Document:

Exhibit
4.4

THIRD AMENDMENT TO THE

HORSESHOE GAMING HOLDING CORP. 401(k) PLAN

WHEREAS, Horseshoe
Gaming Holding Corp. (the “Employer”) heretofore adopted the Horseshoe Gaming
Holding Corp. 401(k) Plan (the “Plan”); and

WHEREAS, the Employer
reserved the right to amend the Plan; and

WHEREAS, the Employer
desires to amend the Plan;

NOW,
THEREFORE, the Plan is hereby amended as follows:

1.                                       The first
paragraph of Section 1.7 is hereby amended, effective as of January 1, 2002, to
read as follows:

“COMPENSATION” shall mean the
regular compensation paid to a Participant by the Employer for the Plan Year,
including annual bonus amounts, paid time off and “lockbox” tips, but exclusive
of any extraordinary compensation, awards, or benefits, any severance benefits,
any program of deferred compensation or additional benefits payable other than
in cash and any compensation received prior to his becoming a Participant in
the Plan.

2.                                       Section 4.1(a)
of the Plan shall be amended, effective as of January 1, 2002, by replacing the
second paragraph thereof in its entirety with the following paragraph:

Each Participant who is a Nonhighly-Compensated
Employee may elect to defer from 2% to 50% of such Participant’s Compensation.  Each Participant who is a Highly-Compensated
Employee may elect to defer 2% to 20% of such Participant’s Compensation.  Notwithstanding the foregoing, each
Participant who is at a Vice President level or above may elect to defer the
lesser of 2% to 5% of such Participant’s Compensation or $10,000.  Any Participant who previously elected to
defer 1% may continue to defer at that rate.

3.                                       Section 7.1 of
the Plan is hereby amended, effective as of April 1, 2002, by adding the
following to the conclusion of said Section:

“Notwithstanding the foregoing, the installment
option under (b) above shall not apply to any distribution requested on or
after April 1, 2002.”

4.                                       Section 7.2 of
the Plan is hereby amended by adding the following paragraph at the conclusion
of said Section:

With respect to distributions under the Plan made on
or after November 1, 2001 for calendar years beginning on or after January 1,
2001, the Plan will apply the minimum distribution requirements of Section
401(a)(9) of the Internal Revenue Code in accordance with the regulations under
Section 401(a)(9) that were proposed on January 17, 2001 (the 2001
Proposed Regulations), notwithstanding any provision of the Plan to the
contrary.  If the total amount of
required minimum distributions made to a

 

 

Participant for 2001 prior to November 1, 2001 are
equal to or greater than the amount of required minimum distributions
determined under the 2001 Proposed Regulations, then no additional
distributions are required for such Participant for 2001 on or after such date.  If the total amount of required minimum
distributions made to a Participant for 2001 prior to November 1, 2001 are less
than the amount determined under the 2001 Proposed Regulations, then the amount
of required minimum distributions for 2001 on or after such date will be
determined so that the total amount of required minimum distributions for 2001
is the amount determined under the 2001 Proposed Regulations.  This amendment shall continue in effect until
the last calendar year beginning before the effective date of the final
regulations under Section 401(a)(9) or such other date as may be published by
the Internal Revenue Code.

5.                                       Section 7.2 of
the Plan is hereby further amended, effective as of April 1, 2002, by adding
the following paragraph at the conclusion of said Section:

“In the event distribution is required to be made
while the Participant is employed by the Employer pursuant to the preceding
paragraph, the Participant may elect to receive the minimum amount required by
applicable law.”

6.                                       Except as
hereinabove amended, the provisions of the Plan shall continue in full force
and effect.

IN WITNESS WHEREOF, the Employer, by its duly authorized officer, has
caused this Third Amendment to be executed on the 19th day of December 2001.

