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<SEC-DOCUMENT>0001104659-07-073572.txt : 20071005
<SEC-HEADER>0001104659-07-073572.hdr.sgml : 20071005
<ACCEPTANCE-DATETIME>20071005143447
ACCESSION NUMBER:		0001104659-07-073572
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20071005
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20071005
DATE AS OF CHANGE:		20071005

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHURCHILL DOWNS INC
		CENTRAL INDEX KEY:			0000020212
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-RACING, INCLUDING TRACK OPERATION [7948]
		IRS NUMBER:				610156015
		STATE OF INCORPORATION:			KY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-01469
		FILM NUMBER:		071158927

	BUSINESS ADDRESS:	
		STREET 1:		700 CENTRAL AVE
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40208
		BUSINESS PHONE:		5026364400

	MAIL ADDRESS:	
		STREET 1:		700 CENTRAL AVENUE
		STREET 2:		700 CENTRAL AVENUE
		CITY:			LOUIVILLE
		STATE:			KY
		ZIP:			40208
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a07-25283_18k.htm
<DESCRIPTION>8-K
<TEXT>
<html>

<head>






</head>

<body lang="EN-US" style=" text-justify-trim:punctuation">

<div style="font-family:Times New Roman;">
 <div style="border:none;border-top:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;"><a name="scotch"></a><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </div>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">UNITED STATES</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">WASHINGTON, D.C. 20549</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">FORM 8-K</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">CURRENT REPORT</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">PURSUANT TO SECTION 13 OR 15(d) OF THE</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">SECURITIES EXCHANGE ACT OF 1934</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Report (Date of earliest event reported): <b>October 5, 2007</b></font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman"><img width="250" height="152" src="g252831bai001.jpg"></font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of registrant
as specified in its charter)</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --><b>Kentucky</b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">0-1469</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">61-0156015</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State of
  incorporation)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission file
  number)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(IRS Employer
  Identification No.)</font></p>
  </td>
 </tr>
</table>

</div>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">700 Central Avenue,
Louisville, Kentucky 40208</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of principal executive offices)</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip Code)</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 636-4400</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Registrant&#146;s telephone number, including area code)</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box below if the Form 8-K is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Written
communications pursuant to Rule 425 under the Securities Act (18 CFR 230.425)</p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</p>

<p style="font-size:10.0pt;margin:0pt 0pt .0001pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Pre-commencement communications pursuant
to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p>

<p style="margin:0pt 0pt .0001pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </div>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div>


