Document:

<PAGE>

                                                                   Exhibit 10.32

                          AMENDMENT NO. 5 AND CONSENT
                                  TO AND UNDER
                AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT

     AMENDMENT NO. 5 AND CONSENT (this "Amendment"), dated as of February 18,
                                        ---------
2000, to and under the Amended and Restated Revolving Credit Agreement, as
amended by Amendment No. 1 and Consent No. 1, dated as of August 5, 1998,
Amendment No. 2, dated as of November 12, 1998, Amendment No. 3 and Waiver,
dated as of August 9, 1999, and Amendment No. 4 and Waiver ("Amendment No. 4"),
                                                             ---------------
dated as of November 8, 1999 (as so amended, (the "Revolving Credit Agreement"),
                                                   --------------------------
dated as of April 30, 1998, by and among TOTAL RENAL CARE HOLDINGS, INC., a
Delaware corporation (the "Borrower"), the lenders party thereto (the
                           --------
"Lenders"), DLJ CAPITAL FUNDING, INC., as Syndication Agent, FIRST UNION
 -------
NATIONAL BANK, as Documentation Agent, and THE BANK OF NEW YORK, as
administrative agent (in such capacity, the "Administrative Agent").
                                             --------------------

                                    RECITALS
                                    --------

        I.   Capitalized terms used herein which are not otherwise defined
herein shall have the respective meanings ascribed thereto in the Revolving
Credit Agreement.

        II.  The Borrower has requested that the Administrative Agent and the
Required Lenders consent to the sale of (i) three certain renal treatment
centers listed on Schedule 1 attached hereto, the consideration of which equals
approximately $10,100,000 in cash plus the forgiveness of $3,000,000 in deferred
purchase obligations (the "Forgiven Deferred Purchase Obligations") (the "Renal
                           --------------------------------------         -----
Asset Sale"), (ii) the Borrower's pharmacy operations, the consideration of
----- ----
which approximately $3,400,000 (the "Pharmacy Asset Sale"), and (iii) certain
                                     -------------------
other assets, the consideration of which shall not exceed $10,000,000 (the
"Future Asset Sales"), and together with the Renal Asset Sale and the Pharmacy
 ------------------
Asset Sale, (the "Permitted Asset Sales") upon the terms and conditions
                  ---------------------
contained herein, and the Administrative Agent and the Required Lenders are
willing so to do.

        III. Pursuant to Amendment No. 4, the total consideration for all
Permitted Acquisitions made after July 1, 1999 through and including March 15,
2000 was limited to an amount not to exceed $10,000,000. During such period but
prior to the date hereof, the Borrower has made Permitted Acquisitions in an
aggregate amount equal to $8,600,000. The Borrower has requested that the
Administrative Agent and the Required Lenders consent to the making of Domestic
Acquisitions on or prior to March 31, 2000 of renal treatment centers that the
Borrower or any of its wholly-owned Subsidiaries is contractually obligated on
the date hereof to make as described on Schedule 2 attached hereto in an
aggregate amount not to exceed $1,400,000 (the "Remaining Permitted
                                                -------------------
Acquisitions") upon the terms and conditions contained herein, and the
------------
Administrative Agent and the Required Lenders are willing so to do.

        IV.  The Borrower acknowledges that one or more Defaults or Events of
Default have occurred and are continuing under the Revolving Credit Agreement.
<PAGE>

     Accordingly, in consideration of the Recitals and the covenants and
conditions hereinafter set forth, and for other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the parties hereto
hereby agree as follows:

        1.     Notwithstanding anything to the contrary contained in Sections
2.6(d), 2.7(f) and 8.7 of the Revolving Credit Agreement, the Administrative
Agent and the Required Lenders hereby consent to the consummation of the
Permitted Asset Sales, provided that each of the following conditions is
satisfied:

               (a)  (i) the consummation of each Permitted Asset Sale shall be
deemed to be an Asset Sale made pursuant to Section 8.7 of the Revolving Credit
Agreement for purposes of the $31,590,000 amount contained in Section 8.7(i) of
the Revolving Credit Agreement (after giving effect to this Amendment), and (ii)
on and after the effective date of this Amendment, the definition of "Threshold
Amount" contained in Section 1.1 of the Revolving Credit Agreement shall equal
zero;

               (b)  the consideration received or to be received by the Borrower
or any of its Subsidiaries with respect to each Permitted Asset Sale shall (i)
not be less than the fair market value thereof as reasonably determined by the
Board of Directors of the Borrower, (ii) be payable on or before the closing
thereof, and (iii) be payable (A) with respect to the Renal Asset Sale and the
Pharmacy Asset Sale, 100% in cash (other than the Forgiven Deferred Purchase
Obligations), and (B) with respect to each Future Asset Sale, at least 75% in
cash and any non-cash consideration shall be limited to the forgiveness of
Indebtedness of the Borrower or any of its Subsidiaries in connection with such
Future Asset Sale (the "Forgiven Indebtedness");
                        ---------------------
               (c)  the consideration received or to be received for all Future
Asset Sales shall not exceed $10,000,000 in the aggregate, and the Net Cash
Proceeds of any Future Asset Sale plus any Forgiven Indebtedness in connection
therewith shall exceed the amount equal to the EBITDA attributable to the assets
of such Future Asset Sale for the twelve month period most recently preceding
the date of such Future Asset Sale multiplied by 5.5 (the "Minimum Sale Price");
                                                           ------------------

               (d)  on the date of each such Permitted Asset Sale, the
Administrative Agent and the Lenders shall have received a certificate with
respect thereto signed by the chief financial officer of the Borrower and either
the chairman of the board (if an officer) or any vice president of the Borrower
identifying the Property sold pursuant to such Permitted Asset Sale and (i)
stating the total consideration to be paid in respect of such Permitted Asset
Sale, (ii) certifying that the consideration received by the Borrower or such
Subsidiary for such Property has been determined by the Board of Directors of
the Borrower to be not less than the fair market value of such Property, and
(iii) certifying to and attaching a true and correct calculation of (A) the Net
Cash Proceeds of such Permitted Asset Sale and (B) with respect to a Future
Asset Sale, the Minimum Sale Price, such calculations to be reasonably
acceptable to the Administrative Agent and the Syndication Agent;

               (e)  on the date of the consummation of each Permitted Asset
Sale, the Borrower shall prepay the Revolving Credit Loans in an amount
equal to the Revolver

                                      -2-
<PAGE>

Prepayment Fraction multiplied by the Total Prepayment Amount (as defined in
Paragraph 3 of this Amendment) of such Permitted Asset Sale (the "Revolver
                                                                  --------
Prepayment Amount"), provided, however, that the Borrower shall not elect to
-----------------
give the Lenders under and as defined in the Term Loan Facility the option to
waive their rights to receive any prepayments with respect to the Permitted
Asset Sales pursuant to the provisions of Section 2.4(d)(iii) of the Term Loan
Facility;

               (f)  on the date of the consummation of each Permitted Asset
Sale, the Aggregate Revolving Credit Commitments shall be automatically and
permanently reduced in an amount equal to the Revolver Prepayment Amount of such
Permitted Asset Sale (assuming for purposes of this Paragraph 1(f) that the then
outstanding amount of Revolving Credit Loans equals or exceeds the amount of
such prepayment);

               (g)  (i) the Renal Asset Sale shall be consummated on or before
February 29, 2000, (ii) the Pharmacy Asset Sale shall be consummated on or
before March 31, 2000, and (iii) any Future Asset Sale shall be consummated on
or before March 31, 2000; and

               (h) during the period from and including the effective date of
this Amendment through and including March 15, 2000, the Aggregate Credit
Exposure of all Lenders shall not exceed $650,000,000, which amount shall be
reduced on the date of the consummation of each Permitted Asset Sale by the
Revolver Prepayment Amount of such Permitted Asset Sale (assuming for purposes
of this Paragraph 1(h) that the then outstanding amount of Revolving Credit
Loans equals or exceeds the amount of such prepayment).

        2.     Section 8.7(i) of the Revolving Credit Agreement is amended by
replacing the amount "$25,000,000" contained therein with the amount
"$31,590,000".

        3.     The "Total Prepayment Amount" of each Permitted Asset Sale shall,
for purposes hereof and the Revolving Credit Agreement, be the amount of the Net
Cash Proceeds of such Permitted Asset Sale.

        4.     The Administrative Agent and the Required Lenders hereby consent
to the making of the Remaining Permitted Acquisitions by the Borrower or any
wholly-owned Subsidiary of the Borrower, provided that (i) the total
consideration paid for all such Remaining Permitted Acquisitions shall not
exceed $1,400,000 in the aggregate, (ii) the Remaining Permitted Acquisitions
shall be made on or before March 31, 2000, (iii) the terms, conditions and
restrictions of Section 8.5(f) of Revolving Credit Agreement (other than
Sections 8.5(f)(a) and 8.5(f)(E) thereof) shall have been satisfied, and (iv) on
the date of each such Remaining Permitted Acquisition, the Administrative Agent
and the Lenders shall have received a certificate with respect thereto signed by
the chief financial officer of the Borrower and either the chairman of the board
(if an officer) or any vice president of the Borrower certifying that there has
been no material adverse change in the information listed on or provided
pursuant to Schedule 2 attached hereto with respect to such Remaining Permitted
Acquisition.

        5.  Paragraphs 1 through 4 of this Amendment shall not become effective
until the satisfaction of all of the following conditions precedent:

                                      -3-
<PAGE>

               (a)  The Administrative Agent shall have received this Amendment,
duly executed by a duly authorized officer or officers of the Borrower, the
Guarantors, the Pledgors, the Administrative Agent and the Required Lenders.

