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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001341004-08-000652.txt : 20080409
<SEC-HEADER>0001341004-08-000652.hdr.sgml : 20080409
<ACCEPTANCE-DATETIME>20080409150515
ACCESSION NUMBER:		0001341004-08-000652
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20080407
ITEM INFORMATION:		Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20080409
DATE AS OF CHANGE:		20080409

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:	001-33998
		FILM NUMBER:		08747586

	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>
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<TYPE>8-K
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STATES</font></div>
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D.C. 20549</font></div>
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with C. Kenneth Dunn.&#160;&#160;The Agreement generally provides that upon Mr.
Dunn's termination of employment, which is expected to occur prior to August 1,
2008, subject to the effectiveness of a release of claims against the Company,
Mr. Dunn would be entitled to the following:&#160;&#160;a completion bonus of
$310,000, severance payment of $125,117, Company-paid COBRA continuation until
February 28, 2010, payment of&#160;&#160;$8,000 in lieu of outplacement
assistance, accelerated vesting with respect to 5,480 shares of restricted
stock, and a pro rata payment of the Incentive Compensation Plan bonus in the
amount of $58,388.&#160;&#160;The Agreement also provides for two-year
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duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</font></div>
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    </font></td>
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      L. Evans</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">President
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            </td>
          </tr>
      </table>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div><br>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
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</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Exhibit
Index</font></div>
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      NO.</font></font></div>
            </td>
            <td align="left" valign="top" width="60%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">DESCRIPTION</font></font></div>
            </td>
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            <td align="left" valign="top" width="18%">
              <div style="DISPLAY: block; MARGIN-LEFT: 20pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">10.1</font></div>
            </td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Transition
      and Separation Agreement between Churchill Downs Incorporated and C.
      Kenneth Dunn.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">TRANSITION AND SEPARATION
</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">AGREEMENT</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>This TRANSITION AND SEPARATION
AGREEMENT (&#8220;Agreement&#8221;), dated April 7, 2008, is entered into by and between
CHURCHILL DOWNS INCORPORATED and C. KENNETH DUNN&#160;&#160;(&#8220;Ken&#8221;) (together
the &#8220;Parties&#8221;).</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>WHEREAS, Ken is employed by Churchill
Downs Incorporated and certain of its subsidiaries (collectively, &#8220;Churchill
Downs&#8221;) on an at-will basis.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>WHEREAS, the Parties have decided
mutually to terminate Ken's at-will employment relationship with Churchill Downs
as of close of business on <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">August
1,</font><font style="DISPLAY: inline; COLOR: #000000"> 2008</font>, and that
such termination shall constitute a "Job Elimination" as defined in the
Churchill Downs Executive Severance Policy (the actual termination date
hereinafter referred to as the "Separation Date").</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>WHEREAS, the Parties desire to finalize
their arrangements for Ken's employment transition and to resolve, fully and
finally, all outstanding matters between them.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>NOW THEREFORE, in consideration of the
mutual covenants and agreements set forth hereinafter, and for other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Parties intending to be legally bound, hereby agree as
follows:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">PARAGRAPH
1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;EMPLOYMENT
TRANSITION AND SEPARATION.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>Ken acknowledges and represents that as
of the date of this Agreement, he has fully complied with all policies and
procedures and codes of conduct of Churchill Downs.&#160;&#160;Pursuant to this
Agreement, Ken's separation from Churchill Downs shall be effective as of the
Separation Date. The period between the date of this Agreement and the
Separation Date shall be the "Transition Period."&#160;&#160;During the
Transition Period, Ken will perform such duties as defined by the Executive Vice
President of Racing Operations for Churchill Downs Incorporated. During the
Transition Period, Ken agrees that he will fully comply with all policies and
procedures and codes of conduct of Churchill Downs, will perform his employment
duties in good faith, using his best efforts and to the reasonable satisfaction
of the Executive Vice President of Racing Operations for Churchill Downs
Incorporated; Ken's employment duties will be generally consistent with the
employment duties for which Ken is presently responsible.&#160;&#160;Any
material breach of this section or of Ken's obligations to Churchill Downs will
be considered a material breach of this Agreement and Ken will not be entitled
to any part of the Completion Bonus, the benefits set forth in Paragraph 2 below
or the <font style="DISPLAY: inline; COLOR: #000000">pro-rated&#160;&#160;Incentive
Compensation Plan&#160;&#160;(ICP) bonus </font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt">1</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">set forth in Paragraph 3(c)
below</font>.&#160;&#160;<font style="DISPLAY: inline; COLOR: #000000">In the
event of any material breach of this section or Ken's obligations to Churchill
Downs, Churchill Downs agrees to provide written notice of such material breach
to Ken, and Ken will have a period of five (5) business days from receipt of
such notice within which to cure any such material breach, if such breach is
curable, as determined by Churchill Downs.&#160;&#160;</font>In consideration of
Ken&#8217;s compliance with the obligations set forth in this Paragraph 1 and his full
waiver and release of all claims set forth in the attached Waiver and General
Release (the "Release") and the other agreements and covenants contained herein,
<font style="DISPLAY: inline; COLOR: #000000">Churchill Downs will pay to Ken,
in a lump sum payment, THREE HUNDRED </font><font style="DISPLAY: inline; COLOR: #000000">TEN</font><font style="DISPLAY: inline; COLOR: #000000"> T</font><font style="DISPLAY: inline; COLOR: #000000">HOUSAND and 00/100s DOLLARS
($31</font><font style="DISPLAY: inline; COLOR: #000000">0,000.00) (the
&#8220;Completion Bonus&#8221; amount) less deductions required by law or otherwise
authorized by Ken.&#160;&#160;</font><font style="DISPLAY: inline; COLOR: #000000">Such payment will be made on the same
