Document:

Exhibit 10.32 1995 Deferred Compensation Plan

EXHIBIT
10.32

ADOPTION
AGREEMENT

PART
A.  EMPLOYER
INFORMATION:

Employer
Name: Casino
America. Inc   

Employer
Address: Biloxi,
MS    

Employer
Telephone:      

Employer
Tax ID No.:      

Employer
Fiscal Year End: 12/31/95   

PART
B. COMPENSATION:

For
purposes of this Agreement, Compensation shall be deemed as (Select
one option):

	 	
      Option
      1. 
	
      □
	
      Total
      salary, bonuses and commissions of the employee paid or accrued by the
      Employer, exclusive of Aggregate Account
amounts.

	 	
      Option
      2. 
	
      □
	
      Total
      salary and commissions of the Employee paid or accrued by the Employer,
      exclusive of year-end bonuses, Aggregate Account Amounts, stock options,
      stock appreciation rights, and any employer contributions or payments to
      any other trust, fund, agreement or plan providing retirement, pension,
      profit sharing, health, welfare, death, insurance or similar
      benefits.

PART
C. SELECTED
GROUP OF EMPLOYEES:

Employees
eligible to participate in this Agreement include (Select
and complete option(s)):

	 	
      □
	
      All
      Employees who are a member of the Employer’s select group of management or
      who are Highly Compensated Employees as defined under relevant provisions
      of the code and/or ERISA.

□ All
Employees with a position ranking of      or above,
earning a minimum of $  per
Fiscal Year

x The
following Employee(s): attachment

PART
D. RETIREMENT
DATES

Section
(i). Early
Retirement Date (Select
one option):

 

□ Section
(ii). Normal
Retirement Date (Select one
option):

 

           
□ The date
the Employee attains __________ years of age.

□ The date
the Employee attains __________ years of age and has been employed
by

the
Employer or an affiliate for __________ years.

PART
E. DEFERRAL
OF COMPENSATION (Select
one option):

Option
I. Deferral
of a Percentage of Compensation plus Bonus.

The
Employee shall defer the following percentages of Compensation per Fiscal Year
(Select
and complete):

Maximum
Percentage

Amount of
Employee’s  of
Compensation that

Compensation
in Fiscal Year Can be
Deferred

0 to
$________    _____%

Over
$______, up to $ ______  _____%

Over
$______, up to $ ______  _____%

Over
$______, up to $ ______  _____%

Over
$______, up to $ ______  _____%

Over
$______    _____% 

The
Employee shall be entitled to defer

x all
of

□ a
percentage of

any bonus
the Employer may award during the Fiscal Year.

Option
2. □ Deferral
of Bonus Only.

The
Employee shall be entitled to defer

□ all
of

□ a
percentage of

any bonus
the Employer may award during the Fiscal Year.

Option
3. □ Deferral
of Excess Contributions.

The
Employee shall be entitled to defer such amounts of Compensation earned during
the Employer’s Fiscal Year which may be determined to be an excess contribution
and/or excess aggregate contribution for the period under the Employer’s 401(k)
Profit Sharing 

 

2

Plan.

Option
4. x Additional
Deferral.

The
Employee shall be entitled to defer such amounts as the Employer may award to
the Employee during the Fiscal Year pursuant to the following (Select
and complete)::

□ Matching
Formula.

The
Employer will make a matching contribution on behalf of the Employee in an
amount equal to _______ % of the Employee’s Deferral of Compensation not in
excess of $-2,310 or ______% of the Employee’s Compensation for the Fiscal
Year.

x 
Discretionary Formula.

Any
amount the Employer shall award to the Employee in the Employer’s

	 	
      x
	
      sole
      discretion
	
      □
	
      based
      upon the Employee’s performance shall be eligible to be deferred
      hereunder.

 

PART
F. VESTING
SCHEDULE FOR EMPLOYER MATCHING OR DISCRETIONARY CONTRIBUTIONS (select one
option):

Option
1. Years of
Service with Employer

Note:
For the purpose of determining a participant’s vested benefit, a year of
service/participation means a 12-month period during which a participant
completes at least 1,000 hours of service with the employer.

PART
G. INTEREST
ON DEFERRED AMOUNTS

Interest
on the Employee’s Deferred Amounts hereunder shall be calculated as
follows:

Realized
Rate on Plan Investments.

PART
H. RETIREMENT
BENEFIT

The
Employer shall pay to the Employee a Retirement Benefit as follows (Select
one Option) 

Option 1.
 □ Single
Payment.

Option
2. □ Installment
Payment.

Option
3. □ Installment
Payment with Option to Accelerate.  In the case of separation of service,
the employer determines the option to accelerate.

 

Option
4. □ Such
Payments as may be Otherwise Available under Funds managed
by

3

Oppenheimer
Capital Trust Company.

 

I. EFFECTIVE
DATE OF AGREEMENT

The
Effective Date of this Agreement shall be June 1, 1995.

J. ADOPTING
EMPLOYER

The party
whose signature appears below hereby agree to all terms and conditions set forth
in this Agreement on behalf of the Employer.

Casino
America, Inc.   

(Name of
Employer)

By:
/s/
James Edward Ernst

Its:
President

4

BASIC
PLAN AGREEMENT

I. DEFINITION
OF TERMS. Certain
words and phrases are defined when first used in later paragraphs of this
Agreement. In addition, the following words and phrases when used herein, unless
the context clearly requires otherwise shall have the following respective
meanings:

	
      (a)
	
      Aggregate
      Account:
      The sum of all Deferred Amounts credited to the Employee’s Retirement
      Account and due and owing to the Employee or his beneficiaries pursuant to
      this Agreement, together with Interest thereto calculated as set forth in
      Paragraph 4 hereinbelow, adjusted by any distributions
      hereunder.

