Document:

Amendment and Restatement of Harrah's Executive Deferred Compensation Plan

 Exhibit 10.69 
 AMENDMENT AND RESTATEMENT OF 
 HARRAH’S ENTERTAINMENT, INC. 
 EXECUTIVE DEFERRED COMPENSATION PLAN 
 Effective as of August 3, 2007 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE I purpose	  	1
		
	 ARTICLE II DEFINITIONS
	  	2
			
	 2.1
	  	 Account.
	  	2
	 2.2
	  	 Beneficiary.
	  	2
	 2.3
	  	 Board.
	  	2
	 2.4
	  	 Change of Control.
	  	2
	 2.4A
	  	 Code.
	  	4
	 2.5
	  	 EDCP Committee.
	  	4
	 2.6
	  	 Compensation.
	  	4
	 2.7
	  	 Deferral Commitment.
	  	4
	 2.8
	  	 Deferral Period.
	  	5
	 2.9
	  	 Determination Date.
	  	5
	 2.9A
	  	 Disabled.
	  	5
	 2.10
	  	 Employer.
	  	5
	 2.11
	  	 [Reserved]
	  	5
	 2.12
	  	 Employment.
	  	5
	 2.13
	  	 Interest.
	  	5
	 2.14
	  	 Participant.
	  	6
	 2.15
	  	 Participation Agreement.
	  	6
	 2.16
	  	 Plan Benefit.
	  	6
	 2.17
	  	 Retirement.
	  	6
	 2.17A
	  	 Section 409A Change in Control.
	  	7
	 2.17B
	  	 Separation from Service.
	  	7
	 2.17C
	  	 Service Provider.
	  	7
	 2.17D
	  	 Service Recipient.
	  	7
	 2.17E
	  	 Special Distribution Election Period.
	  	7
	 2.17F
	  	 Specified Employee.
	  	7
	 2.17G
	  	 Specified Employee Effective Date.
	  	8
	 2.17H
	  	 Specified Employee Identification Date.
	  	8
	 2.17I
	  	 Testing Year.
	  	8
	 2.18
	  	 Total and Permanent Disability.
	  	8
	 2.19
	  	 Unforeseeable Emergency
	  	8
		
	 ARTICLE III PARTICIPATION AND DEFERRAL COMMITMENTS
	  	8
			
	 3.1
	  	 Eligibility and Participation.
	  	8
	 3.2
	  	 Form of Deferral; Maximum and Minimum Deferral.
	  	9
		
	 ARTICLE IV DEFERRED COMPENSATION ACCOUNTS
	  	10
			
	 4.1
	  	 Elective Deferred Compensation.
	  	10
	 4.2
	  	 Types of Account.
	  	10

  

 i 

 AMENDMENT AND RESTATEMENT OF 
 HARRAH’S ENTERTAINMENT, INC. 
 EXECUTIVE DEFERRED COMPENSATION PLAN 

					
	 	  	 	  	Page
	 4.3
	  	 Matching Contributions.
	  	10
	 4.4
	  	 Vesting of Accounts.
	  	11
	 4.5
	  	 Determination of Accounts.
	  	11
	 4.6
	  	 Statement of Accounts.
	  	11
		
	 ARTICLE V PLAN BENEFITS
	  	12
			
	 5.1
	  	 Pre-Separation from Service Withdrawals.
	  	12
	 5.2
	  	 Retirement Benefit.
	  	12
	 5.3
	  	 Termination Benefit.
	  	13
	 5.4
	  	 Death Benefit.
	  	13
	 5.5
	  	 Disability Benefit.
	  	13
	 5.6
	  	 Irrevocable Distribution Elections.
	  	14
	 5.6A
	  	 Distributions upon Unforeseeable Emergency.
	  	14
	 5.6B
	  	 Special Lump Sum Distribution.
	  	15
	 5.7
	  	 Form of Benefit Payment.
	  	15
	 5.7A
	  	 Amendment of Form of Payment.
	  	16
	 5.8
	  	 Withholding; Payroll Taxes.
	  	17
	 5.9
	  	 Commencement of Payments.
	  	17
	 5.10
	  	 Full Payment of Benefits.
	  	18
	 5.11
	  	 Payment to Guardian.
	  	18
	 5.12
	  	 Compliance with Section 409A of the Code.
	  	18
		
	 ARTICLE VI BENEFICIARY DESIGNATION
	  	19
			
	 6.1
	  	 Beneficiary Designation.
	  	19
	 6.2
	  	 Amendments.
	  	19
	 6.3
	  	 No Beneficiary Designation.
	  	19
	 6.4
	  	 Effect of Payment.
	  	19
		
	 ARTICLE VII ADMINISTRATION
	  	19
			
	 7.1
	  	 Committee; Duties.
	  	19
	 7.2
	  	 Agents.
	  	19
	 7.3
	  	 Binding Effect of Decisions.
	  	20
	 7.4
	  	 Indemnity of EDCP Committee.
	  	20
		
	 ARTICLE VIII CLAIMS PROCEDURE
	  	20
			
	 8.1
	  	 General
	  	20
	 8.2
	  	 Benefit Determination.
	  	20
	 8.3
	  	 Appeals.
	  	21

  

 ii 

 AMENDMENT AND RESTATEMENT OF 
 HARRAH’S ENTERTAINMENT, INC. 
 EXECUTIVE DEFERRED COMPENSATION PLAN 

					
	 	  	 	  	Page
	 8.4
	  	 Notice of Denials.
	  	22
		
	 ARTICLE IX AMENDMENT AND TERMINATION OF PLAN
	  	22
			
	 9.1
	  	 Amendment.
	  	22
	 9.2
	  	 [Reserved]
	  	23
		
	 ARTICLE X MISCELLANEOUS
	  	23
			
	 10.1
	  	 Unfunded Plan.
	  	23
	 10.2
	  	 Unsecured General Creditor.
	  	23
	 10.3
	  	 Nonassignability.
	  	23
	 10.4
	  	 Not a Contract of Employment.
	  	24
	 10.5
	  	 Protective Provisions.
	  	24
	 10.6
	  	 Terms.
	  	24
	 10.7
	  	 Captions.
	  	24
	 10.8
	  	 Governing Law.
	  	25
	 10.9
	  	 Validity.
	  	25
	 10.10
	  	 Notice.
	  	25
	 10.11
	  	 Successors.
	  	25

  

 iii 

 AMENDMENT AND RESTATEMENT OF 
 HARRAH’S ENTERTAINMENT, INC. 
 EXECUTIVE DEFERRED COMPENSATION PLAN 

 Effective as of August 3, 2007 
 ARTICLE I 
 PURPOSE 
 The purpose of this Executive Deferred Compensation Plan (hereinafter referred to as the “Plan”) is to provide supplemental funds for
retirement or death for nonmanagement directors (“director Participants”) and key management employees (and their beneficiaries) of Harrah’s Entertainment, Inc. (formerly named The Promus Companies Incorporated) (hereinafter
referred to as the “Company”) and certain of its subsidiaries which elect to participate in the Plan (“employee Participants”). It is intended that the Plan will aid in retaining and attracting directors and
employees of exceptional ability by providing such individuals with these benefits. 
 This Plan was effective as of November 5, 1989.
The Plan was subsequently amended in certain respects and was amended to provide that the deferrals of Compensation for all Participants ceased effective as of March 31, 2001. 
 The Human Resources Committee (the “HRC”) of the Board of Directors of Harrah’s Entertainment, Inc. now wishes to amend the Plan to
provide each Participant and each Beneficiary of a deceased Participant with an opportunity to elect to receive a special lump sum distribution from his or her Account under the Plan during 2008, and an opportunity to make special elections, in
accordance with the transitional relief under Internal Revenue Service Notice 2005-1, Q/A-19(c), the Proposed Regulations under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and Internal Revenue
Service Notice 2006-79. Such amendment will constitute a material modification of the amounts deferred under the Plan that otherwise were not subject to Section 409A of the Code and such amounts will become subject to Section 409A of the
Code. 
 This Amendment and Restatement of the Plan incorporates the Plan and the prior amendments thereto (except as further amended herein)
and constitutes a complete amendment, restatement and continuation of the Plan. This Amendment and Restatement of the Plan is intended to comply with the requirements of Sections 409A(a)(2), (3) and (4) of the Code and the Treasury
Regulations thereunder. As provided in Notice 2006-79, with respect to an election or amendment to change a time and form of payment under the Plan made on or after January 1, 2007 and on or before December 31, 2007, the election or
amendment shall apply only to amounts that would not otherwise be payable in 2007 and shall not cause an amount to be paid in 2007 that would not otherwise be payable in 2007. The Plan, as in effect prior to this Amendment and Restatement of the
Plan, shall govern distributions under the Plan prior to August 3, 2007. 
  

 1 

 Pursuant to approval by the HRC, the Plan is hereby amended, restated and continued, effective as of
August 3, 2007, as follows: 
 ARTICLE II 
 DEFINITIONS 
 For the purposes of this Plan, the following words and phrases shall have the meanings
indicated, unless the context clearly indicates otherwise: 
 2.1 Account. 
 (a) “Account” means the Retirement Account and the Termination Account maintained by the Employer with respect to each Participant’s
deferred compensation pursuant to Article IV, including accounts transferred from the Holiday Corporation Executive Deferred Compensation Plan. The existence of these accounts shall not require any segregation of assets. 
 (b) Pre-1996 Retirement Account. “Pre-1996 Retirement Account” means the Retirement Account for deferrals of Compensation during Plan
years through 1995. 
 (c) Post-1995 Retirement Account. “Post-1995 Retirement Account” means the Retirement Account for
deferrals of Compensation for Plan years after 1995. 
 (d) Pre-1996 Termination Account. “Pre-1996 Termination Account”
means the Termination Account for deferrals of Compensation during Plan years through 1995. 
 (e) Post-1995 Termination Account.
“Post-1995 Termination Account” means the Termination Account for deferrals of Compensation during the Plan years after 1995. 
 2.2 Beneficiary. “Beneficiary” means the person, persons or entity designated by the Participant, or as provided in Article VI, to receive any Plan benefits payable after the Participant’s death. 
 2.3 Board. “Board” means the Board of Directors of the Company or the Human Resources Committee (or its successor committee) of such
Board of Directors, or any other Committee designated by the Board of Directors of the Company. 
 2.4 Change of Control. A
“Change of Control” means and includes each of the following: 
 (1) the acquisition, directly or indirectly, by any
“person” or “group” (as those terms are defined in Sections 3(a)(9), 13(d) and 14(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) and the rules thereunder) of “beneficial ownership” (as
determined pursuant to Rule 13d-3 under the Exchange Act) of securities entitled to vote generally in the election of directors (“voting securities”) of the Company that represents 25% or more of the combined voting power of the
Company’s then outstanding voting securities, other than 
  

 2 

 (A) an acquisition by a trustee or other fiduciary holding securities under any employee
benefit plan (or related trust) sponsored or maintained by the Company or any person controlled by the Company or by any employee benefit plan (or related trust) sponsored or maintained by the Company or any person controlled by the Company, or

 (B) an acquisition of voting securities by the Company or a corporation owned, directly or indirectly by the stockholders
of the Company in substantially the same proportions as their ownership of the stock of the Company, or 
 (C) an acquisition
of voting securities pursuant to a transaction described in clause (3) below that would not be a Change of Control under clause (3); 
 Notwithstanding the foregoing, neither of the following events shall constitute an “acquisition” by any person or group for purposes of this clause (a): an acquisition of the Company’s securities by the Company which causes
the Company’s voting securities beneficially owned by a person or group to represent 25% or more of the combined voting power of the Company’s then outstanding voting securities; provided, however, that if a person or group shall
become the beneficial owner of 25% or more of the combined voting power of the Company’s then outstanding voting securities by reason of share acquisitions by the Company as described above and shall, after such share acquisitions by the
Company, become the beneficial owner of any additional voting securities of the Company, then such acquisition shall constitute a Change of Control; or 
 (2) during any period of two consecutive years, individuals who, at the beginning of such period, constitute the Board together with any new director(s) (other than a director designated by a person who shall have
entered into an agreement with the Company to effect a transaction described in clauses (1) or (3) of this Section) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at
least two-thirds of the directors then still in office who either were directors at the beginning of the two year period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof;
or 
 (3) the consummation by the Company (whether directly involving the Company or indirectly involving the Company through
one or more intermediaries) of (x) a merger, consolidation, reorganization, or business combination or (y) a sale or other disposition of all or substantially all of the Company’s assets or (z) the acquisition of assets or stock
of another entity, in each case other than a transaction 
 (A) which results in the Company’s voting securities
outstanding immediately before the transaction continuing to represent (either by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction, controls, directly or indirectly,
the Company or owns, directly or indirectly, all or substantially all of the Company’s assets or otherwise succeeds to the business of the Company (the Company or such person, the “Successor Entity”)) directly or indirectly, at least
a majority of the combined voting power of the Successor Entity’s outstanding voting securities immediately after the transaction, and 
  

 3 

 (B) after which no person or group beneficially owns voting securities representing 25%
or more of the combined voting power of the Successor Entity; provided, however, that no person or group shall be treated for purposes of this clause (B) as beneficially owning 25% or more of combined voting power of the Successor Entity
solely as a result of the voting power held in the Company prior to the consummation of the transaction; or 
 (4) the
Company’s stockholders approve a liquidation or dissolution of the Company. 
 (5) The Human Resources Committee of the
Board shall have full and final authority, which shall be exercised in its discretion, to determine conclusively whether a Change of Control of the Company has occurred pursuant to the above definition, and the date of the occurrence of such Change
of Control and any incidental matters relating thereto. 
 2.4A Code. “Code” means the Internal Revenue Code of 1986,
as amended. 
 2.5 EDCP Committee. “EDCP Committee” means the Executive Deferred Compensation Committee appointed to
administer the Plan pursuant to Article VII. 
 2.6 Compensation. “Compensation” means the base salary and annual bonus or
director’s fees paid to the Participant by the Employer during the calendar year, before reduction for amounts deferred pursuant to this Plan or any other Plan. Compensation does not include expense reimbursements, or any form of non-cash
compensation and benefits. For directors, Compensation does not include fees payable for Board service after April 30, 1996. Compensation includes deferrals into this Plan derived from the Rio Properties, Inc. d/b/a Rio Suite Hotel and Casino
Supplemental Retirement and Deferred Compensation Plan (the “Rio SERP”). 
 2.7 Deferral Commitment. 
 (a) “Deferral Commitment” means a Salary Deferral Commitment, a Bonus Deferral Commitment, a Fee Deferral Commitment or another deferral
commitment allowed by the Company under this Plan and for which a Participant Agreement or other appropriate agreement has been filed with the Company. A Deferral Commitment shall include any deferral commitment made by a Participant for 1990 and
years prior thereto under the predecessor Holiday Corporation plan. 
 (b) “Pre-1996 Deferrals” means the deferral of
Compensation during Plan years through 1995. 
 (c) “Post-1995 Deferrals” means the deferral of Compensation during Plan
years after 1995. 
  