terms as the </font><font style="DISPLAY: inline; COLOR: #000000">Severance
Amount</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">set forth in Paragraph 2(a)</font><font style="DISPLAY: inline; COLOR: #000000"> of this Agreement.</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">PARAGRAPH
2.&#160;&#160;&#160;&#160;&#160;&#160;&#160; SEVERANCE PACKAGE.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>For and in consideration of the
promises by Ken in this Agreement and the Release attached hereto, the
sufficiency of which Churchill Downs hereby acknowledges, and in lieu of any
compensation and benefits to which Ken may otherwise claim to be entitled based
upon his employment with Churchill Downs, including, but not limited to any
benefits pursuant to the Churchill Downs Executive Severance Policy, Churchill
Downs agrees that it will do the following for Ken, to which he is not otherwise
entitled:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 108pt"></font>(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Churchill
Downs will pay to Ken the gross amount of ONE HUNDRED TWENTY-FIVE THOUSAND
ONE-HUNDRED SEVENTEEN and 00/100s DOLLARS ($125,117.00) (an amount equal to
twenty-six (26) weeks salary) (&#8220;the Severance<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>Amount&#8221;).&#160;&#160;The
payment of the Severance Amount will be made in a lump sum payment, less
deductions required by law or otherwise authorized by Ken, by mailing same to
him at his home address within ten (10) days following the effective date of the
Release and following receipt by Churchill Downs of the Agreement and the
Release, both fully executed by Ken, it being understood that no payment under
this Paragraph 2(a) will be made to Ken until the expiration of the seven (7)
day revocation period set forth in Section 2.b. of the Release.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 108pt"></font><font style="DISPLAY: inline; COLOR: #000000">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; COLOR: #000000">Churchill Downs will pay the monthly
premium for </font>Ken<font style="DISPLAY: inline; COLOR: #000000"> for
</font><font style="DISPLAY: inline; COLOR: #000000">his</font><font style="DISPLAY: inline; COLOR: #000000"> current group health care plan,
including the group dental plan, on the same terms and conditions as such health
care plan, including the group dental plan, are currently provided</font><font style="DISPLAY: inline; COLOR: #000000"> from the effective date of
the</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">Release</font><font style="DISPLAY: inline; COLOR: #000000"> through </font><font style="DISPLAY: inline; COLOR: #000000">February 28, 2010</font><font style="DISPLAY: inline; COLOR: #000000">, </font><font style="DISPLAY: inline; COLOR: #000000">(or until Ken becomes covered under
another health care plan, whichever first occurs) </font><font style="DISPLAY: inline; COLOR: #000000">provided </font>Ken<font style="DISPLAY: inline; COLOR: #000000"> makes a timely COBRA continuation
election following the effective date of </font><font style="DISPLAY: inline; COLOR: #000000">his</font><font style="DISPLAY: inline; COLOR: #000000"> separation of employment with Churchill
Downs.&#160;&#160;Such COBRA continuation coverage will be offered to
</font>Ken<font style="DISPLAY: inline; COLOR: #000000"> on the same basis as
such coverage is offered to any ot</font><font style="DISPLAY: inline; COLOR: #000000">her</font><font style="DISPLAY: inline; COLOR: #000000"> eligible employee.</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">The </font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt">2</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">coverage afforded Ken under COBRA will
be on the same basis as such coverage is afforded to other employees under COBRA
pursuant to the health insurance plan of Churchill Downs.</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 108pt"></font><font style="DISPLAY: inline; COLOR: #000000">(c</font><font style="DISPLAY: inline; COLOR: #000000">)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; COLOR: #000000">In lieu of any outplacement services,
</font><font style="DISPLAY: inline; COLOR: #000000">Churchill Downs will
</font>pay to Ken the gross amount<font style="DISPLAY: inline; COLOR: #000000">
of EIGHT THOUSAND AND 00/100s DOLLARS ($8,000.00), which amount will be made on
the same terms as the Severance Amount set forth in Paragraph 2(a) of this
Agreement</font><font style="DISPLAY: inline; COLOR: #000000">.</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 108pt"></font><font style="DISPLAY: inline; COLOR: #000000">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; COLOR: #000000">As of the Separation Date, the Parties
acknowledge that Ken shall be entitled to 5,480 shares of Churchill Downs common
stock pursuant to his Restricted Stock Agreement, dated November 9, 2005, and
Restricted Stock Agreement, dated November 26, 2004, which shares will be
delivered </font><font style="DISPLAY: inline; COLOR: #000000">on the same terms
as the </font><font style="DISPLAY: inline; COLOR: #000000">Severance
Amount</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">set forth in Paragraph 2(a)</font><font style="DISPLAY: inline; COLOR: #000000"> of this Agreement</font><font style="DISPLAY: inline; COLOR: #000000">.</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">PARAGRAPH
3.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; COLOR: #000000">OTHER PAYMENTS.</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 108pt"></font>(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Between
the execution date of this Agreement and Ken&#8217;s last day of employment, Ken will
be paid at his current salary and on the same basis as he is presently being
paid.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 108pt"></font><font style="DISPLAY: inline; COLOR: #000000">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; COLOR: #000000">Ken will be paid for all accrued but
unused PTO days within ten (10) days following </font>the Separation Date<font style="DISPLAY: inline; COLOR: #000000">.</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 108pt"></font><font style="DISPLAY: inline; COLOR: #000000">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; COLOR: #000000">Ken will be paid a pro-rated Incentive
Compensation Plan (ICP) bonus at the Target Discretionary Goal (as defined in
the ICP) for the period January 1, 2008 through August 1, 2008.&#160;&#160;The
pro-rated ICP bonus will be&#160;&#160;FIFTY-EIGHT THOUSAND THREE HUNDRED
EIGHTY-EIGHT AND 00/100s DOLLARS ($58,388.00). </font><font style="DISPLAY: inline; COLOR: #000000">Such payment will be made on the same
terms as the </font><font style="DISPLAY: inline; COLOR: #000000">Severance
Amount</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">set forth in Paragraph 2(a)</font><font style="DISPLAY: inline; COLOR: #000000"> of this Agreement.</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 108pt"></font><font style="DISPLAY: inline; COLOR: #000000">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; COLOR: #000000">Pursuant to Paragraph 13, any amounts
payable to Ken pursuant to Ken's Deferred Compensation Account, Post 2004 shall
be delayed for a period of six months from the Separation Date pursuant to the
terms of </font><font style="DISPLAY: inline; COLOR: #000000">Churchill Downs
Incorporated Deferred Compensation Plan (As Amended and Restated Effective
