Document:

Exhibiti 4(o)

Exhibit
4 (o)

 

March
1, 2005

 

Securities
and Exchange Commission

450
Fifth Street, N.W.

Washington,
D.C. 20549

 

	
      Subject:
       

       
	
      General
      Electric Capital Corporation Annual Report on Form 10-K for the fiscal
      year ended December 31, 2004 - File No.
1-6461

 

Dear
Sirs:

 

Neither
General Electric Capital Corporation (the “Corporation”) nor any of its
subsidiaries has outstanding any instrument with respect to its long-term debt
that is not registered or filed with the Commission and under which the total
amount of securities authorized exceeds 10% of the total assets of the
registrant and its subsidiaries on a consolidated basis. In accordance with
paragraph (b) (4) (iii) of Item 601 of Regulation S-K
(17 CFR §229.601), the Corporation hereby agrees to furnish to the
Securities and Exchange Commission, upon request, a copy of each instrument
which defines the rights of holders of such long-term debt.

 

 

 

	
      Very
      truly yours,

       

      GENERAL
      ELECTRIC CAPITAL CORPORATION

       

       

       

	
      By:
      
	
      /s/
      James A. Parke
	 
	 	
      James
      A. Parke

      Vice
      Chairman and Chief Financial OfficerExhibit 10.31 Deferred Compensation Plan

EXHIBIT
10.31

 

ISLE
OF CAPRI CASINOS, INC.

2005
DEFERRED COMPENSATION PLAN

ISLE
OF CAPRI CASINOS, INC.

2005
DEFERRED COMPENSATION PLAN

Index

	 	
      PAGE

	
      ARTICLE
      I - PURPOSE
	
      1

	 	 
	
      ARTICLE
      II - DEFINITIONS
	
      1

	 	 
	
      ARTICLE
      III - ELIGIBILITY AND PARTICIPATION                
	
      3

	 	 
	
      ARTICLE
      IV - DEFERRALS
	
      3

	
      Deferral
      of Base Compensation
	
      3

	
      Deferral
      of Bonus
	
      4

	
      Short
      Term Deferrals
	
      4

	
      Excess
      Deferrals
	
      4

	
      Form
      of Deferral Election; Effectiveness
	
      5

	
      Authority
      of the Committee
	
      5

	 	 
	
      ARTICLE
      V - COMPANY CONTRIBUTIONS
	
      5

	
      Company
      Contributions
	
      5

	
      Vesting
	
      5

	 	 
	
      ARTICLE
      VI - MAINTENANCE AND INVESTMENT OF DEFERRED BENEFIT
	 
	
      ACCOUNTS
	
      5

	
      Establishment
      of Accounts
	
      5

	
      Status
      of Accounts
	
      6

	
      Investment
      Policy
	
      6

	
      Predecessor
      Account
	
      6

	
      Accounting
	
      7

	
       Investment
      in Company Stock Units
	
      7

	
      Valuation
      Notice
	
      8

	 	 
	
      ARTICLE
      VII - RETIREMENT BENEFITS
	
      8

	
       Payment
      Procedures
	
      8

	
      Alternative
      Forms of Distribution
	
      8

	
       Alternative
      Benefit Commencement Date
	
      8

	
      Amount
      of Retirement Benefit
	
      8

	
       Schedule
      A
	
      9

	
      Manner
      of Payment
	
      9

	
      Small
      Payment
	
      9

	
      Construction
	
      10

	 	 
	
      ARTICLE
      VIII - DEATH BENEFITS
	
      10

	
      Beneficiary
      Designation
	
      10

i

	
      Member’s
      Death Before Benefit Commencement Date
	
      10

	
      Member’s
      Death After Benefit Commencement Date
	
      10

	
      Death
      of Beneficiary
	
      10

	
       Small
      Payment
	
      11

	
      Manner
      of Payment
	
      11

	 	 
	
      ARTICLE
      IX - SHORT TERM DEFERRALS; HARDSHIP WITHDRAWALS; 
	 
	
      OTHER
      DISTRIBUTIONS
	
      11

	
      Short
      Term Deferrals
	
      11

	
      Hardship
      Withdrawals
	
      11

	
      Benefits
      Payable on Termination for Cause
	
      11

	
      Disability
	
      12

	 	 
	
      ARTICLE
      X - PLAN ADMINISTRATION
	
      12

	
      Powers
	
      12

	
      Payments
	
      13

	
      Delegation
      of Administrative Authority
	
      13

	
      Claims
	
      13

	 	 
	
      ARTICLE
      XI - PARTICIPANTS’ RIGHTS
	
      14

	
      Spendthrift
      Provision
	
      14

	
      No
      Continued Employment
	
      14

	
      Offset
	
      14

	
      Obligation
      for Benefit Payments
	
      14

	
      Taxes
	
      15

	
      Company’s
      Protection
	
      15

	 	 
	
      ARTICLE
      XII - MISCELLANEOUS
	
      15

	
      Termination
      of Plan
	
      15

	
      Funding
	
      15

	
      Inurement
	
      16

	
      No
      Effect on Other Benefits
	
      16

	
      Amendment
      and Modification
	
      16

	
      Governing
      Law
	
      16

	
      Predecessor
      Accounts
	
      16

	 	 
	
      Exhibit
      A - Participating Affiliates
	
      18

 

                                                                                                                                                                 ii

ISLE
OF CAPRI CASINOS, INC.

2005
DEFERRED COMPENSATION PLAN

Isle of
Capri Casinos, Inc., a corporation organized and existing under the laws of the
State of Delaware (the “Company”),
hereby amends and restates, in its entirety, the plan of deferred compensation
adopted by Casino America, Inc., its predecessor, which plan was first effective
as of June 1, 1995 (the “Predecessor
Plan”), such
amendment and restatement to be effective with respect to deferrals made on or
after January 1, 2005 (the “Effective
Date”).

