Document:

exhibit10.htm

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

              

                            Exhibit
            10.1
              
    

      

    

    EXECUTIVE
      SALARY CONTINUATION AGREEMENT THAT

    SUPERCEDES
      AND REPLACES

    THE
      EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN AGREEMENT

    EFFECTIVE
      JANUARY 25, 2002, AS AMENDED

     

    THIS
      AGREEMENT, made and entered into this ____ day of July, 2007, by and
      between Summit Community Bank, a bank, organized and existing under the laws
      of
      the State of West Virginia (hereinafter referred to as the “Bank”), and
      _________________, an Executive of the Bank (hereinafter referred to as the
      “Executive”).

     

    WHEREAS,
      the Bank and the Executive are parties to an Executive Supplemental
      Retirement Plan Agreement effective the 25th day
      of January, 2002, and thereafter amended, that provides for the payment of
      certain benefits.  This Executive Salary Continuation Agreement and
      the benefits provided hereunder shall supercede and replace the existing
      Executive Supplemental Retirement Plan Agreement and the benefits provided
      thereby;

     

    WHEREAS,
      the Executive has been and continues to be a valued Executive of the
      Bank;

     

    WHEREAS,
      the purpose of this Agreement is to further the growth and development of the
      Bank by providing the Executive with supplemental retirement income, and thereby
      encourage the Executive’s productive efforts on behalf of the Bank and the
      Bank’s shareholders, and to align the interests of the Executive and those
      shareholders.

     

    WHEREAS,
      it is the desire of the Bank and the Executive to enter into this Agreement
      under which the Bank will agree to make certain payments to the Executive at
      retirement or the Executive’s Beneficiary in the event of the Executive’s death
      pursuant to this Agreement;

     

    WHEREAS,
      the Bank intends this Amendment and Restatement to comply with Final Regulations
      and Transition Relief promulgated by the Internal Revenue Service pursuant
      to
      Code Section 409A, and accordingly, notwithstanding any other provisions of
      this
      Amended and Restated Agreement, this amendment applies only to amounts that
      would not otherwise be payable in 2007 and shall not cause an amount to be
      paid
      in 2007 that would not otherwise be payable in such year, and to the extent
      necessary to qualify under such Transition Relief to not be treated as a change
      in the form and timing of a payment under section 409A(a)(4) or an acceleration
      of a payment under section 409A(a)(3), the Executive, by executing this
      Agreement, shall be deemed to have elected the form and timing of distribution
      provisions of this Amended and Restated Agreement, on or before December 31,
      2007.

     

    ACCORDINGLY,
      it is intended that the Agreement be “unfunded” for purposes of the Employee
      Retirement Income Security Act of 1974, as amended (“ERISA”) and not be
      construed to provide income to the participant or beneficiary under the Internal
      Revenue Code of 1986, as amended (the “Code”), particularly Section 409A of the
      Code and guidance or regulations issued thereunder, prior to actual receipt
      of
      benefits; and

    
 

    THEREFORE,
      it is agreed as follows:

     

    
      	
              I.  

            	
              EFFECTIVE
                DATE

            

    

     

    Except
      as
      otherwise provided herein, the Effective Date of this Agreement shall be January
      1, 2006.

     

    II.           FRINGE
      BENEFITS

     

    The
      salary continuation benefits provided by this Agreement are granted by the
      Bank
      as a fringe benefit to the Executive and are not part of any salary reduction
      plan or an arrangement deferring a bonus or a salary increase.  The
      Executive has no option to take any current payment or bonus in lieu of these
      salary continuation benefits except as set forth hereinafter.

     

    III.           DEFINITIONS

     

    
      	
               

            	
              A.

            	
              Retirement
                Date:

            

    

     

    If
      the
      Executive remains in the continuous employ of the Bank until at least the
      Executive’s Normal Retirement Age, (except as otherwise set forth in Paragraph
      IX,) and provided that no determination of Disability of Executive, at any
      time
      prior to Executive’s Normal Retirement Age, has been made, (regardless of any
      return to active service of Executive subsequent to any such determination
      of
      Disability,) the Executive’s Retirement Date shall be the date on which the
      Executive attains the age of sixty-five (65) years or has a Separation from
      Service, whichever is later.

    

    
      	
               

            	
              B.

            	
              Normal
                Retirement Age:

            

    

     

    Normal
      Retirement Age shall mean the date on which the Executive attains age
      ___________ (___).

     

    C.           Plan
      Year:

     

    Any
      reference to “Plan Year” shall mean a calendar year from January 1 to December
      31.  In the year of implementation, the term “Plan Year” shall mean
      the period from the effective date to December 31 of the year of the effective
      date.

     

    D.           Termination
      of Employment:

     

    Termination
      of Employment shall mean voluntary resignation of employment by the Executive,
      the Bank’s discharge of the Executive without cause (Subparagraph III [E]),
      prior to the Normal Retirement Age (Subparagraph III [B]).

     

    E.           Separation
      from Service:

     

    “Separation
      from Service” shall mean that the Executive has experienced a Termination of
      Employment from the Bank.  Where the Executive continues to perform
      services for the Bank following a Termination of Employment, however, and the
      facts and circumstances indicate that such services are intended by the Bank
      and
      the Executive to be more than “insignificant” services, a Separation from
      Service will not be deemed to have occurred and any amounts deferred under
      this
      Agreement may not be paid or made available to the Executive.  The
      determination of whether such services are considered “insignificant” will be
      based upon all facts and circumstances relating to the termination and upon
      any
      applicable rules and regulations issued under Section 409A of the
      Code.  Military leave, sick leave, or other bona fide leaves of
      absence are not generally considered terminations of employment and whether
      or
      not any such leave of absence is a “Separation from Service” shall be determined
      in accordance with any applicable rules and regulations issued under Section
      409A of the Code.

                 

          
      F.   Discharge
      for Cause:

     

    The
      term
“for cause” shall mean for the conviction of Executive for commission of a
      felony against the Bank or any Affiliate.  If a dispute arises as to
      discharge “for cause,” such dispute shall be resolved by arbitration as set
      forth in this Executive Plan.  In the alternative, if the Executive is
      permitted to resign due to inappropriate conduct as defined above, the Board
      of
      Directors may vote to deny all benefits.  A majority decision by the
      Board of Directors is required for forfeiture of the Executive’s
      benefits.

     

    G. 
 Change
      of Control:

     

    “Change
      of Control” shall mean (a) a change of ownership of the Bank or its parent
      Company (“Company”) that would have to be reported to the Securities and
      Exchange Commission as a Change of Control, including but not limited to the
      acquisition by any “person” and/or entity as defined by securities regulations
      and law, (other than the Company or the Bank or the Company or Bank employee
      benefit plan) of direct or indirect “beneficial ownership” as defined, of
      twenty-five percent (25%) or more of the combined voting power of the Bank’s or
      the Company’s then outstanding securities; or (b) the failure during any period
      of three (3) consecutive years of individuals who at the beginning of such
      period constitute the Board of Bank or Company for any reason to constitute
      at
      least a majority thereof, unless the election of each director who was not
      a
      director at the beginning of such period has been approved in advance by
      directors representing at least two-thirds (2/3) of the directors at the
      beginning of the period; or (c) the consummation of a “Business Combination” as
      defined in the Articles of Incorporation of Summit Financial Group,
      Inc.  With respect to (a) and (c) above, the date of a Change of
      Control shall be deemed to be the date of the earlier of the date of (i)
      consummation of the transaction involving the Change in Control, or (ii) the
      execution of a definitive agreement by the Bank or Company involving a
      transaction deemed to be a Change in Control.

     

    
      	
               

            	
              H.

            	
              Restriction
                on Timing of Distribution:

            

    

     

    Notwithstanding
      any provision of this Agreement to the contrary, distributions under this Plan
      to the Executive may not commence earlier than six (6) months after the date
      of
      a Separation from Service, as that term is used under Section 409A if, pursuant
      to Code Section 409A, the Executive is considered a “specified employee” under
      Code Section 416(i), of the Bank if any stock of the Bank is publicly traded
      on
      an established securities market or otherwise.  In the event a
      distribution under this Plan is delayed pursuant to this paragraph, the
      originally scheduled payment shall be delayed until six months after the date
      of
      Separation from Service and shall commence instead on the first day of the
      seventh month following Separation from Service.  If payments are
      scheduled under this Plan to be made in installments, the first six (6) months
      of installment payments shall be delayed, aggregated, and paid instead on the
      first day of the seventh month after Separation from Service, after which all
      installment payments shall be made on their regular schedule.  If
      payment is scheduled under this Plan to be made in a lump sum, the lump payment
      shall be delayed until six months after the date of Separation from Service
      and
      instead be made on the first day of the seventh month after the date of
      Separation from Service.

     

    
      	
               

            	
              I.

            	
              Beneficiary:

            

    

     

    The
      Executive shall have the right to name a Beneficiary of the Death
      Benefit.  Such Beneficiary shall also be the Beneficiary respecting
      any distribution upon death under Paragraph XI.  The Executive shall
      have the right to name such Beneficiary at any time prior to the Executive’s
      death and submit it to the Plan Administrator (or Plan Administrator’s
      representative) on the form provided.  Once received and acknowledged
      by the Plan Administrator, the form shall be effective.  The Executive
      may change a Beneficiary designation at any time by submitting a new form to
      the
      Plan Administrator.  Any such change shall follow the same rules as
      for the original Beneficiary designation and shall automatically supersede
      the
      existing Beneficiary form on file with the Plan Administrator.

