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Exhibit 10.41    
  

 
 

PARK PLACE ENTERTAINMENT CORPORATION
  EXECUTIVE DEATH BENEFIT PLAN    
  

         Effective as of October 1, 2000  

  
 

    PARK PLACE ENTERTAINMENT CORPORATION
  EXECUTIVE DEATH BENEFIT PLAN    
  

        WHEREAS, Park Place Entertainment Corporation (the "Company") desires to establish an Executive Death Benefit Plan (the "Plan") effective as of October 1,
2000; 

        WHEREAS,
it is believed that the adoption of this Plan, providing for the payment of a death benefit upon the death of a designated executive while employed by the Company or an
affiliated employer participating in the Plan, will be in the best interests of the Company and such affiliated employers; and 

        WHEREAS,
it is intended that the Plan be an unfunded and nonqualified arrangement for tax purposes, and an unfunded welfare benefit plan maintained for the purpose of providing benefits
to a select group of management or highly compensated employees for purposes of Title I of the Employee Retirement Income Security Act of 1974. 

        NOW,
THEREFORE, it is hereby declared as follows: 

ARTICLE I

TITLE AND DEFINITIONS  

        1.1    TITLE    

        This
Plan shall be known as the Park Place Entertainment Corporation Executive Death Benefit Plan. 

        1.2    DEFINITIONS    

        Whenever
the following capitalized words or phrases are used in this Plan, they shall have the meanings specified below. 

        "Beneficiary" or "Beneficiaries" shall mean the person or persons, including a trustee,
personal representative or other fiduciary, last designated in writing by a Participant in accordance with procedures established by the Committee to receive the benefits specified hereunder in the
event of the Participant's death. No Beneficiary designation shall become effective until it is filed with the Committee. If there is no Beneficiary designation in effect, or if there is no surviving
designated Beneficiary, then the Participant's surviving spouse shall be the Beneficiary. If there is no surviving spouse to receive any benefits payable in accordance with the preceding sentence, the
duly appointed and currently acting personal representative of the Participant's estate (which shall include either the Participant's probate estate or living trust) shall be the Beneficiary. In any
case where there is no such personal representative of the Participant's estate duly appointed and acting in that capacity within 90 days after the Participant's death (or such extended period
as the Committee determines is reasonably necessary to allow such personal representative to be appointed, but not to exceed 180 days after the Participant's death), then Beneficiary shall mean
the person or persons who can verify by affidavit or court order to the satisfaction of the Committee that they are legally entitled to receive the benefits specified hereunder. In the event any
amount is payable under the Plan to a minor, payment shall not be made to the minor, but instead be paid (1) to that person's living parent(s) to act as custodian, (2) if that person's
parents are then divorced, and one parent is the sole custodial parent, to such custodial parent, or (3) if no parent of that person is then living, to a custodian selected by the Committee to
hold the funds for the minor under the Uniform Transfers or Gifts to Minors Act in effect in the jurisdiction in which the minor resides. If no parent is living and the Committee decides not to select
another custodian to hold the funds for the minor, then payment shall be made to the duly appointed and currently acting guardian of the estate for the minor or, if no guardian of the estate
for the minor is duly appointed and currently acting within 60 days after the date the amount becomes payable, payment shall be deposited with the court having jurisdiction over the estate of
the minor. 

        "Board of Directors" or "Board" shall mean the Board of Directors of the Company. 

        "Code" shall mean the Internal Revenue Code of 1986, as amended. 

 

        "Committee" shall mean, collectively, the persons appointed by the Board to administer the Plan. The number of members comprising the
Committee shall be determined by the Board which may from time to time vary the number of members. Unless otherwise determined by the Board, the Committee will be the Committee appointed by the Board
under the Park Place Entertainment Corporation Executive Deferred Compensation Plan (the "Deferred Compensation Plan") and shall have the same powers, duties and responsibilities with respect to this
Plan as those set forth in the Deferred Compensation Plan with respect to that plan. 

        "Company" shall mean Park Place Entertainment Corporation, a Delaware corporation, and any successor corporation. 

