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<SEC-DOCUMENT>0000892303-10-000109.txt : 20100927
<SEC-HEADER>0000892303-10-000109.hdr.sgml : 20100927
<ACCEPTANCE-DATETIME>20100927172705
ACCESSION NUMBER:		0000892303-10-000109
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20100924
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
FILED AS OF DATE:		20100927
DATE AS OF CHANGE:		20100927

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:		101091658

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

	MAIL ADDRESS:	
		STREET 1:		700 CENTRAL AVENUE
		STREET 2:		700 CENTRAL AVENUE
		CITY:			LOUIVILLE
		STATE:			KY
		ZIP:			40208
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>chdn8k9272010.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html>

<head>
<title>Churchill Downs Incorporated - Form 8-K</title>
</head>

<body>

<div class="Section1">
	<div style="mso-element: para-border-div; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 4.5pt double windowtext; padding: 0in">
		<p style="margin:0 0in; border:medium none; padding:0in; ">
		&nbsp;</div>
	<p align="center" style="margin:0 0in; text-align: center; ">&nbsp;</p>
	<p align="center" style="margin:0 0in; text-align: center; ">
	<b><font size="5">UNITED STATES </font></b></p>
	<p align="center" style="margin:0 0in; text-align: center; ">
	<b><font size="5">SECURITIES AND EXCHANGE COMMISSION </font></b></p>
	<p align="center" style="margin:0 0in; text-align: center; ">
	<b>Washington, D.C. 20549 </b></p>
	<p style="margin:0 0in; ">&nbsp;</p>
	<p align="center" style="margin:0 0in; text-align: center; ">
	<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>
	<p align="center" style="margin:0 0in; text-align: center; ">
	&nbsp;</p>
	<p align="center" style="margin:0 0in; text-align: center; ">
	<b><font size="5">FORM 8-K </font></b></p>
	<p style="margin:0 0in; ">&nbsp;</p>
	<p align="center" style="margin:0 0in; text-align: center; ">
	<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>
	<p align="center" style="margin:0 0in; text-align: center; ">
	&nbsp;</p>
	<p align="center" style="margin:0 0in; text-align: center; ">
	<b><font size="4">CURRENT REPORT </font></b></p>
	<p align="center" style="margin:0 0in; text-align: center; ">
	&nbsp;</p>
	<p align="center" style="margin:0 0in; text-align: center; ">
	<b>Pursuant to Section&nbsp;13 or 15(d) of the </b></p>
	<p align="center" style="margin:0 0in; text-align: center; ">
	<b>Securities Exchange Act of 1934 </b></p>
	<p align="center" style="margin:0 0in; text-align: center; ">
	&nbsp;</p>
	<p align="center" style="margin:0 0in; text-align: center; ">
	<b>Date of Report (Date of earliest event reported): September&nbsp;27, 2010 </b>
	</p>
	<p style="margin:0 0in; ">&nbsp;</p>
	<p align="center" style="margin:0 0in; text-align: center; ">
	<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>
	<p align="center" style="margin:0 0in; text-align: center; ">
	&nbsp;</p>
	<p align="center" style="margin:0 0in; text-align: center; ">
	<b><font size="6">CHURCHILL DOWNS INCORPORATED </font></b></p>
	<p align="center" style="margin:0 0in; text-align: center; ">
	<b><font size="2">(Exact Name of Registrant as Specified in Its Charter)
	</font></b></p>
	<p style="margin:0 0in; ">&nbsp;</p>
	<p align="center" style="margin:0 0in; text-align: center; ">
	<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>
	<p style="margin:0 0in; ">&nbsp;</p>
	<div align="center">
		<table class="MsoTableGrid" border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border-width: 0px; margin-left: -32.05pt" id="table1">
			<tr>
				<td width="199" valign="top" style="width: 149.25pt; border-left-style: none; border-left-width: medium; border-top-style: none; border-top-width: medium; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
				<p class="MsoNormal" align="center" style="text-align: center; margin-top:0; margin-bottom:0">
				<b><font size="2">Kentucky</font></b></td>
				<td width="19" valign="top" style="width: 14.25pt; border-top-style: none; border-top-width: medium; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">&nbsp;</td>
				<td width="194" valign="top" style="width: 145.35pt; border-top-style: none; border-top-width: medium; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
				<p class="MsoNormal" align="center" style="text-align: center; margin-top:0; margin-bottom:0">
				<b><font size="2">001-33998</font></b></td>
				<td width="53" valign="top" style="width: 39.9pt; border-top-style: none; border-top-width: medium; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">&nbsp;</td>
				<td width="162" valign="top" style="width: 121.35pt; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
				<p class="MsoNormal" align="center" style="text-align: center; margin-top:0; margin-bottom:0">
				<b><font size="2">61-0156015</font></b></td>
			</tr>
			<tr>
				<td width="199" valign="top" style="width: 149.25pt; border-left-style: none; border-left-width: medium; border-bottom-style: none; border-bottom-width: medium; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
				<p align="center" style="margin:0 0in; text-align: center; ">
				<b><font size="1">(State or Other Jurisdiction<br>
				of Incorporation)</font></b></td>
				<td width="19" valign="top" style="width: 14.25pt; border-bottom-style: none; border-bottom-width: medium; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">&nbsp;</td>
