Document:

Exhibit
10.76

AMENDMENT
TO 

THE HARRAH’S ENTERTAINMENT, INC.

EXECUTIVE DEFERRED COMPENSATION PLAN

WHEREAS, Harrah’s Entertainment, Inc., a Delaware
corporation (the “Company”) maintains the Harrah’s Entertainment, Inc.
Executive Deferred Compensation Plan (the “Plan”);

WHEREAS, the Plan was amended to cease all deferrals
of Compensation (as defined in the Plan) effective as of March 31, 2001;

WHEREAS, certain portions of certain Accounts (as
defined in the Plan) are subject to Section 409A of the Internal Revenue Code
of 1986, as amended (the “Code”);

WHEREAS, the Company now wishes to amend the Plan to
comply with the requirements of Sections 409A(a)(2), (3) and (4) of the Code
with respect to such portions of such Accounts;

WHEREAS, Section 9.1(b) of the Plan provides that the
EDCP Committee (as defined in the Plan) has the right to make administrative
amendments to the Plan, subject to limitations set forth in the Plan;

WHEREAS, the EDCP Committee has
approved the adoption of this Amendment to the Plan.

NOW, THEREFORE, BE IT RESOLVED, that the Plan is
hereby amended, effective as of January 1, 2005, as follows:

1.                                       Article
II of the Plan is hereby amended to add new Sections 2.5A and 2.9A to read as
follows:

2.5A       Code.  ‘Code’
means the Internal Revenue Code of 1986, as amended.

2.9A       Disabled.  A Participant shall be considered ‘Disabled’
if the Participant is disabled, within the meaning of Section 409A(a)(2)(C) of
the Code and the Treasury Regulations thereunder.

2.                                       Section
2.13(a)(2) of the Plan is hereby amended to read in its entirety as follows:

(2)           The interest rate applicable to a
Post-1995 Termination Account on each monthly Determination Date shall be the
greater of one-twelfth (1/12) of the rate approved by the Board prior to
January 1 of each Plan year (for Plan years prior to 2005) or one-twelfth
(1/12) of the Citibank Prime Rate at the beginning of each calendar quarter
during the Plan year.  The rate to be
approved by the Board shall be submitted by the Company management to the Board
for review and approval prior to January 1 of each Plan year.  For Plan years after 2004, the 

 

 

interest rate applicable to a Post-1995 Termination
Account on each monthly Determination Date shall be one-twelfth (1/12) of the
Citibank Prime Rate at the beginning of each calendar quarter during the Plan
year.

3.                                       Section
2.13(b)(2) of the Plan is hereby amended to read in its entirety as follows:

(2)           The effective annual yield applicable
to a Post-1995 Retirement Account shall be determined prior to January 1 of
each year (for years prior to 2005) and be effective for the calendar year
following the date it is determined; such rate shall be submitted to Company
management for review and approval by the Board prior to January 1 each year,
provided that the annual yield under this paragraph 2.13(b)(2) for each
calendar year for a Post-1995 Retirement Account shall not in any event be less
than 150% of the annual average of Moody’s for such year.  For years after 2004, the effective annual
yield applicable to a Post-1995 Retirement Account shall be 150% of the annual
average of Moody’s for such year.  If a
Participant or Beneficiary receives full payment prior to a calendar year end,
the foregoing minimum annual yield for such year (for years prior to 2005), or
the foregoing annual yield (or years after 2004), will be the Moody’s average
for the full months the funds were held by the Plan during the calendar year
(or during the prior year if the payment occurs before one full month has been
calculated in a calendar year).

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

2.17        Retirement.

(a)           Except
as provided in subsection (b), ‘Retirement’ for an employee Participant means
termination of Employment with the Employer on or after the earlier of the date
the Participant attains age fifty five (55) with ten (10) years of credited
service or on or after the date the Participant attains age sixty (60).  For purposes of this definition, years of
credited service will be credited in accordance with the provisions of the
Company’s Savings and Retirement Plan; provided, however, for a Participant who
is age 50 or older upon termination of employment (or termination of salary
continuation if salary continuation is given to such Participant) and who has
or receives an executive employment agreement with the Company or with one of
its subsidiaries, ‘Retirement’ shall also mean involuntary termination without
cause (as cause is defined in said employment agreement) on or after the date
such Participant’s combined age and years of credited service (which for this
purpose includes any period of salary continuation) equals 65 or more.

