Document:

Exhibit
10.48

FOURTH
AMENDMENT TO THE

RESTATED PARK PLACE ENTERTAINMENT CORPORATION

EXECUTIVE DEFERRED COMPENSATION PLAN

WHEREAS, Caesars Entertainment, Inc. (formerly named
Park Place Entertainment Corporation) maintained the Park Place Entertainment
Corporation Executive Deferred Compensation Plan (the “Plan”), which was most
recently amended and restated effective as of January 1, 2002;

WHEREAS, effective as of June 13, 2005, Caesars
Entertainment, Inc. was merged with and into Harrah’s Operating Company, Inc.,
a Delaware corporation (“Harrah’s Operating”) and a wholly-owned subsidiary of
Harrah’s Entertainment, Inc., a Delaware corporation (“Harrah’s”);

WHEREAS, effective as of June 13, 2005, the Plan was
amended to provide that Harrah’s shall have the authority to amend the Plan;

WHEREAS, Harrah’s now wishes to amend the Plan to
provide that the Harrah’s EDCP Committee and the Harrah’s EDCP Investment
Committee will have responsibility for the administration of the Plan;

WHEREAS, Section 10.5 of the Plan provides that Harrah’s
may amend the Plan, subject to certain limitations.

NOW, THEREFORE, the Plan is hereby amended, effective
as of July , 2006 (except as otherwise provided herein), as follows:

AMENDMENT

1.                                       Section
1.2 of the Plan is hereby amended to delete the definition of “Committee” and
to add the following new definitions:

“EDCP Committee” shall mean the Committee appointed to
administer the Plan in accordance with Article IX.

“EDCP Investment Committee” shall mean the committee
that has the responsibility for selecting and monitoring performance of the
Funds.

“HRC” shall mean the Human Resources Committee of the
Board.

The Plan is hereby
further amended to substitute “EDCP Committee” for each reference to “Committee”
therein.

2.                                       The
definitions of “Fund” and “Funds” in Section 1.2 of the Plan are hereby amended
to read in their entirety as follows:

“Fund” or “Funds” shall
mean one or more of the investments selected by the EDCP Investment Committee
pursuant to Section 3.3(a).

 

3.                                       Effective
as of January 1, 2006, Section 3.3(b) of the Plan is hereby amended to read in
its entirety as follows:

(b)           In making the designation pursuant to
this Section 3.3, the Participant may specify that all or any whole percentage
of his Accounts be deemed to be invested in one or more of the Funds.  A Participant may change the designation made
under this Section 3.3, in a manner prescribed by the Committee, effective as
of the first day of the calendar month following the date on which such change
is made.

4.                                       Section
3.3 of the Plan is hereby amended in its entirety to read as follows:

3.3           Investment
Elections.

(a)           At the time of making the deferral
elections described in Section 3.1 and 3.2, the Participant shall designate, in
a manner prescribed by the EDCP Committee, the Funds in which the Participant’s
Accounts shall be deemed to be invested for purposes of determining the amount
of earnings to be credited, and/or losses to be debited, to such Accounts under
Article IV.  The Funds shall consist of
the investment vehicles selected by the EDCP Investment Committee from time to
time in its sole discretion.

(b)           In making the designation pursuant to
this Section 3.3, the Participant may specify that all or any whole percentage
of his Accounts be deemed to be invested in one or more of the Funds.  A Participant may change the designation made
under this Section 3.3, in a manner prescribed by the EDCP Committee, effective
as of the first day of the calendar month following the date on which such
change is made.

(c)           Notwithstanding any other provision
of this Plan that may be interpreted to the contrary, the Funds are to be used
only for purposes of determining the amount of earnings to be credited and/or
losses to be debited to a Participant’s Account, and a Participant’s designation
of any such Fund, the allocation to his or her Accounts thereof, the
calculation of earnings and the crediting or debiting of such earnings to a
Participant’s Accounts shall not be considered or construed in any manner as an
actual investment of his or her Accounts in any such Fund.  In the event that the Company or any trustee
of a Trust described in Section 6.6, in its sole discretion, decides to invest
any amounts in any or all of the Funds, no Participant shall have any rights in
or to such investments themselves. 
Without limiting the foregoing, a Participant’s Accounts shall at all
times be a bookkeeping entry only and shall not represent any investment made
on his or her behalf by the Company or any trustee.