 4 

 (d) No Deferral Commitments shall be made after March 31, 2001. 
 2.8 Deferral Period. “Deferral Period” means the single calendar year for which the Participant has made a Deferral Commitment. The
initial Deferral Period shall commence as soon as administratively feasible after the effective date of this Plan. 
 2.9 Determination
Date. “Determination Date” means the last day of each calendar month. 
 2.9A Disabled. A Participant shall be
considered “Disabled” if the Participant is disabled, within the meaning of Section 409A(a)(2)(C) of the Code and Treasury Regulation Section 1.409A-3(i)(4). 
 2.10 Employer. “Employer” means the Company, and directly or indirectly affiliated or subsidiary corporations, any other affiliate
designated by the Board, or any successors to the businesses thereof. 
 2.11 [Reserved] 
 2.12 Employment. “Employment” in the case of an employee, means the period of time that a Participant is on the Employer’s payroll.
A leave of absence approved by the Committee shall not be deemed a termination of Employment. A Participant who enters salary continuation status shall not be deemed to have terminated Employment. In the case of a director, Employment means the
active service on the Board by the Participant. 
 2.13 Interest. 
 (a) Termination Account Interest. 
 (1) The interest rate applied to a Pre-1996 Termination Account on each monthly Determination Date shall be the greater of one twelfth (1/12) of 8.5% or one-twelfth (1/12) of the rate announced by Citibank,
N.A. as its prime rate (“Citibank Prime Rate”) at the beginning of each calendar quarter during the Plan year. 
 (2) The interest rate applicable to a Post-1995 Termination Account on each monthly Determination Date shall be the greater of one-twelfth (1/12) of the rate approved by the Board prior to January 1 of each Plan year or
one-twelfth (1/12) of the Citibank Prime Rate at the beginning of each calendar quarter during the Plan year. The rate to be approved by the Board shall be submitted by Company management to the Board for review and approval prior to
January 1 of each Plan year. For Plan years after 2004, the interest rate applicable to a Post-1995 Termination Account on each monthly Determination Date shall be one-twelfth (1/12) of the Citibank Prime Rate at the beginning of each
calendar quarter during the Plan Year. 
 (b) Retirement Account Interest. 
 (1) For Plan years through 1995, the effective annual yield applicable to a Pre-1996 Retirement Account shall be determined prior to
January 1 of each year and be 

  

 5 

 
effective for the calendar year following the date it is determined; such rate shall be submitted by Company management for review and approval by the Board
prior to January 1 each year. For all calendar years after 1995, such rate shall be and is hereby fixed at 15.5% for all Pre-1996 Retirement Accounts, provided that the annual yield under this paragraph 2.13(b)(1) for each calendar year for a
Pre-1996 Retirement Account shall not be less than one hundred fifty percent (150%) of the annual average of Moody’s for such year. If a Participant or Beneficiary receives payment in full prior to a calendar year end, the foregoing
minimum annual yield for such year will be the Moody’s average for the full months the funds were held by the Plan during the calendar year (or during the prior year if the payment occurs before one full month has been calculated in a calendar
year). The term “Moody’s” refers to Moody’s Average Corporate Bond Yield as published by Moody’s Investors Service, Inc. (or any successor thereto). 
 (2) The effective annual yield applicable to a Post-1995 Retirement Account shall be determined prior to January 1 of each year (for
years prior to 2005) and be effective for the calendar year following the date it is determined; such rate shall be submitted to Company management for review and approval by the Board prior to January 1 each year, provided that the annual
yield under this paragraph 2.13(b)(2) for each calendar year for a Post-1995 Retirement Account shall not in any event be less than 150% of the annual average of Moody’s for such year. For years after 2004, the effective annual yield applicable
to a Post-1995 Retirement Account shall be 150% of the annual average of Moody’s for such year. If a Participant or Beneficiary receives full payment prior to a calendar year end, the foregoing minimum annual yield for such year (for years
prior to 2005), or the foregoing annual yield (or years after 2004), will be the Moody’s average for the full months the funds were held by the Plan during the calendar year (or during the prior year if the payment occurs before one full month
has been calculated in a calendar year). 
 2.14 Participant. “Participant” means any individual who is participating or has
participated in this Plan as provided in Article III. 
 2.15 Participation Agreement. “Participation Agreement” means the
agreement filed by the Participant prior to the beginning of the Deferral Period. A new Participation Agreement shall be filed by the Participant for each Deferral Period. 
 2.16 Plan Benefit. “Plan Benefit” means the benefit payable to the Participant as calculated in Article V. 
 2.17 Retirement. 
 (a) [Reserved]

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

  

 6 

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

 (c) For purposes of the definition in this Section 2.17, Participant’s years of credited service shall be determined based on
such Participant’s first date of employment with the Employer as set forth on Exhibit A attached hereto and such Participant’s period of employment with the Employer. 
 2.17A Section 409A Change in Control. A “Section 409A Change in Control” with respect to a Participant means any Change of Control,
as defined in Section 2.4, that constitutes a change in the ownership or effective control of the corporation, or a change in the ownership of a substantial portion of the assets of the corporation, within the meaning of
Section 409A(a)(2)(A)(v) of the Code and the Treasury Regulation Section 1.409A-3(i)(5). 
 2.17B Separation from Service.
“Separation from Service”, with respect to a Service Provider, means such Service Provider’s “separation from service,” as defined in Treasury Regulation Section 1.409A-1(h), with respect to the Service Recipient.

 2.17C Service Provider. “Service Provider” means a Participant or any other “service provider”, as defined in
Treasury Regulation Section 1.409A-1(f). 
 2.17D Service Recipient. “Service Recipient”, with respect to any Service
Provider, means the “service recipient,” as defined in Treasury Regulation Section 1.409A-1(g), as determined from time to time. As provided in Treasury Regulation Section 1.409A-1(g), the “service recipient” shall mean
the person for whom the Service Provider’s services are performed and with respect to whom the legally binding right to compensation arises, and all persons with whom such person would be considered a single employer under Section 414(b)
or 414(c) of the Code; provided, however, that for purposes of Section 2.17B, the “service recipient” shall be determined as provided in Treasury Regulation Section 1.409A-1(h)(3). 
 2.17E Special Distribution Election Period. “Special Distribution Election Period” means the period designated by the EDCP Committee
during which the elections under Section 5.6B may be made. The “Special Distribution Election Period” shall commence not earlier than August 3, 2007 and end not later than October 15, 2007. 
 2.17F Specified Employee. “Specified Employee” means a Service Provider who, as of the date of the Service Provider’s Separation
from Service, is a “Key Employee” of the Service Recipient any stock of which is publicly traded on an established securities market or otherwise. For purposes of this definition, a Service Provider is a “Key
Employee” if the Service Provider meets the requirements of Section 416(i)(1)(A)(i), (ii) or (iii) of the Code (applied in accordance with the Treasury Regulations thereunder and disregarding Section 416(i)(5) of the
Code) at any time during the Testing Year. If a Service Provider is a “Key Employee” (as defined above) as of a Specified Employee Identification Date, the Service Provider shall be treated as “Key Employee” for the
entire 12 month period beginning on the Specified Employee Effective Date. For purposes of this Section 2.17F, a Service Provider’s compensation for a Testing Year shall 

  

 7 

 
mean such Service Provider’s compensation, as determined under Treasury Regulation Section 1.415(c)-2(d)(4), from the Service Recipient for such
Testing Year. The “Specified Employees” shall be determined in accordance with Section 409A(a)(2)(B)(i) of the Code and Treasury Regulation Section 1.409A-1(i). 
 2.17G Specified Employee Effective Date. “Specified Employee Effective Date” means the first day of the fourth month following the
Specified Employee Identification Date. The Specified Employee Effective Date may be changed by the HRC, in its discretion, in accordance with Treasury Regulation Section 1.409A-1(i)(4). 
 2.17H Specified Employee Identification Date. “Specified Employee Identification Date”, for purposes of Treasury Regulation
Section 1.409A-1(i)(3), means December 31. The “Specified Employee Identification Date” shall apply to all “nonqualified deferred compensation plans” (as defined in Treasury Regulation Section 1.409A-1(a))
of the Service Recipient and all affected Service Providers. The “Specified Employee Identification Date” may be changed by the HRC, in its discretion, in accordance with Treasury Regulation Section 1.409A-1(i)(3). 

2.17I Testing Year. “Testing Year” means the 12 month period ending on the Specified Employee Identification Date, as determined from
time to time. 
 2.18 Total and Permanent Disability. “Total and Permanent Disability” means that due to sickness or
accidental bodily injury the Participant is completely unable to perform any and every duty pertaining to his occupation with the Employer, and such disability is expected to last at least 24 months. 
 2.19 Unforeseeable Emergency, with respect to a Participant, means a severe financial hardship to the Participant resulting from an illness or
accident of the Participant or the Participant’s spouse, Beneficiary or dependent (as defined in Section 152 of the Code, without regard to Sections 152(b)(1), (b)(2) and (d)(1)(B) of the Code) of the Participant, loss of the
Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant, as determined by the EDCP Committee in accordance with
Section 409A(a)(2)(B)(ii)(I) of the Code and the Treasury Regulation Section 1.409A-3(i)(3)(i). 
 ARTICLE III 
 PARTICIPATION AND DEFERRAL COMMITMENTS 
 3.1 Eligibility and Participation. 
 (a) Eligibility. Eligibility to participate in the Plan is limited to directors
of the Board for their fees payable through April 30, 1996 and those employees of the Employer who are: 
 (i) in Job
Grades 26 and above (or equivalent grades) or in other Job Grades which may be declared eligible by the Board’s Human Resources Committee, and 
 (ii) designated as a Participant by the Chief Executive Officer of the Company. 
  

 8 

 (b) Participation. An eligible employee or director may elect to participate in the Plan with
respect to any Deferral Period by filing a Participation Agreement with the Company by a date set by the Company but not later than December 31 of the calendar year immediately preceding the Deferral Period. In the event that an individual
first becomes eligible to Participate during a calendar year, a Participation Agreement must be filed no later than thirty (30) days following notification of the individual by the EDCP Committee or the Company of his eligibility to
Participate, and such Participation Agreement shall be effective only with regard to Compensation earned and payable following the filing of the Participation Agreement with the Company. 
 (c) [Reserved] 
 3.2 Form of Deferral;
Maximum and Minimum Deferral. The Participant may elect in the Participation Agreement any of the following Deferral Commitments: 
 (a)
Salary and Bonus Commitment. For the Deferral Period following the calendar year in which the Participation Agreement is filed, the Participant may elect to defer, except as provided in (b) below, (1) up to twenty-five percent
(25%) of base salary payable during the Deferral Period, and (2) for Plan years through 1990, up to one hundred per cent (100%) of bonus (fifty percent (50%) of bonus for Job Grades 26-29 or equivalent grades) payable during the
Deferral Period. Commencing with the 1991 Deferral Period with respect to bonus deferrals, all Participants will be limited to deferring a maximum of 50% of bonus. 
 (b) Savings and Retirement Plan Exception. In addition to the deferral permitted under (a) above, any Participant that participates at the before-tax percentage of six percent (6%) under the 401(k)
plan or Savings and Retirement Plan of the Participant’s Employer shall be deemed to have elected to defer into this Plan that portion of eligible 401(k) plan or Savings and Retirement Plan earnings which the Participant elected to defer under
such 401(k) plan or Savings and Retirement Plan up to six percent (6%) which could not be deferred on a before-tax basis under any such plan due to any law or regulation, but excluding any amount which was actually deferred into any such plan
but distributed back to the Participant in a following plan year. 
 (c) Fee Deferral Commitment. A director Participant may elect to
defer a minimum of fifteen percent (15%) and up to a maximum of one hundred percent (100%) of fees payable in the calendar year following the calendar year in which the Participation Agreement is filed. For calendar year 1985, the maximum
a director Participant may elect to defer shall be one hundred percent (100%) of remaining fees. For Plan years after 1995, a director Participant may defer fees for services through April 30, 1996. Fees payable to a director after
April 30, 1996, will not be deferrable under this Plan. 
 (d) Other Deferral Provisions. Notwithstanding anything herein, for
Plan years through 1995: (i) an employee who has five (5) years of active deferrals of salary and/or bonus into this Plan including deferrals under the predecessor Holiday Corporation plan shall not be permitted to defer any further bonus
into this Plan payable in Plan years through 1995, and (ii) a director on the Board of Directors of the Company who has ten (10) full years of active deferrals of director’s fees into this Plan including deferrals under the
predecessor Holiday Corporation 

  

 9 

 
plan shall not be permitted to defer any further director’s fees into this Plan payable in Plan years through 1995. For Plan years after 1995, an
employee Participant may defer up to 25% of base salary and 50% of bonus payable during a Deferral Period, provided the Board reserves the right to modify or terminate further deferrals into the Plan for any Plan year. 
 (e) Certain executives of Rio Hotel & Casino, Inc. will be permitted to defer specified amounts in the Rio SERP into the EDCP pursuant to
agreements with such executives. 
 (f) For all Participants, the deferral of Compensation into the Plan will cease effective March 31,
2001. 
 ARTICLE IV 
 DEFERRED COMPENSATION ACCOUNTS 
 4.1 Elective Deferred Compensation. The amount of Compensation that the Participant
elects to defer shall be withheld and credited to the Participant’s Account as the Compensation becomes payable. Any withholding of taxes or other amounts with respect to deferred Compensation which is required by state, federal or local law
may be withheld from the Participant’s non-deferred Compensation. 
 4.2 Types of Account. For record-keeping purposes only, the
following accounts shall be maintained for each Participant: 
 Pre-1996 Retirement Account 
 Pre-1996 Termination Account 
 Post-1995
Retirement Account 
 Post-1995 Termination Account 
 The amount of Compensation elected to be deferred shall be credited to both the Retirement Accounts and the Termination Accounts subject to the provisions of this Plan. 
 4.3 Matching Contributions. 
 (a)
Eligibility. Matching contributions shall be credited to Participants who are eligible to participate in the 401(k) plan or Savings and Retirement Plan of their Employer and elect to make a six percent (6%) before-tax contribution into
such 401(k) plan or Savings and Retirement Plan and such before-tax contribution is limited due to any law or regulation. 
 As provided in
Section 3.2(f), the deferral of Compensation into the Plan ceased effective March 31, 2001 and, consequently, no matching contributions shall be credited with respect to Compensation payable after March 31, 2001. 
 (b) Amount. The Employer shall credit to each employee Participant’s Account a matching contribution for each calendar year equal to one
hundred percent (100%) of the Participant’s Compensation elected to be deferred under this Plan for the year, such Compensation being limited for purposes of this calculation to a maximum of six percent (6%) of the Participant’s
eligible 401(k) plan or Savings and Retirement Plan earnings (which shall for 

