direction of the Company. At the direction
of the Company, the Trustee shall withhold any federal, state or local taxes required to be withheld on benefits paid under the Plans and shall pay amounts withheld to the Company for remittance to the appropriate taxing authorities. The Company
shall indemnify and hold harmless the Trustee from any and all liability to which the Trustee may become subject due to the Company’s failure to properly withhold and remit taxes (including FICA) due to the appropriate taxing authorities.

 2.4 If the Company provides the Trustee written notification of its intention to cease payment of benefits to Plan
Participants and beneficiaries, or to make no future contributions to the Trust, the Trustee shall immediately obtain from the designated consultant, or, if deemed necessary by the Trustee, an actuary selected by the Trustee, an updated Payment
Schedule in order to determine the funding status of the Trust. The funding status (the “funding ratio”) shall be determined by dividing the then current market value of the Trust assets by the total account balances of the Plan
Participants or beneficiaries reflected on the Payment Schedule, without regard to whether the accounts are fully vested. If the funding ratio is less than one (1), all future benefit payments shall not exceed the maximum lump-sum or installment
payment due to Plan Participants or beneficiaries, multiplied by the funding ratio. 
 2.5 The designated consultant,
or, if deemed necessary by the Trustee, an actuary selected by the Trustee, will calculate and record the difference between the amount paid to the Plan Participant or beneficiary and the scheduled benefit payment according to the Plan, which shall
be referred to as the “overdue payment.” The overdue payment may be made by the Trustee to the affected Plan Participants or their beneficiaries only at such time as the value of the total assets of the Trust is sufficient to support a
funding ratio of at least one (1) and to fund the overdue payments. The Company may make payment of any overdue payment directly to a Plan Participant or beneficiary and will provide written notification to its designated consultant or to the
Trustee that it has done so. 
 ARTICLE THREE 
 TRUSTEE RESPONSIBILITY REGARDING PAYMENTS 
 TO TRUST BENEFICIARY WHEN COMPANY IS INSOLVENT

 3.1 The Trustee shall cease paying for benefits to Plan Participants and their beneficiaries if the Company
is Insolvent. The Company shall be considered “Insolvent” for purposes of this Trust Agreement if (i) the Company is unable to pay its debts as they become due, or (ii) the Company is subject to a pending proceeding as a debtor
under the United States Bankruptcy Code. 
 3.2 At all times during the continuance of this Trust, as provided in
Section 1.4 hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below. 
  

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 (a) The Board of Directors and the Chief Executive Officer of the Company shall have the
duty to inform the Trustee in writing of the Company’s Insolvency. If a person claiming to be a creditor of the Company alleges in writing to the Trustee that the Company has become Insolvent, the Trustee shall determine whether the Company is
Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to Plan Participants or their beneficiaries. 
 (b) Unless the Trustee has actual knowledge of the Company’s Insolvency, or has received notice from the Company or a person claiming to be a creditor alleging that the Company is Insolvent, the Trustee shall
have no duty to inquire whether the Company is Insolvent. The Trustee may in all events rely on such evidence concerning the Company’s solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making
a determination concerning the Company’s solvency. 
 (c) If at any time the Trustee has determined that the Company is
Insolvent, the Trustee shall discontinue payments to Plan Participants or their beneficiaries and shall hold the assets of the Trust for the benefit of the Company’s general creditors. Nothing in this Trust Agreement shall in any way diminish
any rights of Plan Participants or their beneficiaries to pursue their rights as general creditors of the Company with respect to benefits due under the Plans or otherwise. 
 (d) The Trustee shall resume the payment of benefits to Plan Participants or their beneficiaries in accordance with Article Two of this
Trust Agreement only after the Trustee has been directed that the Company is not Insolvent (or is no longer Insolvent). 
 3.3 Provided that there are sufficient assets, if the Trustee discontinues the payment of benefits from the Trust pursuant to Section 3.2 and subsequently resumes such payments, the first payment following such discontinuance
shall include the aggregate amount of all payments due to Plan Participants or their beneficiaries under the terms of the Plans for the period of such discontinuance, less the aggregate amount of any payments made to Plan Participants or their
beneficiaries by the Company in lieu of the payments provided for hereunder during any such period of discontinuance. 
 ARTICLE FOUR

 PAYMENTS TO THE COMPANY 
 4.1 Except as provided in Article Three above and as set forth below in this Article Four, the Company shall have no right or power to direct the Trustee to return to the Company or to divert to others any of
the Trust assets before all payment of benefits have been made to Plan Participants and their beneficiaries pursuant to the terms of the Plans. 
  