               (b)  The Administrative Agent shall have received a certificate,
dated the effective date of this Amendment, of the Secretary or Assistant
Secretary of the Borrower (i) attaching a true and complete copy of the
resolutions of its Board of Directors and of all documents evidencing other
necessary corporate action (in form and substance satisfactory to the
Administrative Agent) taken by it to authorize this Amendment and the
transactions contemplated hereby, and (ii) setting forth the incumbency of its
officer or officers (including therein the signature specimen of such officer or
officers) who may sign this Amendment, any Loan Document or any other document,
notice or certificate executed and delivered in connection with any Loan
Document.

               (c)  The Administrative Agent shall have received an opinion of
the general counsel of the Borrower, the Guarantors and the Pledgors, dated the
effective date of this Amendment and addressed to the Administrative Agent, the
Collateral Agent, the Documentation Agent, the Syndication Agent and the
Lenders, in form and substance reasonably satisfactory to the Administrative
Agent and the Syndication Agent.

               (d)  All costs, fees and expenses incurred by or payable to the
Administrative Agent and the Syndication Agent in connection with the
negotiation, execution and closing of this Amendment, including, without
limitation, the reasonable fees and expenses of Special Counsel for which an
invoice has been presented to the Borrower, shall have been paid.

        6.     The Borrower hereby acknowledges and agrees that (i) one or more
Defaults or Events of Default have occurred and are continuing under the
Revolving Credit Agreement, (ii) no failure to exercise and no delay in
exercising, on the part of the Administrative Agent, the Collateral Agent, the
Letter of Credit Issuer or any Lender, any right, remedy, power or privilege
under any Loan Document shall operate as a waiver thereof, nor shall any single
or partial exercise of any right, remedy, power or privilege under any Loan
Document preclude any other or further exercise thereof or the exercise of any
other right, remedy, power or privilege, and (iii) no Default or Event of
Default may be waived except upon the execution and delivery of a written
instrument pursuant to the terms and conditions of Section 11.1 of the Revolving
Credit Agreement.

        7.     On the date hereof, each Credit Party hereby (a) reaffirms and
admits the validity and enforceability of the Loan Documents (after giving
effect to this Amendment) and all of its obligations thereunder and (b) agrees
and admits that it has no defenses to or offsets against any such obligation.

        8.     In all other respects, the Loan Documents shall remain in full
force and effect, and no amendment in respect of any term or condition of any
Loan Document contained herein shall be deemed to be an amendment in respect of
any other term or condition contained in any Loan Document.

                                      -4-
<PAGE>

        9.     This Amendment may be executed in any number of counterparts all
of which, taken together, shall constitute one agreement. In making proof of
this Amendment, it shall only be necessary to produce the counterpart executed
and delivered by the party to be charged.

        10.    THIS AMENDMENT IS BEING EXECUTED AND DELIVERED IN, AND IS
INTENDED TO BE PERFORMED IN, THE STATE OF NEW YORK AND SHALL BE CONSTRUED AND
ENFORCEABLE IN ACCORDANCE WITH, AND BE GOVERNED BY, THE INTERNAL LAWS OF THE
STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS.

                  [Remainder of page intentionally left blank]

                                      -5-
<PAGE>

                          AMENDMENT NO. 5 AND CONSENT
                                  TO AND UNDER
                AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT

     AS EVIDENCE of the agreement by the parties hereto to the terms and
conditions herein contained, each such party has caused this Amendment to be
executed on its behalf.

                              TOTAL RENAL CARE HOLDINGS, INC.

                              By:
                                  ------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              THE BANK OF NEW YORK,
                              Individually, as the Letter of Credit Issuer, as
                              the Swing Line Lender and as Administrative Agent

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              DLJ CAPITAL FUNDING, INC.,
                              Individually and as Syndication Agent

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                             FIRST UNION NATIONAL BANK,
                             Individually and as Documentation Agent

                              By:
                                 -------------------
                              Name:
                                    ----------------
                              Title:
                                    ----------------

                              ABN AMRO BANK N.V.

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------
<PAGE>

                              ALLIED IRISH BANKS, P.L.C.,
                              CAYMAN ISLANDS BRANCH

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA, NASSAU
                              BRANCH

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              BANK LEUMI USA

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              THE BANK OF NOVA SCOTIA

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------
<PAGE>

                              BANQUE NATIONALE DE PARIS

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              BHF (USA) CAPITAL CORPORATION

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              CITY NATIONAL BANK

                              By:
                                 -------------------
                              Name:
                                    ----------------
                              Title:
                                    ----------------

                              BANK AUSTRIA CREDITANSTALT
                              CORPORATE FINANCE, INC.

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              CREDIT LYONNAIS NEW YORK BRANCH

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------
<PAGE>

                              DEUTSCHE BANK AG, NEW YORK AND/OR
                              CAYMAN ISLANDS BRANCHES

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              DRESDNER BANK AG, NEW YORK BRANCH
                              AND GRAND CAYMAN BRANCH

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              ERSTE BANK DER OESTERREICHISCHEN
                              SPARKASSEN AG--NEW YORK

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              FLEET NATIONAL BANK

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              THE FUJI BANK, LIMITED

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------
<PAGE>

                              HIBERNIA NATIONAL BANK

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              THE INDUSTRIAL BANK OF JAPAN, LIMITED

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              KBC BANK

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              GENERAL ELECTRIC CAPITAL
                              CORPORATION

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              MELLON BANK, N.A.

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              MICHIGAN NATIONAL BANK

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------
<PAGE>

                              THE MITSUBISHI TRUST AND BANKING
                              CORPORATION

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              NATIONAL CITY BANK OF KENTUCKY

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              PARIBAS

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              COOPERATIEVE CENTRALE
                              RAIFFEISEN - BOERENLEENBANK B.A,
                              "RABOBANK NEDERLAND", NEW YORK
                              BRANCH

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------
<PAGE>

                              ROYAL BANK OF CANADA

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              THE ROYAL BANK OF SCOTLAND PLC

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              ROYALTON COMPANY

                              By:  Pacific Investment Management Company,
                                   as its Investment Advisor
                              By:  PIMCO Management Inc., a general partner

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              THE SANWA BANK, LIMITED

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              SOCIETE GENERALE

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------
<PAGE>

                              STB DELAWARE FUNDING TRUST I

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              SUNTRUST BANK, NASHVILLE, N.A.

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              THE TOKAI BANK, LIMITED

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              THE TOYO TRUST & BANKING CO., LTD.,
                              New York Branch

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              UNION BANK OF CALIFORNIA, N.A.

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                     ---------------

                              U.S. BANK NATIONAL ASSOCIATION

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------
<PAGE>

                              GOLDMAN SACHS CREDIT PARTNERS L.P.

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

                              ROTHSCHILD RECOVERY FUND, L.P.

                              By:
                                 -------------------
                              Name:
                                   -----------------
                              Title:
                                    ----------------

AGREED AND CONSENTED TO:

TOTAL RENAL CARE, INC.
TOTAL RENAL CARE ACQUISITION CORP.
RENAL TREATMENT CENTERS, INC.
RENAL TREATMENT CENTERS-MID-ATLANTIC, INC.
RENAL TREATMENT CENTERS-NORTHEAST, INC.
RENAL TREATMENT CENTERS-CALIFORNIA, INC.
RENAL TREATMENT CENTERS-WEST, INC.
RENAL TREATMENT CENTERS-SOUTHEAST, INC.

Each by:
        ----------------
Name:
     -------------------
Title:
      ------------------

TRC WEST, INC.

By:
   ---------------------
Name:
     -------------------
Title:
      ------------------
<PAGE>

                          AMENDMENT NO. 5 AND CONSENT
                                  TO AND UNDER
                AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT

                                   SCHEDULE 1

                        LIST OF RENAL TREATMENT CENTERS
                        -------------------------------

1.  Rogosin - Manhattan

2.  Rogosin - Queens

3.  Rogosin - Brooklyn
<PAGE>

                          AMENDMENT NO. 5 AND CONSENT
                                  TO AND UNDER
                AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT

                                   SCHEDULE 2

                    LIST OF REMAINING PERMITTED ACQUISITIONS
                    ----------------------------------------

Lanai Dialysis Center, Hawaii - Asset acquisition of one managed (non-
-----------------------------
consolidated) center for approximately $200,000.  The Borrower must acquire this
center so that it can be sold to Fresenius A.G. as part of the sale of the
Borrower's non-continental U.S. assets.

IHS facilities, NY - First payment of approximately $530,000, due by March 31,
------------------
2000, for asset acquisition of seven managed (non-consolidated) centers.

The Borrower is contractually obligated to enter into certain additional
agreements pursuant to previously granted rights.  At this time, the Borrower is
unable to determined whether and when such rights will be exercised.

The Borrower will not be assuming any contingent liabilities in connection with
any of the Remaining Permitted Acquisitions.<PAGE>

                                                                   EXHIBIT 10.48

================================================================================
THIS DOCUMENT IS PROVIDED TO ASSIST YOUR LEGAL COUNSEL IN DOCUMENTING YOUR
SPECIFIC ARRANGEMENT. IT IS NOT A FORM TO BE SIGNED, NOR IS IT TO BE CONSTRUED
AS LEGAL ADVICE. FAILURE TO ACCURATELY DOCUMENT YOUR ARRANGEMENT COULD RESULT IN
SIGNIFICANT LOSSES, WHETHER FROM CLAIMS OF THOSE PARTICIPATING IN THE
ARRANGEMENT, FROM THE HEIRS AND BENEFICIARIES OF PARTICIPANTS, OR FROM
REGULATORY AGENCIES SUCH AS THE INTERNAL REVENUE SERVICE AND THE DEPARTMENT OF
LABOR. LICENSE IS HEREBY GRANTED TO YOUR LEGAL COUNSEL TO USE THESE MATERIALS IN
DOCUMENTING SOLELY YOUR ARRANGEMENT.
================================================================================

                              HOLLYWOOD PARK, INC.
                      EXECUTIVE DEFERRED COMPENSATION PLAN

                            EFFECTIVE JANUARY 1, 2000

                                     PURPOSE

         This Plan is maintained for the purpose of providing Participants an
opportunity to defer compensation that would otherwise be currently payable to
such Participants. This Plan is intended to be an unfunded plan maintained
primarily for the purpose of providing deferred compensation for a select group
of management or highly compensated employees within the meaning of Title I of
the Employee Retirement Income Security Act of 1974, as amended.