     

    If
      the
      Executive dies without a valid Beneficiary designation on file with the Plan
      Administrator, death benefits shall be paid to the Executive’s
      estate.

     

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

     

    
      	
               

            	
              J.

            	
              Disability:

            

    

     

    “Disability”
      shall mean the Executive: (i) is unable to engage in any substantial gainful
      activity by reason of any medically determinable physical or mental impairment
      which can be expected to result in death or can be expected to last for a
      continuous period of not less than twelve (12) months, or (ii) is, by reason
      of
      any medically determinable physical or mental impairment which can be expected
      to result in death or can be expected to last for a continuous period of not
      less than twelve (12) months, receiving income replacement benefits for a period
      of not less than three (3) months under an accident and health plan covering
      employees of the Bank.  Medical determination of Disability may be
      made by either the Social Security Administration or by the provider of an
      accident or health plan covering employees of the Bank.  Upon the
      request of the Plan Administrator, the Executive must submit proof to the Plan
      Administrator of Social Security Administration’s or the provider’s
      determination.

     

    IV.           RETIREMENT
      BENEFIT AND POST-RETIREMENT DEATH BENEFIT

     

    Subject
      to the provisions in the following paragraph of this Article IV, upon attainment
      of the Retirement Date, (as set forth in Subparagraph III [A,] subject to the
      provisions of Paragraph IX,) the Bank shall pay the Executive an annual benefit
      equal to __________ ________ ($______), the “Retirement
      Benefit.”  Said Retirement Benefit shall be paid in equal monthly
      installments (1/12th of the
      annual
      benefit) until the death of the Executive.  Said payment shall be made
      the first day of the month following (i) the date of such Separation from
      Service, (ii) the date of attainment of Normal Retirement Age or (iii) if
      applicable, in accordance with the Restriction on Timing of Distribution,
      whichever is latest.  Upon the death of the Executive after attainment
      of the Retirement Date, (as set forth in III [A,] subject to the provisions
      of
      Paragraph IX,) if there is a balance in the accrued liability retirement
      account, such balance shall be paid in a lump sum to the
      Beneficiary.  Said payment due hereunder shall be made the first day
      of the second month following the Executive’s death.

     

    Notwithstanding
      the foregoing paragraph of this Article IV, in the event that Executive is
      vested in his or her Retirement Benefit 25% or less, the Executive shall receive
      a lump sum payment equal to the present value of the accrued liability
      retirement account in lieu of the annual benefit set forth in the preceding
      paragraph.  Said lump sum payment shall be made to Executive within
      thirty (30) days following attainment of Normal Retirement Age.

     

    V.           DEATH
      BENEFIT PRIOR TO RETIREMENT

     

    In
      the
      event the Executive should die while actively employed by the Bank at any time
      after the date of this Agreement but prior to the Executive’s Separation from
      Service, and prior to any determination of Disability (and as provided in
      Paragraph X,) the Bank will pay the accrued balance on the date of death, of
      the
      Executive’s accrued liability retirement account in a lump sum, thirty (30) days
      following the Executive’s death to the Beneficiary.  Said payment due
      hereunder shall be made by the first day of the second month following the
      Executive’s death.

     

    VI.           BENEFIT
      ACCOUNTING/ACCRUED LIABILITY RETIREMENT ACCOUNT

     

    Notwithstanding
      any provision herein to the contrary, the provisions of this Paragraph VI,
      shall
      be effective beginning January 1, 2006.  Prior to the date on which
      Executive attains Executive’s Normal Retirement Age, and during the time that
      Executive continues in the employment of Bank, (or after Separation from Service
      but before Executive has attained Normal Retirement Age if a Change in Control
      has occurred and Executive has thereafter had a Termination of Employment as
      set
      forth in Paragraph IX,) and provided this Agreement is in effect, the Bank
      shall
      account for this benefit using Generally Accepted Accounting Principles
      (“GAAP”).  Prior to the date on which Executive attains Executive’s
      Normal Retirement Age and during the time that Executive continues in the
      employment of Bank, and prior to any determination of Disability of Executive
      prior to Executive attaining Normal Retirement Age, (or after Separation from
      Service but before Executive has attained Executive’s Normal Retirement Age if a
      Change in Control has occurred and Executive has had a Termination of Employment
      as set forth in Paragraph IX) and provided this Agreement is in effect, the
      Bank
      shall establish an accrued liability retirement account for the Executive into
      which appropriate reserves shall be accrued sufficient so that if the account
      were increased ratably each year prior to Executive attaining Normal Retirement
      Age and during which Executive continued in the employment of Bank (or after
      Separation from Service but before Executive has attained Executive’s Normal
      Retirement Age if a Change in Control has occurred and Executive has had a
      Termination of Employment as set forth in Paragraph IX) and using a compound
      interest rate as set forth in Schedule A attached hereto and incorporated herein
      by reference; provided, however, that such interest rate set forth on Schedule
      A
      may be changed, for purposes of the calculation of the accrued liability
      retirement account hereunder, by the Compensation Committee of Bank at any
      time
      and from time to time but only in good faith and in a manner that the
      Compensation Committee of the Bank reasonably determines to be consistent with
      industry standards at the time of such change of interest rate herein,
      sufficient funds would be available to pay the Retirement Benefit to Executive,
      still assuming a compound interest rate as set forth on Schedule A (again
      provided, however, as stated above, that such interest rate may be changed,
      for
      purposes of the calculation of the accrued liability retirement account
      hereunder, by the Compensation Committee of the Bank at any time and from time
      to time but only in good faith and in a manner that the Compensation Committee
      of the Bank reasonably determines to be consistent with industry standards
      at
      the time of such change of interest rate herein,) for the life expectancy of
      Executive, based upon the United States Life Insurance Company mortality
      tables (or tables of a reasonably comparable life
      insurance company if such mortality tables are no longer available) mortality
      tables in effect from time to time as such accruals are made.

     

    VII.           Vesting

     

    The
      Executive shall be vested in the Retirement Benefit in accordance with the
      following schedule from the Effective Date of the original
      Agreement.

    

    
      	
               

            	
              Total
                Years of Employment

            

    

    
      	
               

            	
              with
                the Bank from

            

    

    
      	
               

            	
              Effective
                Date of

            

    

    
      	
                                             
                Original Agreement
                         )

            	
              Vested
                (to a maximum of 100%)

            

    

    1                                                          ____%

    2                                                          ____%

    3                                                          ____%

    4                                                          ____%

    5                                                          ____%

    6                                                          ____%

    7                                                          ____%

    8                                                          ____%

    9                                                          ____%

    10                                                        ____%

    11                                                        ____%

    12                                                        ____%

    13                                                        ____%

    14                                                        ____%

    15                                                        ____%

    16                                                        ____%

    17                                                        ____%

    18                                                        ____%

    19                                                        ____%

    20
      or
      more                                             100%

    

    VIII.                      TERMINATION
      OF EMPLOYMENT

     

    Subject
      to the provisions of Paragraph IX, (and no payment shall be made hereunder
      if
      the provisions of Paragraph IX are applicable,) in the event that the employment
      of the Executive shall terminate prior to Normal Retirement Age, and prior
      to
      any determination of Disability, by the Executive’s voluntary action, or by the
      Executive’s discharge by the Bank without cause, then this Agreement shall
      terminate upon the date of Separation from Service and the Bank shall pay to
      the
      Executive an amount of money equal to the present value of the vested percentage
      of the Retirement Benefit, as provided in Paragraph IV, as of the date of said
      Separation from Service.  This compensation shall be paid in one lump
      sum thirty (30) days following the Executive’s Separation from Service or, if
      the Restriction on Timing of Distribution is applicable, then in accordance
      with
      the Restriction on Timing of Distribution.

     

    In
      the
      event the Executive’s death should occur after such termination but prior to the
      payment provided for in this paragraph, the balance shall be paid, in a lump
      sum
      to the Beneficiary.  Said payment due hereunder shall be made the
      first day of the second month following the decease of the Executive, provided,
      however, that in no event shall such payment be made later than the fifteenth
      day of the third month after the Executive’s Separation from Service and if the
      fifteenth day of the third after the Executive’s Separation from Service is
      later than the first day of the second month following the decease of the
      Executive, such payment shall be made to such Beneficiary on the fifteenth
      day
      of the third month following the Executive’s Separation from
      Service.

    

    In
      the
      event the Executive shall be discharged for cause at any time, or should the
      Board vote to deny all benefits as set forth in Subparagraph III [F], this
      Agreement shall terminate and all benefits provided herein shall be
      forfeited.

    

    IX.           CHANGE
      OF CONTROL

     

    If
      the
      Executive subsequently suffers a Termination of Employment (voluntarily or
      involuntarily), or Separation from Service except for cause, anytime subsequent
      to a Change of Control, (provided that there has been no determination of
      Disability prior to such Termination of Employment,)  then the
      Executive shall receive the benefits stated and in accordance with Paragraph
      IV,
      herein upon attaining Normal Retirement Age, as if the Executive had been
      continuously employed by the Bank until the Executive’s Normal Retirement
      Age.  Said payment shall be made in accordance with Code Section
      409A.  The Executive will also remain eligible for all promised death
      benefits in this Agreement.  In addition, no sale, merger or
      consolidation of the Bank shall take place unless the new or surviving entity
      expressly acknowledges the obligations under this Agreement and agrees to abide
      by its terms.

