Document:

Offer Letter to Steven P. Sexton

 EXHIBIT 10 (ccc) 
 SECOND AMENDMENT 
 TO 
 OFFER LETTER 
 This Second Amendment to the Offer Letter by and between
Churchill Downs Incorporated, a Kentucky corporation (the “Company”), and Steven P. Sexton (the “Employee” ) is made as of January 19, 2009 (this “Amendment”). Capitalized terms used herein
and not otherwise defined herein have the respective meanings set forth in the Offer Letter (as defined below). 
 RECITALS 

A. WHEREAS, the Company and Employee are parties to an offer letter, dated as of December 10, 2002 (the “Offer Letter”); and

 B. WHEREAS, the Company and Employee desire to amend the Offer Letter to modify certain terms of the Employee’s employment with the
Company. 
 NOW, THEREFORE, in consideration of the mutual promises set forth herein, the parties hereto hereby agree as follows: 

1. Section 1 of the Offer Letter, is hereby amended in its entirety to read as follows: 
 “Title: Executive Vice President of the Company and President and Chief Executive Officer of a newly formed, wholly-owned subsidiary of the Company,
dedicated to the conception, development production and management of new racing and entertainment events.” 
 2. Section 4 of the
Offer Letter is hereby amended in its entirety to read as follows: 
 “Base Compensation: $326,000.” 
 3. A new Section 12 is hereby added to the end of the Offer Letter to read as follows: 
 “Notwithstanding Section 10 above or any provision to the contrary, if Churchill Downs terminates your employment for any reason other than
“Just cause” (as defined in Section 10 above) prior to August 1, 2011, Churchill Downs shall pay you a lump sum payment equal to two times your annual base salary (in effect immediately prior to your termination). The
Company’s obligations hereunder are subject to your execution of a Churchill Downs’ standard release agreement within the minimum time period required under applicable state and federal laws, or if no such period, ten business days
following the date of your termination and to the extent you have not revoked such release agreement within the time permitted under applicable law. Notwithstanding the foregoing and any provision to the contrary, in any case where the first and
last days of the applicable release and non-revocability periods are in two separate tax years, to the extent necessary to avoid the imposition of any additional taxes under Section 409A, any payments required to be made to you under this
letter shall be made in the later tax year, after the 

  

 1 

 
expiration of the full execution and revocation period permitted under applicable law. This payment shall be paid to you in a single cash sum as soon as
practicable following the expiration of the applicable revocation period following the signing of the release, but in no event later than sixty (60) days following your termination date. If you are entitled to receive the payment provided in
this paragraph, you will not be entitled to any severance benefit or payment provided in Section 10 of this letter or under any severance plan or policy of Churchill Downs or any of its subsidiaries (including but not limited to, the Churchill
Downs Executive Severance Policy). For the avoidance of doubt, from and after August 1, 2011, the provisions of Section 10 of this letter and the Churchill Downs Executive Severance Policy, as may be amended, shall govern your termination
of employment by Churchill Downs, subject to the terms and conditions of such Section 10 and policy. 
 IN WITNESS WHEREOF, the parties
hereto have executed this Amendment as of the date first above written. 
  

			
	 CHURCHILL DOWNS INCORPORATED

		
	 By:
	 	 /s/ CHARLES G. KENYON

	 Name:
	 	CHARLES G. KENYON
	 Title:
	 	VP HUMAN RESOURCES
	
	 EMPLOYEE

		
	 By:
	 	 /s/ Steven P. Sexton

	 Name:
	 	Steven P. Sexton
	 Title:
	 	President of Churchill Downs Racetrack

  

 2Form of Debenture

 Exhibit 4.2 
 SUBORDINATED DEMAND NOTE 
             , 200   
 Bainbridge, Georgia