				<td width="194" valign="top" style="width: 145.35pt; border-bottom-style: none; border-bottom-width: medium; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
				<p align="center" style="margin:0 0in; text-align: center; ">
				<b><font size="1">(Commission<br>
				File Number)</font></b></td>
				<td width="53" valign="top" style="width: 39.9pt; border-bottom-style: none; border-bottom-width: medium; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">&nbsp;</td>
				<td width="162" valign="top" style="width: 121.35pt; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
				<p align="center" style="margin:0 0in; text-align: center; ">
				<b><font size="1">(IRS Employer<br>
				Identification No.)</font></b></td>
			</tr>
		</table>
	</div>
	<p align="center" style="margin:0 0in; text-align: center; ">
	&nbsp;</p>
	<p align="center" style="margin:0 0in; text-align: center; ">
	<b><font size="2">700 Central Avenue, Louisville, Kentucky 40208 </font></b>
	</p>
	<p align="center" style="margin:0 0in; text-align: center; ">
	<b><font size="1">(Address of Principal Executive Offices) (Zip Code) </font>
	</b></p>
	<p align="center" style="margin:0 0in; text-align: center; ">
	&nbsp;</p>
	<p align="center" style="margin:0 0in; text-align: center; ">
	<b><font size="2">Registrant's Telephone Number, Including Area Code:
	(502)&nbsp;636-4400 </font></b></p>
	<p align="center" style="margin:0 0in; text-align: center; ">
	<b><font size="2">Not Applicable </font></b></p>
	<p align="center" style="margin:0 0in; text-align: center; ">
	<b><font size="1">(Former Name or Former Address, if Changed Since Last
	Report) </font></b></p>
	<p style="margin:0 0in; ">&nbsp;</p>
	<p align="center" style="margin:0 0in; text-align: center; ">
	<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>
	<p align="center" style="margin:0 0in; text-align: center; ">
	&nbsp;</p>
	<p style="margin:0 0in; text-indent: 24.5pt; ">
	<font size="2">Check the appropriate box below if the Form 8-K filing is
	intended to simultaneously satisfy the filing obligation of the registrant
	under any of the following provisions (<i>see </i>General Instruction A.2.
	below): </font></p>
	<p style="margin:0 0in; ">&nbsp;</p>
	<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="2">[&nbsp;&nbsp;]&nbsp; &nbsp;Written communications pursuant
	to Rule 425 under the Securities Act (17 CFR 230.425) </font></p>
	<p style="margin:0 0in; ">&nbsp;</p>
	<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="2">[&nbsp;&nbsp;]&nbsp;&nbsp; Soliciting material pursuant to
	Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </font></p>
	<p style="margin:0 0in; ">&nbsp;</p>
	<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="2">[&nbsp;&nbsp;]&nbsp;&nbsp; Pre-commencement communications
	pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
	</font></p>
	<p style="margin:0 0in; ">&nbsp;</p>
	<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="2">[&nbsp;&nbsp;]&nbsp;&nbsp; Pre-commencement communications
	pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
	</font></p>
	<p style="margin:0 0in; ">
	&nbsp;</p>
	<div style="mso-element: para-border-div; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 4.5pt double windowtext; padding: 0in">
		<p style="margin:0 0in; border:medium none; padding:0in; ">
		&nbsp;</div>
	<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</div>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<hr>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<div class="Section2">
	<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
	<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><b>Item 5.02&nbsp; Departure of Directors or Certain
	Officers; Election of Directors; Appointment of Certain Officers;
	Compensatory Arrangements of Certain Officers.</b></p>
	<p class="MsoNormal" style="text-indent: .5in; margin-top:0; margin-bottom:0">&nbsp;</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-top:0; margin-bottom:0">On September 27, 2010,
	Churchill Downs Incorporated (the &quot;Company&quot;) entered into an amended and
	restated employment agreement (the &quot;Employment Agreement&quot;) with its
	President and Chief Executive Officer, Robert&nbsp;L. Evans.&nbsp; The Employment
	Agreement amends and restates the previous employment agreement dated as of
	July 18, 2006, as subsequently amended on November 25, 2008, between the
	Company and Mr. Evans (the &quot;Prior Agreement&quot;).&nbsp; The Employment Agreement was
	approved by the Board of Directors of the Company and became effective upon
	execution.&nbsp; </p>
	<p class="MsoNormal" style="text-indent: .5in; margin-top:0; margin-bottom:0">&nbsp;</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-top:0; margin-bottom:0">The initial term of the
	Employment Agreement will expire on August 14, 2016, and will be
	automatically extended for subsequent one-year periods, unless either party
	provides a written notice not to extend the term of employment at least
	90&nbsp;days prior to the then-current expiration date. The Employment Agreement
	provides for earlier termination under certain circumstances.</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-top:0; margin-bottom:0">&nbsp;</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-top:0; margin-bottom:0">The Employment Agreement
	provides for an annual base salary of $550,000, with reviews for potential