November 14, 2007).</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 108pt"></font><font style="DISPLAY: inline; COLOR: #000000">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; COLOR: #000000">As of the Separation Date, Ken shall no
longer be provided with use of his Churchill Downs provided automobile or any
automobile allowance, and shall no longer be eligible for reimbursement received
from Churchill Downs for club dues or professional
memberships.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt">3</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">PARAGRAPH
4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;RELEASE; OTHER
OBLIGATIONS.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 80pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">In
consideration of the promises made by Churchill Downs in Paragraph 1 of this
Agreement, the sufficiency of which Ken hereby acknowledges, Ken agrees as
follows:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 108pt"></font>(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Ken
understands and agrees that he will sign the attached Release no earlier than
the Separation Date and that he may review and consider the Release in
accordance with the terms and conditions specified therein.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 108pt"></font>(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Ken
agrees to return to Churchill Downs all property of Churchill Downs in his
possession, including but not limited to, Churchill Downs credit cards, cellular
telephone, keys for any facility of any of the Released Parties, facility access
cards, leased vehicle, all records, electronic files, documents, computers,
software, computer discs, financial information, information regarding the
business of Churchill Downs, and any other similar proprietary and confidential
information, or any other property of the Released Parties (as defined in the
Release) in his possession or control as a result of his employment with
Churchill Downs, and Ken represents that he has delivered all of said property
to Churchill Downs as of the Separation Date.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 108pt"></font>(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Ken
also agrees that he will not assist or participate in any way in any claim
brought by any current or former employee of the Released Parties, except as
required by law.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 108pt"></font>(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; COLOR: #000000">Each party (meaning, in the case of
Churchill Downs, its current officers) </font><font style="DISPLAY: inline; COLOR: #000000">further</font><font style="DISPLAY: inline; COLOR: #000000"> agrees not to make any negative or
derogatory statements to any persons regarding the </font><font style="DISPLAY: inline; COLOR: #000000">other</font><font style="DISPLAY: inline; COLOR: #000000"> party </font><font style="DISPLAY: inline; COLOR: #000000">hereto</font><font style="DISPLAY: inline; COLOR: #000000">, </font>Ken<font style="DISPLAY: inline; COLOR: #000000">&#8217;s employment with Churchill Downs or
</font><font style="DISPLAY: inline; COLOR: #000000">his</font><font style="DISPLAY: inline; COLOR: #000000"> separation from employment with
Churchill Downs.&#160;&#160;Each party (meaning, <font size="+0">in the case of
Churchill Downs, its current officers) agrees not to do or say anything that a
reasonable person would expect to diminish or constrain the good will and good
reputation of the </font></font><font size="+0"><font style="DISPLAY: inline; COLOR: #000000">other</font><font style="DISPLAY: inline; COLOR: #000000"> party </font><font style="DISPLAY: inline; COLOR: #000000">hereto</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;</font>Ken<font style="DISPLAY: inline; COLOR: #000000"> understands and acknowledges that
</font><font style="DISPLAY: inline; COLOR: #000000">his</font><font style="DISPLAY: inline; COLOR: #000000"> agreement under the two
immediate</font><font style="DISPLAY: inline; COLOR: #000000">ly preceding
sentences of this P</font><font style="DISPLAY: inline; COLOR: #000000">aragrap</font><font style="DISPLAY: inline; COLOR: #000000">h 4(d</font><font style="DISPLAY: inline; COLOR: #000000">) extends to the Released
Parties.</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font></font><font size="+0"><font style="DISPLAY: inline">Churchill Downs </font><font style="DISPLAY: inline">and
Ken will mutually agree to </font><font style="DISPLAY: inline">the content of
</font><font style="DISPLAY: inline">any press release or public communication
(other than the Form 8-K) regarding the separation of employment of Ken with
Churchill Downs.</font></font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 108pt"></font>(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
Parties further understand that it shall be an unlawful practice, judicially
enforceable, for a party to this Agreement to violate the terms hereof, and that
this document may be used in evidence by either party in any action for
enforcement of any provision of this Agreement.&#160;&#160;If suit is brought by
Ken or Churchill </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt">4</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Downs
for breach of the Agreement or to enforce the terms of the Agreement, it is
hereby expressly agreed the unsuccessful party shall be liable for damages,
court costs and reasonable attorney&#8217;s fees incurred by the prevailing party in
the successful enforcement, in whole or in part, of this Agreement.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 108pt"></font>(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;It
is understood that Paragraphs 4(c) and 4(d)<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>are material elements of
this Agreement and are material consideration for Ken and Churchill Downs to
enter into this Agreement.&#160;&#160;Ken<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>acknowledges that a<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>breach of Paragraph 4(c)
or 4(d) will result in irreparable injury to Churchill Downs and Churchill Downs
acknowledges that a breach of 4(d) will result in irreparable injury to
Ken.&#160;&#160;Therefore, Ken and Churchill Downs each consents and agrees
that, for any violation of Paragraph 4(c) or 4(d) of this Agreement, the rights
of Ken or Churchill Downs under the terms of this Agreement may be specifically
enforced with injunctive relief.&#160;&#160;This remedy shall be in addition to
the right of Ken or Churchill Downs to pursue any other available legal and
equitable remedies, including the recovery of damages.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">PARAGRAPH
5.<font id="TAB2" style="LETTER-SPACING: 10pt">&#160;&#160;&#160;</font>&#160;
</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">COVENANT
NOT TO DISCLOSE COMPANY </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 120pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">CONFIDENTIAL
INFORMATION.</font></div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 80pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Ken acknowledges that by reason of his
employment with Churchill Downs, he was provided with or has otherwise become
aware of (i) information relating to those who do business with Churchill Downs
and the nature of their business, and the business and operations of Churchill
Downs generally; (ii) administrative and corporate matters of every kind and