(d)           Notwithstanding the foregoing
provisions of this Section 3.3, the EDCP Investment Committee may retain the
overriding discretion regarding the Participant’s designation of Funds under
this Section 3.3.  If a Participant fails
to designate any Fund under this Section 3.3, the Participant shall be deemed
to have designated the default Fund selected by the EDCP Investment Committee
for such

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purpose, in the discretion of the EDCP Committee and
in accordance with its uniform policies and procedures.

(e)           Each Participant shall bear full responsibility
for all results associated with his or her designation of Funds under this
Section 3.3, and none of the Employer, the EDCP Committee nor the EDCP
Investment Committee shall have any responsibility or liability with respect to
any Participant’s designation of such Funds.

5.                                       Article
III of the Plan is hereby amended to add new Section 3.4 at the end thereof:

3.4           Investment
Committee.

(a)           Membership.  The EDCP Investment Committee shall be
appointed by action of the HRC.  The EDCP
Investment Committee members shall serve without compensation but shall be
reimbursed for all expenses by the Company. 
The EDCP Investment Committee shall conduct itself in accordance with
the provisions of this Section. The members of the EDCP Investment Committee
may resign with thirty (30) days notice in writing to the Company and may be
removed immediately at any time by written notice from the HRC.  The EDCP Investment Committee may have duties
with respect to other plans of the Company that are similar or identical to its
duties under the Plan.

(b)           Appointment
of Agents.  The EDCP Investment
Committee may appoint such other agents, who need not be members of the EDCP
Investment Committee, as it may deem necessary for the effective performance of
its duties, whether ministerial or discretionary, as the EDCP Investment
Committee may deem expedient or appropriate. 
The compensation of any agents who are not employees of the Company
shall be fixed by the EDCP Investment Committee within any limitations set by
the HRC.

(c)           Majority
Vote. On all matters, questions and decisions, the action of the EDCP
Investment Committee shall be determined by a majority vote of its
members.  They may meet informally or
take any ordinary action without the necessity of meeting as a group.  All instruments executed by the EDCP
Investment Committee shall be executed by a majority of its members or by any
member of the EDCP Investment Committee designated to act on its behalf.

(d)           Allocation
of Responsibilities.  The EDCP
Investment Committee may allocate responsibilities among its members or
designate other persons to act on its behalf. 
Any allocation or designation, however, must be set forth in writing and
must be retained in the permanent records of the EDCP Investment Committee.

(e)           Indemnification.  The Company shall indemnify and hold harmless
the members of the EDCP Investment Committee against any and all claims, loss,
damage, expense or liability arising from any action or failure to act with
respect to this Plan on account of such member’s service on the EDCP

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Investment Committee, except in the case of gross
negligence or willful misconduct.

6.                                       Article
IX of the Plan is hereby amended to read in its entirety as follows:

9.1           Powers of the EDCP Committee.

(a)           Plan
Administrator.  The EDCP Committee
shall be the administrator of the Plan and shall be responsible for the
administration of the Plan.

(b)           General
Powers of the EDCP Committee.  The
EDCP Committee shall have the power and discretion to perform the
administrative duties described in this Plan or required for proper
administration of the Plan and shall have all powers necessary to enable it to
properly carry out such duties.  Without
limiting the generality of the foregoing, the EDCP Committee shall have the
power and discretion to construe and interpret this Plan, to hear and resolve
claims relating to this Plan, and to decide all questions and disputes arising
under this Plan.  The EDCP Committee
shall determine, in its discretion, the service credited to the Participants,
the status and rights of a Participant, and the identity of the Beneficiary or
Beneficiaries entitled to receive any benefits payable hereunder on account of
the death of a Participant.  The decision
or action of the EDCP Committee in respect of any question arising under or in
connection with the Plan and the rules and regulations promulgated hereunder
shall be final and conclusive and binding upon all persons having an interest
in the Plan.