                                   ARTICLE 1

                                   DEFINITIONS

         For purposes of this Plan, unless otherwise clearly apparent from the
context, the following phrases or terms shall have the meanings indicated:

         1.1 "Account Balance" shall mean as of any given date called for under
the Plan the balance of the Participant's Deferral Contribution Account.

         1.2 "Base Annual Salary" shall mean the base annual compensation
payable to a Participant by an Employer for services rendered during a Plan
Year, (i) excluding Bonus, director fees or other additional incentives or
awards payable to the Participant, but (ii) before reduction for any Elective
Deductions.

         1.3 "Beneficiary" shall mean one or more persons, trusts, estates or
other entities, designated by the Participant in accordance with Article 11, to
receive the Participant's undistributed Account Balance, in the event of the
Participant's death.

         1.4 "Beneficiary Designation Form" shall mean the document which shall
be used by the Participant to designate his Beneficiary for the Plan.

         1.5 "Benefit Distribution Date" shall mean the date distribution of the
Participant's Account Balance is triggered and it shall be deemed to occur as of
the date on
<PAGE>

which the Participant's employment terminates for any reason whatsoever,
including but not limited to death, Disability or any other reason.
Notwithstanding the language of the prior sentence, if the Participant's
employment terminates due to his Retirement, his Benefit Distribution Date shall
be deemed to occur as of the January 1 following such Participant's Retirement.
In the event the Benefit Distribution Date is triggered due to: (i) a
Termination of Employment as such term is defined in Section 1.36, the
Participant's Account Balance shall be payable pursuant to Article 6; (ii) a
Retirement as such term is defined in Section 1.31, the Participant's Account
Balance shall be payable pursuant to Article 7; (iii) a pre-retirement death,
the Participant's Account Balance shall be payable pursuant to Article 8; and
(iv) a Disability as such term is defined in Section 1.16, the Participant's
Account Balance shall be payable pursuant to Article 9.

         1.6 "Board" shall mean the board of directors of the Employer.

         1.7 "Bonus" shall mean the amounts earned by a Participant for services
rendered during a Plan Year under any bonus or incentive plan or arrangement
sponsored by an Employer, before reduction for any Elective Deductions, but
excluding commissions, stock-related awards and other non-monetary incentives.

         1.8 "Change in Control" shall mean the earliest to occur of the
following events:

              (a) the consummation of any transaction or series of transactions
as a result of which any "Person" (as the term person is used for purposes of
Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended (the
"Exchange Act")) other than an "Excluded Person" (as hereinafter defined) has or
obtains ownership or control, directly or indirectly, of fifty percent (50%) or
more of the combined voting power of all securities of the Employer or any
successor or surviving corporation of any merger, consolidation or
reorganization involving the Employer (the "Voting Securities"). The term
"Excluded Person" means any one or more of the following: (i) the Employer or
any majority-owned subsidiary of the Employer, (ii) an employee benefit plan (or
a trust forming a part thereof) maintained by (A) the Employer or (B) any
majority-owned subsidiary of the Employer, (iii) any Person who as of the
initial effective date of this Plan owned or controlled, directly or indirectly,
ten percent (10%) or more of the then outstanding Voting Securities, or any
individual, entity or group that was part of such a Person;

              (b) A merger, consolidation or reorganization involving the
Employer as a result of which the holders of Voting Securities immediately
before such merger, consolidation or reorganization do not immediately following
such merger, consolidation or reorganization own or control, directly or
indirectly, at least fifty percent (50%) of the Voting Securities in
substantially the same proportion as their ownership or control of the Voting
Securities immediately before such merger, consolidation or reorganization;
provided, however, that no such merger, consolidation or reorganization shall
constitute a Change of Control if Persons who were Excluded Persons immediately
before such merger, consolidation or reorganization own or control, directly or
indirectly, at least fifty percent (50%) of the Voting Securities after such
merger, consolidation or reorganization; or

              (c) The individuals who, as of the date hereof, are members of the
Board of Directors of the Employer (the "Existing Directors"), cease, for any
reason, to constitute

                                      -2-
<PAGE>

more than 50% of the number of authorized directors of the Employer as
determined in the manner prescribed in the Employer's Certificate of
Incorporation and Bylaws, provided, however ,that if the election, or nomination
for election, by the Employer's stockholders of any new director was approved by
a vote of at least 50% of the Existing Directors, such new director will be
considered an Existing Director; provided further however , that no individual
will be considered an Existing Director if such individual initially assumed
office as a result of either an actual or threatened "Election Contest' (as
described in Rule 14a-II promulgated under the Exchange Act) or other actual or
threatened solicitation of proxies by or on behalf of anyone other than the
Board (a "Proxy Contest"), including by reason of any agreement intended to
avoid or settle any Election Contest or Proxy Contest.

              (d) The sale or other disposition of all or substantially all of
the assets of the Employer to any Person (other than a transfer to a
majority-owned subsidiary of the Employer, to Excluded Persons, or to any Person
majority-owned or controlled by Excluded Persons) in a single transaction or in
a series of related transactions.

         1.9 "Claimant" shall mean the person or persons described in Section
15.1 who apply for benefits or amounts that may be payable under the Plan.

         1.10 "Code" shall mean the Internal Revenue Code of 1986, as amended,
and the regulations and other authority issued thereunder by the appropriate
governmental authority. References to the Code shall include references to any
successor section or provision of the Code.

         1.11 "Committee" shall mean the committee described in Article 13 which
shall administer the Plan.

         1.12 "Contributions" shall collectively refer to any and all Deferrals
as such terms have been defined herein.

         1.13 "Deferral Contribution" shall mean the aggregate amount of Base
Annual Salary or Bonus deferred by a Participant during a given Plan Year in
accordance with the terms of the Plan and the Participant's Election Form and
"credited" to the Participant's Deferral Contribution Account. Deferral
Contributions shall be deemed to be made to the Plan by the Participant on the
date the Participant would have received such compensation had it not been
deferred pursuant to the Plan.

         1.14 "Deferral Contribution Account" shall mean a Participant's
aggregate Deferral Contributions, as well as any appreciation (or depreciation)
specifically attributable to such Deferral Contributions due to Investment
Adjustments, reduced to reflect all prior distributions and withdrawals. The
Deferral Contribution Account shall be utilized solely as a device for the
measurement of amounts to be paid to the Participant under the Plan. The
Deferral Contribution Account shall not constitute or be treated as an escrow,
trust fund, or any other type of funded account for Code or ERISA purposes and,
moreover, contingent amounts credited thereto shall not be considered "plan
assets" for ERISA purposes. The Deferral Contribution Account merely provides a
record of the bookkeeping entries relating to the contingent benefits that the
Employer intends to provide Participant and shall thus reflect a mere unsecured
promise to pay such amounts in the future.

                                      -3-
<PAGE>

         1.15 "Disability" shall mean a period of disability during which a
Participant qualifies for total permanent disability benefits under his
Employer's long-term disability plan, or, if a Participant does not participate
in such a plan, a period of disability during which the Participant would have
qualified for total permanent disability benefits had the Participant been a
participant in such a plan, as determined in the sole discretion of the
Committee. If the Participant's Employer does not sponsor such a plan, or
discontinues sponsorship of such a plan, Disability shall be determined by the
Committee in its sole discretion.

         1.16 "Disability Benefit" shall mean the benefit set forth in Article
9.

         1.17 "Election Form" shall mean the document required by the Committee
to be submitted by a Participant, on a timely basis, which specifies (i) the
amount of Base Annual Salary and/or Bonus the Participant has elected to defer
with respect to a given Plan Year and (ii) the portion (if any) of Deferral
Contributions which shall be distributable upon an Interim Distribution Date
rather than the Benefit Distribution Date. For all Plan Years (excluding any
partial Plan Year in which the Plan is implemented), the Election Form must be
submitted at least thirty (30) days prior to January 1, the effective date of
the Election Form, in order to be deemed timely. An Election Form shall only be
effective with respect to Base Annual Salary and/or Bonus which shall be earned
after the effective date of the Election Form. In the event a Participant fails
to submit an Election Form with respect to a Plan Year or fails to submit such
form on a timely basis, Participant shall not make Deferral Contributions during
the Plan Year nor be entitled to Matching Contributions or Discretionary
Contributions attributable to the Plan Year.

         1.18 "Elective Deductions" shall mean those deductions from a
Participant's Base Annual Salary or Bonus for amounts voluntarily deferred or
contributed by the Participant pursuant to any qualified or non-qualified
deferred compensation plan, including, without limitation, amounts deferred
pursuant to Code Section 125, 402(e)(3) and 402(h), provided, however, that all
such amounts would have been payable to the Participant in cash had there been
no such deferral.

         1.19 "Employer" or "Employers" shall mean Hollywood Park, Inc., a
Delaware corporation, and any of its adopting subsidiaries (now in existence or
hereafter formed or acquired) and any successor entity.