    

    X.  DISABILITY

     

    In
      the
      event that a determination of Disability is made respecting the Executive,
      during any period of employment prior to Executive attaining Normal Retirement
      Age (and the Executive, notwithstanding any other provision of this Agreement,
      including but not limited to any provision of Subparagraph III [J,] shall not
      be
      considered disabled for purposes of this Paragraph X if the Executive has had
      a
      Separation from Service or Termination of Employment prior to such Disability,
      without returning to active employment with the Bank and being actively employed
      with the Bank at the time of such Disability, even if such Separation of Service
      or Termination of Employment has taken place after a Change in Control and
      Executive, although no longer employed by Bank, may be eligible for a Retirement
      Benefit pursuant to Paragraph IX or otherwise), the Bank shall establish an
      account (hereinafter sometimes referred to as the “Disability Account”) in an
      amount equal to the balance as of the date of Disability of Executive of the
      accrued liability retirement account established on the Executive’s behalf
      pursuant to this Agreement, (provided that the Bank shall be required to do
      so
      only once for each Executive, and with respect to an Executive who has a
      determination of Disability prior to Normal Retirement Age and who returns
      to
      active employment with the Bank and a subsequent determination of Disability,
      also prior to Normal Retirement Age, is made respecting the Executive, the
      Bank
      shall not be required to establish a Disability Account other than any
      Disability Account established upon the first determination of Disability of
      the
      Executive.)  Interest at a rate equivalent to the Moody’s Seasoned Baa
      Corporate Bond Yield per annum then in effect (or if no such rate is then
      published or in effect, then at the rate equivalent to the yield of reasonably
      comparable instruments selected by the Compensation Committee of the Bank)
      shall
      be accrued and added to the Disability Account and distributions subtracted
      therefrom until complete distribution hereunder.  Upon Executive
      attaining Normal Retirement Age after a determination of Disability, the Bank
      shall distribute to the Executive, (commencing on the first day of the month
      following the date the Executive attains the Executive’s Normal Retirement Age,
      and subject to the ‘Restriction on Timing of Distribution’ as defined in this
      Agreement,) the Disability Account of Executive in One Hundred Twenty (120)
      equal monthly installments.  Notwithstanding the foregoing, if the
      Executive would have been vested in his or her Retirement Benefit under this
      Plan 25% or less upon attaining Normal Retirement Age after continuous
      employment with the Bank, if no Disability had occurred, then the Disability
      Account shall not be paid to Executive upon attaining Normal Retirement Age
      in
      installments, but shall be paid to Executive in a lump sum on the first day
      of
      the month following the date on which Executive attains Normal Retirement Age,
      subject, however, to the Restriction on Timing of Distribution, if
      applicable.  In the event of the death of Executive after a
      determination of Disability and regardless of whether Executive has attained
      Normal Retirement Age, any portion of any Disability Account of Executive not
      yet distributed to Executive hereunder shall be distributed, in a lump sum
      thirty (30) days following the Executive’s death to the
      Beneficiary.  Said payment due hereunder shall be made by the first
      day of the second month following the Executive’s death.  After a
      determination of Disability prior to Executive’s Normal Retirement Age, no other
      benefits than those set forth in this Paragraph X will be owed or payable to
      the
      Executive or any Beneficiary under this Agreement under any circumstances,
      including but not limited to, during the period of Disability, upon death,
      upon
      attaining Normal Retirement Age or Retirement Date, or in the event of any
      subsequent return to active service or subsequent period of
      Disability.

    

    
      	
              XI.

            	
              RESTRICTION
                UPON FUNDING

            

    

     

    The
      Bank
      shall have no obligation to set aside, earmark or entrust any fund or money
      with
      which to pay its obligations under this Executive Plan.  The
      Executive, their beneficiary(ies), or any successor in interest shall be and
      remain simply a general creditor of the Bank in the same manner as any other
      creditor having a general claim for matured and unpaid
      compensation.

    

    The
      Bank
      reserves the absolute right, at its sole discretion, to either fund the
      obligations undertaken by this Executive Plan or to refrain from funding the
      same and to determine the extent, nature and method of such
      funding.  Should the Bank elect to fund this Executive Plan, in whole
      or in part, through the purchase of life insurance, mutual funds, disability
      policies or annuities, the Bank reserves the absolute right, in its sole
      discretion, to terminate such funding at any time, in whole or in
      part.  At no time shall any Executive be deemed to have any lien,
      right, title or interest in any specific funding investment or assets of the
      Bank.

    

    If
      the
      Bank elects to invest in a life insurance, disability or annuity policy on
      the
      life of the Executive, then the Executive shall assist the Bank by freely
      submitting to a physical exam and supplying such additional information
      necessary to obtain such insurance or annuities.

    

    XII.           MISCELLANEOUS

     

    
      	
               

            	
              A.

            	
              Alienability
                and Assignment Prohibition:

            

    

     

    Neither
      the Executive, nor the Executive’s surviving spouse, nor any other
      beneficiary(ies) under this Executive Plan shall have any power or right to
      transfer, assign, anticipate, hypothecate, mortgage, commute, modify or
      otherwise encumber in advance any of the benefits payable hereunder nor shall
      any of said benefits be subject to seizure for the payment of any debts,
      judgments, alimony or separate maintenance owed by the Executive or the
      Executive’s beneficiary(ies), nor be transferable by operation of law in the
      event of bankruptcy, insolvency or otherwise.  In the event the
      Executive or any beneficiary attempts assignment, commutation, hypothecation,
      transfer or disposal of the benefits hereunder, the Bank’s liabilities shall
      forthwith cease and terminate.

     

    
      	
               

            	
              B.

            	
              Binding
                Obligation of the Bank and any Successor in
                Interest:

            

    

     

    The
      Bank
      shall not merge or consolidate into or with another bank or sell substantially
      all of its assets to another bank, firm or person until such bank, firm or
      person expressly agree, in writing, to assume and discharge the duties and
      obligations of the Bank under this Executive Plan.  This Executive
      Plan shall be binding upon the parties hereto, their successors, beneficiaries,
      heirs and personal representatives.

     

    
      	
               

            	
              C.

            	
              Amendment
                or Revocation:

            

    

     

    It
      is
      agreed by and between the parties hereto that, during the lifetime of the
      Executive, this Agreement may be amended or revoked at any time or times, in
      whole or in part, by the mutual written consent of the Executive and the
      Bank.  Any such amendment shall not be effective to decrease or
      restrict any Executive’s accrued benefit under this Agreement, determined as of
      the date of amendment, unless agreed to in writing by the Executive, and
      provided further, no amendment shall be made, or if made, shall be effective,
      if
      such amendment would cause the Agreement to violate Code Section
      409A.  In the event this Agreement is terminated, such termination
      shall not cause a distribution of benefits, except under limited circumstances
      as permitted under Section 409A (i.e., 30 days before or 12 months after a
      Change of Control event, upon termination of all arrangements of the same type,
      or upon corporate dissolution or bankruptcy).

     

    
      	
               

            	
              D.

            	
              Gender:

            

    

     

    Whenever
      in this Executive Plan words are used in the masculine or neuter gender, they
      shall be read and construed as in the masculine, feminine or neuter gender,
      whenever they should so apply.

     

    
      	
               

            	
              E.

            	
              Headings:

            

    

     

    Headings
      and subheadings in this Executive Plan are inserted for reference and
      convenience only and shall not be deemed a part of this Executive
      Plan.

     

    
      	
               

            	
              F.

            	
              Applicable
                Law:

            

    

     

    The
      laws
      of the State of West Virginia shall govern the validity and interpretation
      of
      this Agreement.

     

    
      	
               

            	
              G.

            	
              Partial
                Invalidity:

            

    

     

    If
      any
      term, provision, covenant, or condition of this Executive Plan is determined
      by
      an arbitrator or a court, as the case may be, to be invalid, void, or
      unenforceable, such determination shall not render any other term, provision,
      covenant, or condition invalid, void, or unenforceable, and the Executive Plan
      shall remain in full force and effect notwithstanding such partial
      invalidity.

     

    
      	
               

            	
              H.

            	
              Not
                a Contract of Employment:

            

    

     

    This
      Agreement shall not be deemed to constitute a contract of employment between
      the
      parties hereto, nor shall any provision hereof restrict the right of the Bank
      to
      discharge the Executive, or restrict the right of the Executive to terminate
      employment.

     

    
      	
               

            	
              I.

            	
              Tax
                Withholding:

            

    

     

    The
      Bank
      shall withhold any taxes that are required to be withheld, under federal, state
      or local tax laws, including without limitation under Section 409A of the Code
      and regulations thereunder, from the benefits provided under this
      Agreement.  The Executive acknowledges that the Bank’s sole liability
      regarding taxes is to forward any amounts withheld to the appropriate taxing
      authority(ies).

     

    
      	
               

            	
              J.

            	
              Opportunity
                to Consult with Independent
                Advisors:

            

    

     

    The
      Executive acknowledges that he has been afforded the opportunity to consult
      with
      independent advisors of his choosing including, without limitation, accountants
      or tax advisors and counsel regarding both the benefits granted to him under
      the
      terms of this Agreement and the:  (i) terms and conditions which may
      affect the Executive’s right to these benefits; and (ii) personal tax effects of
      such benefits including, without limitation, the effects of any federal or
      state
      taxes, Section 280G of the Code, Section 409A of the Code and guidance or
      regulations thereunder, and any other taxes, costs, expenses or liabilities
      whatsoever related to such benefits, which in any of the foregoing instances
      the
      Executive acknowledges and agrees shall be the sole responsibility of the
      Executive notwithstanding any other term or provision of this
      Agreement.  The Executive further acknowledges and agrees that the
      Bank shall have no liability whatsoever related to any such personal tax effects
      or other personal costs, expenses, or liabilities applicable to the Executive
      and further specifically waives any right for himself or herself, and his or
      her
      heirs, beneficiaries, legal representative, agents, successor and assign to
      claim or assert liability on the part of the Bank related to the matters
      described above in this paragraph.  The Executive further acknowledges
      that he has read, understands and consents to all of the terms and conditions
      of
      this Agreement, and that he enters into this Agreement with a full understanding
      of its terms and conditions.