  

 10 

 
this purpose include salary deferrals but will not include bonus amounts or board fees). The matching contribution amount will be offset by the actual
matching contribution allocated to the Participant under the 401(k) plan or Savings and Retirement Plan of the Participant’s Employer. 
 (c) Time of Credit. The Employer matching contribution shall be credited to a Participant’s Account as of the last day of the calendar year or the date the Participant’s employment ends, if earlier. 
 4.4 Vesting of Accounts. Each Participant shall be vested in the amounts credited to such Participant’s Account and earnings thereon as
follows: 
 (a) Amounts Deferred. A Participant shall be one hundred percent (100%) vested at all times in the amount of
Compensation elected to be deferred under this Plan and the earnings thereon (either at the Termination Rate or Retirement Rate). 
 (b)
Employer Matching Contributions. A Participant who terminates Employment for reasons other than Retirement, Total and Permanent Disability or Death shall be vested in the Employer matching contributions made for any particular year in
accordance with the vesting provisions of the 401(k) plan or Savings and Retirement Plan of the Participant’s Employer as such plan may be amended from time to time. 
 (c) Retirement, Total and Permanent Disability or Death. A Participant shall be one hundred percent (100%) vested in all amounts at Retirement or upon Total and Permanent Disability or Death during
employment with the Company or its direct or indirect majority owned subsidiaries. For this purpose, “during employment” includes death or disability occurring after such employment termination if the death or disability is primarily
caused (as determined by the EDCP Committee) by the sickness or injury that resulted in the termination of employment. 
 4.5
Determination of Accounts. Each Participant’s Retirement Account (Pre-1996 and Post-1995) and Termination Account (Pre-1996 and Post-1995) as of each Determination Date shall consist of the balance of the Participant’s Account as of
the immediately preceding Determination Date, plus the Participant’s elective deferred Compensation credited, matching contributions and Interest earned, minus the amount of any distributions made since the immediately preceding Determination
Date. Interest earned shall be calculated as of each Determination Date based upon the average daily balance of the account since the preceding Determination Date. Interest earned on each of the Retirement Accounts shall be calculated so as to
achieve the annual yield provided by paragraph 2.13(b). 
 4.6 Statement of Accounts. The Company shall submit to each Participant,
within one hundred twenty (120) days after the close of each calendar year and at such other times as determined by the Company, a statement setting forth the balance to the credit of each Account maintained for the Participant. 
  

 11 

 ARTICLE V 
 PLAN BENEFITS 
 5.1 Pre-Separation from Service Withdrawals. 
 (a) Amount. At the time the Participation Agreement is filed, the Participant may elect to
receive fifty percent (50%) of the Deferral Commitment in four annual installment payments on the first day of each of the 8th, 9th, 10th and 11th
years prior to Separation from Service after the year during which the Participation Agreement is filed. The total Pre-Separation from Service Withdrawal shall be limited to the Termination Account balance at the time of the withdrawal. The
Participants who have elected distributions under this Section 5.1 and their distribution elections are set forth on Exhibit B attached hereto. 
 (b) Remaining Account Balance. The amount of the withdrawal shall reduce the respective Pre-1996 or Post-1995 Retirement Account and respective Pre-1996 or Post-1995 Termination Account balances. Any remaining
account balances shall continue to be credited with Interest in accordance with paragraph 4.5. Any amounts remaining in the respective Pre-1996 or Post-1995 Retirement Account or Termination Account after all Pre-Separation from Service Withdrawals
shall be paid in accordance with this Article V. 
 5.2 Retirement Benefit. 
 (a) [Reserved] 
 (b) The Employer shall pay a
Plan Benefit equal to the amount of a Participant’s respective Pre-1996 and/or Post-1995 Retirement Account to such Participant upon: 
 (1) such Participant’s Separation from Service by reason of Retirement, 
 (2) the date
such Participant becomes Disabled, if such Participant becomes Disabled prior to having a Separation from Service, 
 (3) such
Participant’s Separation from Service within a twenty-four (24) month period after a Section 409A Change in Control, or 
 (4) in the case of a Participant who is a director Participant, such Participant’s Separation from Service by reason of not being re-elected as a director. 
 (5) for Participants who are entitled to the Retirement Account rate and who retired or terminated active service after October 29,
1992 and on or before December 31, 1992, such rate will be locked-in at 16.5% until such Participant’s account is fully distributed. 
 (6) for Participants who are entitled to the Retirement Account rate who retired or terminated active service during 1993, such rate will be locked-in at 16% until such Participant’s account is fully distributed.

  

 12 

 (7) for Participant’s who are entitled to the Retirement Account rate and who
retired or terminated active service during 1994 or 1995, such rate will be locked-in at the retirement rate approved for that year (15.5%) until such Participant’s account is fully distributed. 
 (8) for Participants whose active service ceased before October 29, 1992, and at that time were already receiving the Retirement
Account rate, the rate each such Participant will receive in 1993, 1994 and 1995 will be the approved retirement rate for each such year, provided that for years after 1995 the retirement rate will be locked-in at the rate approved for 1995
(15.5%) until such Participant’s account is fully distributed. 
 5.3 Termination Benefit. The Employer shall pay a Plan
Benefit equal to the amount of the Participant’s respective Pre-1996 and/or Post-1995 Termination Account to each Participant who has a Separation from Service for all reasons other than those for which a Retirement Benefit or Death Benefit
shall be paid. 
 A Participant or Beneficiary shall receive either the Termination Account or Retirement Account as provided in this Plan
but not both. 
 5.4 Death Benefit. Upon the death of the Participant, the Employer shall pay to the Participant’s Beneficiary an
amount determined as follows: 
 (a) If the Participant dies prior to Separation from Service, the amount payable under this paragraph shall
be in lieu of any other benefit payment under this Plan and shall equal: 
 (i) the Participant’s Retirement Account
Balance, plus; 
 (ii) in the case of a Participant whose name is listed on Exhibit C attached hereto, the Additional
Death Benefit. 
 (b) For purposes of subparagraph (a)(ii), the amount of a Participant’s Additional Death Benefit is set forth on
Exhibit C. 
 (c) If the Participant dies after Separation from Service, the amount payable shall be equal to the remaining unpaid
balance of the Participant’s Retirement Account (if the Participant would have been entitled to the Plan Benefit under Section 5.2(b) in the event of a Separation from Service immediately prior to death), or the Participant’s
Termination Account (if the Participant would have been entitled to the Plan Benefit under Section 5.3 in the event of a Separation from Service immediately prior to death). 
 5.5 Disability Benefit. 
 (a)
[Reserved] 
 (b) If a Participant becomes Disabled prior to having a Separation from Service, the amount payable under
Section 5.2(b)(2) shall equal the balance of such Participant’s Retirement Account. 
  

 13 

 5.6 Irrevocable Distribution Elections. Except as provided in Sections 5.6A and 5.6B, a
Participant’s distribution elections as of August 3, 2007 are irrevocable and cannot be amended. 
 5.6A Distributions upon
Unforeseeable Emergency. A distribution may be made by the Company in the case of a Participant’s Unforeseeable Emergency, as determined by the EDCP Committee, as provided herein. 
 (a) A Participant may elect to receive a distribution from his or her vested Account upon the occurrence of an Unforeseeable Emergency. Such Participant
may elect to receive a distribution upon Unforeseeable Emergency by completing and delivering an election with the EDCP Committee in accordance with the uniform procedures promulgated by the EDCP Committee. 
 (1) For a director Participant, the vested Account balance is the Retirement Account balance. 
 (2) If the Participant is a current employee and would be eligible for or otherwise entitled to his or her Retirement Account balance if
he or she had a Separation from Service, the vested Account balance is the Retirement Account balance; otherwise, it will be the Termination Account balance. 
 (3) If the Participant has had a Separation from Service, the vested Account balance is either the Retirement Account balance or the
Termination Account balance, as the case may be, which the Participant was vested in as of the date for the distribution. 
 (b) The election
to receive a distribution upon the occurrence of an Unforeseeable Emergency by a Participant who is entitled to a distribution under this Article V shall override the distribution election in effect for such Participant under this Article V with
respect to the amount to be distributed, both as to form of payment and timing of payment. If installment payments to such Participant have begun at the time an election for a distribution upon the occurrence of an Unforeseeable Emergency is made,
the election shall apply only with respect to the unpaid balance of such Participant’s Retirement Account or Termination Account, as applicable. 
 (c) The amount to be distributed to a Participant who elects a distribution upon the occurrence of an Unforeseeable Emergency shall not exceed the amounts reasonably necessary to satisfy such Unforeseeable Emergency
(and shall include amounts necessary to pay federal, state, local or foreign income taxes or penalties reasonably anticipated as a result of the distribution), after taking into account the extent to which such Unforeseeable Emergency is or may be
relieved through reimbursement or compensation through insurance or otherwise, or by liquidation of the Participant’s assets (to the extent the liquidation of such assets would not itself cause severe financial hardship), as determined by the
EDCP Committee in accordance with Section 409A(a)(2)(B)(ii)(II) of the Code and the Treasury Regulation Section 1.409A-3(i)(3)(ii). 
 (d) The amount to be distributed to the Participant pursuant to such Participant’s election to receive a distribution upon the occurrence of Unforeseeable Emergency shall be paid in a lump sum payment within sixty (60) days
following the approval of the Participant’s distribution election by the EDCP Committee. 
  

 14 

 5.6B Special Lump Sum Distribution. 
 (a) Subject to Section 5.12, a Participant, or a Beneficiary of a deceased Participant, may elect to receive a special lump sum distribution from
such Participant’s or Beneficiary’s Retirement Account or Termination Account, as applicable, on June 1, 2008 (or within thirty (30) days thereafter) in accordance with this Section 5.6B. A Participant’s or
Beneficiary’s special lump sum distribution shall be made only from the Retirement Account or Termination Account, as applicable, if such Participant or Beneficiary has a fully vested interest, determined as of the last day of the Special
Distribution Election Period. The special lump sum distribution shall be in the amount equal to the Participant’s or Beneficiary’s designated percentage of the Participant’s or Beneficiary’s interest in such Retirement Account or
Termination Account, and such designated percentage of the Account shall be credited to a special subaccount of such Account. Such special lump sum distribution shall be made proportionately from such Participant’s or Beneficiary’s
Retirement Account or Termination Account, as applicable (and the subaccounts thereunder), and shall apply only to amounts that would not otherwise be payable before January 1, 2008. 
 (b) A Participant, or a Beneficiary of a deceased Participant, shall elect to receive a special lump sum distribution under subsection (a) by
completing and delivering a Special Lump Sum Distribution Agreement in accordance with the rules and procedures adopted by the EDCP Committee for such purpose. Such Participant or Beneficiary shall designate the whole percentage (up to a maximum of
100%) of such Participant’s or Beneficiary’s interest in his or her Retirement Account or Termination Account to be distributed in such special lump sum distribution. Such Participant or Beneficiary must complete and deliver such Special
Lump Sum Distribution Agreement not later than the last day of the Special Distribution Election Period, and such Participant’s or Beneficiary’s Special Lump Sum Distribution Agreement shall become irrevocable as of the last day of the
Special Distribution Election Period. Such special lump sum distribution shall supersede such Participant’s prior distribution election with respect to the portion of such Participant’s Accounts subject to such special lump sum
distribution election, except as provided in Section 5.12. 
 (c) A Participant’s distribution under this Section 5.6B shall
be made from: (1) the Participant’s Retirement Account (if the Participant would have been entitled to a Plan Benefit under Section 5.2(b) in the event of a Separation from Service on the distribution date), or (2) the
Participant’s Termination Account (if the Participant would have been entitled to a Plan Benefit under Section 5.3 in the event of a Separation from Service on the distribution date). 
 (d) Special distribution elections under this Section 5.6B shall be subject to such administrative rules, procedures and restrictions as are
prescribed by the EDCP Committee in its discretion. No election may be made under this Section 5.6B after the last day of the Special Distribution Election Period. 
 5.7 Form of Benefit Payment. The Plan Death Benefit payable under paragraph 5.4(a)(ii) of this Plan shall be paid within thirty (30) days of the Participant’s death in a 

  

 15 

 
lump sum with no interest accruing from the date of death until the date of payment. The Plan Retirement Benefit, the Death Benefit payable under paragraph
5.4(a)(i) or 5.4(c), the Disability Benefit, and Termination Benefit shall be paid in one of the following forms as elected by the Participant in the Participation Agreement: 
 (a) Equal monthly installments of the Account and Interest amortized over a period of time elected
by the Participant and approved by the Company in such Participant’s Participation Agreement; provided, however, that in case of any installment distribution payments on and after January 1, 2008, such installment distribution
payments shall be made in substantially equal monthly installments over the remaining period of such installment distribution; and, provided, further, that in the event of any such monthly installment distribution, the amount of each monthly
installment in any calendar year for the distribution of the subaccounts in a Participant’s Accounts for a Deferral Period shall be calculated as follows. The amount of the monthly installment shall be determined before the first installment
payment on or after January 1, 2008 is paid and on each January 1st in all subsequent calendar years. The amount of each monthly installment for
such calendar year shall be determined by dividing: (A) the number of remaining monthly installments into (B) the Participant’s vested balance in the Participant’s Accounts, determined as of the last valuation date of the prior
month. A Participant’s last installment payment shall be adjusted as needed to reflect investment gains or losses. If the total of the vested balance in the Participant’s Accounts (and the vested balances in the Participant’s accounts
in all other agreements, methods, programs or other arrangements with respect to which deferrals of compensation are treated as having been deferred under a single nonqualified deferred compensation plan under Treasury Regulation
Section 1.409A-1(c)(2)), determined as of any date that is on or after January 1, 2008 and on or after monthly installment payments commence, is not greater than the applicable dollar amount under Section 402(g)(1)(B) of the Code,
such vested balance in the Participant’s Accounts (and the vested balances in such other agreements, methods, programs and arrangements) shall be paid to the Participant in a lump sum payment not later than sixty (60) days after such date
in accordance with Treasury Regulation Section 1.409A-3(j)(4)(v). Interest shall be credited to the remaining portion of the Account Balance in accordance with paragraph 4.5. If the Participant is receiving a Retirement Account, Interest shall
be equal to an amount in accordance with paragraph 2.13(b). If the Participant is receiving the Termination Account, Interest shall be equal to an amount in accordance with paragraph 2.13(a); and/or 
 (b) A lump sum payment. 
 (c) [Reserved]