<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
1.01. Entry Into a Material Definitive Agreement.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On October 4,
2007, the Churchill Downs Incorporated (the &#147;Company&#148;) announced the employment
of Mr. William E. Mudd, age 36, as the Company&#146;s Executive Vice President and
Chief Financial Officer, pursuant to an employment agreement effective October
15, 2007 (the &#147;Effective Date&#148;).&#160; A copy
of the press release announcing the employment of Mr. Mudd is attached hereto
as Exhibit 99.1 and is incorporated herein by reference.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr. Mudd joins the
Company from General Electric (&#147;GE&#148;), where he has been employed since
1992.&#160; During his progression into roles
of increased responsibility within GE, Mr. Mudd held the position of Manager,
Global Financial Planning &amp; Analysis and Business Development from 2002
until his 2004 promotion to Chief Financial Officer, Supply Chain, Information
Technology and Technology Finance, GE Consumer &amp; Industrial Europe, Middle
East, &amp; Africa, Budapest and Hungary.&#160;
In 2006, Mr. Mudd was appointed Chief Financial Officer, Global
Commercial &amp; Americas P&amp;L, GE Infrastructure, Water &amp; Process
Technologies.&#160; Mr. Mudd obtained his BS,
Mathematics and Actuarial Science, at Bellarmine University and completed his
Masters in Business Administration and Management at Webster University.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Mr. Mudd&#146;s
employment agreement, Mr. Mudd will receive a base salary of $290,000 and a
cash signing bonus of $100,000 that will be repaid on a daily calendar
pro-rated basis in the event Mr. Mudd terminates employment within twelve
months of the Effective Date.&#160;
Additionally, Mr. Mudd will receive a grant of 2,500 shares of
restricted stock which will vest in three years and&#160; options to purchase 4,500 shares of the
Company&#146;s common stock which will vest ratably over three years.&#160; Mr. Mudd will be entitled to participate in
the Company&#146;s long term incentive plan, with a target award of 60% of his base
salary for 2008.&#160; Under the employment
agreement, Mr. Mudd is also entitled to a $900 per month automobile allowance,
club dues, relocation expenses, and participation in all other plans and
programs offered to the Company&#146;s employees and executives, including without
limitation the Company&#146;s employee stock purchase plan, deferred compensation
plan,&#160; 401(k) retirement plan, and
disability and group life insurance plans.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If Mr. Mudd&#146;s employment
is terminated by the Company without &#147;cause&#148; or by Mr. Mudd for &#147;good reason&#148;,
as each such term is defined in the employment agreement, then, among other
things, Mr. Mudd is entitled to the following benefits: (i) a severance benefit
in accordance with the Company&#146;s executive severance policy, provided that if
such termination occurs within eighteen months of the Effective Date, the
severance benefit will equal twenty-four months of base salary; (ii) pro rata
annual bonus based at a minimum on his target bonuses under the Company&#146;s
incentive compensation plan; (iii) the balance of any long-term or annual cash
incentive awards, if any, earned but not yet paid; (iv) continuation of
employee benefits for six months from the date of termination; and (v)
elimination of any vesting or restriction period on any options or shares of
restricted stock issued to him as part of his hiring grant.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Company terminates
Mr. Mudd without &#147;cause&#148; or Mr. Mudd terminates his employment for &#147;good reason&#148;
and, in either case the termination benefits paid to Mr. Mudd are determined to
constitute a parachute payment under Section 280G(b)(2) of the Internal Revenue
Code, Mr. Mudd will be entitled to receive an additional tax gross-up payment
from the Company in an amount which, after imposition of all federal, state and
local income and excise taxes, is equal to the excise tax on all such payments
received by Mr. Mudd.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under the employment
agreement, Mr. Mudd is prohibited from competing with the Company in any manner
which would subject Company trade secrets or confidential information to
disclosure and/or misuse, disclosing any confidential or proprietary Company
information, soliciting its employees or ex-employees, soliciting the Company&#146;s
customers for the purpose of selling them products or services that compete
with those of the Company, or soliciting Company sponsors, media rights holders
or any other entity that pays the Company money for use of its assets.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The summary of the
material terms of the employment agreement set forth above is qualified by
reference to the provisions of the agreement, a copy of which is attached
hereto as Exhibit 10.1 and incorporated herein by reference.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr. Michael Anderson, who
has served as the Interim Chief Financial Officer since February 7, 2007, will
remain with the Company as Vice President, Corporate Finance and Treasurer.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
8.01. Other Events.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On October 4, 2007, the Company issued a press
release, a copy of which is attached as Exhibit 99.1 to this Current Report on
Form 8-K and is incorporated by reference into this Item 8.01.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
9.01. Financial Statements and Exhibits.</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;page-break-after:avoid;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Exhibits</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 108.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Employment
Agreement between Churchill Downs Incorporated and William E. Mudd.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 108.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Relocation
Agreement between Churchill Downs Incorporated and William E. Mudd.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Press Release issued by Churchill Downs
Incorporated, dated October 4, 2007.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURE</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned thereunto duly
authorized.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
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  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="43%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.66%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CHURCHILL DOWNS INCORPORATED</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">October 5, 2007</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:43.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Robert L. Evans</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:43.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert L. Evans</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;President
  &amp; Chief Executive Officer</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
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<DESCRIPTION>EX-10.1
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<p align="right" style="margin:0pt 0pt 12.0pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
10.1</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EMPLOYMENT
AGREEMENT</font></u></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIS EMPLOYMENT
AGREEMENT is made and entered into as of September 27, 2007 (&#147;Employment
Agreement&#148;), between CHURCHILL DOWNS INCORPORATED, a Kentucky corporation (&#147;Company&#148;)
and William E. Mudd (&#147;Mudd&#148;).</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Employment</u>.&nbsp;&nbsp; Pursuant
to this Employment Agreement, the Company shall employ Mudd, and Mudd shall
accept employment, in the capacity of Executive Vice President and Chief
Financial Officer of the Company, reporting to the President and Chief
Executive Officer of the Company, except, where applicable, reporting to the
Board of Directors or a committee thereof. Mudd and the Company hereby agree
that October 15, 2007 is the date on which Mudd&#146;s employment shall begin (the &#147;Effective
Date&#148;). Mudd shall exert his best efforts and devote his full time and
attention to the business and affairs of the Company. Mudd shall have all
powers and responsibilities attendant to the position of Chief Financial
Officer assigned to him or delegated to him by the Company&#146;s President and CEO
(the &#147;CEO&#148;). The duties and responsibilities of said position may be described
in a position description mutually acceptable to him and the CEO; provided that
said position shall, in any case, include (i) those normal and customary duties
associated with a position of Chief Financial Officer (managing the day to day
activities of the finance department to include SEC filings, regulatory
reporting, external audit, financial compliance, risk management, capital
structure management, strategic planning, business planning, business
forecasting and budgeting, management reporting, treasury management,
shareholder value management, investor relations, tax management, capital
investment analysis and advising the Board of Directors on governance issues)
and (ii) serving on the Executive Leadership team.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Compensation and Perquisites</u>.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Salary</u>.&nbsp;&nbsp; As compensation
for the services rendered by Mudd hereunder, the Company shall pay to Mudd a
base salary (&#147;base salary&#148;) of $290,000 a year, payable in accordance with the
Company&#146;s standard payroll procedures. The base salary shall be prorated in
2007 based upon the proportion of the year remaining as of the Effective Date.
Salary adjustments, if any, shall be made, in the discretion of the
Compensation Committee of the Board of Directors, at any time but will normally
occur in April of each year in accordance with standard Company policy and in
no event may Mudd&#146;s base salary be reduced below the annualized base salary
paid in the preceding year, unless such reductions are made for other senior
executive officers and the chief executive officer of the Company.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Expenses</u>.&nbsp;&nbsp; The Company
will reimburse Mudd for all reasonable and necessary travel and other