(b)           For
purposes of Section 5.2(b), ‘Retirement’ for an employee Participant means such
Participant’s Separation from Service on or after the earlier of the date the
Participant attains age fifty five (55) with ten (10) years of credited service
or on or after the date the Participant attains age sixty (60); provided,
however, for a Participant who is age 50 or older upon Separation from Service
and who has or receives an executive employment agreement with 

 2
 

 

 

the Company or with one of its subsidiaries, ‘Retirement’
shall also mean involuntary Separation from Service without cause (as cause is
defined in said employment agreement) on or after the date such Participant’s
combined age and years of credited service equals 65 or more.

(c)           For
purposes of the definition in this Section 2.17, years of credited service will
be credited in accordance with the provisions of the Company’s Savings and
Retirement Plan.  The Board reserves the
right to provide different retirement requirements for different
Participants.  Unless otherwise
determined by the Chief Executive Officer of the Company, a Participant who is
or was an employee of an acquired subsidiary of the Company will also receive
credit under this Plan for his or her prior years of credited service with the
acquired subsidiary which service was accrued immediately prior to the
acquisition of such subsidiary provided the Participant attains the status of
an employee of the Company or a Company subsidiary (directly or indirectly
owned by the Company) as a result of the acquisition and continues in such
employment until his or her participation in this Plan commences.  The determination of such credited service
will be made by the Company’s Corporate Compensation Department and the
Participant’s years of credited service under the acquired subsidiary’s
qualified pension or retirement plan may be used for this purpose.

5.                                       Article
II of the Plan is hereby amended to add new Sections 2.17A, 2.17B, 2.17C and
2.17D to read as follows:

2.17A     Section 409A Change in Control.  A ‘Section 409A Change in Control’ with
respect to a Participant means any Change or Control, as defined in Section
2.4, that constitutes a change in the ownership or effective control of the
corporation, or a change in the ownership of a substantial portion of the
assets of the corporation, within the meaning of Section 409A(a)(2)(A)(v) of
the Code and the Treasury Regulations thereunder.

2.17B     Section 409A Unforeseeable Emergency.  ‘Unforeseeable
Emergency’ of a Participant means a severe financial hardship to the
Non-Grandfathered Participant resulting from: 
(a) an illness or accident of the Non-Grandfathered Participant, the Non-Grandfathered
Participant’s spouse, or a dependent (as defined in Section 152(a) of the Code)
of the Non-Grandfathered Participant, (b) a loss of the Non-Grandfathered
Participant’s property due to casualty, or (c) other similar extraordinary or
unforeseeable circumstances arising as a result of events beyond the control of
the Non-Grandfathered Participant.  For
purposes of this Section, a Non-Grandfathered Participant’s ‘Unforeseeable
Emergency’ shall be determined in accordance with Section 409A(a)(2)(B)(ii)(I)
of the Code and the Treasury Regulations thereunder.

2.17C     Separation from Service. 
‘Separation from Service’ of a Participant means his
or her ‘separation from service,’ with respect to the Employer, within the
meaning of Section 409A(a)(2)(A)(i) of the Code and Treasury Regulations
thereunder.  The EDCP Committee shall
have full and final 

 3
 

 

 

authority to determine conclusively whether a
Participant has had a ‘Separation from Service,’ and the date of such ‘Separation
from Service.’

2.17D     Specified Employee.  ‘Specified Employee’ means, with respect to
the Employer, a ‘key employee,’ as defined in Section 416(i) of the Code
(determined without regard to paragraph (5) thereof) of the corporation, any
stock in which is publicly traded on an established securities market or
otherwise, within the meaning of Section 409A)(a)(2)(B)(i) of the Code and the
Treasury Regulations thereunder.

