<SEC-DOCUMENT>0000892303-11-000025.txt : 20110502
<SEC-HEADER>0000892303-11-000025.hdr.sgml : 20110502
<ACCEPTANCE-DATETIME>20110502103955
ACCESSION NUMBER:		0000892303-11-000025
CONFORMED SUBMISSION TYPE:	10-Q/A
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20100930
FILED AS OF DATE:		20110502
DATE AS OF CHANGE:		20110502

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:		10-Q/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33998
		FILM NUMBER:		11798570

	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>10-Q/A
<SEQUENCE>1
<FILENAME>chdn10qa93010.htm
<DESCRIPTION>FORM 10-Q/A
<TEXT>

<head>
<title>Churchill Downs Incorporated - Form 10-Q/A (9-30-2010)</title>
</head>

<body>

<p align="center" style="margin:0 0in;text-align:center; margin-bottom:0"><b>
UNITED STATES</b></p>
<p align="center" style="margin:0 0in;text-align:center; margin-bottom:0"><b>
SECURITIES AND EXCHANGE COMMISSION </b></p>
<p align="center" style="margin:0 0in;text-align:center; margin-bottom:0"><b>
WASHINGTON, D.C. 20549 </b></p>
<p align="center" style="margin:0 0in;text-align:center; margin-bottom:0">&nbsp;</p>
<p align="center" style="margin:0 0in; text-align:center"><b><font size="5">FORM 10-Q/A
</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>(Amendment No. 1)</b></p>
<p style="margin:0 0in;">&nbsp;</p>
<div align="center">
	<table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style="width: 59%; border-collapse: collapse" id="table3">
		<tr>
			<td width="4%" valign="top" style="width:4.0%;padding:0in 0in 0in 0in">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">
			<font size="2">[X]</font></td>
			<td valign="top" style="padding:0in 0in 0in 0in">
			<p style="margin-top: 0; margin-bottom: 0"><b><font size="2">QUARTERLY REPORT
			PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
			1934 </font> </b></td>
		</tr>
	</table>
</div>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p align="center" style="margin:0 0in; text-align:center">For the quarterly
period ended September&nbsp;30, 2010 </p>
<p align="center" style="margin:0 0in; text-align:center">OR </p>
<p style="margin:0 0in;">&nbsp;</p>
<p style="margin:0 0in;">&nbsp;</p>
<div align="center">
	<table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style="width: 60%; border-collapse: collapse" id="table4">
		<tr>
			<td width="4%" valign="top" style="width:4.0%;padding:0in 0in 0in 0in">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">
			<font size="2">[&nbsp;&nbsp;]</font></td>
			<td valign="top" style="padding:0in 0in 0in 0in">
			<p style="margin-top: 0; margin-bottom: 0"><b><font size="2">TRANSITION
			REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
			ACT OF 1934 </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">For the transition
period from <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> to&nbsp;<u>&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">Commission file number
001-33998 </p>
<p align="center" style="margin:0 0in; text-align:center">&nbsp;</p>
<p align="center" style="margin:0 0in; text-align:center">
&nbsp;</p>
<p align="center" style="margin:0 0in; text-align:center">
<font face="Calisto MT" size="7">Churchill Downs</font></p>
<p align="center" style="margin:0 0in; text-align:center">
<b><font face="Calisto MT" size="5">Incorporated</font></b></p>
<p align="center" style="margin:0 0in;text-align:center; margin-bottom:0"><b>
<font size="2">(Exact name of registrant as specified in its charter) </font> </b></p>
<p style="margin:0 0in;">&nbsp;</p>
<p style="margin:0 0in;">&nbsp;</p>
<div align="center">
	<table class="MsoTableGrid" border="1" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: medium none" id="table5">
		<tr>
			<td width="334" valign="top" style="width: 250.5pt; border: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p align="center" style="margin:0 0in;text-align:center; margin-bottom:0">
			<b><font size="2">Kentucky</font></b></td>
			<td width="16" valign="top" style="width: 11.8pt; border-left: medium none; border-right: medium none windowtext; border-top: medium none windowtext; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">&nbsp;</td>
			<td width="289" valign="top" style="width: 216.5pt; border-left: medium none; border-right: medium none windowtext; border-top: medium none windowtext; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p align="center" style="margin:0 0in;text-align:center; margin-bottom:0">
			<b><font size="2">61-0156015</font></b></td>
		</tr>
		<tr>
			<td width="334" valign="top" style="width: 250.5pt; border-left: medium none windowtext; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p align="center" style="margin:0 0in;text-align:center; margin-bottom:0">
			<font size="1">(State or other jurisdiction of incorporation or
			organization)</font></td>
			<td width="16" valign="top" style="width: 11.8pt; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">&nbsp;</td>
			<td width="289" valign="top" style="width: 216.5pt; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p align="center" style="margin:0 0in;text-align:center; margin-bottom:0">
			<font size="1">(IRS Employer Identification No.)</font></td>
		</tr>
		<tr>
			<td width="334" valign="top" style="width: 250.5pt; border: medium none; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">&nbsp;</td>
			<td width="16" valign="top" style="width: 11.8pt; border: medium none; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">&nbsp;</td>
			<td width="289" valign="top" style="width: 216.5pt; border: medium none; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">&nbsp;</td>
		</tr>
		<tr>
			<td width="334" valign="top" style="width: 250.5pt; border: medium none; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p align="center" style="margin:0 0in;text-align:center; margin-bottom:0">
			<b><font size="2">700 Central Avenue, Louisville, Kentucky 40208</font></b></td>
			<td width="16" valign="top" style="width: 11.8pt; border: medium none; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">&nbsp;</td>
			<td width="289" valign="top" style="width: 216.5pt; border: medium none; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p align="center" style="margin:0 0in;text-align:center; margin-bottom:0">
			<b><font size="2">(502) 636-4400</font></b></td>
		</tr>
		<tr>
			<td width="334" valign="top" style="width: 250.5pt; border: medium none; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p align="center" style="margin:0 0in;text-align:center; margin-bottom:0">
			<font size="1">(Address of principal executive offices) (zip code)</font></td>
			<td width="16" valign="top" style="width: 11.8pt; border: medium none; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">&nbsp;</td>
			<td width="289" valign="top" style="width: 216.5pt; border: medium none; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p align="center" style="margin:0 0in;text-align:center; margin-bottom:0">
			<font size="1">(Registrant's telephone number, including area code)</font></td>
		</tr>
	</table>
</div>
<p align="center" style="margin:0 0in; text-align: left; ">&nbsp;</p>
<p style="margin:0 0in; "><font size="2">Indicate by check mark whether the Registrant (1)&nbsp;has
filed all reports required to be filed by Section&nbsp;13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports) and (2)&nbsp;has been subject
to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;[X]&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;[&nbsp;&nbsp;&nbsp;]</font></p>
<p style="margin:0 0in; ">&nbsp;</p>
<p style="margin:0 0in; "><font size="2">Indicate by check mark whether the registrant has
submitted electronically and posted on its corporate Web site, if any, every
Interactive Data File required to be submitted and posted pursuant to Rule 405
of Regulation S-T (Section 232.405) during the preceding 12 months (or for such shorter
period that the registrant was required to submit and post such
files).&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;[&nbsp;&nbsp;]&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;[&nbsp;&nbsp;]
</font> </p>
<p style="margin:0 0in; ">&nbsp;</p>
<p style="margin:0 0in; "><font size="2">Indicate by check mark whether the Registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer or a smaller
reporting company. See definitions of "large accelerated filer," "accelerated
filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. </font> </p>
<p style="margin:0 0in;">&nbsp;</p>
<p style="margin:0 0in;"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Large&nbsp;accelerated&nbsp;filer&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;&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;
Accelerated&nbsp;filer&nbsp;&nbsp;[X]</font></p>
<p style="margin:0 0in;"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Non-accelerated filer&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;&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;
Smaller&nbsp;reporting&nbsp;company&nbsp;&nbsp;[&nbsp;&nbsp;]</font></p>
<p style="margin:0 0in; ">&nbsp;</p>
<p style="margin:0 0in; "><font size="2">Indicate by check mark whether the Registrant is a shell
company (as defined in Rule 12b-2 of the Exchange Act).&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;[&nbsp;&nbsp;]&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;[X]</font></p>
<p style="margin:0 0in; ">&nbsp;</p>
<p style="margin:0 0in; "><font size="2">The number of shares outstanding of registrant's common
stock at October&nbsp;28, 2010 was 16,577,599 shares. </font> </p>
<p align="center" style="margin:0 0in; text-align: left; ">&nbsp;</p>
<p align="center" style="margin:0 0in; text-align: left; ">&nbsp;</p>
<hr>
<p align="center" style="margin:0 0in; text-align: left; ">&nbsp;</p>
<p align="center" style="margin:0 0in; text-align:center"><b>EXPLANATORY NOTE</b></p>
<p align="center" style="margin:0 0in; text-align:center">&nbsp;</p>
<p style="margin:0 0in; ">We are filing this Amendment No. 1 to our Quarterly Report on Form 10-Q for
the quarter ended September 30, 2010 only to refile Exhibit 10(a) in response to
comments we received from the staff of the Securities and Exchange Commission on
a confidential treatment request we made for certain portions of the exhibit in
our original Form 10-Q.</p>
<p style="margin:0 0in; ">&nbsp;</p>
<p style="margin-top: 0; margin-bottom: 0">This Amendment No. 1 to our Form 10-Q for the quarter ended September 30,
2010 does not reflect events occurring after the filing of our original Form
10-Q.&nbsp; As required by Rule 12b-15 of the Securities Exchange Act of 1934, new
certifications by our principal executive officer and principal financial
officer are filed herewith as exhibits to this Amendment.&nbsp; No other
modifications or changes have been made to the disclosures or information
contained in our Form 10-Q for the quarter ended September 30, 2010, as
originally filed.</p>
<p align="center" style="margin:0 0in; text-align: left; ">&nbsp;</p>
<p align="center" style="margin:0 0in; text-align: left; ">&nbsp;</p>
<hr>
<p align="center" style="margin:0 0in; text-align: left; ">&nbsp;</p>
<p style="margin:0 0in; "><b>PART II.&nbsp;&nbsp;&nbsp;OTHER INFORMATION </b></p>
<p style="margin:0 0in;">&nbsp;</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><b>ITEM&nbsp;6.</b>&nbsp;&nbsp;&nbsp; <b>EXHIBITS </b></p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p style="margin:0 0in; ">See Exhibit Index. </p>
<p style="margin:0 0in;">&nbsp;</p>
<p align="center" style="margin:0 0in; text-align: left; ">&nbsp;</p>
<p align="center" style="margin:0 0in; text-align: left; ">&nbsp;</p>
<hr>
<p align="center" style="margin:0 0in; text-align: left; ">&nbsp;</p>
<p align="center" style="margin:0 0in;text-align:center; margin-bottom:0"><b>