out-of-pocket expenses incurred by him in the performance of his duties. The
Company will pay Mudd&#146;s reasonable travel and entertainment expenses and other
reasonable expenses incurred on behalf of the Company&#146;s business. Mudd shall
present to the Company on a timely basis from time to time an itemized account
of such expenses in such form as may be required by the Company. The
reimbursement of such expenses shall be subject to the customary policies of
the Company.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Automobile</u>.&nbsp;&nbsp; The Company
will provide Mudd with an automobile allowance of $900 per month so long as
similar benefits are provided to other members of the Executive Leadership
team. The Company may terminate such benefits at its discretion.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">D.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Dues</u>.&nbsp;&nbsp; The Company will
pay for Mudd&#146;s dues (excluding any initiation fee) for any one country club so
long as similar benefits are provided to other members of the Executive
Leadership team. The Company may terminate such benefits at its discretion.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Moving Expenses</u>.&nbsp;&nbsp; The
Company will pay to Mudd his reasonable moving expenses actually incurred (the &#147;Relocation
Expenses&#148;) which include but are not limited to, transportation costs, cost of
relocating household goods, temporary housing, sales expenses relating to home
(including any commissions due to any real estate agent in connection with the
sale or purchase of a house), living allowances and the gross up of such
expenses to cover tax liability incurred by him in connection with his
relocation to Louisville, Kentucky. Mudd shall present to the Company an
itemized account of such expenses. The Company and Mudd each agrees to use all
reasonable efforts to keep such Relocation Expenses at or below $150,000;
provided that the Company remains responsible for all Relocation Expenses in
excess of $150,000 in accordance with the first sentence of this Paragraph.
Mudd represents to the Company that he intends to place his Pennsylvania home
for sale as soon as reasonably practicable and to relocate himself and his
family in a newly purchased home in the Louisville area as soon as reasonably
practicable. The Company represents that it intends to use the Buyer Value
Option &#147;BVO&#148; Program to assist in Mudd&#146;s relocation. Relocation Today will
manage Mudd&#146;s total relocation in conjunction with the Company&#146;s Human
Resources Department. Mudd will be required to sign a relocation payback
agreement (attached hereto as <u>Exhibit A</u>).</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">F.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Cash Signing Bonus</u>:&nbsp;&nbsp; Mudd
shall receive a cash signing bonus of $100,000, within thirty (30) days of the
Effective Date. Mudd agrees that that if he terminates employment within twelve
(12) months of the Effective Date he will repay the cash signing bonus on a
daily calendar pro-rated basis [(365 <i>minus</i> number of
days since the Effective Date) <i>divided by</i> 365 <i>multiplied by</i> $100,000)].</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">G.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Equity Signing Grant</u>:&nbsp;&nbsp; Mudd
shall receive, under the Company&#146;s 2007 Omnibus Stock Incentive Plan, an
initial stock grant of 2,500 shares of restricted stock, which will vest in
three (3) years (measured from the Effective Date) and 4,500 stock options,
which will vest ratably over three (3) years (measured from the Effective
Date). These grants shall be subject to and on a basis consistent with the
terms and conditions and overall administration of such plan. The Company and
Mudd shall execute the standard restricted stock grant agreement and stock
option agreement in effect at the time of the grant.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All payments and
other compensation to Mudd shall be subject to applicable withholding.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Employee Benefits</u>.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Employee Stock Purchase Plan</u>.&nbsp;&nbsp; Mudd
shall be entitled to participate in the Churchill Downs Incorporated 2000
Employee Stock Purchase Plan, subject to and on a basis consistent with the
terms, conditions and overall administration of such plan.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Long Term Incentive Plan.</u>&nbsp;&nbsp; Mudd
shall be entitled to participate in the Company&#146;s 2007 Long Term Incentive Plan
(&#147;LTI&#148;) subject to and on a basis consistent with the terms and conditions and
overall administration of such plan. Mudd&#146;s award shall be based on achievement
of certain performance goals and vesting criteria as approved by the
Compensation Committee of the Board of Directors. Mudd&#146;s LTI target award will
be $3.0 million with terms similar to those at his level. LTI payments may be
in the form of cash or Company stock and may require Compensation Committee and
Board of Director approval.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Medical, Dental, Vision and Life
Insurance</u>.&nbsp;&nbsp; Mudd will be eligible to participate in the Company&#146;s
medical, dental, vision, disability and life insurance plans on the same basis
as generally offered to other executives of the Company from time to time. Mudd
acknowledges receipt of a summary of those benefits.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">D.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Incentive Compensation Plan</u>.&nbsp;&nbsp; Mudd
shall be entitled to participate in the Company&#146;s (1997) Incentive Compensation
Plan, as amended and restated effective March 1, 2005 (the &#147;ICP&#148;), subject to
and on a basis consistent with the terms, conditions and overall administration
of such plan. For purposes of participation in the ICP, Mudd&#146;s Target Award (as
defined therein) for calendar year 2008 shall be set at sixty percent (60%) of
base salary. The bonus award for calendar year 2008 performance will be paid in
March 2009. Mudd shall not participate in, or be eligible for an award under,
the ICP for calendar year 2007. The ICP may be modified, adjusted and changed
from time to time at the discretion of the Company.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Section 401(k) Retirement Plan</u>.&nbsp;&nbsp; Mudd
shall be entitled to participate in the Company&#146;s Section 401(k) Retirement
Plan, subject to and on a basis consistent with the terms, conditions and
overall administration of such plan.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">F.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Other Plans and Programs</u>.&nbsp;&nbsp; Mudd
will be eligible to participate in all other plans and programs offered to
executives of the Company, subject to and on a basis consistent with the terms,
conditions and overall administrative requirements of such plans, including,
without limitation, the Deferred Compensation Plan, the 125 Flex Plan,
Executive Supplemental Long Term Disability Insurance; provided that, in some
instances, Mudd will not be able to participate in such plans until he has
completed the required term of employment as required under the terms of such
plans.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Vacation</u>.&nbsp;&nbsp; Mudd shall
be awarded paid time off (PTO) consistent with the Company&#146;s established policy
as amended from time to time.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Termination of Employment</u>.&nbsp;&nbsp; The
Company may terminate Mudd&#146;s employment at any time, for any reason.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>By Company (except for
termination for Cause), or Mudd for Good Reason</u>.&nbsp;&nbsp; In the event Mudd is
terminated by the Company, without Cause or in the event of Mudd&#146;s termination
of employment for Good Reason, the Company shall pay or otherwise provide to
Mudd the following amounts and benefits (the &#147;Termination Benefits&#148;):</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Company shall pay Mudd a
severance benefit in accordance with the Company&#146;s Executive Severance Policy
as it may exist from time to time and at the time he incurs an employment
termination eligible for payment under such plan; provided that if such
termination occurs within eighteen (18) months of the Effective Date, the
severance benefit shall equal twenty-four (24) months of base salary at the
base salary then in effect (unless a reduction in base salary is the basis for
Mudd&#146;s termination of employment for Good Reason, in which case the base salary
in effect immediately prior to such reduction),</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Company shall pay Mudd a pro
rated annual bonus for the year in which Mudd&#146;s termination occurs based, at a
minimum, on the Target Award (as defined in the ICP), subject to the Company&#146;s
accomplishment of the Threshold Company Goal under the ICP for such year. Such
amount shall be payable at the time and in the manner stipulated in the said
ICP,</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Company shall pay Mudd the balance
of any annual or long-term incentive awards, if any, earned (but not yet paid)
as of the date of employment termination, subject to the terms of the
applicable plan or program,</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any equity based award shall be governed
by the applicable plan or program (except as set forth in item (v) below),</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Compensation Committee of the
Board of Directors shall terminate any restrictions applicable to the
restricted stock and stock options granted to Mudd pursuant to Paragraph 2G
above, to the effect that there shall be no &#147;Restriction Period&#148; applicable to
such shares as of the date of employment termination.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Company shall permit Mudd to
continue to participate in all other employee benefits programs in which Mudd
participated at the time of employment termination, in each case from the date
of employment termination until the six (6) month anniversary thereof, with the
exception of the Company&#146;s Section 401(k) Retirement Plan, the 2005 Churchill
Downs Incorporated Deferred Compensation Plan, the Churchill Downs Incorporated
2000 Employee Stock Purchase Plan, the Company&#146;s 125 Flex Plan and the Company&#146;s
Life and Disability Insurance programs; provided however, that the Company&#146;s