ARTICLE
I

PURPOSE

The Plan
is intended to be an unfunded deferred compensation arrangement for the benefit
of key management officers and employees of the Company and its Affiliates (as
defined below), within the meaning of the Employee Retirement Income Security
Act of 1974, as amended (“ERISA”). As
such, this Plan is not intended to constitute an employee benefit plan under
ERISA, which is subject to the provisions of Parts 2, 3 and 4 of Title I of
ERISA. In accordance with such intent, any obligation of the Company or its
Affiliates to pay benefits hereunder shall be deemed to be an unsecured promise,
and any right of a Member (as defined below) or Beneficiary (as defined below)
to enforce such obligation shall be solely as a general creditor of the Company.
The Plan is not intended to constitute a qualified employee benefit plan within
the meaning of Section 401(a) of the Internal Revenue Code of 1986, as amended
(the “Code”).

ARTICLE
II

DEFINITIONS

2.1 Affiliate means
any corporation or other form of entity of which the Company owns, directly or
indirectly, 80% or more of the total combined voting power of all classes of
stock or other equity interests, provided that such entity is designated by the
Committee as a participating entity hereunder. The initial Affiliates designated
as participating entities hereunder are set forth on Exhibit A
hereto.

2.2 Base
Compensation means
the base salary paid by the Company or an Affiliate to a Member for services
rendered during a calendar year, but determined before reduction for
compensation deferred pursuant to this Plan or any other plan of deferred
compensation maintained by the Company or an Affiliate, including any such plan
maintained in accordance with Code Section 401(k) or 125. For this purpose,
Base
Compensation shall
not include the amount of any long-term disability benefit or any form of
retirement or deferred compensation payment distributed from a plan or
arrangement sponsored by the Company or an Affiliate or any form of severance
benefit paid by the Company or an Affiliate. 

2.3 Beneficiary means
the person, persons, entity or entities designated by a Member in accordance
with Section 8.1 hereof to receive death benefits hereunder. 

2.4 Benefit
Commencement Date means
the date on which the payment of a Member’s Retirement Benefit is paid or first
commences. Initial
Benefit Commencement Date shall
mean be the first business day of the calendar month that coincides with or
immediately follows the sixth month after a Member’s employment with the Company
and its Affiliates ceases, for any reason. Such date may be modified by a Member
on Schedule A hereto in accordance with the provisions of Section 7.5
hereof.

2.5 
Board or Board of Directors means the Board of Directors
of the Company. 

2.6 Bonus means an
amount payable to a Member as an annual cash bonus under a separate plan, policy
or program maintained by the Company or an Affiliate, provided such plan, policy
or program is designated by the Committee as a source for deferrals hereunder.
Incentive
Bonus means a
Bonus that (a) is designated as such by the Committee, and (b) is properly
characterized as performance based compensation payable with respect to services
rendered over a performance period of not less than 12 months within the meaning
of Code Section 409A.

2.7 Committee means
the Compensation Committee of the Board, which shall act as the administrator of
this Plan. 

2.8 Company
Contributions means
the amount credited to a Member’s Deferred Benefit Account, if any, in
accordance with Section 5.1 hereof.

2.9 Company
Stock means the
Company’s $0.01 par value common stock. Company
Stock Units means
bookkeeping units, each representing a share of Company Stock.

2.10 Deferred
Benefit Account or
Account means
one or more accounts maintained on the books of the Company with respect to each
Member hereunder, which is credited with amounts deferred on or after the
Effective Date within the meaning of Code Section 409A.

2.11 Determination
Date means
the Annual Determination Date and such other dates as may be designated, from
time to time, by the Committee. Annual
Determination Date means
the last day of the Plan Year. The designation of such Determination Dates need
not be uniform as to all Deferred Benefit Accounts maintained
hereunder.

2.12 Disabled or
Disability means
that a Member by reason of a medically determinable physical or mental
impairment that can be expected to result in death or last for a continuous
period of not less than 12 months (a) has been receiving income replacement
benefits for a period of not less than three months under a separate long-term
disability plan or policy maintained by the Company or an Affiliate, or (b) is
unable to engage in any substantial gainful employment.

2.13 Financial
Hardship means
the occurrence of a severe financial hardship; such hardship shall be
attributable to a sudden and unexpected illness or accident of the Member or his
or her spouse or dependents, the loss of property due to casualty or similar
extraordinary and unforeseeable circumstances beyond the control of a
Member.

2

2.14 Fiscal
Year means
the fiscal year of the Company.

2.15 Member
means an
executive officer, manager or other key employee of the Company or an Affiliate,
each of whom is designated in accordance with Article III hereof.

2.16 Plan means
this Deferred Compensation Plan, as may be amended, restated or replaced from
time to time.

2.17 Plan
Year means
the 12-month period beginning each January 1st and ending each December
31st.

2.18 Predecessor
Account means the
Deferred Benefit Account that is funded by a Member’s interest determined under
the Predecessor Plan in accordance with the provisions of Section 6.4
hereof.

2.19 Retirement
Benefit means a
benefit payable as of a Member’s Benefit Commencement Date in accordance with
Article VII hereof, which shall not include any amount credited to his or her
Predecessor Account or the amount of any Short Term Deferral.

 

2.20 Schedule
A means
one or more written schedules which provide for (a) the deferral of a Member’s
Base Compensation or Bonus, (b) the designation of a Benefit Commencement Date,
and/or (c) an election as to a form of benefit payment. The terms of any such
Schedule A are incorporated in this Plan by this reference.

2.21 Short
Term Deferral means
the deferral of a Member’s Base Compensation or Bonus for a designated period of
not less than 36 months, measured from the last day of the Plan Year with
respect to which such Base Compensation or Bonus is payable.

2.22 Other
Definitions. The
following terms shall have the meanings ascribed below: “Savings
Plan” is
defined in Section 4.4, hereof; “Fair
Market Value” is
defined in Section 6.5 hereof; and “Cause” is
defined in Section 9.3 hereof.