(c)           Distributions.  Except as is otherwise provided hereunder,
the EDCP Committee shall determine the manner and time of payment of benefits
under this Plan.  All benefit
disbursements by the Trustee shall be made upon the instructions of the EDCP
Committee.

(d)           Decisions
Conclusive.  The decision of the EDCP
Committee upon all matters within the scope of its authority shall be binding
and conclusive upon all persons.

(e)           Reporting.  The EDCP Committee shall file all reports and
forms lawfully required to be filed by the EDCP Committee and shall distribute
any forms, reports or statements to be distributed to Participants and others.

(f)            Trust
Fund.  The EDCP Committee shall keep
itself advised with respect to the funded status and investment of the Trust
Fund.

9.2           Creation of Committee.  The EDCP Committee
shall be appointed by the Chief Executive Officer of the Company.  The EDCP Committee must consist of at least
three members.  The EDCP Committee
members shall serve without compensation but shall be reimbursed for all
expenses by the Company.  The EDCP
Committee shall conduct itself in accordance with the provisions of this
Article IX.  The members of the EDCP
Committee may resign with thirty (30) days notice in writing to the Company and
may be removed immediately at

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any time by written
notice from the Company.  The EDCP Committee
may have duties with respect to other plans of the Company that are or
identical to its duties under the Plan.

9.3           Appointment of Agents.  The EDCP Committee
may appoint such other agents, who need not be members of the EDCP Committee,
as it may deem necessary for the effective performance of its duties, whether
ministerial or discretionary, as the EDCP Committee may deem expedient or
appropriate.  The compensation of any
agents who are not employees of the Company shall be fixed by the EDCP Committee
within any limitations set by the HRC.

9.4           Majority Vote and Execution of
Instruments.  In
all matters, questions and decisions, the action of the EDCP Committee shall be
determined by a majority vote of its members. 
They may meet informally or take any ordinary action without the
necessity of meeting as a group.  All
instruments executed by the EDCP Committee shall be executed by a majority of
its members or by any member of the EDCP Committee designated to act on its
behalf.

9.5           Allocation of Responsibilities.  The EDCP Committee
may allocate responsibilities among its members or designate other persons to
act on its behalf.  Any allocation or
designation, however, must be set forth in writing and must be retained in the
permanent records of the EDCP Committee.

9.6           Conflict of Interest.  No member of the
EDCP Committee who is a Participant shall take any part in any action in
connection with his participation as an individual.  Such action shall be voted or decided by the
remaining members of the EDCP Committee.

9.7           Indemnification.  The Company shall indemnify and hold harmless
the members of the EDCP Committee against any and all claims, loss, damage,
expense or liability arising from any action or failure to act with respect to
this Plan on account of such member’s service on the EDCP Committee, except in
the case of gross negligence or willful misconduct.

9.8           Action Taken by Employee.  Any action to be
taken by an Employer shall be taken by resolution adopted by its board of
directors or appropriate board committee; provided, however, that by
resolution, the board of directors or appropriate board committee  may delegate to any committee of the board or
any officer of the Employer the authority to take any actions under this Plan,
other than the power to determine the basis of Employer contributions.

9.9           Discretionary Authority.  All delegations of
responsibility set forth in this document regarding the determination of
benefits and the interpretation of the terms of the Plan confer discretionary
authority upon the person delegated such responsibility.

9.10         Participant Statements.  The EDCP Committee
shall provide a statement of Plan Accounts to each Participant and Beneficiary
on a quarterly or more frequent basis, as determined by the EDCP Committee in its
discretion.

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Such statement of Plan
Accounts shall reflect the amounts allocated to each Account maintained for the
Participant, the Participant’s vested interest in his Accounts, any
distributions, withdrawals or expenses charged against the Participant’s
Account, the hypothetical investment earnings and losses on the Participant’s
Account, and any other information deemed appropriate by the EDCP Committee.