obligations under this subparagraph (vi) shall be reduced or eliminated
(including, without limitation, as required by the COBRA continuation coverage
provisions applicable to the Company health care plan) to the extent Mudd
receives similar coverage and benefits under plans and programs of a subsequent
employer.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In consideration
of the receipt of the payments and benefits of this Paragraph 5(A), and as a
condition thereto, Mudd specifically agrees to execute the Company&#146;s standard
employee </font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">release and waiver
agreement (as modified if necessary to be consistent with the terms of this
Employment Agreement) at the time of employment termination, whereby the
employee releases and waives any and all claims and causes of action of any
kind or nature whatsoever, whether known or unknown and whether or not
specifically mentioned, which may exist or might be claimed to exist at or
prior to the date of employment termination , including without limitation any
future injuries, losses or damages not known or anticipated at the time of
employment termination but which may later develop or become discovered
(including the effects or consequences thereof) and which are attributable to
such claims. This release and waiver agreement includes any claims which might
exist as of the date of execution of the agreement, and shall conform in all
respects to requirements for a valid and enforceable release and waiver of
claims under the Age Discrimination in Employment Act (&#147;ADEA&#148;).</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>By Company &#151; (for Cause)</u>. In
the event Mudd is terminated by the Company for Cause, the Company shall be
obligated to pay Mudd&#146;s then base salary only through the end of the month
during which such termination occurs, plus such other sums as are payable under
this Employment Agreement and which shall have accrued through the end of such
month.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of
this Agreement, the term &#147;Cause&#148; means:</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the continued failure of Mudd to
perform substantially his duties hereunder (other than any such failure
resulting from incapacity due to disability) after written demand for
substantial performance improvement is delivered by the Company that
specifically identifies the manner in which the Company believes Mudd has not
substantially performed his duties,</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Mudd&#146;s conviction of, or plea of
guilty or no contest to (A) a felony or (B) a misdemeanor involving dishonesty
or moral turpitude; or</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the engaging by Mudd in illegal
conduct or gross misconduct which is materially and demonstrably injurious to
the business or reputation of the Company.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company shall
give written notice to Mudd of the termination for Cause. Such notice shall
state in detail the particular act or acts or the failure or failures to act
that constitute the ground on which the termination for Cause is based. Such
notice shall be given within six (6) months of the occurrence of, or, if later,
the Company&#146;s actual knowledge of, the act or acts or the failure or failures
to act which constitute the grounds for Cause. Mudd shall have sixty (60) days
upon receipt of then notice in which to cure such conduct, to the extent such
cure is possible.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Termination following a Change in
Control</u>.&nbsp;&nbsp; In the event Mudd is terminated by the Company within
twenty-four (24) months following a Change in Control other than for Cause,
disability or death, or if Mudd voluntarily resigns for Good Reason within such
twenty-four (24) month period, Mudd shall receive the benefits described in
Paragraph 5(A), provided that the severance benefit described in Paragraph
5(A)(i) shall equal twenty-four (24) months of base salary at the base salary
then in effect (unless a reduction in base salary is the basis for Mudd&#146;s
termination of employment for Good Reason, in which case the base salary in
effect immediately prior to such reduction).</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of
this Agreement, the term &#147;Change in Control&#148; means the first to occur of the
following events:</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the acquisition by any individual,
entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the
Exchange Act) (a &#147;Person&#148;) of beneficial ownership (within the meaning of Rule
13d-3 promulgated under the Exchange Act) of more than 50% of either the
then-outstanding voting securities of the Company (the &#147;Outstanding Company
Common Stock&#148;) or the combined voting power of the then-outstanding voting
securities of the Company entitled to vote generally in the election of
directors (the &#147;Outstanding Company Voting Securities&#148;);</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; individuals who, as of the Effective
Date of this Agreement, constitute the Board of Directors of the Company (the &#147;Incumbent
Board&#148;) cease for any reason to constitute at least a majority of the Board;
provided, however, that any individual becoming a director subsequent to the
Effective Date of this Agreement whose election, or nomination for election by
the Company&#146;s shareholders, was approved by a vote of at least a majority of
the directors then comprising the Incumbent Board shall be considered as though
such individual were a member of the Incumbent Board, but excluding, for this
purpose, any such individual whose initial assumption of office occurs as a
result of an actual or threatened election contest with respect to the election
or removal of directors or other actual or threatened solicitation of proxies
or consents by or on behalf of a Person other than the Board;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; consummation of a reorganization,
merger or consolidation or sale or other disposition of all or substantially
all of the assets of the Company or the acquisition of assets of another entity
(a &#147;Corporate Transaction&#148;), in each case, unless, immediately following such
Corporate Transaction, (i) all or substantially all of the individuals and
entities who were the beneficial owners, respectively, of the Outstanding
Company Common Stock and Outstanding Company Voting Securities immediately
prior to such Corporate Transaction beneficially own, directly or indirectly,
more than 50% of, respectively, the then-outstanding shares of Common Stock and
the combined voting power of the then-outstanding voting securities entitled to
vote generally in the election of directors, as the case may be, of the Company
resulting from such Corporate Transaction (including, without limitation, an
entity which as a result of such transaction owns the Company or all or
substantially all of the Company&#146;s assets either directly or through one or
more subsidiaries) in substantially the same proportions as their ownership,
immediately prior to such Corporate Transaction, of the Outstanding Company
Common Stock and Outstanding Company Voting Securities, as the case may be,
(ii) no Person (excluding any employee benefit plan (or related trust) of the
Company or such entity resulting from such Corporate Transaction) beneficially
owns, directly or indirectly, 20% or more of, respectively, the then
Outstanding Company Common Stock resulting from such Corporate Transaction or
the Outstanding Company Voting Securities resulting from such Corporate Transaction,
except to the extent that such ownership existed prior to the Corporate
Transaction, and (iii) at least a majority of the members of the Board of
Directors of the Company resulting from the Corporate Transaction were members
of the Incumbent Board at the time of the execution of the initial plan or
action of the Board providing for such Corporate Transaction; or</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; approval by the shareholders of the
Company of a complete liquidation or dissolution of the Company.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition and
anything to the contrary contained herein notwithstanding, if the Company
enters into an agreement or series of agreements or the Board of Directors
adopts a resolution that results in the occurrence of any of the foregoing
events, and the employment of Mudd is terminated after the entering into of
such agreement or series of agreements or the adoption of such resolution,
then, upon the termination of Mudd&#146;s employment, a Change in Control shall be
deemed to have retroactively occurred on the date of entering into of the earliest
of such agreements or the adoption of such resolution.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding
the foregoing, actions taken in compliance with that certain Stockholder&#146;s
Agreement dated as of September 8, 2000, among the Company, Duchossois
Industries, Inc. and subsequent signatories thereto, as amended from time to
time, shall not be deemed a Change in Control.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">D.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Voluntary Termination by Mudd</u>.&nbsp;&nbsp; Mudd
may at any time resign from his position after giving the Company not less than
thirty (30) days prior written notice of the effective date of his resignation.
Any such resignation shall not be deemed to be a material breach by Mudd of
this Employment Agreement and, except as contemplated by Paragraph 5(E), Mudd
shall not be entitled to receive the severance payment contemplated by
Paragraph 5(A). Termination by Mudd within the first twelve (12) months of
employment under this Paragraph 5(D) (but not Paragraph 5(E)) will result in
the pro-rated repayment of the cash signing bonus, and within the first
twenty-four (24) months of employment the repayment of relocation expenses as
outlined in the relocation payback agreement referred to in Section 2.E above.
It is further agreed that upon such resignation, except for (i) obligations of
either party to the other which have accrued through the date of Mudd&#146;s
resignation and (ii) the obligations of Paragraph 6, Mudd and the Company shall
be and remain fully and finally released from all further and future
obligations of performance under this Employment Agreement.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Termination by Mudd for Good
Reason</u>.&nbsp;&nbsp; Mudd may, in his sole discretion, terminate his employment