6.                                       Article
IV of the Plan is hereby amended to add new Section 4.7 to read as follows:

4.7          Application of Code Section 409A.  The requirements of Sections 409A(a)(2), (3)
and (4) of the Code shall be applied to the Account as follows:

(a)           Termination Accounts.  Each Participant’s Termination Account was
earned and vested in full as of December 31, 2004, and each such Termination
Account, as increased for interest credits thereto under the Plan, is not
subject to Section 409A of the Code.

(b)           Retirement Accounts; Subaccounts.

(1)           If a Participant’s Retirement, Total
and Permanent Disability or Death occurred on or before December 31, 2004, or
such Participant was eligible for Retirement as of December 31, 2004, such
Participant’s Retirement Account was earned and vested in full as of December
31, 2004, and such Participant’s Retirement Account, as increased by interest
credits thereto under the Plan, is not subject to Section 409A of the Code.

(2)           If a Participant is not described in
paragraph (1) (a ‘Non-Grandfathered Participant’), (A) the portion of such
Participant’s Retirement Account balance that is equal to the balance credited
to such Participant’s Termination Account, as determined from time to time (the
‘Grandfathered Subaccount Balance”),
was earned and vested as of December 31, 2004, and is not subject to Section
409A of the Code, and (B) the portion of such Participant’s Retirement Account
balance that is in excess of the balance of such Participant’s Termination
Account, as determined from time to time (the ‘Section
409A Subaccount Balance’) was not earned and vested as of
December 31, 2004, and is subject to Section 409A of the Code.

(3)           In the case of a Non-Grandfathered
Participant, the EDCP Committee shall maintain with respect to such
Non-Grandfathered Participant’s Pre-1996 and/or Post-1995 Retirement
Account:  (A) a ‘Grandfathered
Subaccount,’ to which shall be credited such Participant’s Grandfathered
Subaccount Balance, and 

 4
 

 

 

(B) a ‘Section 409A Subaccount’ to which shall be
credited such Participant’s Section 409A Subaccount Balance.

(c)           Compliance with Code Section 409A.  A Non-Grandfathered Participant’s Section
409A Subaccount shall be distributed in accordance with the requirements of
Sections 409A(a)(2), (3) and (4) of the Code and the Treasury Regulations
thereunder, notwithstanding any other provision of the Plan to the contrary.

7.                                       Section
5.1(c) of the Plan is hereby amended to add new paragraph (4) at the end
thereof:

(4)           Notwithstanding the foregoing, a
Non-Grandfathered Participant may not receive a lump sum distribution under
this subsection 5.1(c) from the Section 409A Subaccount of his or her
Retirement Account.

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

5.2          Retirement Benefit.

(a)           The Employer shall pay a Plan Benefit
equal to the amount of the Participant’s respective Pre-1996 and/or Post-1995
Retirement Account (less that portion of the Plan Benefit, if any, payable from
a Non-Grandfathered Participant’s Section 409A Subaccount therein) to each
Participant who terminates Employment:

(1)           by reason of Retirement,

(2)           by reason of Total and Permanent Disability,

(3)           within a twenty-four (24) month
period after a Change of Control,

(4)           while participating as a director
Participant and terminates from Employment on the Employer’s Board due to:

(A)          not being re-elected as a director,

(B)           Total and Permanent Disability, or

(C)           termination within a twenty-four (24)
month period after a Change of Control.

(5)           for Participants who are entitled to
the Retirement Account rate and who retired or terminated active service after
October 29, 1992 and on or before December 31, 1992, such rate will be
locked-in at 16.5% until such Participant’s account is fully distributed.

 5
 

 

 

(6)           for Participants who are entitled to
the Retirement Account rate who retired or terminated active service during
1993, such rate will be locked-in at 16% until such Participant’s account is
fully distributed.

(7)           for Participant’s who are entitled to
the Retirement Account rate and who retired or terminated active service during
1994 or 1995, such rate will be locked-in at the retirement rate approved for
that year (15.5%) until such Participant’s account is fully distributed.

(8)           for Participants whose active service
ceased before October 29, 1992, and at that time were already receiving the
Retirement Account rate, the rate each such Participant will receive in 1993,
1994 and 1995 will be the approved retirement rate for each such year, provided
that for years after 1995 the retirement rate will be locked-in at the rate
approved for 1995 (15.5%) until such Participant’s account is fully distributed.