 

	
   

  	
  HORSESHOE
  GAMING HOLDING
  CORP.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ 
  Demetrius Karos

  
	
   

  	
  Title : 
  VP of Taxation

  

 

2Exhibit
4.5

 

FOURTH
AMENDMENT TO THE

HORSESHOE
GAMING HOLDING CORP. 401(k) PLAN

 

WHEREAS, the Horseshoe Gaming Holding Corp.,
a Delaware corporation (the “Company”), has established and maintains the Horseshoe
Gaming Holding Corp. 401(k) Plan (the “Plan”) for the benefit of its eligible
employees and the eligible employees of certain participating companies; and

 

WHEREAS, it is desirable to amend the Plan in
order to reflect certain changes resulting from the acquisition of the Company
by Harrah’s Entertainment, Inc. on July 1, 2004, including the opportunity
to invest in the common stock of Harrah’s Entertainment, Inc., and to make
certain other changes; and

 

WHEREAS, the Company reserved the right to
amend the Plan in Section 12.1 of the Plan.

 

NOW, THEREFORE, BE IT RESOLVED that, the Horseshoe
Gaming Holding Corp. 401(k) Plan is hereby amended, as set forth in this Fourth
Amendment, effective as of January 1, 2005, except as otherwise provided
herein:

 

1.                                       By substituting
the following for Section 1.6 of the Plan:

 

“1.6.                        “COMPANY”
shall mean Horseshoe Gaming Holding Corp. or any successor thereto.”

 

2.                                       By adding the following
as new Section 1.13A to the Plan:

 

“1.13A.        “ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended.”

 

3.                                       By
adding the following as new Section 1.13B to the Plan:

 

“1.13B.          “HARRAH’S
STOCK” shall mean shares of common stock of Harrah’s Entertainment, Inc., par
value $0.10 per share.”

 

4.                                       By
adding the following as new Section 1.15A to the Plan:

 

“1.15A.        “HRC”
shall mean the Human Resources Committee of the board of directors of Harrah’s
Entertainment, Inc.”

 

5.                                       By
adding the following as new Section 1.15B to the Plan:

 

“1.15B.   “INVESTMENT COMMITTEE” shall mean the committee appointed by the board
of directors of Harrah’s Entertainment, Inc. or the HRC to exercise the
responsibilities set forth in Section 5.3.”

 

 

6.                                       Effective
July 1, 2004, by adding the following to the end of Section 2.1 of
the Plan:

 

“Effective July 1,
2004, the Company was acquired by Harrah’s Entertainment, Inc.  Accordingly, notwithstanding anything in the
Plan to the contrary, effective July 1, 2004, each Employee shall receive
service credit for eligibility and vesting purposes for employment with Harrah’s
Entertainment, Inc. and its related group members (as defined in Section 2.5(b))
occurring on or after July 1, 2004.”

 

7.                                       By
replacing the second paragraph of Section 4.1(a) of the Plan with the
following:

 

“Each
Participant who is a Nonhighly-Compensated Employee may elect to defer from 2%
to 50% of such Participant’s Compensation. 
Each Participant who is a Highly-Compensated Employee may elect to defer
a percentage of his Compensation within the ranges established by the
Administrator.  Any Participant who
previously elected to defer 1% of his Compensation may continue to defer at
that rate.”

 

8.                                       By
adding the following after the first sentence of Section 5.1(a) of the
Plan:

 

“The available
investment funds, including the option to invest in Harrah’s Stock, are
authorized by the Investment Committee. 
The investment fund for Harrah’s Stock shall consist of Harrah’s Stock
and cash and cash equivalents for liquidity purposes.”

 

9.                                       By
adding the following to the end of Section 5.1(b) of the Plan:

 

“The Plan is
an “eligible individual account plan”, as defined in ERISA Section 407(d)(3),
and provides for the acquisition and holding of “qualifying employer securities”
as defined in ERISA Section 407(d)(5).”