7.                                       Section
10.5 of the Plan is hereby amended to read in its entirety as follows:

10.5         Amendment, Modification, Suspension
or Termination.

(a)           The Company may amend, modify,
suspend or terminate the Plan in whole or in part, except that (i) no
amendment, modification, suspension or termination shall have any retroactive
effect to reduce any amounts allocated to a Participant’s Accounts, and (ii)
Section 8.1 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.  In the event that this Plan
is terminated, the amounts credited to a Participant’s Accounts (including any
previously uninvested amounts) shall be distributed to the Participant or, in
the event of his or her death, his or her Beneficiary, in a lump sum within
sixty (60) days following the date of termination.

(b)           Additionally, the EDCP Committee may
amend, modify or suspend the Plan in whole or in part, provided that such
amendment, modification or suspension does not have a material adverse
financial effect on the Company or the Plan and except that (i) no amendment,
modification or suspension shall have any retroactive effect to reduce any
amounts allocated to a Participant’s Accounts, and (ii) Section 8.1 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.

8.                                       Except
as herein amended, the Plan shall continue in full force and effect in
accordance with the terms and conditions thereof.

This Fourth Amendment to the Plan is hereby executed
by a duly authorized officer of Harrah’s Entertainment, Inc., effective as of
July 1, 2006 (except as otherwise provided herein).

	
  

  	
  HARRAH’S ENTERTAINMENT, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Its:

  	
   

  	
   

  

 

 6Exhibit
10.50

AMENDMENT
TO 

CAESARS ENTERTAINMENT, INC.

2004 LONG TERM INCENTIVE PLAN

THIS AMENDMENT TO CAESARS ENTERTAINMENT, INC. 2004
LONG TERM INCENTIVE PLAN, dated as of June 13, 2005, is made and adopted by
Harrah’s Operating Company, Inc. (“Harrah’s Operating Company”), a
Delaware corporation and a wholly owned subsidiary of Harrah’s Entertainment,
Inc., a Delaware corporation. 
Capitalized terms used but not otherwise defined herein shall have the
respective meanings ascribed to them in the Plan (as defined below).

WHEREAS, Harrah’s Operating Company previously entered
into that certain Agreement and Plan of Merger, dated as of July 14, 2004 (the “Agreement”),
pursuant to which Caesars Entertainment, Inc., a Delaware corporation (“Caesars”),
upon the terms and subject to the conditions set forth in the Agreement, merged
with and into Harrah’s Operating Company, with Harrah’s Operating Company as
the surviving entity (the “Merger”);

WHEREAS, Caesars maintains the Caesars Entertainment,
Inc. 2004 Long Term Incentive Plan (the “Plan”);

WHEREAS, pursuant to Section 8(d) of the Plan, the
Board of Directors of the Company may at any time amend the Plan;

WHEREAS, Harrah’s Operating Company, as successor to
Caesars, desires to amend the Plan as set forth herein; and

WHEREAS, this Amendment was adopted by the Special
Plan Amendment Committee of Harrah’s Operating Company on June 13, 2005.

NOW, THEREFORE, in consideration of the foregoing,
Harrah’s Operating Company hereby amends the Plan as follows, effective as of
immediately after the consummation of the Merger:

1.                                       Section
2(d) of the Plan is hereby amended and restated in its entirety as follows:

“(d)         ‘Change
in Control’ means and includes each of the following:

(1)  the
acquisition, directly or indirectly, by any ‘person’ or ‘group’ (as those terms
are defined in Sections 3(a)(9), 13(d) and 14(d) of the Exchange Act and the
rules thereunder) of ‘beneficial ownership’ (as determined pursuant to
Rule 13d-3 under the Exchange Act) of securities entitled to vote generally
in the election of directors (‘voting securities’) of the Company that
represent 25% or more of the combined voting power of the Company’s then
outstanding voting securities, other than