        "Disabled" or "Disability" shall mean that a Participant is disabled due to sickness or
injury which qualifies the Participant for disability payments under the long-term disability plan of the Participant's Employer. A Participant shall be considered totally and permanently
disabled on the date he or she qualifies for such long-term disability payments. 

        "Effective Date" shall mean October 1, 2000. 

        "Eligible Employee" shall mean an Employee who is an officer or highly compensated employee of the Employer, as determined by the
Committee in its sole discretion solely for purposes of this Plan. 

        "Employee" shall mean an employee of an Employer. An Employee who is disabled due to sickness or injury shall remain an Employee for
purposes of this Plan for so long as such individual receives benefits under the short-term disability plan of the Company. 

        "Employer" or "Employers" shall mean, individually or collectively as may be stated or
indicated from the context, the Company and any subsidiary or affiliate of the Company which is designated by the Board to be a participating Employer in the Plan and which adopts the Plan. 

        "Participant" shall mean an Eligible Employee designated by the Committee as a Participant in this Plan, subject to the satisfaction of
any enrollment requirements imposed by the Committee under Section 2.2. 

        "Plan" shall mean the Park Place Entertainment Corporation Executive Death Benefit Plan set forth herein, as in effect as of the Effective
Date, or as amended from time to time. 

ARTICLE II

PURPOSE AND PARTICIPATION  

        2.1    PURPOSE    

        It
is intended that the Plan be an unfunded and nonqualified arrangement for tax purposes, and an unfunded welfare benefit plan maintained to provide death benefits to the Beneficiary or
Beneficiaries of Participants for purposes of Title I of the Employee Retirement Income Security Act of 1974. 

        2.2    PARTICIPATION    

        Any
Eligible Employee shall become a participant in the Plan on the Effective Date or other date specified by the Committee if such Eligible Employee is (i) designated a
Participant by the Committee and (ii) completes and files such forms as are specified by the Committee for enrollment. 

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ARTICLE III

THE DEATH BENEFIT  

        3.1    DEATH BENEFIT    

        (a)  Subject
to the limitations set forth in Section 3.1(b) and elsewhere in this Plan, in the event of the death of a Participant while an Eligible Employee employed
by an Employer, such Employer or the Company shall thereafter pay an amount (the "Benefit") equal to 150% of the sum of (i) the Participant's base salary at the time of death, (ii) the
bonus (if any) paid to or with respect to the Participant in the fiscal year in which the death of the Participant occurs (or which would have been so paid but for any deferral elected by the
Participant under any deferred compensation plan or arrangement maintained by an Employer), and (iii) any tips and tokes received by the Participant in that year as determined by reference to
the Employer's payroll records and reflected in IRS information return issued to or in respect of the Participant. In the event of the death of a Participant who is Disabled and with respect to whom a
Benefit is payable under Section 3.2(b), the Benefit determined in accordance with this Section 3.1 and Section 3.2(b) shall be paid by the Company or by the Employer that
employed the Participant at the time his or her employment terminated by reason of Disability. The Benefit shall be paid, within one year after a Participant's death, to such Participant's designated
Beneficiary or Beneficiaries in accordance with the last such designation received by the Company from the Participant prior to his or her death; or, if no designation of Participant is in effect at
the time of death, to the Beneficiary or Beneficiaries as otherwise determined hereunder, 

        (b)  The
Benefit payable by reason of the death of a Participant shall in no event exceed $5,000,000. 