 

10                                    By
adding the following as new Sections 5.3, 5.4, 5.5, 5.6 and 5.7 of the Plan:

 

“5.3                           Investment
Committee 

 

(a)                                  The
Investment Committee

 

(i)                                     has the
responsibility and authority to evaluate, select and remove the investment funds;

 

(ii)                                  has the authority to
appoint and remove an investment manager (within the meaning of

Section 3(38) of ERISA);

 

(iii)                               is entitled to vote
proxies or exercise any shareholder rights relating to shares held on behalf of
the Plan in a registered investment company;

 

2

 

(iv)                              has the authority to
retain and dismiss investment advisors and other consultants;

 

(v)                                 may exercise its
authority with respect to other powers granted under the Plan or the Trust
Agreement;

 

(vi)                              may delegate its
authority and responsibilities as permitted by law; and

 

(vii)                           may otherwise deal with the
Trustee with respect to the Trust Fund.

 

(b)                                 Members
of the Investment Committee will serve without compensation.  However, reasonable expenses of the
Investment Committee may be paid by the Plan to the extent they are not paid by
the Company.

 

5.4                                 Participants
Have Right to Vote and Tender Harrah’s Stock.  Each Participant or Beneficiary shall be
entitled to instruct the Trustee as to the voting or tendering of any full or
partial shares of Harrah’s Stock held on his behalf under the Plan in the
Harrah’s Stock Fund.  Prior to such
voting or tendering of Harrah’s Stock, each Participant or Beneficiary shall
receive a copy of the proxy solicitation or other material relating to such
vote or tender decision and a blank form for the Participant or Beneficiary to
complete which confidentially instructs the Trustee to vote or tender such
shares in the manner indicated by the Participants or Beneficiaries. Upon
receipt of such instructions, the Trustee shall act with respect to such shares
as instructed.  With respect to the vote
or tender of any shares for which instructions are not received from
Participants or Beneficiaries, the Investment Committee shall instruct the
Trustee to vote or tender such shares of Harrah’s Stock.

 

5.5                                 Registration
and Disclosure for Harrah’s Stock. 
The Investment Committee shall be responsible for determining the
applicability of (and, if applicable, complying with) the requirements of the
Securities Act of 1933, as amended, and any other applicable blue sky law. The
Investment Committee shall also specify what restrictive legend or transfer
restriction, if any, is required to be set forth on the certificates for the
securities and the procedure to be followed by the Trustee to effectuate a
resale of such securities.

 

5.6                                 Harrah’s
Stock Fund

 

(a)                                  The
Investment Committee shall establish the Harrah’s Stock Fund as an investment fund
under the Plan.  The Harrah’s Stock Fund
shall be invested primarily in shares of Harrah’s Stock (except that, as
directed by the Investment Committee, the Harrah’s Stock Fund may be invested
in cash and cash equivalents, and rights, warrants and options issued with
respect to Harrah’s Stock (to the extent permitted by the Code and
ERISA)).  Dividends paid on shares of
Harrah’s Stock held in the Harrah’s Stock Fund, if any, shall be reinvested and
used to purchase additional shares of Harrah’s Stock.

 

(b)                                 The
assets of the Harrah’s Stock Fund shall be valued in accordance with the
applicable provisions in the Trust Agreement and Section 5.7 of the Plan.  The Administrator

 

3

 

shall
determine the manner in which the interests of the Accounts of Participants and
Beneficiaries in the Harrah’s Stock Fund shall be denominated.

 

5.7                                 Harrah’s
Stock Valuation.  Notwithstanding the
foregoing provisions, in all cases the valuation provisions of this Plan and
the Trust Agreement, including the selection of a valuation date for any
purpose under this Plan, shall be interpreted and applied in a manner
consistent with the applicable requirements under Code Sections 409 and
4975(e)(7), the regulations issued thereunder, and any related or successor
statutes or regulations, that must be satisfied in order to qualify for the
prohibited transaction exemption under Code Section 4975(d)(3).  In this connection, all valuations of Harrah’s
Stock contributed to or acquired by the Plan which at the time of such
valuation is not readily tradable on an established securities market within
the meaning of Code

Section 401(a)(28) shall be made by an independent appraiser (within the
meaning of Code Section 170(a)(1)), whose name shall be reported to the
Internal Revenue Service.”

 

11.                                 By
adding the following to the end of Section 7.1 of the Plan:

 

“The
Participant may elect to receive a distribution of his Accounts only in the
form of cash.  No shares of Harrah’s
Stock will be distributed.”