	increase at the discretion of the Board. Mr. Evans will continue to be
	eligible to participate in the Company's annual performance bonus plan, with
	a target bonus opportunity for each performance period of 100% of his base
	salary.&nbsp; The Prior Agreement provided for a target bonus opportunity of 75%
	of Mr. Evans' base salary.</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-top:0; margin-bottom:0">&nbsp;</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-top:0; margin-bottom:0">The Employment Agreement
	further provides that Mr.&nbsp;Evans will receive the following equity-based
	awards: (i) 45,000 restricted shares of the Company's common stock, with
	vesting contingent upon the Company's common stock reaching certain closing
	prices on Nasdaq for 20 consecutive trading days beginning on and after
	August 14, 2011; (ii)&nbsp;81,250 restricted shares of the Company's common
	stock, vesting quarterly over approximately five years beginning September
	30, 2011; and (iii) stock options, vesting quarterly over approximately
	three years beginning September 30, 2010, to purchase an aggregate of
	180,000 shares of the Company's common stock, with an exercise price equal
	to the fair market value of a share of the Company's common stock on the
	date of grant.&nbsp; All of the equity grants are awarded effective as of
	September 27, 2010, and are made under and pursuant to the Company's 2007
	Omnibus Stock Incentive Plan.&nbsp; Mr. Evans shall retain all outstanding equity
	grants provided in the Prior Agreement, whether or not vested as of the
	effective date of the Employment Agreement, in accordance with the terms of
	the Prior Agreement and applicable plan documents and award agreements.</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-top:0; margin-bottom:0">&nbsp;</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-top:0; margin-bottom:0">In the event of a &quot;change in
	control,&quot; as defined in the Employment Agreement, during Mr. Evans'
	employment with the Company, he shall receive accelerated vesting of: (i)
	fifty percent (50%) of the then-unvested restricted stock units granted
	pursuant to the Prior Agreement; (ii) fifty percent (50%) of the
	then-unvested restricted shares granted pursuant to the Employment Agreement
	and the Prior Agreement; and (iii) fifty percent (50%) of the then-unvested
	stock options granted pursuant to the Employment Agreement. The restricted
	stock units, restricted shares and stock options that are subject to this
	accelerated vesting shall be taken pro-rata from each then-unvested tranche
	of the applicable award, and the remaining portion of each tranche shall
	vest according to the original terms of the applicable award agreement.</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-top:0; margin-bottom:0">&nbsp;</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-top:0; margin-bottom:0">Mr.&nbsp;Evans will continue to
	be: (i) eligible to participate in any annual or long-term cash or
	equity-based incentive plan or other arrangements of the Company, as they
	exist from time to time; (ii) provided the opportunity to participate in the
	Company's qualified 401(k) profit-sharing plan and non-qualified deferred
	compensation plan; and (iii) entitled to participate in the Company's
	employee benefit plans, programs and arrangements, and perquisite programs
	and arrangements, if any, on the same basis as generally provided to other
	similarly situated executives of the Company. In addition, Mr. Evans will
	continue to receive a ground transportation benefit and will be entitled to
	reimbursement of his attorney fees related to the review and negotiation of
	the Employment Agreement, up to a maximum amount of $5,000.</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-top:0; margin-bottom:0">&nbsp;</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-top:0; margin-bottom:0">If Mr.&nbsp;Evans' employment is
	terminated by the Company other than for &quot;cause,&quot; &quot;disability,&quot; or death, or
	if he resigns for &quot;good reason&quot; (as each term is defined in the Employment
	Agreement), then Mr.&nbsp;Evans is entitled to the following: (i)&nbsp;cash payments
	equal to the product of 1.5 times the sum of (x) his base salary plus (y)
	his target bonus for the year of termination of employment, payable in equal
	installments over the 18 months following termination of employment (the
	Prior Agreement provided that Mr. Evans would continue to receive his base
	salary through the end of the calendar quarter in which termination of
	employment occurs); (ii) treatment of all equity-based awards per the terms
	of the Prior Agreement, the Employment Agreement and the applicable plan or
	agreement; provided, however, that vesting of any equity awards granted
	pursuant to the Employment Agreement and the Prior Agreement shall be
	calculated through the end of the calendar quarter in which termination of
	employment occurs; and (iii)&nbsp;continuation of medical benefits through the
	end of the calendar quarter in which termination of employment occurs;
	provided, however, that such medical benefit shall be reduced or eliminated
	to the extent Mr. Evans receives similar benefits from a subsequent
	employer.</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-top:0; margin-bottom:0">&nbsp;</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-top:0; margin-bottom:0">If, during the two-year