        (c)  If
the Committee determines that the Benefit payable to a Beneficiary is subject to U.S. Federal and/or state income taxes, the Benefit shall be increased by the amount
(the "Tax Adjustment") described below. The Tax Adjustment shall be such amount as the Committee shall determine in its sole discretion to be appropriate to cause the aggregate amount payable to a
Beneficiary hereunder, as reduced by the sum of (i) Federal income tax attributable to the receipt of the payment and (ii) State income tax attributable to the receipt of the payment
(taking into account the projected benefit of the deduction of state income tax payments for Federal income tax purposes), to be approximately equal to the Benefit. At the sole discretion of the
Committee, any tax imposed on the Participant and relating to the Federal Insurance Contributions Act (FICA) that is determined by the Committee to be required to be paid with respect to the Benefit,
and any foreign income or similar tax attributable to the receipt of payment of the Benefit, may also be taken into account in computing the Tax Adjustment. The Committee may take into account some or
all circumstances affecting a Beneficiary's actual tax liabilities attributable to a payment hereunder in determining the appropriate Tax Adjustment, but shall
have no obligation to do so, regardless of whether the Tax Adjustment as otherwise computed by the Committee is sufficient to pay the Federal and State income taxes or other taxes attributable to a
payment made hereunder. The Committee may discriminate between Beneficiaries in the manner of computation of the Tax Adjustment. Each Beneficiary entitled to receive a payment under the Plan shall
provide such information as the Committee may reasonably request with regard to the computation of the Tax Adjustment and the reporting of payments hereunder for tax purposes. 

        3.2    BENEFIT CONTINGENT ON CONTINUED EMPLOYMENT OR PERMANENT DISABILITY; NO CONTRACT OF EMPLOYMENT    

        (a)  In
the event that the employment of a Participant by the Company or any other Employer is terminated for any reason other than Disability, the Employee shall immediately
cease to be a Participant hereunder and neither the Company nor any other Employer shall have any further obligation hereunder in respect of such Employee. 

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        (b)  In
the event that the employment of a Participant by the Company or any other Employer is terminated on account of Disability, the Participant shall continue to be a
participant in this Plan until: (i) the Participant's death, with the Benefit then being determined by reference to the Participant's salary, bonus, and tips and tokes in the year of
termination of employment by reason of Disability; or (ii) until the earlier of (a) the date the Participant ceases to be eligible for
benefits under the relevant Employer's long-term disability plan or (b) the Participant's 65th birthday, at which time the Employee
shall immediately cease to be a Participant hereunder. 

        (c)  Nothing
contained herein shall be construed to be a contract of employment or as conferring upon the Participant the right to continue to be employed by the Company or
any other Employer in any capacity. 

ARTICLE IV 

TRUST  

        4.1    TRUST    

        The
Company shall establish and make contributions to a trust (hereinafter the "Trust") in such amounts as are determined by the Committee to be necessary to provide for the payment to
Beneficiaries of the benefits which are the responsibility of the Employers under this Plan. The Trust so established is intended to be a grantor trust within the meaning of subpart E, part I,
subchapter J, chapter 1, subtitle A of the Code, and shall be construed accordingly. 

        4.2    NO INTEREST IN TRUST ASSETS    

        A
Participant shall have no preferred claim on, or any beneficial interest in, any assets of the Trust. Any assets held by the Trust shall be subject to (i) the claims of general
creditors of the Company and (ii) the claims of general creditors of each Employer other than the Company (but only to the extent of the assets of the Trust and earnings thereon attributable to
the Participants employed by such Employer), under Federal and state law in the event of the "insolvency" of the Company or other Employer, i.e., that
the Company or other Employer is unable to pay its debts as they become due or is subject to a pending proceeding as a debtor under the United States Bankruptcy Code. 

ARTICLE V

UNSECURED CLAIMS; NO ASSIGNMENT  

        5.1    BENEFITS PAYABLE ONLY FROM GENERAL CORPORATE ASSETS; UNSECURED GENERAL CREDITOR STATUS OF PARTICIPANT    

        (a)  The
obligations of the Employers hereunder shall be solely unfunded and unsecured promises to pay money in the future. To the extent that any person (including any
Participant or Beneficiary) acquires a right to receive a payment from an Employer under the provisions hereof, such right shall be no greater than the right of any unsecured general creditor of the
Employer; and no such person shall have or acquire any legal or equitable right, interest or claim in or to any property or assets of any Employer, or any claim against any Employer hereunder other
than the Company or such other Employer as is required to pay a Benefit under Article III. Participants and their Beneficiaries, heirs, successors, and assigns shall have no legal or equitable
rights, claims, or interest in any specific property or assets of any of the Employers. 

