Document:

EX-10.19

 Exhibit 10.19 

CAESARS ENTERTAINMENT CORPORATION AMENDED AND RESTATED 

ESCROW AGREEMENT 

THIS CAESARS ENTERTAINMENT CORPORATION AMENDED AND RESTATED ESCROW AGREEMENT (the “Escrow Agreement”) is made by and between Caesars
Entertainment Corporation (formerly known as The Promus Companies Incorporated, a Delaware corporation, and Harrah’s Entertainment, Inc., the “Company”) and Wells Fargo Bank N.A., successor by merger to Wells Fargo Bank Minnesota,
N.A. (the “Escrow Agent”). 
 WHEREAS, the Company historically has maintained (and currently does maintain) the following five
nonqualified deferred compensation plans (the “Deferred Compensation Plans”): (i) the Park Place Entertainment Corporation’s Executive Deferred Compensation Plan (the “CEDCP”); (ii) the Harrah’s Entertainment, Inc.
Deferred Compensation Plan (the “DCP”); (iii) the Harrah’s Entertainment, Inc. Executive Deferred Compensation Plan (the “EDCP”); (iv) the Harrah’s Entertainment, Inc. Executive Supplemental Savings Plan (the
“ESSP”, aka Caesars Entertainment Corporation Executive Supplemental Savings Plan); and (v) the Harrah’s Entertainment, Inc. Executive Supplemental Savings Plan II (the “ESSP II”, aka Caesars Entertainment Corporation
Executive Supplemental Savings Plan II, together with the ESSP, the “ESSPs”));  
 WHEREAS, the Company previously
established an Escrow Fund (as hereinafter defined) pursuant to an escrow agreement dated February 8, 1990 for which Sovran Bank was the escrow agent (the “Initial Escrow Agreement”) and the Company made contributions to the Escrow
Fund pursuant to the Initial Escrow Agreement to provide a source of funds to assist the Company in meeting its obligations under the EDCP, certain of its obligations under the DCP and certain obligations under individual retirement and severance
agreements; 
 WHEREAS, the Initial Escrow Agreement was amended from time to time and, on or about August 31, 2000, Wells Fargo Bank
Minnesota, N.A. was appointed as the Escrow Agent under the Initial Escrow Agreement and accepted such appointment; 
 WHEREAS, all
obligations under the individual retirement and severance agreements that were previously covered by the Initial Escrow Agreement, in each case, have been fully satisfied; 

WHEREAS, the Deferred Compensation Plans are currently frozen to new participants and new deferrals; 

WHEREAS, the Company is also a party to a Trust Agreement, most recently amended as of the Effective Date (as defined below), for which Wells
Fargo Bank, N.A. is the Trustee (the “Trust Agreement”), and the Company made contributions pursuant to the Trust Agreement to provide a source of funds to assist the Company in meeting its obligations under the CEDCP, the ESSPs and the
portion of the DCP that was not subject to funding through the Escrow Agreement; 
 WHEREAS, Caesars Entertainment Operating Company, Inc.
(“CEOC”, f/k/a Harrah’s Operating Company, Inc.), a Delaware corporation and a wholly-owned subsidiary of the Company, voluntarily filed for reorganization under Chapter 11 of the United States Bankruptcy Code on January 15,
2015; 
 WHEREAS, a settlement agreement (the “Settlement Agreement”), dated as of September 14, 2016, by and among CEOC and
the Company, concerning the treatment of the assets and liabilities associated with the Deferred Compensation Plans, has been approved by the United States Bankruptcy Court for the Northern District of Illinois in Chicago; 

 WHEREAS, the Settlement Agreement provides, among other things, that the Company shall assume all
liabilities under or with respect to the Deferred Compensation Plans, that CEOC shall have no liabilities under or with respect to the Deferred Compensation Plans (or to any Deferred Compensation Plan Participants), that the Company shall be the
sole owner of the Escrow Fund, and that the Initial Escrow Agreement shall be amended to give effect to the Settlement Agreement; 

WHEREAS, the Company and the Escrow Agent wish to amend and restate the Initial Escrow Agreement as contemplated by the Settlement Agreement
into this Escrow Agreement and, as part of such amendment and restatement, to make certain other clarifying and conforming changes, which Escrow Agreement shall hereinafter be known as “Caesars Entertainment Corporation Amended and Restated
Escrow Agreement”; and 
 WHEREAS, it is the continued intent of the parties that this Escrow Agreement shall be treated as if it were
a grantor trust under the Internal Revenue Code of 1986, as amended, and, accordingly, it is intended and expressly recognized that the income, deduction, and credits associated with the assets transferred to the Escrow Agent shall be passed through
to the Company and shall be included in computing the Company’s taxable income. 
 NOW, THEREFORE, in consideration of the mutual
agreements contained herein and for other good and valuable consideration, the parties amend and restate the Escrow Agreement in its entirety effective as of the Plan Effective Date (as defined in the Settlement Agreement, the “Effective
Date”), as follows: 
 ARTICLE I 

THE PLAN 
 SECTION
1.1 Plans Subject to the Escrow Agreement. The EDCP and the DCP (as each may be amended from time to time) shall be subject to this Escrow Agreement from and after the Effective Date (and shall be referred to herein as the
“Plans”). 
 SECTION 1.2 Participants. The Participants under this Escrow Agreement are all individuals who have an account
balance under the EDCP as of the Effective Date. For purposes of this Escrow Agreement, the beneficiary of any Participant who dies shall be deemed a Participant under this Escrow Agreement to the extent such beneficiary is entitled to the
then-accrued benefits under a Plan. 
 ARTICLE II 

ESCROW AND ESCROW FUND 

SECTION 2.1 Escrow. 

(a)    The current balance of the Escrow Fund (as defined in Section 2.2), together with any
subsequent contributions made or to be made by the Company, constitute the entire Escrow Fund to be held, administered and disposed of by the Escrow Agent in accordance with the terms of the Plans and as provided in this Escrow Agreement. The Escrow
Fund (and any earnings thereon) shall be held separate and apart from other funds of the Company and shall be used exclusively for the uses and purposes of the Plan participants and will be subject to the claims of the Company’s general
creditors as herein set forth. 

  
 2 

 (b)    Without limiting the generality of the foregoing, the
Company shall make payments or contributions to the Escrow Agent equal in value to any additional amount which is determined at the end of each calendar year, or at more frequent times as may be determined by the Company, by an actuary or certified
public accountant selected by the Company to be necessary or sufficient to provide for or otherwise assure the payment of benefits then accrued, payable, or to be payable under the Plans based on deferrals up to that point in time, which payment or
contribution may be cash and/or property including life insurance policies (which shall then be included under the defined term “Life Insurance Policies” hereunder) and shall be made as promptly as practicable after the end of each
calendar year or such other more frequent times as determined by the Company. 
 (c)    The Company may,
at any time or from time to time, deposit into escrow additional monies to pay premiums on specific Life Insurance Policies designated by the Company and to pay interest on any policy loans which interest is incurred and payable during the first
seven years of any such policy. Upon the occurrence of such deposit, the Escrow Fund shall be deemed enlarged so that the Escrow Fund will thereafter be maintained at a level to pay accrued benefits to the Participants under the Plans based on
deferrals to that point in time and also to pay premiums on the designated policies and to pay interest on such policy loans. 

(d)    If at any time or from time to time a certified public accountant or actuary selected by the Company
determines that the then present value of the Escrow Fund (including, but not limited to, the cash surrender value of any Life Insurance Policies and any proceeds from Life Insurance Policies), using an annual discount rate equal to the
Company’s then-current long term annual borrowing rate, is larger than necessary to pay benefits then accrued, payable, or to be payable under the Plans based on deferrals up to that point in time, and to pay policy premiums and make interest
payments on policy loans if the Company shall have made a deposit under Section 2.1(c), then the Escrow Agent shall forthwith transfer, deliver, and assign to the Company such funds or property (including, but not limited to, any proceeds from
Life Insurance Policies or Life Insurance Policies themselves) as may be specified in a written instruction to the Escrow Agent from the Company so that the Escrow Fund is not overfunded. Said written instruction shall be in the form of a letter
signed by the Controller or Assistant Controller of the Company and shall be accompanied by an affidavit of the Controller or Assistant Controller, which shall state to the effect that, based on the opinion of the aforesaid actuary or certified
public accountant selected by the Company, after the delivery of such funds or property to the Company, the Escrow Fund will not be underfunded or overfunded (i) for purposes of paying accrued benefits under the Plans (assuming that payment of
such benefits were to commence as of the date of the letter or within 10 days thereof) to Participants when such benefits become due and payable based on deferrals up to the end of the month prior to the date of said written instruction and
(ii) for purposes of Section 2.1(c) if the Company shall have made a deposit under Section 2.1(c). Upon receipt of the foregoing written instruction, the Escrow Agent shall forthwith deliver, transfer, and assign to the Company the
funds and/or property (including but not limited to any Life Insurance Policies together with all incidents of ownership relating thereto) specified in the written instruction. 

(e)    Any actuary or certified public accountant that provides an opinion or advice in connection with
this Escrow Agreement shall have discretion to use such assumptions as he or she deems reasonably appropriate in providing any opinions or advice. In addition, any 

  
 3 

 
such opinion or advice may be based upon reasonable estimates or may use estimated numbers or projections which are deemed reasonable. Notwithstanding the foregoing, any actuary or certified
public accountant that provides an opinion or advice in connection with the funding requirements of this Escrow Agreement shall assume, for purposes of calculating EDCP benefits, that all participants in the EDCP (other than those who have already
terminated and are receiving the rate described in the EDCP (the “Termination Rate”) will be entitled to their Retirement Account (as such term is defined in the EDCP) balances as of the date of the calculation. Notwithstanding anything in
this Escrow Agreement to the contrary, for the purpose of funding EDCP accounts, this Escrow Agreement shall be deemed sufficiently funded at any point in time if the Escrow Fund has sufficient assets at that time to pay the total amount of all EDCP
account balances (the Retirement Rate balances) plus the Termination Rate balances of terminated employees who are receiving the Termination Rate; provided, however, that immediately prior to a Change in Control (as this term is defined in the
EDCP), the Company shall calculate and increase the funding of the Escrow Fund, if necessary, so that the present value of all EDCP accounts will, prior to the Change in Control, be fully funded based on the following required assumptions: 

(i)    All EDCP Participants will receive the applicable Retirement Rate for their EDCP accounts (except
for those who have terminated employment and are receiving the Termination Rate in which case it will be assumed that they continue to receive this rate). 