 (d) If the Participant fails to elect the form of benefit payment, the benefits shall be paid in accordance with 5.7(a) over a period of
fifteen (15) years. 
 (e) [Reserved] 
 5.7A Amendment of Form of Payment. Each Participant in the Plan as of April 25, 1997 (referred to in this paragraph 5.7A as “Active Participants” and excluding Participants who are not active
employees of the Company or its direct or indirect subsidiaries on April 25, 1997, and excluding director Participants who are not actively serving on the Company’s Board of 

  

 16 

 
Directors on April 25, 1997) will be offered a one-time opportunity (the “Amendment Opportunity”) to amend his/her previously made
elections as to the form of payment of benefits permitted under paragraph 5.7 of the Plan, subject to the following terms and conditions: 
 (a) The Amendment Opportunity will be offered on or before May 31, 1997 to Active Participants by sending them an election form which they must complete in order to revise any or all of their previous distribution elections (the
“Revised Elections”). 
 (b) To be effective, a completed Revised Elections form must be received by the Company within a
reasonable time period but not later than June 30, 1997. 
 (c) Revised Elections will only apply to distributions that will occur due
to leaving the payroll on or after July 1, 1998 (or, in the case of director Participants, due to leaving active service on the Board of Directors on or after July 1, 1998). Accordingly, if an Active Participant leaves the payroll (or
leaves active service on the Board of Directors) on or before June 30, 1998, any Revised Elections submitted by that individual will not be effective. In such case, the original elections for that individual shall govern. For example, if an
employee stops active employment on December 31, 1997 and is placed on salary continuation which lasts until June 30, 1998, then this individual’s Revised Elections will not have any effect and his/her distributions will be governed
by his/her original elections. However, if employment or salary continuation went through July 1, 1998 or later, the Revised Elections would be effective. If an Active Participant leaves the payroll or leaves active service on the Board before
notice of the Amendment Opportunity is mailed, the Amendment Opportunity will not be offered to such individual. 
 (d) Pursuant to this
paragraph 5.7A, an Active Participant will only be permitted to change a lump sum to installments or extend existing installments to a longer period, provided installments cannot be extended beyond a period of fifteen years from the commencement of
payments. A participant will not be permitted to compress installments to a shorter period or to change installments to a lump sum. 
 (e) No
Revised Elections shall be permitted under this Section 5.7A after June 30, 1997. 
 5.8 Withholding; Payroll Taxes. The
Employer shall withhold from payments made hereunder any taxes required to be withheld from the Participant’s wages for the federal or any state or local government. 
 5.9 Commencement of Payments. 
 (a) Except as provided in subsection (b) and Section 5.1,
payment shall commence within thirty (30) days after the Participant has a Separation from Service, dies or becomes Disabled and is entitled to payment pursuant to his or her Participation Agreement. 
 (b) Payment of a Participant’s Retirement Benefit, Termination Benefit, Death Benefit or Disability Benefit shall not commence prior to the earliest
of: 
 (i) such Participant’s Separation from Service, 
  

 17 

 (ii) such Participant’s death, or 
 (iii) the date such Participant becomes Disabled; 
 provided, however, that in the case of a Participant who is a Specified Employee as of the date of such Participant’s Separation from Service, the payment of such Participant’s Retirement Benefit or Termination Benefit shall not
be made before the date which is six months after the date of Participant’s Separation from Service (or, if earlier, the date of such Participant’s death) in accordance with Section 409A(a)(2)(B)(i) of the Code and Treasury Regulation
Section 1.409A-3(i)(2). 
 (c) If a Participant’s Account is to be distributed in the form of annual installment payments, and such
Participant is a Specified Employee as of the date of such Participant’s Separation from Service, the annual installment payment that otherwise would have been made to such Participant prior to the date which is six months after the date of
such Participant’s Separation from Service (or, if earlier, the date of such Participant’s death) and any interest accrued thereon shall be paid commencing on such date in accordance with Section 409A(a)(2)(B)(i) of the Code and the
Treasury Regulation Section 1.409A-3(i)(2). The Participant’s Account shall be distributed in installment payments, commencing on the date which is six months after the date of such Participant’s Separation from Service (or, if
earlier, the date of such Participant’s death), over the designated installment period. 
 5.10 Full Payment of Benefits.
Notwithstanding any other provision of this Plan, all benefits shall be paid no later than the date the Participant attains age eight five (85). 
 5.11 Payment to Guardian. If a Plan benefit is payable to minor or a person declared incompetent or to a person incapable of handling the disposition of property, the Company may direct payment of such Plan benefit to the guardian,
legal representative or person having the care and custody of such minor or incompetent person. The Company may require proof of incompetency, minority, incapacity or guardianship as it may deem appropriate prior to distribution of the Plan benefit.
Such distribution shall completely discharge the EDCP Committee and the Employer from all liability with respect to such benefit. 
 5.12
Compliance with Section 409A of the Code. 
 (a) The Plan shall be interpreted, construed and administered in a manner that
satisfies the requirements of Sections 409A(a)(2), (3) and (4) of the Code and the Treasury Regulations thereunder (subject to the transitional relief under Internal Revenue Service Notice 2005-1, the Proposed Regulations under
Section 409A of the Code and other applicable authority issued by the Internal Revenue Service). 
 (b) As provided in Internal Revenue
Notice 2006-79, notwithstanding any other provision of the Plan, with respect to an election under Section 5.6B or 5.7C, or any other election or amendment to change a time and form of payment under the Plan made on or after January 1,
2007 and on or before December 31, 2007, the election or amendment shall apply only to amounts that would not otherwise be payable in 2007 and shall not cause an amount to be paid in 2007 that would not otherwise be payable in 2007. 

 

 18 

 ARTICLE VI 
 BENEFICIARY DESIGNATION 
 6.1 Beneficiary Designation. Each Participant shall have the right,
at any time, to designate any person or persons as his Beneficiary or Beneficiaries (both principal or contingent) to whom payment under this Plan shall be paid in the event of his death prior to complete distribution to the Participant of the
benefits due him under the Plan. Each beneficiary designation shall be in a written form prescribed by the Company and will be effective only when filed with the Company during the Participant’s lifetime. If the Participant’s Compensation
is community property, any Beneficiary Designation shall be valid or effective only as permitted under applicable law. 
 6.2
Amendments. Any Beneficiary designation may be changed by the Participant without the consent of any designated Beneficiary by the filing of a new Beneficiary Designation with the Company. The filing of a new Beneficiary Designation form will
cancel all Beneficiary Designations previously filed. 
 6.3 No Beneficiary Designation. If any Participant fails to designate a
Beneficiary in the manner provided above, or if the Beneficiary designated by a deceased Participant dies before the Participant or before complete distribution of the Participant’s benefits, the Company, in its discretion, may direct the
Employer to distribute such Participant’s benefits (or the balance thereof) to either: 
 (a) The surviving spouse; 
 (b) The Participant’s children, except that if any of the children predecease the Participant but leave issue surviving, then such issue shall take
by right of representation the share the parent would have taken if living; 
 (c) The Participant’s estate. 
 6.4 Effect of Payment. The payment to the Beneficiary shall completely discharge the Employer’s obligations under this Plan. 
 ARTICLE VII 
 ADMINISTRATION 

 7.1 Committee; Duties. This Plan shall be administered by the Employer’s Executive Deferred Compensation Committee (EDCP
Committee), which shall consist of not less than three (3) individuals selected by the Chief Executive Officer of the Company. Members of the EDCP Committee may be Participants under this Plan. 
 7.2 Agents. The EDCP Committee shall appoint an individual to be the Committee’s agent with respect to the day-to-day administration of the
Plan. In addition, the EDCP Committee may, from time to time, employ other agents and delegate to them such 
 administrative duties as it sees fit, and may
from time to time consult with counsel who may be counsel to the Employer. 
  

 19 

 7.3 Binding Effect of Decisions. The decision or action of the EDCP Committee in respect of any
question arising out of or in connection with the administration, interpretation and application of the Plan and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in the
Plan. 
 7.4 Indemnity of EDCP Committee. The Employer shall indemnify and hold harmless the members of the EDCP Committee or any
agents or employees of the Employer against any and all claims, loss, damage, expense, or liability arising from any action or failure to act with respect to this Plan, except in the case of willful misconduct by the EDCP Committee, EDCP Committee
member, or such agent or employee of the Employer. 
 ARTICLE VIII 
 CLAIMS PROCEDURE 
 8.1 General 
 (a) A Participant or Beneficiary who believes that he or she has not received the benefits to which he or she is entitled may assert a claim for benefits
under the Plan in accordance with the claims procedure of this Article VIII. The claims procedure of this Article VIII shall be applied in accordance with Section 503 of ERISA and Department of Labor Regulation Section 2560.503-1. A
Participant or Beneficiary may assert a benefit claim, or appeal the denial of a benefits claim, through such Participant’s or Beneficiary’s authorized representative, provided that such Participant or Beneficiary has submitted a written
notice evidencing the authority of such representative to the EDCP Committee. A Participant or Beneficiary asserting a benefits claim shall be referred to as a “Claimant” under this Article VIII. 
 (b) A Claimant shall submit his or her benefits claim under the Plan in writing to the EDCP Committee. The Claimant may include documents, records or
other information relating to the benefits claim for review by the EDCP Committee in connection with such benefits claim. 
 8.2 Benefit
Determination. 
 (a) The EDCP Committee shall review the Claimant’s benefits claim (including any documents, records or other
information submitted with such benefits claim) and determine whether such benefits claim shall be approved or denied in accordance with the Plan. 
 (b) In the event that a Claimant’s benefits claim is wholly or partially denied, the EDCP Committee shall provide to the Claimant with written notice of the denial within a reasonable period of time, but not later than ninety
(90) days after the receipt of the benefits claim by the EDCP Committee, unless the EDCP Committee determines that special circumstances require an extension of time for making a determination with respect to the benefits claim. If the EDCP
Committee determines that an extension of time for making a determination with respect to the benefits claim is required, the EDCP Committee shall provide the Claimant with written notice of such extension prior to the end of the initial ninety
(90) day 

  

 20 

 
period. The extension of time shall not exceed a period of ninety (90) days from the end of such initial period. The extension notice shall indicate the
special circumstances requiring the extension of time and the date by which the EDCP Committee expects to render the benefit determination. 
 (c) The notice of denial of the Claimant’s benefits claim shall set forth: 
 (1) the specific reason or reasons
for the denial; 
 (2) references to specific Plan provisions on which the denial is based; 
 (3) a description of any additional material or information necessary for the Claimant to perfect the claim and an explanation of why the
material or information is necessary; and 
 (4) a description of the Plan’s appeal procedures and the time limits
applicable to such procedures, including a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA following a denial of the appeal of the denial of the benefits claim. 
 (d) The Claimant may appeal any denial of the benefits claim in writing to the EDCP Committee within sixty (60) days after receipt of the EDCP
Committee’s notice of denial of benefits claim. The Claimant’s failure to appeal the denial of the benefits claim by the EDCP Committee in writing within the sixty (60) day period shall render the EDCP Committee’s determination
final, binding, and conclusive. 
 8.3 Appeals. 
 (a) A Claimant may appeal the denial of a benefits claim to the EDCP Committee. The EDCP Committee shall review the appeal of the denial of the benefits claim and make a final determination as to whether the benefits
claim should be approved or denied in accordance with the Plan. 
 (b) The Claimant shall be afforded the opportunity to submit written
comments, documents, records, and other information relating to the benefits claim, and the Claimant shall be provided, upon request and free of charge, reasonable access to all documents, records, and other information relevant to the
Claimant’s benefits claim. A document, record or other information shall be considered “relevant” to the benefits claim, as provided in Department of Labor Regulation Section 2560.503-1(m)(8). The review on appeal by the EDCP
Committee shall take into account all comments, documents, records, and other information submitted by the Claimant, without regard to whether such information was submitted or considered in the EDCP Committee’s initial determination with
respect to the benefits claim. The EDCP Committee shall advise the Claimant in writing of the EDCP Committee’s determination of the appeal within sixty (60) days of the claimant’s written request for review, unless special
circumstances (such as a hearing) would make the rendering of a determination within the sixty (60) day period infeasible, but in no event shall the EDCP Committee render a determination regarding the denial of a claim for benefits later than
one hundred twenty (120) days after its receipt of a request for review. If an extension of time for review is required because of special circumstances, written notice of the extension shall be furnished to the Claimant prior to the date the
extension period commences. 
  

 21 

 (c) The notice of denial of the Claimant’s appeal of the denial of the Claimant’s benefit claim
shall set forth: 
 (1) the specific reason or reasons for the denial of the appeal; 
 (2) reference to the specific Plan provisions on which the denial of the appeal is based; 
 (3) a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all
documents, records and other information relevant to the Claimant’s benefits claim (and a document, record or other information shall be considered “relevant” to the benefits claim, as provided in Department of Labor Regulation
Section 2560.503-1(m)(8)); and 
 (4) a statement describing Claimant’s right to bring an action under ERISA
Section 502(a). 
 (d) If, upon appeal, the EDCP Committee shall grant the relief requested by the Claimant, then, in addition, the EDCP
Committee shall award to the Claimant reasonable fees and expenses of counsel, or any other duly authorized representative of Claimant, which shall be paid by the Company. The determination as to whether such fees and expenses are reasonable shall
be made by the Company in its sole and absolute discretion and such determination shall be binding and conclusive on all parties. 
 8.4
Notice of Denials. The EDCP Committee’s notice of denial of a benefits claim shall identify the address to which the Claimant may forward his appeal. 
 ARTICLE IX 
 AMENDMENT AND TERMINATION OF PLAN 
 9.1 Amendment. 
 (a) The Board may at
any time amend the Plan in whole or in part (including, without limitation, to comply with Sections 409A(a)(2), (3) and (4) of the Code and the Treasury Regulations and applicable guidance thereunder), and may impose different requirements
for different Participants, provided, however, that (i) no amendment shall be effective to decrease or restrict the amount accrued to that date on any Account maintained pursuant to any existing Deferral Commitment under the Plan; and
(ii) on amounts that have been deferred up to the date of amendment, no amendment shall be effective to reduce the minimum interest credited or to be credited to Termination Accounts until their payment date or reduce the minimum interest
credited or to be credited to Retirement Accounts until their payment date as provided in paragraph 2.13, without the consent of all Participants (or a Beneficiary in case a Participant is then deceased) who may be affected by such change; and
(iii) no amendment shall be effective to alter the form of payment as elected by a Participant in any Participation Agreement without the consent of the Participant or the Participant’s Beneficiary (in the case of a deceased Participant).