(b)           The Employer shall pay a Plan Benefit
equal to the amount of a Non-Grandfathered Participant’s Section 409A
Subaccount of the Participant’s respective Pre-1996 and/or Post-1995 Retirement
Account to such Non-Grandfathered Participant upon:

(1)           such Non-Grandfathered Participant’s
Separation from Service by reason of Retirement,

(2)           the date such Non-Grandfathered
Participant becomes Disabled, if such Non-Grandfather Participant becomes
Disabled prior to having a Separation from Service,

(3)           such Non-Grandfathered Participant’s
Separation from Service within a twenty-four (24) month period after a Section
409A Change in Control, or

(4)           in the case of a Non-Grandfathered
Participant who is a director Participant, such Non-Grandfathered Participant’s
Separation from Service by reason of not being re-elected as a director.

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

5.5          Disability Benefits.

(a)           If
a Participant terminates Employment by reason of Total and Permanent Disability,
the amount payable under Section 5.2(a)(2) shall equal the Retirement Account
balance (less the balance, if any, of such Participant’s Section 409A
Subaccount therein).

(b)           If
a Non-Grandfathered Participant becomes Disabled prior to having a Separation
from Service, the amount payable under Section 5.2(b)(2) 

 6
 

 

 

shall equal the balance of such Non-Grandfathered
Participant’s Section 409A Subaccount in his or her Retirement Account.

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

5.6          Hardship Distributions.  Upon finding that the Participant has
suffered a Hardship, the EDCP Committee may, in its sole discretion, allow
distributions from the Participant’s Account prior to the time otherwise
specified for payment of benefits under the Plan.  The amount of such distribution shall be
limited to the amount reasonably necessary to meet the Participant’s
requirements during the Hardship.  The
amount of such distribution shall reduce the Termination Account balance and
Retirement Account balance. 
Notwithstanding the foregoing, a Non-Grandfathered Participant shall not
be allowed a distribution under this Section from the Section 409A Subaccount
in his or her Retirement Account.

11.                                 Article
V of the Plan is hereby amended to add new Section 5.6A to read in its entirety
as follows:

5.6A       Distributions upon Section 409A Unforeseeable Emergency.  Upon finding that a Non-Grandfathered
Participant has suffered a Section 409A Unforeseeable Emergency, the EDCP
Committee shall allow distributions from such Non-Grandfathered Participant’s
Section 409A Subaccount in his or her Retirement Account prior to the time
otherwise specified for payment of benefits under the Plan.  The amount of such distribution shall not
exceed the amounts necessary to satisfy such Section 409A Unforeseeable
Emergency, plus amounts necessary to pay taxes reasonably anticipated as a
result of the distribution, after taking into account the extent to which such
Section 409A Unforeseeable Emergency is or may be relieved through
reimbursement of compensation by insurance or otherwise or by liquidation of
the Non-Grandfathered Participant’s assets (to the extent the liquidation of
such assets would not itself cause severe financial hardship).  The distribution allowed to the
Non-Grandfathered Participant shall be determined in accordance with Section
409A(a)(2)(B)(ii)(II) of the Code and the Treasury Regulations thereunder.

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

5.7          Form of Benefit Payment.  The Plan Death Benefit payable under
paragraph 5.4(a)(ii) of this Plan shall be paid within 90 days of death in a
lump sum with no interest accruing from the date of death until the date of
payment.  The Plan Retirement Benefit,
Death Benefit payable under paragraph 5.4(a)(i) or 5.4(c), Disability Benefits,
and Termination Benefit shall be paid in one of the following forms as elected
by the Participant in the Participation Agreement:

(a)           Equal monthly installments of the
Account and Interest amortized over a period of time elected by the Participant
and approved by the Company.  Interest
shall be credited to the remaining portion of the 

 7
 

 

 

Account Balance in accordance with paragraph 4.5.  If the Participant is receiving a Retirement
Account, Interest shall be equal to an amount in accordance with paragraph
2.13(b).  If the Participant is receiving
the Termination Account, Interest shall be equal to an amount in accordance
with paragraph 2.13(a); and/or

(b)           A lump sum payment.