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 4.2 In the event that the Trust shall hold “Excess Assets” (as that term
is defined in Section 4.3 below), the committee designated by the Company to carry out the administrative duties of the Company under the Plans (the “Committee”), in its discretion, may direct the Trustee to return part or all of such
Excess Assets to the Company. 
 4.3 “Excess Assets” are assets of the Trust which exceed one hundred twenty
percent (120%) of the amounts necessary to pay each Plan Participant or beneficiary the benefits to which such Plan Participants or their beneficiaries are entitled pursuant to the terms of the Plans as of the date the Committee requests that
any Excess Assets be returned to the Company, regardless of whether such benefits are vested or payable as of the date the Committee makes its request for Excess Assets. Notwithstanding Section 4.2 and the preceding sentence of this
Section 4.3, for a period of six (6) months following the merger of the Caesars Trust with and into the Harrah’s Trust and the effective date set forth in Section 14.1 hereof, the Committee, in its discretion, may direct the
Trustee to return part or all of the Trust assets which exceed one hundred percent (100%) of the amounts (net of taxes) necessary to pay each Plan Participant or beneficiary the benefits to which such Plan Participants or their beneficiaries
are entitled pursuant to the terms of the Plans as of the date the Committee requests that any such assets be returned to the Company, regardless of whether such benefits are vested or payable as of the date the Committee makes its request for such
assets. 
 4.4 The calculations required by Section 4.3 shall be made by the Company’s designated consultant
or, if deemed necessary by the Trustee, an actuary selected by the Trustee. If the Trustee so requests, the Company or its designated consultant shall provide to the Trustee an updated Payment Schedule in connection with the calculations performed
in accordance with Section 4.3. 
 4.5 Any Excess Assets returned to the Company pursuant to this Article Four
shall be returned to the Company in any order of priority directed by the Committee. 
 ARTICLE FIVE 
 INVESTMENT AUTHORITY 
 5.1 All administrative rights associated with the assets of the Trust shall be exercised by the Trustee or the person designated by the Trustee, and shall in no event be exercisable or rest with Plan Participants, except that voting
rights with respect to the Trust assets will be exercised by the Company. 
 5.2 The Company shall have the right at
anytime, and from time to time, in its sole discretion, to substitute assets of equal fair market value for any asset held by the Trust. This right is exercisable by the Company in a nonfiduciary capacity without the approval or consent of any
person in a fiduciary capacity. 
 5.3 In the administration of the Trust, the Trustee shall have the following powers;
however, all powers regarding the investment of the Trust shall be exercised solely pursuant to direction from the Company or its delegated agent or, if 

  

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applicable, an investment manager, unless the Trustee has been properly delegated investment authority. No enumeration of specific powers herein shall be
construed as a limitation on the general powers of the Trustee. The powers of the Trustee include, but are not limited to, the following: 
 (a) To hold, as an investment of the Trust, life insurance policies owned by the Company and issued on the lives of current or former employees of the Company, in accordance with the provisions of Article Eight of
this Trust Agreement; 
 (b) To invest in securities (including stock and rights to acquire stock) or obligations issued by
the Company; 
 (c) To invest and reinvest in bonds, notes, debentures, stocks (common or preferred), interests in investment
companies (whether “open-end mutual funds” or “closed-end mutual funds”), including shares of any investment company, whether or not the Trustee or any of its affiliates provides investment advice or other services to such
company and receives compensation for the services provided, options to acquire or sell securities (including “covered call options”), commercial paper, bank repurchase agreements, individual and group annuity contracts, deposit
administration contracts, life insurance company separate accounts and pooled investment funds, mortgages, leaseholds, fee interests, personal, corporate and governmental obligations; 
 (d) To pledge or mortgage, assign, lease, contract to lease, grant and trade options to purchase, sell for cash or on credit at a private
or public sale, convert, redeem, exchange for other securities or other property in which the Trust may be invested under this Trust Agreement or otherwise dispose of any securities or other property at any time held by the Trustee except as
otherwise provided by the Plans; no person dealing with the Trustee shall be bound to see to the application or to inquire into the validity, expediency or propriety of such sale or other disposition; 
 (e) To retain in cash so much of the Trust as the Trustee deems advisable and to deposit any such cash held in the Trust in banking
accounts, including banking accounts of the Trustee, without liability for interest, for a period of time as necessary, notwithstanding that the Trustee or an affiliate of the Trustee may benefit directly or indirectly from such uninvested amounts.
It is acknowledged that the Trustee’s handling of such amounts is consistent with usual and customary banking and fiduciary practices, and any earnings realized by the Trustee or its affiliates will be compensation for its bank services in
addition to its regular fees; 
 (f) To settle, compromise, contest or submit to arbitration any claims, debts or damages due
or owing to or from the Trust, to commence or defend suits or legal proceedings, and to represent the Trust in all suits or legal proceedings; 
  