with the Company for Good Reason, as defined herein; provided such termination
of employment must occur within two (2) years following the initial existence
of one or more of the following conditions (without the consent of Mudd), each
of which shall constitute and be defined as &#147;Good Reason&#148;: (i) a material
diminution of base compensation, (ii) a material diminution of authority,
duties or responsibilities, (iii) a material diminution in the authority,
duties, or responsibilities of the individual to whom he is required to report,
including a requirement that he report to the Chief Executive Officer of the
Company, (iv) a material diminution in the budget over which he retains
authority, (v) a material change in the geographic location at which he must
perform his services, or (vi) any other action or inaction that constitutes a
material breach of this Employment Agreement. Prior to exercising his right to
terminate employment for Good Reason, Mudd shall, within ninety (90) days of
the initial occurrence of the condition described in items (i) through (vi)
above which constitutes Good Reason, give written notice to the Company of the
existence of such condition. Upon receipt of such notice the Company shall have
thirty (30) days in which to remedy such condition and not be required to pay
the amount.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Other Conditions of Employment</u>.&nbsp;&nbsp; Mudd
agrees that for a period of two (2) years from the date he ceases to be an
employee of the Company or any subsidiary of the Company, regardless of the
reason for no longer being an employee, he will not directly or indirectly:</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; solicit any customers or prospective
customers of Company for the purpose of selling them products or services that
compete with those of Company,</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; solicit any Company sponsors, media
rights holders, or any other entity that pays Company money in exchange for use
of its tangible or intangible assets,</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; solicit or recruit in any form, as
employees, contractors, subcontractors, consultants or other capacity in which
such individuals provided services of material business value, any employees or
ex-employees of Company,</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; disclose to any third parties or use
to his own benefit, directly or indirectly, any confidential or proprietary information
or knowledge of Company, or</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; work with or for a competitor of
Company, or for himself, in any manner which would potentially subject Company
trade secrets of confidential information to disclosure and/or misuse.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Gross Up Payment</u>.&nbsp;&nbsp; In
the event the Company terminates Mudd without Cause or upon Mudd&#146;s termination
of employment for Good Reason and, in either case, all Termination Benefits
paid or provided to Mudd pursuant to the Employment Agreement and under all
other plans and programs of the Company (the &#147;Aggregate Payment&#148;) is determined
to constitute a Parachute Payment, as such term is defined in Section
280G(b)(2) of the Internal Revenue Code, as amended, the Company shall pay to
Mudd, prior to the time of any excise tax imposed by Section 4999 of the
Internal Revenue Code (the &#147;Excise Tax&#148;) is payable with respect to such
Aggregate Payment, an additional amount which, after the imposition of all
federal, state and local income and excise taxes thereon, is equal to the
Excise Tax on the Aggregate Payment. The determination of whether the Aggregate
Payment constitutes a Parachute Payment and, if so, the amount to be paid to
Mudd and the time of payment shall be made by an independent auditor (the &#147;Auditor&#148;)
jointly selected by the Company and Mudd and paid for by the Company. The
Auditor shall be a nationally recognized United States public accounting firm
which has not acted in any way on behalf of the Company. If the Company and
Mudd cannot agree on the firm to serve as the Auditor, then Mudd and the
Company shall each select one accounting firm and those firms shall jointly
select the accounting firm to serve as the Auditor. Such payment shall be made
to Mudd as soon as practicable after the amount thereof has been determined,
but in no later than the end of the year following the year in which the
underlying taxes are paid.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Notices</u>.&nbsp;&nbsp; All notices,
requests, demands and other communications provided for by this Employment
Agreement shall be in writing and shall be sufficiently given if and when
mailed in the continental United States by registered or certified mail or
personally delivered to the party entitled thereto at the address stated below
or to such changed address as the addressee may have given by a similar notice:</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.48%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlHTMLTableFull --><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="23%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:23.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To the Company:</font></p>
  </td>
  <td width="61%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:61.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Churchill Downs Incorporated<br>
  Attn: Vice President Human Resources<br>
  700 Central Avenue<br>
  Louisville, Kentucky 40208</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.48%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlHTMLTableFull --><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="23%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:23.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To Mudd:</font></p>
  </td>
  <td width="61%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:61.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">William E. Mudd<br>
  2520 Lockleigh Road<br>
  Jamison, PA 18929</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Amendment or Modification;
Waiver</u>.&nbsp;&nbsp; No provision of this Employment Agreement may be amended,
modified or waived unless such amendment, modification or waiver shall be
authorized by the Board of Directors and shall be agreed to in writing, signed
by Mudd and by the Chief Executive Officer. Except as otherwise specifically
provided in this Employment Agreement, no waiver by either party hereto of any
breach by the other party thereto of any condition or provision of this
Employment Agreement to be performed by such other party shall be deemed a
waiver of a subsequent breach of such condition or provision or a waiver of a
similar or dissimilar provision or condition at the same or at any prior or
subsequent time.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Severability</u>.&nbsp;&nbsp; In the
event that any provision or portion of this Employment Agreement shall be
determined to be invalid or unenforceable for any reason, the remaining
provisions and portions of this Employment Agreement shall be unaffected
thereby and shall remain in full force and effect to the fullest extent
permitted by law.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Applicable Law</u>.&nbsp;&nbsp; This
Employment Agreement shall be governed by and construed in accordance with the
laws of the Commonwealth of Kentucky.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Obligation to Mitigate; No Right
of Offset</u>.&nbsp;&nbsp; In the event of any termination of employment, Mudd shall
be under no obligation to seek other employment and, except as specifically
provided herein, there shall be no offset against amounts due to Mudd under
this Employment Agreement on account of any remuneration attributable to any
subsequent employment that he may obtain or for claims the Company may have
against him.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Expenses</u>.&nbsp;&nbsp; In the event
the Company does not comply with its obligations under this Employment
Agreement or causes or attempts to cause litigation seeking to have this
Employment Agreement declared unenforceable, then, in such event, the Company
irrevocably authorizes Mudd to retain counsel of his choice at the sole expense
of the Company to represent Mudd in connection with the initiation or defense
of any litigation or other legal action in connection with the enforcement of
the terms of this Employment Agreement. All expenses shall be fully paid by the
Company if Mudd prevails in the final, binding, non-appealable outcome of the
litigation or other legal action. The Company agrees to reimburse Mudd for his
expenses under this Paragraph 13 on a monthly basis upon presentation by Mudd
of a statement prepared by such counsel up to a maximum aggregate amount of
$250,000. Mudd agrees to repay all reimbursed expenses and the Company&#146;s legal
costs under this Paragraph 13 in the event the Company prevails in the final,
binding, non-appealable outcome of the litigation or other legal action, such
amount to be repaid in full within ninety (90) days thereafter.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Background Check</u>.&nbsp;&nbsp; Mudd
agrees that this Employment Agreement is contingent upon a successful
background check and submission of satisfactory proof to work in the United
States. Failure to submit this proof prohibits Company from hiring Mudd. This
Employment Agreement is also subject to the approval of the Company&#146;s Board of
Directors.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS
WHEREOF, the parties have executed this Employment Agreement as of the date and
year first above written.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CHURCHILL DOWNS INCORPORATED</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Robert L. Evans</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:46.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert L. Evans,<br>
  President and Chief Executive Officer</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ William E. Mudd</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:46.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">William E. Mudd</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EMPLOYMENT
AGREEMENT<br>
(William E. Mudd</font></u>)<br>
</b>(Effective October 15, 2007)</p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit A</font></u></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">[<u>Relocation Payback Agreement</u></font>]</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div style="font-family:Times New Roman;">