ARTICLE
III

ELIGIBILITY
AND PARTICIPATION

Members
hereunder shall be executive officers, managers and other key employees of the
Company or an Affiliate, who may be designated individually or by groups or
categories, in the discretion of the Committee. The Committee shall notify each
executive officer, manager or other key employee of his or her eligibility to
participate in this Plan. Participation shall commence upon the execution of a
Schedule A or similar agreement as provided herein.

ARTICLE
IV

DEFERRALS

4.1 Deferral
of Base Compensation. A Member
shall elect to defer his or her Base Compensation in accordance with the
following:

 

 

 

3

 

 

	
      
	
      a.
	
      During
      the 30-day period immediately following receipt of initial notice from the
      Committee in accordance with Article III hereof, such election shall be
      effective with respect to Base Compensation payable for services performed
      after such election is received and accepted by the Committee;
      and

	
      
	
      b.
	
      Commencing
      as of January 1, 2005, at least 30 days prior to the first day of each
      Plan Year (or such shorter period permitted by the Committee); such
      election shall be effective with respect to Base Compensation payable for
      services rendered during such Plan Year.

4.2 Deferral
of Bonus. As to any
Bonus payable with respect to services rendered during a Fiscal Year, a Member
shall be entitled to elect to defer such Bonus pursuant to a separate
election:

	
      
	
      a.
	
      During
      the 30-day period immediately following receipt of initial notice from the
      Committee in accordance with Article III hereof, subject to any limitation
      imposed by the Committee or under applicable law; and

	
      
	
      b.
	
      At
      least 30 days prior to the first day of each Fiscal Year (or such shorter
      period permitted by the Committee). 

As to a
Bonus payable with respect to services rendered during a Plan Year, such Bonus
shall be deferred pursuant to a separate election made at the time or times
prescribed under Section 4.1 hereof. As to an Incentive Bonus, such Incentive
Bonus shall be deferred pursuant to a separate election made not later than six
months prior to the expiration of the performance period with respect to which
such Bonus is calculated.

4.3 Short
Term Deferrals. If
permitted by the Committee, a Member may designate all or a portion of any Base
Compensation or Bonus deferred hereunder as a Short Term Deferral at the time or
times prescribed under Section 4.1 or 4.2 hereof, as the case may be, and
subject to the following additional rules:

	
      
	
      a.
	
      A
      Member’s designation of Base Compensation or Bonus defined hereunder as a
      Short Term Deferral shall be irrevocable;
and

	
      
	
      b.
	
      A
      Member shall designate the deferral period with respect to such amount on
      Schedule A hereto, which period shall not be less than 36 months, measured
      from the last day of the Plan Year with respect to the initial year in
      which Base Compensation or Bonus is otherwise payable; the designation of
      such deferral period shall be irrevocable.

4.4 Excess
Deferrals. If
permitted by the Committee and subject to any limitations imposed under
applicable law, a Member may elect to defer to this Plan any voluntary deferral
to the Company’s Retirement Trust and Savings Plan (the “Savings
Plan”) in
excess of the amount permitted under Code Section 401(k), including earnings
thereon, which amount would 

 

4

 

otherwise
be subject to distribution from the Savings Plan. Any such election shall apply
to amounts contributed to the Savings Plan during the Plan Year immediately
following the year in which such election is received and accepted by the
Committee. Any such election shall be made at the time prescribed in Section 4.1
hereof and shall be irrevocable.

4.5 Form
of Deferral Election; Effectiveness. An
election to defer Base Compensation or Bonus hereunder or an election made in
accordance with Section 4.4 hereof shall be made, in writing on forms provided
by the Committee and shall be effective upon its receipt and acceptance by the
Committee. An election hereunder shall be irrevocable during the Plan Year,
Fiscal Year or other period with respect to which the election relates. An
election to defer Base Compensation hereunder shall remain in effect until it is
revoked or modified in accordance with the provisions of Section 4.1 hereof; an
election to defer a Bonus shall be made annually in accordance with the
provisions of Section 4.2 hereof.

4.6 Authority
of the Committee. The
Committee, in its discretion, may limit the amount of Base Compensation or Bonus
subject to deferral hereunder, may prescribe a minimum deferral amount, may
designate additional forms of remuneration for deferral under the Plan or adopt
such additional procedures as the Committee deems necessary or appropriate. The
Committee shall notify all affected Members, in writing, of any such limitations
or additional forms of Base Compensation eligible for deferral. Any such
procedures, conditions, limitations or designations shall be effective as of the
January 1st or the first day of the Fiscal Year, as the case may be, which
coincides with or immediately follows the date on which notice is provided to
each Member hereunder or at such other time as the Committee may
designate.

ARTICLE
V

COMPANY
CONTRIBUTIONS

5.1 Company
Contributions. The
Committee, in its sole discretion, may credit an additional amount to the
Deferred Benefit Account of any Member hereunder. Any such contribution need not
be uniform with respect to all Members, but may be made with respect to any
Member or group of Members in such amounts and at such times as may be
designated by the Committee. 

5.2 Vesting. The
Committee, in its discretion, may establish a vesting schedule with respect to
any Company Contribution hereunder (including earnings, gains or losses
allocable to such amount). The Committee shall provide written notice of any
such schedule to each affected Member; any such schedule need not be uniform
with respect to all affected Members or each Company Contribution
hereunder.

 

ARTICLE
VI

MAINTENANCE
AND INVESTMENT OF DEFERRED BENEFIT ACCOUNTS

6.1 Establishment
of Accounts. The
Company shall establish and maintain one or more Deferred Benefit Accounts,
which shall be credited with a Member’s Base Compensation or Bonus deferred and
Company Contributions made hereunder. A Deferred Benefit Account may be
administered as one or more subaccounts to facilitate (a) the maintenance of any
vesting schedule imposed hereunder, (b) the administration of Short Term
Deferrals or a Predecessor 

 

5

 

Account,
(c) a particular method of crediting income, gain or losses, (d) deemed
investment in Company Stock Units, or (e) for such other purpose as the
Committee may deem necessary or appropriate.