SIGNATURES</b></p>
<p align="center" style="margin:0 0in;text-align:center; margin-bottom:0">&nbsp;</p>
<p style="margin:0 0in; ">Pursuant to the requirements of Section&nbsp;13 or 15(d) of
the Securities Exchange Act of 1934, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized. </p>
<p style="margin:0 0in;">&nbsp;</p>
<p style="margin:0 0in;">&nbsp;</p>
<div align="center">
	<table class="MsoTableGrid" border="1" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border-color: inherit; border-width: 0px" id="table2">
		<tr>
			<td width="247" valign="top" style="width: 184.95pt; border: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p style="margin:0 0in;">April 29, 2011</td>
			<td width="392" valign="top" style="width: 293.85pt; border-left: medium none; border-right: medium none windowtext; border-top: medium none windowtext; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p style="margin:0 0in;"><b>CHURCHILL DOWNS
			INCORPORATED</b></td>
		</tr>
		<tr>
			<td width="247" valign="top" style="width: 184.95pt; border: medium none; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">&nbsp;</td>
			<td width="392" valign="top" style="width: 293.85pt; border: medium none; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p style="margin:0 0in;">&nbsp;</td>
		</tr>
		<tr>
			<td width="247" valign="top" style="width: 184.95pt; border: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">&nbsp;</td>
			<td width="392" valign="top" style="width: 293.85pt; border-left: medium none; border-right: medium none windowtext; border-top: medium none windowtext; border-bottom: 1px solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p style="margin:0 0in;">/s/ William E. Mudd</td>
		</tr>
		<tr>
			<td width="247" valign="top" style="width: 184.95pt; border-left: medium none windowtext; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">&nbsp;</td>
			<td width="392" valign="top" style="width: 293.85pt; border-left: medium none; border-right: medium none windowtext; border-top-color: inherit; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p style="margin:0 0in;">William E. Mudd </td>
		</tr>
		<tr>
			<td width="247" valign="top" style="width: 184.95pt; border-left: medium none windowtext; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">&nbsp;</td>
			<td width="392" valign="top" style="width: 293.85pt; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p style="margin:0 0in;">Executive Vice President
			and Chief</td>
		</tr>
		<tr>
			<td width="247" valign="top" style="width: 184.95pt; border-left: medium none windowtext; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">&nbsp;</td>
			<td width="392" valign="top" style="width: 293.85pt; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p style="margin:0 0in;">Financial Officer</td>
		</tr>
		<tr>
			<td width="247" valign="top" style="width: 184.95pt; border-left: medium none windowtext; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">&nbsp;</td>
			<td width="392" valign="top" style="width: 293.85pt; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p style="margin:0 0in;">(Principal Financial and
			Accounting Officer)</td>
		</tr>
	</table>
</div>
<p align="center" style="margin:0 0in; text-align: left; ">&nbsp;</p>
<p align="center" style="margin:0 0in; text-align: left; ">&nbsp;</p>
<hr>
<p align="center" style="margin:0 0in; text-align: left; ">&nbsp;</p>
<p align="center" style="margin:0 0in;text-align:center; margin-bottom:0"><b>
<u>EXHIBIT INDEX </u></b></p>
<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 align="center">
	<table class="MsoTableGrid" border="0" cellspacing="0" cellpadding="0" width="654" style="width: 490.6pt; border-collapse: collapse; border-width: 0px" id="table1">
		<tr>
			<td width="68" valign="top" style="width: 51.0pt; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p style="margin:0 0in; "><b><font size="2">Number</font></b></td>
			<td width="23" valign="top" style="width: 17.1pt; 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="281" valign="top" style="width: 210.9pt; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p style="margin:0 0in; "><b><font size="2">Description</font></b></td>
			<td width="23" valign="top" style="width: 17.5pt; 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="259" valign="top" style="width: 194.1pt; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p style="margin:0 0in; "><b><font size="2">By Reference To</font></b></td>
		</tr>
		<tr>
			<td width="68" valign="top" style="width: 51.0pt; border: medium none; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">&nbsp;</td>
			<td width="23" valign="top" style="width:17.1pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
			<td width="281" valign="top" style="width: 210.9pt; border: medium none; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">&nbsp;</td>
			<td width="23" valign="top" style="width:17.5pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
			<td width="259" valign="top" style="width: 194.1pt; border: medium none; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">&nbsp;</td>
		</tr>
		<tr>
			<td width="68" valign="top" style="width: 51.0pt; border-left-style: none; border-left-width: medium; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p align="right" style="margin:0 0in; text-align:right">10(a)</td>
			<td width="23" valign="top" style="width:17.1pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
			<td width="281" valign="top" style="width:210.9pt;padding:0in 5.4pt 0in 5.4pt">
			<p style="margin:0 0in; ">Amended and Restated Employment Agreement dated as of September 27, 2010,
			by and between Churchill Downs Incorporated and Robert L. Evans.</td>
			<td width="23" valign="top" style="width:17.5pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
			<td width="259" valign="top" style="width: 194.1pt; border-right-style: none; border-right-width: medium; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p style="margin:0 0in; ">Amendment No. 1 to Quarterly Report on Form 10-Q for the fiscal quarter
			ended September 30, 2010</td>
		</tr>
		<tr>
			<td width="68" valign="top" style="width: 51.0pt; 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; ">&nbsp;</td>
			<td width="23" valign="top" style="width:17.1pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
			<td width="281" valign="top" style="width:210.9pt;padding:0in 5.4pt 0in 5.4pt">
			<p style="margin:0 0in; ">&nbsp;</td>
			<td width="23" valign="top" style="width:17.5pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
			<td width="259" valign="top" style="width: 194.1pt; border-right-style: none; border-right-width: medium; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p style="margin:0 0in; ">&nbsp;</td>
		</tr>
		<tr>
			<td width="68" valign="top" style="width: 51.0pt; border-left-style: none; border-left-width: medium; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p align="right" style="margin:0 0in; text-align:right">31(i)(a)</td>
			<td width="23" valign="top" style="width:17.1pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
			<td width="281" valign="top" style="width:210.9pt;padding:0in 5.4pt 0in 5.4pt">
			<p style="margin:0 0in; ">Certification of Chief Executive Officer Pursuant to Section 302 of the
			Sarbanes-Oxley Act of 2002</td>
			<td width="23" valign="top" style="width:17.5pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
			<td width="259" valign="top" style="width: 194.1pt; border-right-style: none; border-right-width: medium; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p style="margin:0 0in; ">Amendment No. 1 to Quarterly Report on Form 10-Q for the fiscal quarter
			ended September 30, 2010</td>
		</tr>
		<tr>
			<td width="68" valign="top" style="width: 51.0pt; 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; ">&nbsp;</td>
			<td width="23" valign="top" style="width:17.1pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
			<td width="281" valign="top" style="width:210.9pt;padding:0in 5.4pt 0in 5.4pt">
			<p style="margin:0 0in; ">&nbsp;</td>
			<td width="23" valign="top" style="width:17.5pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
			<td width="259" valign="top" style="width: 194.1pt; border-right-style: none; border-right-width: medium; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p style="margin:0 0in; ">&nbsp;</td>
		</tr>
		<tr>
			<td width="68" valign="top" style="width: 51.0pt; 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="right" style="margin:0 0in; text-align:right">31(i)(b)</td>
			<td width="23" valign="top" style="width: 17.1pt; 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="281" valign="top" style="width: 210.9pt; border-bottom-style: none; border-bottom-width: medium; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p style="margin:0 0in; ">Certification of Chief Financial Officer Pursuant to Section 302 of the
			Sarbanes-Oxley Act of 2002</td>
			<td width="23" valign="top" style="width: 17.5pt; 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="259" valign="top" style="width: 194.1pt; 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 style="margin:0 0in; ">Amendment No. 1 to Quarterly Report on Form 10-Q for the fiscal quarter
			ended September 30, 2010</td>
		</tr>
	</table>
</div>
<p style="margin:0 0in; ">
&nbsp;</p>
<hr><hr>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>2
<FILENAME>chdn10qaex10a.htm
<DESCRIPTION>EXHIBIT 10(A)
<TEXT>
<html>

<head>
<title>Churchill Downs Incorporated - Exhibit 10(a) to Form 10-Q/A</title>
</head>

<body>

<p align="right" style="margin-top: 0; margin-bottom: 0"><b>Exhibit 10(a)</b></p>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<p class="aTitleCenter-Bold" align="center" style="margin-top: 0; margin-bottom: 0">
<b>AMENDED AND RESTATED EMPLOYMENT AGREEMENT</b></p>
<p class="aTitleCenter-Bold" align="center" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p class="MsoBodyText" align="justify" style="text-indent: 0.5in; margin-top: 0; margin-bottom: 0">THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this &quot;<u>Agreement</u>&quot;)
is dated as of September 27, 2010 (the &quot;<u>Effective Date</u>&quot;), by and between
Churchill Downs Incorporated, a Kentucky corporation (the &quot;<u>Company</u>&quot;), and
Robert L. Evans (&quot;<u>Executive</u>&quot;).</p>
<p class="MsoBodyText" align="justify" style="text-indent: 0.5in; margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p class="MsoBodyText" align="justify" style="text-indent: 0.5in; margin-top: 0; margin-bottom: 0">WHEREAS, the Company and Executive are parties to that
certain employment agreement, dated as of August 14, 2006, as amended by the
First Amendment to Employment Agreement dated November 25, 2008 (collectively,
the &quot;Prior Employment Agreement&quot;);</p>
<p class="MsoBodyText" align="justify" style="text-indent: 0.5in; margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p class="MsoBodyText" align="justify" style="text-indent: 0.5in; margin-top: 0; margin-bottom: 0">WHEREAS, the Company desires to continue Executive's
employment and to amend and restate the Prior Employment Agreement to embody the
terms of such continued employment, and considers it to be in its best interests
and in the best interests of its stockholders to employ Executive during the
Employment Term (as defined in Section 1 below);</p>
<p class="MsoBodyText" align="justify" style="text-indent: 0.5in; margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p class="MsoBodyText" align="justify" style="text-indent: 0.5in; margin-top: 0; margin-bottom: 0">WHEREAS, Executive desires to accept such continued
employment with the Company and to amend and restate the Prior Employment
Agreement; and</p>