     

    
      	
               

            	
              K.

            	
              Permissible
                Acceleration Provision:

            

    

     

    Under
      Section 409A(a)(3), a payment of deferred compensation may not be accelerated
      except as provided in regulations by the Code.  Certain permissible
      payment accelerations include payments necessary to comply with a domestic
      relations order, payments necessary to comply with certain conflict of interest
      rules, payments intended to pay employment taxes, and certain de minimis
      payments related to the Executive’s termination of the Executive’s interest in
      the plan.

     

    
      	
               

            	
              L.

            	
              Supersede
                and Replace Entire Agreement:

            

    

     

    This
      Agreement shall supersede the Executive Supplemental Retirement Plan Agreement
      effective the 25th day of January, 2002, and shall replace
      the entire Agreement of the parties pertaining to this particular Executive
      Supplemental Retirement Plan Agreement.

     

    
      	
              XIII.  

            	
                     
                ADMINISTRATIVE AND CLAIMS
                PROVISION

            

    

     

    
      	
               

            	
              A.

            	
              Plan
                Administrator:

            

    

     

    The
“Plan
      Administrator” of this Executive Plan shall be Summit Financial
      Group.  As Plan Administrator, the Bank shall be responsible for the
      management, control and administration of the Executive Plan.  The
      Plan Administrator may delegate to others certain aspects of the management
      and
      operation responsibilities of the Executive Plan including the employment of
      advisors and the delegation of ministerial duties to qualified
      individuals.

     

    B.           Claims
      Procedure:

     

    a.           Filing
      a Claim for Benefits:

     

    Any
      insured, beneficiary, or other individual, (“Claimant”) entitled to benefits
      under this Executive Plan will file a claim request with the Plan
      Administrator.  The Plan Administrator will, upon written request of a
      Claimant, make available copies of all forms and instructions necessary to
      file
      a claim for benefits or advise the Claimant where such forms and instructions
      may be obtained.  If the claim relates to disability benefits, then
      the Plan Administrator shall designate a sub-committee to conduct the initial
      review of the claim (and applicable references below to the Plan Administrator
      shall mean such sub-committee).

     

    b.           Denial
      of Claim:

     

    A
      claim
      for benefits under this Executive Plan will be denied if the Bank determines
      that the Claimant is not entitled to receive benefits under the Executive
      Plan.  Notice of a denial shall be furnished the Claimant within a
      reasonable period of time after receipt of the claim for benefits by the Plan
      Administrator.  This time period shall not exceed more than ninety
      (90) days after the receipt of the properly submitted claim.  In the
      event that the claim for benefits pertains to disability, the Plan Administrator
      shall provide written notice within forty-five (45) days.  However, if
      the Plan Administrator determines, in its discretion, that an extension of
      time
      for processing the claim is required, such extension shall not exceed an
      additional ninety (90) days.  In the case of a claim for disability
      benefits, the forty-five (45) day review period may be extended for up to thirty
      (30) days if necessary due to circumstances beyond the Plan Administrator’s
      control, and for an additional thirty (30) days, if necessary.  Any
      extension notice shall indicate the special circumstances requiring an extension
      of time and the date by which the Plan Administrator expects to render the
      determination on review.

     

    c.           Content
      of Notice:

     

    
      	
               

            	
              The
                Plan Administrator shall provide written notice to every Claimant
                who is
                denied a claim for benefits which notice shall set forth the
                following:

            

    

    

    
      	
               

            	
              (i.)

            	
              The
                specific reason or reasons for the
                denial;

            

    

    

    
      	
               

            	
              (ii.)

            	
              Specific
                reference to pertinent Executive Plan provisions on which the denial
                is
                based;

            

    

    

    
      	
               

            	
              (iii.)

            	
              A
                description of any additional material or information necessary for
                the
                Claimant to perfect the claim, and any explanation of why such material
                or
                information is necessary; and

            

    

    

    
      	
               

            	
              (iv.)

            	
              Any
                other information required by applicable regulations, including with
                respect to disability benefits.

            

    

    

    
      	
               

            	
              d.

            	
              Review
                Procedure:

            

    

    

    
      	
               

            	
              The
                purpose of the Review Procedure is to provide a method by which a
                Claimant
                may have a reasonable opportunity to appeal a denial of a claim to
                the
                Plan Administrator for a full and fair review.  The Claimant, or
                his duly authorized representative,
                may:

            

    

    

    
      	
               

            	
              (i.)

            	
              Request
                a review upon written application to the Plan Administrator. Application
                for review must be made within sixty (60) days of receipt of written
                notice of denial of claim.  If the denial of claim pertains to
                disability, application for review must be made within one hundred
                eighty
                (180) days of receipt of written notice of the denial of
                claim;

            

    

    

    
      	
               

            	
              (ii.)

            	
              Review
                and copy (free of charge) pertinent Executive Plan documents, records
                and
                other information relevant to the Claimant’s claim for
                benefits;

            

    

    

    
      	
               

            	
              (iii.)

            	
              Submit
                issues and concerns in writing, as well as documents, records, and
                other
                information relating to the claim.

            

    

    

    
      	
               

            	
              e.

            	
              Decision
                on Review:

            

    

    

    
      	
               

            	
              A
                decision on review of a denied claim shall be made in thefollowing
                manner:

            

    

    

    
      	
               

            	
              (i.)

            	
              The
                Plan Administrator may, in its sole discretion, hold a hearing on
                the
                denied claim.  If the Claimant’s initial claim is for disability
                benefits, any review of a denied claim shall be made by members of
                the
                Plan Administrator other than the original decision maker(s) and
                such
                person(s) shall not be a subordinate of the original decision
                maker(s).  The decision on review shall be made promptly, but
                generally not later than sixty (60) days after receipt of the application
                for review.  In the event that the denied claim pertains to
                disability, such decision shall not be made later than forty-five
                (45)
                days after receipt of the application for review.  If the Plan
                Administrator determines that an extension of time for processing
                is
                required, written notice of the extension shall be furnished to the
                Claimant prior to the termination of the initial sixty (60) day
                period.  In no event shall the extension exceed a period of
                sixty (60) days from the end of the initial period.  In the
                event the denied claim pertains to disability, written notice of
                such
                extension shall be furnished to the Claimant prior to the termination
                of
                the initial forty-five (45) day period.  In no event shall the
                extension exceed a period of thirty (30) days from the end of the
                initial
                period.  The extension notice shall indicate the special
                circumstances requiring an extension of time and the date by which
                the
                Plan Administrator expects to render the determination on
                review.

            

    

    

    
      	
               

            	
              (ii.)

            	
              The
                decision on review shall be in writing and shall include specific
                reasons
                for the decision written in an understandable manner with specific
                references to the pertinent Executive Plan provisions upon which
                the
                decision is based.

            

    

    

    
      	
               

            	
              (iii.)

            	
              The
                review will 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.  Additional considerations shall be
                required in the case of a claim for disability benefits.  For
                example, the claim will be reviewed without deference to the initial
                adverse benefits determination and, if the initial adverse benefit
                determination was based in whole or in part on a medical judgment,
                the
                Plan Administrator will consult with a health care professional with
                appropriate training and experience in the field of medicine involving
                the
                medical judgment.  The health care professional who
                is consulted on appeal will not be the same individual who was
                consulted during the initial determination or the subordinate of
                such
                individual.  If the Plan Administrator obtained the advice of
                medical or vocational experts in making the initial adverse benefits
                determination (regardless of whether the advice was relied upon),
                the Plan
                Administrator will identify such
                experts.

            

    

    

    
      	
               

            	
              (iv.)

            	
              The
                decision on review will include a statement that the Claimant is
                entitled
                to receive, upon request and free of charge, reasonable access to,
                and
                copies of, all documents, records or other information relevant to
                the
                Claimant’s claim for benefits.

            

    

    

    
      	
               

            	
              f.

            	
              Exhaustion
                of Remedies:

            

    

    

    
      	
               

            	
              A
                Claimant must follow the claims review procedures under this Executive
                Plan and exhaust his or her administrative remedies before taking
                any
                further action with respect to a claim for
                benefits.

            

    

    

    
      	
              C.  

            	
              Arbitration:

            

    

    

    If
      claimants continue to dispute the benefit denial based upon completed
      performance of this Executive Plan or the meaning and effect of the terms and
      conditions thereof, then claimants may submit the dispute to an Arbitrator
      in
      West Virginia for final arbitration.  The Arbitrator shall be selected
      by mutual agreement of the Bank and the claimants.  The Arbitrator
      shall operate under the rules then in effect of the American Arbitration
      Association.  The parties hereto agree that they and their heirs,
      personal representatives, successors and assigns shall be bound by the decision
      of such Arbitrator with respect to any controversy properly submitted to it
      for
      determination.

    

    Where
      a
      dispute arises as to the Bank’s discharge of the Executive “for cause,” such
      dispute shall likewise be submitted to arbitration as above described and the
      parties hereto agree to be bound by the decision thereunder.