6.2 Status
of Accounts. An
Account established hereunder shall be a bookkeeping entry only. The
establishment and maintenance of any such account shall not be deemed to create
a trust or other form of fiduciary relationship between the Company (or an
Affiliate) and any Member or Beneficiary or otherwise create, for the benefit of
any Member or Beneficiary, an ownership interest in or expectation of any
specific asset of the Company (or of any Affiliate).

6.3 Investment
Policy. The
Committee shall establish an investment policy with respect to amounts credited
to Accounts maintained hereunder. Such policy may provide for the aggregation
and investment of all Accounts, for the investment of such accounts in
accordance with the specifications of each Member or for a combination thereof.
Such determination shall be made in the sole discretion of the Committee and
need not be uniform as to all Accounts maintained hereunder.

If the
Committee determines that the Accounts shall be aggregated for investment
purposes, the Committee, in its discretion, shall direct the manner in which
gain or loss is determined hereunder. The exercise of such discretion may
include, but shall not be limited to, the appointment of an investment advisor
or trustee to direct the investment and reinvestment of amounts credited to the
Accounts.

If the
Committee permits Members to provide investment specifications with respect to
Accounts maintained hereunder, such specifications shall be deemed to be
advisory only and shall not bind the Company, an Affiliate or the Committee to
acquire any specific property or to invest the assets of any trust established
in connection with this Plan in accordance therewith. Such specifications shall
relate to investment in the types of property, including open or closed end
mutual funds, common or collective funds or other pooled or collective accounts,
as may be designated, from time to time, by the Committee. The Committee shall
adopt rules governing investment specifications hereunder, including, without
limitation (a) the increments in which such specifications shall be
expressed, (b) the time or times at which changes can be made, (c)
distinctions between the investment of prospective contributions and existing
balances, and (d) such other procedures as the Committee may determine are
necessary or appropriate. Such rules need not be uniform as to all Members and
may be expressed in the form of written procedures or informally, as
administrative practices.

If a
Member ceases to be an employee of the Company or an Affiliate for any reason,
the Committee, in its sole discretion, may direct that gain or loss credited to
such Member’s Accounts be determined with respect to one or more investments
designated by the Committee or may permit such Member or Beneficiary to continue
to specify the investments in which his or her Accounts are deemed to be
invested. Such determination shall be made in the sole discretion of the
Committee and need not be uniform as to all Members.

6.4 Predecessor
Account. As of
the Effective Date, a Deferred Benefit Account shall be established hereunder
for each Predecessor Member. The initial balance of such 

 

 

6

 

Account
shall be the balance credited to such Member under the Predecessor Plan as of
the Effective Date. No additional deferral of Base Compensation or Bonus or of
an amount described in Section 4.4 hereof shall be credited to such account with
respect to periods commencing after December 31, 2004. 

6.5 Accounting. Except
as provided in Section 6.6 hereof, as of each Determination Date, a Member’s
Accounts shall be adjusted as follows:

	
      
	
      a.
	
      There
      shall be credited to each Deferred Benefit Account maintained hereunder
      the amount of any Base Compensation or Bonus deferred since the prior
      Determination Date. 

	
      
	
      b.
	
      Any
      Company Contributions since the immediately preceding Determination Date
      shall be credited to each affected Member’s Deferred Benefit
      Account.

	
      
	
      c.
	
      Interest,
      gain or loss shall be credited (or charged) to the Member’s Accounts for
      the period since the immediately preceding Determination Date.
      

	
      
	
      d.
	
      The
      Member’s Accounts shall be reduced by any payment or other form of
      distribution made since the immediately preceding Determination
      Date.

6.6 Investment
in Company Stock Units.
Notwithstanding any provision of this Plan to the contrary, if a Member
specifies that all or a portion of his or her Deferred Benefit Account is to be
invested in Company Stock Units, the following rules shall apply:

	 	
      a.
	
      Company
      Stock Units shall be credited with dividend equivalent units, representing
      cash dividends paid on Company Stock, as and when such dividends are
      declared and paid with respect to such stock; any such dividend equivalent
      units shall be reinvested in Company Stock
Units.

	 	
      b.
	
      The
      number of Company Stock Units credited hereunder shall be credited with
      additional units in the event of a stock split, stock dividend or similar
      form of recapitalization with respect to Company
Stock.

	 	
      c.
	
      The
      number of Company Stock Units deemed acquired hereunder shall be
      determined by dividing the aggregate amount available for investment or
      reinvestment hereunder by the Fair Market Value of a share of Company
      Stock. For this purpose, the term “Fair
      Market Value”
      means the opening sales price of a share of Company Stock as reported on
      The NASDAQ Stock Market or such other exchange on which Company Stock is
      then traded or such other reasonable valuation method as the Committee may
      direct. If Company Stock is not traded on any such date, Fair Market Value
      shall be determined as of the business day on which Company Stock was
      traded that immediately precedes the date on which such value is
      determined. 

 

 

7

 

	 	
      d.
	
      The
      Committee shall be permitted to further restrict the time at which Company
      Stock Units are acquired or disposed of hereunder to the extent necessary
      to comply with the Company’s trading policies, as the same may be amended
      from time to time, or to otherwise comply with applicable Federal or state
      securities laws.

A Member
shall have no rights as a shareholder of the Company with respect to Company
Stock Units that may be allocated to his or her Accounts hereunder.

6.7 Valuation
Notice. At least
as frequently as each Annual Determination Date, the Committee (or its designee)
shall furnish each Member with a valuation notice which includes the amounts
credited to the Member’s Accounts and the earnings, gains or losses allocated to
such Accounts since the immediately preceding Determination Date.