<p class="MsoBodyText" align="justify" style="text-indent: 0.5in; margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p class="MsoBodyText" align="justify" style="text-indent: 0.5in; margin-top: 0; margin-bottom: 0">WHEREAS, Executive is willing to accept continued
employment on the terms hereinafter set forth in this Agreement.</p>
<p class="MsoBodyText" align="justify" style="text-indent: 0.5in; margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p class="MsoBodyText" align="justify" style="text-indent: 0.5in; margin-top: 0; margin-bottom: 0">NOW, THEREFORE, in consideration of the premises and
mutual covenants herein and for other good and valuable consideration, the
parties hereby agree as follows:</p>
<p class="MsoBodyText" align="justify" style="text-indent: 0.5in; margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p class="TabbedL1" style="text-indent:0.5in; margin-top:0; margin-bottom:0" align="justify">
1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Term of
Employment</u>.&nbsp; Unless terminated earlier in accordance with the provisions of
Section 7, Executive's employment under this Agreement shall be effective for a
term commencing on the Effective Date and ending on August 14, 2016 (the &quot;<u>Employment
Term</u>&quot;).&nbsp; Thereafter, the Employment Term shall be automatically extended for
subsequent one (1)-year periods unless written notice to the contrary is given
by either the Company or Executive at least ninety (90) days prior to the
expiration of the Employment Term or the expiration of any subsequent one
(1)-year extension thereof.</p>
<p class="TabbedL1" style="text-indent:0.5in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL1" style="page-break-after:avoid; text-indent:0.5in; margin-top:0; margin-bottom:0" align="justify">
2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Position and Duties</u>.</p>
<p class="TabbedL1" style="page-break-after:avoid; text-indent:0.5in; margin-top:0; margin-bottom:0" align="justify">
&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of the
Effective Date, Executive shall continue to serve as the Chief Executive Officer
and President of the Company.&nbsp; In such position, Executive shall report directly
to the Board (as defined in Section 10(c)) and have such authority,
responsibilities, and duties customarily exercised by a person holding such
position.&nbsp; During the Employment Term, the Company shall cause Executive to be
nominated for election as a member of the Board as needed to maintain
Executive's position on the Board.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; During the
Employment Term, Executive will devote substantially all of his business time
and best efforts to the performance of his duties.&nbsp; Executive may:</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in addition to
being a director of the Company and with the prior written approval of the
Chairman of the Board, serve as a director or trustee of:&nbsp; (x) up to three (3)
corporate or charitable entities; and (y) trade or other associations related to
the Company's industry; and</p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<hr>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; manage his
personal investments; </p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedCont2" style="text-indent: 1in; margin-top: 0; margin-bottom: 0" align="justify">to the extent that such activities do not materially
inhibit or materially interfere with the performance of Executive's duties under
this Agreement.</p>
<p class="TabbedCont2" style="text-indent: 1in; margin-top: 0; margin-bottom: 0" align="justify">&nbsp;</p>
<p class="TabbedL1" style="margin-left:0in; text-indent:0.5in; margin-top:0; margin-bottom:0" align="justify">
3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Base Salary</u>.&nbsp;
During the Employment Term, the Company shall pay Executive a base salary (the &quot;<u>Base
Salary</u>&quot;) at the annual rate of $550,000.00, payable in regular installments
in accordance with the Company's usual payroll practices.&nbsp; The Base Salary
includes fees otherwise payable for his services for the Board.&nbsp; The Board shall
review and may consider for increase (but not decrease) at any time Executive's
Base Salary in its sole discretion based on Executive's performance.</p>
<p class="TabbedL1" style="margin-left:0in; text-indent:0.5in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL1" style="margin-left:0in; text-indent:0.5in; margin-top:0; margin-bottom:0" align="justify">
4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Incentive
Compensation</u>.&nbsp; Executive shall be 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.&nbsp; Executive shall be eligible to
participate in an annual performance bonus plan, with a target bonus for each
performance period of 100% of Base Salary.</p>
<p class="TabbedL1" style="margin-left:0in; text-indent:0.5in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL1" style="margin-left:0in; text-indent:0.5in; margin-top:0; margin-bottom:0" align="justify">
5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Equity Grants</u>.&nbsp;
Executive shall retain all outstanding equity grants provided in the Prior
Employment Agreement, whether or not vested as of the Effective Date, in
accordance with the terms of the Prior Employment Agreement and applicable plan
documents and award agreements, and shall also receive the following additional
equity grants:</p>
<p class="TabbedL1" style="margin-left:0in; text-indent:0.5in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in;page-break-after:avoid; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Restricted Shares</u>.&nbsp; </p>
<p class="TabbedL2" style="margin-left:0in;page-break-after:avoid; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">
&nbsp;</p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of the
Effective Date, the Company shall grant Executive 45,000 Restricted Shares of
Common Stock which shall vest as follows upon the Fair Market Value (as defined
in Section 10(m)) of a share of the Common Stock (as defined in Section 10(g))
reaching the following prices for twenty (20) consecutive trading days beginning
on and after August 14, 2011; provided, however, that such twenty (20)-trading
day period occurs prior to a Termination of Employment (as defined in
Section&nbsp;10(u)), but subject to Section&nbsp;7(b) below:</p>
<p class="TabbedL3" style="margin-left:0in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<div align="center">
	<table class="MsoNormalTable" border="1" cellspacing="0" cellpadding="0" width="383" style="border-width:0px; width: 287.1pt; border-collapse: collapse" id="table6" bordercolor="#000000">
		<tr>
			<td width="240" valign="bottom" style="width:2.5in;border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-style:solid; border-bottom-width:1px; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
			<p class="aTableBodyText" align="center" style="text-align:center; margin-top:0; margin-bottom:0">
			<b><font size="2">20 Day Fair Market Value</font></b></p>
			<p class="aTableBodyText" align="center" style="margin-bottom:0pt;text-align:
  center; margin-top:0"><b><font size="2">at or Above</font></b></td>
			<td width="143" valign="bottom" style="border-style:none; border-width:medium; width:107.1pt;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
			&nbsp;</td>
			<td width="143" valign="bottom" style="width:107.1pt;border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-style:solid; border-bottom-width:1px; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
			<p class="aTableBodyText" align="center" style="margin-bottom:0pt;text-align:
  center; margin-top:0"><b><font size="2">Shares Vesting</font></b></td>
		</tr>
		<tr>
			<td width="240" valign="top" style="width:2.5in;border-left-style:none; border-left-width:medium; 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="aTableBodyText" align="center" style="margin-bottom:6.0pt;text-align:
  center">$50.00</td>
			<td width="143" valign="top" style="border-style:none; border-width:medium; width:107.1pt;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
			&nbsp;</td>
			<td width="143" valign="top" style="width:107.1pt;border-left-style:none; border-left-width:medium; 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="aTableBodyText" align="center" style="margin-bottom:6.0pt;text-align:
  center">15,000</td>
		</tr>
		<tr>
			<td width="240" valign="top" style="border-style:none; border-width:medium; width:2.5in;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
			<p class="aTableBodyText" align="center" style="margin-bottom:6.0pt;text-align:
  center">$60.00</td>
			<td width="143" valign="top" style="border-style:none; border-width:medium; width:107.1pt;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
			&nbsp;</td>
			<td width="143" valign="top" style="border-style:none; border-width:medium; width:107.1pt;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
			<p class="aTableBodyText" align="center" style="margin-bottom:6.0pt;text-align:
  center">15,000</td>
		</tr>
		<tr>
			<td width="240" valign="top" style="border-style:none; border-width:medium; width:2.5in;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
			<p class="aTableBodyText" align="center" style="margin-bottom:6.0pt;text-align:
  center">$70.00</td>
			<td width="143" valign="top" style="border-style:none; border-width:medium; width:107.1pt;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
			&nbsp;</td>
			<td width="143" valign="top" style="border-style:none; border-width:medium; width:107.1pt;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
			<p class="aTableBodyText" align="center" style="margin-bottom:6.0pt;text-align:
  center">15,000</td>
		</tr>
	</table>
</div>
<p class="TabbedL3" style="margin-left:0in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of the
Effective Date, the Company shall grant Executive 81,250 Restricted Shares of
Common Stock which shall vest for the applicable number of Restricted Shares per
the corresponding vesting date as listed on the schedule below; provided,
however, that such vesting date occurs prior to a Termination of Employment, but
subject to Section&nbsp; 7(b) below:</p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedCont3" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p class="TabbedCont3" style="margin-top: 0; margin-bottom: 0" align="center">2</p>
<p class="TabbedCont3" style="margin-top: 0; margin-bottom: 0">&nbsp;</p><hr>
<p class="TabbedCont3" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<div align="center">
	<table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse" id="table7">
		<tr>
			<td width="344" style="width:258.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="margin-bottom:0pt;text-align:
  center; margin-top:0"><b><u><font size="2">Vesting Date</font></u></b></td>
			<td width="160" style="width:120.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="margin-bottom:0pt;text-align:
  center; margin-top:0"><b><u><font size="2">Shares Vesting</font></u></b></td>
		</tr>
		<tr>
			<td width="344" style="width:258.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			September 30, 2011</td>
			<td width="160" style="width:120.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			2,032</td>
		</tr>
		<tr>
			<td width="344" style="width:258.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			December 31,2011</td>
			<td width="160" style="width:120.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			4,062</td>
		</tr>
		<tr>
			<td width="344" style="width:258.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			March 31, 2012</td>
			<td width="160" style="width:120.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			4,063</td>