     

    XIV.                      TERMINATION
      OR MODIFICATION OF AGREEMENT BY REASON OFCHANGES IN THE LAW, RULES OR
      REGULATIONS

     

    The
      Bank
      is entering into this Agreement upon the assumption that certain existing tax
      laws, rules and regulations will continue in effect in their current
      form.  If any said assumptions should change and said change has a
      detrimental effect on this Executive Plan, then the Bank reserves the right
      to
      terminate or modify this Agreement accordingly, but only to the extent necessary
      to conform this Agreement to the provisions and requirements of any applicable
      law (including ERISA and the Code, including, but not limited to Section 409A
      of
      the Code and regulations thereunder).

    

    Upon
      a
      Change of Control, the provisions of Paragraph IX respecting assumption of
      the
      obligations of this Agreement by the successor entity shall apply.

     

    IN
      WITNESS WHEREOF, the parties hereto acknowledge that each has carefully
      read this Agreement and executed the original thereof on the first day set
      forth
      hereinabove, and that, upon execution, each has received a conforming
      copy.

     

    SUMMIT
      COMMUNITY BANK

     

    Moorefield,
      West Virginia

    

                                                                                                    
      By:                                                                    
                     

    Witness                                                                              
        (Bank Officer other
      than
      Insured)                             Title

     

     

     

     

                                                                                                                                                     

    Witness

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    SCHEDULE
      A

    to

    EXECUTIVE
      SALARY CONTINUATION AGREEMENT

    BETWEEN
      SUMMIT COMMUNITY BANK

    AND
      _______________

     

    

    This
      Schedule A to the Executive Salary
      Continuation Agreement between Summit Community Bank and _____________________
      sets forth the rate of interest under Section VI of the Agreement for purposes
      of determining the accrued liability reserve and is incorporated as a part
      of
      the Agreement.  This Schedule A is effective January 1, 2006, and
      shall remain in effect unless amended or revised according to the provisions
      set
      forth in Section VI of the Agreement.

    

    Interest
      Rate                                           6.28%

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    BENEFICIARY
      DESIGNATION FORM

     

    FOR
      THE EXECUTIVE SALARY CONTINUATION

     

    AGREEMENT
      THAT SUPERSEDES AND REPLACES THE EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN
      AGREEMENT EFFECTIVE JANUARY 25, 2002, AS AMENDED

     

    

    
      	
              I.

            	
              PRIMARY
                DESIGNATIONS

            
	 	 	 	 	 
	 	
              A.

            	
              Person(s)
                as a Primary Designation:

              (Please
                indicate the percentage for each beneficiary.)

            
	 	
               

              1.

            	
               

              Name:

            	
               

              Relationship:

            	
               

              SS#:

            	
               

                                 %

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
                  (City)

            	
              (State)

            	
              (Zip)

            
	 	 	 
	 	
               

              2.

            	
               

              Name:

            	
               

              Relationship:

            	
               

              SS#:

            	
               

                                 %

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
                  (City)

            	
              (State)

            	
              (Zip)

            
	 	 	 
	 	
               

              3.

            	
               

              Name:

            	
               

              Relationship:

            	
               

              SS#:

            	
               

                                 %

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
                  (City)

            	
              (State)

            	
              (Zip)

            
	 	 	 
	 	
               

              4.

            	
               

              Name:

            	
               

              Relationship:

            	
               

              SS#:

            	
               

                                 %

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
                  (City)

            	
              (State)

            	
              (Zip)

            
	 	 
	
              II.

            	
              ESTATE
                AND/OR TRUST AS PRIMARY DESIGNATIONS

            
	 	 	 	 	 
	 	
              A.

            	
              Estate
                as a Primary Designation:

              An
                Estate can still be listed even if there is no
                will.

            
	 	 	
               

              My
                Primary Beneficiary is The Estate of

            	 	
               

              as
                set forth in the Last Will and

            
	 	 	 	
              (Insert
                full name)

            	 	 
	 	 	
              Testament
                dated the

            	 	
              day
                of

            	 	 	
              ,
                200

            	
              and
                any codicils thereto.

            
	 	 	 
	 	
              B.

            	
              Trust
                as a Primary Designation:

            
	 	 	
               

              Name
                of the Trust:

            
	 	 	
               

              Execution
                Date of the Trust:

            	
               

              Name
                of the Trustee:

            
	 	 	
               

              Beneficiary
                of the Trust:

              (please
                indicate the
                percentage for each beneficiary):

            
	 	 	
               

              Name(s):

            
	 	 	
               

              Name(s):

            
	 	 	
               

              Is
                this an Irrevocable Life
                Insurance Trust?        □
                Yes                                                                                                
                □ No

            
	 	 	
              (If
                yes and this designation is for a Joint Beneficiary Designation Agreement,
                an Assignment of Rights form must be
                completed.)

            

    

    

    
      	
              III.

            	
              SECONDARY
                (CONTINGENT) DESIGNATIONS

            
	 	 	 	 	 
	 	
              A.

            	
              Person(s)
                as a Secondary (Contingent) Designation:

              (Please
                indicate the percentage for each beneficiary in the event of the
                Primary’s
                Death.)

            
	 	
               

              1.

            	
               

              Name:

            	
               

              Relationship:

            	
               

              SS#:

            	
               

                                 %

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
                  (City)

            	
              (State)

            	
              (Zip)

            
	 	 	 
	 	
               

              2.

            	
               

              Name:

            	
               

              Relationship:

            	
               

              SS#:

            	
               

                                 %

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
                  (City)

            	
              (State)

            	
              (Zip)

            
	 	 	 
	 	
               

              3.

            	
               

              Name:

            	
               

              Relationship:

            	
               

              SS#:

            	
               

                                 %

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
                  (City)

            	
              (State)

            	
              (Zip)

            
	 	 	 
	 	
               

              4.

            	
               

              Name:

            	
               

              Relationship:

            	
               

              SS#:

            	
               

                                 %

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
                  (City)

            	
              (State)

            	
              (Zip)

            
	 	 	 
	
              IV.

            	
              ESTATE
                AND/OR TRUST AS SECONDARY (CONTINGENT)
                DESIGNATIONS

            
	 	 	 	 	 
	 	
              A.

            	
              Estate
                as a Secondary (Contingent) Designation:

            
	 	 	
               

              My
                Primary Beneficiary is The Estate of

            	 	
               

              as
                set forth in the last will and

            
	 	 	
              Testament
                dated the

            	 	
              day
                of

            	 	 	
              ,
                200

            	
              and
                any codicils thereto.

            
	 	 	 
	 	
              B.

            	
              Trust
                as a Secondary (Contingent) Designation:

            
	 	 	
               

              Name
                of the Trust:

            
	 	 	
               

              Execution
                Date of the Trust:

            	
               

              Name
                of the Trustee:

            
	 	 	
               

              Beneficiary
                of the Trust:

              (please
                indicate the
                percentage for each beneficiary):

            
	 	 	
               

              Name(s):

            
	 	 	
               

              Name(s):

            
	 	 	
               

              Is
                this an Irrevocable Life
                Insurance Trust?        □
                Yes                                                                                                
                □ No

            
	 	 	
              (If
                yes and this designation is for a Joint Beneficiary Designation Agreement,
                an Assignment of Rights form must be
                completed.)

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              V.

            	
              SIGN
                AND DATE

            

    

    

    This
      Beneficiary Designation Form is valid until the participant notifies the bank
      in
      writing.

    

    

    

                                                                                                                           
   

    Executive                                                                                            DateEmployment Agreement

    EMPLOYMENT
      AGREEMENT

     

    THIS
      EMPLOYMENT AGREEMENT (“Agreement”),
      which expressly includes and references non-competition, non-solicitation and
      confidentiality provisions, is signed this 16th day of July, 2007 (the
“Agreement Date”), by and between Isle of Capri Casinos, Inc., a Delaware
      corporation and its subsidiary and affiliated companies (hereinafter referred
      to
      individually and collectively as the “Company”) and Virginia McDowell
      (“Employee”).

     

    WHEREAS,
      the Company desires to employ Employee, and Employee desires to perform services
      for, and be employed by, the Company.

     

    WHEREAS,
      as a condition of Employee's employment, the Company desires to receive from
      Employee covenants including, but not limited to, the following: (a) to refrain
      from carrying on or engaging in a business similar to that of the Company;
      (b)
      to refrain from soliciting Employees of the Company for employment elsewhere;
      and (c) to protect and maintain the confidentiality of the Company's trade
      secrets and any proprietary information.

     

    WHEREAS,
      the Company and Employee desire to set forth in writing the terms and conditions
      of their agreements and understandings with respect to Employee's employment
      at
      Company, as well as these covenants, and the parties expressly acknowledge
      that
      these covenants are a condition of Employee's employment.

     

    NOW,
      THEREFORE, in consideration of the mutual promises, covenants and conditions
      set
      forth in this Agreement, the Company and Employee agree as follows:

     

    1. Employment
      Date.
      This
      Agreement shall be effective upon the Employee’s commencement of providing
      services for the Company on July 30, 2007 (the “Employment Date”).

     

    2. Employment.

     

    (a) Term.
      The
      Company hereby employs Employee, and Employee accepts such employment and agrees
      to perform services for the Company for an initial period of one (1) year from
      and after the Employment Date (the “Initial Term”) and for successive one-year
      periods (the “Renewal Term(s)”), unless either: (i) the Company provides 90 days
      written notice prior to the expiration of the Initial Term or applicable Renewal
      Term, or (ii) the Agreement is terminated at an earlier date in accordance
      with
      Section 3 or Section 4 of this Agreement (the Initial Term and the Renewal
      Terms
      together referred to as the “Term of Employment”).