ARTICLE
VII

RETIREMENT
BENEFITS

7.1 Payment
Procedures. Unless a
Member completes a Schedule A in accordance with the provisions of Section 7.5
hereof and such election becomes effective, his or her Retirement Benefit shall
be distributed in the form of a single-sum payment as of his or her Initial
Benefit Commencement Date. 

7.2 Alternative
Forms of Distribution. A Member
shall be entitled to elect one of the following methods of distribution on
Schedule A hereto with respect to his or her Retirement Benefit, which election
shall be subject to the provisions of Section 7.5 hereof:

	
      
	
      a.
	
      Substantially
      equal annual installment payments for a period designated by such Member,
      but not in excess of ten consecutive years;
or

	
      
	
      b.
	
      A
      single-sum payment.

7.3 Alternative
Benefit Commencement Date. A Member
shall be entitled to designate a Benefit Commencement Date on Schedule A,
subject to the provisions of Section 7.5 hereof. Any such designation shall
apply to the aggregate value of his or her Retirement Benefit. 

7.4 Amount
of Retirement Benefit. The
amount of a Member’s Retirement Benefit hereunder shall equal the vested amount
credited to such Member’s Accounts, determined in accordance with the following
rules: 

	
      
	
      a.
	
      If
      such benefit is paid in the form of a single-sum, such benefit shall equal
      the aggregate amount credited to such Member’s Accounts as of the
      Determination Date that corresponds to or immediately follows such
      Member’s Benefit Commencement Date. 

	
      
	
      b.
	
      If
      such benefit is paid in the form of installments, the amount of each
      annual installment shall equal the value of the Member’s Accounts as of
      the Annual 

 

 

8

 

Determination
Date that coincides with or immediately precedes the payment date multiplied by
a fraction (i) the numerator of which is one, and (ii) the denominator of which
is the number of annual installments then remaining to be paid pursuant to the
Member’s election. During the installment period, the Member’s Accounts shall be
credited with income, gain or loss in accordance with the provisions of Article
VI hereof. To facilitate installment distributions hereunder, each Member’s
deemed investments other than Company Stock Units shall be liquidated on a pro
rata basis, unless the Committee provides otherwise. 

 

	
      
	
      c.
	
      If
      a Member has elected to defer his or her Bonus with respect to the year in
      which his or her Benefit Commencement Date occurs, the principal amount of
      such Bonus shall be (i) paid in the form of a single-sum as of the
      Determination Date that coincides with or immediately follows the date on
      which the Bonus is credited to the Member’s Deferred Benefit Account
      hereunder, or (ii) added to such Member’s Deferred Benefit Account and
      administered in accordance with subparagraph b
hereof.

7.5 Schedule
A. A Member
shall be entitled to modify the time and/or manner of payment prescribed under
Section 7.1 hereof, from time to time: 

	 	
      a.
	
      Any
      such election shall be effective no earlier than 12 months following the
      date on which it is received and accepted by the Committee;
    

	 	
      b.
	
      With
      respect to distributions to be made at a specified time or pursuant to a
      fixed schedule, other than Short Term Deferrals which are not subject to
      the provisions of this Section 7.5, any such election shall be received
      and accepted not less than 12 months prior to the date on which
      distributions are otherwise scheduled to
commence;

	 	
      c.
	
      Except
      as to distribution on account of death, Disability or Financial Hardship,
      any such election shall designate a Benefit Commencement Date that is not
      less than five years after the Benefit Commencement Date then in effect;
      and

	 	
      d.
	
      Any
      such election as to the manner of payment shall not result in the
      acceleration of payments hereunder.

7.6 Manner
of Payment. If at
the time of distribution, all or a portion of a Member’s Accounts is deemed
invested in Company Stock Units, any distribution with respect to such amount
shall be made in the form of Company Stock, with cash distributed in lieu of a
fractional share.

7.7 Small
Payment. If the
value of a Retirement Benefit payable hereunder is $10,000 or less, then
notwithstanding any provision of this Plan to the contrary, the Committee shall
distribute such amount to the Member’s Beneficiary or Beneficiaries in the form
of a single-sum payment as of such Member’s Initial Benefit Commencement Date,
and no additional benefit shall be payable under this Plan with respect to such
Member.

9

 

              
7.8 Construction. Subject
to the approval of the Committee and notwithstanding any provision of this Plan
to the contrary, if a subaccount is established in accordance with Section 6.1
hereof, a Participant may enter into a separate Schedule A with respect to the
portion of his or her Retirement Benefit credited to such Account.

ARTICLE
VIII

DEATH BENEFITS

8.1 Beneficiary
Designation. A Member
shall be entitled to designate one or more Beneficiaries on forms provided by
the Committee. Any such designation may be modified by delivery of a new
designation to the Committee. Any designation or modification shall be effective
upon its receipt and acceptance by the Committee. If a Member fails to designate
a Beneficiary or if a Member’s designation cannot be administered, any death
benefit payable hereunder shall be paid:

	 	
      a.
	
      First
      to the Member’s spouse, if he or she survives the
  Member;

	 	
      b.
	
      Second,
      to the Member’s children, in equal shares, if the Member is not survived
      by a spouse; or

	 	
      c.
	
      Third,
      to the Member’s estate, if the Member is not survived by a spouse or
      children.

8.2 Member’s
Death Before Benefit Commencement Date. If a
Member dies before his or her Benefit Commencement Date, the Member’s
Beneficiary shall be paid a death benefit in the form of five substantially
equal annual installment payments, commencing as soon as practicable after the
date of the Member’s death. The amount of each annual installment shall equal
the value of the deceased Member’s Accounts as of the Determination Date
immediately preceding payment, multiplied by a fraction (a) the numerator of
which is one, and (b) the denominator of which is the number of annual
installments remaining to be paid. During the installment period, the deceased
Member’s Accounts shall be credited with income, gain or loss in accordance with
the provisions of Article VI hereof. To facilitate payment hereunder,
investments shall be deemed liquidated on a pro rata basis, unless the Committee
provides otherwise.