	
      (b)
	
      Affiliate:
      Any corporation, partnership, joint venture, association, or similar
      organization or entity, the employees of which would be treated as
      employed by the Employer under Section 414(b) and 4 14(c) of the
      Code.

	
      (c)
	
      Agreement:
      This Agreement, together with any and all amendments or supplements
      thereto.

	
      (d)
	
      Code:
      The Internal Revenue Code of 1986, as amended or as it may be amended from
      time to time.

	
      (e)
	
      Compensation:
      Compensation shall be defined as set forth in the Adoption Agreement
      hereinabove.

	
      (f)
	
      Early
      Retirement Date:
      Means Early Retirement Date defined
hereinabove.

	
      (g)
	
      Effective
      Date:
      The Effective Date of the agreement is as set forth
      hereinabove.

	
      (h)
	
      Election
      of Deferral: A
      written notice filed by the Employee with Employer specifying the amount
      of Compensation and/or bonus to be
deferred.

	
      (i)
	
      Employee:
      Means the Employee executing an Election to Defer in substantially the
      form attached hereto as Exhibit “A” and who is a member of the Employer’s
      select group of management or is a Highly Compensated Employee as defined
      under the Code and/or the Employee Retirement Income Security Act of 1974
      and as may further be identified in Part C. of the Adoption
      Agreement.

	
      (j)
      
	
      Employer:
      Means the Employer identified hereinabove.

	
      (k)
	
      ERISA:
      Means the Employee Retirement Income Security Act of 1974, as amended from
      time to time

	
      (l)
	
      Fiscal
      Year:
      The taxable year of the Employer as identified
  hereinabove.

	
      (m)
	
      Normal
      Retirement Date:
      Means the Normal Retirement Date defined
hereinabove.

	
      (n)
	
      Investment
      Account: Book
      entries maintained by the Employer reflecting Deferred Amounts and
      Interest thereon; provided, however, that the existence of such book
      entries and the Investment Account shall not create and shall not be
      deemed to create a trust of any kind, or a fiduciary relationship between
      the Employer and the Employee, his designated beneficiary, or other
      beneficiaries under this Agreement.

 

 

 

	
      (o)
	
      Gender
      Reference: A
      pronoun or adjective in the masculine gender includes the feminine gender
      and the singular includes the plural.

2. DEFERRAL
OF COMPENSATION. The
Employee may defer a portion of Compensation each Fiscal Year within the limits
as set forth in the Adoption Agreement. For purposes of Part E of the Adoption
Agreement, the following shall apply:

Option
1. Commencing
on the Effective Date, and continuing through the date on which the Employee’s
employment terminates due to death, early retirement, normal retirement,
disability or any other cause, the Employee and the Employer agree that the
Employee shall be entitled to defer into his Investment Account up to the
percentage of the Compensation that the Employee would otherwise be entitled to
receive from the Employer in each Fiscal Year of the Employer as is selected in
the Adoption Agreement

In
addition, the Employee shall be entitled to elect to defer such portion of any
bonus that the Employer may award during or for any Fiscal Year. The maximum
percentage of Compensation and the bonuses that can be deferred, as set forth in
this Paragraph, arc hereinafter referred to collectively as the “Maximum
Deferral “The amount selected for deferral by the Employee pursuant to an
Election Deferral is referred to as the “Annual Deferral.” The amounts of
Compensation and amounts of any bonuses actually deferred are hereinafter
referred to as ‘Deferred amounts.” The Employee’s Deferred Amounts shall be
credited to the Employee’s Investment Account as of the dates such Deferred
Amounts would, but for such deferral, be payable to the Employee.

Option
2.
Commencing on the Effective Date, and continuing through the date on which the
Employee’s employment terminates due to death, early retirement, normal
retirement, disability, or any other cause, the Employee and the Employer agree
that Employee shall be entitled to elect to defer into his Investment Account
such portion of any bonus that the Employer may award during or for any Fiscal
Year. The amounts that the Employee is entitled to defer are hereinafter
referred to collectively as the “Maximum Deferral”. The amount selected for
deferral by the Employee pursuant to an Election of Deferral is referred to as
the “Annual Deferral”. Th amounts of any bonuses actually deferred are
hereinafter referred to as “Deferred Amounts.” The Employee’s Deferred Amounts
shall be credited to the Employee’s Retirement Account as C
the date
or dates any bonus would, but for such deferral, be payable to the
Employee.

3. DEFERRAL
IN PARTIAL FISCAL YEAR. If the
Effective Date of this Agreement is not the first day of the Fiscal Year, the
Employee shall be entitled to elect to defer a portion of the Maximum Deferral
in such partial Fiscal Year, calculated as follows: The Maximum Deferral under
Paragraph __ herein shall be multiplied by a fraction, the numerator of which is
the number of full calendar months in the Fiscal Year from and after the
Effective Date, and the denominator of which is twelve (12).

4. INTEREST
ON DEFERRED AMOUNTS. The
Employer hereby agrees that it will credit Deferred Amounts in the Employee’s
Investment Account with interest thereon (“Interest”) from ___ after the dates
Deferred Amounts are credited to the Retirement Account. Interest to Deferred

 

2

Amount
shall accrue commencing on the date the Investment Account first has a positive
balance and shall continue up to the date Retirement Benefits, Disability
Retirement Benefits, Death Benefits, or Termination Benefit commences hereunder.
Interest shall be calculated as selected in Part F of the Adoption
Agreement.

5. ELECTION
TO DEFER COMPENSATION. Notwithstanding
the initial Election to Defer contemplated under Paragraph 2 hereinabove, the
Employee may elect an Annual Deferral hereunder by filing an Election of
Deferral. The initial Election of Deferral must be filed within thirty (30) days
of the Effective Date of this Agreement. Such initial Election of Deferral, if
any, shall be effective commencing with the first day of the first month after
it is filed. Thereafter, an Election of Deferral must be filed a least thirty
(30) days prior to the beginning of the Fiscal Year to which it pertains and
shall be effective on the first day of the Fiscal Year following the filing
thereof.