(c)           Any other form selected by the
Participant, which has written approval of the EDCP Committee.

(d)           If the Participant fails to elect the
form of benefit payment, the benefits shall be paid in accordance with 5.7(a)
over a period of fifteen (15) years. 
However, the EDCP Committee may, in its sole discretion, provide for an
alternate form of benefit payment to the Participant, if payment is made
pursuant to paragraph 5.2(c) or 5.2(d)(iii); provided, however, that, in the
case of a Non-Grandfathered Participant, the EDCP Committee shall not provide
for an alternate form of benefit payment of such Non-Grandfathered Participant’s
Section 409A Subaccount in his or her Retirement Account.

(e)           If a Plan Death Benefit is payable in
installments under paragraph 5.4(a)(i), the EDCP Committee may, in its sole
discretion, determine that payment of the Death Benefit shall be accelerated
and paid in a lump sum to the Beneficiary; provided, however, that, in the case
of a Non-Grandfathered Participant, the EDCP Committee shall not accelerate and
pay the Section 409A Subaccount in the Non-Grandfathered Participant’s
Retirement Account in a lump sum to the Beneficiary.

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

5.9          Commencement of Payments.

(a)           Except
as provided in subsection (b), payment shall commence at the discretion of the
Company, but not later than sixty (60) days after the end of the month in which
the Participant Retires, dies, becomes Totally and Permanently Disabled or
otherwise terminates Employment with the Employer and is entitled to payment
pursuant to his or her Participation Agreement. 
For purposes of this paragraph 5.9, termination of Employment shall
include when a Participant is no longer entitled to any payments of salary or
salary continuation.

(b)           Payment
of a Non-Grandfathered Participant’s Section 409A Subaccounts shall not
commence prior to the earliest of:  (i)
such Non-Grandfathered Participant’s Separation from Service, (ii) such
Non-Grandfathered Participant’s death, or (iii) the date such Participant
becomes Disabled; provided, however, that in the case of a Non-Grandfathered
Participant who is a Specified Employee, the payment of such Non-Grandfathered
Participant’s Section 409A 

 8
 

 

 

Subaccount shall not be made before the date which is
six months after the date of Non-Grandfathered Participant’s Separation from
Service (or, if earlier, the date of such Non-Grandfathered Participant’s
death) in accordance with Section 409A(a)(2)(B)(i) of the Code and the Treasury
Regulations thereunder.

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

ARTICLE VIII

CLAIMS REVIEW PROCEDURE

8.1          General

(a)           A Participant or Beneficiary who believes that he or she
has not received the benefits to which he or she is entitled may assert a claim
for benefits under the Plan in accordance with the claims procedure of this
Article VIII.  The claims procedure of
this Article VIII shall be applied in accordance with Section 503 of ERISA and
Department of Labor Regulation Section 2560.503-1.  A Participant or Beneficiary may assert a
benefit claim, or appeal the denial of a benefits claim, through such
Participant’s or Beneficiary’s authorized representative, provided that such
Participant or Beneficiary has submitted a written notice evidencing the
authority of such representative to the EDCP Committee.  A Participant or Beneficiary asserting a
benefits claim shall be referred to as a “Claimant” under this Article VIII.

(b)           A Claimant shall submit his or her benefits claim under
the Plan in writing to the EDCP Committee. 
The Claimant may include documents, records or other information
relating to the benefits claim for review by the EDCP Committee in connection
with such benefits claim.

8.2          Benefit Determination.

(a)           The
EDCP Committee shall review the Claimant’s benefits claim (including any
documents, records or other information submitted with such benefits claim) and
determine whether such benefits claim shall be approved or denied in accordance
with the Plan.