character of Churchill Downs; and (iii) administrative and corporate matters
between Churchill Downs and its customers, vendors and others, which constitute
trade secrets, or confidential or proprietary information (hereafter
collectively referred to as &#8220;Confidential Information&#8221;) and the sole and
exclusive property of Churchill Downs, and that the disclosure or use hereof by
Ken to the detriment of Churchill Downs would be unfair and injurious to
Churchill Downs and would merit injunctive relief.</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Accordingly, all Confidential
Information of Churchill Downs not otherwise publicly available, including but
not limited to, customer names and addresses; employee names and addresses;
lists or compilations of customers of Churchill Downs of any kind made by Ken or
provided to Ken during his employment with Churchill Downs; information of any
kind and in whatever form recorded regarding the operations of Churchill Downs
not generally known by or available to the public; transactions or business
dealings between Churchill Downs and persons or entities with which Churchill
Downs had or has business dealings; administrative and corporate information;
Board of Directors information; matters relating to Churchill Downs&#8217;s
information regarding short-term and long-term business plans and goals and
strategies; information regarding personnel and management salaries and pay
practices; corporate profitability, purchases </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt">5</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">and
sales; and procedural manuals which became known to Ken during his employment
with Churchill Downs, and whether such Confidential Information came to be known
by Ken orally, visually or in writing, shall remain the sole and exclusive
Confidential Information of Churchill Downs.&#160;&#160;Except as authorized by
Churchill Downs, Ken agrees not to use, at any time subsequent to his separation
from employment, any such Confidential Information for any purpose whatsoever
and Ken further agrees not to, and shall not, disclose any such Confidential
Information to any party who is not a party to this
Agreement.&#160;&#160;Subject to Paragraph 6 below, <font style="DISPLAY: inline; COLOR: #000000">Churchill Downs acknowledges that the
foregoing is not intended to prohibit Ken from obtaining employment or otherwise
working in the industry so long as Confidential Information is not disclosed in
violation of this Agreement.</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">PARAGRAPH
6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;NON-COMPETITION</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font><font style="DISPLAY: inline; COLOR: #000000">Due to Ken&#8217;s specific knowledge of the
business and proprietary and confidential information of Churchill Downs, Ken
agrees that for a period of two (2)&#160;&#160;years beginning with the day
following his last day of employment with Churchill Downs (the &#8220;Non-Competition
Period&#8221;), Ken will not, either directly or indirectly, provide services in any
form as an employee, independent contractor, consultant, advisor, or in any
other capacity, or provide capital or financial assistance of any kind, to the
following businesses and organizations: Gulfstream Park Racing &amp; Casino,
Hallandale, Florida; Hawthorne Race Course, Chicago, Illinois; </font><font style="DISPLAY: inline; COLOR: #000000">Florida Horsemen&#8217;s
Benevolent</font><font style="DISPLAY: inline; COLOR: #000000"> &amp; Protective
Association Inc.; </font><font style="DISPLAY: inline; COLOR: #000000">The
Horsemen&#8217;s Group</font><font style="DISPLAY: inline; COLOR: #000000">; National
HBPA; and a</font><font style="DISPLAY: inline; COLOR: #000000">ny group
representing horsemen&#8217;s interests at a particular track</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">(the "Restricted
Businesses").&#160;&#160;Ken further agrees that for the duration of the
Non-Competition Period, he will inform Churchill Downs in writing of his
accepting employment with, or becoming an independent contractor, consultant,
advisor or investor of, any of the Restricted Businesses and, under such
circumstances, Ken hereby expressly authorizes Churchill Downs to present a copy
of this Agreement to any such entity.</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; COLOR: #000000">Ken further agrees that for the duration
of the Non-Competition Period he will not, either directly or indirectly, on his
own behalf or in the service or on behalf of others, solicit, divert or hire
away, or attempt to solicit, divert or hire away, any person employed by
Churchill Downs on or at any time after the last day of Ken&#8217;s employment with
Churchill Downs, to any business that either currently or at any time during the
Non-Competition Period engages in any business activity which is the same as or
competitive with any activity engaged in by Churchill Downs on or prior to the
termination of Ken&#8217;s employment with Churchill Downs.&#160;&#160;</font><font style="DISPLAY: inline; COLOR: #000000">The foregoing is not intended to
preclude any company from hiring any employee or former employee of Churchill
Downs so long as such hiring is not the result of a violation by Ken of the
agreement not to solicit set forth herein.</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt">6</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; COLOR: #000000">Ken hereby acknowledges and agrees that
the nature and extent of the restrictions upon him are reasonable in time, scope
and territory, that such restrictions are designed to eliminate competition
which would be unfair to Churchill Downs, that such restrictions are required to
protect the legitimate interests of the Churchill Downs, and that such
restrictions do not confer a benefit upon Churchill Downs disproportionate to
any detriment to Ken. Ken represents, stipulates and acknowledges that his
experience and capabilities are such that the provisions of this
Paragraph</font><font style="DISPLAY: inline; COLOR: #000000"> 6 will not
prevent him from earning a livelihood.</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">PARAGRAPH
7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;SEVERANCE
FROM EMPLOYMENT.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>Ken acknowledges and agrees that his
employment with Churchill Downs will be permanently, completely and
unequivocally severed as of close of business on&#160;&#160;August 1,
2008.&#160;&#160;Ken also acknowledges and agrees that neither Churchill Downs
nor the Released Parties has any obligation, contractual or otherwise, to
rehire, recall, reemploy, or consider Ken for employment in the future subject
to applicable law.&#160;&#160;Ken agrees and acknowledges that execution of this
Agreement shall constitute a legitimate, non-discriminatory reason for the
refusal to hire him for employment in the future.&#160;&#160;<font style="DISPLAY: inline; COLOR: #000000">The Parties acknowledge and agree that
the Agreement and obligations of Ken hereunder are expressly conditioned upon
the complete and timely payment by Churchill Downs to Ken of all amounts due as
provided herein.</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">PARAGRAPH 8</font><font style="DISPLAY: inline; COLOR: #000000">.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<font style="DISPLAY: inline; COLOR: #000000">EQUITABLE