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(A)  an
acquisition by a trustee or other fiduciary holding securities under any
employee benefit plan (or related trust) sponsored or maintained by the Company
or any person controlled by the Company or by any employee benefit plan (or
related trust) sponsored or maintained by the Company or any person controlled
by the Company, or

(B)  an
acquisition of voting securities by the Company or a corporation owned,
directly or indirectly by the stockholders of the Company in substantially the
same proportions as their ownership of the stock of the Company, or

(C)  an acquisition
of voting securities pursuant to a transaction described in clause (3)
below that would not be a Change in Control under clause (3);

Notwithstanding the foregoing, neither of the
following events shall constitute an ‘acquisition’ by any person or group for
purposes of this subsection (d): an acquisition of the Company’s securities by
the Company which causes the Company’s voting securities beneficially owned by
a person or group to represent 25% or more of the combined voting power of the
Company’s then outstanding voting securities; provided,
however, that if a person or group shall become the beneficial owner
of 25% or more of the combined voting power of the Company’s then outstanding
voting securities by reason of share acquisitions by the Company as described
above and shall, after such share acquisitions by the Company, become the
beneficial owner of any additional voting securities of the Company, then such
acquisition shall constitute a Change in Control; or

(2)  during any
period of two consecutive years, individuals who, at the beginning of such
period, constitute the Board together with any new director(s) (other than a
director designated by a person who shall have entered into an agreement with
the Company to effect a transaction described in clauses (1) or
(3) of this subsection (d)) whose election by the Board or nomination for
election by the Company’s stockholders was approved by a vote of at least
two-thirds of the directors then still in office who either were directors at
the beginning of the two year period or whose election or nomination for
election was previously so approved, cease for any reason to constitute a
majority thereof; or

(3)  the
consummation by the Company (whether directly involving the Company or
indirectly involving the Company through one or more intermediaries) of
(x) a merger, consolidation, reorganization, or business combination or
(y) a sale or other disposition of all or

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substantially all
of the Company’s assets or (z) the acquisition of assets or stock of
another entity, in each case other than a transaction

(A)  which
results in the Company’s voting securities outstanding immediately before the
transaction continuing to represent (either by remaining outstanding or by
being converted into voting securities of the Company or the person that, as a
result of the transaction, controls, directly or indirectly, the Company or
owns, directly or indirectly, all or substantially all of the Company’s assets
or otherwise succeeds to the business of the Company (the Company or such
person, the ‘Successor Entity’)) directly or indirectly, at least a
majority of the combined voting power of the Successor Entity’s outstanding
voting securities immediately after the transaction, and

(B)  after which
no person or group beneficially owns voting securities representing 25% or more
of the combined voting power of the Successor Entity; provided, however, that no person or group
shall be treated for purposes of this clause (B) as beneficially owning
25% or more of combined voting power of the Successor Entity solely as a result
of the voting power held in the Company prior to the consummation of the
transaction; or

(4)  the Company’s
stockholders approve a liquidation or dissolution of the Company.

The Committee shall have full and final authority,
which shall be exercised in its discretion, to determine conclusively whether a
Change in Control of the Company has occurred pursuant to the above definition,
and the date of the occurrence of such Change in Control and any incidental
matters relating thereto.

2.                                       Section
2(f) of the Plan is hereby amended and restated in its entirety as follows:

“(f)          ‘Committee’
means the Human Resources Committee of the Board; provided,
however that the Human Resources Committee may delegate to a committee
of one or more members of the Board the authority to grant or amend Awards to
Grantees other than (i) senior executives of the Company who are subject to
Section 16 of the Exchange Act or (ii) Covered Employees.  The Committee shall consist of at least two
individuals, each of whom qualifies as (i) a member of the Board who qualifies
as a “Non-Employee Director” as defined in Rule 16b-3(b)(3) of the Exchange
Act, or any successor definition adopted by the Board, and (ii) an “outside
director” pursuant to Code Section 162(m) and the regulations issued
thereunder.  Reference to the Committee
shall refer to the Board if the Human Resources Committee ceases to exist and
the Board does not appoint a successor Committee.”