  

 22 

 (b) The EDCP Committee may make administrative amendments to the Plan including but not limited to
amendments to clarify the Plan language and to simplify and implement various administrative procedures, including matters relating to the calculation of death benefits and payments to Beneficiaries, which the EDCP Committee determines are
consistent with the purpose and intent of the Plan. 
 9.2 [Reserved] 
 ARTICLE X 
 MISCELLANEOUS 
 10.1 Unfunded Plan. This Plan is an unfunded plan maintained primarily to provide Deferred Compensation benefits for a select group of management
employees or highly compensated employees. This Plan is not intended to create an investment contract, but to provide tax planning opportunities and retirement benefits to eligible individuals who have elected to participate in the Plan. Eligible
individuals are select members of management who, by virtue of their position with the Employer, are uniquely informed as to the Employer’s operations and have the ability to materially affect the Employer’s profitability and operations.

 10.2 Unsecured General Creditor. The Participants and their Beneficiaries, heirs, successors, and assigns shall have no legal or
equitable rights, interest, or claims in any property or assets of the Employer, nor shall they be Beneficiaries of, or have any rights, claims, or interests in any life insurance policies, annuity contracts or the proceeds therefrom owned or which
may be acquired by the Employer (“Policies”). Such Policies or other assets of the Employer shall not be held as collateral security for the fulfilling of the obligations of the Employer under this Plan. The Policies shall be the general,
unpledged, unrestricted assets of the Employer, and the Employer may transfer, assign, sell, or use such policies without restriction. The Employer’s obligation under the Plan shall be merely that of an unfunded and unsecured promise of the
Employer to pay money in the future. No Employer shall have any obligation under this Plan with respect to individuals other than that of the Employer’s employees or directors or Beneficiaries thereof. 
 10.3 Nonassignability. Neither the Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate,
mortgage, or otherwise encumber, transfer, hypothecate, or convey in advance of actual receipt the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are, expressly declared to be unassignable and
non-transferable. No part of the amounts payable shall, prior to actual payment, be subject to seizure or sequestration for the payment of any debts, judgments, alimony, or separate maintenance owed by the Participant or any other person, nor be
transferable by operation of law in the event of the Participant’s or any other person’s bankruptcy or insolvency. Notwithstanding the above, the Company acting by the EDCP Committee or its designates may authorize a Participant or
Beneficiary to transfer part or all of any Account balance under this Plan to the Company’s Executive Supplemental Savings Plan. 

  

 23 

 
Such transfer must be specified as a percentage in increments of 1% and a transfer percentage will apply to each deferral year’s balance as of the
transfer date including being applied to deferred amounts, accrued interest and vested and unvested accrued matching contributions. For the period from the preceding January 1 to the date of the transfer, interest will accrue based on the
interest rate applicable or approved for that accrual period (not the interest rate for the previous year). The times and other administrative terms and conditions of any such transfer and the interpretation of this Section 10.3 will be
determined by the EDCP Committee or its designates. Upon the transfer by a Participant of any percentage of a Termination Account (for a participant not vested in the Retirement Account), the transfer will only apply to the Termination Account and
an equal percentage of the Retirement Account (including the applicable percentages of deferred amounts, accrued interest and vested and unvested accrued matching contributions for each deferral year) will be eliminated and will be deemed null and
void under this Plan and all rights thereto will be waived. Upon any transfer of any part or all of any Account to the Executive Supplemental Savings Plan, the Participant or Beneficiary will have no further rights under this Plan as to the amounts
transferred including no further rights under this Plan to vesting, death benefits or any other rights to the Retirement Account or Termination Account under this Plan regarding such transferred amount. Amounts not transferred will continue to be
governed by this Plan. 
 Notwithstanding the foregoing, no transfers of any Account balance shall be made under this Section 10.3 on or
after August 3, 2007. 
 10.4 Not a Contract of Employment. The terms and conditions of this Plan shall not be deemed to
constitute a contract of employment between the Employer and the Participant, and the Participant (or his Beneficiary) shall have no rights against the Employer except as may otherwise be specifically provided herein. Moreover, nothing in this Plan
shall be deemed to give the Participant the right to be retained in the service of the Employer or to interfere with the right of the Employer to discipline or discharge the Participant at any time. 
 10.5 Protective Provisions. The Participant will cooperate with the Employer by furnishing any and all information requested by the Employer, in
order to facilitate the payment of benefits hereunder, and by taking such physical examinations as the Employer may deem necessary and taking such other action as may be requested by the Employer. Notwithstanding the other provisions of this Plan,
no death benefits in excess of the Retirement Account balance shall be paid if during the first two (2) years of participation death occurs as a result of suicide. The EDCP Committee shall have sole discretion to determine whether death occurs
as a result of suicide. 
 10.6 Terms. Whenever any words are used herein in the masculine, they shall be construed as through they
were used in the feminine in all cases where they would so apply; and wherever any words are used herein in the singular or in the plural, they shall be construed as through they were used in the plural or the singular, as the case may be, in all
cases where they would so apply. 
 10.7 Captions. The captions of the articles, sections, and paragraphs of this Plan are for
convenience only and shall not control or affect the meaning or construction of any of its provisions. 
  

 24 

 10.8 Governing Law. The provisions of this Plan shall be construed and interpreted in accordance
with the Employee Retirement Income Security Act of 1974, as amended and, to the extent applicable, the laws of the State of Nevada. 
 10.9
Validity. In case any provision of this Plan shall be held illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Plan shall be construed and enforced as if such illegal and
invalid provision had never been inserted herein. 
 10.10 Notice. Any notice or filing required or permitted to be given to the EDCP
Committee or the Company under the Plan shall be sufficient if in writing and hand delivered, or sent by registered or certified mail, to any member of the EDCP Committee, the Chief Executive Officer of the Employer, or the Employer’s Statutory
Agent. Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification. 
 10.11 Successors. The provisions of this Plan shall bind and inure to the benefit of the Employer and its successors and assigns. The term
successors as used herein shall include any corporate or other business entity which shall, whether by merger, consolidation, purchase or otherwise acquire all or substantially all of the business and assets of the Employer, and successors of any
such corporation or other business entity. 
 Executed at Las Vegas, Nevada, as of August 3, 2007. 
  

			
	 HARRAH’S ENTERTAINMENT, INC.

		
	 By:
	 	 /S/ Mary Thomas

	 Name:
	 	Mary Thomas
	 Title:
	 	Senior Vice President, Human Resources

  

 25Amendment and Restatement of Harrah's Deferred Compensation Plan

 Exhibit 10.70 
 AMENDMENT AND RESTATEMENT OF 
 THE HARRAH’S ENTERTAINMENT, INC. 
 DEFERRED COMPENSATION PLAN 
 Effective as of August 3, 2007 

 AMENDMENT AND RESTATEMENT OF 
 THE HARRAH’S ENTERTAINMENT, INC. 
 DEFERRED COMPENSATION PLAN

  
 TABLE OF
CONTENTS 
  

							
	 	 	 	 	 	  	Page
	 1.
	 	Eligibility.	  	2
			
	 2.
	 	Election of Amount of Deferred Compensation.	  	2
				
		 	 2.2
	 	 Savings and Retirement Plan Exception.
	  	2
		 	 2.3
	 	 Matching Contributions.
	  	3
		 	 2.4
	 	 Vesting of Accounts.
	  	3
			
	 3.
	 	Deferred Compensation Account.	  	3
				
		 	 3.1
	 	 Account.
	  	3
		 	 3.2
	 	 Interest on Deferrals.
	  	4
			
	 4.
	 	Unfunded Plan.	  	4
			
	 5.
	 	Distributions from Deferred Compensation Account.	  	4
				
		 	 5.1
	 	 Lump Sum or Annual Distributions.
	  	4
		 	 5.2
	 	 Withholding Taxes.
	  	5
		 	 5.3
	 	 Election of Commencement of Distribution.
	  	6
		 	 5.3A
	 	 Amendment of Form of Payment.
	  	6
		 	 5.4
	 	 [Reserved].
	  	6
		 	 5.5
	 	 Date of Payment(s).
	  	6
		 	 5.6
	 	 Selection of and Payment to Beneficiary.
	  	7
		 	 5.7
	 	 Irrevocable Distribution Elections.
	  	7
		 	 5.7A
	 	 Distributions upon Unforeseeable Emergency.
	  	7
		 	 5.8
	 	 Distributions subject to Section 409A of the Code.
	  	8
		 	 5.9
	 	 Special Lump Sum Distribution.
	  	9
		 	 5.10
	 	 Special Distribution Elections.
	  	9
		 	 5.11
	 	 Compliance with Section 409A of the Code.
	  	13
			
	 6.
	 	Correction of Errors.	  	13
			
	 7.
	 	Restriction Against Transfers and Assignments.	  	13
			
	 8.
	 	Deferral Agreement Not An Employment Agreement.	  	13
			
	 9.
	 	Administration.	  	14
				
		 	 9.1
	 	 EDCP Committee; Duties.
	  	14
		 	 9.2
	 	Agents.	  	14

  

 i 

 AMENDMENT AND RESTATEMENT OF 
 THE HARRAH’S ENTERTAINMENT, INC. 
 DEFERRED COMPENSATION PLAN

  

							
	 	 	 	 	 	  	Page
		 	 9.3
	 	Binding Effect of Decisions.	  	14
		 	 9.4
	 	Indemnity of Committee.	  	14
			
	 10.
	 	Claims Procedure.	  	14
				
		 	 10.1
	 	General.	  	14
		 	 10.2
	 	Benefit Determination.	  	15
		 	 10.3
	 	Appeals.	  	15
		 	 10.4
	 	Notice of Denials.	  	16
			
	 11.
	 	Amendment; Termination of Further Deferrals.	  	17
				
		 	 11.1
	 	Amendments.	  	17
		 	 11.2
	 	Right to Terminate Future Deferrals.	  	17
			
	 12.
	 	Miscellaneous.	  	17
				
		 	 12.1
	 	Delivery of Notice.	  	17
		 	 12.2
	 	Governing Law.	  	17
		 	 12.3
	 	Immunity.	  	17
		 	 12.4
	 	Payment To Guardian.	  	17
		 	 12.5
	 	Captions.	  	18
		 	 12.6
	 	Validity.	  	18
			
	 13.
	 	Successors and Assigns.	  	18
			
	 14.
	 	Definitions for Purposes of Section 409A of the Code	  	18
				
		 	 14.1
	 	“Disability”	  	18
		 	 14.2
	 	“Separation from Service”	  	18
		 	 14.3
	 	“Service Provider”	  	18
		 	 14.4
	 	“Service Recipient”	  	18
		 	 14.5
	 	“Special Distribution Election Period”	  	18
		 	 14.6
	 	“Specified Employee”	  	18
		 	 14.7
	 	“Specified Employee Effective Date”	  	19
		 	 14.8
	 	“Specified Employee Identification Date”	  	19
		 	 14.9
	 	“Testing Year”	  	19
		 	 14.10
	 	“Unforeseeable Emergency”	  	19

  

 ii 

 AMENDMENT AND RESTATEMENT OF 
 THE HARRAH’S ENTERTAINMENT, INC. 
 DEFERRED COMPENSATION PLAN

 Effective as of August 3, 2007 
 The Promus Companies Incorporated established The Promus Companies Incorporated Deferred Compensation Plan (referred to as the “DCP” or the “Plan”), effective as of October 16,
1991. 
 The Promus Companies Incorporated was renamed Harrah’s Entertainment, Inc. and the DCP was renamed The Harrah’s
Entertainment, Inc. Deferred Compensation Plan. 
 The DCP is an unfunded deferred compensation plan for a select group of management or
highly compensated employees (“Employees”) of subsidiaries and affiliates of Harrah’s Entertainment, Inc. (“Harrah’s”). 
 The DCP was subsequently amended in certain respects and was amended to provide that no cash bonus, base salary, or Directors fees payable after March 31, 2001 would be deferred into the DCP. 
 The Human Resources Committee (the “HRC”) of the Board of Directors of Harrah’s Entertainment, Inc. now wishes to amend the Plan to
provide each Participant and each Beneficiary of a deceased Participant with an opportunity to elect to receive a special lump sum distribution from his or her Account under the Plan during 2008, and an opportunity to make special distribution
elections, in accordance with the transitional relief under Internal Revenue Service Notice 2005-1, Q/A-19(c), the Proposed Regulations under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and
Internal Revenue Service Notice 2006-79. Such amendment will constitute a material modification of the amounts deferred under the Plan that otherwise were not subject to Section 409A of the Code and such amounts will become subject to
Section 409A of the Code. 
 This Amendment and Restatement of the DCP incorporates the DCP and the prior amendments thereto (except as
further amended herein) and constitutes a complete amendment, restatement and continuation of the DCP. This Amendment and Restatement of the DCP is intended to comply with the requirements of Sections 409A(a)(2), (3) and (4) of the Code
and the Treasury Regulations thereunder. As provided in Internal Revenue Notice 2006-79, with respect to an election or amendment to change a time and form of payment under the DCP made on or after January 1, 2007 and on or before
December 31, 2007, the election or amendment shall apply only to amounts that would not otherwise be payable in 2007 and shall not cause an amount to be paid in 2007 that would not otherwise be payable in 2007. The DCP, as in effect prior to
this Amendment and Restatement of the DCP, shall govern distributions under the Plan prior to August 3, 2007. 
 Pursuant to approval by
the HRC, the DCP is hereby amended, restated and continued, effective as of August 3, 2007, as follows: 

	1.	Eligibility. 

 Only key Employees and members
of the Board of Directors of Harrah’s who are not employees (“Directors”) are eligible to participate. Key employees are generally those in grades 23 or higher. The “Company” or “participating
Company” in this Plan refers to any subsidiary or affiliate of Harrah’s whose Employees or former employees are Participants in the Plan. For Directors who are Participants in the Plan, references to the “Company” or
“participating Company” refers to Harrah’s. Each respective corporation shall, as the participating Company, have the obligation under the Plan to effectuate the deferrals, to make distributions to its Participants, and to otherwise
perform the Company’s obligations to its Participants. 
 References to “Participants” in the Plan refers to a
participating Company’s actively participating Employees and Directors and also refers, where the context requires, to its former Employees and Directors and Beneficiaries of Employees and Directors who are receiving or entitled to receive
benefits under the Plan. 
  