6. TERMINATION
OF ELECTION. The
Employee’s initial Election of Deferral shall continue in effect, pursuant to
the terms of the Election of Deferral, unless and until the Employee files with
the Employer a notice to discontinue or a subsequent Election of Deferral
specifying a different amount of deferral. Each Election of Deferral filed
subsequent to the initial Election of Deferral shall similarly continue in
effect until the Employee files a notice to discontinue or a new Election of
Deferral. Any new Election of Deferral, to be effective, must be filed at least
thirty (30) days prior to the beginning of the Fiscal Year in which deferral is
sought.

A notice
to discontinue shall be effective if filed at least thirty (30) days prior to
January 1, April 1, July 1 or October 1. Any notice to discontinue shall be
effective commencing with January I, April 1, July 1, or October 1 following its
filing, as applicable, and shall apply only with respect to the Employee’s
Compensation and bonuses attributable to services not yet
performed.

7. TRANSFER
BETWEEN INVESTMENT OPTIONS. 

	
      Option
      3.
	
      x
	
      The
      trustee, in its discretion, may take instruction from a participant for
      transfers up to four (4) times a year between investment options for those
      assets being held for the participant of the
plan.

A request
to transfer between Rinds shall be effective if filed at least thirty (30) days
prior to the date of transfer. The transfer shall be in the form of a percentage
or dollar amount of the current or future account balance.

8. RETIREMENT
BENEFIT. The
Employer agrees that, from and after the retirement of the employee from the
service of the Employer, upon reaching his Early Retirement Date or Normal
Retirement Date, the Employer shall thereafter pay as a retirement benefit
(“Retirement Benefit”) to the Employee such payment as shall be selected in Part
G of the Adoption Agreement. For purposes of Part G of the Adoption Agreement,
the following shall apply:

Option
3. Installment
payments with Option to Accelerate. The Employee’s entire Aggregate Account,
payable in equal monthly installments for a period of thirty-six (36) months,
commencing with the first day of the second month following the Employee’s
retirement; benefit payments begin 

 

3

to
receive the Aggregate Account in his Investment Account in equal monthly
installment payments over a shorter period, than would otherwise apply, or in a
single payment.

The
election referred to in the preceding Paragraph must be made at least thirty
(30) days prior to the date benefit payments begin and shall be irrevocable. In
the event of such election by the Employee, the first designated monthly
installment payment or the single payment, whichever applies, shall be due and
payable on the first day of the second month following the Employee’s filing of
an effective written election to accelerate benefits. Monthly installment
payments, if applicable, shall continue monthly thereafter, for the period
designated by the Employee.

ELECTION
OF BENEFITS UPON EARLY RETIREMENT DATE OR NORMAL RETIREMENT
DATE. The
employee shall have the option, upon attaining his Early Retirement Date or
Normal Retirement Date, to elect to receive his Retirement Benefit,
notwithstanding a continuation of employment with the Employer after attaining
Early Retirement Date or Normal Retirement Date. Notwithstanding continued
employment the Employee’s election to receive such Retirement Benefit must be
made in writing at least thirty (30) days prior to his Early Retirement Date or
Normal Retirement Date, as applicable. The Retirement Benefit payable upon
election pursuant to this Paragraph 7 shall be the amount that would have been
payable had the Employee retired from service with the Employer as of his Early
Retirement Date or Normal Retirement Date, as applicable. Any such election
shall be irrevocable, and shall result in the termination of the Employee’s
rights to any further deferrals hereunder.

9. DISABILITY
RETIREMENT.
Notwithstanding any other provision hereof, the Employee shall be entitled to
receive payments hereunder prior to his Early Retirement Date or Normal
Retirement date, as applicable, at any time it is determined by a duly licensed
physician selected by the Employer that, because of ill health, accident,
disability or general inability because of age, the Employee is no longer able,
properly and satisfactorily, to perform regular or general duties as an
Employee.

If the
Employee’s employment is terminated pursuant to this Paragraph 8, the disability
retirement benefit payable hereunder (“Disability Retirement Benefit”) shall be
that amount that would have been payable as a Retirement Benefit had the
Employee attained Normal Retirement Date on the date of the physician’s
disability determination. The Disability Retirement Benefit payable under this
Paragraph 8 shall be distributed in accordance with the provisions of Paragraph
7 as if the Employee had retired on the date of the physician’s disability
determination.

10. DEATH
BENEFIT PRIOR
TO COMMENCEMENT OF RETIREMENT BENEFITS. In the
event of the Employee’s death white in the employment of the Employer and prior
to commencement of Retirement Benefits or Disability Retirement Benefits, the
Employer shall pay the Aggregate Account in the Employee’s Investment Account as
of the date of death in equal monthly installments for a period of six months to
the Employee’s designated beneficiary, in accordance with the last such
designation received by the Employer from the Employee prior to death. If no
such designation has been received by the Employer form the Employee prior to
death or if said payments are otherwise to be made as provided herein, said
payments shall be made to the Employee’s then living spouse, so long as said
spouse shall live and thereafter to such person or persons, including said
spouses estate, as may be appointed under said spouses last Will and Testament,
making specific reference hereto; if the Employee is not survived by a spouse or
if said spouse shall fail to appoint, then said payments shall be made to the
then living children of the 

 

4

Employee,
if any, in equal shares, for their joint and survivor lives; and if none, or
after their respective joint and survivor lives, any balance therefore in one
lump sum to the estate of the Employee. Such payments shall commence on the
first day of the third month following the Employee’s death.

DEATH
BENEFIT AFTER COMMENCEMENT OF BENEFITS. In the
event of the Employee’s death after the commencement of Retirement Benefits,
Normal Retirement Benefits, or Disability Retirement Benefits, but prior to the
completion of all such payments due and owing hereunder, the Employer shall
continue to make such payments, in equal monthly installments, over the
remainder of the period specified in Paragraph 7 or 8 hereinabove, as
applicable, that would have been made to the Employee had he
survived.