(ii)    Distribution of Participants’ accounts (in addition to those already in distribution) will
commence three years after the Change in Control or age 55 if earlier based on the assumption Participants will terminate employment at that time. 

(iii)    Distributions will occur according to the payment schedules elected by Participants in their
deferral participation agreements. 
 (iv)    The discount rate used at the time this funding is
calculated to determine any increase in funding will be the Ten Year Treasury Note Rate on the business day before the funding amount is calculated minus 1%. The Ten Year Treasury Note Rate will be the rate shown in the Credit Markets Column of The
Wall Street Journal under “Treasury 10+ yr” or if no longer so published, in another publication or report that provides this rate. 

The Company may rely on the opinion of any actuary, a certified public accountant, or an investment adviser in making this
calculation. If there is any disagreement concerning these calculations including the Ten Year Treasury Note Rate, a consultant as identified by the Company’s Chief Executive Officer will make the final decision. Nothing herein will prevent the
Company from providing additional funding if the Company decides additional funding at any time is appropriate to fully fund the Escrow Fund and nothing herein will negate the requirement for funding DCP accounts of EDCP Participants at their
account balances or funding other obligations required to be funded pursuant to this Escrow Agreement. Any such accountant or actuary shall have no liability to the Company, the Escrow Agent, or any Participant or beneficiary if such assumptions,
projections, or estimates are subsequently held erroneous (other than by reason of fraud or intentional miscalculation). 

  
 4 

 SECTION 2.2 Escrow Fund. 

(a)    As used herein, the term “Escrow Fund” shall mean all assets of any type held by the
Escrow Agent under this Escrow Agreement from time to time. Subject to the provisions of Section 2.1, the Escrow Fund shall be held, invested and reinvested by the Escrow Agent only in accordance with this Section 2.2. The Escrow Agent
shall use the Escrow Fund to pay benefits and amounts payable to the Participants under the Plans when due if and to the extent that such benefits are not paid by the Company. For this purpose, the Escrow Agent shall, to the extent necessary to pay
unpaid benefits, cancel any or all of the Life Insurance Policies and obtain and use the cash surrender value thereof to pay such benefits, provided, however, the Escrow Agent shall first give the Company 10 business days prior written notice
specifying which policy or policies will be cancelled. Such policies shall then not be cancelled if the Controller or Assistant Controller of the Company or any Vice President of the Company informs the Escrow Agent during the 10 day notice period
that such benefits have been paid. The Escrow Agent shall use its good faith efforts to invest or reinvest from time to time all, or such part, of any cash in the Escrow Fund as it believes prudent under the circumstances (taking into account, among
other things, anticipated cash requirements for the potential payment of amounts due under the Plans as provided in Section 3.1 hereof and any other amounts payable under this Escrow Agreement) in either one or a combination of the following
investments: 
 (i)    investments in direct obligations of the United States of America or agencies of
the United States of America or obligations unconditionally and fully guaranteed as to principal and interest by the United States of America, in each case maturing within one year or less from the date of acquisition; or 

(ii)    investments in negotiable certificates of deposit issued by a commercial bank organized and
existing under the laws of the United States of America or any state thereof having a combined capital and surplus of at least $500 million; 

(iii)    investments in guaranteed funding agreements of insurance companies having total assets in excess
of $2 billion, provided such investments shall have withdrawal provisions appropriate for paying benefits to Participants when due and other payments required under this Escrow Agreement; or 

(iv)    investments in money market funds, including, but not necessarily limited to, the money market fund
maintained by the Escrow Agent, provided, however, that the Escrow Agent shall not be liable for any failure to maximize the income earned on that portion of the Escrow Fund as is from time to time invested or reinvested as set forth above, nor for
any loss of income due to liquidation of any investment which the Escrow Agent, in its sole discretion, believes necessary to make any payments or to reimburse expenses under the terms of this Escrow Agreement. 

The Escrow Agent shall be named as the owner and beneficiary of the Life Insurance Policies and, subject to
Section 2.2(a), shall have the right to cancel such policies and receive the cash surrender value, and shall further have the right to borrow against cash policies. If any policy is reassigned back to the Company, the Company shall then be the
owner and beneficiary thereof. If the Company makes a deposit under Section 2.1(c) for the purpose of paying premiums and interest on 

  
 5 

 
policy loans with respect to any specified Life Insurance Policies in escrow, then the Escrow Agent shall pay the premiums due on such policies as may be necessary or appropriate to keep the
policies in force. If the Escrow Agent borrows against such policies, it will engage in such borrowing and will pay interest on loans in a manner that assures that interest payable on policy loans will be deductible by the Company for Federal income
tax purposes to the extent that such interest would otherwise be deductible to the Company under the law in effect at such time if the Company was the owner and beneficiary of such policies. If the Company makes a deposit under Section 2.1(c),
the Escrow Agent may borrow from the Life Insurance Policies to pay premiums so long as the interest on such loans is deductible by the Company for Federal income tax purposes. The Escrow Agent shall inform the Company of the need to borrow on such
policies (without limiting the Company’s right to direct such borrowings) and the Company shall advise the Escrow Agent as to whether the interest to be paid on such loans will be deductible. 

(b)    Except as hereinafter provided, all net interest and other net income credited on the investments of
the Escrow Fund, to the extent not necessary to provide for any payments or expenses required or contemplated by this Escrow Agreement, shall be the property of the Company and shall not constitute a part of the Escrow Fund. Such net interest and
other net income credited as of the end of any calendar quarter shall be paid over to the Company by the Escrow Agent as promptly as practicable, or, at the option of the Company exercisable by delivering written notice to the Escrow Agent, shall be
contributed to the Escrow Fund and applied towards the Company’s obligation, pursuant to Section 2.1(b) hereof, to deliver further amounts to the Escrow Fund. 

Notwithstanding anything herein to the contrary, the Company’s Chief Executive Officer and Chief Financial Officer,
jointly, shall have authority to direct the Escrow Agent in writing, from time to time, to borrow from any Life Insurance Policies in the Escrow Fund and use the funds received from such borrowing to purchase other life insurance policies, including
variable insurance or annuity contracts, as may be directed in writing by the Company’s Chief Executive Officer and Chief Financial Officer, jointly, which other insurance policies shall be assets of the Escrow Fund subject to the terms and
provisions of this Escrow Agreement, as amended. The Escrow Agent shall act only as an administrative agent in carrying out directed investment transactions in accordance with this paragraph and shall not be responsible for the investment decision.
If a directed investment transaction violates any duty to diversify, to maintain liquidity or to meet any other investment standard or other requirement under this Escrow Agreement or applicable law, the entire responsibility shall rest upon the
Company. The Escrow Agent shall be fully protected in acting upon or complying with any restrictions or directions provided in accordance with this paragraph. 

(c)    All losses of income or principal in respect of, and expenses (including, as provided in
Section 4.1(g) hereof, any expenses of the Escrow Agent) charged against the Escrow Fund shall be for the account of the Company and the Company shall be obligated to promptly reimburse the Escrow Fund for any loss in principal amount of, or
expense charged against, the Escrow Fund. 
 (d)    The Company’s Human Resources Committee of the
Company’s Board of Directors may appoint an Investment Committee consisting of four corporate officers of the Company (the “EDCP Committee”). Notwithstanding anything herein to the contrary, the

  
 6 

 
EDCP Committee shall, by majority vote which may include action by a majority of such Committee members acting by written consent, have authority to determine investment guidelines and procedures
and to select and approve the various investments of any assets held in the Escrow Fund including cash and any assets or investments contained within or held under insurance policies in the Escrow Fund. The Escrow Agent may rely upon a letter from
the Secretary or Assistant Secretary of the Company or another designee that reports any decision made by the EDCP Committee, and the Escrow Agent agrees to carry out such decision as soon as reasonably practicable after receipt of any such letter.
The Escrow Agent and the Company may designate the Company’s Controller or another designee to deal directly with any insurance carriers for purposes of implementing these investment decisions. All such investments shall be held by the Escrow
Agent pursuant to this Escrow Agreement and subject to the terms hereof, as amended. 
 The Escrow Agent shall act only as an
administrative agent in carrying out directed investment transactions in accordance with this paragraph and shall not be responsible for any investment decision. If a directed investment transaction violates any duty to diversify, to maintain
liquidity or to meet any other investment standard or other requirement under this Escrow Agreement or applicable law, the entire responsibility shall rest upon the Company. The Escrow Agent shall be fully protected in acting upon or complying with
any restrictions or directions provided in accordance with this paragraph. 
 ARTICLE III 

RELEASE OF ESCROW FUND 

SECTION 3.1 Deliveries to Participants. The Escrow Agent shall hold the Escrow Fund in its possession under the provisions of this
Escrow Agreement until authorized to deliver the Escrow Fund or any specified portion thereof as follows: 