 

12.                                 By
adding the following as new Section 8.5 of the Plan:

 

“8.5                           Payment
Form and Medium.  The form of payment
for loans and in-service withdrawals under the Plan shall be solely in cash.”

 

13.                                 By
substituting the following for the first sentence of Section 9.1 of the
Plan:

 

“The Company
shall be the Plan Administrator, hereinbefore and hereinafter called the
Administrator, and “named fiduciary” (for purposes of Section 402(a)(1) of
the Employee Retirement Income Security Act of 1974, as amended from time to
time) of the Plan, unless the Company, by action of one of its officers, shall
designate a person or committee of persons to be the Administrator and named
fiduciary.”

 

14.                                 Effective
January 1, 2003, by substituting following as new Section 9.2 of the
Plan:

 

“9.2                           Claims
Procedures.

 

(a)                                  This
Section shall be effective for all claims filed under the Plan.  The Administrator shall be responsible for
making all determinations as to the rights of any Participant or any
beneficiary to receive amounts under the Plan.

 

(b)                                 If
a claim for benefits under the Plan, other than a Disability Claim (as defined
below), is wholly or partially denied, notice of the decision shall be
furnished to the claimant within a reasonable period of time, not to exceed 90
days after receipt of the claim by the Administrator, unless special
circumstances require an extension of time for processing the claim.  If such an extension of time is required,
written notice of the extension shall be furnished

 

4

 

to the
claimant prior to the termination of the initial 90-day period.  In no event shall such extension exceed a
period of 90 days from the end of such initial period.  The extension notice shall indicate the
special circumstances requiring an extension of time and the date on which the
Administrator expects to render a decision.

 

(c)                                  A
“Disability Claim” shall mean any claim for Plan benefits that is based upon a
determination that the Participant has a Disability. If a Disability Claim is
wholly or partially denied, notice of the decision shall be furnished to the
claimant within a reasonable period of time, not to exceed 45 days after
receipt of the claim by the Administrator, unless special circumstances due to
matters beyond the control of the Administrator require an extension of time
for processing the claim.  If such an
extension of time is required, written notice of the extension shall be
furnished to the claimant prior to the termination of the initial 45-day
period.  In such event the Administrator
shall have up to an additional 30 days from the end of such initial 45-day
period in which to render a decision.  If
prior to the end of this initial 30-day extension period, the Administrator
determines that, due to matters beyond its control a decision cannot be
rendered within the extension period, the Administrator may extend such period
for an additional 30-days, provided, that the Administrator notifies the
claimant prior to the expiration of the first 30-day extension period of the
circumstances requiring further extension. All notices extending the time
period in which to render a decision regarding a Disability Claim under this
subsection (c) shall indicate the special circumstances requiring an
extension of time, the date on which the Administrator expects to render a
decision and will explain the standards under the Plan on which entitlement to
a benefit is based, the unresolved issues that prevent a decision on the claim
and the additional information needed to resolve those issues.  The claimant shall then have at least 45 days
within which to provide any such missing information.

 

(d)                                 The
Administrator shall provide every claimant who is denied a claim for benefits,
with a written notice setting forth, in a manner calculated to be understood by
the claimant, the following:

 

(i)                                     a
specific reason or reasons for the denial;

 

(ii)                                  a
specific reference to pertinent Plan provisions upon which the denial is based;

 

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

 

(iv)                              an
explanation of the Plan’s claims review procedure 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 an adverse
decision upon review.

 

(e)                                  The
purpose of the review procedure set forth in this Section is to provide a
procedure by which a claimant, under the Plan, may have reasonable opportunity
to appeal a

 

5

 

denial of a
claim to the Administrator for a full and fair review.  To accomplish that purpose, the claimant, or
his duly authorized representative may:

 

(i)                                     request
review upon written application to the Administrator;

 

(ii)                                  review
and/or copy free of charge, pertinent Plan documents, records, and other
information relevant to the claimant’s claim;

 

(iii)                               submit
issues and comments in writing; and

 

(iv)                              submit
documents, records and other information relating to the claim.