 No.          
 Subject to the restrictions in Section 4 below, on demand, for value received, THE MONEY TREE INC. (the “Company”) promises to pay
                                        
 at the home office of the Company, 114 South Broad Street, Bainbridge, Georgia, 39817, the principal amount of this Subordinated Demand Note (“Demand Note”), as represented from time to time on the books and records of the Company, and
to pay interest thereon at the initial rate of     % per annum, compounded daily. The interest rate payable on this Demand Note is a variable rate. The Company will establish, in its discretion, from time to time, separate
interest rates for Demand Notes with a daily balance ranging from $1.00 to $9,999.99; $10,000.00 to $49,999.99; $50,000.00 to $99,999.99; and $100,000.00 and over. When an interest rate is established for each range of balances, it becomes effective
for and applied to all Notes with a daily balance within that range, whether the Demand Note is existing or newly issued. These interest rates may be the same or different for each range of balances and the Company may increase or decrease the rate
for any range independently of the others without notice to holders after the date of purchase. The interest rate on a Demand Note may also change if the daily balance of the Demand Note changes to a different range of balances. Interest on this
Demand Note will be paid only when the holder makes a demand for payment of the principal of this Demand Note. 
 This Demand Note is one of
a duly authorized issue of Subordinated Demand Notes of the Company issued under and subject in all respects to the terms of an Indenture dated as of April 27, 2005 (the “Indenture”), between the Company and U.S. Bank National
Association, as trustee (the “Trustee”). Reference is hereby made to the Indenture and all supplemental indentures for a statement of the respective rights of the Company, the Trustee, the agents of the Company and the Trustee and the
holders of the Debentures. All capitalized terms used, but not defined, in this Demand Note have the meanings assigned to them in the Indenture. No reference herein to the Indenture and no provision of this Demand Note or of the Indenture shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Demand Note in the manner herein prescribed. 
 1. Interest Rate Adjustment. The holder will not be notified of changes from time to time in the interest rates; the interest rates currently
being paid on the Demand Notes may be obtained at any time from the Company’s executive office in Bainbridge, Georgia or by visiting the Company’s website at www.themoneytreeinc.com. 
 2. Redemption. The Company can call this Demand Note for redemption at any time without penalty subject to the subordination provisions contained
in Section 4 below and pursuant to procedures set forth in Article 3 of the Indenture, for a redemption price equal to the principal amount plus any unpaid interest thereon to the date of redemption. Notice of redemption shall be given by
mail to the holder of this Demand Note at his last address as it appears on the records of the Company not less than 30 nor more than 60 days prior to the date fixed for redemption. Once notice of redemption is mailed, Demand Notes called for
redemption become due and payable on the date of redemption set forth in the notice of redemption at the redemption price. On or before the redemption date, the Company shall set aside money sufficient to pay the redemption price of all Demand Notes
to be redeemed on that date. If the Company has mailed a notice of redemption to the registered holder and this Demand Note is not presented for redemption within 60 days of the redemption date or such longer period set forth in the notice of
redemption, then the Company may transfer the money distributable upon redemption to a separate bank account, for the benefit of the registered holders whose Demand Notes are redeemed, and thereupon this Demand Note shall be deemed as of the date of
redemption to have been redeemed and no longer outstanding. 
 3. Redemption if Balance Falls Below $100. The Company may, in its sole
discretion, redeem any Demand Note in full if the principal balance of such Demand Note falls below $100 at any time. The redemption price shall be equal to 100% of the principal amount of the Demand Note plus accrued interest on a daily basis to
the redemption date. This redemption right of the Company is automatic and no advance notice is required. 
 4. Subordination. This
Demand Note is subordinated, in all rights to payment and in all other respects, to Senior Debt, which means all Debt (present or future) created, incurred, assumed or guaranteed by the Company (and all renewals, extensions or refundings thereof),
except such Debt that by its terms expressly provides that such Debt is not senior or superior in right of payment to the Demand Notes. Senior Debt shall include without limitation (i) the guarantee by the Company of any Debt of any other
person (including, without limitation, subordinated Debt of another person), unless such Debt is expressly subordinated to any other Debt of the Company, and (ii) all Debt of the Company currently maintained with banks and finance companies and
any line of credit to be obtained by the Company in the future. Notwithstanding anything herein to the contrary, Senior Debt shall not include debt of the Company to any of its subsidiaries or under the Demand Notes or Debentures. Debt means any
indebtedness, contingent or otherwise, in respect of borrowed money (whether or not the recourse of the lender is to the whole of the assets of the Company or only to a portion thereof), or evidenced by bonds, notes, debentures or similar
instruments or letters of credit, or representing the balance deferred and unpaid on the purchase price of any property or interest therein, except any such balance that constitutes a trade payable, and shall include any guarantee of any
indebtedness described above. The Company agrees, and the Demand Noteholder by accepting this Demand Note agrees, to the subordination provisions set forth in Article 10 of the Indenture. 