(a)    If the Company does not make any payments under the Plans when due, the Escrow Agent shall deliver
to individual Participants from the Escrow Fund the amounts that are payable to the Participants, at such times as such amounts become payable in accordance with the terms of the Plans. The Escrow Agent is authorized to comply with such terms as may
be reasonably explained by the Company in writing. The Company will inform the Escrow Agent in writing from time to time as to the timing and amounts of payments due under the Plans. If the Company does not instruct the Escrow Agent as to amounts of
payments due under the Plans or if the Escrow Agent reasonably deems such instructions to be erroneous or improper, then the Escrow Agent is authorized to take such steps as it deems necessary to determine the correct amounts and payments.
Notwithstanding anything in this Escrow Agreement to the contrary, the Company’s Chief Executive Officer and Chief Financial Officer, jointly, shall have authority to direct the Escrow Agent in writing, from time to time (the “Payment
Notice”), to pay directly to any Participant (or beneficiary if the Participant is deceased) who is entitled to a payment under the Plans such amount as may be directed in the Payment Notice for purposes of satisfying accrued benefits under any
of the Plans, including but not limited to benefits payable by reason of a Participant’s or beneficiary’s exercise of a call provision under the Plans, and the Escrow Agent shall utilize for such payment such funds or investments in
escrow, including but not limited to, cash and/or the cash surrender value of any insurance policies or contracts, as may be directed in the Payment Notice which may include directions to cash in a policy or borrow against a policy to obtain the
funds for the benefit payments. Such payment shall be made by the 

  
 7 

 
Escrow Agent as soon as practicable. The Escrow Agent shall act only as an administrative agent and carry out the directions in the Payment Notice in accordance with this paragraph and shall not
be responsible for the payment decision. If any Payment Notice violates any duty or other requirement under this Escrow Agreement or applicable law, the entire responsibility shall rest upon the Company. The Escrow Agent shall be fully protected in
acting upon or complying with any restrictions or directions provided in the Payment Notice in accordance with this paragraph. 

(b)    In the event a Participant reasonably believes that he or she has not received timely payment
of any amount or benefit payable to such participant from the Escrow Fund in respect of a Plan, the Participant shall be entitled to deliver to the Escrow Agent written notice (the “Participant’s Notice”) setting forth payment
instructions for the amount or benefit the Participant believes is due under a Plan. The Escrow Agent shall deliver a copy of the Participant’s Notice to the Company within 10 business days of receipt thereof. If the Company does not deliver
written notice to the Escrow Agent objecting to the payment instructions contained in the Participant’s Notice within 10 business days of receipt thereof from the Escrow Agent, the Escrow
Agent shall make the payment set forth in the Participant’s Notice. If it is necessary to cancel any Life Insurance Policies for this purpose, the Escrow Agent shall follow the 10 day notice procedure set forth in Section 2.2(a) hereof
regarding the cancellation of Life Insurance Policies. If the Company delivers timely written notice to the Escrow Agent objecting to the payment to the Participant requested in the Participant’s Notice, which notice shall be delivered by the
Escrow Agent to the Participant within 5 business days of receipt thereof, the Escrow Agent shall be obligated to make the payment or provide the benefit set forth in the Participant’s Notice unless the Company objects on the grounds that the
payment has already been made, in which event the procedures at the end of this Section 3.1(b) shall apply. If the Company objects on the grounds that the requested payment has already been made, the Escrow Agent shall not make the payment upon
confirming that the payment has already been made. If the Escrow Agent does not, after due inquiry and investigation, confirm that such payment or payments have been made, then the Escrow Agent shall make the requested payment or payments. 

(c)    To the extent that the Company from time to time makes payments under the Plans, the Escrow Agent
shall upon request of the Company, using the Escrow Fund, promptly reimburse the Company for any such payment, together with interest as provided below. The Company may specify that such reimbursement and interest payment shall be in the form of the
cash surrender value of Life Insurance Policies and in that instance the Escrow Agent shall assign, transfer, and deliver to the Company Life Insurance Policies designated by the Company as representing not less than such value. Such reimbursement
and interest payment shall be made within 60 business days after a written notice is delivered by an officer of the Company to the Escrow Agent setting forth the specific amounts paid by the Company and specifying who received such payments and the
date thereof. Said reimbursement amount shall bear interest, at the rate specified in Section 2.1(d) hereof, from the date the Company made such payment. 

SECTION 3.2 Claims of Company Creditors in Event of Bankruptcy or Insolvency. It is the intent of the parties hereto that the Escrow
Fund is and shall remain at all times subject to the claims of the general creditors of the Company in the event of bankruptcy or insolvency of the Company; provided, however, that if any contributions are made on behalf of any employee of any
subsidiary of the Company relating to deferrals of compensation for periods after the Effective Date, 

  
 8 

 
the portion of the Escrow Fund attributable to such contributions shall be subject to the claims of such subsidiary’s creditors in the event of the bankruptcy or insolvency of such
subsidiary. The Company shall not create a security interest in the Escrow Fund in favor of the Participants or any creditor. The Company’s Board of Directors or Chief Executive Officer shall provide the Escrow Agent with written notice of the
Company’s bankruptcy or insolvency. In the case of bankruptcy, such notice is to be accompanied by a certified copy of the petition commencing the bankruptcy proceeding under the Bankruptcy Code, 11 U.S.C. § 11 et seq. When so
notified, the Escrow Agent will suspend any further payment from the Escrow Fund to any Participants to whom the Company is obligated under the Plans, and will hold the Escrow Fund for the benefit of the Company’s general creditors only as
directed by a court of competent jurisdiction. The Company will be considered insolvent if the sum of its debt is greater than all its property at a fair market valuation. For the avoidance of doubt, from and after the Effective Date, the assets of
the Escrow Fund shall not be subject to claims of general creditors of CEOC except as, and to the extent, specifically provided in the foregoing provisions of this Section 3.2, and CEOC shall have no claim to, right in or title to the assets
held by the Escrow Fund; provided that notwithstanding the Settlement Agreement or anything to the contrary contained herein, in the event that any or all of the liabilities under or with respect to the Deferred Compensation Plans are
or are deemed obligations of CEOC or any of its direct or indirect subsidiaries, then CEOC shall be entitled to reimbursement for such liability from the Escrow Fund. 

ARTICLE IV 
 ESCROW
AGENT 
 SECTION 4.1 Escrow Agent. 

(a)    The duties and responsibilities of the Escrow Agent shall be limited to those expressly set forth in
this Escrow Agreement, and no implied covenants or obligations shall be read into this Escrow Agreement against the Escrow Agent. 

(b)    If, pursuant to Section 3.2 hereof or otherwise, all or any part of the Escrow Fund is at any
time attached, garnished, or levied upon by any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in case any order, writ, judgment or decree
shall be made or entered by a court affecting such property or any part thereof, then and in any of such events the Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ, judgment or decree, and it
shall not be liable to the Company or any Participant by reason of such compliance even though such order, writ, judgment or decree subsequently may be reversed, modified, annulled, set aside or vacated. 

(c)    The Escrow Agent shall maintain such books, records and accounts as may be necessary for the proper
administration of the Escrow Fund, including, without limitation, as provided in Section 2.1 hereof, and shall render to the Company, on or prior to each January 31 until the termination of this Escrow Agreement (and on the date of such
termination), an accounting with respect to the Escrow Fund as of the end of the then most recent calendar year (and as of the date of such termination). 

(d)    The Escrow Agent shall not be liable for any act taken or omitted to be taken hereunder if taken or
omitted to be taken by it in good faith. The Escrow Agent shall also be fully protected in relying upon any notice given hereunder which it in good faith believes to be genuine and executed and delivered in accordance with this Escrow Agreement.

  
 9 

 (e)    The Escrow Agent may consult with legal counsel to be
selected by it, and the Escrow Agent shall not be liable for any action taken or suffered by it in accordance with the advice of such counsel. 

(f)    The Escrow Agent shall be reimbursed by the Company for its reasonable expenses incurred in
connection with the performance of its duties hereunder and shall be paid reasonable fees for the performance of such duties in the manner provided by Section 4.1(g). 

(g)    The Company agrees to indemnify and hold harmless the Escrow Agent from and against any and all
damages, losses, claims or expenses as incurred (including expenses of investigation and fees and disbursements of counsel to the Escrow Agent) arising out of or in connection with the performance by the Escrow Agent of its duties hereunder. Any
amount payable to the Escrow Agent under Section 4.1(f) or this Section 4.1(g) shall be paid by the Company promptly upon notice by the Escrow Agent to the Company. If such payment is not made within 60 days of the Company’s receipt
of such notice, then the Escrow Agent may pay such fees from the Escrow Fund. If it is necessary to use the cash surrender value of any Life Insurance Policies for this purpose, the Escrow Agent shall use the 10 day notice procedure set forth in
Section 2.2(a) prior to cancellation of any policy. In the event payment is made hereunder to the Escrow Agent from the Escrow Fund, the Escrow Agent shall promptly notify the Company in writing of the amount of such payment. The Company agrees
that, upon receipt of such notice, it will deliver to the Escrow Fund an amount of money or property equal to any payments made from the Escrow Fund to the Escrow Agent pursuant to Section 4.1(f) or this Section 4.1(g). The failure of the
Company to transfer any such amount shall not in any way impair the Escrow Agent’s right to indemnification, reimbursement and payment pursuant to Section 4.1(f) or this Section 4.1(g). 

(h)    Notwithstanding any other provisions of the Escrow Agreement, the Escrow Agent shall not be required
to pay any benefits, premiums on insurance policies or expenses from funds other than the Escrow Fund. If there are not sufficient funds in the Escrow Fund to meet any one or more of the foregoing obligations that are due, then the Escrow Agent
shall notify the Company of the amount needed to meet such obligations. Upon receipt of the funds from the Company, and not before then, the Escrow Agent shall pay for such obligations. 