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 (g) As directed by the Company, to exercise any conversion privilege or subscription
right available in connection with any securities or property at any time held by the Trustee, to consent to the reorganization, consolidation, merger or readjustment of the finances of any corporation, company or association, or to the sale,
mortgage, pledge or lease of the property of any corporation, company or association, any of the securities of which may at any time be held by the Trustee; and to do any acts with reference thereto, including the exercise of options, making of
agreements or subscriptions, and the payment of expenses, assessments or subscriptions, which may be deemed to be necessary or advisable in connection therewith, and to hold and retain any securities or other property which the Trustee may so
acquire; 
 (h) As directed by the Company, to vote any corporate stock belonging to the Trust and to give proxies or general
or limited powers of attorney for the purpose of such voting to other persons, with or without power of substitution; 
 (i)
To borrow money, assume indebtedness, extend mortgages and encumber by mortgage or pledge upon such terms and conditions as may be deemed advisable; 
 (j) To collect the income, rents, issues, profits and increases of the Trust through such means as are deemed advisable; 
 (k) To invest all or part of the Trust in interest-bearing deposits with the Trustee or another bank or other federally-insured institution at a reasonable rate of interest, including but not limited to investment in
time deposits, savings deposits, certificates of deposit or time accounts; 
 (l) To consult with legal counsel (who may also
be counsel for the Company generally) with respect to any of its duties or obligations hereunder, and the Trustee may employ agents, accountants, actuaries, investment advisors, financial consultants or other professionals to assist it in performing
any of its duties and obligations hereunder. The Company shall pay their reasonable compensation and expenses for services by such individuals or entities and if the Company does not pay such expenses in a reasonably timely manner, the Trustee may
obtain payment from the Trust. 
 (m) To cause any of the investments of the Trust to be registered in the name of the Trustee
or in the name of its nominee, and any corporation or its transfer agent may presume conclusively that such nominee is the actual owner of any investments submitted for transfer; to make, execute and deliver as Trustee any and all instruments,
advances, contracts, waivers, releases or other instruments in writing necessary or proper in the employment of any of the foregoing powers; 
  

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 (n) To retain any funds or property subject to dispute without liability for the payment
of interest, and to decline to make payment or delivery thereof until final adjudication is made by a court of competent jurisdiction; and 
 (o) To file all tax and other returns and reports required of the Trustee. 
 5.4 The
Trustee, in investing and reinvesting the assets of the Trust, shall be subject to the investment directions issued by the Company (or its designee) in accordance with the terms and provisions of the Plans. No discretionary investment power shall be
exercised by the Trustee under this Trust Agreement except upon written acceptance by the Trustee of these responsibilities. Neither the Trustee nor any other person shall be under any duty to question any such direction of the Company or to review
any securities or other property acquired or held pursuant to the Company’s directions or to make any suggestions to the Company in connection therewith; and the Trustee shall as promptly as possible comply with any directions given by the
Company hereunder. The Trustee shall not be liable, to the extent permitted by law, for compliance with any such directions. The Company may delegate its investment discretion under this Section to the Trustee, and upon written acceptance, the
Trustee shall exercise the investment discretion. Any such delegation shall be set forth in the Plans or be made by a written instrument delivered to the Trustee and signed by the Company and the Trustee. All directions of the Company to the Trustee
shall be in writing signed by the Company or by such other person as it shall authorize in writing so to act. Notwithstanding any provision of the this Trust Agreement to the contrary, the Company hereby agrees to indemnify the Trustee and to hold
the Trustee harmless from and against any claim or liability which may be asserted against the Trustee by reason of the Trustee acting on any direction from the Company pursuant to this Section or failing to act in the absence of any such direction.