(b)           In the event that a Claimant’s benefits claim is wholly or
partially denied, the EDCP Committee shall provide to the Claimant with written
notice of the denial within a reasonable period of time, but not later than
ninety (90) days after the receipt of the benefits claim by the EDCP Committee,
unless the EDCP Committee determines that special circumstances require an
extension of time for making a determination with respect to the benefits
claim.  If the EDCP Committee determines
that an extension of time for making a determination with respect to the
benefits claim is required, the EDCP Committee shall provide the Claimant with
written notice of such extension prior to the end of the initial ninety (90)
day period.  The extension of time shall
not exceed a period of ninety (90) days from the end of such initial
period.  The extension 

 9
 

 

 

notice shall indicate the special circumstances
requiring the extension of time and the date by which the EDCP Committee
expects to render the benefit determination.

(c)           The
notice of denial of the Claimant’s benefits claim shall set forth:

(1)           the specific reason
or reasons for the denial;

(2)           references to
specific Plan provisions on which the denial is based;

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

(4)           a description of
the Plan’s appeal procedures and the time limits applicable to such procedures,
including a statement of the Claimant’s right to bring a civil action under
Section 502(a) of ERISA following a denial of the appeal of the denial of the
benefits claim.

(d)           The
Claimant may appeal any denial of the benefits claim in writing to the EDCP
Committee within sixty (60) days after receipt of the EDCP Committee’s notice
of denial of benefits claim.  The
Claimant’s failure to appeal the denial of the benefits claim by the EDCP
Committee in writing within the sixty (60) day period shall render the EDCP
Committee’s determination final, binding, and conclusive.

8.3          Appeals.

(a)           A Claimant may appeal the denial of a
benefits claim to the EDCP Committee. 
The EDCP Committee shall review the appeal of the denial of the benefits
claim and make a final determination as to whether the benefits claim should be
approved or denied in accordance with the Plan.

(b)           The
Claimant shall be afforded the opportunity to submit written comments,
documents, records, and other information relating to the benefits claim, and
the Claimant shall be provided, upon request and free of charge, reasonable
access to all documents, records, and other information relevant to the
Claimant’s benefits claim.  A document,
record or other information shall be considered “relevant” to the benefits
claim, as provided in Department of Labor Regulation Section
2560.503-1(m)(8).  The review on appeal
by the EDCP Committee shall take into account all comments, documents, records,
and other information submitted by the Claimant, without regard to whether such
information was submitted or considered in the EDCP Committee’s initial
determination with respect to the benefits claim.  The EDCP Committee shall advise the Claimant
in writing of the EDCP Committee’s determination of the appeal within sixty
(60) days of the claimant’s written request for review, 

 10
 

 

 

unless special circumstances (such as a hearing) would
make the rendering of a determination within the sixty (60) day period
infeasible, but in no event shall the EDCP Committee render a determination
regarding the denial of a claim for benefits later than one hundred twenty
(120) days after its receipt of a request for review.  If an extension of time for review is
required because of special circumstances, written notice of the extension
shall be furnished to the Claimant prior to the date the extension period
commences.

(c)           The
notice of denial of the Claimant’s appeal of the denial of the Claimant’s
benefit claim shall set forth:

(1)           the specific reason or reasons for the
denial of the appeal;

(2)           reference to the specific Plan
provisions on which the denial of the appeal is based;

(3)           a statement that the Claimant is
entitled to receive, upon request and free of charge, reasonable access to, and
copies of, all documents, records and other information relevant to the
Claimant’s benefits claim (and a document, record or other information shall be
considered “relevant” to the benefits claim, as provided in Department of Labor
Regulation Section 2560.503-1(m)(8)); and

(4)           a statement describing Claimant’s right
to bring an action under ERISA Section 502(a).

(d)           If,
upon appeal, the EDCP Committee shall grant the relief requested by the
Claimant, then, in addition, the EDCP Committee shall award to the Claimant
reasonable fees and expenses of counsel, or any other duly authorized
representative of Claimant, which shall be paid by the Company.  The determination as to whether such fees and
expenses are reasonable shall be made by the Company in its sole and absolute
discretion and such determination shall be binding and conclusive on all
parties.

8.4          Notice of Denials.  The EDCP Committee’s notice of denial of a
benefits claim shall identify the address to which the Claimant may forward his
appeal.

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

10.8        Governing Law.  The provisions of this Plan shall be
construed and interpreted in accordance with the Employee Retirement Income
Security Act of 1974, as amended and, to the extent applicable, the laws of the
State of Nevada.