	2.	Election of Amount of Deferred Compensation. 

 Prior to a Year of Deferral, a Participant may elect to defer up to 12% of base salary and 100% of any cash bonus under the Company’s annual bonus plan which would otherwise be payable to the Employee in the Year of Deferral.
“Cash bonus” refers to annual bonuses paid in March and does not include bonuses or incentive payments made at other times. A Director may defer up to 100% of his or her Director’s fees during the Year of Deferral. The amounts
deferred are referred to as “Deferred Compensation.” The amounts deferred under this Plan are not included as eligible earnings under the Harrah’s Entertainment, Inc. Savings and Retirement Plan (the
“S&RP”). If an Employee is placed on salary continuation, deferrals under this Agreement will continue until the earlier of (a) the end of the Year of Deferral or (b) the end of the salary continuation period,
unless otherwise agreed by the Company. 
 Notwithstanding the foregoing, no cash bonus, base salary, or Directors fees payable after
March 31, 2001 shall be deferred into the Plan. 
 2.2 Savings and Retirement Plan Exception. In addition to the deferral
permitted under 2.1 above, any Participant that participates at the maximum before-tax percentage allowed by the S&RP shall be deemed to have elected to defer under this Plan that portion of eligible S&RP earnings which the Participant
elected to defer under the S&RP, up to six percent (6%) (or such other maximum before-tax percentage allowed by the S&RP for the Participant), which could not be deferred on a before-tax basis under the S&RP, by reason of DCP
deferrals, under any law or regulation as determined by Harrah’s, but excluding any amount which was actually deferred into the S&RP but distributed back to the Participant in a following Plan year as an excess deferral. 
 Notwithstanding the foregoing, no eligible S&RP earnings payable after March 31, 2001 shall be deferred into the Plan. 
  

 2 

	 	2.3	Matching Contributions. 

 (a) Eligibility.
Matching contributions shall be credited to Participants in this Plan who are eligible to participate in the S&RP and elect to make a Basic Contribution (before-tax) equal to the maximum rate at which a Participant may elect before-tax
contributions under the S&RP and such before-tax contribution is limited, by reason of DCP deferrals, under any law or regulation as determined by Harrah’s. 
 As provided in Sections 2.1 and 2.2, no cash bonus, base salary or eligible S&RP earnings payable after March 31, 2001 shall be deferred into the Plan and, consequently, no Employer matching contributions
shall be credited with respect to cash bonus, base salary or eligible S&RP eligible earnings payable after March 31, 2001. 
 (b)
Amount. The Employer shall credit to each employee Participant’s Account a matching contribution for each calendar year equal to one hundred percent (100%) of the Participant’s compensation elected to be deferred under this
Plan for the year, such compensation being limited for purposes of this calculation to a maximum of six percent (6%) of the Participant’s eligible S&RP earnings (which shall not include bonus amounts or board fees). The matching
contribution amount shall be offset by the actual matching contribution allocated to the Participant for the year under the S&RP. 
 (c)
Time of Credit. The Employer matching contribution shall be credited to a Participant’s Account as of the last day of the calendar year or the date the Participant’s employment ends, if earlier. Such amount shall commence accruing
interest when it is credited to the Account. 
 2.4 Vesting of Accounts. Each Participant shall be vested in the amounts credited to
such Participant’s Account and earnings thereon as follows: 
 (a) Amounts Deferred. A Participant shall be one hundred percent
(100%) vested at all times in the amount of base salary, cash bonus and Director fees deferred under this Plan. 
 (b) Employer
Matching Contribution. An Employee who leaves employment for reasons other than Retirement (as defined in the S&RP), Total and Permanent Disability (as defined in the S&RP) or death shall be vested in the Employer matching contributions
and interest thereon made for any particular year in accordance with the vesting provisions in the S&RP as it may be amended from time to time. Matching amounts and earnings thereon that are not vested upon leaving employment shall be forfeited.
The term “Deferred Compensation” in this Plan shall include vested matching amounts and interest thereon for distribution purposes. 
 (c) Retirement, Disability or Death. An Employee shall become one hundred percent (100%) vested in the matching amounts at Retirement (as defined in the S&RP), or upon Total and Permanent Disability
(as defined in the S&RP) or death. 
  

	3.	Deferred Compensation Account. 

 3.1
Account. The Company shall establish a bookkeeping account (the “Account”) to evidence the Company’s liability to the Employee or Director for each Year of Deferral. The Account shall be credited at the end of each
accounting period month with an amount equal to the portion of Deferred Compensation payable during that month and with accrued interest. 
  

 3 

 3.2 Interest on Deferrals. Interest on the Account shall accrue and be credited to the Account at
the end of each calendar year in an amount equal to the Average Balance times the Average Prime Rate where: 
 (a) “Average
Balance” equals the sum of the Account balances on each day during the year, divided by the number of days in the year; and 
 (b)
“Average Prime Rate” equals the sum of the rates announced by Citibank, N.A. as its prime rate on the first business day of each calendar quarter during the year, divided by four. 
 3.3 The Company will notify each Participant quarterly of the value of his or her Account. 
 3.4 For periods shorter than a year, interest shall be calculated by crediting interest at the end of each calendar month and using the Average Balance
during the calendar month and one twelfth of the rate announced by Citibank, N.A. as its prime rate on the first business day of the calendar quarter in which such calendar months occur. 
  

	4.	Unfunded Plan. 

 The Company is not required
to earmark any assets for payment of, or make any investment with respect to, the Account. Any assets allocated to pay the Account will at all times remain the unrestricted assets of the Company, subject to the claims of its general creditors, and
will at all times be available for the Company’s use for whatever purpose it desires. The Company shall have, in general, the power to do and perform any and all acts with respect to any such assets in the same manner and to the same extent as
an individual might or could do with respect to his or her own property. Without limiting the generality of the foregoing, the Company may invest in any and all types of property, whether real or personal, without regard to its location, including
stock, securities, and property of the Company and any business entity controlling, controlled by or under common control with the Company. No enumeration of specific powers herein made shall be construed as a limitation upon the foregoing general
power, nor shall any of the powers herein conferred upon the Company be exhausted by the use thereof, but each shall be continuing. 
 Title
to and beneficial ownership of any assets, whether cash or investments, which the Company may earmark to pay the Account, shall at all times remain in the Company and the Participant shall have no property interest whatsoever in any assets or
investments of the Company. The Company’s obligations under the Plan are unsecured and unfunded, and no assurances are given with respect to the Company’s or Harrah’s present or future financial condition. 
  

	5.	Distributions from Deferred Compensation Account. 

 5.1 Lump Sum or Annual Distributions. Lump sums and annual installments for deferrals before 1992 will be governed by the deferral agreements signed for those years. For 

  

 4 

 
deferrals in plan years 1992 and thereafter, a Participant may elect (a) a lump sum to be paid upon the earliest of the Participant’s Separation
from Service, Disability or death or upon a specified date but not later than the earliest of the Participant’s Separation from Service, Disability or death, or (b) annual installments of two to ten years to commence upon the earliest of
the Participant’s Separation from Service, Disability or death. Payments will be paid or will start in accordance with Section 5.5. The amount of any annual distribution from the Account shall be the balance of the Account on the date of
distribution divided by the number of remaining years (including the annual distribution being made) over which distribution is to be made; provided, however, that in case of any installment distribution payments on and after January 1,
2008, such installment distribution payments shall be made in substantially equal monthly installments over the remaining period of such installment distribution; and, provided, further, that in the event of any such monthly installment
distributions, the amount of each monthly installment in any calendar year shall be calculated as follows. The amount of the monthly installment shall be determined before the first installment payment on or after January 1, 2008 is paid and on
each January 1st in all subsequent calendar years. The amount of each monthly installment for such calendar year shall be determined by dividing:
(A) the number of remaining monthly installments into (B) the Participant’s vested balance in the Participant’s Accounts, determined as of the last valuation date of the prior month. A Participant’s last installment payment
shall be adjusted as needed to reflect investment gains or losses. If the total of the vested balance in the Participant’s Accounts (and the vested balances in the Participant’s accounts in all other agreements, methods, programs or other
arrangements with respect to which deferrals of compensation are treated as having been deferred under a single nonqualified deferred compensation plan under Treasury Regulation Section 1.409A-1(c)(2)), determined as of any date that is on or
after January 1, 2008 and on or after monthly installment payments commence, is not greater than the applicable dollar amount under Section 402(g)(1)(B) of the Code, such vested balance in the Participant’s Accounts (and the vested
balances in such other agreements, methods, programs and arrangements) shall be paid to the Participant in a lump sum payment not later than sixty (60) days after such date in accordance with Treasury Regulation Section 1.409A-3(j)(4)(v).
In the case of a lump sum distribution or payment of an installment, the payment will include interest accrued on the Account since the end of the preceding interest accrual date until the date that the payment is calculated, computed on a per annum
basis at the Average Prime Rate for the previous plan year. Following the end of each calendar year, the Company will provide the Participant with a valuation of the Account showing the amount remaining in the Account after the distribution. 

 Notwithstanding the foregoing, all distributions under this Section 5 shall be subject to Sections 5.8, 5.9, 5.10 and 5.11.

 5.2 Withholding Taxes. Under current law, Federal income taxes are not withheld on Deferred Compensation when deferred. However,
FICA (social security taxes) will be withheld from an Employee’s Deferred Compensation if an Employee’s maximum FICA withholding has not been reached. The Company will endeavor to take applicable FICA from other nondeferred compensation
that is payable to the Employee at the same time that the deferral occurs but, if necessary, the amount of deferred salary and/or deferred bonus may be subject to reduction by reason of the FICA taxes. In addition, if any other law requires
withholding on Deferred Compensation, the Company will apply this withholding to Deferred Compensation. 
  

 5 

 5.3 Election of Commencement of Distribution. The Participant shall be required to elect the
method and timing of distributions at the time a Participation Agreement is signed. The available distribution options will be determined by the Company (at the time the Participation Agreement is signed) and will be set forth in the Participation
Agreement. 
 5.3A Amendment of Form of Payment. Each Participant in the Plan as of April 25, 1997 (referred to in this
paragraph 5.3A as “Active Participants” and excluding Participants who are not active employees of the Company or its direct or indirect subsidiaries on April 25, 1997, and excluding Director Participants who are not actively
serving on the Company’s Board of Directors on April 25, 1997) will be offered a one-time opportunity (the “Amendment Opportunity”) to amend his/her previously made elections as to the form of payment of benefits permitted
under paragraphs 5.1 and 5.3 of the Plan, subject to the following terms and conditions: 
 (a) The Amendment Opportunity will be offered on
or before May 31, 1997 to Active Participants by sending them an election form which they must complete in order to revise any or all of their previous distribution elections (the “Revised Elections”). 
 (b) To be effective, a completed Revised Elections form must be received by the Company within a reasonable time period but not later than June 30,
1997. 
 (c) Revised Elections will only apply to distributions that will occur due to leaving the payroll on or after July 1, 1998 (or,
in the case of director Participants, due to leaving active service on the Board of Directors on or after July 1, 1998). Accordingly, if an Active Participant leaves the payroll (or leaves active service on the Board of Directors) on or before
June 30, 1998, any Revised Elections submitted by that individual will not be effective. In such case, the original elections for that individual shall govern. For example, if an employee stops active employment on December 31, 1997 and is
placed on salary continuation which lasts until June 30, 1998, then this individual’s Revised Elections will not have any effect and his/her distributions will be governed by his/her original elections. However, if employment or salary
continuation went through July 1, 1998 or later, the Revised Elections would be effective. If an Active Participant leaves the payroll or leaves active service on the Board before notice of the Amendment Opportunity is mailed, the Amendment
Opportunity will not be offered to such individual. 
 (d) Pursuant to this paragraph 5.3A, an Active Participant will only be permitted to
change a lump sum to annual installments or extend existing annual installments to a longer period, provided installments cannot be extended beyond a period of ten years from the commencement of payments. A Participant will not be permitted to
compress installments to a shorter period or to change installments to a lump sum. 
 (e) No Revised Elections shall be permitted under this
Section 5.3A after June 30, 1997. 
 5.4 [Reserved]. 
 5.5 Date of Payment(s). Subject to Sections 5.8 and 5.9, if the Participant elects a lump sum distribution, the entire value of the Account on the date of distribution shall be paid to 

  

 6 

 
the Participant within sixty (60) days after the date determined under Section 5.8(b) from the Account. Subject to Sections 5.8 and 5.9, if
distribution is to be made over a period of years, the first payment will be made within sixty (60) days after the date determined under Section 5.8(b) from the Account, and each successive annual payment will be made within sixty
(60) days after the anniversary of the date determined under Section 5.8(b). 
 5.6 Selection of and Payment to Beneficiary.
The Participant will be given the opportunity to designate a Primary Beneficiary and Alternate Beneficiary in case of the Participant’s death. Such designation will remain in effect until changed by the Participant. If the Participant dies
prior to distribution of the entire Account, payment of the Account shall be made to the Primary Beneficiary, or, in the event the Primary Beneficiary has predeceased the Participant, to the Alternate Beneficiary. If the Participant qualifies for a
distribution because of Disability or termination of employment/service and thereafter dies before the payment of a distribution is made by the Company, then the payment or payments will be made to the Beneficiary if the Company’s payroll
department has been notified of the death before the payment is released. A Primary Beneficiary or Alternate Beneficiary is referred to as a “Beneficiary”. 
 Payments to a Beneficiary shall be in the manner elected in the deferral agreement signed by the Participant. 
 A Participant may change Beneficiaries at any time by submitting written notice of such change to the Company. If the Participant dies and has not
designated a Beneficiary, or if all named Beneficiaries have predeceased him or her, payment from the Account shall be made to the Participant’s estate in which case the estate shall be deemed the Beneficiary hereunder. 
 5.7 Irrevocable Distribution Elections. Except as provided in Sections 5.7A, 5.9 and 5.10, a Participant’s distribution elections as of
August 3, 2007 are irrevocable and cannot be amended. 
 5.7A Distributions upon Unforeseeable Emergency. A distribution may be
made by the Company in case of a Participant’s Unforeseeable Emergency, as determined by EDCP Committee in its sole discretion, as provided herein, on or after January 1, 2008. 
 (a) A Participant may elect to receive a distribution from his or her Account upon the occurrence of an Unforeseeable Emergency. Such Participant may
elect to receive a distribution upon Unforeseeable Emergency by completing and delivering an election with the EDCP Committee in accordance with the uniform procedures promulgated by the EDCP Committee. 
 (b) The election to receive a distribution upon the occurrence of an Unforeseeable Emergency by a Participant who is entitled to a distribution under
this Section 5 shall override the distribution election in effect for such Participant under this Section 5 with respect to the amount to be distributed, both as to form of payment and timing of payment. If installment payments to such
Participant have begun at the time an election for a distribution upon the occurrence of an Unforeseeable Emergency is made, the election shall apply only with respect to the unpaid balance of such Participant’s Account. 
  