         1.20 "Enrollment Forms" shall mean the Participation Agreement, the
initial Election Form, the Retirement Benefit Distribution Form and any other
forms or documents which may be required of a Participant by the Committee, in
its sole discretion, prior to and as a condition of participating in the Plan.

         1.21 "ERISA" shall mean the Employee Retirement Income Security Act of
1974, as amended, and the regulations and other authority issued thereunder by
the appropriate governmental authority. References herein to any section of
ERISA shall include references to any successor section or provision of ERISA.

         1.22 "Financial Emergency" shall mean an unanticipated emergency and
severe financial hardship to the Participant resulting from a sudden and
unexpected illness or

                                      -4-
<PAGE>

accident of the Participant or a dependent of the Participant, a loss of the
Participant's property due to casualty, or such other extraordinary and
unforeseeable circumstances arising as a result of events beyond the control of
the Participant. The circumstances that will constitute an unforeseeable
emergency will be determined by the Committee in its sole discretion and will
depend upon the facts of each case, however, a Financial Emergency shall not be
deemed to exist to the extent that such hardship is or may be relieved

                       (i) through reimbursement or compensation by insurance or
otherwise,

                       (ii) by liquidation or the Participant's assets, to the
extent the liquidation of such assets would not itself cause severe financial
hardship, or

                       (iii) by cessation of Deferral Contributions under the
Plan.

         By way of example, the need to send a Participant's child to college or
the desire to purchase a home would not be considered a Financial Emergency. As
a further example, a Financial Emergency that may be relieved by cessation of
Deferral Contributions will be considered to be a Financial Emergency until such
time as it is relieved by cessation of Deferral Contributions or by other means.

         1.23 "Hypothetical Investment" shall mean an investment fund or
benchmark made available to Participants by the Committee for purposes of
valuing amounts contributed to the Plan.

         1.24 "Interim Distribution Date" shall mean the first day of any
calendar year, selected by the Participant, upon which the designated portion of
Deferral (as well as any appreciation or depreciation of such amounts due to
Investment Adjustments) attributable to a given Plan Year shall be distributed
in a lump sum payment. Notwithstanding the prior sentence, in no event shall a
Participant be permitted to select a date which is less than three (3) years
from the end of the Plan Year to which the Election Form relates.

         1.25 "Investment Adjustment(s)" shall mean any appreciation credited to
(as income or gains) or depreciation deducted from (as losses) a Participant's
Deferral Contribution Account in accordance with such Participant's selection of
Hypothetical Investments in the manner determined by the Committee.

         1.26 "Investment Allocation Form" (i) shall apply with respect to those
Deferral Contributions made to the Plan after the effective date of the
Investment Allocation Form but prior to the timely filing of a subsequent
Investment Allocation Form and (ii) shall determine the manner in which such
Deferral Contributions shall be initially allocated by the Participant among the
various Hypothetical Investments within the Plan. A Participant may make changes
to his or her investment allocation choices in accordance with the guidelines,
timetable and manner set forth by the Committee.

         1.27 "Participant" shall mean any employee (i) who is selected to
participate in the Plan in accordance with Section 2.1, (ii) who elects to
participate in the Plan, (iii) who signs the applicable Enrollment Forms (and
other forms required by the Committee) on a timely basis, and (iv) whose signed
Enrollment Forms (and other required forms) are accepted by the Committee.

                                      -5-
<PAGE>

         1.28 "Participation Agreement" shall mean the separate written
agreement entered into by and between the Employer and the Participant, which
shall indicate the Participant's intent to defer compensation subject to the
terms of the Plan and the Participation Agreement itself.

         1.29 "Plan" shall mean the Hollywood Park, Inc. Executive Deferred
Compensation Plan, which shall be evidenced by this instrument, each
Participation Agreement and by each Enrollment Form, as they may be amended from
time to time.

         1.30 "Plan Year" shall mean the initial period beginning on January 1,
2000 and ending on December 31, 2000. Thereafter, the term "Plan Year" shall
mean the period beginning on January 1 of each year and ending December 31.
Accordingly, Plan quarters shall commence on January 1, April 1, July 1 and
October 1 of each year.

         1.31 "Retirement," "Retires" or "Retired" shall mean, with respect to
an Employee, severance from employment for any reason other than an authorized
leave of absence, Disability, death or for cause termination on or after the
earlier of the attainment of age fifty-five (55) with five (5) Years of Service
or reaching age 65.

         1.32 "Retirement Benefit" shall mean the benefit set forth in Article
7.

         1.33 "Retirement Benefit Distribution Form" shall mean the document,
executed by the Participant, which specifies the manner in which the Participant
shall have the balance of his accounts distributed in the event his Benefit
Distribution Date is triggered due to such Participant's Retirement from the
Employer. The Participant shall elect to receive the Retirement Benefit in a
lump sum or in annual payments over a period of 5, 10 or 15 years, except that
if the Participant's Account balance is less than $10,000 on his employment
termination date, his entire Account balance shall be paid in the form of a lump
sum payment. The Retirement Benefit Distribution Form must be provided to the
Committee along with all other Enrollment Forms, pursuant to Article 2, prior to
participating in the Plan. Notwithstanding the prior language of this Section,
the Participant may submit a subsequent Retirement Benefit Distribution Form in
order to change the form of distribution, or to delay commencement of the
payment of the Retirement Benefit until the Participant's 75th birthday;
provided however, such form shall be effective only if (i) it is submitted at
least thirteen (13) months prior the Participant's actual Benefit Distribution
Date and (ii) it is approved by the Committee, in its sole discretion.

         1.34 "Subsidiary" means any corporation more than 50 percent of the
voting stock of which is directly or indirectly owned by the Employer. The
Employer and its Subsidiaries that adopt the Plan are referred to herein
collectively as the "Employers" and individually as an "Employer".

         1.35 "Termination Benefit" shall mean the benefit set forth in Article
6.

         1.36 "Termination of Employment" shall mean the voluntary or
involuntary severing of employment, with any and all Employers, for any reason
other than Retirement, Disability, or death.

                                       -6-
<PAGE>

         1.37 "Trust" shall mean a grantor trust of the type commonly referred
to as "rabbi trust" created to "informally fund" contingent benefits payable
under the Plan.

         1.38 "Years of Service" shall mean the total number of twelve (12)
month periods during which a Participant has been continuously employed by one
or more Employers.

                                    ARTICLE 2

                       ELIGIBILITY, SELECTION, ENROLLMENT

         2.1 ELIGIBILITY, SELECTION BY COMMITTEE. Those employees who are (i)
determined by the Employer to be includable in a select group of management or
highly compensated employees of the Employer, (ii) specifically chosen by the
Employer to participate in the Plan, and (iii) approved for such participation
by the Committee, in its sole discretion, shall be eligible to defer
compensation into the Plan subject to the enrollment requirements described in
Section 2.2.

         2.2 ENROLLMENT REQUIREMENTS. Each employee deemed eligible to defer
compensation into the Plan pursuant to Section 2.1, shall, as a condition to
participating in the Plan, complete and return to the Committee all of the
required Enrollment Forms, on a timely basis. In addition, the Committee shall
in its sole discretion, establish such other enrollment requirements necessary
for continued participation in the Plan.

         2.3 COMMENCEMENT OF PARTICIPATION. Provided a Participant has met all
enrollment requirements set forth in this Plan and required by the Committee,
including returning the Enrollment Forms and other required documents to the
Committee within the specified time period, the Participant's participation
shall commence as of the date established by the Committee in its sole
discretion. If a Participant fails to meet all such requirements within the
specified time period with respect to any Plan Year, the Participant shall not
be eligible to defer compensation during that Plan Year.

                                    ARTICLE 3

   DEFERRAL CONTRIBUTIONS, MATCHING CONTRIBUTIONS, DISCRETIONARY CONTRIBUTIONS
                    INVESTMENT ADJUSTMENTS, TAXES AND VESTING

         (3.1) DEFERRAL CONTRIBUTIONS.

              (a) ELECTION TO DEFER. A Participant may make an election to defer
the receipt of amounts payable to the Participant, in the form of Base Annual
Salary or Bonus, during any Plan Year. The Participant's intent to defer shall
be evidenced by a Participation Agreement and annual Election Form, both
completed and submitted to the Committee in accordance with such procedures and
time frames as may be established by the Committee in its sole discretion, but
in the every case in compliance with the requirement of Section 1.17. Amounts
deferred by a Participant with respect to a given Plan Year shall be referred to
collectively as a Deferral Contribution and shall be credited to a Deferral
Contribution Account established in the name of the Participant.

                                      -7-
<PAGE>

              (b) COMPONENTS OF DEFERRAL CONTRIBUTIONS.

                       (i) BASE ANNUAL SALARY. A Participant may designate a
fixed dollar amount to be deducted from his Base Annual Salary. Such amount
shall be withheld, in substantially equal installments, from each regularly
scheduled payment of Base Annual Salary.

                       (ii) BONUS. A Participant may designate a fixed dollar
amount or a percentage to be deducted from his Bonus. If a fixed dollar amount
is designated by the Participant to be deducted from any Bonus payment and such
fixed dollar amount exceeds the Bonus actually payable to the Participant, the
entire amount of such Bonus shall be withheld.

              (c) MINIMUM DEFERRAL.

                       MINIMUM. During any Plan Year the Committee may permit a
Participant to elect to defer, pursuant to an Election Form, his Salary and any
applicable Bonus (whether an annual or monthly bonus) provided that the total
deferral in the aggregate of his Salary and Bonus amounts to a minimum of at
least Three Thousand Dollars ($3,000) in any given Plan year.

                       If an Election Form is submitted which would yield less
than the stated minimum amounts, the amount deferred shall be zero.