RELIEF.</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 80pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Ken<font style="DISPLAY: inline; COLOR: #000000"> and Churchill Downs each acknowledges,
stipulates and agrees that irreparable injury will result to the </font><font style="DISPLAY: inline; COLOR: #000000">other</font><font style="DISPLAY: inline; COLOR: #000000"> in the event of a breach of any of the
covenants or agreements contained in this Agreement by </font>Ken<font style="DISPLAY: inline; COLOR: #000000"> or Churchill
Downs.&#160;&#160;</font><font style="DISPLAY: inline; COLOR: #000000">Therefore</font><font style="DISPLAY: inline; COLOR: #000000">, </font>Ken<font style="DISPLAY: inline; COLOR: #000000"> and Churchill Downs each agrees that in
the event of any breach by the </font><font style="DISPLAY: inline; COLOR: #000000">other</font><font style="DISPLAY: inline; COLOR: #000000"> of any of the covenants or agreements
contained in this Agreement, the non-breaching party shall be entitled, in
addition to any </font><font style="DISPLAY: inline; COLOR: #000000">other</font><font style="DISPLAY: inline; COLOR: #000000"> remedies available to </font><font style="DISPLAY: inline; COLOR: #000000">either</font><font style="DISPLAY: inline; COLOR: #000000"> party, to equitable relief in the form
of an injunction or </font><font style="DISPLAY: inline; COLOR: #000000">other</font><font style="DISPLAY: inline; COLOR: #000000">wise to restrain any such
breach.&#160;&#160;Nothing contained in this Agreement shall in any way be
construed as limiting the remedies of </font>Ken<font style="DISPLAY: inline; COLOR: #000000"> or Churchill Downs in any way, but
rat</font><font style="DISPLAY: inline; COLOR: #000000">her</font><font style="DISPLAY: inline; COLOR: #000000">, the remedies of </font>Ken<font style="DISPLAY: inline; COLOR: #000000"> and Churchill Downs, both in law and in
equity, shall be cumulative.</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 10pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">PARAGRAPH
9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;CHOICE OF
LAW.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 10pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>This Agreement will be interpreted and
enforced in accordance with the laws of the State of Florida.&#160;&#160;Ken
agrees to waive any argument of lack of personal jurisdiction or forum non
conveniens with respect to any claim or controversy arising out of </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt">7</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">or
relating to this Agreement, his employment, terms and conditions of employment,
separation from employment with Churchill Downs, and any other event,
transaction, contact or communication involving Ken and Churchill
Downs.&#160;&#160;Ken consents to the exclusive jurisdiction of courts located
in or for Dade County, Florida with respect to all matters relating to this
Agreement.&#160;&#160;If any court holds any provision of this Agreement or the
application of the provision to any person or circumstance invalid, the
remaining provisions of this Agreement, and the application of the provision to
persons or circumstances other than those to which it is held invalid, shall not
be affected.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">PARAGRAPH 10</font><font style="DISPLAY: inline; COLOR: #000000">.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; COLOR: #000000">NON-ADMISSION
STATEMENT.</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 10pt; TEXT-INDENT: 70pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Ken,
Churchill Downs and the Released Parties agree that this Agreement does not
constitute an admission of any liability, violation of law or wrongdoing of any
kind or nature whatsoever on the part of<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>Churchill Downs<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>or<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>the Released Parties,
but is simply a means of resolving uncertain disputes and claims between the
parties.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">PARAGRAPH
11.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">BINDING
EFFECT.</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 80pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">The rights and obligations of Churchill
Downs under this Agreement shall inure to the benefit of Churchill Downs, and
the successors and assigns of Churchill Downs, and shall be binding upon the
successors and assigns of Churchill Downs and Ken.&#160;&#160;This Agreement,
being personal to Ken, cannot be assigned by Ken</font><font style="DISPLAY: inline; COLOR: #000000">, however, the obligations of Churchill
Downs shall not terminate in the event of Ken's death</font><font style="DISPLAY: inline; COLOR: #000000">.</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">PARAGRAPH
12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;ENTIRE
AGREEMENT.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>This TRANSITION AND SEPARATION
AGREEMENT sets forth the entire agreement between Ken and Churchill Downs and
supersedes any and all prior and contemporaneous oral or written agreements or
understandings between the Parties.&#160;&#160;No representation, promise,
inducement or statement of intention has been made by any party or attorney that
is not embodied in this Agreement.&#160;&#160;No party shall be bound by or
liable for any alleged representation, promise, inducement, or statement of
intention not contained in this Agreement.&#160;&#160;This Agreement cannot be
amended, modified or supplemented in any respect except by a subsequent written
agreement signed by all Parties.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">PARAGRAPH
13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;SECTION 409A.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>It is intended that this Agreement
shall comply with the provisions of section 409A of the Internal Revenue Code of
1986, as amended (the "Code") and the Treasury Regulations relating thereto so
as not to subject Ken to the payment of additional taxes and interest under
section 409A of the Code.&#160;&#160;In furtherance of this intent, this
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt">8</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Agreement
shall be interpreted, operated, and administered in a manner consistent with
these intentions, and to the extent that any regulations or other guidance
issued under section 409A of the Code would result in Ken being subject to
payment of additional income taxes or interest under section 409A of the Code,
Ken and Churchill Downs agree to amend this Agreement in order to avoid the
application of such taxes or interest under section 409A of the
Code.&#160;&#160;Notwithstanding anything herein to the contrary, <font size="+0"><font style="DISPLAY: inline">unless</font> </font>termination of Ken
from<font size="+0"> </font>his employment constitutes a "separation from service"
under Section 409A of the Code any<font size="+0"> </font>amounts payable
hereunder&#160;that is subject to Section 409A of the Code may not be made
ear<font style="DISPLAY: inline; COLOR: #000000">lier than the date which is 6
months after the date of separation from service (or, if earlier, Ken's date of
death).</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">PARAGRAPH
14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;KNOWING AND VOLUNTARY WAIVER