SECTION 4.2 Successor Escrow Agent. The Escrow Agent may resign and be discharged from its duties hereunder at any time by giving
notice in writing of such resignation to the Company and each Participant specifying a date (not less than 30 days after the giving of such notice) when such resignation shall take effect. Promptly after such notice, the Company and Participants
having at least 50 percent of all amounts then accounted for in the Escrow Fund with respect to their accounts shall appoint a successor Escrow Agent, such successor Escrow Agent to become Escrow Agent hereunder upon the resignation date
specified in such notice. If the Company and the Participants are unable to so agree upon a successor Escrow Agent within 30 days after such notice, the Escrow Agent shall be entitled, at the expense of the Company, to petition the United States
District Court for the District of Delaware or any of the courts of the State of Delaware having 

  
 10 

 
jurisdiction to appoint its successor. The Escrow Agent shall continue to serve until its successor accepts the escrow and receives the-Escrow
Fund. The Company and Participants having at least 50 percent of all amounts then accounted for in the Escrow Fund with respect to their accounts may agree at any time to substitute a new Escrow Agent by giving fifteen days notice thereof to
the Escrow Agent then acting. The Escrow Agent and any successor thereto appointed hereunder shall be a bank or trust company located in the United States having a combined capital and surplus of at least $500 million. Upon the appointment of a
successor, the Escrow Agent shall transfer the Escrow funds to the successor and be relieved of any further liability to the Company, Participants or any other parties that may otherwise have a claim against any of the plans described in
Section 1.1 hereof. 
 ARTICLE V 

TERMINATION, AMENDMENT AND WAIVER 

SECTION 5.1 Termination. This Escrow Agreement shall be terminated upon the earliest of the four following events: (i) the
exhaustion of the Escrow Fund; (ii) the final payment of all amounts payable to the Participants pursuant to the Plans; (iii) upon the vote of a majority of the directors of the Company then in office, but only with the written consent of
Participants having at least 50 percent of all amounts then accounted for in the Escrow Fund with respect to their accounts; or (iv) 50 years from the date hereof. Promptly upon termination of this Escrow Agreement, any remaining potion of the
Escrow Fund shall be assigned, transferred, and delivered to the Company. 
 SECTION 5.2 Amendment and Waiver. This Escrow Agreement
may not be amended except by an instrument in writing signed on behalf of the parties hereto together with the written consent of Participants having at least 50 percent of all amounts then accounted for in the Escrow Fund with respect to their
accounts. The parties hereto, together with the consent of Participants having at least 50 percent of all amounts then accounted for in the Escrow Fund with respect to their accounts, may at any time waive compliance with any of the agreements
or conditions herein. Any agreement on the part of a party hereto or a Participant to any such waiver shall be valid if set forth in an instrument in writing signed on behalf of such party or Participant. Notwithstanding the foregoing, any such
amendment or waiver may be made by written agreement of the parties hereto without obtaining the consent of the Participants if such amendment or waiver does not adversely affect the rights of the Participants hereunder. No such amendment or waiver
relating to this Escrow Agreement may be made with respect to a particular Participant unless said Participant has agreed in writing to such amendment or waiver. 

ARTICLE VI 
 GENERAL
PROVISIONS 
 SECTION 6.1 Further Assurances. The Company shall, at any time and from time to time, upon the reasonable
request of the Escrow Agent, execute and deliver such further instruments and do such further acts as may be necessary or proper to effectuate the purposes of this Escrow Agreement. 

SECTION 6.2 Certain Provisions Relating to this Escrow Agreement. 

(a)    This Escrow Agreement sets forth the entire understanding of the parties with respect to the subject
matter hereof and supersedes any and all prior agreements, arrangements and understandings relating thereto. This Escrow Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and legal
representatives. 

  
 11 

 (b)    This Escrow Agreement shall be governed by and
construed in accordance with the laws of the State of Delaware, other than and without reference to any provisions of such laws regarding choice of laws or conflict of laws. 

(c)    In the event any provision of this Escrow Agreement or the application thereof to any person or
circumstances shall be determined by a court of proper jurisdiction to be invalid or unenforceable to any extent, the remainder of this Escrow Agreement, or the application of such provision to persons or circumstances other than those as to which
it is held invalid or unenforceable, shall not be affected thereby, and each provision of this Escrow Agreement shall be valid and enforced to the fullest extent permitted by law. 

(d)    Notwithstanding any of the provisions of this Escrow Agreement, this Escrow Agreement shall not
create on behalf of a Participant or any beneficiary of a Participant any preferred right or secured interest in, or beneficial ownership interest in, any asset held under this Escrow Agreement or in the Escrow Fund; and a Participant and any
beneficiary of a Participant shall at all times be a general, unsecured creditor of the Company, subject to such rights and preferences as may otherwise exist under applicable law. 

SECTION 6.3 Notices. Any notice, demand or waiver required or permitted hereunder shall be in writing and shall be given personally or
by prepaid registered or certified mail, return receipt requested, or by Federal Express, addressed as follows (or such other address as provided by one party to the other): 
  

			
	If to the Company:	  	Caesars Entertainment Corporation
		  	Attention: Chief Executive Officer
		  	One Caesars Palace Drive
		  	Las Vegas, NV 89109
		
	If to the Escrow Agent:	  	Wells Fargo Bank, N.A.
		  	Attn: Institutional Retirement & Trust
		  	3800 Howard Hughes Parkway, 3rd Floor
		  	Las Vegas, NV 89169

 If to a Participant, to the last given address of such Participant in the records of the Company or its subsidiaries. 

A notice shall be deemed received upon the date of delivery if given personally or, if given by mail, upon the receipt thereof. 

SECTION 6.4 Non-Assignment. Participants and their beneficiaries may not assign, pledge, encumber, or otherwise transfer any of their
rights hereunder and no creditor of any Participant or of any beneficiary of a Participant shall have any claim or right to the funds under this Escrow Agreement. 

[remainder of page intentionally left blank] 

  
 12 

 IN WITNESS WHEREOF, the parties have executed this Escrow Agreement on the 12th day of December, 2016. 
  

			
	CAESARS ENTERTAINMENT CORPORATION
		
	By:	 	 /s/ Timothy Donovan

	Its:	 	Executive VP & General Counsel
	
	WELLS FARGO BANK, N.A.
		
	By:	 	 /s/ Gaye Borden

	Its:	 	VP, IR & T

  
 13EX-10.20

 Exhibit 10.20 

CAESARS ENTERTAINMENT CORPORATION 

SECOND AMENDED AND RESTATED 

EXECUTIVE DEFERRED COMPENSATION 

TRUST AGREEMENT 

 CAESARS ENTERTAINMENT CORPORATION 

SECOND AMENDED AND RESTATED 

EXECUTIVE DEFERRED COMPENSATION 

TRUST AGREEMENT 
 THIS SECOND
AMENDED AND RESTATED EXECUTIVE DEFERRED COMPENSATION TRUST AGREEMENT (the “Trust Agreement”) is made by and between Caesars Entertainment Corporation (formerly known as Harrah’s Entertainment, Inc., the
“Company”) and Wells Fargo Bank, N.A. (the “Trustee”). 
 WHEREAS, the Company historically has
maintained (and currently does maintain) the following five nonqualified deferred compensation plans (collectively, the “Plans”): (i) the Park Place Entertainment Corporation’s Executive Deferred Compensation Plan (the
“CEDCP”); (ii) the Harrah’s Entertainment, Inc. Deferred Compensation Plan (the “DCP”); (iii) the Harrah’s Entertainment, Inc. Executive Deferred Compensation Plan (the “EDCP”); (iv)
the Harrah’s Entertainment, Inc. Executive Supplemental Savings Plan (the “ESSP”, aka Caesars Entertainment Corporation Executive Supplemental Savings Plan); and (v) the Harrah’s Entertainment, Inc. Executive
Supplemental Savings Plan II (the “ESSP II”, aka Caesars Entertainment Corporation Executive Supplemental Savings Plan II, together with the ESSP, the “ESSPs”));  

WHEREAS, the Company is a party to an Escrow Agreement, most recently amended as of the Effective Date (as defined below), for which Wells
Fargo Bank, N.A., successor by merger to Wells Fargo Bank Minnesota, N.A. is the escrow agent (the “Escrow Agreement”), and the Company made contributions pursuant to the Escrow Agreement to provide a source of funds to assist the
Company in meeting its obligations under the EDCP and certain of its obligations under the DCP; 
 WHEREAS, the Company previously
established a trust (the “Trust”) pursuant to a trust agreement (the “Initial Trust Agreement”) and made contributions to the Trust to provide a source of funds to assist the Company in meeting its obligations under
the ESSPs and the portion of the DCP that was not subject to funding through the Escrow Agreement; 
 WHEREAS, the Company acquired Caesars
Entertainment, Inc., a Delaware corporation (“Caesars”) through a merger of Caesars with and into Caesars Entertainment Operating Company, Inc. (“CEOC”, f/k/a Harrah’s Operating Company, Inc,
(“HOC”)), a Delaware corporation and a wholly-owned subsidiary of the Company, according to the Agreement and Plan of Merger dated as of July 14, 2004, by and among the Company, HOC and Caesars, with HOC as the surviving
entity; 
 WHEREAS, HOC, as the successor to Caesars, maintained a trust (the “Caesars Trust”) in order to provide HOC with
a source of funds to assist it in satisfying its liabilities under the CEDCP; 
 WHEREAS, as of January 11, 2006, the Company and the
Trustee entered into an amendment and restatement of the Initial Trust Agreement into the Trust Agreement, which was then known as the “Harrah’s Entertainment, Inc. Amended and Restated Executive Deferred Compensation Trust
Agreement,” and the Caesars Trust was merged with and into the Trust effective as of January 12, 2006; 
 WHEREAS, the Company
entered into an Agreement and Plan of Merger, dated as of December 19, 2006, by and among Hamlet Holding LLC, Hamlet Merger Inc., and the Company (then known as Harrah’s Entertainment, Inc.) (the “Merger Agreement”,
pursuant to which Hamlet Merger Inc. merged with and into the Company (the “Merger”) upon the terms and conditions of the Merger Agreement; 