                       (ii) SHORT PLAN YEAR. If an Employee first becomes a
Participant after the first day of any Plan Year, the minimum deferral of each
of the Participant's Base Annual Salary or Bonus shall be an amount equal to the
minimum set forth above, multiplied by a fraction, the numerator of which is the
number of complete months remaining in the Plan Year and the denominator of
which is 12:

              (d) MAXIMUM DEFERRAL. For any given Plan Year the Committee may
permit a Participant to defer, pursuant to an Election Form, one or more of the
following forms of compensation up to the following maximum percentages:

                                                  MAXIMUM
                          DEFERRAL              PERCENTAGE
                          --------              ----------
                     Base Annual Salary             75%
                           Bonus                    90%

         3.2 SELECTION OF HYPOTHETICAL INVESTMENTS. The Participant shall, via
his initial Investment Allocation Form(s) and through whatever other means the
Committee may determine, as more fully described in Section 1.26, select one or
more Hypothetical Investments among which his various contributions shall be
distributed. At the beginning of each Plan Year, the Committee shall provide the
Participant with a list of Hypothetical Investments available. From time to
time, in the sole discretion of the Committee, the Hypothetical Investments
available within the Plan may be revised. All Hypothetical Investment selections
must be denominated in whole percentages unless the Committee determines that
lower increments are acceptable. A Participant may make changes in his

                                      -8-
<PAGE>

selected Hypothetical Investments on a basis and in a manner set forth by the
Committee, as described in and subject to the language of Section 1.26.

         3.3 ADJUSTMENT OF PARTICIPANT ACCOUNTS. While a Participant's accounts
do not represent the Participant's ownership of, or any ownership interest in,
any particular assets, the Participant's accounts shall be adjusted in
accordance with the Hypothetical Investment(s) chosen by the Participant on his
(i) initial Investment Allocation Form or (ii) in whatever other means the
Committee provides for a participant to make investment reallocation choices,
subject to the conditions and procedures set forth herein or established by the
Committee from time to time. Any cash earnings generated under an Hypothetical
Investment (such as interest and cash dividends and distributions) shall, at the
Committee's sole discretion, either be deemed to be reinvested in that
Hypothetical Investment or reinvested in one or more other Hypothetical
Investment(s) designated by the Committee. All notional acquisitions and
dispositions of Hypothetical Investments which occur within a Participant's
accounts, pursuant to the terms of the Plan, shall be deemed to occur at such
times as the Committee shall determine to be administratively feasible in its
sole discretion and the Participant's accounts shall be adjusted accordingly.
Accordingly, if a distribution or re-allocation must occur pursuant to the terms
of the Plan and all or some portion of the Account Balance must be valued in
connection such distribution or re-allocation (to reflect Investment
Adjustments), the Committee may in its sole discretion, unless otherwise
provided for in the Plan, select a date or dates which shall be used for
valuation purposes. Notwithstanding anything to the contrary, any Investment
Adjustments made to any Participants' accounts following a Change in Control
shall be made in a manner no less favorable to Participants than the practices
and procedures employed under the Plan, or as otherwise in effect, as of the
date of the Change in Control.

         3.4 WITHHOLDING OF TAXES.

              (a) ANNUAL WITHHOLDING FROM COMPENSATION. For any Plan Year in
which Deferral Contributions are made to or the Plan (as applicable), the
Employer shall withhold the Participant's share of FICA and other employment
taxes from the portion of the Participant's Base Annual Salary and/or Bonus or
other compensation not deferred. If deemed appropriate by the Committee, the
Participant's Election Form may be reduced in certain instances where necessary
to facilitate compliance with applicable withholding requirements.

              (b) WITHHOLDING FROM BENEFIT DISTRIBUTIONS. The Participant's
Employer (or the trustee of the Trust, as applicable), shall withhold from any
payments made to a Participant under this Plan all federal, state and local
income, employment and other taxes required to be withheld by the Employer (or
the trustee of the Trust, as applicable), in connection with such payments, in
amounts and in a manner to be determined in the sole discretion of the Employer
(or the trustee of the Trust, as applicable).

              VESTING. The Participant shall at all times be one hundred percent
(100%) vested in his Deferral Contributions, as well as in any appreciation (or
depreciation) specifically attributable to such Deferral Contributions due to
Investment Adjustments.

                                      -9-
<PAGE>

                                   ARTICLE 4

                             SUSPENSION OF DEFERRALS

         4.1 FINANCIAL EMERGENCIES. If a Participant experiences a Financial
Emergency, the Participant may petition the Committee to suspend any deferrals
required to be made by the Participant pursuant to his current Election Form.
The Committee shall determine, in its sole discretion, whether to approve the
Participant's petition. If the petition for a suspension is approved, suspension
shall commence upon the date of approval and shall continue until the earlier of
(i) the end of the Plan Year or (ii) the date the Financial Emergency ceases to
exist, as determined by the Committee in its sole discretion.

         4.2 DISABILITY. From and after the date that a Participant is deemed to
have suffered a Disability, any current Election Form of the Participant shall
automatically be suspended and no further deferrals shall be required to be made
by the Participant pursuant to his current Election Form.

         4.3 LEAVE OF ABSENCE. If a Participant is authorized by the
Participant's Employer for any reason to take an unpaid leave of absence from
the employment of the Employer, the Participant's deferrals shall be suspended
until the earlier of the date the leave of absence expires or the Participant
returns to a paid employment status. Upon such expiration or return, deferrals
shall resume for the remaining portion of the Plan Year in which the expiration
or return occurs, based on the Election Form, if any, made for that Plan Year.
If no election was made for that Plan Year, no deferral shall be withheld. If a
Participant is authorized by the Participant's Employer for any reason to take a
paid leave of absence from the employment of the Employer, the Participant shall
continue to be considered employed by the Employer and the appropriate amounts
shall continue to be withheld from the Participant's compensation pursuant to
the Participant's then current Election Form.

                                   ARTICLE 5

                       INTERIM AND HARDSHIP DISTRIBUTIONS

         5.1 INTERIM DISTRIBUTIONS. A Participant may make an advance election,
at the time he files any Election Form for a given Plan Year, to have certain
amounts payable from his Deferral Contribution Account at an Interim
Distribution Date designated by the Participant, instead of payable at the
Participant's Benefit Distribution Date. Such amount(s) shall be measured on the
applicable Interim Distribution Date and shall be payable within thirty (30)
days of such Interim Distribution Date. The Participant's selection of an
Interim Distribution Date must comply with the language of Section 1.24.
Notwithstanding a Participant's advance election to designate an Interim
Distribution Date or Dates, the amounts which would otherwise be subject to such
Interim Distribution Date or Dates shall be distributable upon the Participant's
Benefit Distribution Date (pursuant to Article 6, 7, 8 or 9 as applicable), if
such date occurs prior to any Interim Distribution Date.

         5.2 WITHDRAWAL IN THE EVENT OF A FINANCIAL EMERGENCY. A Participant who
believes he has experienced a Financial Emergency may request in writing a
withdrawal of a portion of his accounts necessary to satisfy the emergency. The
Committee shall determine, in its sole discretion, (i) whether a Financial
Emergency has occurred, (ii) the amount

                                      -10-
<PAGE>

reasonably required to satisfy the Financial Emergency as well as (iii) the
accounts from which the withdrawal shall be made; provided, however, that the
withdrawal shall not exceed the Participant's Account Balance. In making any
determinations under this Section 5.2, the Committee shall be guided by the
prevailing authorities under the Code. If, subject to the sole discretion of the
Committee, the petition for a withdrawal is approved, the distribution shall be
made within thirty (30) days of the date of approval by the Committee.

                                    ARTICLE 6

                               TERMINATION BENEFIT

         6.1 TERMINATION BENEFIT. In the event the Participant's Benefit
Distribution Date is triggered due to his Termination of Employment (as such
term is defined in Section 1.36), the Participant shall receive a Termination
Benefit and no other benefits shall be payable under the Plan.

         6.2 PAYMENT OF TERMINATION BENEFIT. The Termination Benefit shall be
equal the Participant's Account Balance, and shall be paid (a) if the
Participant's Account Balance is less than $10,000 on the date of his or her
Termination of Employment, in one lump sum not later than thirty (30) days after
the Participant's Benefit Distribution Date, or (b) if the Participant's Account
Balance is $10,000 or more on the date of his or her Termination of Employment,
in five (5) annual installments beginning not later than thirty (30) days after
the Participant's Benefit Distribution Date. The initial installment shall be
the product of the value of the Participant's Account Balance, measured on his
Benefit Distribution Date, multiplied by 1/n (where `n' is equal to the total
number of annual benefit payments not yet distributed). Subsequent installment
payments shall be computed in a consistent fashion, and shall equal the product
of the value of the Participant's Account Balance, measured on the applicable
anniversary of his Benefit Distribution Date, multiplied by 1/n. Notwithstanding
the previous sentence, a Participant may submit a written form requesting that
any Termination Benefit be paid in the form of one lump sum; provided however,
such form shall be effective only if (i) it is submitted at least thirteen (13)
months prior the Participant's actual Benefit Distribution Date and (ii) it is
approved by the Committee, in its sole discretion.

         6.3 DEATH PRIOR TO PAYMENT OF TERMINATION BENEFIT. If a Participant
dies after his Termination of Employment but before the Termination Benefit is
paid to him, the Participant's unpaid Termination Benefit shall be paid to the
Participant's Beneficiary in the form determined under Section 6.2.

                                   ARTICLE 7

                               RETIREMENT BENEFIT

         7.1 RETIREMENT BENEFIT. In the event the Participant's Benefit
Distribution Date is triggered due to his Retirement (as such term is defined in
Section 1.31, the Participant shall receive the Retirement Benefit and no other
benefit shall be payable under the Plan.