 5.5 The Company may designate an investment manager to direct the Trustee regarding the management, acquisition and
distribution of all or a part of the assets of the Trust. Any such investment manager shall be registered as an investment adviser under the Investment Advisers Act of 1940, or shall be a bank, or shall be an insurance company qualified to perform
investment management services under the laws of the State of Delaware and shall have acknowledged in writing that he or it is a fiduciary with respect to the Trust. In the event an investment manager is appointed, the Company shall deliver to the
Trustee a copy of the instruments appointing the investment manager and evidencing the investment manager’s acceptance of such appointment. The Trustee shall follow the written directions of the investment manager regarding the investment and
reinvestment of the Trust or such portion thereof as shall be under management by the investment manager and shall exercise to such extent all powers set forth in Section 5.3 as directed by the investment manager until notified in writing by
the Company that the appointment of the investment manager has been terminated. The Trustee shall be under no duty or obligation to review any investments to be acquired, held or disposed of pursuant to such directions, nor to make any
recommendations with respect to the disposition or continued retention of any such investment or the exercise or non-exercise of any of the powers enumerated in Section 5.3. The Trustee shall have no liability or responsibility for acting
pursuant to the directions of, or for failing to act in the absence of any directions from, the investment manager. The Company hereby agrees to indemnify the Trustee and hold the Trustee harmless from and 

  

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against any claim or liability which may be asserted against the Trustee by reason of the Trustee’s acting on any direction from an investment manager
pursuant to this Section or failing to act in the absence of any such direction. 
 ARTICLE SIX 
 DISPOSITION OF INCOME 
 6.1 During the term of this Trust, all income received by the Trust, net of expenses and taxes, shall be accumulated and reinvested. 
 ARTICLE SEVEN 
 ACCOUNTING BY THE TRUSTEE 
 7.1 The Trustee shall keep accurate and detailed records of all investments, receipts, disbursements, and all other transactions
required to be made, including such specific records as shall be agreed upon in writing between the Company and the Trustee. Within 60 days following the close of each plan year and within 60 days after the removal or resignation of the Trustee, the
Trustee shall deliver to the Company a written account of its administration of the Trust during such year or during the period from the close of the last preceding plan year to the date of such removal or resignation, setting forth all investments,
receipts, disbursements and other transactions effected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or sales (accrued interest paid or receivable being shown
separately), and showing all cash, securities and other property held in the Trust at the end of such plan year or as of the date of such removal or resignation, as the case may be. 
 ARTICLE EIGHT 
 RESPONSIBILITY OF THE TRUSTEE 
 8.1 The Trustee shall act with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent
person acting in like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims, provided, however, that the Trustee shall incur no liability to any person for any action taken pursuant
to a direction, request or approval given by the Company that is contemplated by, and in conformity with, the terms of this Trust and is given in writing by the Company. The Company shall indemnify and hold harmless the Trustee, its officers,
employees and agents from and against all liabilities, losses and claims (including reasonable attorneys’ fees and costs of defense) for actions taken or omitted by the Trustee in accordance with the terms of this Trust, unless the Trustee has
violated the Act or any other applicable law or has been negligent or has engaged in willful misconduct or has acted in bad faith. In the event of a dispute between the Company and a party, the Trustee may apply to a court of competent jurisdiction
to resolve the dispute. 
 8.2 The Trustee shall have, without exclusion, all powers conferred on trustees by
applicable law, unless expressly provided otherwise herein, provided, however, that if an insurance policy is held as an asset of the Trust, the Trustee shall have no power to name a beneficiary of the policy other than the Trust, to assign the
policy other than to a 

  

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successor Trustee or to an insurance carrier to effect a tax-free exchange of policies under Section 1035 of the Code, or to loan to any person the
proceeds of any borrowing against such policy. The Trustee shall have the right to effect a voluntary conversion of the policy to a different form. The Trustee shall not be liable for the failure or omission of any insurance company for any reason
to pay any benefits or furnish any services under the policies or contracts. 
 8.3 However, notwithstanding the
provisions of Section 8.2 above, the Trustee may loan to the Company the proceeds of any borrowing against an insurance policy held as an asset of the Trust. 
 8.4 Notwithstanding any powers granted to Trustee pursuant to this Trust Agreement or to applicable law, the Trustee shall not have
any power that could give this Trust the objective of carrying on a business and dividing the gains therefrom, within the meaning of section 301.7701-2 of the Procedure and Administrative Regulations promulgated pursuant to the Internal Revenue
Code. 
 ARTICLE NINE 
 COMPENSATION AND EXPENSES OF THE TRUSTEE 
 9.1 The Trustee shall be entitled to reasonable
compensation for the services it renders under this Trust. The Company shall pay all fees and expenses associated with the administration of the Trust including the Trustee’s fees and expenses. If not so paid, the fees and expenses shall be
paid from the Trust. 
 ARTICLE TEN 
 RESIGNATION AND REMOVAL OF THE TRUSTEE 
 10.1 The Trustee may resign at
any time by written notice to the Company, which shall be effective 30 days after receipt of such notice unless the Company and the Trustee agree otherwise. 
 10.2 The Trustee may be removed by the Company on 30 days notice or upon shorter notice accepted by the Trustee. 
 10.3 Upon resignation or removal of the Trustee and appointment of a successor Trustee, all assets shall subsequently be
transferred to the successor Trustee. The transfer shall be completed within 30 days after receipt of all information reasonably required by the Trustee to transfer assets to the successor Trustee, unless the Company extends the time limit.