 

(f)                                    A
claimant (or his duly authorized representative) shall request a review by
filing a written application for review with the Administrator.  Requests for review of claims under the Plan,
other than Disability Claims, must be made within 60 days after receipt by the
claimant of written notice of the denial of his claim.  Requests for review of a Disability Claim
must be made within 180 days after receipt by the claimant of written notice of
the denial of the claim.

 

(g)                                 Decision
on review of a denied claim shall be made in the following manner:

 

(i)                                     The
decision on review shall be made by the Administrator, who may, in its
discretion, hold a hearing on the denied claim. 
The review shall take into account all comments, documents, records and
other information submitted by the claimant relating to the claim, without
regard to whether such information was submitted or considered in the initial
benefit determination.

 

(ii)                                  The
Administrator reviewing the claim denial shall hold regularly scheduled
meetings at least quarterly;

 

(iii)                               The
Administrator shall make its decision promptly, and not later than the date of
the meeting of the Administrator immediately following the receipt of the
request for review, unless the request for review is received within 30 days of
such meeting, in which case the decision shall be made no later than the second
meeting following receipt of the request for review.  If special circumstances require further
extension of time for processing, a decision shall be rendered as soon as
possible, but not later than the date of the third meeting of the Administrator
after receipt of the request for review. 
If such an extension of time for review is required, written notice of
the extension shall be furnished to the claimant prior to the commencement of
the extension.  Such notice of extension
shall indicate the special circumstances requiring the extension of time and
the date by which the Administrator expects to render the determination on
review.

 

6

 

(iv)                              All
decisions on review shall be in writing and shall be delivered to the claimant
as soon as possible, but not later than 5 days after the claim determination is
made.  Such notice shall include specific
reasons for the decision, written in a manner calculated to be understood by
the claimant, with the specific reason or reasons for the denial of the claim,
specific references to the pertinent Plan provisions on which the decision is
based and 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 claim for benefits, as well as a
statement of the claimant’s right to bring an action under Section 502(a)
of ERISA.  If a Disability Claim was
denied in reliance upon an internal rule, guideline, protocol or other similar
criteria , an description of such internal rule, guideline, protocol or other
similar criteria or a statement that a copy of such rule, guideline, protocol
or other criterion will be provided free of charge upon request. If a
Disability Claim was denied based on a medical necessity or experimental
treatment or similar exclusion or limit, the claimant will be provided either
an explanation of the scientific or clinical judgment for the determination,
applying the terms of the Plan to the claimant’s medical circumstances or a
statement that such explanation will be provided free of charge upon request.

 

(v)                                 In
the case of the review of the denial of a Disability Claim under the Plan, the
review will not afford deference to the initial denial of the claim and will be
conducted by an individual or committee of individuals who did not make the
initial determination to deny the claim which is subject to the appeal, or any
subordinates of such individual or individuals. 
Additionally, in considering the appeal that is based in whole or in
part on a medical judgment, the Administrator shall (A) consult with a health
care professional who has appropriate training and experience in the field of
medicine involved in the medical judgment and who was not previously consulted
in connection with the denial of the initial claim, and (B) identify medical or
vocational experts whose advice was obtained on behalf of the Plan in
connection with the denial of the claim, without regard to whether the advice
was relied upon in the determining to deny the claim.

 

(vi)                              In
the event that the decision on review is not furnished within the time period
set forth in

Section 9.2(g)(iii), the claim shall be deemed denied on review.”

 

7

 

15.                                 By
adding the following after the second sentence of Section 12.2 of the
Plan:

 

“In addition,
the person or committee designated as Administrator by the Company pursuant to Section 9.1
shall be authorized to amend, alter or modify the Plan at any time, or from
time to time, in whole or in part.”

 

IN WITNESS
WHEREOF, the Company, by its duly authorized officer, has caused this Fourth Amendment
to be executed this 31st day of December, 2004.

 

 

	
   

  	
  HORSESHOE GAMING HOLDING CORP.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jeffrey Shovlin

  
	
   

  	
   

  
	
   

  	
  Its:

  	
  Plan Administrator

  

 

8

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