	period following a &quot;change in control,&quot; as defined in the Employment
	Agreement, Mr.&nbsp;Evans is terminated by the Company other than for &quot;cause,&quot;
	&quot;disability,&quot; or death, or if he resigns for &quot;good reason,&quot; then Mr. Evans
	shall receive: (i)&nbsp;the same benefits just described above (except that the
	cash payments due upon termination of employment shall be payable in a lump
	sum on the 60<sup>th</sup> day following termination of employment), and
	(ii)&nbsp;full accelerated vesting of any then-unvested equity awards granted
	pursuant to the Employment Agreement and the Prior Agreement. In addition,
	if, following such a termination, Mr.&nbsp;Evans' benefits and payments
	constitute a parachute payment under Section&nbsp;280(G)(b)(2) of the Internal
	Revenue Code, which would subject him to an excise tax under Section&nbsp;4999 of
	the Internal Revenue Code, Mr.&nbsp;Evans will be entitled to receive an
	additional tax gross-up payment from the Company in an amount which, after
	imposition of all federal, state and local income and excise taxes, is equal
	to the excise tax on all such payments received by Mr.&nbsp;Evans.</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-top:0; margin-bottom:0">&nbsp;</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-top:0; margin-bottom:0">In the event Mr. Evans'
	employment is terminated due to his death or disability, Mr. Evans or his
	estate, as the case may be, will be entitled to 18 months accelerated
	vesting of the 81,250 share restricted stock grant described above for which
	vesting is time-based (that is, the portion of the original grant that
	otherwise would have vested over the 18 months following his death or
	disability).</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-top:0; margin-bottom:0">&nbsp;</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-top:0; margin-bottom:0">As defined in the Employment
	Agreement, &quot;cause&quot; for termination by the Company of Mr. Evans' employment
	means any of the following:</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-top:0; margin-bottom:0">&nbsp;</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-left: .5in; margin-top:0; margin-bottom:0">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	the willful and continued failure of Mr. Evans to perform substantially his
	duties to the Company (other than any such failure resulting from incapacity
	due to disability), after written demand to cure such failure is provided to
	Mr. Evans;</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-left: .5in; margin-top:0; margin-bottom:0">&nbsp;</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-left: .5in; margin-top:0; margin-bottom:0">
	(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mr. Evans' conviction of, or plea of guilty or no contest to (A)
	a felony or (B) a misdemeanor involving dishonesty or moral turpitude; or</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-left: .5in; margin-top:0; margin-bottom:0">&nbsp;</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-left: .5in; margin-top:0; margin-bottom:0">
	(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the willful engaging by Mr. Evans in illegal conduct or gross
	misconduct which is materially and demonstrably injurious to the business or
	reputation of the Company.</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-left: .5in; margin-top:0; margin-bottom:0">&nbsp;</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-top:0; margin-bottom:0">A termination by Mr. Evans of
	his employment with the Company for &quot;good reason&quot; means the occurrence
	(without his express written consent) of any one of the following acts by
	the Company or failures by the Company to act:</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-top:0; margin-bottom:0">&nbsp;</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-left: .5in; margin-top:0; margin-bottom:0">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	the assignment to Mr. Evans of any duties inconsistent in any material
	respect with the position of President and Chief Executive Officer
	(including status, office, title and reporting requirements), or the
	authority, duties or responsibilities of the President and Chief Executive
	Officer, or any other diminution in any material respect in such position,
	authority, duties or responsibilities unless agreed to by him;</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-left: .5in; margin-top:0; margin-bottom:0">&nbsp;</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-left: .5in; margin-top:0; margin-bottom:0">
	(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Company's requiring Mr. Evans to be based at, or perform his
	principal functions at, any office or location other than a location within
	35 miles of the Company's main office unless such other location is closer
	to his then-primary residence than the main office;</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-left: .5in; margin-top:0; margin-bottom:0">&nbsp;</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-left: .5in; margin-top:0; margin-bottom:0">