 7 

 (c) The amount to be distributed to a Participant who elects a distribution upon the occurrence of an
Unforeseeable Emergency shall not exceed the amounts reasonably necessary to satisfy such Unforeseeable Emergency (and shall include amounts necessary to pay federal, state, local or foreign income taxes or penalties reasonably anticipated as a
result of the distribution), after taking into account the extent to which such Unforeseeable Emergency is or may be relieved through reimbursement or compensation through insurance or otherwise, or by liquidation of the Participant’s assets
(to the extent the liquidation of such assets would not itself cause severe financial hardship), as determined by the EDCP Committee in accordance with Section 409A(a)(2)(B)(ii)(II) of the Code and the Treasury Regulation
Section 1.409A-3(i)(3)(ii). 
 (d) The amount to be distributed to the Participant pursuant to such Participant’s election to
receive a distribution upon the occurrence of Unforeseeable Emergency shall be paid in a lump sum payment within sixty (60) days following the approval of the Participant’s distribution election by the EDCP Committee. 
 5.8 Distributions subject to Section 409A of the Code. 
 (a) The distribution of a Participant’s Account shall be made at the time and in the form of payment specified in such Participant’s deferral agreement or Participation Agreement, whichever is applicable,
subject to this Section 5.8 and Sections 5.9 and 5.10. 
 (b) Except as otherwise provided in Section 5.7A, 5.9 or 5.10, the
distribution from a Participant’s Account shall be made or commence upon the earliest of: 
 (i) the specified date, if
any, elected by the Participant in his or her deferral agreement or Participation Agreement, as applicable, or 
 (ii) the
Participant’s Separation from Service, 
 (iii) the Participant’s Disability, or 
 (iv) the Participant’s death; 
 provided, however, that in the case of a Participant who is a Specified Employee as of the date of such Participant’s Separation from Service, the distribution of such Participant’s Account upon such Participant’s Separation
from Service shall be made or commence upon the date which is six months after the date of such Participant’s Separation from Service (or, if earlier, the date of such Participant’s death) in accordance with Section 409A(a)(2)(B)(i)
of the Code and the Treasury Regulation Section 1.409A-3(i)(2). 
 (c) If a Participant’s Account is to be distributed in the form
of annual installment payments upon such Participant’s Separation from Service, and such Participant is a Specified Employee as of the date of such Participant’s Separation from Service, the annual installment payment that otherwise would
have been made to such Participant prior to the date which is six months after the date of such Participant’s Separation from Service (or, if earlier, the date of such Participant’s death) and any interest accrued thereon shall be paid
commencing on such date in accordance with Section 409A(a)(2)(B)(i) of the Code and the Treasury Regulation Section 

  

 8 

 
1.409A-3(i)(2). The Participant’s Account shall be distributed in installment payments, commencing on the date which is six months after the date of
such Participant’s Separation from Service (or, if earlier, the date of such Participant’s death), over the designated installment payment period. 
 5.9 Special Lump Sum Distribution. 
 (a) Subject to Section 5.11, a Participant, or a Beneficiary
of a deceased Participant, may elect to receive a special lump sum distribution from such Participant’s or Beneficiary’s Account on June 1, 2008 (or within thirty (30) days thereafter) in accordance with this Section 5.9. A
Participant’s or Beneficiary’s special lump sum distribution shall be made only from the Account if such Participant or Beneficiary has a fully vested interest in the Account, determined as of the last day of the Special Distribution
Election Period. The special lump sum distribution shall be in the amount equal to the Participant’s or Beneficiary’s designated percentage of the Participant’s or Beneficiary’s interest in the Account, and such designated
percentage of the Account shall be credited to a special subaccount of such Account. Such special lump sum distribution shall be made proportionately from such Participant’s or Beneficiary’s Account (and the subaccounts thereunder) and
shall apply only to amounts that would not otherwise be payable before January 1, 2008. 
 (b) A Participant, or a Beneficiary of a
deceased Participant, shall elect to receive a special lump sum distribution under subsection (a) by completing and delivering a Special Lump Sum Distribution Agreement in accordance with the rules and procedures adopted by the EDCP Committee
for such purpose. Such Participant or Beneficiary shall designate the whole percentage (up to a maximum of 100%) of such Participant’s or Beneficiary’s interest in his or her Account to be distributed in such special lump sum distribution.
Such Participant or Beneficiary must complete and deliver such Special Lump Sum Distribution Agreement not later than the last day of the Special Distribution Election Period, and such Participant’s or Beneficiary’s Special Lump Sum
Distribution Agreement shall become irrevocable as of the last day of the Special Distribution Election Period. Such special lump sum distribution election shall supersede such Participant’s prior distribution election with respect to the
portion of such Participant’s Accounts subject to such special lump sum distribution election, except as provided in Section 5.11. 
 (c) Special distribution elections under this Section 5.9 shall be subject to such administrative rules, procedures and restrictions as are prescribed by the EDCP Committee in its discretion. No election may be made under this
Section 5.9 after the last day of the Special Distribution Election Period. 
 5.10 Special Distribution Elections. 

(a) Subject to Section 5.11, a Participant may elect in accordance with this Section 5.10 to make a special Separation from Service Election,
or a special Distribution Year Election, with respect to any Deferral Period ending on or before December 31, 2007. Such special Separation from Service Election or special Distribution Year Election shall apply to the portion of the
Participant’s Accounts attributable to compensation amounts deferred during such Deferral Period. 
  

 9 

 (i) Special Separation from Service Elections. A special Separation from Service
Election under this Section 5.10 with respect to a Deferral Period shall provide for the distribution of the subaccounts of such Participant’s Accounts for such Deferral Period upon such Participant’s Separation from Service and shall
be in a form of distribution selected by the Participant in such Participant’s Special Distribution Election Agreement. Such Participant may select distribution in the form of a lump sum payment, or monthly installment payments over a period of
years. If such Participant selects distribution in the form of monthly installment payments, such Participant shall designate the period of years (which shall be not less than one and not more than fifteen (15)) over which such monthly
installment payments shall be made; provided, however, that such installment period shall not extend beyond fifteen (15) years following such Participant’s Separation from Service. If such Participant makes a special
Separation from Service Election under this Section 5.10 and fails to select a form of distribution for purposes of distributions from the subaccounts of such Participant’s Accounts for a Deferral Period, such distributions shall be made
in a lump sum payment. A Participant may not change his or her Separation from Service Election under this Section 5.10 with respect to a Deferral Period, or the form of distribution of the subaccounts of such Participant’s Accounts for
such Deferral Period. 
 (ii) Special Distribution Year Elections. A special Distribution Year Election under this
Section 5.10 with respect to a Deferral Period shall provide for the distribution of the subaccounts of such Participant’s Accounts for such Deferral Period upon the earlier of the first day of the Distribution Year (as selected by the
Participant), or the Participant’s Separation from Service. Such Participant shall select the Distribution Year for purposes of distributions from the subaccounts of such Participant’s Accounts for such Deferral Period. The Distribution
Year shall not be earlier than the 2009 calendar year, and shall be not later than the 2027 calendar year. The distribution of the subaccounts of such Participant’s Accounts for such Deferral Period shall be made in a lump sum payment. A
Participant may not change such Participant’s special Distribution Year Election with respect to a Deferral Period. 
 (iii) Separate Elections. A Participant may make a separate special Separation of Service Election or special Distribution Year Election with respect to each Deferral Period. 
 (iv) Time of Payment. 
 (A) A Participant’s Accounts shall be distributed in accordance with the special Separation from Service Election or special Distribution Year Election for the subaccounts of such Participant’s Accounts for
each Deferral Period. 
 (B) The distributions from the subaccounts of a Participant’s Accounts for a Deferral Period
shall be made or commence upon the earliest of: 
 (I) the first day of the Distribution Year (if any) selected by such
Participant (in the case of subaccounts subject to such Participant’s Distribution Year Election), or 
  

 10 

 (II) the Participant’s Separation from Service; or 
 (III) the Participant’s death; 
 provided, however, that, in the case of a Participant who is a Specified Employee as of the date of such Participant’s Separation from Service, the distributions of the subaccounts of such Participant’s Accounts for such
Deferral Period upon such Participant’s Separation from Service shall be made or commence on the date which is six months after the date of such Participant’s Separation from Service (or, if earlier, the date of such Participant’s
death) in accordance with Section 409A(a)(2)(B)(i) of the Code and the Treasury Regulation Section 1.409A-3(i)(2). 
 (C) If the subaccounts of a Participant’s Accounts for any Deferral Period are to be distributed in the form of monthly installment payments, and such Participant is a Specified Employee as of the date of such Participant’s
Separation from Service, the monthly installment payments that otherwise would be made to such Participant prior to the date which is six months after the date of such Participant’s Separation from Service (or, if earlier, the date of such
Participant’s death) shall be accumulated in the subaccounts of such Participant’s Accounts for such Deferral Period and paid commencing on such date in accordance with Section 409A(a)(2)(B)(i) of the Code and Treasury Regulation
Section 1.409A-3(i)(2), as adjusted to reflect the rate of return on the hypothetical Investment Funds selected by the Participant in accordance with Section 6.4. The subaccounts of such Participant’s Accounts for such Deferral Period
shall be distributed in installment payments, commencing on the date which is six months after the date of such Participant’s Separation from Service (or, if earlier, the date of such Participant’s death), over the installment payment
period designated under the Separation from Service Election for the subaccounts of such Participant’s Accounts for the Deferral Period. 
 (v) Form of Payments. 
 (A) Separation from Service Election Payments. In the
event a Participant made a special Separation from Service Election with respect to a Deferral Period, the distribution from the subaccounts in such Participant’s Accounts for such Deferral Period shall be made in a lump sum payment, or in
monthly installment payments, in accordance with Section 5.10(a)(i). 
 (B) Distribution Year Election Payment. In
the event a Participant made a special Distribution Year Election with respect to a Deferral Period, the distribution from the subaccounts in such Participant’s Accounts for such Deferral Period shall be made to such Participant in a lump sum
payment. Such lump sum payment shall be made not later than sixty (60) days after the date determined under Section 5.10(a)(iv). 
 (vi) Definitions of Deferral Period and Distribution Year. For purposes of this Section 5.10, 
 (A)
“Deferral Period” means the calendar year, and 
  

 11 

 (B) “Distribution Year” means the calendar year selected by a Participant for
purposes of distributions from the subaccounts of such Participant’s Accounts for a Deferral Period. 
 (vii)
Installment Payments. 
 (A) In the event a Participant makes a
Separation from Service Election, and elects distribution in the form of installment payments, the amount of each monthly installment in any calendar year for the distribution of the subaccounts in a Participant’s Accounts for a Deferral Period
shall be calculated as follows. The amount of the monthly installment shall be determined before the first installment is paid and on each January 1st
in all subsequent calendar years. The amount of each monthly installment for such calendar year shall be determined by dividing: (I) the number of remaining monthly installments into (II) the Participant’s vested balance in the subaccounts
in the Participant’s Accounts for such Deferral Period, determined as of the last valuation date of the prior month. A Participant’s last installment payment shall be adjusted as needed to reflect investment gains or losses. If the total
of the vested balance in the Participant’s Accounts (and the vested balances in the Participant’s accounts in all other agreements, methods, programs or other arrangements with respect to which deferrals of compensation are treated as
having been deferred under a single nonqualified deferred compensation plan under Treasury Regulation Section 1.409A-1(c)(2)), determined as of any date that is on or after January 1, 2008 and on or after monthly installment payments
commence, is not greater than the applicable dollar amount under Section 402(g)(1)(B) of the Code, such vested balance in the Participant’s Accounts (and the vested balances in such other agreements, methods, programs and arrangements)
shall be paid to the Participant in a lump sum payment not later than sixty (60) days after such date in accordance with Treasury Regulation Section 1.409A-3(j)(4)(v). 
 (B) If installment payments are made, the provisions of Section 3.2 shall continue to apply to the unpaid interest in the relevant
subaccounts. 
 (b) If a Participant elects to make a special Separation from Service Election, or a special Distribution Year Election with
respect to a Deferral Period, under this Section 5.10, such special Separation from Service Election or special Distribution Year Election shall apply to the subaccounts of such Participant’s Accounts for such Deferral Period and shall
apply only to amounts that would not otherwise be payable before January 1, 2008 or payable in accordance with a special lump sum distribution election under Section 5.9. 
 (c) A Participant shall make a special Separation from Service Election or a special Distribution Year Election under subsection (a) by completing
and delivering a Special Distribution Election Agreement in accordance with rules and procedures adopted by the EDCP Committee for such purpose. Such Participant must complete and deliver such Special Distribution Election Agreement not later than
the last day of the Special Distribution Election Period, and such Participant’s Special Distribution Election Agreement shall become irrevocable as of the last day of the Special Distribution Election Period. Such special Separation from
Service Election, or special Distribution Year Election, shall supersede such Participant’s prior distribution election with respect to the portion of such Participant’s Accounts subject to such special Separation from Service Election or
special Distribution Year Election, except as provided in Section 5.11. 
  

 12 

 (d) Special Separation from Service Elections and special Distribution Year Elections under this
Section 5.10 shall be subject to such administrative rules, procedures and restrictions as are prescribed by the EDCP Committee in its discretion. No election may be made under this Section 5.10 after the last day of the Special
Distribution Election Period. 
 5.11 Compliance with Section 409A of the Code. 
 (a) The DCP shall be interpreted, construed and administered in a manner that satisfies the requirements of Sections 409A(a)(2), (3) and (4) of
the Code and the Treasury Regulations thereunder (subject to the transitional relief under Internal Revenue Service Notice 2005-1, the Proposed Regulations under Section 409A of the Code and other applicable authority issued by the Internal
Revenue Service). 
 (b) As provided in Internal Revenue Notice 2006-79, notwithstanding any other provision of the DCP, with respect to any
election under Section 5.9 or 5.10, or any other election or amendment to change a time and form of payment under the DCP made on or after January 1, 2007 and on or before December 31, 2007, the election or amendment shall apply only
to amounts that would not otherwise be payable in 2007 and shall not cause an amount to be paid in 2007 that would not otherwise be payable in 2007. 
  

	6.	Correction of Errors. 

 In the event
deferrals are not made or excessive deferrals are made due to a mistake or error including payroll errors, then the Company will have discretion to correct the error in such manner as it deems appropriate. If the Participant does not object within
thirty (30) days of the occurrence of any mistake or error regarding deferrals, then the Company in its discretion may decide that the deferral mistake shall not be corrected or the Company may elect to take such action as it deems necessary to
correct or partially correct the mistake or error. The Company may elect not to pay interest on amounts contributed to correct a nondeferral mistake or error if the Participant had not objected to the nondeferral within thirty (30) days of the
occurrence of the mistake or error. 
  

