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<SEC-DOCUMENT>0001341004-09-000562.txt : 20090313
<SEC-HEADER>0001341004-09-000562.hdr.sgml : 20090313
<ACCEPTANCE-DATETIME>20090313103034
ACCESSION NUMBER:		0001341004-09-000562
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20090310
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
FILED AS OF DATE:		20090313
DATE AS OF CHANGE:		20090313

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:		09677923

	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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5.02.&#160;&#160;&#160;&#160;&#160;Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.</font></font></div>
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III gave notice of his resignation from his position as Executive Vice
President, Technology Initiatives of Churchill Downs Incorporated (the
&#8220;Company&#8221;).&#160;&#160;In order to induce him to remain in his current position
with the Company until June 7, 2009 (the &#8220;Termination Date&#8221;), and to facilitate
the transition of the Company&#8217;s business and affairs, the Company has entered
into a retention bonus agreement with Mr. Niven, pursuant to the terms of the
Letter Agreement, accepted as of March 10, 2009 (the &#8220;Retention
Agreement&#8221;).</font></div>
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Agreement, if Mr. Niven remains employed with the Company and continuously
adheres to the current terms of his employment through the Termination Date, or
if the Company terminates his employment for other than (1) &#8220;just cause,&#8221; as
defined in his offer letter, dated September 8, 2006 (the &#8220;Offer Letter&#8221;), (2)
death or (3) disability, then he will receive a cash lump sum retention bonus
payment in the amount of $75,000, less applicable withholding and
deductions.&#160;&#160;If Mr. Niven&#8217;s employment terminates prior to the
Termination Date for any other reason, he will not be entitled to the retention
bonus.</font></div>
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retention bonus, Mr. Niven will be required to execute (without revocation) a
release, and will be subject to certain restrictive covenants for a period of
two years following the Termination Date, including noncompetition restrictions
and restrictions regarding confidentiality, nondisparagement and nonsolicitation
of customers or employees of the Company.&#160;&#160;In addition, the Retention
Agreement provides that Mr. Niven will not be entitled to any severance or
short- or long-term incentive payments or benefits, or any other payments or
benefits under his Offer Letter.</font></div>
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Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.</font></font></div>
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