	(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a reduction in base salary;</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-left: .5in; margin-top:0; margin-bottom:0">&nbsp;</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-left: .5in; margin-top:0; margin-bottom:0">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	a reduction in Mr. Evans' welfare benefits plans, qualified retirement plan,
	or paid time off benefit unless other senior executives suffer a comparable
	reduction; </p>
	<p class="MsoNormal" style="text-indent: .5in; margin-left: .5in; margin-top:0; margin-bottom:0">&nbsp;</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-left: .5in; margin-top:0; margin-bottom:0">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	any purported termination of Mr. Evans' employment under the Employment
	Agreement by the Company other than for &quot;cause&quot;, death or &quot;disability&quot; (as
	such terms are defined in the Employment Agreement); and</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-left: .5in; margin-top:0; margin-bottom:0">&nbsp;</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-left: .5in; margin-top:0; margin-bottom:0">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	the Company's notice to Mr. Evans of non-renewal of the Employment
	Agreement, or failure of the parties to reach mutually agreeable revised
	extension terms within 60 days following a party's notice of non-renewal of
	the Employment Agreement.</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-top:0; margin-bottom:0">&nbsp;</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-top:0; margin-bottom:0">Under the Employment
	Agreement, Mr. Evans will continue to be bound by perpetual confidentiality
	and proprietary information covenants and, during his employment and for a
	two (2) year period thereafter, is prohibited from competing with the
	Company, soliciting or hiring its employees, or soliciting the Company's
	customers or vendors for the purpose of obtaining or receiving the same
	business as the Company.</p>
	<p class="MsoNormal" style="text-indent: .5in; margin-top:0; margin-bottom:0">&nbsp;</p>
	<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</div>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<hr>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p align="center" style="margin:0 0in; text-align: center; ">
<b>SIGNATURE </b></p>
<p align="center" style="margin:0 0in; text-align: center; ">
&nbsp;</p>
<p style="margin:0 0in; text-indent: 0.5in; " align="left">
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized. </p>
<p style="margin:0 0in; ">&nbsp;</p>
<div align="center">
	<table class="MsoTableGrid" border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border-width: 0px" id="table2">
		<tr>
			<td width="293" valign="top" style="width: 219.8pt; border-left-style: none; border-left-width: medium; border-top-style: none; border-top-width: medium; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
			<td width="345" colspan="2" valign="top" style="width: 259.0pt; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><b>CHURCHILL DOWNS INCORPORATED</b></td>
		</tr>
		<tr>
			<td width="293" valign="top" style="width: 219.8pt; border-left-style: none; border-left-width: medium; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
			<td width="41" valign="top" style="width: 30.7pt; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
			<td width="304" valign="top" style="width: 228.3pt; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
		</tr>
		<tr>
			<td width="293" valign="top" style="width: 219.8pt; border-left-style: none; border-left-width: medium; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p style="margin:0 0in; ">
			September&nbsp;27, 2010</td>
			<td width="41" valign="top" style="width: 30.7pt; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p style="margin:0 0in; ">
			By:</td>
			<td width="304" valign="top" style="width: 228.3pt; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.0pt solid black; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p align="center" style="margin:0 0in; text-align: center; ">
			<b>/s/ Rebecca C. Reed</b></td>
		</tr>
		<tr>
			<td width="293" valign="top" style="width: 219.8pt; border-left-style: none; border-left-width: medium; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
			<td width="41" valign="top" style="width: 30.7pt; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
			<td width="304" valign="top" style="width: 228.3pt; border: medium none; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p class="MsoNormal" align="center" style="text-align: center; margin-top:0; margin-bottom:0"><b>
			<font size="2">Rebecca C. Reed</font></b></td>
		</tr>
		<tr>
			<td width="293" valign="top" style="width: 219.8pt; border-left-style: none; border-left-width: medium; border-bottom-style: none; border-bottom-width: medium; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
			<td width="41" valign="top" style="width: 30.7pt; border-bottom-style: none; border-bottom-width: medium; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
			<td width="304" valign="top" style="width: 228.3pt; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p class="MsoNormal" align="center" style="text-align: center; margin-top:0; margin-bottom:0"><b>
			<font size="2">Senior Vice President and Secretary</font></b></td>
		</tr>
	</table>
</div>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<hr><hr>

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