8.3 Member’s
Death After Benefit Commencement Date. If a
Member dies after his or her Benefit Commencement Date, the Company shall pay to
the Member’s Beneficiary the remaining benefit, if any, that would otherwise be
payable to the deceased Member, determined in accordance with the method of
distribution in effect as of the Member’s date of death.

8.4 Death
of Beneficiary. In the
event of the death of a Beneficiary, the remaining benefit to which such
Beneficiary was entitled at the time of such Beneficiary’s death, if any, shall
be payable to the beneficiary or beneficiaries designated in writing, by such
Beneficiary on a form submitted by such Beneficiary to the Committee (or such
benefits shall be payable to the Beneficiary’s estate if the Beneficiary fails
to designate a beneficiary or beneficiaries). 

10

8.5 Small
Payment. If the
value of a death benefit payable hereunder is $10,000 or less, then
notwithstanding any provision of this Plan to the contrary, the Committee shall
distribute such amount to the Member’s Beneficiary or Beneficiaries in the form
of a single-sum payment, and no additional benefit shall be payable under this
Plan with respect to such Member.

8.6 Manner
of Payment. If at
the time of distribution, all or a portion of a Beneficiary’s Accounts is deemed
invested in Company Stock Units, the distribution of such amount shall be made
in the form of Company Stock, with cash distributed in lieu of a fractional
share.

ARTICLE
IX

SHORT
TERM DEFERRALS; HARDSHIP WITHDRAWALS; OTHER DISTRIBUTIONS

9.1 Short
Term Deferrals. Notwithstanding
any provision of this Plan to the contrary, the amount of a Member’s Short Term
Deferral (as adjusted for income, gain or loss) shall be distributed in the form
of a single-sum payment as of the Benefit Commencement Date designated by such
Member on his or her Schedule A.

9.2 Hardship
Withdrawals. If a
Member experiences a Financial Hardship, such Member shall be permitted to
withdraw of all or a portion of his or her Accounts in the form of an immediate
single-sum payment, subject to the limitations set forth below:

	
      
	
      a.
	
      A
      request for withdrawal shall be made, in writing, and shall set forth the
      circumstances surrounding the Financial Hardship. As a condition of and
      part of such request, the Member shall provide to the Committee his or her
      written representation that (i) the hardship cannot be relieved by
      insurance or other reimbursement reasonably available to the Member, (ii)
      the hardship can only be relieved by liquidation of the Member’s assets
      and any such liquidation would itself result in severe damage or injury to
      the Member, and (iii) the Member has no reasonable borrowing capacity to
      relieve the hardship. The Committee shall be entitled to request such
      additional information as may be reasonably required to determine whether
      a Financial Hardship exists and the amount of the hardship and to
      establish additional conditions precedent to the review or granting of a
      request for a withdrawal on account of a Financial
    Hardship.

	
      
	
      b.
	
      If
      the Committee determines that a Financial Hardship exists, the Committee
      shall authorize the immediate distribution of an amount required to meet
      the financial need created by such hardship, including any taxes payable
      on account of such withdrawal.

9.3 Benefits
Payable on Termination for Cause.
Notwithstanding any other provision of this Plan to the contrary, if a Member’s
employment with the Company or any Affiliate is terminated for Cause, the
Member’s participation in this Plan shall be terminated and the Member shall not
be entitled to any form of benefit hereunder; provided, however, that the

 

11

Member
(or the Member’s Beneficiary) shall be paid the principal amount of such
Member’s Base Compensation, Bonus, or Fees deferred hereunder on or after the
Effective Date, including earnings, gains or losses on such amounts (but not
Company Contributions or the earnings or losses thereon), as of his or her
Initial Benefit Commencement Date.

For
purposes of this Section 9.3 and unless otherwise defined in a separate
employment or similar agreement between the Company (or an Affiliate) and a
Member, the term “Cause” means
that a Member has:

	
      
	
      a.
	
      Committed
      an intentional act of fraud, embezzlement or theft in the course of his or
      her employment or otherwise engaged in any intentional misconduct which is
      materially injurious to the Company’s (or an Affiliate’s) financial
      condition or business reputation;

	
      
	
      b.
	
      Committed
      intentional damage to the property of the Company (or an Affiliate) or
      committed intentional wrongful disclosure of confidential information
      which is materially injurious to the Company’s (or an Affiliate’s)
      financial condition or business reputation;
or

	
      
	
      c.
	
      Intentionally
      refused to perform the material duties of his or her position.
      

No act or
failure to act on the part of the Member will be deemed “intentional” if it was
due primarily to an error in judgment or negligence, but will be deemed
“intentional” only if done or omitted to be done by a Member not in good faith
and without reasonable belief that his or her action or omission was in the best
interest of the Company (or an Affiliate). The Committee (or its designee) shall
determine whether Cause has occurred hereunder.

9.4 Disability. If a
Member becomes Disabled, his or her Accounts shall be distributed in the form of
five substantially equal annual installment payments, commencing not later than
60 days after a determination of Disability by the Committee. Subsequent
payments shall be made in accordance with the provisions of Section 7.4 hereof.
If such Member ceases to be Disabled, payments hereunder shall cease and the
provisions of Article VII hereof shall again apply to the balance of his or her
Accounts.

ARTICLE
X

PLAN
ADMINISTRATION

10.1 Powers. This
Plan and all matters related thereto shall be administered by the Committee. The
Committee shall have the power and authority to interpret the provisions of this
Plan and shall determine all questions arising under the Plan including, without
limitation, all questions concerning administration, eligibility, the
determination of benefits hereunder, and the interpretation of any form or other
document related to this Plan. In addition, the Committee shall have the
authority to prescribe, amend and rescind rules and administrative procedures
relating to the operation of this Plan, to instruct any trustee as to the
investment of any asset held for the purposes described in Section 12.2, hereof,
and to correct any defect, supply any omission or reconcile any inconsistency in
this Plan.