 No.          
  

 5. Amendments and Waivers. As permitted in the Indenture, the Indenture, other than
subordination provisions, may be amended and the rights and obligations of the Company and the rights of the holders of the Demand Notes under the Indenture modified at any time by the Company with the consent of the Trustee and holders of a
majority in principal amount of the then outstanding Demand Notes. The Company and the Trustee may not modify the Indenture without the consent of each holder affected if the modification (i) affects the terms of payment of, the principal of,
or any interest on, any Demand Note; (ii) changes the percentage of Demand Note holders who consent to a waiver or modification as required; (iii) affects the subordination provisions of the Indenture in a manner that adversely affects the
right of any holder; or (iv) waives any Event of Default in the payment of principal of, and interest on, any Demand Note. As permitted by the Indenture, the Trustee and holders of a majority in principal amount of the then outstanding Demand
Notes, on behalf of the holders of all Demand Notes, may waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences, except an Event of Default in the payment of
principal or of interest on the Demand Notes. 
 6. Defaults and Remedies. If an Event of Default, as defined in the Indenture, occurs
and is continuing, the principal of and accrued interest on all Demand Notes may be declared due and payable in the manner and with the effect provided in the Indenture. The Indenture generally provides that an Event of Default occurs if:
(i) the Company fails to pay the principal of any Demand Note when the same is presented for payment, upon redemption or otherwise, and the failure to pay continues for a period of thirty (30) days after receipt of written notice from the
holder of the Demand Note or the Trustee; (iii) the Company becomes subject to certain events of bankruptcy or insolvency; or (iv) the Company fails to comply with any of its other agreements in, or the provisions of, the Demand Note or
the Indenture and such failure is not cured or waived within sixty (60) days after receipt by the Company of a specific written notice from the Trustee or the holders of at least a majority in principal amount of the then outstanding Demand
Notes. 
 7. Transfer. As provided in the Indenture, this Demand Note is transferable only on the Demand Note register maintained by
the Registrar, upon surrender of this Demand Note for transfer at the office of the Registrar, duly endorsed by, or accompanied by a written instrument of transfer in a form satisfactory to the Company and the Registrar duly executed by, the
registered holder hereof or his attorney duly authorized in writing, a copy of which authorization must be delivered with any such instrument of transfer, and thereupon one or more new Demand Notes, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or transferees. A service fee may be charged to replace a lost or stolen Demand Note, to transfer this Demand Note or to issue a replacement payment check. The Company, the
Trustee and any agent of the Company or the Trustee may treat the person in whose name this Demand Note is registered as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes, and neither the Company,
the Trustee nor any such agent shall be affected by notice to the contrary. The Company currently serves as the Registrar and Paying Agent for the Demand Notes. 
 8. Owners. The registered Demand Noteholder shall be treated as the owner of the Demand Note for all purposes. 
 9. No Recourse. A director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under this Demand Note or for any claim based on, or in
respect of such obligations or their creation. The Demand Noteholder by accepting this Demand Note waives and releases all such liability. The waiver and release are part of the consideration for the issue of this Demand Note. 
 THIS DEMAND NOTE IS NOT A BANK DEPOSIT NOR A BANK OBLIGATION AND IS NOT INSURED BY THE FDIC. 
 IN WITNESS WHEREOF, the Company has caused this Demand Note to be signed in its corporate name by its President or Vice President and by its Treasurer or
Secretary, at Bainbridge, Georgia, on the date first written above. 
  

					
	THE MONEY TREE INC.
		
	 By:
	 	  

		 	President	 	Vice President
		
		 	  

		 	Treasurer	 	Secretary

 No.          
  

 For Payment or Redemption 
 The within Demand Note is hereby presented to the Company by the undersigned for payment this             , 20    .

  

					
		 	Signed by	 	  

 For Transfer 
 For value received, the undersigned Demand Noteholder hereby sells, assigns and transfers the within Demand Note to
                                        
whose address is
                                        
and does hereby authorize and appoint
                                        
his attorney to make the necessary transfer on the books of the Company, with full powers of substitution in the premises. 
 Under my hand and seal this
            , 20    . 
  

	
	  

	Signature of Demand Noteholder

 Executed in the presence of: 
  

	
	  

	(NOTARY SEAL)

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