		</tr>
		<tr>
			<td width="344" style="width:258.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			June 30, 2012</td>
			<td width="160" style="width:120.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			4,062</td>
		</tr>
		<tr>
			<td width="344" style="width:258.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			September 30, 2012</td>
			<td width="160" style="width:120.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			4,063</td>
		</tr>
		<tr>
			<td width="344" style="width:258.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			December 31, 2012</td>
			<td width="160" valign="top" style="width:120.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			4,062</td>
		</tr>
		<tr>
			<td width="344" style="width:258.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			March 31, 2013</td>
			<td width="160" valign="top" style="width:120.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			4,063</td>
		</tr>
		<tr>
			<td width="344" style="width:258.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			June 30, 2013</td>
			<td width="160" valign="top" style="width:120.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			4,062</td>
		</tr>
		<tr>
			<td width="344" style="width:258.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			September 30, 2013</td>
			<td width="160" valign="top" style="width:120.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			4,063</td>
		</tr>
		<tr>
			<td width="344" style="width:258.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			December 31, 2013</td>
			<td width="160" valign="top" style="width:120.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			4,062</td>
		</tr>
		<tr>
			<td width="344" style="width:258.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			March 31, 2014</td>
			<td width="160" valign="top" style="width:120.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			4,063</td>
		</tr>
		<tr>
			<td width="344" style="width:258.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			June 30, 2014</td>
			<td width="160" valign="top" style="width:120.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			4,062</td>
		</tr>
		<tr>
			<td width="344" style="width:258.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			September 30, 2014</td>
			<td width="160" valign="top" style="width:120.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			4,063</td>
		</tr>
		<tr>
			<td width="344" style="width:258.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			December 31, 2014</td>
			<td width="160" valign="top" style="width:120.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			4,062</td>
		</tr>
		<tr>
			<td width="344" style="width:258.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			March 31, 2015</td>
			<td width="160" valign="top" style="width:120.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			4,063</td>
		</tr>
		<tr>
			<td width="344" style="width:258.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			June 30, 2015</td>
			<td width="160" valign="top" style="width:120.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			4,062</td>
		</tr>
		<tr>
			<td width="344" style="width:258.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			September 30, 2015</td>
			<td width="160" valign="top" style="width:120.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			4,063</td>
		</tr>
		<tr>
			<td width="344" style="width:258.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			December 31, 2015</td>
			<td width="160" valign="top" style="width:120.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			4,062</td>
		</tr>
		<tr>
			<td width="344" style="width:258.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			March 31, 2016</td>
			<td width="160" valign="top" style="width:120.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			4,063</td>
		</tr>
		<tr>
			<td width="344" style="width:258.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			June 30, 2016</td>
			<td width="160" valign="top" style="width:120.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			4,062</td>
		</tr>
		<tr>
			<td width="344" style="width:258.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			August 14, 2016</td>
			<td width="160" valign="top" style="width:120.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			2,031</td>
		</tr>
	</table>
</div>
<p class="TabbedCont3" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p class="TabbedCont3" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Stock Options</u>.&nbsp;
As of the Effective Date, the Company shall grant Executive Options (as defined
in Section 10(p)), with a term until no later than November 14, 2016, to
purchase 180,000 shares of Common Stock with a per share exercise price equal to
the Fair Market Value of a share of Common Stock as of the date of grant.&nbsp; Such
Options shall vest as follows:</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<div align="center">
	<table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse" id="table8">
		<tr>
			<td width="304" style="width:228.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="margin-bottom:0pt;text-align:
  center; margin-top:0"><b><u><font size="2">Vesting Date</font></u></b></td>
			<td width="200" style="width:150.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="margin-bottom:0pt;text-align:
  center; margin-top:0"><b><u><font size="2">Number of Options to Vest</font></u></b></td>
		</tr>
		<tr>
			<td width="304" style="width:228.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			September 30, 2010</td>
			<td width="200" style="width:150.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			7,500</td>
		</tr>
		<tr>
			<td width="304" style="width:228.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			December 31, 2010</td>
			<td width="200" style="width:150.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			15,000</td>
		</tr>
		<tr>
			<td width="304" style="width:228.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			March 31, 2011</td>
			<td width="200" style="width:150.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			15,000</td>
		</tr>
		<tr>
			<td width="304" style="width:228.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			June 30, 2011</td>
			<td width="200" style="width:150.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			15,000</td>
		</tr>
		<tr>
			<td width="304" style="width:228.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			September 30, 2011</td>
			<td width="200" style="width:150.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			15,000</td>
		</tr>
		<tr>
			<td width="304" style="width:228.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			December 31, 2011</td>
			<td width="200" style="width:150.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			15,000</td>
		</tr>
		<tr>
			<td width="304" style="width:228.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			March 31, 2012</td>
			<td width="200" style="width:150.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			15,000</td>
		</tr>
		<tr>
			<td width="304" style="width:228.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			June 30, 2012</td>
			<td width="200" style="width:150.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			15,000</td>
		</tr>
		<tr>
			<td width="304" style="width:228.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			September 30, 2012</td>
			<td width="200" style="width:150.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			15,000</td>
		</tr>
		<tr>
			<td width="304" style="width:228.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			December 31, 2012</td>
			<td width="200" style="width:150.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			15,000</td>
		</tr>
		<tr>
			<td width="304" style="width:228.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			March 31, 2013</td>
			<td width="200" style="width:150.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			15,000</td>
		</tr>
		<tr>
			<td width="304" style="width:228.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			June 30, 2013</td>
			<td width="200" style="width:150.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			15,000</td>
		</tr>
		<tr>
			<td width="304" style="width:228.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			August 14, 2013</td>
			<td width="200" style="width:150.0pt;padding:0in 5.4pt 0in 5.4pt">
			<p class="aTableBodyText" align="center" style="text-align:center">
			7,500</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>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0" align="center">3</p>
<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="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Change in
Control</u>.&nbsp; In the event of a Change in Control during the Employment Term,
Executive shall receive accelerated vesting of: (i) fifty percent (50%) of the
then-unvested Restricted Stock Units granted pursuant to the Prior Employment
Agreement, (ii) fifty percent (50%) of the then-unvested Restricted Shares
granted pursuant to Subsections 5(a)(i) and (ii) above and the Prior Employment
Agreement, and (iii)&nbsp;fifty percent (50%) of the then-unvested Options granted
pursuant to Section 5(b) above.&nbsp; The Restricted Stock Units, Restricted Shares
and Stock Options that are subject to accelerated vesting pursuant to this
Section 5(c) 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, subject to potential
accelerated vesting pursuant to Section 7(c) below. </p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL1" style="margin-left:0in; text-indent:0.5in; margin-top:0; margin-bottom:0" align="justify">
6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Other
Benefits.</u></p>
<p class="TabbedL1" style="margin-left:0in; text-indent:0.5in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Retirement
Benefits</u>.&nbsp; During the Employment Term, Executive shall be provided with the
opportunity to participate in the Company's qualified 401(k) profit sharing plan
and non-qualified deferred compensation plan, as may exist from time-to-time, in
each case, in accordance with the terms of such plans.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Welfare
Benefits</u>.&nbsp; During the Employment Term, Executive shall be provided with the
opportunity to participate in the Company's medical plan and other employee
welfare benefit plans on a comparable basis as such benefits are generally
provided by the Company from time-to-time to the Company's other senior
executives, in each case, in accordance with the terms of such plans.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Perquisites</u>.&nbsp;
During the Employment Term, Executive shall be provided with the opportunity to
receive or participate in perquisites on a comparable basis as such perquisites
are generally provided by the Company from time-to-time to the Company's other
senior executives, subject to the following:</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>
Transportation benefit</u> -- Executive will be entitled to transportation, via
car service or other comparable arrangement, in connection with the performance
of his duties hereunder (including but not limited to transportation between his
primary residence and the Main Office (as defined in Section 10(o)), which will
be in lieu of the Company's standard cash automobile subsidy provided to senior
executives.&nbsp; To the extent this benefit is taxable income to Executive, he will
receive a Tax Gross-Up Payment (as defined in Section 10(t)); and</p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Attorney fees</u>
-- The Company will pay reasonable attorneys' fees and related expenses incurred