 

12

Any
determination by the Committee need not be uniform as to all or any Member
hereunder. Any such determination shall be conclusive and binding on all
persons. The Committee shall engage the services of such independent actuaries,
accountants, attorneys and other administrative personnel as it deems necessary
to administer the Plan.

10.2 Payments. The
Committee shall have the power and authority to finally determine the time and
amount of any distribution or withdrawal hereunder, subject to the provisions of
this Plan and each Member’s Schedule A. The Committee shall direct the trustee
of any trust established pursuant to Section 12.2, hereof, in writing, as to any
such distribution or withdrawal. 

10.3 Delegation
of Administrative Authority. The
Committee, in its sole discretion, may delegate to the appropriate officers of
the Company or its Affiliates all or any portion of the power and authority
granted to it hereunder, subject to any limitations imposed under applicable
Federal or state securities laws. When acting in accordance with such
delegation, whether made orally or in writing, such officers shall be deemed to
possess the power and authority granted to the Committee hereunder. Without the
requirement of further action, the Committee shall be deemed to have
delegated:

	 	
      a.
	
      Provided
      that the Committee has determined that each Member shall direct the
      investment and reinvestment of amounts allocated to his or her Accounts,
      to the investment committee appointed to monitor and designate the
      investment options available from time to time under the Isle of Capri
      Casinos, Inc. Retirement Trust and Savings Plan, the authority to add,
      replace or eliminate investment options available hereunder and to adopt
      such procedural rules as may be reasonably necessary to administer such
      investment directions; 

	 	
      b.
	
      To
      the Company’s Vice President Human Resources/Risk Management and such
      other officers as he may from time to time designate, the authority to
      administer deferral and investment elections and distributions and other
      payments hereunder and to take such other ministerial actions as may be
      necessary or appropriate to administer the Plan; and

	 	
      c.
	
      To
      the Company’s Vice President Human Resources/Risk Management, the
      authority to make such ministerial amendments to this Plan or any deferral
      or investment election or other ancillary form or document related to this
      Plan to the extent reasonably necessary to facilitate its administration
      or to ensure that the Plan is deemed an unfunded plan of deferred
      compensation within the meaning of the Code of ERISA, including, without
      limitation, Code Section 409A. 

10.4 Claims. If a
Member (or Beneficiary) believes a benefit or distribution is due under the
Plan, he or she may request the distribution of such benefit, in writing, on
forms acceptable to the Committee. At such time, the Member (or Beneficiary)
will be given the information and materials necessary to complete any request
for the distribution of a benefit.

13

If the
request for distribution is disputed or denied by the Committee, the following
action shall be taken:

	 	
      a.
	
      First,
      the Member (or the Beneficiary) shall be notified, in writing, of the
      dispute or denial as soon as possible (but no later than 90 days) after
      receipt of the request for a distribution. The notice shall set forth the
      specific reasons for the denial, including any relevant provisions of the
      Plan, and shall explain the review procedure of the
  Plan.

	 	
      b.
	
      Second,
      the Member (or the Beneficiary) shall be entitled to full review of his or
      her request for a distribution. A Member (or Beneficiary) desiring a
      review of the dispute or denial must request such a review, in writing,
      not later than 60 days after the notification of the dispute or denial is
      received. During the review, the Member (or the Beneficiary) may be
      represented and shall have the right to inspect all documents pertaining
      to the dispute or denial.

The
Committee shall render its decision within 60 days after receipt of the request
for the review. In the event special circumstances require an extension of time,
the Committee shall notify the Member (or Beneficiary), in writing, and the
decision shall be rendered no later than 120 days after the receipt of the
request. The decision of the Committee shall be in writing. The decision shall
include specific reasons for the action taken and specific references to the
Plan provisions on which the decision is based.

ARTICLE
XI

PARTICIPANTS’
RIGHTS

11.1 Spendthrift
Provision. Neither
a Member nor any other person shall have any right to commute, sell, assign,
transfer, pledge, anticipate, mortgage or otherwise encumber any amount payable
hereunder. No amount payable under this Plan shall, prior to actual payment, be
subject to seizure or sequestration for the payment of any debt, judgment,
alimony or separate maintenance owed by a Member or any other person. No amount
payable under this Plan shall be transferable by operation of law in the event
of a Member’s or other person’s bankruptcy or insolvency.

11.2 No
Continued Employment. No
Member shall have any right to continue in the employ of the Company or an
Affiliate for any period of time or any right to continue his or her present or
any other rate of compensation on account of participation in this
Plan.

11.3 Offset. If, at
the time of any distribution hereunder, a Member or his or her Beneficiary is
indebted to the Company or any Affiliate, then any distribution to be made to
the Member, his or her Beneficiary or both, may, at the discretion of the
Committee, be reduced by the amount of such indebtedness.

11.4 Obligation
for Benefit Payments.
Notwithstanding any provision of this Plan to the contrary, the payment of
benefits under this Plan shall remain the obligation of the Company or the
Affiliate who is the employer of a Member hereunder. In the event the Company or
such 

 

14

Affiliate
designates a third-party as the payor of the benefits and the assets of such
third-party are insufficient to meet the payment obligations of the Company or
Affiliate, such deficiency shall be paid by the Affiliate or the Company, as the
case may be.

11.5 Taxes. The
Company or an Affiliate or any third-party payor shall withhold from the payment
benefits hereunder any amount required to be withheld under applicable federal
or state tax laws.

11.6 Company’s
Protection. By
execution of a Schedule A, each Member shall be deemed to have agreed to
cooperate with the Company and its Affiliates by furnishing any and all
information reasonably requested by the Committee in order to facilitate the
payment of benefits hereunder, including, without limitation, the taking of such
physical examinations as the Company or the Committee may deem necessary and
taking such other action as may reasonably be requested by the Company or the
Committee. If a Member refuses to cooperate, is uninsurable or is insurable at
other than standard rates, the Committee, in its sole discretion, may determine
that the Member is ineligible to participate hereunder. Upon any such
determination, the Member shall be entitled to the return of the principal
amount of his or her deferrals.