OF RIGHTS.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>Ken acknowledges that he has read and
fully understands all of the provisions of this Agreement, that he fully
understands the terms, conditions and significance of this Agreement, that he
has had ample time to consider this Agreement, that he has had a full
opportunity to review this Agreement with an attorney, and that he has executed
this Agreement, voluntarily, knowingly and with such advice from his attorney as
he deemed appropriate.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
        <div>
          <hr style="COLOR: black" align="left" noshade size="2" width="100%">
        </div><br></div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><img src="cd10-10.jpg" alt=""></div><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="top" width="10%">
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              </td>
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      7, 2008</font></div>
              </td>
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            <tr>
              <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial">&#160;
    </font></td>
              <td colspan="2" valign="top" width="65%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial">&#160;
    </font></td>
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            <tr>
              <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial">&#160;
    </font></td>
              <td colspan="2" valign="top" width="65%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial">&#160;
    </font></td>
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            <tr>
              <td align="left" colspan="2" valign="top" width="25%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">STATE
      OF FLORIDA</font></div>
              </td>
              <td valign="top" width="50%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">)</font></div>
              </td>
            </tr>
            <tr>
              <td colspan="2" valign="top" width="25%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial">&#160;
    </font></td>
              <td valign="top" width="50%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">)&#160;&#160;SS:</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" colspan="2" valign="top" width="25%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">COUNTY
      OF Miami Dade</font></div>
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              <td valign="top" width="50%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">)</font></div>
              </td>
            </tr>
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      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt">9</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Subscribed and sworn to before me by
Ken on April 7, 2008.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
        <div style="DISPLAY: block; TEXT-INDENT: 0pt">
          <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
          <div>
            <table cellpadding="0" cellspacing="0" width="100%">
                <tr>
                  <td align="left" valign="top" width="38%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><img src="cd10-111.jpg" alt=""></div>
                  </td>
                  <td valign="top" width="36%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><img src="cd10-112.jpg" alt=""></div>
                  </td>
                </tr>
                <tr>
                  <td valign="top" width="35%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                  </td>
                </tr>
            </table>
          </div>
        </div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
          <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
          <div>
            <table cellpadding="0" cellspacing="0" width="100%">
                <tr>
                  <td align="left" valign="top" width="38%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                  </td>
                  <td align="left" valign="top" width="36%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">CHURCHILL
      DOWNS INCORPORATED</font></div>
                    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><img src="cd10-114.jpg" alt=""></div>
                  </td>
                </tr>
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          </div>
        </div>
      </div>
      <div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt">10</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">ATTACHMENT
A</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">WAIVER AND GENERAL
RELEASE</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 80pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">WAIVER AND RELEASE OF ALL
CLAIMS</font>.&#160;&#160;In consideration of the Completion Bonus and the
Severance Amount made pursuant to Paragraphs 1 and 2 of the Transition and
Separation Agreement (the "Agreement"), dated April __, 2008, by and between, C.
Kenneth Dunn ("Ken") and CHURCHILL DOWNS INCORPORATED (&#8220;Churchill Downs&#8221;), the
sufficiency of which Ken hereby acknowledges, Ken agrees as
follows:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 108pt"></font>a.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Ken
agrees to, and does hereby, release Churchill Downs from any and all legal and
equitable claims which he has, or may have, arising out of his employment, terms
and conditions of employment, or separation from employment with Churchill
Downs, as of the date of the Agreement, excluding matters arising under the
Agreement.&#160;&#160;Specifically, Ken hereby forever releases, acquits, holds
harmless, and discharges Churchill Downs and any parent, subsidiaries, divisions
and related corporations, partnerships, limited liability companies, insurers,
successors and predecessor entities and each of their respective current or
former directors, officers, shareholders, assigns, successors, attorneys,
agents, representatives and employees, and former employees (collectively, with
Churchill Downs, the &#8220;Released Parties&#8221;), from any and all claims, demands,
actions and causes of action, obligations, damages, costs or expenses (including
attorneys&#8217; fees), known or unknown, contingent or otherwise, and whether
specifically mentioned herein or not, that Ken now has or has had or which may
exist or which might be claimed to exist at or prior to the date of this
Agreement, including, but not limited to, any and all claims or suits against
the Released Parties, including claims arising out of Ken&#8217;s employment, terms
and conditions of employment, or separation from employment with Churchill Downs
(the "Release").</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 80pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; COLOR: #000000">b.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; COLOR: #000000">This Release includes, but is not
limited to, the release of any and all claims or charges of discrimination,
harassment, or retaliation filed, or which could have been filed against the
Released Parties by Ken with the federal courts, Kentucky state courts, other
state courts, the Equal Employment Opportunity Commission, the United States
Department of Labor, the Kentucky Labor Cabinet, the Kentucky Commission on
Human Rights, or any other state or local civil rights agency; claims or suits
under the following statutes, all as amended, the Fair Labor Standards Act of
1938; Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991;