Such
continuing payments shall be made to the Employee’s designated beneficiary, in
accordance with the last such designation received by the Employer from the
Employee prior to death. If no such designation has been received by the
Employer from the Employee prior to death or if said payments are
otherwise
to be made as provided herein, said payments shall be made to the

Employee’s
then living spouse, so long as said spouse shall live and thereafter to such
person or persons, including said estate, as may be appointed under said
spouse’s Wilt, making specific reference hereto; if the Employee is not survived
by a spouse or it said spouse shall fail to so appoint, then said payments shall
be made to the then living children of the Employee, if any, in equal shares,
for their joint and survivor lives; and if none, or after their respective joint
arid survivor lives, any balance thereof in one lump sum to the estate of the
Employee. Such continuing payments shall commence on the first day of the third
month following the Employee’s death.

11. TERMINATION
BENEFIT. In the
event of the Employee’s termination of employment with the Employer before Early
Retirement Date for any reason, other than disability retirement or death, the
Employer shall pay to the Employee, as compensation for services rendered prior
to such termination, a single sum equal to the total Deferred Amounts hereunder,
inclusive of Interest thereto, (the “Termination Benefit”). The Termination
Benefit shall bc payable on the first day of the second month following the
termination of the Employee’s employment with the Employer.

ITEMS
12 THROUGH 14 INTENTIONALLY OMITTED

15. SUSPENSION
AND/OR TERMINATION OF BENEFITS. In the
event of any breach by
the Employee of the agreements and covenants contained herein, the Board of
Directors of the Employer shall direct that any unpaid balance of any employer
matching or discretionary payments to the Employee under this Agreement be
suspended, and shall thereupon notify the Employee of such suspension, in
writing. Thereupon, if the Board of Directors of the Employer shall determine
that said breach by the Employee has continued for a period of thirty days
following notification of such suspension, all rights to further payment of
matching or discretionary payments of the Employee and his beneficiaries under
this Agreement, including rights to further payments hereunder, shall thereupon
terminate. The exercise of any other right or remedy the Employer may have
against the Employee, and any forbearance by the Employer in exercising any
right or remedy hereunder shall not be a waiver of or preclude the later
exercise of such right or remedy.

16. NO
FIDUCIARY RELATIONSHIP CREATED. Nothing
contained in this Agreement, and no action taken pursuant to its provisions by
either party hereto shall create, or be construed to 

 

5

create or
a fiduciary relationship between the Employer and the Employee, his designated
beneficiary, other beneficiaries of the Employee or any other
person.

17. BENEFITS
PAYABLE ONLY FROM GENERAL CORPORATE ASSETS; UNSECURED GENERAL CREDITOR STATUS OF
EMPLOYEE. The
payments to the
Employee or his designated beneficiary or any other beneficiary hereunder shall
be made from assets which shall continue, for all purposes, to be a part of the
general, unrestricted assets of the Employer; no person shall have any interest
in any such assets by virtue of the provisions of this Agreement. The Employer’s
obligation hereunder shall be an unfunded and unsecured promise to pay money in
the future. To the extent that any person acquires a right to receive payments
from the Employer under the provisions hereof, such right shall be no greater
than the right of any unsecured general creditor of the Employer; no such person
shall have nor require any legal or equitable right, interest or claim in or to
any property or assets of the Employer.

ITEM
18 INTENTIONALLY OMITTED.

19. NO
CONTRACT OF EMPLOYMENT. Nothing
contained herein shall be construed to be a contract of employment for any term
of years, nor as conferring upon the Employee the right to continue to be
employed by the Employer in his present capacity, or in any capacity. It is
expressly understood by the parties hereto that this Agreement relates to the
payment of deferred compensation for the Employee’s services, payable after
termination of his employment with the Employer, and is not intended to be an
employment contract.

20. BENEFITS
NOT TRANSFERABLE. Neither
the Employee, his designated beneficiary, nor any other beneficiary under this
Agreement shall have any power or right to transfer, assign, anticipate,
hypothecate or otherwise encumber any part or all of the amounts payable
hereunder. No such amounts shall be subject to seizure by any creditor of any
such beneficiary, by a proceeding at law or in equity, nor shall such amounts be
transferable by operation of law in the event of bankruptcy, insolvency or death
of the Employee, his designated beneficiary, or any other beneficiary hereunder.
Any such attempted assignment or transfer shall be void and shall terminate this
Agreement, and the Employer shall thereupon have no further liability
hereunder.

21. DETERMINATION
OF BENEFITS.

(a). Claim.

A person
who believes that he being denied a benefit to which he is entitled under the
Plan (hereinafter referred to as a “Claimant”) may file a written request for
such benefit with the Employer, setting forth his claim. The request must be
addressed to the President of the Employer at its then principal place of
business.

(b). Claim
Decision.

Upon
receipt of a claim, the Employer shall advise the Claimant that a reply will be
forthcoming within 90 days and shall, in fact, deliver such reply within such
period. The Employer may, however, extend the reply period for an additional 90
days for reasonable cause. If the claim is denied in whole or in part, the
Employer shall adopt a written opinion, using language calculated to be
understood by the Claimant, setting forth:

 

 

6

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

(ii) The
specific reference to pertinent provisions of this Agreement upon which such
denial is based.

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

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

(v) The time
limits for requesting a review under Subsection (iii) immediately proceeding and
for review under Subsection (iv) immediately proceeding.

(c).
  Request
for Review.

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

(d).
  Review of
Decision.

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

22. AMENDMENT
AND TERMINATION. This
agreement may not be amended, altered or modified, except by written instrument
executed by the Employer, or its respective successors. This Agreement may be
terminated at the sole and exclusive direction of the Employer.