  
 1 

 WHEREAS, the Trust Agreement was amended effective as of January 28, 2008 in connection with
the Merger to provide changes necessitated by the Merger; 
 WHEREAS, all of the Plans are currently frozen to new participants and new
deferrals; 
 WHEREAS, CEOC voluntarily filed for reorganization under Chapter 11 of the United States Bankruptcy Code on January 15,
2015; 
 WHEREAS, a settlement agreement (the “Settlement Agreement”), dated as of September 14, 2016, by and among
CEOC and the Company, concerning the treatment of the assets and liabilities associated with the Plans, has been approved by the United States Bankruptcy Court for the Northern District of Illinois in Chicago; 

WHEREAS, the Settlement Agreement provides, among other things, that the Company shall assume all liabilities under or with respect to the
Plans, that CEOC shall have no liabilities under or with respect to the Plans (or to any Plan Participants), that the Company shall be the sole owner of the Trust and the Trust Assets, and that the Trust Agreement shall be amended to give effect to
the Settlement Agreement; 
 WHEREAS, the Company and the Trustee wish to amend and restate the Trust Agreement (and the Trust evidenced
thereby) as contemplated by the Settlement Agreement and to make certain other clarifying and conforming changes, which Trust Agreement shall hereafter be known as “Caesars Entertainment Corporation Second Amended and Restated Executive
Deferred Compensation Trust Agreement”; and 
 WHEREAS, it is the continued intent of the parties that the Trust and this Trust
Agreement shall constitute an unfunded arrangement and shall not affect the status of any of the Plans as an unfunded plan maintained for the purpose of providing deferred compensation for a select group of management or highly compensated employees
for purposes of Title I of the Employee Retirement Income Security Act of 1974, as amended (the “Act”). 
 NOW, THEREFORE,
the parties amend and restate the Trust Agreement in its entirety as of the Plan Effective Date (as defined in the Settlement Agreement, the “Effective Date”), as follows: 

ARTICLE ONE 

ESTABLISHMENT OF TRUST 

1.1    The current balance of the Trust, together with any subsequent contributions made or to be made by the Company,
constitute the principal of the Trust to be held, administered and disposed of by the Trustee in accordance with the terms of the Plans and as provided in this Trust Agreement. 

1.2    The Trust, as established was, and shall continue to be, irrevocable. 

  
 2 

 1.3    The Trust is intended to be a grantor trust, of which the Company is
the grantor, within the meaning of subpart E, part I, subchapter J, chapter 1, subtitle A of the Internal Revenue Code of 1986, as amended (the “Code”), and shall be construed accordingly. 

1.4    The principal of the Trust, and any earnings thereon, shall be held separate and apart from other funds of the
Company, and shall be used exclusively for the uses and purposes of the participants in the Plans (collectively, the “Plan Participants”) and the general creditors of the Company, as set forth herein; provided, however, that if any
contributions are made on behalf of any employee of any subsidiary of the Company relating to deferrals of compensation for periods after the Effective Date, the principal of the Trust attributable to such contributions shall be subject to the
claims of such subsidiary’s creditors in the event of the Insolvency of such subsidiary. Plan Participants and their beneficiaries shall have no preferred claim on, or any beneficial ownership interest in, any assets of the Trust. Any rights
created under the Plans and this Trust Agreement shall be mere unsecured contractual rights of participants and their beneficiaries against the Company. Any assets held by the Trust will be subject to the claims of the Company’s general
creditors under federal and state law in the event of Insolvency, as defined in Section 3.1 herein. For the avoidance of doubt, from and after the Effective Date, the assets of the Trust shall not be subject to claims of general creditors of
CEOC except as, and to the extent, specifically provided in the foregoing provisions of this Section 1.4, and CEOC shall have no claim to, right in or title to the assets held by the Trust; provided that notwithstanding the
Settlement Agreement or anything to the contrary contained herein, in the event that any or all of the liabilities under or with respect to the Plans are or are deemed obligations of CEOC or any of its direct or indirect subsidiaries, then CEOC
shall be entitled to reimbursement for such liability from the Trust assets. 
 1.5    The Company, in its sole
discretion, may at any time, or from time to time, make additional deposits of cash or other property in trust with the Trustee to augment the principal to be held, administered and disposed of by the Trustee as provided in the Plans and this Trust
Agreement. Neither the Trustee nor any Plan Participant or beneficiary shall have any right to compel such additional deposits. 

1.6    Upon a “Change of Control” (as defined in the ESSPs and the DCP), the Company shall, as soon as
possible, but in no event longer than ninety (90) days following the Change of Control, make an irrevocable contribution to the Trust in an amount that is sufficient to pay each Plan Participant or beneficiary the benefits to which Plan
Participants or their beneficiaries would be entitled pursuant to the terms of the Plans as of the date on which the Change of Control occurred. 

ARTICLE TWO 
 PAYMENTS TO
PLAN PARTICIPANTS 
 AND THEIR BENEFICIARIES 

2.1    The entitlement of a Plan Participant or his or her beneficiaries to benefits under each Plan shall be determined
by the Company or such party as it shall designate under such Plan, and any claim for such benefits shall be considered and reviewed under the procedures set out in that Plan. No provision in this Trust Agreement shall be construed as affording to a
participant under any Plan rights or privileges available under any other Plan. The rights and entitlements of each Plan Participant or beneficiary shall be determined in accordance with each Plan. 

2.2    Subject to Article Fourteen, the Company may direct the Trustee to make payment of benefits to Plan Participants or
beneficiaries as they become due under the terms of the Plans. 

  
 3 

 Alternatively, the Company may make payment of benefits directly to Plan Participants or beneficiaries. If the
Company elects to make benefit payments directly to the Plan Participants or beneficiaries, the Company shall notify the Trustee of such election prior to the time amounts become payable to Plan Participants or their beneficiaries under the terms of
the Plans. 
 2.3    The Company or a consultant designated by the Company shall provide to the Trustee, at least
annually, a schedule showing the account balances of each Plan Participant or beneficiary, the vesting percentage applicable to each account balance and the entitlement of each Plan Participant or beneficiary to a current or future payment under the
Plans (the “Payment Schedule”). If a Plan Participant or his beneficiary shall make a request for payment from the Trustee, the Trustee shall obtain from the Company its written authorization to make such payment and from the
Company or its designated consultant an updated Payment Schedule that specifically reflects the amount currently payable to any Plan Participant or beneficiary who has requested payment from the Trustee, the form in which such amount is to be paid
(as provided for or available under the Plans), and the time of commencement for payment of such amount. Except as otherwise provided herein, the Trustee shall make payments to the Plan Participants and their beneficiaries in accordance with the
appropriate Payment Schedule. There shall be no liability on the part of the Trustee with respect to any payment made in accordance with the terms of this Trust Agreement and the most recent Payment Schedule in the possession of the Trustee and at
the direction of the Company. At the direction of the Company, the Trustee shall withhold any federal, state or local taxes required to be withheld on benefits paid under the Plans and shall pay amounts withheld to the Company for remittance to the
appropriate taxing authorities. The Company shall indemnify and hold harmless the Trustee from any and all liability to which the Trustee may become subject due to the Company’s failure to properly withhold and remit taxes (including FICA) due
to the appropriate taxing authorities. 
 2.4    If the Company provides the Trustee written notification of its
intention to cease payment of benefits to Plan Participants and beneficiaries, or to make no future contributions to the Trust, the Trustee shall immediately obtain from the designated consultant, or, if deemed necessary by the Trustee, an actuary
selected by the Trustee, an updated Payment Schedule in order to determine the funding status of the Trust. The funding status (the “funding ratio”) shall be determined by dividing the then-current market value of the Trust assets
by the total account balances of the Plan Participants or beneficiaries reflected on the Payment Schedule, without regard to whether the accounts, are fully vested. If the funding ratio is less than one (1), all future benefit payments from the
Trust shall not exceed the maximum lump-sum or installment payment due to Plan Participants or beneficiaries, multiplied by the funding ratio. 

2.5    The designated consultant, or, if deemed necessary by the Trustee, an actuary selected by the Trustee will
calculate and record the difference between the amount paid to the Plan Participant or beneficiary from the Trust and the scheduled benefit payment according to the Plan which shall be referred to as the “underpayment.” The
underpayment may be made by the Trustee to the affected Plan Participants or their beneficiaries only at such time as the value of the total assets of the Trust is sufficient to support a funding ratio of at least one (1) and to fund the
underpayments. The Company may make payment of any underpayment directly to a Plan Participant or beneficiary and will provide written notification to its designated consultant or to the Trustee that it has done so. 

  
 4 

 ARTICLE THREE 

TRUSTEE RESPONSIBILITY REGARDING PAYMENTS 

TO TRUST BENEFICIARY WHEN COMPANY IS INSOLVENT 

3.1    The Trustee shall cease paying for benefits to Plan Participants and their beneficiaries if the Company is
Insolvent. For purposes of the Plan, an entity shall be considered “Insolvent” for purposes of this Trust Agreement if (a) the entity is unable to pay its debts as they become due, or (b) the entity is subject to a pending
proceeding as a debtor under the United States Bankruptcy Code. 
 3.2    At all times during the continuance of this
Trust, as provided in Section 1.4 hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below. 

(a)    The Board of Directors and the Chief Executive Officer of the Company shall have the duty to inform
the Trustee in writing of the Company’s Insolvency. If a person claiming to be a creditor of the Company alleges in writing to the Trustee that the Company has become Insolvent, the Trustee shall determine whether the Company is Insolvent and,
pending such determination, the Trustee shall discontinue payment of benefits to Plan Participants or their beneficiaries. 

(b)    Unless the Trustee has actual knowledge of the Company’s Insolvency, or has received notice
from the Company or a person claiming to be a creditor alleging that the Company is Insolvent, the Trustee shall have no duty to inquire whether the Company is Insolvent. The Trustee may in all events rely on such evidence concerning the
Company’s solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s solvency. 