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3.                                       Section
2(g) of the Plan is hereby amended and restated in its entirety as follows:

“(g)         ‘Company’
means Harrah’s Entertainment, Inc., a Delaware corporation.”

4.                                       Section
2(k) of the Plan is hereby amended and restated in its entirety as follows:

“(k)         ‘Fair Market Value’ means, as of
any given date, the fair market value of a share of Stock on the immediately
preceding date determined by such methods or procedures as may be established
from time to time by the Committee. 
Unless otherwise determined by the Committee, the Fair Market Value of a
share of Stock as of any date shall be the average of the high and low trading
prices for a share of Stock as reported on the New York Stock Exchange (or on
any national securities exchange on which the Stock is then listed) for the
immediately preceding date or, if no such prices are reported for that date,
the average of the high and low trading prices on the next preceding date for
which such prices were reported.”

5.                                       Section
2(aa) of the Plan is hereby amended to delete the amount “$0.01” appearing
therein and to substitute the amount “$0.10” therefor.

6.                                       The
following new Section 2(dd) is hereby added to the Plan:

“(dd)       ‘Cause’
means as follows (references in this definition to the male gender include the
female gender):

(1)  A Grantee’s willful failure to perform
substantially his or her duties or to follow a lawful reasonable directive from
his or her supervisor (other than any such failure resulting from incapacity
due to physical or mental illness), after a written demand for substantial performance
is delivered to him or her by his or her supervisor which specifically
identifies the manner in which his or her supervisor believes that he or she
has not substantially performed his or her duties or to follow a lawful
reasonable directive and he or she is given a reasonable opportunity (not to
exceed thirty (30) days) to cure any such failure to substantially
perform, if curable;

(2)  (A) Any willful act of fraud, or embezzlement
or theft by a Grantee, in each case, in connection with his or her duties to
the Company or in the course of his or her employment with the Company or
(B) a Grantee’s admission in any court, or conviction of, a felony
involving moral turpitude, fraud, or embezzlement, theft or misrepresentation,
in each case, against the Company;

(3)  A Grantee being found unsuitable for or
having a gaming license denied or revoked by the gaming regulatory authorities
in any state or territory in which the Company may operate; or

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(4)  (A) A Grantee’s willful and material
violation of, or noncompliance with, any securities laws or stock exchange
listing rules, including, without limitation, the Sarbanes-Oxley Act of 2002 if
applicable to the Grantee, provided
that such violation or noncompliance resulted in material economic harm to the
Company, or (B) a final judicial order or determination prohibiting a
Grantee from service as an officer pursuant to the Exchange Act and the rules
of the New York Stock Exchange.

For purposes of
this subsection (dd), no act or failure to act on a Grantee’s part shall be
considered “willful” unless it is done, or omitted to be done, by the Grantee
in bad faith and without reasonable belief that his or her action or omission
was in the best interests of the Company. 
Any act, or failure to act, based upon authority given pursuant to a
resolution duly adopted by the Board or based on a directive from the Grantee’s
supervisor or based upon the advice of counsel for the Company shall be
conclusively presumed to be done, or omitted to be done, by the Grantee in good
faith and in the best interests of the Company. 
Any other rights of a Grantee regarding termination for cause that are
contained in a written agreement between the Company and the Grantee shall be
preserved.”

7.                                       The
following new Section 2(ee) is hereby added to the Plan:

“(ee)       ‘Harrah’s
Merger Agreement’ shall mean that certain Agreement and Plan of Merger,
dated as of July 14, 2004, pursuant to which Caesars Entertainment, Inc., a
Delaware corporation, merged with and into Harrah’s Operating Company, Inc., a
Delaware corporation and a wholly owned subsidiary of the Company, with Harrah’s
Operating Company, Inc. as the surviving entity.”

8.                                       The
following new section 2(ff) is hereby added to the Plan:

“(ff)         ‘Harrah’s
Merger Effective Time’ shall mean the effective time of the merger (the “Merger”)
pursuant to the Harrah’s Merger Agreement.”