by Executive in connection with the negotiation and review of this Agreement up
to a maximum of $5,000.</p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Indemnification
Agreement</u>.&nbsp; The July 18, 2006 Indemnification Agreement between the parties,
or any subsequent indemnification agreement between the parties that provides no
fewer protections for Executive, shall remain in full force and effect during
the Employment Term.</p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Reimbursement
of Business Expenses</u>.&nbsp; During the Employment Term, all reasonable business
expenses incurred by Executive in the performance of his duties hereunder shall
be reimbursed by the Company upon receipt of documentation of such expenses in a
form </p>
<p class="TabbedL2" style="margin-left:0in; text-indent:0in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:0in; margin-top:0; margin-bottom:0" align="center">
4</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:0in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<hr>
<p class="TabbedL2" style="margin-left:0in; text-indent:0in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:0in; margin-top:0; margin-bottom:0" align="justify">reasonably acceptable to the Company, and otherwise in accordance with the
Company's expense reimbursement policies. &nbsp;Pursuant to the terms of this Section
6(d), the Company shall pay for the reasonable expenses of Executive's wife when
she travels with him on the Company's business.&nbsp; Any reimbursement payment shall
be made no later than the end of Executive's taxable year following the taxable
year in which the expense is incurred.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL1" style="margin-left:0in;page-break-after:avoid; text-indent:0.5in; margin-top:0; margin-bottom:0" align="justify">
7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Termination</u>.&nbsp; Notwithstanding any other provision of
this Agreement:</p>
<p class="TabbedL1" style="margin-left:0in;page-break-after:avoid; text-indent:0.5in; margin-top:0; margin-bottom:0" align="justify">
&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>For Cause by
the Company or Voluntary Resignation by Executive Without Good Reason</u>.&nbsp; If
Executive is terminated by the Company for Cause (as defined in Section 10(d))
or if Executive voluntarily resigns without Good Reason (as defined in Section
10(n)), Executive shall be entitled to receive as soon as reasonably practicable
after his date of termination or such earlier time as may be required by
applicable statute or regulation:&nbsp; (i) his earned but unpaid Base Salary through
the date of termination; (ii) payment in respect of any vacation days accrued
but unused through the date of termination, to the extent provided by Company
policy; (iii) reimbursement for all business expenses properly incurred in
accordance with Company policy prior to the date of termination and not yet
reimbursed by the Company; and (iv) subject to Section 7(g), any earned but
unpaid annual bonus in respect of any of the Company's fiscal years preceding
the fiscal year in which the termination occurs (provided, however, that if
Executive's termination is by the Company for Cause and such event(s) and/or
action(s) that constitute Cause are materially and demonstrably injurious to the
business or reputation of the Company, then no payment will be made pursuant to
this clause (iv)) (the aggregate benefits payable pursuant to clauses (i), (ii),
(iii) and (iv) hereafter referred to as the &quot;<u>Accrued Obligations</u>&quot;); and
except as provided herein he shall have no further rights to any compensation
(including any Base Salary or annual bonus, if any) or any other benefits under
this Agreement.&nbsp; All equity-based awards shall be treated as set forth under the
terms of the Prior Employment Agreement, this Agreement and the applicable plan
or agreement.&nbsp; All other accrued and vested benefits, if any, due Executive
following Executive's Termination of Employment pursuant to this Section 7(a)
shall be determined and provided or paid in accordance with the plans, policies,
and practices of the Company; provided such benefits shall be provided or paid
no later than the later of (A)&nbsp;sixty (60)&nbsp;days following Executive's date of
termination or (B)&nbsp;the date provided under the applicable plan, policy or
practice of the Company covering such benefits.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Without Cause
by the Company or Voluntary Resignation by Executive for Good Reason</u>.&nbsp; If
Executive is terminated by the Company other than for Cause, Disability (as
defined in Section 10(i)) or death, or if Executive voluntarily resigns for Good
Reason, Executive shall receive:&nbsp; (i)&nbsp;the Accrued Obligations; and (ii)&nbsp;subject
to Section 7(g),&nbsp;(A)&nbsp;cash payments equal to the product of 1.5 times the sum of
(x)&nbsp;Executive's Base Salary plus (y)&nbsp;Executive's target bonus for the year of
the Termination of Employment, payable in equal installments over the 18 months
following Termination of Employment, (B) treatment of all equity-based awards
per the terms of the Prior Employment Agreement, this Agreement and the
applicable plan or agreement; provided, however, that vesting of any equity
awards granted pursuant to Section 5 of this Agreement and the Prior Employment
Agreement (including Restricted Shares vesting upon achievement of certain stock
price targets) shall be calculated through the end of the calendar quarter in
which Termination of Employment occurs, and (C) the continuation of medical
benefits through the end of the calendar quarter in which Termination of
Employment occurs; provided, however, that such benefit shall be reduced or
eliminated to the </p>
<p class="TabbedL2" style="margin-left:0in; text-indent:in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:in; margin-top:0; margin-bottom:0" align="center">
5</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<hr>
<p class="TabbedL2" style="margin-left:0in; text-indent:in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:in; margin-top:0; margin-bottom:0" align="justify">extent Executive receives similar benefits from a subsequent
employer.&nbsp; Except as provided herein, Executive shall have no further rights to
any compensation (including any Base Salary) or any other benefits under this
Agreement.&nbsp; All other accrued and vested benefits, if any, due Executive
following Termination of Employment pursuant to this Section 7(b) shall be
determined and provided or paid in accordance with the plans, policies and
practices of the Company; provided such benefits shall be provided or paid no
later than the later of (A)&nbsp;sixty (60)&nbsp;days following Executive's date of
termination or (B)&nbsp;the date provided under the applicable plan, policy or
practice of the Company covering such benefits.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Termination
following a Change in Control</u>.&nbsp;&nbsp; If, during the 2-year period following a
Change in Control (as defined in Section 10(e)), Executive is terminated by the
Company other than for Cause, Disability or death, or if Executive voluntarily
resigns for Good Reason, Executive shall receive:&nbsp; (i) the Accrued Obligations;
and (ii) subject to Section 7(g),&nbsp;(A)&nbsp;the benefits set forth in Section 7(b)(ii)
(with any payments due pursuant to clause (A) of Section 7(b)(ii) payable in a
lump sum on the sixtieth (60th) day following such Termination of Employment),
(B) full accelerated vesting of (x) any then-unvested Restricted Stock Units
granted pursuant to the Prior Employment Agreement, (y) any then-unvested
Restricted Shares granted pursuant to Subsections 5(a)(i) and (ii) above and the
Prior Employment Agreement, and (z) any then-unvested Stock Options granted
pursuant to Section&nbsp;5(b) above, and (C)&nbsp;a Tax Gross-Up Payment for purposes of
Code Section 280G.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Death</u>.&nbsp;
Following a Termination of Employment for death, Executive's estate shall be
entitled to receive:&nbsp; (i) the Accrued Obligations; and (ii) subject to Section
7(g), (A) a pro-rata bonus, if any, for the year of death, based on the target
bonus for which Executive was eligible for such year, and paid when bonuses
under such applicable bonus plans are normally paid, (B) (x) with respect to the
Restricted Stock award described in Section 5(a)(ii) above (granting 81,250
restricted shares), vesting in any shares that otherwise would have vested over
the 18 months following the date of termination pursuant to Executive's
continued employment with the Company and (y) treatment of all other
equity-based awards per the terms of the Prior Employment Agreement, this
Agreement and the applicable plan or agreement, (C) all other benefits and
payments per the applicable plan or program, and (D) life insurance benefits
paid per such applicable plans.&nbsp; Except as provided herein, Executive's estate
shall have no further rights to any compensation (including any Base Salary) or
any other benefits under this Agreement.&nbsp; All other accrued and vested benefits,
if any, due Executive following a Termination of Employment for death shall be
determined in accordance with the plans, policies, and practices of the Company.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Disability</u>.&nbsp;
Following a Termination of Employment for Disability, Executive shall be
entitled to receive:&nbsp; (i) the Accrued Obligations; and (ii) subject to
Section&nbsp;7(g), (A)&nbsp;a pro-rata bonus, if any, for the year of Termination of
Employment, based on the target bonus for which Executive was eligible for such
year, and paid when bonuses under the applicable bonus plans are normally paid,
(B)&nbsp;(x) with respect to the Restricted Stock award described in Section 5(a)(ii)
above (granting 81,250 restricted shares), vesting in any shares that otherwise
would have vested over the 18 months following the date of termination pursuant
to Executive's continued employment with the Company and (y) treatment of all
other equity-based awards per the terms of the Prior Employment Agreement, this
Agreement and the applicable plan or agreement, (C)&nbsp;all other benefits and
payments per the applicable plan or program, and (D)&nbsp;short-term and long-term
disability benefits per the applicable plans.&nbsp; Except as provided </p>
<p class="TabbedL2" style="margin-left:0in; text-indent:0in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:0in; margin-top:0; margin-bottom:0" align="center">
6</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:0in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<hr>
<p class="TabbedL2" style="margin-left:0in; text-indent:0in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:0in; margin-top:0; margin-bottom:0" align="justify">herein,
Executive shall have no further rights to any compensation (including any Base
Salary) or any other benefits under this Agreement.&nbsp; All other accrued and
vested benefits, if any, due Executive following a Termination of Employment for
Disability shall be determined in accordance with the plans, policies, and
practices of the Company.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Mitigation
or Offset</u>.&nbsp; In no event shall the benefits set forth in this Section 7 be
subject to mitigation or offset.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Release</u>.&nbsp;
Notwithstanding any other provision of this Agreement to the contrary, Executive
acknowledges and agrees that any and all payments to which Executive is entitled
under this Section&nbsp;7, which are described as being subject to this Section&nbsp;7(g)
are conditioned upon and shall not be payable unless (A)&nbsp;Executive, or, if