	7.	Restriction Against Transfers and Assignments. 

 Neither the Participant nor any Beneficiary shall have any right to commute, sell, assign, transfer, pledge, hypothecate or otherwise convey or encumber any right to receive any payment hereunder, and all such payments and all rights
thereto are expressly declared to be non-assignable and non-transferable. The Account shall not be subject to the claims of the Participant’s or a Beneficiary’s creditors and the Company shall not be obligated to disburse any funds from
the Account to any creditor of the Participant or of a beneficiary. 
  

	8.	Deferral Agreement Not An Employment Agreement. 

 A deferral agreement does not constitute a contract for continued employment of an Employee by the Company. The Company reserves the same rights to modify the Employee’s compensation and to terminate the Employee’s employment with
the Company which it had prior to the execution of a deferral agreement. 
  

 13 

	9.	Administration. 

 9.1 EDCP Committee;
Duties. This Plan may be administered by the EDCP Committee, which shall consist of not less than three (3) individuals selected by the Chief Executive Officer of Harrah’s or his designee. Members of the EDCP Committee may be
Participants under this Plan. Harrah’s, the EDCP Committee and its agents have discretionary authority to decide all questions arising under the Plan including questions as to eligibility, correction of errors, and interpretation of the Plan
and deferral agreements. 
 9.2 Agents. The EDCP Committee may appoint an individual to be the EDCP Committee’s agent with
respect to the day-to-day administration of the Plan. In addition, the EDCP Committee may, from time to time, employ other agents and delegate to them such administrative duties as it sees fit, and may from time to time consult with counsel who may
be counsel to the Company. 
 9.3 Binding Effect of Decisions. The decision or action of the EDCP Committee in respect of any question
arising out of or in connection with the administration, interpretation and application of the Plan and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in the Plan.

 9.4 Indemnity of Committee. The Company and Harrah’s shall indemnify and hold harmless the members of the EDCP Committee or
any agents or employees of the Company against any and all claims, loss, damage, expense, or liability arising from any action or failure to act with respect to this Plan, except in the case of willful misconduct by the EDCP Committee, EDCP
Committee member, or such agent or employee of the Company. 
  

	10.	Claims Procedure. 

  

	 	10.1	General. 

 (a) A Participant or Beneficiary who
believes that he or she has not received the benefits to which he or she is entitled may assert a claim for benefits under the Plan in accordance with the claims procedure of this Article Ten. The claims procedure of this Article Ten shall be
applied in accordance with Section 503 of Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and Department of Labor Regulation Section 2560.503-1. A Participant or Beneficiary may assert a benefit
claim, or appeal the denial of a benefits claim, through such Participant’s or Beneficiary’s authorized representative, provided that such Participant or Beneficiary has submitted a written notice evidencing the authority of such
representative to the EDCP Committee. A Participant or Beneficiary asserting a benefits claim shall be referred to as a “Claimant” under this Article Ten. 
 (b) A Claimant shall submit his or her benefits claim under the Plan in writing to the EDCP Committee. The Claimant may include documents, records or
other information relating to the benefits claim for review by the EDCP Committee in connection with such benefits claim. 
  

 14 

	 	10.2	Benefit Determination. 

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

(b) In the event that a Claimant’s benefits claim is wholly or partially denied, the EDCP Committee shall provide to the Claimant with written
notice of the denial within a reasonable period of time, but not later than ninety (90) days after the receipt of the benefits claim by the EDCP Committee, unless the EDCP Committee determines that special circumstances require an extension of
time for making a determination with respect to the benefits claim. If the EDCP Committee determines that an extension of time for making a determination with respect to the benefits claim is required, the EDCP Committee shall provide the Claimant
with written notice of such extension prior to the end of the initial ninety (90) day period. The extension of time shall not exceed a period of ninety (90) days from the end of such initial period. The extension notice shall indicate the
special circumstances requiring the extension of time and the date by which the EDCP Committee expects to render the benefit determination. 
 (c) The notice of denial of the Claimant’s benefits claim shall set forth: 
 (1) the specific reason or reasons
for the denial; 
 (2) references to specific Plan provisions on which the denial is based; 
 (3) a description of any additional material or information necessary for the Claimant to perfect the claim and an explanation of why the
material or information is necessary; and 
 (4) a description of the Plan’s appeal procedures and the time limits
applicable to such procedures, including a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA following a denial of the appeal of the denial of the benefits claim. 
 (d) The Claimant may appeal any denial of the benefits claim in writing to the EDCP Committee within sixty (60) days after receipt of the EDCP
Committee’s notice of denial of benefits claim. The Claimant’s failure to appeal the denial of the benefits claim by the EDCP Committee in writing within the sixty (60) day period shall render the EDCP Committee’s determination
final, binding, and conclusive. 
 10.3 Appeals. 
 (a) A Claimant may appeal the denial of a benefits claim to the EDCP Committee. The EDCP Committee shall review the appeal of the denial of the benefits claim and make a final determination as to whether the benefits
claim should be approved or denied in accordance with the Plan. 
  

 15 

 (b) The Claimant shall be afforded the opportunity to submit written comments, documents, records, and
other information relating to the benefits claim, and the Claimant shall be provided, upon request and free of charge, reasonable access to all documents, records, and other information relevant to the Claimant’s benefits claim. A document,
record or other information shall be considered “relevant” to the benefits claim, as provided in Department of Labor Regulation Section 2560.503-1(m)(8). The review on appeal by the EDCP Committee shall take into account all comments,
documents, records, and other information submitted by the Claimant, without regard to whether such information was submitted or considered in the EDCP Committee’s initial determination with respect to the benefits claim. The EDCP Committee
shall advise the Claimant in writing of the EDCP Committee’s determination of the appeal within sixty (60) days of the claimant’s written request for review, unless special circumstances (such as a hearing) would make the rendering of
a determination within the sixty (60) day period infeasible, but in no event shall the EDCP Committee render a determination regarding the denial of a claim for benefits later than one hundred twenty (120) days after its receipt of a
request for review. If an extension of time for review is required because of special circumstances, written notice of the extension shall be furnished to the Claimant prior to the date the extension period commences. 
 (c) The notice of denial of the Claimant’s appeal of the denial of the Claimant’s benefit claim shall set forth: 
 (1) the specific reason or reasons for the denial of the appeal; 
 (2) reference to the specific Plan provisions on which the denial of the appeal is based; 
 (3) a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all
documents, records and other information relevant to the Claimant’s benefits claim (and a document, record or other information shall be considered “relevant” to the benefits claim, as provided in Department of Labor Regulation
Section 2560.503-1(m)(8)); and 
 (4) a statement describing Claimant’s right to bring an action under ERISA
Section 502(a). 
 (d) If, upon appeal, the EDCP Committee shall grant the relief requested by the Claimant, then, in addition, the EDCP
Committee shall award to the Claimant reasonable fees and expenses of counsel, or any other duly authorized representative of Claimant, which shall be paid by the Company. The determination as to whether such fees and expenses are reasonable shall
be made by the Company in its sole and absolute discretion and such determination shall be binding and conclusive on all parties. 
 10.4
Notice of Denials. The EDCP Committee’s notice of denial of a benefits claim shall identify the address to which the Claimant may forward his appeal. 
  

 16 

	11.	Amendment; Termination of Further Deferrals. 

 11.1 Amendments. Harrah’s may at any time amend the Plan in whole or in part (including, without limitation, to comply with Sections 409A(a)(2), (3) and (4) of the Code and the Treasury Regulations and applicable
guidance thereunder), and may provide or agree to different requirements for different Participants, provided, however, that (i) no amendment shall be effective to decrease or restrict the amount accrued to that date on any
Account maintained pursuant to any existing deferral under the Plan; (ii) on amounts that have been deferred up to the date of amendment, no amendment shall be effective to reduce the interest credited or to be credited as provided in
Section 3 of this Plan, and (iii) no amendment shall be effective to accelerate the payment of any Participant’s Account relating to deferrals during 1992 and thereafter without the consent of the Participant or the Participant’s
Beneficiary (in case of a deceased Participant). 
 11.2 Right to Terminate Future Deferrals. The Company or Harrah’s may for any
new calendar year terminate further deferrals into the Plan by any person or persons for that year and/or may reject additional Participants in the Plan, if, in its sole judgment, such termination or rejection would be in the best interest of the
Company or Harrah’s. Benefits from deferrals up to the point of termination of further deferrals shall be paid in the form elected by the Participant in his or her Participation Agreement or otherwise in accordance with this Plan, including
crediting of interest, until all payments are complete. 
  

	12.	Miscellaneous. 

 12.1 Delivery of
Notice. Any notice to a Participant may be given either by delivery to the Participant or by deposit in the United States Mail, postage prepaid, addressed to his or her last-known address. Any notice to the Company or Harrah’s hereunder may
be given either by delivery, in person or by deposit in the United States Mail, postage prepaid, addressed to Harrah’s Entertainment, Inc., One Caesars Palace Drive, Las Vegas, NV 89109, Attn: Corporate Secretary. 
 12.2 Governing Law. This Plan shall be governed by the Employee Retirement Income Security Act of 1974, as amended and, to the extent applicable,
the laws of the State of Nevada. 
 12.3 Immunity. So long as they act in good faith, the Company’s and Harrah’s’
officers, directors, agents, or employees may act pursuant to this Agreement without any liability to a Participant or any other person. 
 12.4 Payment To Guardian. If a Plan benefit is payable to minor or a person declared incompetent or to a person incapable of handling the disposition of property, the Company may direct payment of such Plan benefit to the guardian,
legal representative or person having the care and custody of such minor or incompetent person. The Company may require proof of incompetency, minority, incapacity or guardianship as it may deem appropriate prior to distribution of the Plan benefit.
Such distribution shall completely discharge the Company from all liability with respect to such benefit. 
  

 17 

 12.5 Captions. The captions of the articles, sections and paragraphs of this Plan are for
convenience only and shall not control the meaning or construction of any of its provisions unless the context clearly requires such control. 
 12.6 Validity. In case any provision of this Plan shall be held illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Plan shall be construed and enforced as if such
illegal and invalid provision had never been inserted herein. 
  

	13.	Successors and Assigns. 

 A participating
Company may assign its rights and obligations under any deferral agreement to any company or person that acquires all or substantially all of the stock or assets of the Company or that is a successor to the Company by merger. Harrah’s may
assign its rights and obligations under this Plan to any successor to Harrah’s. 
  

	14.	Definitions for Purposes of Section 409A of the Code 

 14.1 “Disability”, with respect to a Participant, shall mean such Participant’s disability, within the meaning of Section 409A(a)(2)(C) of the Code and Treasury Regulation
Section 1.409A-3(i)(4). 
 14.2 “Separation from Service”, with respect to a Service Provider, shall mean such Service
Provider’s “separation from service,” as defined in Treasury Regulation Section 1.409A-1(h), with respect to the Service Recipient. 
 14.3 “Service Provider” shall mean a Participant or any other “service provider”, as defined in Treasury Regulation Section 1.409A-1(f). 
 14.4 “Service Recipient”, with respect to any Service Provider, shall mean the “service recipient,” as defined in Treasury
Regulation Section 1.409A-1(g), as determined from time to time. As provided in Treasury Regulation Section 1.409A-1(g), the “service recipient” shall mean the person for whom the Service Provider’s services are performed
and with respect to whom the legally binding right to compensation arises, and all persons with whom such person would be considered a single employer under Section 414(b) or 414(c) of the Code; provided, however, that for
purposes of Section 14.2, the “service recipient” shall be determined as provided in Treasury Regulation Section 1.409A-1(h)(3). 
 14.5 “Special Distribution Election Period” means the period designated by the EDCP Committee during which the elections under Sections 5.9 and 5.10 may be made. The “Special Distribution
Election Period” shall commence not earlier than August 3, 2007 and end not later than October 15, 2007. 
 14.6
“Specified Employee” shall mean a Service Provider who, as of the date of the Service Provider’s Separation from Service, is a “Key Employee” of the Service Recipient any stock of which is publicly traded on an
established securities market or otherwise. For purposes of this definition, a Service Provider is a “Key Employee” if the Service Provider meets the requirements of Section 416(i)(1)(A)(i), (ii) or (iii) of the Code
(applied in accordance with the Treasury Regulations thereunder and disregarding Section 416(i)(5) of the Code) at any time 

  

 18 

 
during the Testing Year. If a Service Provider is a “Key Employee” (as defined above) as of a Specified Employee Identification Date, the
Service Provider shall be treated as “Key Employee” for the entire 12 month period beginning on the Specified Employee Effective Date. For purposes of this Section 14.6, a Service Provider’s compensation for a Testing Year
shall mean such Service Provider’s compensation, as determined under Treasury Regulation Section 1.415(c)-2(d)(4), from the Service Recipient for such Testing Year. The “Specified Employees” shall be determined in accordance with
Section 409A(a)(2)(B)(i) of the Code and Treasury Regulation Section 1.409A-1(i). 
 14.7 “Specified Employee Effective
Date” means the first day of the fourth month following the Specified Employee Identification Date. The Specified Employee Effective Date may be changed by the HRC, in its discretion, in accordance with Treasury Regulation
Section 1.409A-1(i)(4). 
 14.8 “Specified Employee Identification Date” for purposes of Treasury Regulation
Section 1.409A-1(i)(3), shall mean December 31. The “Specified Employee Identification Date” shall apply to all “nonqualified deferred compensation plans” (as defined in Treasury Regulation
Section 1.409A-1(a)) of the Service Recipient and all affected Service Providers. The “Specified Employee Identification Date” may be changed by the HRC, in its discretion, in accordance with Treasury Regulation
Section 1.409A-1(i)(3). 
 14.9 “Testing Year” shall mean the 12 month period ending on the Specified Employee
Identification Date, as determined from time to time. 
 14.10 “Unforeseeable Emergency”, with respect to a Participant,
shall mean a severe financial hardship to the Participant resulting from an illness or accident of the Participant or the Participant’s spouse, Beneficiary or dependent (as defined in Section 152 of the Code, without regard to Sections
152(b)(1), (b)(2) and (d)(1)(B) of the Code) of the Participant, loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the
Participant, as determined by the EDCP Committee in accordance with Section 409A(a)(2)(B)(ii)(I) of the Code and the Treasury Regulation Section 1.409A-3(i)(3)(i). 
 Executed at Las Vegas, Nevada, as of August 3, 2007. 
  

			
	 HARRAH’S ENTERTAINMENT, INC.

		
	 By:
	 	 /S/ Mary Thomas

	 Name:
	 	Mary Thomas
	 Title:
	 	Senior Vice President, Human Resources

  

 19

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