23. INUREMENT. This
Agreement shall be binding upon and inure to the benefit of the Employer and its
successors and assigns, and the Employee and his beneficiaries.

 

 

7

24. ADMINISTRATION. The
Agreement shall be administered by the Employer. The Employer shall have full
authority to administer the Agreement including authority to interpret and
construe any provision of the Agreement and the Employer’s interpretation and
construction in good faith shall be conclusive and binding on all persons except
as otherwise provided herein or by law. The Employer shall have lull power and
authority to designate Employees in the Agreement

25. NOTICE.
Any
notice, consent or demand required or permitted to be given under the provisions
of this Agreement shall be in writing, and shall be signed by the party giving
or making the same. if such notice, consent or demand is mailed to a party
hereto, it shall be sent by United States certified mail, postage prepaid,
addressed to such party’s last known address as shown on the records of the
Employer. The date of such mailing shall be deemed the date of notice, consent
or demand. Either party may change the address to which notice is to be sent by
giving notice of the change of address in the manner aforesaid.

26. GOVERNING
LAW. This
Agreement, and the rights of the parties hereunder, shall be governed by and
construed in accordance with the laws of the State of the Employer.

NOTE:
The preceding is a model agreement only. Completion of this document includes
consideration of legal and tax issues and it is recommended that you obtain the
advice of a professional. Neither Quest for Value Distributors, Oppenheimer
Capital Trust Company nor any of its agents or affiliates assume any
responsibility for its use of this form by persons not authorized to practice
law.

This
model agreement contains a BASIC PLAN AGREEMENT and ADOPTION AGREEMENT. The
ADOPTION AGREEMENT must be completed and is used and interpreted in conjunction
with the BASIC PLAN AGREEMENT. No modifications to the BASIC PLAN AGREEMENT may
he made.

This
non qualified plan is intended to be a plan which 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 employees within the meaning
of Section 201(2) and 301(a) (3) o the Employee Retirement Income Security Act
of 1974 (ERISA). All assets in the trust are subject to the company’s general
creditors in the event of bankruptcy or insolvency

8Exhibit 10.33 Nonemployee Director Deferred Compensation Plan

EXHIBIT
10.33

Nonemployee
Director Deferred Compensation Plan

Isle
of Capri Casinos, Inc.

Isle
of Capri Casinos, Inc.

Nonemployee
Director Deferred Compensation Plan

Contents

	 	
      PAGE

       

	
      Article
      1. Establishment, Purpose, and Duration
	
      1

	 	 
	
      Article
      2. Definitions
	
      1

	 	 
	
      Article
      3. Administration
	
      3

	 	 
	
      Article
      4. Participation
	
      3

	 	 
	
      Article
      5. Deferral of Compensation
	
      4

	 	 
	
      Article
      6. Deferred Compensation Accounts
	
      4

	 	 
	
      Article
      7. Distributions
	
      5

	 	 
	
      Article
      8. Change in Control
	
      8

	 	 
	
      Article
      9. Amendment
	
      8

	 	 
	
      Article
      10. Termination
	
      8

	 	 
	
      Article
      11. Voting of Plan Provisions
	
      8

	 	 
	
      Article
      12. Miscellaneous Provisions
	
      9

	 	 

 

Isle
of Capri Casinos, Inc.

Nonemployee
Director Deferred Compensation Plan

 

Article
1. Establishment, Purpose, and Duration

1.1 Establishment
of the Plan. Isle of
Capri Casinos, Inc. (the “Company”) hereby establishes a deferred compensation
plan to be known as the “Isle of Capri Casinos, Inc. Nonemployee Director
Deferred Compensation Plan” (the “Plan”), as set forth in this document. The
Plan was approved by the Board of Directors of the Company on January 11, 2005,
to be effective as of the effectiveness of the Plan’s registration statement
filed on Form S-8 with the Securities and Exchange Commission (the “Effective
Date”).

1.2 Purpose
of the Plan. The
purpose of the Plan is to provide Nonemployee Directors (as defined below) of
the Company the opportunity to voluntarily defer all or a portion of their
Compensation, subject to the terms of the Plan, and to provide such directors
with additional opportunity to invest in stock of the Company.

Article
2. Definitions

Whenever
used in the Plan, the fol-lowing terms shall have the meanings set forth below
and, when the defined meaning is intended, the initial letter of the word is
capitalized:

(a) “Board” or
“Board
of Directors” means
the Board of Directors of the Company.

(b) “Change
in Control” shall
mean the acquisition of any person or group (as that term is defined in the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules
promulgated pursuant to the Exchange Act) in a single transaction or a series of
transactions of 35% or more in voting power of the outstanding stock of the
Company, and a change in the composition of the Board so that, within two years
after the acquisition took place, a majority of the members of the Board, or of
any corporation with which the Company may be consolidated or merged, are
persons who were not directors or officers of the Company or one of its
subsidiaries immediately prior to the acquisition, or the first of a series of
transactions which resulted in the acquisition of 35% or more in voting power of
the outstanding stock of the Company.

(c) “Code” means
the Internal Revenue Code of 1986, as amended.

(d) “Committee” means
the Stock Option and Compensation Committee of the Board of Directors of the
Company or any other committee appointed by the Board to administer the Plan;
provided, however, that each of the members of any such committee acting with
respect to the Plan shall be a “non-employee director” within the meaning of
Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”).

(e) “Company” means
Isle of Capri Casinos, Inc., a Delaware corporation, and any successor by
merger, consolidation, or otherwise.

(f) “Compensation” means
all remuneration payable to a Nonemployee Director for services to the Company
as a Nonemployee Director, other than reimbursement for expenses, and shall
include retainer fees for service on the Board, fees for serving as chairman of
a committee of the Board, fees for attendance at meetings of the Board and any
committees thereof, compensation for work performed in connection with service
on a committee of the Board or at the request of the Board, any committee
thereof, or a member of the Company’s Chief Executive Office or the Chairman of
the Board, and any other kind or category of fees or payments which may be put
into effect in the future.