the Civil Rights Act of 1866; the National Labor Relations Act, as amended; the
Age Discrimination in Employment Act of 1967 ("ADEA"), as amended by the Older
Workers Benefit Protection Act; the Americans with Disabilities Act; the Family
and Medical Leave Act of 1993; the Employee </font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt">11</font></div>
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          <hr style="COLOR: black" noshade size="2">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Retirement Income Security Act of 1974;
the Federal Rehabilitation Act of 1973; the Whistleblower Protection Act; the
Kentucky Equal Opportunities Act, the Kentucky Workers Compensation Act, the
Kentucky Wages and Hours Act, Kentucky Labor and Human Rights Statute, KRS
Chapter 336, </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">the Florida
Civil Rights Act of 1991, Section 760, Florida Statutes; Florida&#8217;s
Whistleblower&#8217;s Act, Section 448, Florida Statutes, the Florida Worker&#8217;s
Compensation Act, Section 440, Florida Statutes,</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">any city, county or metro government
civil rights ordinance; and any other claims or demands arising under either
express or implied contract, breach of contract, tort, public policy, the common
law, or any federal, state or local statute, ordinance, regulation or
constitutional provision, or other liabilities, suits, debts, claims for back
pay, front pay, severance pay, compensatory or punitive damages, costs,
reinstatement, attorneys&#8217; fees, commissions, bonuses, vacation pay, pension
benefits or payment or reimbursement under any health insurance or other
employee benefit plan (nothing contained herein is intended to constitute a
waiver of Ken&#8217;s vested benefits under any retirement plan or his right to apply
for unemployment benefits), or any other controversies of every kind and
description, known or unknown, contingent or otherwise, and whether specifically
mentioned herein or not, that Ken now has or has had, or which may exist or
might be claimed to exist at or prior to the date of this
Release.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 80pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; COLOR: #000000">c.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; COLOR: #000000">Ken</font><font style="DISPLAY: inline; COLOR: #000000"> agrees, represents and warrants that
</font><font style="DISPLAY: inline; COLOR: #000000">he</font><font style="DISPLAY: inline; COLOR: #000000"> is not aware of any person </font><font style="DISPLAY: inline; COLOR: #000000">other</font><font style="DISPLAY: inline; COLOR: #000000"> than </font><font style="DISPLAY: inline; COLOR: #000000">Ken</font><font style="DISPLAY: inline; COLOR: #000000"> who is authorized or entitled to assert
any claim based on or arising out of any alleged discriminatory, unlawful,
wrongful, tortious, or </font><font style="DISPLAY: inline; COLOR: #000000">other</font><font style="DISPLAY: inline; COLOR: #000000"> conduct against </font><font style="DISPLAY: inline; COLOR: #000000">Ken</font><font style="DISPLAY: inline; COLOR: #000000"> by the Released Parties including, but
not limited to, any and all claims for attorneys&#8217; fees or damages resulting as a
consequence t</font><font style="DISPLAY: inline; COLOR: #000000">her</font><font style="DISPLAY: inline; COLOR: #000000">eof, based upon or seeking relief on
account of actions or failures to act by the Released Parties which may have
occurred or failed to occur prior to </font><font style="DISPLAY: inline; COLOR: #000000">Ken</font><font style="DISPLAY: inline; COLOR: #000000">&#8217;s execution of this </font><font style="DISPLAY: inline; COLOR: #000000">Release.</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">Ken</font><font style="DISPLAY: inline; COLOR: #000000"> furt</font><font style="DISPLAY: inline; COLOR: #000000">her</font><font style="DISPLAY: inline; COLOR: #000000"> represents and warrants that
</font><font style="DISPLAY: inline; COLOR: #000000">he</font><font style="DISPLAY: inline; COLOR: #000000"> has not assigned and shall never assign
any such claim, and in the event any individual or agency of any kind shall make
or file, on behalf of </font><font style="DISPLAY: inline; COLOR: #000000">Ken</font><font style="DISPLAY: inline; COLOR: #000000">, any claim, charge, demand or suit
against the Released Parties on account of, by reason of, or arising out of
</font><font style="DISPLAY: inline; COLOR: #000000">Ken</font><font style="DISPLAY: inline; COLOR: #000000">&#8217;s employment, terms and conditions of
employment, or separation from employment with Churchill Downs, or any
</font><font style="DISPLAY: inline; COLOR: #000000">other</font><font style="DISPLAY: inline; COLOR: #000000"> event, contact, communication or
transaction</font><font style="DISPLAY: inline; COLOR: #000000"> involving the
Released Parties,</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">Ken</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">hereby</font><font style="DISPLAY: inline; COLOR: #000000"> agrees to cooperate with the Released
Parties and take all action necessary, appropriate or desirable, and execute any
and all documents and papers necessary, appropriate or desirable, in the sole
discretion of the Released Parties, in seeking the dismissal of any such claim,
charge, demand or suit against the Released Parties.</font></font></div>
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ADEA</font>.&#160;&#160;Ken understands that as part of this Release he is
waiving his rights to pursue a claim against Churchill Downs for age
discrimination under the ADEA and thus acknowledges and agrees
that:</font></div>
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been informed and understands and agrees that he has twenty-one (21) calendar
days after receipt of this Release to consider whether to sign it;</font></div>
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been informed and understands and agrees that he may change his mind and revoke
this Release at any time during the seven (7) calendar days after this Release
is signed, in which case none of the provisions of the Release or the Agreement
will have any effect.&#160;&#160;Ken acknowledges and agrees that if he wishes
to revoke this Release, he must do so in writing, and that such revocation must
be signed by Ken and received by Charles G. Kenyon, Vice President of Human
Resources, Churchill Downs Incorporated no later than the seventh (7th) day
after Ken has signed the Release.&#160;&#160;Ken acknowledges and agrees that,
in the event Ken revokes the Release, he shall have no right to receive the
Completion Bonus and the benefits payable pursuant to Paragraph 2 of the
Agreement provided therein.</font></div>
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agrees that <font style="DISPLAY: inline; TEXT-DECORATION: underline">prior</font> to signing this
Release, he read and understood each and every provision of this
Release;</font></div>
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Ken agrees that <font style="DISPLAY: inline; TEXT-DECORATION: underline">prior</font> to signing this
Release, he had the opportunity to consult with an attorney of his choosing
regarding the effect of each and every provision of this Release.</font></div>
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acknowledges and agrees that he knowingly and voluntarily entered into this
Release with complete understanding of all relevant facts, and that he was