applicable, his or his estate's personal representative, executes a general
release and waiver, in such reasonable and customary form as shall be prepared
by the Company, of all claims Executive may have against the Company and its
directors, officers, subsidiaries and affiliates, except as to (i)&nbsp;matters
covered by provisions of this Agreement that expressly survive the termination
of this Agreement and (ii)&nbsp;rights to which Executive is entitled by virtue of
his participation in the employee benefit plans, policies and arrangements of
the Company, within the minimum time period required under applicable state and
federal laws, or if no such period, ten business days following the date of
Executive's termination, and (B)&nbsp;Executive, or, if applicable, his or his
estate's personal representative, has not revoked such release agreement within
the time permitted under applicable law.&nbsp; Payments subject to this Section 7(g)
shall commence or be made, as applicable, on the sixtieth (60th) day after the
Termination of Employment, with any payments scheduled to occur between the
Termination of Employment and such sixtieth (60th) day provided on such day.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL1" style="margin-left:0in; text-indent:0.5in; margin-top:0; margin-bottom:0" align="justify">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Covenants</u>.</p>
<p class="TabbedL1" style="margin-left:0in; text-indent:0.5in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>
Confidentiality</u>.&nbsp; Executive agrees that Executive will not at any time
during Executive's employment with the Company or thereafter, except in
performance of Executive's obligations to the Company hereunder, disclose,
either directly or indirectly, any Confidential Information (as hereinafter
defined) that Executive may learn by reason of his association with the
Company.&nbsp; The term &quot;<u>Confidential Information</u>&quot; shall mean any past,
present, or future confidential or secret plans, programs, documents,
agreements, internal management reports, financial information, or other
material relating to the business, strategies, services, or activities of the
Company, including, without limitation, information with respect to the
Company's operations, processes, products, inventions, business practices,
finances, principals, vendors, suppliers, customers, potential customers,
marketing methods, costs, prices, contractual relationships, including leases,
regulatory status, compensation paid to employees, or other terms of employment,
and trade secrets, market reports, customer investigations, customer lists, and
other similar information that is proprietary information of the Company;
provided, however, the term &quot;Confidential Information&quot; shall not include any of
the above forms of information which has become public knowledge, unless such
Confidential Information became public knowledge due to any act or acts by
Executive or his representative(s) in violation of this Agreement.&nbsp;
Notwithstanding the foregoing, Executive may disclose such Confidential
Information when required to do so by a court of competent jurisdiction, by any
governmental agency having supervisory authority over the business of the
Company and/or its affiliates, as the case may be, or by any administrative body
or legislative body (including a committee thereof) with jurisdiction to order
Executive to divulge, disclose or make accessible such information; </p>
<p class="TabbedL2" style="margin-left:0in; text-indent:0in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:0in; margin-top:0; margin-bottom:0" align="center">
7</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:0in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<hr>
<p class="TabbedL2" style="margin-left:0in; text-indent:0in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:0in; margin-top:0; margin-bottom:0" align="justify">provided,
further, that in the event that Executive is ordered by any such court or other
government agency, administrative body, or legislative body to disclose any
Confidential Information, Executive shall (i)&nbsp;promptly notify the Company of
such order, (ii)&nbsp;at the reasonable written request of the Company, diligently
contest such order at the sole expense of the Company as expenses occur, and
(iii)&nbsp;at the reasonable written request of the Company, seek to obtain, at the
sole expense of the Company, such confidential treatment as may be available
under applicable laws for any information disclosed under such order.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Non-Compete</u>.&nbsp;
During the Employment Term and for two (2) years immediately following a
Termination of Employment for any reason, Executive shall not, without the prior
written consent of the Company, participate or engage in, directly or indirectly
(as an owner, partner, employee, officer, director, independent contractor,
consultant, advisor or in any other capacity calling for the rendition of
services, advice, or acts of management, operation or control) any business for
a Competitor (as defined below).&nbsp; The term &quot;<u>Competitor</u>&quot; shall mean any
entity whose principal business involves the operation of a pari-mutuel or
casino gaming or advance deposit wagering business.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Non-Solicit</u>.&nbsp;
During the Employment Term and for two (2) years immediately following a
Termination of Employment for any reason, Executive shall not, without the prior
written consent of the Company, solicit or induce any then-existing employee of
the Company or any of its subsidiaries to leave employment with the Company or
any of its subsidiaries or contact any then-existing customer or vendor under
contract with the Company or<b> </b>any of its subsidiaries for the purpose of
obtaining business similar to that engaged in, or received (as appropriate), by
the Company.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Cooperation</u>.&nbsp;
Executive agrees that during the Employment Term or following a Termination of
Employment for any reason, Executive shall, upon reasonable advance notice,
assist and cooperate with the Company with regard to any investigation or
litigation related to a matter or project in which Executive was involved during
Executive's employment.&nbsp; The Company shall reimburse Executive for all
reasonable and necessary expenses related to Executive's services under this
Section 8(d) (i.e., travel, lodging, meals, telephone and overnight courier)
within ten (10) business days of Executive submitting to the Company appropriate
receipts and expense statements.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Survivability</u>.&nbsp;
The duties and obligations of Executive pursuant to this Section 8 shall survive
the termination of this Agreement and Executive's Termination of Employment for
any reason.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Remedies</u>.&nbsp;
Executive acknowledges that the protections of the Company set forth in this
Section 8 are fair and reasonable.&nbsp; Executive agrees that remedies at law for a
breach or threatened breach of the provisions of this Section 8 would be
inadequate and, therefore, the Company shall be entitled, in addition to any
other available remedies, without posting a bond, to equitable relief in the
form of specific performance, temporary restraining order, temporary or
permanent injunction, or any other equitable remedy that may be then available.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Limitation</u>.&nbsp;
If the duration, scope, or nature of any restriction on business activity
covered by any provision of Section 8(b) or (c) above is in excess of what is
valid and enforceable under applicable law, such restriction shall be construed
to limit duration, scope or </p>
<p class="TabbedL2" style="margin-left:0in; text-indent:0in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:0in; margin-top:0; margin-bottom:0" align="center">
8</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:0in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<hr>
<p class="TabbedL2" style="margin-left:0in; text-indent:0in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:0in; margin-top:0; margin-bottom:0" align="justify">activity to an extent that is valid and enforceable,
with such extent to be the maximum extent possible under applicable law.&nbsp; For
each of Section 8(b) and (c) above, Executive hereby acknowledges that such
Section shall be given the construction which renders its provisions valid and
enforceable to the maximum extent, not exceeding its express terms, possible
under applicable law.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL1" style="margin-left:0in;page-break-after:avoid; text-indent:0.5in; margin-top:0; margin-bottom:0" align="justify">
9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Miscellaneous</u>.</p>
<p class="TabbedL1" style="margin-left:0in;page-break-after:avoid; text-indent:0.5in; margin-top:0; margin-bottom:0" align="justify">
&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Resolution of
Disputes and Reimbursement of Legal Costs</u>.&nbsp; Except as otherwise provided in
Section 8, the Company and Executive agree that any controversy or claim arising
out of or relating to this Agreement or the breach thereof shall be settled by
arbitration administered by the American Arbitration Association in accordance
with its Commercial Arbitration Rules then in effect.&nbsp; Venue for any arbitration
pursuant to this Agreement will lie in Louisville, Kentucky.&nbsp; Any award entered
by the arbitrator(s) shall be final, binding and nonappealable and judgment may
be entered thereon by either party in accordance with applicable law in any
court of competent jurisdiction.&nbsp; This arbitration provision shall be
specifically enforceable.&nbsp; Each party shall be responsible for its own expenses
relating to the conduct of the arbitration (including reasonable attorneys' fees
and expenses) and shall share the fees of the American Arbitration Association
and the arbitrator(s), if applicable, equally.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Governing Law</u>.&nbsp;
This Agreement will be governed by, and interpreted in accordance with, the laws
of the Commonwealth of Kentucky applicable to agreements made and to be wholly
performed within the Commonwealth of Kentucky, without regard to the conflict of
laws provisions of any jurisdiction which would cause the application of any law
other than that of the Commonwealth of Kentucky.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Entire
Agreement/Amendments</u>.&nbsp; This Agreement contains the entire understanding of
the parties with respect to the employment of Executive by the Company.&nbsp; There
are no restrictions, agreements, promises, warranties, covenants or undertakings
between the parties with respect to the subject matter herein other than those
expressly set forth herein.&nbsp; This Agreement may not be altered, modified, or
amended except by written instrument signed by the parties hereto.&nbsp; Sections 7
and 8 of this Agreement shall survive the termination of Executive's employment
with the Company, except as otherwise specifically stated therein.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Neutral
Interpretation</u>.&nbsp; This Agreement constitutes the product of the negotiation
of the parties hereto and the enforcement of this Agreement shall be interpreted
in a neutral manner, and not more strongly for or against any party based upon
the source of the draftsmanship of the Agreement.&nbsp;&nbsp; Each party has been provided