         7.2 PAYMENT OF RETIREMENT BENEFIT. The Retirement Benefit shall be
payable in the form previously selected by the Participant, pursuant to his
Retirement Benefit

                                      -11-
<PAGE>

Distribution Form, and shall commence (or be fully paid, in the event a lump sum
form of distribution was selected) no later than thirty (30) days after the
occurrence of the Participant's Benefit Distribution Date.

         The initial installment shall be the product of the value of the
Participant's Account Balance, measured on his Benefit Distribution Date,
multiplied by 1/n (where `n' is equal to the total number of annual benefit
payments not yet distributed). Subsequent installment payments shall be computed
in a consistent fashion, and shall equal the product of the value of the
Participant's Account Balance, measured on the applicable anniversary of his
Benefit Distribution Date, multiplied by 1/n.

         7.3 DEATH PRIOR TO COMPLETION OF RETIREMENT BENEFIT. If a Participant
dies after Retirement but before the Retirement Benefit has commenced or been
paid in full, the Participant's unpaid Retirement Benefit payments shall be paid
to the Participant's beneficiary in a lump sum, equal to the Participant's
remaining Account Balance. Such lump sum payment shall be made within thirty
(30) days of the date of the Participant's death.

                                    ARTICLE 8

                          PRE-RETIREMENT DEATH BENEFIT

         8.1 PRE-RETIREMENT DEATH BENEFIT. In the event the Participant's
Benefit Distribution Date is triggered due to his death during employment, the
Participant's Beneficiary shall receive the pre-retirement death benefit
described below and no other benefits shall be payable under the Plan.

         8.2 PAYMENT OF PRE-RETIREMENT DEATH BENEFIT. The pre-retirement death
benefit shall be equal the Participant's Account Balance, and shall be paid (a)
if the Participant's Account Balance is less than $10,000 on the date of his or
her death, in one lump sum not later than thirty (30) days after the
Participant's Benefit Distribution Date, or (b) if the Participant's Account
Balance is $10,000 or more on the date of his or her death, in five (5) annual
installments beginning not later than thirty (30) days after the Participant's
Benefit Distribution Date. The initial installment shall be the product of the
value of the Participant's Account Balance, measured on his Benefit Distribution
Date, multiplied by 1/n (where `n' is equal to the total number of annual
benefit payments not yet distributed). Subsequent installment payments shall be
computed in a consistent fashion, and shall equal the product of the value of
the Participant's Account Balance, measured on the applicable anniversary of his
Benefit Distribution Date, multiplied by 1/n. Notwithstanding the previous
sentence, a Participant may submit a written form requesting that any
pre-retirement death benefit be paid in the form of one lump sum; provided
however, such form shall be effective only if (i) it is submitted at least
thirteen (13) months prior the Participant's actual Benefit Distribution Date
and (ii) it is approved by the Committee, in its sole discretion.

                                    ARTICLE 9

                               DISABILITY BENEFIT

                                      -12-
<PAGE>

         9.1 DISABILITY BENEFIT. In the event the Participant's Benefit
Distribution Date is triggered due to his Disability (as such term is defined in
Section 1.15), the Participant shall receive a Disability Benefit and no other
benefits shall be payable under the Plan; provided, however, that should a
Disabled Participant otherwise have been eligible to Retire, he or she shall
receive a Retirement Benefit in accordance with Article 7 rather than a
Disability Benefit under this Article 9.

         9.2 PAYMENT OF DISABILITY BENEFIT. The Disability Benefit shall be
equal the Participant's Account Balance, and shall be paid (a) if the
Participant's Account Balance is less than $10,000 on the date of his or her
Disability, in one lump sum not later than thirty (30) days after the
Participant's Benefit Distribution Date, or (b) if the Participant's Account
Balance is $10,000 or more on the date of his or her Disability, in five (5)
annual installments beginning not later than thirty (30) days after the
Participant's Benefit Distribution Date. The initial installment shall be the
product of the value of the Participant's Account Balance, measured on his
Benefit Distribution Date, multiplied by 1/n (where `n' is equal to the total
number of annual benefit payments not yet distributed). Subsequent installment
payments shall be computed in a consistent fashion, and shall equal the product
of the value of the Participant's Account Balance, measured on the applicable
anniversary of his Benefit Distribution Date, multiplied by 1/n. Notwithstanding
the previous sentence, a Participant may submit a written form requesting that
any Disability Benefit be paid in the form of one lump sum; provided however,
such form shall be effective only if (i) it is submitted at least thirteen (13)
months prior the Participant's actual Benefit Distribution Date and (ii) it is
approved by the Committee, in its sole discretion.

         9.3 DEATH PRIOR TO PAYMENT OF DISABILITY BENEFIT. If a Participant dies
after his Disability but before the Disability Benefit is paid to him, the
Participant's unpaid Disability Benefit shall be paid to the Participant's
Beneficiary in the form determined under Section 9.2.

                                   ARTICLE 10

                                ELECTIVE BENEFIT

         10.1 ELECTION TO RECEIVE ACCOUNT BALANCE. A Participant may request,
through submission of an executed writing, to receive distribution of his entire
Account Balance without regard to (i) whether payment of benefits under the Plan
are due or (ii) whether a Financial Emergency has occurred. Any distribution so
requested shall be made as soon as practical following the Participant's
submission of the executed writing and shall be subject to (i) forfeiture of ten
percent (10%) of his entire Account Balance and (ii) suspension of his
participation in the Plan for the balance of the Plan Year in which the
distribution is requested as well as the subsequent Plan Year.

         10.2 ELECTION TO RECEIVE ACCOUNT BALANCE FOLLOWING A CHANGE OF CONTROL.
Following a Change in Control, a Participant may request, through submission of
an executed writing, to receive a distribution of his entire Account Balance, or
a portion thereof, without regard to (i) whether payment of benefits under the
Plan are due or (ii) whether a Financial Emergency has occurred. The request for
a distribution of his Account balance, or a part thereof, following a Change of
Control shall not be subject to a

                                      -13-
<PAGE>

forfeiture of any part of his Account Balance; the Participant, however, shall
be subject to suspension of his participation in the Plan for the balance of the
Plan Year in which the distribution is requested as well as the subsequent Plan
Year. A distribution pursuant to this Article 10.2 shall be made as soon as
possible following the submission of the executed writing and shall be available
in lump sum or in installment payments over up to five years. The right to
request a distribution of one's Account balance, or a portion thereof, following
a Change in Control without having to forfeit any part of the Account balance
shall be limited to the ninety (90) days following a Change in Control.

                                   ARTICLE 11

                             BENEFICIARY DESIGNATION

         11.1 BENEFICIARY. Each Participant shall have the right, at any time,
to designate a Beneficiary or Beneficiaries to receive, in the event of the
Participant's death, those benefits payable under the Plan. The Beneficiary(ies)
designated under this Plan may be the same as or different from the Beneficiary
designation made under any other plan of the Employer.

         11.2 BENEFICIARY DESIGNATION, CHANGE, SPOUSAL CONSENT. A Participant
shall designate his Beneficiary by completing and signing a Beneficiary
Designation Form, and returning it to the Committee or its designated agent. A
Participant shall have the right to change his Beneficiary by completing,
signing and submitting to the Committee a revised Beneficiary Designation Form
in accordance with the Committee's rules and procedures, as in effect from time
to time. If the Participant names someone other than his spouse as a
Beneficiary, a spousal consent, in the form designated by the Committee, must be
signed by that Participant's spouse and returned to the Committee. Upon
acknowledgement by the Committee of a revised Beneficiary Designation Form, all
Beneficiary designations previously filed shall be deemed canceled. The
Committee shall be entitled to rely on the last Beneficiary Designation Form
both (i) filed by the Participant and (ii) acknowledged by the Committee, prior
to his death.

         11.3 ACKNOWLEDGMENT. No designation or change in designation of a
Beneficiary shall be effective until received, accepted and acknowledged in
writing by the Committee or its designated agent.

         11.4 NO BENEFICIARY DESIGNATION. If a Participant fails to designate a
Beneficiary as provided above or, if all designated Beneficiaries predecease the
Participant or die prior to complete distribution of the Participant's benefits,
then the Participant's designated Beneficiary shall be deemed to be his
surviving spouse. If the Participant has no surviving spouse, the benefits
remaining under the Plan shall be payable to the executor or personal
representative of the Participant's estate.

         11.5 DOUBT AS TO BENEFICIARY. If the Committee has any doubt as to the
proper Beneficiary to receive payments pursuant to this Plan, the Committee
shall have the right, exercisable in its discretion, to cause the Participant's
Employer to withhold such payments until this matter is resolved to the
Committee's satisfaction.

         11.6 DEATH OF SPOUSE OR DISSOLUTION OF MARRIAGE. A Participant's
Beneficiary designation shall be deemed automatically revoked if the Participant
names a spouse as

                                      -14-
<PAGE>

Beneficiary and the marriage is later dissolved. Without limiting the generality
of the preceding sentence, the interest in benefits of a spouse of a Participant
who has predeceased the Participant or whose marriage has been dissolved shall
automatically pass to the Participant, and shall not be transferable by such
spouse in any manner, including but not limited to such spouse's will, nor shall
such interest pass under the laws of intestate succession.

         11.7 DISCHARGE OF OBLIGATIONS. The payment of benefits under the Plan
to a Beneficiary shall fully and completely discharge the Employers and the
Committee from all further obligations under this Plan with respect to the
Participant, and the Participant's Participation Agreement shall terminate upon
such full payment of benefits.