     

    (b) Service
      with Company.
      From
      and after the Employment Date during the term of this Agreement, Employee shall
      serve as the Company’s President and Chief Operating Officer. During the Term of
      Employment, Employee agrees to perform reasonable employment duties as the
      Board
      of Directors of the Company shall assign to her from time to time, with such
      duties and responsibilities as are customarily the duties and responsibilities
      of the President and Chief Operating Officer of companies such as the Company.
      Employee also agrees to serve, for any period for which she is elected, as
      an
      officer of the Company; provided, however, that Employee shall not be entitled
      to any additional compensation for serving as an officer of the Company.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (c) Performance
      of Duties.
      Employee agrees to serve the Company faithfully and to the best of her ability
      and to devote substantially all of her business time, attention and efforts
      to
      the business and affairs of the Company during the Term of Employment. The
      foregoing shall not preclude Employee from serving on charitable boards and
      engaging in other civic endeavors, so long as the same do not interfere with
      the
      performance of her duties.

     

    (d) Compensation.
      From
      and after the Employment Date and during the remaining Term of Employment,
      the
      Company shall pay to Employee as compensation for services to be rendered
      hereunder an aggregate base salary of $650,000.00 per year payable in equal
      monthly, or more frequent payments, subject to increases, if any, as may be
      determined by the Company (“Annual Base Salary”). Employee shall also be
      eligible to receive an annual cash bonus beginning with respect to the Company’s
      2008 fiscal year (prorated based on days of employment) based upon the
      achievement of objective performance targets that have been established by
      the
      Compensation Committee of the Board of Directors (the “Committee”), provided
      that the Employee’s minimum annual bonus for each year shall be equal to at
      least 60% of the Employee’s Annual Base Salary if the Employee meets the minimum
      targets set by the Committee. With respect to fiscal years subsequent to the
      2008 fiscal year, Employee shall be involved as a senior management executive
      in
      the establishment of objective performance targets. On the Agreement Date,
      the
      Employee shall receive a nonqualified option to purchase 250,000 shares of
      Company stock, subject to the terms of the Isle of Capri Casinos, Inc. 2000
      Long-Term Stock Incentive Plan and the terms set forth in this Agreement, 20%
      of
      which options shall vest on each of the first five (5) anniversaries of the
      Agreement Date; provided, however, that in no event shall any of such options
      vest in the event that the Employment Date does not occur for any reason. The
      exercise price of such options shall be $23.70 per share, representing the
      average between the high and low trading prices of the Company’s common stock on
      the date hereof. The Employee shall also be entitled to participate in the
      Isle
      of Capri Casinos, Inc. 2000 Long-Term Stock Incentive Plan and other stock
      option plans, if any, established by the Company (the “Company’s Stock Option
      Plans”), to the extent that similarly situated executives of the Company
      participate in such plans. In addition to the base salary, any bonuses, and
      participation in the Company’s Stock Option Plans as set forth above, Employee
      shall be entitled to participate in any employee benefit plans or programs
      of
      the Company as are or may be made generally available to employees of the
      Company and those made available to officers of the Company (it being understood
      that Employee shall first be eligible for the grant of additional stock options
      at the 2008 annual meeting of the Board of Directors). Employee shall be
      entitled to three weeks’ vacation per year. The Company will pay or reimburse
      Employee for all reasonable and necessary out-of-pocket expenses incurred by
      her
      in the performance of her duties under this Agreement, subject to the
      presentment of appropriate vouchers in accordance with the Company's policies
      for expense verification.

     

    (e) No
      Violation.
      Employee represents and warrants to the Company that the execution and delivery
      of this Agreement by Employee, and the carrying out of Employee’s duties on
      behalf of the Company as contemplated hereby, do not violate or conflict with
      the terms of any other agreements to which the Employee is or was a
      party.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    3. Termination.

     

    (a) The
      Term
      of Employment shall terminate prior to its expiration in the event that at
      any
      time during such term:

     

    
      	 	
              (i)

            	
              the
                Company delivers a notice of termination for “cause” to Employee. For
                purposes of this Section, “cause” shall mean any dishonesty, disloyalty or
                breach of corporate policies, in each case that is material to the
                ability
                of Employee to continue to function as an effective executive given
                the
                strict regulatory standards of the industry in which the Company
                does
                business; gross misconduct on the part of Employee in the performance
                of
                Employee's duties hereunder; a violation of Section 5 of this Agreement;
                or the failure to be licensed as a “key person” or similar role under the
                laws of any jurisdiction were the Company does business, or the loss
                of
                any such license for any reason. If Employee is terminated for cause
                (after the Company has given her 10 days’ advance written notice in the
                case of instances giving rise to the Company’s ability to terminate
                Employee’s employment for “cause” that are capable of being cured during
                such time period), there shall be no severance paid to Employee and
                her
                benefits shall terminate, except as may be provided by
                law.

            

    

    
      	
            	
              (ii)

            	
              the
                Company for any other reason terminates the Term of Employment, without
                “cause” as defined in this Section (including through non-renewal of the
                Agreement). For purposes of this Section, if Employee signs a Mutual
                and
                General Release in reasonable and typical form that is acceptable
                to the
                Company that releases the Company from any and all claims that Employee
                may have (and vice versa) and affirmatively agrees not to violate
                any of
                the provisions of Section 5 hereof (which shall not be expanded beyond
                what is set forth in Section 5), Employee shall be entitled to receive
                the
                severance payments and continued benefits described in this paragraph
                3(a)(ii); but if Employee fails to sign the form, Employee shall
                not be
                entitled to any continuing payments or benefits hereunder. Subject
                to the
                foregoing, if the Company terminates the Term of Employment without
                “cause,” then the Employee shall be entitled to continue to receive her
                Annual Base Salary (and shall receive any earned but unpaid portion
                of her
                bonus) payable in 12 monthly installments, the first six of which
                shall be
                payable in a lump sum on the first day following the six-month anniversary
                of the Employee’s termination date with the six remaining payments being
                made monthly thereafter and, to the extent legally permissible, Employee
                shall be entitled to continue to participate in the employee benefit
                

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
            	
               

            	
              programs
                for a period of 12 months from and after the Employee’s termination date;
                provided, however, that the salary continuation payments and such
                continued coverage under Company benefit programs shall end upon
                the
                Employee’s earlier employment by a new employer. Notwithstanding the
                foregoing, the Board of Directors may authorize that portion of the
                Annual
                Base Salary and earned but unpaid bonus payable in accordance with
                the
                foregoing provisions of this paragraph 3(a)(ii) that does not exceed
                an
                amount equal to two times the maximum amount that may be taken into
                account under a qualified plan pursuant to section 401(a)(17) of
                the
                Internal Revenue Code of 1986, as amended (the “Code”) for the year in
                which the Employee’s termination of employment occurs (the “409A Exempt
                Payment”) to be paid in a single lump sum to the Employee on the first
                payroll date following the Employee’s termination date; and the remaining
                Annual Base Salary and bonus (that is, the Annual Base Salary and
                bonus
                minus the 409A Exempt Payment paid to the Employee in single lump
                sum) to
                be paid to the Employee in 6 equal installments beginning on the
                six-month
                anniversary of the Employee’s termination date and ending on the one-year
                anniversary of the Employee’s termination date, or until new employment
                begins, whichever occurs first. In the event of termination without
                “cause” pursuant to this Section 3(a)(ii), any unvested stock options
                owned by Employee on the date of termination that would have vested
                had
                Employee remained employed under this Agreement for one year following
                the
                date of termination, shall vest and become exercisable as of the
                date of
                termination. As used in this Agreement, the term “earned but unpaid bonus”
                shall refer to the non-discretionary portion of the bonus to which
                Employee would have been entitled had she remained employed in her
                position for the remainder of the fiscal year of termination, prorated
                for
                the number of days during such year that Employee was employed by
                the
                Company.

            

                    
        

    

    
      	 	
              (iii)

            	
              Employee
                for any reason voluntarily terminates the Term of Employment. In
                said
                event, Employee shall not be entitled to any compensation and her
                benefits
                shall terminate, except as may be provided by law, from and after
                termination.

            

    

     

    
      	 	
              (iv)

            	
              However,
                if Employee voluntarily terminates the Term of Employment due to
                Retirement all stock options shall become fully vested and exercisable.
                The term “Retirement” shall mean the termination by Employee of her
                employment by reason of reaching the age of 65 or such later date
                approved
                by the Board of Directors.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	 	
              (v)

            	
              Employee
                dies or becomes “Disabled” (as defined below). In said event, Employee, or
                her estate, shall continue to receive her salary and shall receive
                any
                earned but unpaid bonus and, to the extent legally permissible, continue
                to participate in the employee benefit programs for a period of 12
                months
                from and after such termination or until new employment begins, which
                ever
                occurs first. Employee shall also be entitled to a lump sum payment
                equal
                to the average of the last 3 years bonus payments inclusive of deferred
                amounts. For purposes of this Agreement, “Disabled” means that the
                Employee is unable to engage in any substantial gainful activity
                by reason
                of any medically determinable physical or mental impairment that
                can be
                expected to result in death or can be expected to last for a continuous
                period of not less than 12 months, as determined in good faith by
                the
                Board of Directors of the Company.

            

    

     

    (b) Except
      as
      provided hereunder, the vesting of stock options shall be governed by the
      provisions of the Company's Stock Option Plans.