(c)    If at any time the Trustee has determined that the Company is Insolvent, the Trustee shall
discontinue payments to Plan Participants or their beneficiaries and shall hold the assets of the Trust for the benefit of the Company’s general creditors. Nothing in this Trust Agreement shall in any way diminish any rights of Plan
Participants or their beneficiaries to pursue their rights as general creditors of the Company with respect to benefits due under the Plans or otherwise. 

(d)    The Trustee shall resume the payment of benefits to Plan Participants or their beneficiaries in
accordance with Article Two of this Trust Agreement only after the Trustee has been directed that the Company is not Insolvent (or is no longer Insolvent). 

3.3    Provided that there are sufficient assets, if the Trustee discontinues the payment of benefits from the Trust
pursuant to Section 3.2 and subsequently resumes such payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to Plan Participants or their beneficiaries under the terms of the Plans for
the period of such discontinuance, less the aggregate amount of any payments made to Plan Participants or their beneficiaries by the Company in lieu of the payments provided for hereunder during any such period of discontinuance. 

  
 5 

 ARTICLE FOUR 

PAYMENTS TO THE COMPANY 

4.1    Except as provided in Articles Two and Three above and as set forth below in this Article Four, the Company shall
have no right or power to direct the Trustee to return to the Company or to divert to others any of the Trust assets before all payment or benefits have been made to Plan Participants and their beneficiaries pursuant to the terms of the Plans. 

4.2    In the event that the Trust shall hold “Excess Assets” (as that term is defined in
Section 4.3 below), the committee designated by the Company to carry out the administrative duties of the Company under the Plans (the “Committee”), in its discretion, may direct the Trustee to return part or all of such Excess
Assets to the Company. 
 4.3    “Excess Assets” are assets of the Trust which exceed one hundred
twenty percent (120%) of the amounts necessary to pay each Plan Participant or beneficiary the benefits to which such Plan Participants or their beneficiaries are entitled pursuant to the terms of the Plans as of the date the Committee requests that
any Excess Assets be returned to the Company, regardless of whether such benefits are vested or payable as of the date the Committee makes its request for Excess Assets. 

4.4    The calculations required by Section 4.3 or 4.6 shall be made by the Company’s designated consultant or,
if deemed necessary by the Trustee, an actuary selected by the Trustee. If the Trustee so requests, the Company or its designated consultant shall provide to the Trustee an updated Payment Schedule in connection with the calculations performed in
accordance with Section 4.3 or 4.6. 
 4.5    Any Excess Assets returned to the Company pursuant to this Article
Four shall be returned to the Company in any order of priority directed by the Committee. 
 4.6    Notwithstanding
Section 4.2, in no event shall the Trustee return to the Company pursuant to Section 4.2 all or any part of the assets allocated to the Pre-Merger Subtrust (as defined in Section 14.1), unless
the Pre-Merger Subtrust funding ratio (as described in Section 14.9), determined immediately following the return of assets allocated to the Pre-Merger Subtrust to
the Company, is not less than one hundred and twenty percent (120%). 
 ARTICLE FIVE 

INVESTMENT AUTHORITY 

5.1    All administrative rights associated with the assets of the Trust shall be exercised by the Trustee or the person
designated by the Trustee, and shall in no event be exercisable or rest with Plan Participants, except that voting rights with respect to the Trust assets will be exercised by the Company. 

5.2    The Company shall have the right at any time, and from time to time, in its sole discretion, to substitute assets
of equal fair market value for any asset held by the Trust. This right is exercisable by the Company in a nonfiduciary capacity without the approval or consent of any person in a fiduciary capacity. 

  
 6 

 5.3    In the administration of the Trust, the Trustee shall have the
following powers; however, all powers regarding the investment of the Trust shall be exercised solely pursuant to direction from the Company or its delegated agent or, if applicable, an investment manager, unless the Trustee has been properly
delegated investment authority. No enumeration of specific powers herein shall be construed as a limitation on the general powers of the Trustee. The powers of the Trustee include, but are not limited to, the following: 

(a)    To hold, as an investment of the Trust, life insurance policies owned by the Company and issued on
the lives of current or former employees of the Company, in accordance with the provisions of Article Eight of this Trust Agreement; 

(b)    To invest in securities (including stock and rights to acquire stock) or obligations issued by the
Company; 
 (c)    To invest and reinvest in bonds, notes, debentures, stocks (common or preferred),
interests in investment companies (whether “open-end mutual funds” or “closed-end mutual funds”), including shares of any investment
company, whether or not the Trustee or any of its affiliates provides investment advice or other services to such company and receives compensation for the services provided, options to acquire or sell securities (including “covered call
options”), commercial paper, bank repurchase agreements, individual and group annuity contracts, deposit administration contracts, life insurance company separate accounts and pooled investment funds, mortgages, leaseholds, fee interests,
personal, corporate and governmental obligations; 
 (d)    To pledge or mortgage, assign, lease,
contract to lease, grant and trade options to purchase, sell for cash or on credit at a private or public sale, convert, redeem, exchange for other securities or other property in which the Trust may be invested under this Trust Agreement or
otherwise dispose of any securities or other property at any time held by the Trustee except as otherwise provided by the Plans; no person dealing with the Trustee shall be bound to see to the application or to inquire into the validity, expediency
or propriety of such sale or other disposition; 
 (e)    To retain in cash so much of the Trust as the
Trustee deems advisable and to deposit any such cash held in the trust in banking accounts, including banking accounts of the Trustee, without liability for interest, for a period of time as necessary, notwithstanding that the Trustee or an
affiliate of the Trustee may benefit directly or indirectly from such uninvested amounts. It is acknowledged that the Trustee’s handling of such amounts is consistent with usual and customary banking and fiduciary practices, and any earnings
realized by the Trustee or its affiliates will be compensation for its bank services in addition to its regular fees; 

(f)    To settle, compromise, contest or submit to arbitration any claims, debts or damages due or owing to
or from the Trust, to commence or defend suits or legal proceedings, and to represent the Trust in all suits or legal proceedings; 

(g)    As directed by the Company, to exercise any conversion privilege or subscription right available in
connection with any securities or property at any time held by the Trustee, to consent to the reorganization, consolidation, merger or readjustment of the finances of any corporation, company or association, or to the sale, mortgage, pledge or lease

  
 7 

 
of the property of any corporation, company or association, any of the securities of which may at any time be held by the Trustee; and to do any acts with reference thereto, including the
exercise of options, making of agreements or subscriptions, and the payment of expenses, assessments or subscriptions, which may be deemed to be necessary or advisable in connection therewith, and to hold and retain any securities or other property
which the Trustee may so acquire; 
 (h)    As directed by the Company, to vote any corporate stock
belonging to the Trust and to give proxies or general or limited powers of attorney for the purpose of such voting to other persons, with or without power of substitution; 

(i)    To borrow money, assume indebtedness, extend mortgages and encumber by mortgage or pledge upon such
terms and conditions as may be deemed advisable; 
 (j)    To collect the income, rents, issues, profits
and increases of the Trust through such means as are deemed advisable; 
 (k)    To invest all or part of
the Trust in interest-bearing deposits with the Trustee or another bank or other federally-insured institution at a reasonable rate of interest, including but not limited to investment in time deposits, savings deposits, certificates of deposit or
time accounts; 
 (l)    To consult with legal counsel (who may also be counsel for the Company
generally) with respect to any of its duties or obligations hereunder, and Trustee may employ agents, accountants, actuaries, investment advisors, financial consultants or other professionals to assist it in performing any of its duties and
obligations hereunder. Company shall pay their reasonable compensation and expenses for services by such individuals or entities and if Company does not pay such expenses in a reasonably timely manner, the Trustee may obtain payment from the Trust.

 (m)    To cause any of the investments of the Trust to be registered in the name of the Trustee or in
the name of its nominee, and any corporation or its transfer agent may presume conclusively that such nominee is the actual owner of any investments submitted for transfer; to make, execute and deliver as Trustee any and all instruments, advances,
contracts, waivers, releases or other instruments in writing necessary or proper in the employment of any of the foregoing powers; 

(n)    To retain any funds or property subject to dispute without liability for the payment of interest,
and to decline to make payment or delivery thereof until final adjudication is made by a court of competent jurisdiction; and 

(o)    To file all tax and other returns and reports required of the Trustee. 

5.4    The Trustee, in investing and reinvesting the assets of the Trust, shall be subject to the investment directions
issued by the Company (or its designee) in accordance with the terms and provisions of the Plans. No discretionary investment power shall be exercised by the Trustee under this Trust Agreement except upon written acceptance by the Trustee of these
responsibilities. Neither the Trustee nor any other person shall be under any duty to question any such direction of the Company or to review any securities or other property acquired or held pursuant to the Company’s

  
 8 

 
directions or to make any suggestions to the Company in connection therewith, and the Trustee shall as promptly as possible comply with any directions given by the Company hereunder. The Trustee
shall not be liable, to the extent permitted by law, for compliance with any such directions. The Company may delegate its investment discretion under this Section to the Trustee, and upon written acceptance, the Trustee shall exercise such
investment discretion. Any such delegation shall be set forth in the Plans or be made by a written instrument delivered to the Trustee and signed by the Company and the Trustee. All directions of the Company to the Trustee shall be in writing signed
by the Company or by such other person as it shall authorize in writing so to act. Notwithstanding any provision of this Trust Agreement to the contrary, the Company hereby agrees to indemnify the Trustee and to hold the Trustee harmless from and
against any claim or liability which may be asserted against the Trustee by reason of the Trustee acting on any direction from the Company pursuant to this Section or failing to act in the absence of any such direction. 