        (b)  In
the event that, in its discretion, any Employer purchases (i) an insurance policy or policies insuring the lives of Participants or (ii) any other
property to allow any Employer to recover the costs of any
payments required to be made by them under this Plan, no Participant nor any of his or her designated Beneficiaries shall have or acquire any right whatsoever therein or in the proceeds 

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therefrom. The purchasing Employer shall be the sole owner of any such policy or policies, and, as such, shall possess and may exercise all incidents of ownership. 

        5.2    NON-ASSIGNABILITY OF BENEFITS    

        Neither
the Participant nor his or her designated Beneficiary or Beneficiaries under the Plan shall have any power or right to transfer, assign, anticipate, hypothecate or otherwise
encumber any part or all of the amounts payable hereunder or their rights thereto. Such amounts and rights shall not be subject to seizure by any creditor of any such Participant or Beneficiary, or to
execution by levy, attachment or garnishment or by any other proceeding at law or in equity, nor shall such amounts and rights be transferable by operation of law or otherwise in the event of the
bankruptcy, insolvency or death of the Participant, his or her designated Beneficiary, or any other Beneficiary hereunder. Any attempted assignment, transfer or other disposition of all or any portion
of the rights of a Participant or Beneficiary under the Plan shall be null and void and of no force or effect. 

ARTICLE VI

CLAIMS PROCEDURE  

        6.1    DETERMINATION OF BENEFITS, CLAIMS PROCEDURE AND ADMINISTRATION    

        (a)  Claim. A person who believes that he or she is being denied a benefit to which he or she is entitled under the Plan
(hereinafter referred to as a "Claimant") may file a written request for such benefit with the Committee, setting forth his or her claim. The request must be addressed to the Committee of the
Park Place Entertainment Corporation Executive Death Benefit Plan, 3930 Howard Hughes Parkway, Las Vegas, Nevada 89109; or to such Committee representative as may be designated by the Committee from
time to time. 

        (b)  Claim Decision. Upon receipt of a claim, the Committee (or its representative) shall advise the Claimant that a reply
will be forthcoming within ninety (90) days and shall, in fact, deliver such reply within such period. The Committee (or its representative) may, however, extend the reply period for an
additional ninety (90) days for reasonable cause. 

        If
the claim is denied in whole or in part, the Committee (or its representative) shall issue a written opinion, using language calculated to be understood by the Claimant, setting
forth: 

        (i)    The
specific reason or reasons for such denial; 

        (ii)  The
specific reference to pertinent provisions of the Plan on which such denial is based; 

        (iii)  A
description of any additional material or information necessary for the Claimant to perfect his or her claim and an explanation why such material or such information
is necessary; 

        (iv)  Appropriate
information as to the steps to be taken if the Claimant wishes to submit the claim for review; and 

        (v)  The
time limits for requesting a review under subsection "c" and for review under subsection "d" hereof. 

        (c)  Request for Review. Within sixty (60) days after the receipt by the Claimant of the written opinion described
above, the Claimant may request in writing that the Committee review its determination. Such request must be addressed to the Committee at the then principal place of business of the Company or to
other such person as may be designated by the Committee. The Claimant or his or her duly authorized representative may, but need not, review the pertinent documents and submit issues and comments in
writing for consideration by the Committee. If the Claimant does not request a review of the Committee's determination within such sixty (60) day period, the Claimant he shall be barred and
estopped from challenging the Committee's determination. 

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        (d)  Review of Decision. Within sixty (60) days after the Committee's receipt of a request for review as provided
above, the Committee will review its determination. After considering all materials presented by the Claimant, the Committee will render a written opinion, written in a manner calculated to be
understood by the Claimant, setting forth the specific reasons for the decision and containing specific references to the pertinent provisions of the Plan on which the decision is based. If special
circumstances require that the sixty (60) day time period be extended, the Committee will so notify the Claimant and will render the decision as soon as possible, but no later than one hundred
twenty (120) days after receipt of the request for review. 