<p align="right" style="margin:0pt 0pt 12.0pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
10.2</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman"><img width="233" height="82" src="g252831kg02i001.jpg"></font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit A of the Employment
Agreement</font></b></p>

<p align="center" style="font-size:10.0pt;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">EMPLOYEE RELOCATION EXPENSE AGREEMENT<br>
</font>EXECUTIVE RELOCATION PROGRAM FOR CHURCHILL DOWNS INCORPORATED</b></p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Churchill Downs
Incorporated (the &#147;Company&#148;) has, or will, pay or reimburse</font> William E. Mudd , or third party
vendors for certain expenses reasonably and necessarily incurred by you, or by
the Company on your behalf, in connection with relocating you and/or your
immediate family (the &#147;Relocation Payments&#148;). This agreement is not an employment contract. Nothing in this Agreement
is intended to alter your status as an at-will employee.<b>  </b>In
consideration of the Relocation Payments, you agree:</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of this
Agreement, Relocation Payments include any payments or reimbursements made to
you or on your behalf in connection with relocating you and your family. Mudd&#146;s
relocation payments include, but are not limited to, any payments or
reimbursements associated with: relocation allowance; tax gross-up; moving and
storing household goods; selling your former home and purchasing a new home;
home search trips; travel to your new location; temporary housing; return trips
home; school and home search services and similar payments.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You are not eligible for
relocation payments for expenses paid or reimbursed by another company or
source, and you agree to repay to the Company any such relocation payments made
by the Company. In addition, you agree to notify the Company if you or any of
your household members is receiving, or is eligible to receive, any relocation
assistance from any other company or source so that the relocation payments
made to you can be coordinated with the payments from the other company or
source. Failure to so notify the Company may result in your forfeiture of all
relocation payments not yet made.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If, before the expiration
of 24 months after the &#147;effective date&#148; of your employment agreement you
voluntarily terminate your employment you agree to repay to the Company the
relocation payments made to you or on your behalf. Such repayment must be made
within 30 days following your termination as follows:</font></p>