5.5    The Company may designate an investment manager to direct the Trustee regarding the management, acquisition and
distribution of all or a part of the assets of the Trust. Any such investment manager shall be registered as an investment adviser under the Investment Advisers Act of 1940, or shall be a bank, or shall be an insurance company qualified to perform
investment management services under the laws of the State of Delaware and shall have acknowledged in writing that he or it is a fiduciary with respect to the Trust. In the event an investment manager is appointed, the Company shall deliver to the
Trustee a copy of the instruments appointing the investment manager and evidencing the investment manager’s acceptance of such appointment. The Trustee shall follow the written directions of the investment manager regarding the investment and
reinvestment of the Trust or such portion thereof as shall be under management by the investment manager and shall exercise to such extent all powers set forth in Section 5.3 as directed by the investment manager until notified in writing by
the Company that the appointment of the investment manager has been terminated. The Trustee shall be under no duty or obligation to review any investments to be acquired, held or disposed of pursuant to such directions, nor to make any
recommendations with respect to the disposition or continued retention of any such investment or the exercise or non-exercise of any of the powers enumerated in Section 5.3. The Trustee shall have no
liability or responsibility for acting pursuant to the directions of, or for failing to act in the absence of any directions from, the investment manager. The Company hereby agrees to indemnify the Trustee and hold the Trustee harmless from and
against any claim or liability that may be asserted against the Trustee by reason of the Trustee’s acting on any direction from an investment manager pursuant to this Section or failing toilet in the absence of any such direction. 

ARTICLE SIX 
 DISPOSITION
OF INCOME 
 6.1    During the term of this Trust, all income received by the Trust, net of expenses and taxes,
shall be accumulated and reinvested. 
 6.2    During the term of this Trust, all income received by the Trust that is
allocable to the assets of each Subtrust (as defined in Section 14.4), net of expenses and taxes allocable to such income, shall be accumulated and reinvested and allocated to such Subtrust. 

  
 9 

 ARTICLE SEVEN 

ACCOUNTING BY THE TRUSTEE 

7.1    The Trustee shall keep accurate and detailed records of all investments, receipts, disbursements, and all other
transactions required to be made, including such specific records as shall be agreed upon in writing between the Company and the Trustee. Within sixty (60) days following the close of each calendar year (or such other plan year determined by
the Company and the Trustee) and within sixty (60) days after the removal or resignation of the Trustee, the Trustee shall deliver to the Company a written account of its administration of the Trust during such year or during the period from
the close of the last preceding plan year to the date of such removal or resignation, setting forth all investments, receipts, disbursements and other transactions effected by it, including a description of all securities and investments purchased
and sold with the cost or net proceeds of such purchases or sales (accrued interest paid or receivable being shown separately), and showing all cash, securities and other property held in the Trust at the end of such plan year or as of the date of
such removal or resignation, as the case may be. 
 7.2    The Trustee shall keep accurate and detailed records of all
investments, receipts, disbursements, and all other transactions required to be made with respect to each Subtrust, including such specific records as shall be agreed upon in writing between the Company and the Trustee. Within sixty (60) days
following the close of each plan year and within sixty (60) days after the removal or resignation of the Trustee, the Trustee shall deliver to the Company a written account of its administration of each Subtrust during such year or during the
period from the close of the last preceding plan year to the date of such removal or resignation, setting forth all investments, receipts, disbursements and other transactions effected by the Trustee with respect to each Subtrust, including a
description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or sales (accrued interest paid or receivable being shown separately), and showing all cash, securities and other property held in such
Subtrust at the end of such plan year or as of the date of such removal or resignation, as the case may be. 
 ARTICLE EIGHT 

RESPONSIBILITY OF THE TRUSTEE 

8.1    The Trustee shall act with the care, skill, prudence and diligence under the circumstances then prevailing that a
prudent person acting in like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims, provided, however, that the Trustee shall incur no liability to any person for any action taken
pursuant to a direction, request or approval given by the Company that is contemplated by, and in conformity with the terms of this Trust, and is given in writing by the Company. The Company shall indemnify and hold harmless the Trustee, its
officers, employees, and agents from and against all liabilities, losses, and claims (including reasonable attorney’s fees and costs of defense) for actions taken or omitted by the Trustee in accordance with the terms of this Trust, unless the
Trustee has violated the Act or any other applicable law or has been negligent or has engaged in willful misconduct or has acted in bad faith. In the event of a dispute between the Company and a party, the Trustee may apply to a court of competent
jurisdiction to resolve the dispute. 
 8.2    The Trustee shall have, without exclusion, all powers conferred on
trustees by applicable law, unless expressly provided otherwise herein; provided, however, that if an insurance policy is held as an asset of the Trust, the Trustee shall have no power to name a beneficiary of the policy other than the Trust, to
assign the policy other than to a successor Trustee or to an insurance 

  
 10 

 
carrier to effect a tax-free exchange of policies under Section 1035 of the Code, or to loan to any person the proceeds of any borrowing against such
policy. The Trustee shall have the right to effect a voluntary conversion of the policy to a different form. The Trustee shall not be liable for the failure or omission of any insurance company for any reason to pay any benefits or furnish any
services under the policies or contracts. 
 8.3    However, notwithstanding the provisions of Section 8.2 above,
the Trustee may loan to the Company the proceeds of any borrowing against an insurance policy held as an asset of the Trust. 

8.4    Notwithstanding any powers granted to the Trustee pursuant to this Trust Agreement or to applicable law, the
Trustee shall not have any power that could give this Trust the objective of carrying on a business and dividing the gains therefrom within the meaning of section 301.7701-2 of the Procedure and Administration
Regulations promulgated pursuant to the Code. 
 ARTICLE NINE 

COMPENSATION AND EXPENSES OF THE TRUSTEE 

The Trustee shall be entitled to reasonable compensation for the services it renders under this Trust. The Company shall pay all fees and
expenses associated with the administration of the Trust, including the Trustee’s fees and expenses. If not so paid, the fees and expenses shall be paid from the Trust. 

ARTICLE TEN 
 RESIGNATION
AND REMOVAL OF THE TRUSTEE 
 10.1    The Trustee may resign at any time by written notice to the Company, which
shall be effective thirty (30) days after receipt of such notice unless the Company and the Trustee agree otherwise. 

10.2    The Trustee may be removed by the Company on thirty (30) days notice or upon shorter notice accepted by the
Trustee. 
 10.3    Upon resignation or removal of the Trustee and appointment of a successor Trustee, all assets shall
subsequently be transferred to the successor Trustee. The transfer shall be completed within thirty (30) days after receipt of all information reasonably required by the Trustee to transfer assets to the successor Trustee, unless the Company
extends the time limit. 
 10.4    If the Trustee resigns or is removed, a successor shall be appointed, in accordance
with Article Eleven hereof, by the effective date of resignation or removal under Section 10.1. If no such appointment has been made, the Trustee may apply to a court of competent jurisdiction for appointment of a successor or for instructions.
All expenses of the Trustee in connection with the proceeding shall be allowed as administrative expenses of the Trust. 
 ARTICLE ELEVEN

 APPOINTMENT OF SUCCESSOR 

11.1    If the Trustee resigns or is removed in accordance with Section 10.1 or Section 10.2 hereof, the Company
may appoint any third party, such as a bank trust department or other party that 

  
 11 

 
may be granted corporate trustee powers under state law, as a successor to replace the Trustee upon resignation or removal. The appointment shall be effective when accepted in writing by the new
Trustee, who shall have all of the rights and powers of the former Trustee, including ownership rights in the Trust assets. The former Trustee shall execute any instrument necessary or reasonably requested by the Company or the successor Trustee to
evidence the transfer. 
 11.2    The successor Trustee need not examine the records and acts of any prior Trustee and
may retain or dispose of existing Trust assets, subject to Articles Seven and Eight hereof. The successor Trustee shall not be responsible for and the Company shall indemnify and defend the successor Trustee from any claim or liability resulting
from any action or inaction of any prior Trustee or from any other past event, or any condition existing at the time it becomes the successor Trustee. 

ARTICLE TWELVE 

AMENDMENT OR TERMINATION 

12.1    This Trust Agreement may be amended by a written instrument executed by the Trustee and the Company.
Notwithstanding the foregoing, no such amendment shall (a) conflict with the terms of the Plans, (b) make the Trust revocable, (c) amend Section 4.6 or 6.2, or (d) amend Article Fourteen to permit the payment of any benefit
payments (or portions thereof) attributable to the Post-Merger Subaccounts (as defined in Section 14.7) of the accounts of Plan Participants or beneficiaries in the Plans from the Pre-Merger Subtrust (as
defined in Section 14.1). In the event of a conflict between an amendment to this Trust Agreement and the Plans, the Plans shall control and there shall be no liability on the part of the Trustee resulting from its execution of an amendment the
terms of which conflict with the Plans. 
 12.2    The Trust shall not terminate until the date on which participants
and their beneficiaries are no longer entitled to benefits pursuant to the terms of the Plans. Upon termination of the Trust any assets remaining in the Trust shall be returned to the Company. 

12.3    Upon written approval of Plan Participants or beneficiaries entitled to payment of benefits pursuant to the terms
of the Plans, the Company may terminate this Trust prior to the time all benefit payments owed to Plan Participants and beneficiaries under the Plans have been made. All assets in the Trust at termination shall be returned to the Company. 

ARTICLE THIRTEEN 

MISCELLANEOUS 

13.1    Any provision of this Trust Agreement prohibited by law shall be ineffective to the extent of any such
prohibition, without invalidating the remaining provisions hereof. 
 13.2    Benefits payable to the Plan Participants
and their beneficiaries under this Trust Agreement may not be anticipated, assigned (either at law or in equity), alienated, pledged, encumbered or subjected to attachment, garnishments, levy, execution or other legal or equitable process. 