ARTICLE VII

MISCELLANEOUS  

        7.1    AMENDMENT, MODIFICATION, SUSPENSION OR TERMINATION    

        The
Company may amend, modify, suspend or terminate the Plan in whole or in part, except that Section 6.1 may not be amended with respect to any Participant or Beneficiary
following the date the Participant or Beneficiary makes a claim for benefits under the Plan. 

        7.2    PARTICIPATING EMPLOYERS; AGENCY    

        The
Board shall designate each Employer other than the Company which shall become a participating Employer under the Plan. As a condition to participating in the Plan, each participating
Employer shall be deemed to have authorized the Committee to act for it in all matters arising under or with respect to the Plan and shall comply with such other terms and conditions as may be imposed
by the Committee. Each participating Employer other than the Company hereby irrevocably grants to the Company full and exclusive power to exercise, enforce or waive any right which such Employer might
otherwise have under the terms of the Plan, and each such participating Employer irrevocably appoints the Company as its agent for such purpose. 

        7.3    WITHHOLDING    

        There
shall be deducted from each payment made under the Plan or any other compensation payable to the Participant's Beneficiary or Beneficiaries any and all taxes that are required to
be withheld by the Employer with respect to such payment. The Employer shall have the right to reduce any payment due hereunder with respect to a Participant by the amount of cash sufficient to
provide for the payment of all taxes required to be paid or withheld by reason of the death of such Participant. 

        7.4    GOVERNING LAW    

        This
Plan shall be construed, governed and administered in accordance with the laws of the State of Nevada. 

        7.5    RECEIPT AND RELEASE    

        Any
payment to a Participant's Beneficiary or Beneficiaries in accordance with the provisions of the Plan (including any tax amount withheld with respect to such payment) shall, to the
extent thereof, be in full satisfaction of all claims against the Committee, the Company, and the Employer that employed such Participant. The Committee may require such Participant's Beneficiary or
Beneficiaries, as a condition precedent to any such payment, to execute and deliver a receipt and release to such effect. 

        7.6    PAYMENTS ON BEHALF OF PERSONS UNDER INCAPACITY    

        In
the event that any amount becomes payable under the Plan by an Employer to a Beneficiary who, in the sole judgment of the Committee, is considered by reason of physical or mental
condition to be unable to give valid receipt therefore, the Committee may direct that such payment be made to any 

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person found by the Committee, in its sole judgment, to have assumed the care of such person. Any payment made pursuant to such determination shall constitute a full release and discharge of the
Committee, the Company, and the Employer that employed such Participant. 

        7.7    HEADINGS, ETC. NOT PART OF THE PLAN    

        Headings
and subheadings in the Plan are inserted for convenience of reference only and are not to be considered in the construction of the provisions hereof. 

        This
Plan is hereby executed by a duly authorized officer of the Company effective as of October 1, 2000. 

	 	 	PARK PLACE ENTERTAINMENT CORPORATION
	

 	
 	

By:	
 	

 
	 	 	 	 	/s/ MARK DODSON

	 	 	Name:	 	Mark Dodson

	 	 	Title:	 	

7

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Exhibit 10.41

PARK PLACE ENTERTAINMENT CORPORATION EXECUTIVE DEATH BENEFIT PLAN

PARK PLACE ENTERTAINMENT CORPORATION EXECUTIVE DEATH BENEFIT PLANQuickLinks
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Exhibit 10.42    
  

 
  PARK PLACE ENTERTAINMENT
  DIRECTORS' RETIREMENT BENEFIT PLAN    
  

SECTION I

Introduction  

        1.1.    Purpose.    Park Place Entertainment Directors' Retirement Benefit Plan (the "plan") is established by Park
Place Entertainment Corporation (the "company") to provide retirement benefits for eligible non-employee directors of the company. 

        1.2.    Effective Date.    The "effective date" of the plan is January 1, 1999. 

        1.3.    Administration.    The plan will be administered by the company. Any decision by the company hereunder or with
respect hereto shall be final, binding and conclusive on all participants and all other persons whomsoever. 