 11
 

 

 

16.                                 Nothing
in this Amendment shall modify the Plan with respect to a Participant’s Account
(or any portion thereof) that was earned and vested as of December 31, 2004 and
is not subject to Section 409A of the Code.

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

IN
WITNESS WHEREOF, the EDCP Committee has adopted this Amendment to be executed
by its duly authorized member of this 1st day of July, 2006.

 

 

	
   

  	
  HARRAH’S ENTERTAINMENT, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  

 

 12Exhibit
10.91

EIGHTH AMENDMENT

TO THE

CAESARS ENTERTAINMENT

401(k) SAVINGS PLAN

WHEREAS, the Caesars
Entertainment 401(k) Savings Plan (the “Plan”) is maintained by Harrah’s
Operating Company, Inc.;

WHEREAS, Section 13.1(a)
of the Plan provides that the Vice President-Compensation, Benefits and HRSS of
Harrah’s Entertainment, Inc. or the Vice President of Benefits of Harrah’s
Entertainment, Inc. has the power to amend the Plan to bring it into conformity
with legal requirements or to improve the administration of the Plan, provided
that no such amendments may involve an increase in the cost for benefits under
the Plan;

WHEREAS, it is necessary
to amend the Plan to reflect changes resulting from the employment by Harrah’s
Imperial Palace Corp. of certain individuals in connection with the acquisition
of certain assets pursuant to the Agreement for Purchase and Sale, dated as of
August 22, 2005, by and among Imperial Palace, LLC and Harrah’s Operating
Company, Inc.;

WHEREAS, such amendment
is not expected to involve an increase in the cost for benefits under the Plan.

NOW, THEREFORE, the Plan
is hereby amended as follows, effective as of December 23, 2005:

1.                       By adding
the following as new Section 1.49A(i) of the Plan:

“(i)          (I)            Any
Imperial Palace Participant’s service with Imperial Palace, LLC or recognized
by the Imperial Palace Plan that occurred prior to December 23, 2005 (without
regard to any Breaks in Service) shall be treated as employment as an Employee
for purposes of calculating ‘Six Months of Eligibility Service’ under the Plan;
provided however that any such individual must be actually employed by an
Employer to become an Eligible Employee in the Plan.”

(II)           For any Imperial Palace Participant
who is employed by an Employer on December 23, 2005, his service with:

(I) Harrah’s
Entertainment, Inc. or any entity that is treated as a member of its controlled
group under Code Section 414(b), (c) and (m) that occurred prior to December
23, 2005  (without regard to any Breaks
in Service) and

(II) Caesars Entertainment,
Inc. or any entity that is treated as a member of its controlled group under
Code Section 414(b), (c) and (m) that occurred prior to June 13, 2005  (without regard to any Breaks in Service)

 1
 

 

 

shall be treated as
employment as an Employee for purposes of calculating ‘Six Months of
Eligibility Service’ under the Plan; provided however that any such individual
must be actually employed by an Employer to become an Eligible Employee in the
Plan.”

2.                       By adding
the following as new Section 1.50(j) of the Plan:

“(j)          (I)            Any
Imperial Palace Participant’s service with Imperial Palace, LLC or recognized
by the Imperial Palace Plan that occurred prior to December 23, 2005  (without regard to any Breaks in Service)
shall be treated as employment as an Employee for purposes of calculating a ‘Year
of Service’.

(II)           For any Imperial Palace Participant
who is employed by an Employer on December 23, 2005, his service with:

(I) Harrah’s
Entertainment, Inc. or any entity that is treated as a member of its controlled
group under Code Section 414(b), (c) and (m) that occurred prior to December
23, 2005  (without regard to any Breaks
in Service) and

(II) Caesars
Entertainment, Inc. or any entity that is treated as a member of its controlled
group under Code Section 414(b), (c) and (m) that occurred prior to June 13,
2005  (without regard to any Breaks in
Service)

shall be treated as
employment as an Employee for purposes of calculating a ‘Year of Service’.”