9.                                       The
first sentence of Section 4 of the Plan is hereby amended and restated in its
entirety as follows:

“Awards may be
granted to selected directors, officers, employees or consultants of the
Company, any Subsidiary of the Company or any Related Entity, in the discretion
of the Committee, other than individuals
who, immediately prior to the Harrah’s Merger Effective Time, were employed by
or served as directors or consultants to the Company or entities that were
subsidiaries of the Company immediately prior to the Harrah’s Merger Effective
Time.”

10.                                 Section
5 of the Plan is hereby amended as follows:

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a.                                       The
first sentence of Section 5 of the Plan is hereby amended to add the phrase “Prior
to the Harrah’s Merger Effective Time,” to the beginning of the sentence.

b.                                      The
following new paragraph is hereby added following the first paragraph of
Section 5 of the Plan:

“Immediately after the Harrah’s Merger Effective Time,
the number of shares of Stock preserved for the grant of Awards under the Plan,
the maximum number of shares of Stock that may be made subject to Options
granted to a single individual in a single Plan Year, and the maximum number of
shares of Stock that may be made subject to stock-based awards other than
Options granted to a single individual in a single Plan Year shall be adjusted
to reflect the Merger.”

11.                                 The
following new paragraph is hereby added to the end of Section 5 of the Plan:

“Effective
immediately after the Harrah’s Merger Effective Time, the outstanding Awards
under this Plan shall be adjusted to reflect the Merger, as provided by the
Harrah’s Merger Agreement.”

12.                                 Section
7 of the Plan is hereby amended and restated in its entirety as follows:

“If a Change in Control occurs, a Grantee’s Awards are
converted, assumed, or replaced by a successor, and the Grantee’s employment
with the Company or any Subsidiary is terminated without Cause within 24 months
following the date of the Change in Control, such Awards shall become fully
exercisable and all forfeiture restrictions on such Awards shall lapse.  If a Change in Control occurs and a Grantee’s
Awards are not converted, assumed, or replaced by a successor, such Awards
shall become fully exercisable and all forfeiture restrictions on such Awards
shall lapse.  Upon, or in anticipation
of, a Change in Control, the Committee may cause any and all Awards outstanding
hereunder to terminate at a specific time in the future and shall give each
Grantee the right to exercise such Awards during a period of time as the
Committee, in its sole and absolute discretion, shall determine.  In the event that the terms of any agreement
between the Company or any Company subsidiary or affiliate and a Grantee
contains provisions that conflict with and are more restrictive than the
provisions of this Section 7, this Section 7 shall prevail and control and the
more restrictive terms of such agreement (and only such terms) shall be of no
force or effect.”

13.                                 The
following sentence is hereby added to the end of Section 8(d)(ii) of the Plan:

“Effective
immediately after the Harrah’s Merger Effective Time, the Special Plan
Amendment Committee of Harrah’s Operating Company, Inc. shall have the power to
amend this Plan as the Special Plan Amendment Committee deems necessary or
desirable

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to facilitate the
integration of Caesars Entertainment, Inc. with Harrah’s Operating Company,
Inc. pursuant to the Merger.”

14.                                 This
Amendment shall be and is hereby incorporated in and forms a part of the Plan.

15.                                 All
other terms and provisions of the Plan shall remain unchanged except as
specifically modified herein.

16.                                 The
Plan, as amended by this Amendment, is hereby ratified and confirmed.

 

 

[SIGNATURE PAGE FOLLOWS]

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I hereby certify that the foregoing Amendment was duly
adopted by the Special Plan Amendment Committee of Harrah’s Operating Company,
Inc. on June 13, 2005.

	
  By:

  	
   

  	
   

  
	
  Name:

  	
  Stephen H. Brammell

  
	
  Title:

  	
  Senior Vice President, General Counsel and

  
	
   

  	
  Corporate Secretary

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00112-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00112-of-00352.parquet"}]]