SECTION 2

Participation  

        Each director of the company, who is not also an officer of the company, shall become a participant in the plan on the date (after the effective date) he has
completed 10 years of service as a director;
provided, however, that a director who has retired as an officer of the company shall not be eligible to become a participant in this plan. 

SECTION 3

Amount of Benefits  

        3.1.    Retirement Benefit.    A participant who retires as a director of the company at or after attaining age
65 years will be entitled to an annual retirement benefit equal to 100% of his average director's fees (as defined in subsection 3.3). 

        3.2.    Pre-retirement Spouse's Benefit.    If a participant dies at or after attaining age
65 years but before he has retired as a director of the company, his surviving spouse, if any, will be entitled to an annual spouse's benefit equal to one-half of the annual
retirement benefit the participant would have received under subsection 3.1 if he had retired on the date of his death. 

        3.3.    Average Director's Fees.    A participant's "average director's fees" means the annual average of the
director's fees (as defined below) paid to him by the company during the 36 consecutive calendar months for which his director's fees were the highest. A participant's "director's fees" means the
total cash fees (excluding reimbursed expenses) paid to him for serving as a director of the company, including fees for attending meetings of the Board of Directors of the company, or any committee
thereof. 

SECTION 4

Payment of Benefits  

        4.1.    Payment of Retirement Benefit.    Payment of retirement benefits under subsection 3.1 shall begin with the
year of the participant's retirement and end with the earlier of the date of his death or the tenth annual payment; provided that, if the participant dies before receiving ten annual payments,
one-half of the annual benefit he was receiving will be paid to his surviving spouse, if any, for the balance of the ten year period. 

        4.2.    Payment of Spouse's Benefit.    Payment of spouse's benefits under subsection 3.2 shall begin with the year of
the participant's death and end with the earlier of the tenth annual payment or the date of death of the participant's spouse. 

        4.3.    Facility of Payment.    Any amount payable under the plan to a person under legal disability or who, in the
judgment of the company, is unable to properly manage his financial affairs, may be paid to such person's legal representative, or may be applied for the benefit of such person in any manner selected
by the company. 

        4.4.    Funding of Benefits.    Benefits payable under the plan to or on account of a participant shall be paid
directly by the company, and shall be provided from the general assets of the company. No assets of the company shall be used solely for the purpose of providing benefits hereunder, and the company's
obligation to pay such benefits is not limited to any particular assets of the company. 

SECTION 5

Miscellaneous  

        5.1    Action by Company.    Any action required or permitted to be taken by the company under the plan shall be by
resolution of its Board of Directors, by resolution of a duly authorized committee of its Board of Directors, or by a person or persons authorized by resolution of its Board of Directors or such
committee. 

        5.2.    Gender and Number.    Where the context admits, words in the masculine gender shall include the feminine and
neuter genders, the singular shall include the plural, and the plural shall include the singular. 

        5.3.    Controlling Law.    Except to the extent superseded by laws of the United States, the laws of Nevada shall be
controlling in all matters relating to the plan. 

        5.4.    Interests Not Transferable.    The interests of persons entitled to benefits under the plan are not subject to
their debts or other obligations and, except as may be required by the tax withholding provisions of the Internal Revenue Code or any state's income tax act, may not be voluntarily or involuntarily
sold, transferred, alienated, assigned or encumbered. 

        5.5.    Successors.    The plan is binding on all persons entitled to benefits hereunder and their respective heirs
and legal representatives, and on the company and its successors and assigns. 

SECTION 6

Amendment and Termination  

        While the company expects and intends to continue the plan, it reserves the right to amend the plan from time-to-time or to terminate the
plan at any time; provided that in no event shall any participant's retirement benefits accrued to the date of such amendment or termination be modified or reduced by such action. 

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Exhibit 10.42

PARK PLACE ENTERTAINMENT DIRECTORS' RETIREMENT BENEFIT PLAN

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