(g) “Deferral” or
“Deferrals” means,
individually or collectively, amounts deferred under this Plan.

(h) “Disabled” means
that a Nonemployee Director has ceased to provide services as such because he or
she (i) has become unable to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a continuous period
of not less than 12 months; or (ii) is, by reason of any medically determinable
physical or mental impairment which can be expected to result in death or can be
expected to last for a continuous period of not less than 12 months, receiving
income replacement benefits for a period of not less than three months under a
separate accident or health plan. Such determination shall be made by the
Committee in a manner consistent with the limitations of Code Section
409A.

(i) “Election
to Defer Form” means a
form completed by a Participant and filed with the Committee (or its designee)
that indicates the amount of his or her Compensation that is or will be deferred
under the Plan, the terms of which shall be deemed incorporated in the Plan by
this reference.

(j) “Fair
Market Value of Stock” shall
mean: (i) if the Stock is traded in a market in which actual transactions are
reported, the opening sales price as to which the Stock is reported to have been
traded on the relevant date in all markets on which trading in the Stock is
reported or, if there is no reported sale of the Stock on the relevant date, the
mean of the highest reported bid price and lowest reported asked price for the
Stock on the relevant date; (ii) if the Stock is publicly traded but only in
markets in which there is no reporting of actual transactions, the mean of the
highest reported bid price and the lowest asked price for the Stock on the
relevant date; or (iii) if the Stock is not publicly traded, the value of a
share of Stock as determined by the most recent valuation prepared by an
independent expert at the request of the Committee.

(k) “Nonemployee
Director” means a
member of the Board who is not an employee of the Company or any of its
Subsidiaries.

(l) “Participant” means a
Nonemployee Director of the Company who has an outstanding Deferral under the
Plan.

2

(m) “Payment
Election” means a
form completed by a Participant and filed with the Committee that directs the
distribution of his or her Deferrals in accordance with Article VII hereof, the
terms of which shall be deemed incorporated in the Plan by this
reference.

(n) 
“Stock” means a
share of common stock of the Company, $.01 par value per share.

(o) “Stock
Unit”
represents an obligation of the Company to issue a share of Stock to a
Nonemployee Director in the future.

(p) “Subsidiary” means
any corporation, partnership, joint venture, or other business entity in which a
50% or greater interest is, at the time, directly or indirectly, owned by the
Company or by one or more Subsidiaries.

(q) “Unforeseeable
Emergency” means a
severe financial hardship to the Participant or beneficiary resulting from a
sudden and unexpected illness or accident of the Participant or beneficiary,
loss of the Participant’s or beneficiary’s property due to casualty, or other
similar extraordinary and unforeseeable circumstances arising as a result of
events beyond the control of the Participant or beneficiary.

Article
3. Administration

The
Committee shall administer the Plan. The Committee shall, subject to the
provisions of the Plan, have the authority and power to construe and interpret
the Plan, to adopt, amend, to revoke such rules and regulations for the
administration of the Plan as it may deem desirable, and to require the use of a
particular form or writing hereunder. Any decisions of the Committee shall be
final and conclusive. No member of the Committee shall be liable for anything
done or omitted to be done by him or her or by any other member of the Committee
in connection with the Plan, except for his or her own willful misconduct or as
expressly provided by statute.

Notwithstanding
the preceding paragraph, the Board of Directors of the Company shall be entitled
to act in lieu of the Committee hereunder.

Without
the requirement of further action, the Committee shall be deemed to have
authorized any officer, appointed vice president, or employee of the Company to
accept, execute and deliver on behalf of the Committee any Election to Defer
Form or Payment Election and to provide for the distribution of any Account in
accordance with the terms of any such election and the Plan. 

Article
4. Participation

Each
Nonemployee Director may participate in the Plan at their election.

3

Article
5. Deferral of Compensation

5.1 Deferral
of Compensation. Each
Nonemployee Director shall be entitled to defer all or any portion of his or her
Compensation in accordance with this Article V.

5.2 Deferral
Elections. Subject
to Section 5.2(d), all Elections to Defer shall be irrevocable, shall be made on
forms prescribed by the Committee, from time to time, and shall comply with the
following requirements:

	 	
      (a)
	
      Any
      such election shall be in writing and shall specify a percentage or dollar
      amount of the Compensation to be deferred.

	 	
      (b)
	
      Any
      such election shall be made prior to the beginning of the calendar year in
      which such Compensation would otherwise be earned (except that newly
      elected or appointed Nonemployee Directors shall make such election within
      30 days of their original election to the Board, and that Nonemployee
      Directors shall make such election within 30 days of the Effective Date of
      the Plan and only then with respect to Compensation earned subsequent to
      the election).

	 	
      (c)
	
      Any
      such election shall become effective upon its receipt and acceptance by
      the Committee. 

	 	
      (d)
	
      Any
      such election shall continue in effect until a written election to revoke
      or change such election is received by the Company, except that a written
      election to revoke or change such election must be made prior to the
      beginning of the calendar year for which such election is to be effective.
      

	 	
      (e)
	
      Any
      Nonemployee Director who fails to timely execute and file an election with
      the Committee shall not be permitted to defer receipt of any portion of
      his or her Compensation for such calendar
year.

	 	
      (f)
	
      The
      amount specified by a Participant in an election cannot reduce the
      Participant’s Compensation for a calendar year below the amount, if any,
      necessary to satisfy any applicable taxes and withholdings required by
      law, as determined by the Committee.