 10.4 If the Trustee resigns or is removed, a successor shall be appointed, in accordance with Article Eleven hereof,
by the effective date of resignation or removal under Section 10.1. If no such appointment has been made, the Trustee may apply to a court of competent jurisdiction for appointment of a successor or for instructions. All expenses of the Trustee
in connection with the proceeding shall be allowed as administrative expenses of the Trust. 
  

 11 

 ARTICLE ELEVEN 
 APPOINTMENT OF SUCCESSOR 
 11.1 If the Trustee resigns or is removed in
accordance with Section 10.1 hereof, the Company may appoint any third party, such as a bank trust department or other party that may be granted corporate trustee powers under state law, as a successor to replace the Trustee upon resignation or
removal. The appointment shall be effective when accepted in writing by the new Trustee, who shall have all of the rights and powers of the former Trustee, including ownership rights in the Trust assets. The former Trustee shall execute any
instrument necessary or reasonably requested by the Company or the successor Trustee to evidence the transfer. 
 11.2
The successor Trustee need not examine the records and acts of any prior Trustee and may retain or dispose of existing Trust assets, subject to Articles Seven and Eight hereof. The successor Trustee shall not be responsible for and the Company shall
indemnify and defend the successor Trustee from any claim or liability resulting from any action or inaction of any prior Trustee or from any other past event, or any condition existing at the time it becomes the successor Trustee. 
 ARTICLE TWELVE 
 AMENDMENT
OR TERMINATION 
 12.1 This Trust Agreement may be amended by a written instrument executed by the Trustee and
the Company. Notwithstanding the foregoing, no such amendment shall conflict with the terms of the Plans or shall make the Trust revocable. In the event of a conflict between an amendment to this Trust Agreement and the Plans, the Plans shall
control and there shall be no liability on the part of the Trustee resulting from its execution of an amendment the terms of which conflict with the Plans. 
 12.2 The Trust shall not terminate until the date on which participants and their beneficiaries are no longer entitled to benefits pursuant to the terms of the Plans. Upon termination of the Trust any assets
remaining in the Trust shall be returned to the Company. 
 12.3 Upon written approval of participants or beneficiaries
entitled to payment of benefits pursuant to the terms of the Plans, the Company may terminate this Trust prior to the time all benefit payments owed to Plan Participants and beneficiaries under the Plans have been made. All assets in the Trust at
termination shall be returned to the Company. 
 ARTICLE THIRTEEN 
 MISCELLANEOUS 
 13.1 Any provision of this Trust
Agreement prohibited by law shall be ineffective to the extent of any such prohibition, without invalidating the remaining provisions hereof. 
  

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 13.2 Benefits payable to the Plan Participants and their beneficiaries under this
Trust Agreement may not be anticipated, assigned (either at law or in equity), alienated, pledged, encumbered or subjected to attachment, garnishment, levy, execution or other legal or equitable process. 
 13.3 This Trust Agreement shall be governed by and construed in accordance with the laws of the State of Delaware. 
 ARTICLE FOURTEEN 
 EFFECTIVE DATE 
 14.1 The effective date of this Amended and Restated Trust Agreement shall be
January 11, 2006. 
 IN WITNESS WHEREOF, the Company and the Trustee have caused
this Trust Agreement to be executed by their duly authorized representatives on the 11th day of January, 2006. 
  

			
	HARRAH’S ENTERTAINMENT, INC.
		
	 By:
	 	 /s/ Charles L. Atwood

	 Its:
	 	 Sr. VP and CFO

	
	WELLS FARGO BANK, N.A.
		
	 By:
	 	 /s/ Gaye Borden

	 Its:
	 	 VP, Investment Trust Services

  

 13

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