neither fraudulently induced nor coerced to enter into this
Release.</font></div>
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understands that he is not waiving, releasing or otherwise discharging any
claims under the ADEA that may arise after the date he signs this
Release.</font></div>
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acknowledges and agrees that the Completion Bonus and the benefits payable
pursuant to Paragraph 2 of the Agreement<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>constitutes
consideration beyond that which he is otherwise entitled to receive and is
offered solely in exchange for his release and waiver of all claims as set forth
herein.</font></div>
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for the benefits set forth in Paragraphs 1-3 of the Agreement, Ken understands
and agrees that he shall not be entitled to receive any other compensation or
benefits of any sort from Churchill Downs or any of its officers, directors,
employees, agents, insurance companies, subsidiaries, successors or assigns at
any time.</font></div>
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remainder of the page purposefully left blank. Please see signatures on next
page.</font></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
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              <td valign="top" width="42%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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              <td valign="top" width="38%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <tr>
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
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            <tr>
              <td align="left" valign="top" width="28%">
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            <tr>
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Ken on __________, 2008.</font></div>
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
      <div>
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            <tr>
              <td valign="top" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial">&#160;
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            <tr>
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    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font style="FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">14</font></div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>cd99-1.htm
<DESCRIPTION>EXHIBIT 99.1 - PRESS RELEASE
<TEXT>
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    <title>cd99-1.htm</title>
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    <div style="TEXT-ALIGN: right">Exhibit 99.1</div>
    <div>&#160;</div>
    <div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><img src="cdlogo.jpg" alt=""></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
        <div>
          <table cellpadding="0" cellspacing="0" width="100%">
              <tr>
                <td align="left" valign="top" width="40%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">FOR
      IMMEDIATE RELEASE</font></div>
                </td>
                <td align="right" valign="top" width="40%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Contact:&#160;&#160;Julie
      Koenig Loignon</font></div>
                </td>
              </tr>
              <tr>
                <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial">&#160;
    </font></td>
                <td align="right" valign="top" width="40%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">(502)
      636-4502</font></div>
                </td>
              </tr>
              <tr>
                <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial">&#160;
    </font></td>
                <td align="right" valign="top" width="40%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #0000ff; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #0000ff">juliek@kyderby.com</font></font></div>
                </td>
              </tr>
          </table>
        </div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman, serif">KEN
DUNN TO LEAVE CALDER RACE COURSE</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">LOUISVILLE, Ky. (April 9,
2008)</font> &#8211; Churchill Downs Incorporated (&#8220;Company&#8221;) (NASDAQ: CHDN) today
announced that C. Kenneth Dunn, who since April 1999 has served as senior vice
president of Florida Operations for the Company, is stepping down from that
position. Dunn will continue to serve as an advisor for Calder Race Course in
Miami Gardens, Fla., through Aug. 1, 2008.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Churchill
Downs Incorporated Executive Vice President Steve Sexton explained Dunn&#8217;s
departure. &#8220;We are transitioning Calder into a destination with horse racing and
casino-style gaming and have a need for management skills and leadership
experience in both industries. Ken&#8217;s extensive racing experience has been
tremendously valuable, and we have been fortunate to count him among our
racetrack presidents these many years. He deserves our heartfelt thanks for his
exceptional leadership and his many contributions to our senior management
team.&#8221;</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Dunn
became president of Calder Race Course in 1990 and continued in that role after
the Company acquired the racetrack in the spring of 1999. Prior to joining
Calder&#8217;s management team, Dunn served in a variety of leadership and managerial
positions at racetracks around the country, including Arlington Park, Fair
Grounds Race Course, Atlantic City Race Course and Hollywood Park.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">&#8220;Since
my career in horse racing began almost 40 years ago, I&#8217;ve had the privilege of
working with some of the most talented and dedicated people in the industry at
some of the country&#8217;s best racetracks,&#8221; Dunn said. &#8220;I have truly enjoyed my 18
years at Calder and want to thank my coworkers, the horsemen, members of the
Miami-Dade County business community, and our public officials at both the state
and local level for their guidance, friendship and support. I&#8217;m incredibly proud
of everything we&#8217;ve accomplished together &#8211; both at Calder and throughout our
community &#8211; and I want to wish my professional colleagues and extended family at
Calder the very best as they begin this new chapter.&#160;&#160;I personally
look forward to putting my many years of leadership experience to work in a new
role, whether inside or outside the pari-mutuel industry.&#8221;</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Churchill Downs Incorporated (&#8220;Churchill
Downs&#8221;), headquartered in Louisville, Ky., owns and operates world-renowned
horse racing venues throughout the United States. Churchill Downs&#8217; four
racetracks in Florida, Illinois, Kentucky and Louisiana host many of North
America&#8217;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&#8217; 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&#8482;, that support the Company&#8217;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
</font><font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">www.churchilldownsincorporated.com</font><font style="DISPLAY: inline; COLOR: #000000">.</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">-
END -</font></div><br><br></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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