Article
6. Deferred Compensation Accounts

6.1 Participants’
Accounts. The
Company shall establish and maintain an individual bookkeeping account (an
“Account”) and credit thereto Deferrals made by each Participant and the
investment return thereon. Each Account shall be credited as of the date the
amount deferred otherwise would have become due and payable to the Participant.
The establishment and maintenance of such Accounts, however, shall not be
construed as entitling any Participant to any specific assets of the
Company.

4

6.2 Investment
Return on Deferred Amounts.
Deferrals shall be deemed to be invested as elected by each Participant
from a choice of one or more investment alternatives designated by the
Committee. Unless and until the Committee determines otherwise, Participants
shall be allowed to elect to invest in: (a) Stock Units, or (b) the
ABN AMRO Money Market Fund (or similar cash equivalent fund).
Notwithstanding the foregoing, any such investment elections shall be notional
only and shall not obligate the Company to acquire any asset or otherwise
earmark any property.

If a
Participant chooses to invest in Stock Units, the Participant will be credited
with Stock Units equal to the amount of Compensation invested in Stock Units
divided by the Fair Market Value of a share of Stock on the date of the
investment. If a Participant chooses to invest in Stock Units, an amount
equivalent to any dividend paid by the Company on Stock, whether paid in cash or
in kind, shall be credited to the Participant’s Account. If a dividend is
payable in cash, there shall be credited to the Participant’s Account additional
Stock Units equal to (a) the cash dividend the Director would have received had
he or she been the actual owner of shares of Stock equal to the number of Stock
Units then credited to the Director’s account, divided by (b) the Fair Market
Value of Stock on the dividend payment date.

6.3 Frequency
of Investment Elections. With
respect to prospective Deferrals, Participants shall be permitted to change
their investment elections quarterly, except that the Committee may permit more
frequent elections in its discretion. With respect to amounts that have been
previously deferred and credited to a Participant’s Account, a Participant shall
be permitted to invest such amounts in Stock Units once per calendar year or
more frequently if allowed by the Committee. Unless otherwise provided by the
Committee, Participants shall not be permitted to transfer funds out of Stock
Units during the deferral period.

6.4 Voting
Rights. A
Nonemployee Director shall not be entitled to any voting or other stockholder
rights as a result of the credit of Stock Units to the Director’s Account until
certificates representing Shares of Stock are delivered to the Director (or his
or her designated beneficiary or estate) hereunder.

Article
7. Distributions

7.1 Payment
Elections. A
Participant shall enter into an initial Payment Election when he or she first
elects to defer Compensation hereunder, which election may form a part of his or
her Election to Defer Form. Any such election shall:

	 	
      (a)
	
      Specify
      the time at which the amount credited to his or her Account shall be
      distributed, in accordance with the limitation set forth in Sections
      7.3(c) hereof (unless the Committee permits short-term deferrals in
      accordance with Section 7.3(d) hereof); and

	 	
      (b)
	
      Specify
      the manner in which such amount shall be paid, which shall be in the form
      of a single sum or no more than ten substantially equal annual installment
      payments.

 

 

5

If a
Participant fails to make a Payment Election when he or she first defers
Compensation hereunder, such director shall be deemed to have elected to receive
the balance credited to his or her Account in the form of a single sum as soon
as practicable after service as a member of the Board of Directors
ceases.

7.2 Method
of Payment. To the
extent a Participant’s Account is invested in Stock Units, the Company shall
issue Stock upon payout. To the extent such Account is invested in an
interest-bearing account (or other crediting rate, except Stock), the Company
shall pay cash upon payout. The Company shall pay cash to the extent a
fractional share would be owed a Participant upon payout.

7.3 Limitations
on Distributions. Unless
otherwise provided by legislation, the Internal Revenue Code, or regulations
thereunder, Compensation deferred under the Plan may not be distributed earlier
than:

	 	
      (a)
	
      Separation
      from service (as determined by the Secretary of the United States
      Treasury); 

(b)          
The date
a Participant becomes Disabled; 

(c)          
Death;

	 	
      (d)
	
      A
      specified time (or pursuant to a fixed schedule), as specified in a
      Participant’s Payment Election made as of the date of the deferral of such
      Compensation; 

	 	
      (e)
	
      To
      the extent provided by the Secretary of the United States Treasury, a
      Change in Control; or

(f)         The
occurrence of an Unforeseeable Emergency.

Unless
and until the Committee determines otherwise, it is the intent of this Plan that
deferred amounts be distributed upon the events described in (a), (b), (c), (e),
and (f) above. Notwithstanding anything else herein to the contrary, to the
extent that a Participant is a “Specified Employee” (as defined in Code Section
409A(a)(2)(B)(i) or any successor thereto) of the Company, no distribution
pursuant to subparagraph (a) above may be made before six months after such
Participant’s date of separation from service or, if earlier, the date of the
Participant’s death. 

7.4 Subsequent
Payment Elections. A
Participant shall be permitted to modify his or her initial Payment Election to
delay the time of payment and/or to modify the manner of distribution; provided,
however, that any such subsequent election shall comply with the following
requirements:

	 	
      (a)
	
      Such
      election may not take effect until at least 12 months after the date on
      which the election is received and accepted by the
    Committee;

 

 

6

 

	 	
      (b)
	
      In
      the case of an election related to a distribution of Compensation
      not
      described in Section 7.3(b), 7(c), or 7(f), such subsequent Election must
      result in a delay of distribution for a period of not less than five years
      from the date such distribution would otherwise have been
      made;

	 	
      (c)
	
      Any
      such election related to a distribution pursuant to Section 7.2(a)
      shall not be made less than 12 months prior to the date of the first
      scheduled payment under such distribution;
and

	 	
      (d)
	
      Only
      one subsequent election shall be permitted under this
  Plan.