                                   ARTICLE 12

                     TERMINATION, AMENDMENT OR MODIFICATION

         12.1 TERMINATION. Although the Employer anticipates that they will
continue the Plan for an indefinite period of time, there is no guarantee that
any Employer will continue the Plan or will not terminate the Plan at any time
in the future. Accordingly, each Employer reserves the right to discontinue its
sponsorship of the Plan and to terminate the Plan, at any time, with respect to
its participating Employees by action of its board of directors. Upon the
termination of the Plan with respect to any Employer, all amounts credited to
the Participant Account of each affected Participant shall be paid to the
Participant or, in the case of the Participant's death, to the Participant's
Beneficiary, in a lump sum and the Participation Agreements relating to each of
the Participants shall terminate upon full payment of such Account Balance.

         12.2 AMENDMENT. The Employer may, at any time, amend or modify the Plan
in whole or in part with respect to any or all Employers by the actions of the
Board; provided, however, that (i) no amendment (including a Plan termination)
or modification (including a Plan termination) shall be effective to decrease or
restrict the value of a Participant's Account Balance in existence at the time
the amendment or modification is made, calculated as if the Participant had
experienced a Termination of Employment as of the effective date of the
amendment or modification, or, if the amendment or modification occurs after the
date upon which the Participant was eligible to Retire, calculated as if the
Participant had Retired as of the effective date of the amendment or
modification, and (ii) except as specifically provided in Section 12.1, no
amendment or modification shall be made after a Change in Control which
adversely affects the vesting, calculation or payment of benefits hereunder or
diminishes any other rights (including the right to take a distribution option
provided in the Plan prior to the Change in Control) or protections any
Participant or Beneficiary would have had, but for such amendment or
modification, unless each affected Participant or Beneficiary consents in
writing to such amendment.

         12.3 EFFECT OF PAYMENT. The full payment of the applicable benefit
under the provisions of the Plan shall completely discharge all obligations to a
Participant and his designated Beneficiaries under this Plan and each of the
Participant's Participation Agreement shall terminate.

                                      -15-
<PAGE>

                                   ARTICLE 13

                                 ADMINISTRATION

         13.1 COMMITTEE DUTIES. This Plan shall be administered by a Committee
which shall consist of the Board, or such committee as the Board shall appoint.
Members of the Committee may be Participants under this Plan. The Committee
shall also have the discretion and authority to (i) make, amend, interpret, and
enforce all appropriate rules and regulations for the administration of this
Plan and (ii) decide or resolve any and all questions including interpretations
of this Plan, as may arise in connection with the Plan. Any individual serving
on the Committee who is a Participant shall not vote or act on any matter
relating solely to himself or herself. When making a determination or
calculation, the Committee shall be entitled to rely on information furnished by
Participant or the Employer.

         13.2 AGENTS. In the administration of this Plan, the Committee may,
from time to time, employ agents and delegate to them such administrative duties
as it sees fit (including acting through a duly appointed representative) and
may from time to time consult with counsel who may be counsel to any Employer.

         13.3 BINDING EFFECT OF DECISIONS. The decision or action of the
Committee with respect to any question arising out of or in connection with the
administration, interpretation and application of the Plan and rules and
regulations promulgated hereunder shall be final and conclusive and binding upon
all persons having any interest in the Plan.

         13.4 INDEMNITY OF COMMITTEE. All Employers shall indemnify and hold
harmless the members of the Committee, and any Employee to whom duties of the
Committee may be delegated, against any and all claims, losses, damages,
expenses or liabilities arising from any action or failure to act with respect
to this Plan, except in case of willful misconduct by the Committee or any of
its members or any such employee.

         13.5 EMPLOYER INFORMATION. To enable the Committee to perform its
functions, each Employer shall supply full and timely information to the
Committee on all matters relating to the compensation of its Participants, the
date and circumstances of the Retirement, Disability, death or Termination of
Employment of its Participants, and such other pertinent information as the
Committee may reasonably require.

                                   ARTICLE 14

                          OTHER BENEFITS AND AGREEMENTS

         The benefits provided for a Participant and Participant's Beneficiary
under the Plan are in addition to any other benefits available to such
Participant under any other plan or program for employees of the Participant's
Employer. The Plan shall supplement and shall not supersede, modify or amend any
other such plan or programs except as may otherwise be expressly provided.

                                      -16-
<PAGE>

                                   ARTICLE 15

                                CLAIMS PROCEDURES

         15.1 PRESENTATION OF CLAIM. Any Participant or Beneficiary of a
deceased Participant (such Participant or Beneficiary being referred to below as
a "Claimant") may deliver to the Committee a written claim for a determination
with respect to the amounts distributable to such Claimant from the Plan. If
such a claim relates to the contents of a notice received by the Claimant, the
claim must be made within sixty (60) days after such notice was received by the
Claimant. The claim must state with particularity the determination desired by
the Claimant. All other claims must be made within one hundred eighty (180) days
of the date on which the event that caused the claim to arise occurred. The
claim must state with particularity the determination desired by the Claimant.

         15.2 NOTIFICATION OF DECISION. The Committee shall consider a
Claimant's claim within a reasonable time, and shall notify the Claimant in
writing:

              (a) that the Claimant's requested determination has been made, and
that the claim has been allowed in full; or

              (b) that the Committee has reached a conclusion contrary, in whole
or in part, to the Claimant's requested determination, and such notice must set
forth in a manner calculated to be understood by the Claimant:

                       (i) the specific reason(s) for the denial of the claim,
or any part of it;

                       (ii) specific reference(s) to pertinent provisions of the
Plan upon which such denial was based;

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

                       (iv) an explanation of the claim review procedure set
forth in Section 15.3 below.

         15.3 REVIEW OF A DENIED CLAIM. Within sixty (60) days after receiving a
notice from the Committee that a claim has been denied, in whole or in part, a
Claimant (or the Claimant's duly authorized representative) may file with the
Committee a written request for a review of the denial of the claim. Thereafter,
but not later than thirty (30) days after the review procedure began, the
Claimant (or the Claimant's duly authorized representative):

              (a) may review pertinent documents;

              (b) may submit written comments or other documents; and/or

              (c) may request a hearing, which the Committee, in its sole
discretion, may grant.

                                      -17-
<PAGE>

         15.4 DECISION ON REVIEW. The Committee shall render its decision on
review promptly, and not later than sixty (60) days after the
filing of a written request for review of the denial, unless a hearing is held
or other special circumstances require additional time, in which case the
Committee's decision must be rendered within one hundred twenty (120) days after
such date. Such decision must be written in a manner calculated to be understood
by the Claimant, and it must contain:

              (a) specific reasons for the decision;

              (b) specific reference(s) to the pertinent Plan provisions upon
which the decision was based; and

              (c) such other matters as the Committee deems relevant.

                                   ARTICLE 16

                                      TRUST

         16.1 ESTABLISHMENT OF THE TRUST. The Employer may establish one or more
Trusts to which the Employers may transfer such assets as the Employers
determine in their sole discretion to assist in meeting their obligations under
the Plan.

         16.2 INTERRELATIONSHIP OF THE PLAN AND THE TRUST. The provisions of the
Plan and the Participation Agreement shall govern the rights of a Participant to
receive distributions pursuant to the Plan. The provisions of the Trust shall
govern the rights of the Employers, Participants and the creditors of the
Employers to the assets transferred to the Trust.

         16.3 DISTRIBUTIONS FROM THE TRUST. Each Employer's obligations under
the Plan may be satisfied with Trust assets distributed pursuant to the terms of
the Trust, and any such distribution shall reduce the Employer's obligations
under this Agreement.

                                   ARTICLE 17

                                   ARBITRATION

         17.1 Any controversy, dispute, or claim not resolved under the claims
procedure set forth in Article 15, including any claim arising out of, in
connection with, or in relation to the formation, interpretation, performance or
breach of this Plan or any action of the Committee, shall be settled exclusively
by arbitration, before a single arbitrator, in accordance with this Article 17
and the then most applicable rules of the American Arbitration Association.
Judgment upon any award rendered by the arbitrator may be entered by any state
or federal court having jurisdiction thereof. Such arbitration shall be
administered by the American Arbitration Association only if one (or both) of
the parties requests such administration. Arbitration shall be the exclusive
remedy for determining any such dispute, regardless of its nature.
Notwithstanding the foregoing, either party may in an appropriate matter apply
to a court pursuant to California Code of Civil Procedure Section 1281.8, or any
comparable provision, for provisional relief, including a temporary restraining
order or a preliminary injunction, on the ground that the award to which the

                                      -18-
<PAGE>

applicant may be entitled in arbitration may be rendered ineffectual without
provisional relief.

         17.2 In the event the parties are unable to agree upon an arbitrator,
the parties shall select a single arbitrator from a list of nine arbitrators
drawn by the parties at random from the "Independent" (or "Gold Card") list of
retired judges. If the parties are unable to agree upon an arbitrator from the
list so drawn, then the parties shall each strike names alternately from the
list, with the first to strike being determined by lot. After each party has
used four strikes, the remaining name on the list shall be the arbitrator. If
such person is unable to serve for any reason, the parties shall repeat this
process until an arbitrator is selected.

         17.3 This agreement to resolve any disputes by binding arbitration
shall extend to claims against any parent, subsidiary or affiliate of each
party, and, when acting within such capacity, any officer, director,
shareholder, employee or agent of each party, or of any of the above, and shall
apply as well to claims arising out of state and federal statutes and local
ordinances as well as to claims arising under the common law. In the event of a
dispute subject to this Article 17, the parties shall be entitled to reasonable
discovery subject to the discretion of the arbitrator. The remedial authority of
the arbitrator shall be the same as, but no greater than, would be the remedial
power of a court having jurisdiction over the parties and their dispute. The
arbitrator shall, upon an appropriate motion, dismiss any claim without an
evidentiary hearing if the party bringing the motion establishes that he or it
would be entitled to summary judgement if the matter had been pursued in court
litigation. In the event of a conflict between the applicable rules of the
American Arbitration Association and these procedures, the provisions of these
procedures shall govern.