ample time and opportunity to review and negotiate the terms of this Agreement
and consult with legal counsel regarding the Agreement.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Waiver</u>.&nbsp;
The failure of a party to insist upon strict adherence to any term of this
Agreement on any occasion shall not be considered a waiver of such party's
rights or deprive such party of the right thereafter to insist upon strict
adherence to that term or any other term of this Agreement.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Severability</u>.&nbsp;
In the event that any one or more of the provisions of this Agreement shall be
or become invalid, illegal or unenforceable in any respect, the validity,
</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:0in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:0in; margin-top:0; margin-bottom:0" align="center">
9</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:0in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<hr>
<p class="TabbedL2" style="margin-left:0in; text-indent:0in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:0in; margin-top:0; margin-bottom:0" align="justify">legality and enforceability of the remaining provisions of this Agreement shall
not be affected thereby.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in;page-break-after:avoid; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">
(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Successors</u>.&nbsp; </p>
<p class="TabbedL2" style="margin-left:0in;page-break-after:avoid; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">
&nbsp;</p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement
is personal to Executive and shall not be assignable by Executive otherwise than
by will or the laws of descent and distribution.&nbsp; This Agreement shall inure to
the benefit of and be enforceable by Executive's legal representatives.&nbsp; </p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement
shall inure to the benefit of and be binding upon the Company and its successors
and assigns.&nbsp; The Company shall require any successor (whether direct or
indirect, by purchase, merger, reorganization, consolidation, acquisition of
property or stock, liquidation, or otherwise) to all or a substantial portion of
its business and/or assets, by agreement in form and substance reasonably
satisfactory to Executive, expressly to assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be
required to perform this Agreement if no such succession had taken place.&nbsp;
Regardless of whether such an agreement is executed, this Agreement shall be
binding upon any successor of the Company and such successor shall be deemed the
&quot;Company&quot; for purposes of this Agreement.</p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Notice</u>.&nbsp;
For the purpose of this Agreement, notices and all other communications provided
for in this Agreement shall be in writing and shall be deemed to have been duly
given if delivered personally, if delivered by overnight courier service, if
sent by facsimile transmission or if mailed by United States registered mail,
return receipt requested, postage prepaid, addressed to the respective addresses
or sent via facsimile to the respective facsimile numbers, as the case may be,
as set forth below, or to such other address as either party may have furnished
to the other in writing in accordance herewith, except that notice of change of
address shall be effective only upon receipt; provided, however, that (i)&nbsp;notices
sent by personal delivery or overnight courier shall be deemed given when
delivered; (ii)&nbsp;notices sent by facsimile transmission shall be deemed given
upon the sender's receipt of confirmation of complete transmission, and
(iii)&nbsp;notices sent by United States registered mail shall be deemed given two
days after the date of deposit in the United States mail.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="aLeftIndent1" style="page-break-after:avoid; text-indent:1in; margin-top:0; margin-bottom:0">If to the Company, to:</p>
<p class="aLeftIndent1" style="page-break-after:avoid; text-indent:1in; margin-top:0; margin-bottom:0">&nbsp;</p>
<p class="aLeftIndent15" align="left" style="text-align:left; text-indent:0in; margin-left:1.5in; margin-top:0; margin-bottom:0">Churchill Downs
Incorporated<br>
Attn:&nbsp; General Counsel<br>
700 Central Avenue<br>
Louisville, KY 40208</p>
<p class="aLeftIndent15" align="left" style="text-align:left; text-indent:0in; margin-left:1.5in; margin-top:0; margin-bottom:0">&nbsp;</p>
<p class="aLeftIndent15" style="text-indent: 0in; margin-left: 1.5in; margin-top: 0; margin-bottom: 0">With a copy to:</p>
<p class="aLeftIndent15" style="text-indent: 0in; margin-left: 1.5in; margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p class="aLeftIndent15" align="left" style="text-align:left; text-indent:0in; margin-left:1.5in; margin-top:0; margin-bottom:0">Vedder Price P.C.<br>
Attn:&nbsp; Michael A. Nemeroff, Esq.<br>
222 North LaSalle Street<br>
Chicago, IL&nbsp; 60601<br>
Facsimile:&nbsp; (312) 609-5005</p>
<p class="aLeftIndent15" align="left" style="text-align:left; text-indent:0in; margin-left:0in; margin-top:0; margin-bottom:0">&nbsp;</p>
<p class="aLeftIndent15" align="left" style="text-align:center; text-indent:0in; margin-left:0in; margin-top:0; margin-bottom:0">
10</p>
<p class="aLeftIndent15" align="left" style="text-align:left; text-indent:0in; margin-left:0in; margin-top:0; margin-bottom:0">&nbsp;</p>
<hr>
<p class="aLeftIndent15" align="left" style="text-align:left; text-indent:0in; margin-left:0in; margin-top:0; margin-bottom:0">&nbsp;</p>
<p class="aDoubleIndent1in" style="text-indent: 1in; margin-top: 0; margin-bottom: 0" align="justify">If to Executive, to such address as shall most
currently appear on the records of the Company.</p>
<p class="aDoubleIndent1in" style="text-indent: 1in; margin-top: 0; margin-bottom: 0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Withholding</u>.&nbsp;
The Company may withhold from any amounts payable under this Agreement such
Taxes (as defined in Section 10(s)) as may be required to be withheld pursuant
to any applicable law or regulation.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Counterparts
and Signatures</u>.&nbsp; This Agreement may be signed in counterparts, each of which
shall be an original, with the same effect as if the signatures thereto and
hereto were upon the same instrument.&nbsp; Signatures delivered by facsimile or PDF
file shall constitute original signatures.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Code Section
409A</u>.&nbsp; It is intended that any amounts payable under this Agreement and the
Company's and Executive's exercise of authority or discretion hereunder shall
comply with Code Section 409A (including the Treasury regulations and other
published guidance relating thereto) so as not to subject Executive to the
payment of any interest or additional tax imposed under Code Section 409A.&nbsp; To
the extent any amount payable under this Agreement would trigger the additional
tax imposed by Code Section 409A, the Agreement shall be modified to avoid such
additional tax.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL1" style="margin-left:0in; text-indent:0.5in; margin-top:0; margin-bottom:0" align="justify">
10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Definitions</u>.</p>
<p class="TabbedL1" style="margin-left:0in; text-indent:0.5in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &quot;<u>Agreement</u>&quot;
-- see the recitals to this Agreement.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &quot;<u>Base Salary</u>&quot;
-- see Section 3.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &quot;<u>Board</u>&quot;
means the Board of Directors of the Company.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &quot;<u>Cause</u>&quot; for
termination by the Company of Executive's employment with the Company means any
of the following:</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the willful and
continued failure of Executive to perform substantially his duties to the
Company (other than any such failure resulting from incapacity due to
disability), after a written demand to cure such failure (the &quot;Demand to Cure&quot;)
is delivered to Executive by the Chairman of the Board which specifically
identifies the manner in which the Board believes that Executive has not
substantially performed his duties;</p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Executive's
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="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the willful
engaging by Executive in illegal conduct or gross misconduct which is materially
and demonstrably injurious to the business or reputation of the Company.</p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="text-indent: 0in; margin-top:0; margin-bottom:0" align="justify">For purposes of this definition, no
act or failure to act, on the part of Executive, shall be considered &quot;willful&quot;
unless it is done, or omitted to be done, by Executive in bad faith or without
reasonable belief that Executive's action or omission was in the best interests
of the Company. Any act, or failure to act, based upon specific authority given
pursuant to a resolution duly adopted by the Board or upon instructions of the
Chairman of the Board or based upon the advice of counsel of the Company which
Executive honestly believes is within such counsel's </p>
<p class="TabbedL2" style="text-indent: 0in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="text-indent: 0in; margin-top:0; margin-bottom:0" align="center">
11</p>
<p class="TabbedL2" style="text-indent: 0in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<hr>
<p class="TabbedL2" style="text-indent: 0in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="text-indent: 0in; margin-top:0; margin-bottom:0" align="justify">competence shall be
conclusively presumed to be done, or omitted to be done, by Executive in good
faith and in the best interests of the Company.&nbsp; The Company shall give written
notice to Executive of the termination for Cause.&nbsp; Such notice shall state in
detail the particular act or acts or the failure or failures to act that
constitute the grounds on which the Cause termination is based and such notice
shall be given within six (6) months of the occurrence of, or, if later, the
Company's actual knowledge of, the act or acts or the failure or failures to act
which constitute the grounds for Cause.&nbsp; Executive shall have sixty (60) days
upon receipt of the Demand to Cure in which to cure such conduct, to the extent
such cure is possible.</p>
<p class="TabbedL2" style="text-indent: 0in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &quot;<u>Change in
Control</u>&quot; means the first to occur of the following events:</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the acquisition,
directly or indirectly, by any individual, entity or group (within the meaning
of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934 (the &quot;<u>Exchange
Act</u>&quot;) (a &quot;<u>Person</u>&quot;) of beneficial ownership (within the meaning of
Rule 13d-3 promulgated under the Exchange Act) of more than 50% of either the
then outstanding voting securities of the Company (the &quot;<u>Outstanding Company
Common Stock</u>&quot;) or the combined voting power of the then outstanding voting
securities of the Company entitled to vote generally in the election of
directors (the &quot;<u>Outstanding Company Voting Securities</u>&quot;); provided,
however that for purposes of this subsection (i), the following acquisitions
shall not constitute a Change in Control: (w) any acquisition directly from the