7.5 Unforeseeable
Emergency. The
Board shall have the authority to alter the timing or manner of payment of
deferred amounts in the event that a Participant establishes, to the
satisfaction of the Board, the occurrence of an Unforeseeable Emergency. In such
event, the amount(s) distributed with respect to such Unforeseeable Emergency
cannot exceed the amounts necessary to satisfy such Unforeseeable Emergency plus
amounts necessary to pay taxes reasonably anticipated as a result of such
distribution(s), after taking into account the extent to which such hardship is
or may be relieved through reimbursement or compensation by insurance or
otherwise or by liquidation of the Participant’s assets (to the extent the
liquidation of such assets would not itself cause severe financial
hardship).

The
occurrence of an Unforeseeable Emergency shall be judged and determined by the
Board. The Board’s decision with respect to whether an Unforeseeable Emergency
has occurred and the manner in which, if at all, the payment of Deferrals to the
Participant shall be altered or modified, shall be final, conclusive, and not
subject to approval or appeal.

7.6 Disability.

	 	
      (a)
	
      Payment
      on account of a Participant’s Disability shall be made in the form of five
      approximately equal annual installments. 

	 	
      (b)
	
      A
      distribution payable by reason of a Participant’s Disability shall
      commence to be paid as soon as practicable following the date the
      Participant’s Disability occurs.

7.7 Death. If a
Participant dies before complete distribution of his or her Deferral(s) under
the Plan has occurred, the Participant’s undistributed Deferrals shall commence
to be distributed to his or her beneficiary in the form of five substantially
equal annual installment payments as soon as administratively possible following
receipt by the Committee of satisfactory notice and confirmation of the
Participant’s death. 

7.8 Small
Benefits. Notwithstanding
any provision of this Article VII to the contrary, if, at the time distributions
hereunder commence, whether on account of cessation of service, Disability or
death, the amount then credited to a Participant’s Account is less than $10,000,
such amount shall be distributed in the form of a single sum
payment.

7

7.9 No
Acceleration of Distributions.
Notwithstanding anything to the contrary herein, the Plan does not permit the
acceleration of the time or schedule of any distribution under the Plan, except
as provided by the Secretary of the United States Treasury.

Article
8. Change in Control

Upon the
occurrence of a Change in Control, each Nonemployee Director shall automatically
receive his or her Account in a single sum; provided, however, that such payment
shall occur only if provided by and allowed for by the Secretary of the United
States Treasury without triggering income tax to the Participant prior to actual
receipt of deferred amounts under Internal Revenue Code Section
409A.

Article
9. Amendment

The Plan
may be amended at any time and from time to time by the Board; provided,
however, that (a) no amendment shall become effective without stockholder
approval if such stockholder approval is required by law, rule, or regulation,
and (b) no amendment shall materially and adversely affect any right of any
Participant with respect to deferred amounts and earnings thereon without such
Participant’s written consent. Notwithstanding the foregoing, the Committee
shall possess the power and authority to amend a Payment Election, Election to
Defer Form or otherwise modify the Plan or any other procedure, arrangement or
form ancillary thereto, to the extent the Committee believes such amendment or
modification is necessary to comply with applicable law or to ensure that the
Plan and any amount deferred hereunder is deemed to be an unfunded deferred
compensation arrangement within the meaning of the Code; Participant consent
shall not be required with respect to any such amendment. 

Article
10. Termination

This Plan
shall terminate upon the adoption of a resolution of the Board terminating the
Plan. No termination of the Plan shall materially and/or adversely affect any of
the rights or obligations of any Participant with respect to deferred amounts
and earnings thereon without his or her written consent. Amounts then credited
to a Participant’s Account shall be distributed at the time and manner provided
in his or her Payment Election, which shall be subject to the provisions of
Section 7.4 hereof.

Article
11. Voiding of Plan Provisions

The Plan
is intended to comply with all provisions of Code Section 409A, and the rules
and regulations promulgated thereunder. In the event that any provision of the
Plan would cause an amount deferred to be subject to income tax under the Code
prior to the time such amount is paid to the Participant, such provision shall,
without action by the Board or Committee, be deemed null and void as of the
Effective Date. 

8

 

 

Article
12. Miscellaneous Provisions

	 	
      (a)
	
      A
      Participant’s rights and interest under the Plan may not be assigned or
      transferred, hypothecated or encumbered in whole or in part either
      directly or by operation of law or otherwise (except in the event of a
      Participant’s death, by will or the laws of descent and distribution),
      including, but not by way of limitation, execution, levy, garnishment,
      attachment, pledge, bankruptcy or in any other manner, and no such right
      or interest of any Participant in the Plan shall be subject to any
      obligation or liability of such Participant, including any community
      property or similar obligation.

	 	
      (b)
	
      Stock
      shall not be issued hereunder unless counsel for the Company shall be
      satisfied that such issuance will be in compliance with applicable
      federal, state, local and foreign securities, securities exchange and
      other applicable laws and requirements.

(c)       
The
expenses of the Plan shall be borne by the Company.

	 	
      (d)
	
      The
      Plan shall be unfunded. The Company shall not be required to establish any
      special or separate fund or reserve or to make any other segregation of
      assets to assure the issuance of Shares
hereunder.

	 	
      (e)
	
      The
      provisions of this Plan shall be governed by and construed in accordance
      with the internal laws of the state of Delaware, without regard to the
      conflicts of law provisions thereof.

	 	
      (f)
	
      Headings
      are given to the sections of this Plan solely as a convenience to
      facilitate reference. Such headings, numbering, and paragraphing shall not
      in any case be deemed in any way material or relevant to the construction
      of this Plan or any provisions thereof. The use of the singular shall also
      include within its meaning the plural, where appropriate, and vice
      versa.

                  
This Nonemployee Director Deferred Compensation Plan was
adopted by the Board of Directors of Isle of Capri Casinos, Inc. on January 11,
2005, to be effective as of the date first set forth above.

                                                                                   
ISLE
OF CAPRI CASINOS, INC.

By: /s/
Timothy M. Hinkley      

Its:
President and Chief Operating Officer      

9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}]]