         17.4 Any filing or administrative fees shall be borne initially by the
party requesting administration by the American Arbitration Association. If both
parties request such administration, the fees shall be borne initially by the
party incurring such fees as provided by the rules of the American Arbitration
Association. To the extent permitted by taw, the initial fees and costs of the
arbitrator shall be borne equally by the parties, with the Employer being
responsible for the costs and fees of the arbitration to the extent it is
determined that such costs and fees may not initially be borne equally. The
prevailing party in such arbitration, as determined by the arbitrator, and in
any enforcement or other court proceedings, shall be entitled, to the extent
permitted by law, to reimbursement from the other party for all of the
prevailing party's costs (including but not limited to the arbitrator's
compensation), expenses, and attorneys' fees.

         17.5 The arbitrator shall render an award and written opinion, and the
award shall be final and binding upon the parties. If any of the provisions of
this Article 17, or of this Plan, are determined to be unlawful or otherwise
unenforceable, in whole or in part, such determination shall not affect the
validity of the remainder of this Plan, and this Plan shall be reformed to the
extent necessary to carry out its provisions to the greatest extent possible and
to insure that the resolution of all conflicts between the parties, including
those arising out of statutory claims, shall be resolved by neutral, binding
arbitration. If a court should find that this section's arbitration provisions
are not absolutely binding, then the parties intend any arbitration decision and
award to be fully admissible in evidence in any subsequent action, given great
weight by any finder of fact, and treated as determinative to the maximum extent
permitted by law.

                                      -19-
<PAGE>

         17.6 Unless mutually agreed by the parties otherwise, any arbitration
shall take place in the City of Los Angeles, California.

                                   ARTICLE 18

                                  MISCELLANEOUS

         18.1 STATUS OF PLAN. The Plan is intended to be a plan that is not
qualified within the meaning of Code Section 401(a) and that "is unfunded and is
maintained by an employer primarily for the purpose of providing deferred
compensation for a select group of management or highly compensated employee"
within the meaning of ERISA. The Plan shall be administered and interpreted to
the extent possible in a manner consistent with that intent. All Participant
accounts and all credits and other adjustments to such Participant accounts
shall be bookkeeping entries only and shall be utilized solely as a device for
the measurement and determination of amounts to be paid under the Plan. No
Participant accounts, credits or other adjustments under the Plan shall be
interpreted as an indication that any benefits under the Plan are in any way
funded.

         18.2 UNSECURED GENERAL CREDITOR. Participants and their Beneficiaries,
heirs, successors and assigns shall have no legal or equitable rights, interests
or claims in any property or assets of an Employer. For purposes of the payment
of benefits under this Plan, any and all of an Employer's assets, shall be, and
remain, the general, unpledged unrestricted assets of the Employer. Any
Employer's obligation under the Plan shall be merely that of an unfunded and
unsecured promise to pay money in the future.

         18.3 EMPLOYER'S LIABILITY. An Employer's liability for the payment of
benefits shall be defined only by the Plan and the Participation Agreement, as
entered into between the Employer and a Participant. An Employer shall have no
obligation to a Participant under the Plan except as expressly provided in the
Plan and his Participation Agreement.

         18.4 NONASSIGNABILITY. Neither a Participant nor any other person shall
have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage
or otherwise encumber, transfer, hypothecate, alienate or convey in actual
receipt, the amount, if any, payable hereunder, or any part thereof, which are,
and all rights to which are expressly declared to be, unassignable and
non-transferable. No part of the amounts payable shall, prior to actual payment,
be subject to seizure, attachment, garnishment or sequestration for the payment
of any debts, judgments, alimony or separate maintenance owned by a Participant
or any other person, be transferable by operation of law in the event of a
Participant's or any other person's bankruptcy or insolvency or be transferable
to a spouse as a result of a property settlement or otherwise.

         18.5 NOT A CONTRACT OF EMPLOYMENT. The terms and conditions of this
Plan and the Participation Agreement, this Plan shall not be deemed to
constitute a contract of employment between any Employer and the Participant.
Such employment is hereby acknowledged to be an "at will" employment
relationship that can be terminated at any time for any reason, or no reason,
with or without cause, and with or without notice, except as otherwise provided
in a written employment agreement. Nothing in this Plan or any Participation
Agreement shall be deemed to give a Participant the right to be retained in the

                                      -20-
<PAGE>

service of any Employer as an Employee or to interfere with the right of any
Employer to discipline or discharge the Participant at any time.

         18.6 FURNISHING INFORMATION. A Participant or his Beneficiary will
cooperate with the Committee by furnishing any and all information requested by
the Committee and take such other actions as may be requested in order to
facilitate the administration of the Plan and the payments of benefits
hereunder, including but not limited to taking such physical examinations as the
Committee may deem necessary.

         18.7 TERMS. Whenever any words are used herein in the masculine, they
shall be construed as though they were in the feminine in all cases where they
would so apply; and whenever any words are used herein in the singular or in the
plural, they shall be construed as though they were used in the plural or the
singular, as the case may be, in all cases where they would so apply.

         18.8 CAPTIONS. The captions of the articles, sections or paragraphs of
this Plan are for convenience only and shall not control or affect the
meaning or construction of any of its provisions.

         18.9 GOVERNING LAW. Subject to ERISA, the provisions of this Plan shall
be construed and interpreted according to the internal laws of the State of
California without regard to its conflicts of law principles.

         18.10 NOTICE. Any notice or filing required or permitted to be given to
the Committee under this Plan shall be sufficient if in writing and
hand-delivered, or sent by registered or certified mail, to the address below:

                  Hollywood Park, Inc.
                  330 N. Brand Blvd., Suite 1100
                  Glendale, CA 91203
                  Attn:  General Counsel

         Such notice shall be deemed given as of the date of delivery or, if
delivery is made by mail, as of the date shown on the postmark or the receipt
for registration or certification.

         Any notice or filing required or permitted to be given to a Participant
under this Plan shall be sufficient if in writing and hand-delivered, or sent by
mail, to the last known address of the Participant.

         18.11 SUCCESSORS. The provisions of this Plan shall bind and inure to
the benefit of the Participant's Employer and its successors and assigns and the
Participant and the Participant's designated Beneficiaries.

         18.12 VALIDITY. In case any provision of this Plan shall be illegal or
invalid for any reason, said illegality or invalidity shall not affect the
remaining parts hereof, but this Plan shall be construed and enforced as if such
illegal or invalid provision had never been inserted herein.

                                      -21-
<PAGE>

         18.13 INCOMPETENT. If the Committee determines in its discretion that a
benefit under this Plan is to be paid to a minor, a person declared incompetent
or to a person incapable of handling the disposition of that person's property,
the Committee may direct payment of such benefit to the guardian, legal
representative or person having the care and custody of such minor, incompetent
or incapable person. The Committee may require proof of minority, incompetence,
incapacity or guardianship, as it may deem appropriate prior to distribution of
the benefit. Any payment of a benefit shall be a payment for the account of the
Participant and the Participant's Beneficiary, as the case may be, and shall be
a complete discharge of any liability under the Plan for such payment amount.

         18.14 DISTRIBUTION IN THE EVENT OF TAXATION. If, for any reason, all or
any portion of a Participant's benefit under this Plan becomes taxable to the
Participant prior to a receipt, a Participant may petition the Committee or the
trustee of the Trust, as applicable, for a distribution of that portion of his
benefit that has become taxable. Upon the grant of such a petition, which grant
shall not be unreasonably withheld, a Participant's Employer shall distribute to
the Participant immediately, funds in an amount equal to the taxable portion of
his benefit (which amount shall not exceed a Participant's unpaid Account
Balance under the Plan). If the petition is granted, the tax liability
distribution shall be made within ninety (90) days of the date when the
Participant's petition is granted. Such a distribution shall affect and reduce
the benefits to be paid under this Plan.

         18.15 INSURANCE. The Employers, on their own behalf or on behalf of the
trustee of the Trust, and, in their sole discretion, may apply for and procure
insurance on the life of the Participant, in such amounts and in such forms as
the Trust may choose. The Employers or the trustee of the Trust, as the case may
be, shall be the sole owner and beneficiary of any such insurance. The
Participant shall have no interest whatsoever in any such policy or policies,
and at the request of the Employers the Participant shall submit to medical
examinations and supply such information and execute such documents as may be
required by the insurance company or companies to whom the Employers have
applied for insurance.

         18.16 EMPLOYER. Each Subsidiary of the Employer can become an adopting
Employer in accordance with the terms of the Plan. With the consent of the
Employer, the Plan may be adopted in accordance with the provisions of Section
17.17 by any other Subsidiary of the Employer for the benefit of its Eligible
Employees.

         18.17 ADDITIONAL EMPLOYERS. Any Subsidiary of the Employer may adopt
the Plan and become an Employer hereunder by filing with the Committee a
certified copy of a resolution of the Board of Directors of the Subsidiary
providing for its adoption of the Plan and a certified copy of a resolution of
the Board of Directors of the Employer consenting to such adoption.

                                      -22-
<PAGE>

         IN WITNESS WHEREOF, the Employer has signed this Plan document as of
January 1, 2000.

                                            Hollywood Park, Inc.
                                            A Delaware Corporation

                                            By:  /s/ Loren Ostrow
                                                 _______________________________

                                            Name: Loren Ostrow
                                                 _______________________________
                                                       (printed name)

                                            Title: Senior Vice President/General
                                                   Counsel
                                                  ______________________________

                                      -23-

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