     

    4. Change
      In Control of the Company.
      If (i)
      there is a sale, acquisition, merger, or buyout of the Company to an
      unaffiliated person, or any person that is not an “affiliate” (as such term is
      defined under the Securities Exchange Act of 1934) of the Company or any of
      its
      shareholders on the Agreement Date becomes the legal and beneficial owner of
      more than 50% of the Company’s common stock (a “Change in Control”), and (ii)
      immediately prior to or within 12 months after such Change in Control, the
      Employee voluntarily terminates employment under Section 3(a)(iii) in
      circumstances where there has been a significant reduction in the authority,
      responsibilities, position or compensation of Employee or Employee has been
      required to move the location of her principal residence a distance of more
      than
      35 miles, and the Company has failed to remedy such situation within 30 days
      after receipt of Employee’s written notice thereof, then in lieu of the
      severance payments, if any, otherwise payable to the Employee under Section
      3 of
      the Agreement, Employee will be entitled to the following
      severance:

     

            (a) Two
      times
      Annual Base Salary payable in 24 monthly installments, the first six of which
      shall be made on the first day following the six-month anniversary of the
      Employee’s termination date with the 18 remaining payments being made monthly
      thereafter; plus a lump sum payment equal to the amount of any earned but unpaid
      bonus plus the average of the previous 3 years bonus payment, inclusive of
      deferred amounts, if any, which lump sum shall be paid to Employee on the first
      day following the six-month anniversary of the Employee’s termination date.
      Notwithstanding the foregoing, the Board of Directors may authorize that portion
      of the foregoing payments under this paragraph 4(a) that qualify as a 409A
      Exempt Payment (as defined in section 3(a)(ii)) to be paid in a single lump
      sum
      to the Employee on the first payroll date following the Employee’s termination
      date; and the remaining Annual Base Salary amounts to be paid to the Employee
      in
      18 equal installments beginning on the six-month anniversary of the Employee’s
      termination date and ending on the second anniversary of the Employee’s
      termination date, or until new employment begins, whichever occurs first; and
      the remaining bonus amount, if any, to be paid in a single lump sum on the
      six-month

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

      anniversary
        of the Employee’s termination date. Salary continuation shall terminate if and
        when Employee begins new employment during the period of salary continuation.
        

    

     

    (b) Health
      and welfare benefits shall be fully paid by the Company and run concurrently
      with salary continuation (but if such continued health benefits are taxable
      to
      the Employee, then such continued health benefits shall continue only during
      the
      period during which the Employee would have been eligible to continue such
      coverage under the Company’s health plan in accordance with section 4980B of the
      Code (“COBRA”), had the Employee elected such coverage and paid the applicable
      premium), without any gap in coverage.

     

    Upon
      the
      occurrence of a Change in Control, all stock options owned by Employee shall
      become fully vested and exercisable.

     

    5. Confidentiality,
      Non-Competition and Non-Solicitation.

     

    (a) The
      Company's Business.
      It is
      expressly agreed by the parties that the Company is engaged in the business
      of
      owning, managing and operating gaming and casino facilities in the states of
      Missouri, Mississippi, Iowa, Louisiana, Colorado, Florida, the United Kingdom
      and the Bahamas, is in the business of seeking new gaming properties in
      additional jurisdictions and is engaged in all aspects of such gaming and casino
      operations. Employee desires to be employed by the Company and acknowledges
      and
      agrees that the Company would be adversely affected if Employee competes with
      the Company during, and subsequent to, Employee's employment with the
      Company.

     

    (b) Trade
      Secrets and Confidential Information.
      The
      Company and Employee acknowledge the existence of trade secrets and other
      confidential information as defined below (collectively referred to as
“Confidential Information”), all of which are owned by the Company, regardless
      of whether such Confidential Information was conceived, originated, devised
      or
      supplemented by Employee, the Company, or any other person or entity. Employee
      acknowledges that she will have access to Confidential Information during her
      employment with the Company.

     

    Except
      as
      required by law, during the term of this Agreement and thereafter, Employee
      shall not, without the prior written consent of the Company, directly or
      indirectly disclose or disseminate to any other person, firm or organization,
      any Confidential Information other than on behalf of the Company. The foregoing
      obligation shall not apply to any Confidential Information that shall have
      become known to competitors of the Company or to the public other than through
      an act or omission by Employee or that shall have been disclosed to the Employee
      by a person or entity unaffiliated with the Company who has legitimate
      possession thereof in its entirety and possesses the unrestricted right to
      make
      such disclosure. Employee agrees to indemnify, defend and hold harmless the
      Company from and against any damages (including attorneys' fees, court costs,
      investigative costs and amounts paid in settlement) suffered by the Company
      or
      any of its Affiliates arising out of the unauthorized disclosure or use of
      Confidential Information by Employee.

     

    “Confidential
      Information” shall mean any data or information and documentation, whether in
      tangible form, electronic form or verbally disclosed, that is of material value
      to the 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Company
      and not known to the public or the Company’s competitors, and which the Company
      has kept confidential. To the fullest extent consistent with the foregoing
      and
      as otherwise lawful, Confidential Information shall include, without limitation,
      the Company's trade secrets, computer programs, sales techniques and reports,
      formulas, data processes, methods, articles of manufacture, machines, apparatus,
      designs, compositions of matter, products, improvements, inventions,
      discoveries, developmental or experimental work, corporate strategy, marketing
      techniques, pricing lists and data and other pricing information, business
      plans, ideas and opportunities, accounting and financial information including
      financial statements and projections, personnel records, specialized customer
      information, proprietary agreements with vendors, special products and services
      the Company may offer or provide to its customers/guests from time to time,
      pending acquisitions, negotiations and transactions, or the terms of existing
      proposed business arrangements. Confidential Information shall also include
      all
      customer lists, accounts and specifications, and contacts of the Company, and
      shall further include work in progress, plans or any other matter belonging
      to
      or relating to the technical or business activities of the Company.

     

    Employee,
      at the time of the effective date of the termination of the employment
      relationship with the Company, shall turn over to the Company all “Confidential
      Information” and any and all copies thereof in her possession regardless of who
      provided Employee with such information. Should Employee be legally served
      with
      a lawfully issued subpoena expressly directing Employee to turn over the
      Company's Confidential Information, Employee shall immediately, and certainly
      no
      later than five (5) days after notice, advise the Company in writing of the
      subpoena and also provide a copy of the subpoena to the Company, at its lawful
      address as stated in this Agreement, thereby providing the Company with adequate
      time to lawfully object to the disclosure of its Confidential Information.
      Employee's failure to immediately advise the Company of the subpoena shall
      subject Employee to any and all remedies afforded to the Company, including,
      but
      not limited to, damages resulting to the Company for breach of
      contract.

     

    Employee
      agrees that all such Confidential Information is, and shall remain, the sole
      and
      exclusive property of the Company and Employee further agrees that during and
      after the term of her employment with the Company, Employee will not publish,
      disclose, communicate or otherwise disseminate to any entity and/or person
      any
      Confidential Information. Employee acknowledges and agrees that such
      Confidential Information is of critical importance to the Company and its
      business, and any unauthorized dissemination of such information would cause
      great harm to the Company, thereby entitling the Company to any and all rights
      and remedies as provided by law, and as specifically provided in Section 6
      of
      this Agreement.

     

    Employee
      hereby assigns and agrees to assign to the Company any invention, improvement,
      or discovery made by her, alone or jointly with others, during the term of
      her
      employment, including any period of authorized leave of absence, or as a result
      of her employment, and which in any way relates to, or may be useful in, the
      business of the Company, together with each patent that may be obtained thereon
      in any country. Employee will promptly and fully disclose to the Company any
      such invention, improvement or discovery and, without further consideration,
      will upon request by the Company execute all proper papers for use in applying
      for, obtaining and maintaining any United States or foreign patent and all
      proper assignments thereof, at the Company's expense and through its Patent
      Counsel. Each such 

     

    
      
         

      

      
         

        
          

        

      

      
         
invention,
        improvement or discovery, whether or not patented, shall be the exclusive
        property of the Company.

    

     

    (c) Restrictions
      on Competition.
      In
      exchange for consideration of employment, and in consideration for Employee
      receiving and being given access to confidential business information,
      including, but not limited to trade secrets, customer and supplier contacts
      and
      relationships, goodwill, loyalty and other information, and as a condition
      of
      employment of Employee by the Company, during the term of Employee's employment
      with the Company, and for a period of one (1) year after the voluntary or
      involuntary termination of Employee's employment with the Company for any reason
      whatsoever (other than the termination of Employee’s employment by the Company
      other than for “cause” as set forth in Section 3(a)(ii) above), Employee will
      (a) refrain from carrying on or engaging in the casino or gaming business (as
      defined in Section 5(a)), or, without the written consent of the Company (which
      shall not be unreasonably withheld), the hotel or restaurant business, in any
      case either directly or indirectly, either individually or jointly or on behalf
      of or in concert with any other person, as a proprietor, partner, shareholder,
      investor (other than in less than 5% of any class of securities of any publicly
      traded company), lender, financial backer, director, officer, employee, agent,
      advisor, consultant or manager, or in any other capacity or manner whatsoever,
      (b) refrain from soliciting Employees of the Company, and (c) protect and
      maintain the confidentiality of trade secrets and any and all confidential
      and
      proprietary information. Provisions (a) through (c) of this section apply to
      any
      gaming operation or gaming facility within a 75-mile radius of (A) any gaming
      operation or gaming facility owned (in whole or in part) by the Company or
      with
      respect to which the Company renders or proposes to render consulting or
      management services, in each case on the date hereof or on the date of
      termination of employment, or (B) any of the foregoing as to which the Company
      has taken any substantive step toward owning (in whole or in part) or managing
      such facility in the future.