3.                       By adding
the following as new Section 1.54 of the Plan:

“1.54       ‘Imperial Palace Acquisition’ means the
acquisition of certain assets pursuant to the Agreement for Purchase and Sale,
dated as of August 22, 2005, by and among Imperial Palace, LLC and Harrah’s
Operating Company, Inc.”

4.                       By adding
the following as new Section 1.55 of the Plan:

“1.55        ‘Imperial Palace Participant’ means any
Participant who is an Eligible Employee of Harrah’s Imperial Palace Corp. on or
after December 23, 2005.”

5.                       By
substituting the following for Section 3.2(a) and (b) of the Plan:

“(a)         For each payroll period, the Employer
may make a Matching Contribution to the Plan on behalf of each Participant who
makes Salary Deferral Contributions and/or After Tax Contributions during such
payroll period.

(i)            (A) This rate of Matching
Contribution applies exclusively to Imperial Palace Participants.  If an Imperial Palace Participant who makes
Salary Deferral Contributions is employed on the last day of a calendar quarter
in a Plan Year (March 31st,
June 30th, September
30th and December 31st), then he shall be allocated a Matching
Contribution.  The amount of the Matching
Contributions to be made for such calendar quarter on behalf of Imperial Palace
Participant shall equal 50% of the first four percent 

 2
 

 

 

of such Imperial Palace
Participant’s Compensation contributed as Salary Deferral Contributions for
each of the payroll periods ending within such calendar quarter.

(B) This rate of Matching
Contributions applies exclusively to Participants who are not Imperial Palace
Participants.  For each Participant who
is not an Imperial Palace Participant, the amount of such Matching
Contributions to be made on his behalf for a payroll period shall be equal to
50% of the first six percent of his Compensation contributed as Salary Deferral
Contributions and/or After Tax Contributions in that payroll period.

(ii)           If no Salary Deferral Contributions
or After Tax Contributions are made on behalf of a Participant (including any
Imperial Palace Participants) for a payroll period, then no Matching
Contribution shall be made for such Participant for that payroll period.

(iii)          Any Matching Contributions made
hereunder shall be credited to the Participant’s Matching Contribution Account.

(b)           The provisions of this subsection (b)
apply only to Participants who are not Imperial Palace Participants.  Notwithstanding the provisions of Section
3.2(a), if (i) as of the first day of a Plan Year a Participant who is not an
Imperial Palace Participant has completed at least five (5) Years of Service
and (ii) he is employed by the Employer or any Affiliate on the last day of the
Plan Year, he shall receive an additional Matching Contribution made on his
behalf during such Plan Year pursuant to Section 3.2(a).  For purposes of determining whether a
Participant who is not an Imperial Palace Participant is entitled to receive an
additional Matching Contribution pursuant to this Section 3.2(b), the
calculation of his Years of Service shall begin on the first day of the first
Plan Year coincident with or immediately following his Employment Commencement
Date.”

6.                       By
substituting the following for the first sentence of Section 3.3(a) of the
Plan:

“Each Participant who is
not an Imperial Palace Participant may elect to contribute After Tax
Contributions to the Plan.”

7.                       By adding
the following to the end of Section 3.4(a) of the Plan:

“Notwithstanding the
above and subject to the rules established by the Administrative Committee, a
Rollover Contribution may include a promissory note with respect to a loan
under the Imperial Palace Plan if the Imperial Palace Participant also directly
rolls over his Imperial Plan distribution to the Plan.”

8.                       By adding
the following as new Section 9.10 of the Plan:

“9.10       Imperial Palace Plan Loans.                Any current outstanding loan
under the Imperial Palace Plan that is directly rolled over to the Plan will
continue to be held on the same terms as those contained in the original loan
agreement between the Imperial Palace Participant and the Imperial Palace Plan,
except that the Plan will be substituted as the obligee of the loan.”

 3
 

 

 

9.               By adding “Harrah’s
Imperial Palace Corp.” to Appendix A.

IN WITNESS WHEREOF, the
undersigned officer of Harrah’s Entertainment, Inc. hereby adopts this Eighth
Amendment to the Plan on December 23, 2005.

	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Nizar Jabara

  
	
   

  	
   

  
	
   

  	
  Vice
  President-Compensation, Benefits and HRSS

  

 

 4

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