If
insurance on the life of any Member is obtained and such Member commits suicide
during the two-year period beginning on the date of his or her participation in
this Plan or if a Member hereunder makes any material misstatement of
information or nondisclosure of medical history, the Committee, in its sole
discretion, may terminate the participation of any such Member hereunder. Upon
any such termination, the Member shall be entitled to the return of the
principal amount of his or her deferrals hereunder.

ARTICLE
XII

MISCELLANEOUS

12.1 Termination
of Plan. The
Board of Directors shall have the right, at any time, to terminate this Plan.
The Board shall provide written notice of such termination to each Member
hereunder. As of the effective date of the termination hereunder:

	 	
      a.
	
      All
      deferrals shall cease;

	 	
      b.
	
      Amounts
      then credited to a Member’s Deferred Benefit Account shall continue to be
      invested in accordance with Section 6.3 hereof;
and

	 	
      c.
	
      Distribution
      of a Member’s Account shall be made in accordance with his or her Schedule
      A, which shall be subject to modification in accordance with Section 7.5
      hereof.

12.2 Funding.
The
Company shall establish a trust in connection with the adoption of this Plan.
Each year during the continuance of this Plan, the Committee may designate
amounts or property to be added to the trust on behalf of the Company or an
Affiliate. The property comprising the assets of such trust, including any
insurance policy on the life of a Member purchased by such trust or contributed
to such trust by the Company or an Affiliate, shall at all 

 

15

times
remain the property of such trust. The trustee of such trust shall distribute
the assets comprising such trust in accordance with the provisions and the trust
agreement, all as instructed by the Committee, but in no event shall such
trustee distribute the assets of such trust to or for the benefit of the Company
or any Affiliate, except as provided in the trust agreement.

No Member
or Beneficiary shall have the right to, or claim under or against, any insurance
policy on the life of the Member obtained by the Company or an Affiliate or any
asset held in trust to help defray the cost incurred in providing benefits under
this Plan. Any such policy or other property shall be, and remain, a general,
unpledged asset of the Company or an Affiliate or the trust, as the case may
be.

12.3 Inurement. This
Plan shall be binding upon and shall inure to the benefit of the Company and
each Member hereto and their respective heirs, executors, administrators,
successors and assigns.

12.4 No
Effect on Other Benefits. Any
compensation paid or benefits provided to a Member shall be in addition to, and
not in lieu of, the benefits provided to such Member under this Plan. Nothing in
this Plan shall be construed as limiting, varying or reducing the provision of
any benefit available to a Member, such Member’s estate or Beneficiary pursuant
to any employment agreement, retirement plan, including any qualified pension or
profit-sharing plan, health, disability or life insurance plan or any other form
of agreement or arrangement between the Company and/or an Affiliate and a
Member.

12.5 Amendment
and Modification. The
Board of Directors of the Company may amend this Plan, in its discretion. In
addition, the Committee shall possess the authority to amend the Plan, any
Schedule A executed in connection with the Plan or any ancillary form or
document related to the Plan, to facilitate its administration, to ensure that
the Plan is deemed an unfunded plan of deferred compensation within the meaning
of the Code of ERISA, or otherwise to comply or make consistent with applicable
law. 

Any
amendment that adversely affects the amount then credited to a Member’s Accounts
shall be effective only with the written consent of each such Member.
Notwithstanding the foregoing, however, the consent of any Member or Beneficiary
shall not be required if the Board of Directors or the Committee, as the case
may be, reasonably determines that an amendment or modification is necessary to
ensure that amounts credited to a Member’s Accounts are not subject to federal
income taxation until withdrawn or distributed or to ensure that the Plan is
deemed to be unfunded or maintained for the benefit of a select group of
management employees within the meaning of ERISA.

12.6 Governing
Law. This
Plan is governed by the internal laws of the State of Mississippi, in all
respects, including matters of construction, validity and
performance.

12.7 Predecessor
Accounts.
Notwithstanding any provision of this Plan to the contrary, Predecessor Accounts
shall be administered in accordance with the terms of the Predecessor
Plan.

16

THIS
PLAN was
approved by the Board of Directors of Isle of Capri Casinos, Inc. on January 11,
2004, 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      

17

ISLE
OF CAPRI CASINOS, INC.

DEFERRED
COMPENSATION PLAN

EXHIBIT
A

PARTICIPATING
AFFILIATES

The
following employers are the Affiliates of the Isle of Capri Casinos, Inc. that
have elected to participate in the plan: 

 

Riverboat
Corporation of Mississippi

64-0795563

Riverboat
Services, Inc.

42-1360145

Riverboat
Corp of MS-Vicksburg

42-1400605

LA
Riverboat Gaming Partnership

72-1235811

St.
Charles Gaming Company, Inc.

72-1235262

IOU-Kansas
City, Inc.

64-0921931

IOU-Davenport,
Inc.

64-0928290

Gemini,
Inc. d/b/a Lady Luck Casino Hotel

88-0103475

Grand
Palais Riverboat, Inc.

72-1235423

IOC-Boonville,
Inc.

88-0303425

IOC-Lula,
Inc.

88-0301634

IOC-Natchez,
Inc.

88-0277687

Isle of
Capri Marquette, Inc.

62-1810746

Isle of
Capri Black Hawk, LLC

84-1422931

Isle of
Capri Bettendorf, LLC

62-1810319

PPI,
Inc.

65-0585198

Isle of
Capri Casino-Tunica, Inc.

64-0907593

CCSC/Blackhawk,
Inc.

84-1602683

Colorado
Grande Enterprises

84-1158544

 

 

18

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"}]]