     

    (d) Non-Solicitation
      of Employees.
      In
      exchange for consideration of employment, and in consideration for Employee
      receiving and being given access to confidential business information,
      including, but not limited to trade secrets, customer and supplier contacts
      and
      relationships, goodwill, loyalty and other information, and as a condition
      of
      employment of Employee by the Company, during the term of Employee's employment
      with the Company, Employee shall not, without the prior written consent of
      the
      Company, either directly or indirectly, either individually or jointly or on
      behalf of or in concert with any other person, as a proprietor, partner,
      shareholder, investor (other than in less than 5% of any class of securities
      of
      any publicly traded company), lender, financial backer, director, officer,
      employee, agent, advisor, consultant or manager, or in any other capacity or
      manner whatsoever, solicit for hire, enter into any contract or other
      arrangement with, or interfere with, disrupt or attempt to interfere with or
      disrupt the Company's relationships with, any person, who, as of the date of
      termination of Employee's employment, is employed by the Company. This provision
      will apply in the geographic areas covered in Section 5(c), and with respect
      to
      any sales office, regional office or the corporate headquarters of the Company,
      for one (1) year after the voluntary or involuntary termination of Employee's
      employment with the Company for any reason.

     

    (e) Reasonable
      Terms.
      Employee agrees that the geographic areas, duration and scope of activities
      outlined in this Agreement are reasonable under the circumstances. Employee
      further agrees that such terms are no broader than necessary to protect the
      Company's 

     

    
      
         

      

      
         

        
          

        

      

      
         
business
        and maintain the confidentiality of the Confidential Information. Employee
        further agrees that the terms of this Agreement are not oppressive and will
        not
        impose an unreasonable burden or restraint on Employee.

    

     

    6. Miscellaneous.

     

    (a) Successors
      and Assigns.
      This
      Agreement is binding on and inures to the benefit of the Company's successors
      and assigns. The Company may assign this Agreement in connection with a merger,
      consolidation, assignment, sale or other disposition of substantially all of
      its
      assets or business (subject to the provisions of Section 4). This Agreement
      may
      not be assigned by Employee.

     

    (b) Modification,
      Waivers.
      This
      Agreement may be modified or amended only by a writing signed by an authorized
      representative of the Company, and Employee. The Company's failure, or delay
      in
      exercising any right, or partial exercise of any right, will not waive any
      provision of this Agreement or preclude the Company from otherwise or further
      exercising any rights or remedies hereunder, or any other rights or remedies
      granted by any law or any related document.

     

    (c) Governing
      Law, Arbitration.
      The
      laws of Missouri will govern the validity, construction, and performance of
      this
      Agreement without regard to the location of execution or performance of this
      Agreement. Any controversy or claim arising out of or relating to this
      Agreement, or the breach thereof, shall be settled by binding arbitration
      administered by the American Arbitration Association under its Commercial
      Arbitration Rules, and judgment on the award rendered by the arbitrator(s)
      may
      be entered in any court having jurisdiction thereof. Both the Company and
      Employee hereby consent to this binding arbitration provision.

     

             
(d) Remedies.
      Employee expressly acknowledges and the parties recognize that the restrictions
      contained herein are reasonable and necessary to protect the business and
      interests of the Company, and that any violation of these restrictions will
      cause substantial irreparable injury and damage to the Company, and the extent
      of such damage would be difficult if not impossible to calculate. Accordingly,
      the parties to this Agreement expressly agree that (i) if Employee breaches
      any
      provision of this Agreement, the damage to the Company may be substantial,
      although difficult to ascertain, and monetary damages may not afford an adequate
      remedy, and (ii) if Employee is in breach of any provision of this Agreement,
      or
      threatens a breach of this Agreement, the Company shall be entitled, in addition
      to all other rights and remedies as may be provided by law, to seek specific
      performance and injunctive and other equitable relief, including, but not
      limited to, restraining orders and preliminary and permanent injunctions, to
      enforce the provisions of this Agreement, particularly those provisions
      governing noncompetition, nonsolicitation and confidentiality, contained in
      this
      Agreement, as well as to prevent or restrain a breach of any provisions of
      this
      Agreement. The parties expressly agree that the Company has these specific
      and
      express rights to injunctive relief without posting any bond that might be
      requested or required, and without the necessity of proving irreparable injury,
      and that Employee expressly agrees not to claim in any such equitable
      proceedings that a remedy at law is available to the Company. The existence
      of
      any claim or cause of action by Employee, whether predicated on this Agreement
      or otherwise, shall not constitute a defense to the enforcement by the Company
      or any of its Affiliates of any provision hereof. The parties to this

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Agreement
      also expressly agree that the Company is entitled to recover any and all damages
      for any losses sustained, and rights of which it has been deprived, as well
      as
      any damages allowed by law.

     

    (e) If
      any
      proceeding is brought for the enforcement of this Agreement, or because of
      an
      alleged dispute, breach or default in connection with any of the provisions
      of
      this Agreement, the successful or prevailing party or parties shall be entitled
      to recover reasonable attorney's fees and other costs incurred in that
      proceeding, in addition to any other relief to which it may be entitled. All
      of
      the Company's remedies for breach of this Agreement shall be cumulative and
      the
      pursuit of one remedy shall not be deemed to exclude any other
      remedies.

     

    (f) Captions.
      The
      headings in this Agreement are for convenience only and do not affect the
      interpretation of this Agreement.

     

    (g) Severability.
      To the
      extent any provision of this Agreement shall be invalid or enforceable with
      respect to Employee, it shall be considered deleted herefrom with respect to
      Employee and the remainder of such provision and this Agreement shall be
      unaffected and shall continue in full force and effect. In furtherance to and
      not in limitation of the foregoing, should the duration or geographical extent
      of, or business activities covered by, any provision of this Agreement be in
      excess of that which is valid and enforceable under applicable law with respect
      to Employee, then such provision shall be construed to cover only that duration,
      extent or activities which are validly and enforceably covered with respect
      to
      Employee. Employee acknowledges the uncertainty of the law in this respect
      and
      expressly stipulates that this Agreement be given the construction which renders
      its provisions valid and enforceable to the maximum extent (not exceeding its
      expressed terms) possible under applicable laws.

     

    (h) Entire
      Agreement.
      This
      Agreement contains the entire agreement and understanding by and between the
      Company and Employee, and supersedes all previous and contemporaneous oral
      negotiations, commitments, writings and understandings between the parties
      concerning the matters herein or therein, including without limitation, any
      policy of personnel manuals of the Company to the extent any provisions herein
      are inconsistent therewith. No change to this Agreement shall be valid or
      binding unless it is in writing and signed by the parties.

     

    (i) Indemnification.
      The
      Company shall indemnify Employee and hold Employee harmless to the full extent
      permitted by Section 145 of the Delaware General Corporation Law from and
      against any and all claims, liabilities and losses she may suffer arising in
      connection with her employment as an officer of the Company as set forth herein,
      subject to the exceptions set forth in the Delaware General Corporation Law.
      The
      agreement of the Company set forth in this Section 6(i) shall survive the
      termination of this Agreement.

     

    (j) Notices.
      All
      notices and other communications required or permitted under this Agreement
      shall be in writing and sent by registered first-class mail, postage prepaid,
      and shall be deemed delivered upon hand delivery or upon mailing (postage
      prepaid and by registered or certified mail) to the following
      address:

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

      If
        to the
        Company, to:

       

      Isle
        of
        Capri Casinos, Inc. 

      600
        Emerson Road

      Suite
        300

      St.
        Louis, MO 63141

       

      Attention:
        Chairman, CEO and General Counsel

       

      With
        a
        copy to:

       

      Paul
        Theiss

      Mayer,
        Brown, Rowe & Maw LLP

      71
        S.
        Wacker Drive

      Chicago,
        IL 60606

      

      If
        to the
        Employee, to:

       

      Virginia
        McDowell

      101
        Shady
        Valley Drive

      Chesterfield,
        MO 63017

      

      With
        a
        copy to:

       

      John
        Donnelly

      Levine,
        Staller, Sklar, Chan, Brown & Donnelly, P.A.

      3030
        Atlantic Avenue

      Atlantic
        City, NJ 08401

      

      These
        addresses may be changed at any time by like notice.

       

      (k) Independent
        Review and Advice.
        Employee represents and warrants that Employee has carefully read this
        Agreement; that Employee executes this Agreement with full knowledge of the
        contents of this Agreement, the legal consequences thereof, and any and all
        rights which each party may have with respect to each other; that Employee
        has
        had the opportunity to receive independent legal advice with respect to the
        matters set forth in this Agreement and with respect to the rights and asserted
        rights arising out of such matters, and that Employee is entering into this
        Agreement of the Employee's own free will. Employee expressly agrees that
        there
        are no expectations contrary to the Agreement and no usage of trade or regular
        practice in the industry shall be used to modify the Agreement.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    IN
      WITNESS WHEREOF, each party has caused this Agreement to be executed in a manner
      appropriate for such party as of the date first above written.

     

     

    ISLE
      OF CAPRI CASINOS, INC. 

     

    By:___________________________

     

     

    EMPLOYEE

     

    /s/VIRGINIA
      MCDOWELL________

     

    VIRGINIA
      MCDOWELL

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00126-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00126-of-00352.parquet"}]]