<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="border:solid black 1.0pt;padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --><b>Length of Employment</b></p>
  </td>
  <td width="50%" valign="top" style="border:solid black 1.0pt;border-left:none;padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Percent
  or Expense to be Repaid</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="border-bottom:none;border-left:solid black 1.0pt;border-right:solid black 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="border:none;border-right:solid black 1.0pt;padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="border-bottom:none;border-left:solid black 1.0pt;border-right:solid black 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Less than one
  year</font></p>
  </td>
  <td width="50%" valign="top" style="border:none;border-right:solid black 1.0pt;padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100%</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="border:solid black 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One to two years</font></p>
  </td>
  <td width="50%" valign="top" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50%</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you do not make the
repayment required under paragraphs 2 and/or 3, and the Company resorts to
litigation to obtain such repayment, you will be liable to the Company for all
of the Company&#146;s litigation costs and expenses, including attorneys&#146; fees and
interest at the highest legal rate, unless the Company does not prevail in such
litigation.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By signing below, you
understand that this Agreement is a legally enforceable contract between
yourself and Churchill Downs Incorporated. However, nothing in this Agreement
is intended to alter your status as an at-will employee.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.5%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlHTMLTableFull --><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated:</font></p>
  </td>
  <td width="26%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:26.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10/1/07</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ William E. Mudd</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:26.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employee Signature</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:26.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:26.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">William E. Mudd</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:26.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Printed Name</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