13.3    This Trust Agreement shall be governed by and construed in accordance with the laws of the State of Delaware. 

  
 12 

 ARTICLE FOURTEEN 

SUBTRUSTS 

14.1    Effective as of the Merger (as defined below), a subaccount (the
“Pre-Merger Subtrust”) shall be established under the Trust, and all of the assets held in the Trust as of the effective time of the Merger shall be allocated to the Pre-Merger Subtrust. The Pre-Merger Subtrust shall be maintained as part of the Trust and the assets allocated thereto shall be held by the Trustee in accordance with the
terms and conditions of the Trust Agreement. 
 14.2    Effective as of the Merger, a subaccount (the
“Post-Merger Subtrust”) shall be established under the Trust, and none of the assets held in the Trust as of the effective time of the Merger shall be allocated to the Post-Merger Subtrust. The Post-Merger Subtrust shall be
maintained as part of the Trust and the assets allocated thereto shall be held by the Trustee in accordance with the terms and conditions of the Trust Agreement. 

14.3    Any contributions made by the Company to the Trust in accordance with Section 1.6 on and after
January 28, 2008 (the effective date of the Merger) shall be allocated to the Pre-Merger Subtrust. 

14.4    Any contributions made by the Company to the Trust under Section 1.5 on or after January 28, 2008 shall
be allocated to the Pre-Merger Subtrust or the Post-Merger Subtrust (each, a “Subtrust”), as specified in a written direction of the Company to the Trustee. 

14.5    The Company may direct the Trustee to make payment of benefits from the
Pre-Merger Subtrust to a Plan Participant or beneficiary as such benefit payments become due under the terms of the Plans. Except as provided in Section 3.2, the Trustee shall make such benefit payments
(or portions thereof) only to the extent such benefit payments (or portions thereof) are attributable to the Pre-Merger Subaccounts (as defined in Section 14.7) of such Plan Participant’s or
beneficiary’s accounts in the Plans. In no event shall the Trustee make such benefit payments (or portions thereof) from the Pre-Merger Subtrust to the extent that such benefit payments (or portions
thereof) are attributable to the Post-Merger Subaccounts of such Plan Participant’s or beneficiary’s accounts in the Plans, except as provided in Section 3.2. 

14.6    The Company may direct the Trustee to make payment of benefits from the Post-Merger Subtrust to a Plan Participant
or beneficiary as such benefit payments become due under the terms of the Plans. 
 14.7    The Company establish and
maintain two subaccounts (a “Pre-Merger Subaccount” and a “Post-Merger Subaccount” and, collectively, the “Subaccounts”) for each of the Plan accounts of a
Plan Participant or beneficiary in accordance with this Section 14.7. Such Subaccounts shall comprise portions of a Plan Participant’s or beneficiary’s Plan account and shall be maintained for purposes of accounting for the Trust
assets and determining the Plan benefit payments to be made from the Subtrust under the Trust. 

(a)    The Company shall establish and maintain a Pre-Merger
Subaccount under each of the Plan accounts of a Plan Participant or beneficiary. Effective as of the Merger under the terms of the applicable Plan, the balance in such Plan account (determined without regard to the vested interest of such Plan
Participant or beneficiary) shall be credited to the Pre-Merger Subaccount in such Plan account. All deferrals and contributions credited to such 

  
 13 

 
Plan account on or before the Merger under the terms of the applicable Plan shall be credited to such Pre-Merger Subaccount. No deferrals or contributions
credited to the Plan account after the Merger under the terms of the applicable Plan shall be credited to such Pre-Merger Subaccount. Such Pre-Merger Subaccount shall be
adjusted to reflect investment gains and losses attributable to the portion of the Plan account allocable to such Pre-Merger Subaccount, and shall be debited to reflect distributions and forfeitures of the
Plan benefits attributable to the portion of the Plan account allocable to such Pre-Merger Subaccount. 

(b)    The Company shall establish and maintain a Post-Merger Subaccount under each of the Plan accounts of
a Plan Participant or beneficiary. No deferrals or contributions credited to the Plan account on or before the Merger under the terms of the applicable Plan shall be credited to such Post-Merger Subaccount. All deferrals and contributions credited
to such Plan account after the Merger under the terms of the applicable Plan shall be credited to such Post-Merger Subaccount. Such Post-Merger Subaccount shall be adjusted to reflect investment gains and losses attributable to the portion of the
Plan Account allocable to such Post-Merger Subaccount, and shall be debited to reflect distributions and forfeitures of Plan benefits attributable to the portion of the Plan Account allocable to such Post-Merger Subaccount. 

14.8    For purposes of this Article, the “Merger” shall mean the merger of Hamlet Merger Inc. with and
into the Company pursuant to the Agreement and Plan of Merger, dated as of December 19, 2006, by and among Hamlet Holdings LLC, Hamlet Merger Inc. and Harrah’s Entertainment, Inc. 

14.9    The Company or a consultant designated by the Company shall provide the Trustee with schedules showing the
balances in the Subaccounts of a Plan Participant’s or beneficiary’s Plan accounts as follows. 

(a)    The Company or a consultant designated by the Company shall provide to the Trustee, at least
annually, as part of the Payment Schedule provided in accordance with Section 2.3, a schedule showing the balances of the Subaccounts in the Plan accounts of each Plan Participant or beneficiary. If a Plan Participant or his beneficiary shall
make a request for payment from the Trustee in accordance with Section 2.3, the updated Payment Schedule provided by the Company or its designated consultant in accordance with Section 2.3 shall specifically reflect the amounts currently
payable from such Subaccounts. Except as otherwise provided herein, the Trustee shall make payments to the Plan Participants and their beneficiaries in accordance with the appropriate Payment Schedule and the schedules showing the balances in the
Subaccounts in the Plan accounts of the Plan Participants and beneficiaries. 
 (b)    If the Company
provides the Trustee written notification of its intention to cease payment of benefits to Plan Participants and beneficiaries, or to make no future contributions to the Trust, in accordance with Section 2.4, the Trustee shall immediately
obtain from the designated consultant, or, if deemed necessary by the Trustee, an actuary selected by the Trustee, as part of the updated Payment Schedule in accordance with Section 2.4, an updated schedule showing the balances of the
Subaccounts in the Plan accounts of each Plan Participant or beneficiary in order to determine the funding status of the Pre-Merger Subtrust and the Post-Merger Subtrust. The funding status of the Pre-Merger Subtrust (the “Pre-Merger Subtrust funding ratio”) shall be determined by dividing the then current

  
 14 

 
market value of the Trust assets allocated to the Pre-Merger Subtrust by the total of the balances in the
Pre-Merger Subaccounts in the Plan accounts of the Plan Participants or beneficiaries reflected on the Payment Schedule, without regard to whether the accounts are fully vested. If the Pre-Merger Subtrust funding ratio is less than one (1), all future benefit payments from the Pre-Merger Subtrust shall not exceed the maximum
lump-sum or installment payment due to Plan Participants or beneficiaries from such Plan Participant’s or beneficiary’s Pre-Merger Subaccounts, multiplied by
the Pre-Merger Subtrust funding ratio. The funding status of the Post-Merger Subtrust (the “Post-Merger Subtrust funding ratio”) shall be determined by dividing the then current market value
of the Trust assets allocated to the Post-Merger Subtrust by the total of the balances in the Post-Merger Subaccounts in the Plan accounts of the Plan Participants or beneficiaries reflected on the Payment Schedule, without regard to whether the
accounts are fully vested. If the Post-Merger Subtrust funding ratio is less than one (1), all future benefit payments from the Post-Merger Subtrust shall not exceed the maximum lump-sum or installment payment
due to Plan Participants or beneficiaries from such Plan Participant’s or beneficiary’s Post-Merger Subaccounts, multiplied by the Post-Merger Subtrust funding ratio. 

(c)    The designated consultant, or, if deemed necessary by the Trustee, an actuary selected by the
Trustee shall calculate and record the difference between the amount paid to the Plan Participant or beneficiary from the Pre-Merger Subaccounts and the scheduled benefit payment from the Pre-Merger Subaccounts according to the applicable Plan which shall be referred to as the “Pre-Merger Sub account underpayment.” The Pre-Merger Subaccount underpayment may be made by the Trustee to the affected Plan Participants or their beneficiaries only at such time as the value of the total assets of the Trust allocated to the Pre-Merger Subtrust is sufficient to support a Pre-Merger Subtrust funding ratio of at least one (1) and to fund the Pre-Merger
Subaccount underpayments. The Company may make payment of any Pre-Merger Subaccount underpayment directly to a Plan Participant or beneficiary and will provide written notification to its designated consultant
or to the Trustee that it has done so. 
 (d)    The designated consultant, or, if deemed necessary by
the Trustee, an actuary selected by the Trustee shall calculate and record the difference between the amount paid to the Plan Participant or beneficiary from the Post-Merger Subaccounts and the scheduled benefit payment from the Post-Merger
Subaccounts according to the applicable Plan which shall be referred to as the “Post-Merger Subaccount underpayment.” The Post-Merger Subaccount underpayment may be made by the Trustee to the affected Plan Participants or their
beneficiaries only at such time as the value of the total assets of the Trust allocated to the Post-Merger Subtrust is sufficient to support a Post-Merger Subtrust funding ratio of at least one (1) and to fund the Post-Merger Subaccount
underpayments. The Company may make payment of any Post-Merger Subaccount underpayment directly to a Plan Participant or beneficiary and will provide written notification to its designated consultant or to the Trustee that it has done so. 

[remainder of page intentionally left blank] 

  
 15 

 IN WITNESS WHEREOF, the Company and the Trustee have caused this Trust Agreement to be executed
by their duly authorized representatives on the 12th day of December, 2016. 
  

			
	CAESARS ENTERTAINMENT CORPORATION
		
	By:	 	 /s/ Timothy Donovan

	Its:	 	Executive VP & General Counsel
	
	WELLS FARGO BANK, N.A.
		
	By:	 	 /s/ Gaye Borden

	Its:	 	VP, IR & T

  
 16

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}]]