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<SEQUENCE>4
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<p align="right" style="margin:0pt 0pt 12.0pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
99.1</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman"><img width="240" height="64" src="g252831mai001.jpg"></font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FOR IMMEDIATE RELEASE</font></p>

<p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Contact: John Asher</font></p>

<p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 636-4586 (office)</font></p>

<p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(502) 494-3626 (mobile)</font></p>

<p align="right" style="margin:0pt 0pt 12.0pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">johna@kentuckyderby.com</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CHURCHILL
DOWNS INCORPORATED NAMES BILL MUDD</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CHIEF FINANCIAL OFFICER</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">LOUISVILLE,
Ky. (Oct. 4, 2007)</font></b> &#151; Churchill Downs Incorporated (NASDAQ:
CHDN) (&#147;Company&#148;) today announced the appointment of William &#147;Bill&#148; E. Mudd to
serve as the Company&#146;s executive vice president and chief financial officer (&#147;CFO&#148;).</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mudd will oversee financial reporting, strategic planning, compliance,
business planning, capital management, risk management and investor relations
efforts.&#160; He will report to President and
Chief Executive Officer Robert L. Evans.&#160;
He will assume his new role Oct. 15.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mudd
comes to his new position after 15 years with General Electric Company (&#147;GE&#148;),
where he most recently served as Global Commercial CFO at GE Water &amp;
Process Technologies, a water process and filtration business based in Trevose,
Pa.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">He
will succeed Mike Miller, who left his role as executive vice president and CFO
in January to pursue other business interests.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mudd,
36, a native of Marion County, Ky., rose rapidly to positions of increased
responsibility within GE after he started his career with the company in 1992
with a part-time position in purchasing at GE&#146;s Appliance Park in Louisville,
Ky.&#160; He held that position while he
completed a bachelor of science degree in mathematics and actuarial science at
Bellarmine University.&#160; He joined GE on a
full-time basis following his graduation in 1993.&#160; Mudd also holds a masters of business
administration degree from Webster University and was a captain in the United
States Army Reserves with 14 years of service.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mudd
served as Global Commercial CFO of GE Water beginning in 2006, and from 2004 to
2006 was CFO of Supply Chain, IT and Technology Finance for GE&#146;s Consumer and
Industrial Europe, Middle East &amp; Africa Divison in Budapest, Hungary.&#160; Earlier he served as finance manager of
Global Financial Planning &amp; Analysis and Business Development for GE Fanuc,
a joint venture between GE and Fanuc, a Japanese partner, in Charlottesville,
Va.&#160; In 2000, he began two years of
service as commercial finance manager, retail for GE Appliances in Louisville.
Mudd had earlier served as a financial and operations analyst for that
operation.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;I&#146;m
pleased to welcome Bill to our senior management team at Churchill Downs,&#148; said
Evans. &#147;Bill&#146;s broad business background, his expertise in domestic and
international markets,</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- MORE -</font></p>


<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Churchill Downs
Incorporated Names Bill Mudd Chief Financial Officer</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Page 2</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Oct. 4, 2007</font></p>

<div style="line-height:9.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="100%" noshade color="black" align="center"></div>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and his
exceptional leadership skills will be tremendous assets as our Company explores
new avenues and opportunities for development and growth.&#160; It is gratifying to have attracted such a
strong candidate to this role as we continue to strengthen our Company&#146;s
management team.&#148;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Churchill Downs
Incorporated (&#147;Churchill Downs&#148;), headquartered in Louisville, Ky., owns and
operates world-renowned horse racing venues throughout the United States.
Churchill Downs&#146; four racetracks in Florida, Illinois, Kentucky and Louisiana
host many of North America&#146;s most prestigious races, including the Kentucky
Derby and Kentucky Oaks, Arlington Million, Princess Rooney Handicap and
Louisiana Derby. Churchill Downs racetracks have hosted seven Breeders&#146; Cup
World Championships. Churchill Downs also owns off-track betting facilities and
has interests in various advance deposit wagering, television production,
telecommunications and racing services companies, including a 50-percent
interest in the national cable and satellite network HorseRacing TV&#153;, that
support the Company&#146;s network of simulcasting and racing operations. Churchill
Downs trades on the NASDAQ Global Select Market under the symbol CHDN and can
be found on the Internet at www.churchilldownsincorporated.com.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- END -</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