Company, (x) any acquisition by the Company or any of its subsidiaries, (y) any
acquisition by any employee benefit plan (or related trust) sponsored or
maintained by the Company or any corporation controlled by the Company, or (z)
any acquisition by any corporation pursuant to a transaction which complies with
clauses (A), (B) and (C) of subsection (iii) of this definition;</p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; individuals who,
as of the Effective Date, constitute the Board (the &quot;<u>Incumbent Board</u>&quot;)
cease for any reason to constitute at least a majority of the Board; provided,
however, that any individual becoming a director subsequent to the Effective
Date whose election, or nomination for election by the Company's shareholders,
was approved by a vote of at least a majority of the directors then comprising
the Incumbent Board shall be considered as though such individual were a member
of the Incumbent Board, but excluding, for this purpose, any such individual
whose initial assumption of office occurs as a result of an actual or threatened
election contest with respect to the election or removal of directors or other
actual or threatened solicitation of proxies or consents by or on behalf of a
Person other than the Board;</p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; consummation of a
reorganization, merger or consolidation or sale or other disposition of all or
substantially all of the assets of the Company or the acquisition of assets of
another entity (a &quot;<u>Corporate Transaction</u>&quot;), in each case, unless,
immediately following such Corporate Transaction, (A) all or substantially all
of the individuals and entities who were the beneficial owners, respectively, of
the Outstanding Company Common Stock and Outstanding Company Voting Securities
immediately prior to such Corporate Transaction beneficially own, directly or
indirectly, more than 50% of, respectively, the then-outstanding shares of
common stock and the combined voting power of the then-outstanding voting
securities entitled to vote generally in the election of directors, as the case
may be, of the corporation resulting from such Corporate Transaction (including,
without limitation, an entity which as a result of such transaction owns the
Company or all or substantially all of the Company's assets either directly or
through one or more subsidiaries) in substantially the same proportions as their
ownership, immediately prior to such Corporate Transaction, of the Outstanding
Company Common Stock and Outstanding Company Voting Securities, as the case may
be, (B) no Person </p>
<p class="TabbedL3" style="margin-left:0in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL3" style="margin-left:0in; margin-top:0; margin-bottom:0" align="center">
12</p>
<p class="TabbedL3" style="margin-left:0in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<hr>
<p class="TabbedL3" style="margin-left:0in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL3" style="margin-left:0in; margin-top:0; margin-bottom:0" align="justify">(excluding any corporation resulting from such Corporate
Transaction or employee benefit plan (or related trust) of the Company or such
corporation resulting from such Corporate Transaction) beneficially owns,
directly or indirectly, 50% or more of, respectively, the then-Outstanding
Company Common Stock resulting from such Corporate Transaction or the
Outstanding Company Voting Securities resulting from such Corporate Transaction,
except to the extent that such ownership existed prior to the Corporate
Transaction, and (C) at least a majority of the members of the Board resulting
from the Corporate Transaction were members of the Incumbent Board at the time
of the execution of the initial plan or action of the Board providing for such
Corporate Transaction; or </p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; approval by the
shareholders of the Company of a complete liquidation or dissolution of the
Company. </p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &quot;<u>Code</u>&quot;
means the Internal Revenue Code of 1986, as amended from time-to-time.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &quot;<u>Common Stock</u>&quot;
means the common stock, no par value, of the Company.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &quot;<u>Company</u>&quot;
-- see the recitals to this Agreement.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &quot;<u>Disability</u>&quot;
means that Executive becomes &quot;disabled&quot; within the meaning of
Section&nbsp;409A(a)(2)(C) of the Code or any successor provision and the applicable
regulations thereunder.&nbsp; </p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &quot;<u>Employment
Term</u>&quot; -- see Section 1.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &quot;<u>Exchange Act</u>&quot;
means the Securities Exchange Act of 1934.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &quot;<u>Executive</u>&quot;
-- see recitals to this Agreement.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &quot;<u>Fair Market
Value</u>&quot; means, as of any date, (i) the closing price of the Common Stock on
such date reported on The NASDAQ Stock Market (or, if no sale of the Common
Stock was reported for such date, on the next preceding date on which such a
sale of such security was reported), (ii) if the Common Stock is not listed on
The NASDAQ Stock Market, but is listed on a national securities exchange, the
closing price of the Common Stock on such date reported by such exchange, (or,
if no sale of the Common Stock was reported for such date, on the next preceding
date on which such a sale of such security was reported), (iii) if the Common
Stock is not listed on The NASDAQ Stock Market or any national securities
exchange, the average of the high bid and low asked quotations for the Common
Stock on such date in the over-the-counter market (or, if no quotation of the
Common Stock was reported for such date, on the next preceding date on which
such quotation of such security was reported), or (iv) if there is no public
market for the Common Stock, the fair market value of the Common Stock
determined by the Board in good faith exercise of its discretion; provided,
however, such determination shall be made in a manner consistent with Code
Section 409A and official guidance thereunder.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &quot;<u>Good Reason</u>&quot;
for termination by Executive of Executive's employment means the occurrence
(without Executive's express written consent) of any one of the following acts
by the Company or failures by the Company to act:</p>
<p class="TabbedL2" style="margin-left:0in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; margin-top:0; margin-bottom:0" align="center">
13</p>
<p class="TabbedL2" style="margin-left:0in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<hr>
<p class="TabbedL2" style="margin-left:0in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the assignment
to Executive 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 Executive; </p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Company's
requiring Executive to be based at, or perform his principal functions at, any
office or location other than a location within 35 miles of the Main Office
unless such other location is closer to Executive's then-primary residence than
the Main Office; </p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a reduction in
Base Salary; </p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a reduction in
Executive's welfare benefits plans, qualified retirement plan, or paid time off
benefit unless other senior executives suffer a comparable reduction;</p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any purported
termination of Executive's employment under this Agreement by the Company other
than for Cause, death or Disability; and</p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Company's
notice to Executive of non-renewal of the 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 Agreement.</p>
<p class="TabbedL3" style="margin-left:0in; text-indent:1.5in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="text-indent: 0in; margin-top:0; margin-bottom:0" align="justify">Prior to Executive's right to
terminate this Agreement, he shall give written notice to the Company of his
intention to terminate his employment on account of a Good Reason.&nbsp; Such notice
shall state in detail the particular act or acts or the failure or failures to
act that constitute the grounds on which Executive's Good Reason termination is
based and such notice shall be given within six (6) months of the occurrence of
the act or acts or the failure or failures to act which constitute the grounds
for Good Reason.&nbsp; The Company shall have sixty (60) days upon receipt of the
notice in which to cure such conduct, to the extent such cure is possible.</p>
<p class="TabbedL2" style="text-indent: 0in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &quot;<u>Main Office</u>&quot;
means 700 Central Avenue, Louisville, Kentucky.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &quot;<u>Option</u>&quot;
means an option to purchase shares of Common Stock.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &quot;<u>Restricted
Shares</u>&quot; see Section 5(a).&nbsp; </p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &quot;<u>Restricted
Stock Unit</u>&quot; means the right to receive a share of Common Stock after a
Termination of Employment, with such right subject to a risk of forfeiture or
other restrictions that will lapse upon the achievement of one or more goals,
such as the completion of service by Executive or achievement of certain
performance objectives.&nbsp; Due to Code Section 409A, it is expected that any
shares of Common Stock received per a Restricted Stock Unit shall be received
six (6) months after a Termination of Employment.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &quot;<u>Taxes</u>&quot;
means the incremental United States federal, state and local income, excise and
other taxes payable by Executive with respect to any applicable item of income.</p>
<p class="TabbedL2" style="margin-left:0in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; margin-top:0; margin-bottom:0" align="center">
14</p>
<p class="TabbedL2" style="margin-left:0in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<hr>
<p class="TabbedL2" style="margin-left:0in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &quot;<u>Tax Gross-Up
Payment</u>&quot; means an amount payable to Executive such that, after payment of
Taxes on such amount, there remains a balance sufficient to pay the Taxes being
reimbursed, which amount shall be payable in a lump sum to Executive not later
than the end of the taxable year of Executive next following the taxable year of
Executive in which the related Taxes were remitted.&nbsp; The amount of Taxes
eligible for reimbursement in one taxable year of Executive shall not affect the
amount of Taxes eligible for reimbursement in another taxable year of Executive.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &quot;<u>Termination of
Employment</u>&quot; means a termination by the Company or by Executive of
Executive's employment with the Company.</p>
<p class="TabbedL2" style="margin-left:0in; text-indent:1in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="TabbedL1" style="margin-left:0in; text-indent:0.5in; margin-top:0; margin-bottom:0" align="justify">
11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 409A</u>.
Notwithstanding the foregoing, to the extent required in order to avoid
accelerated taxation and/or tax penalties under Code Section&nbsp;409A and the rules
and regulations thereunder (&quot;Section 409A&quot;), if Executive is a &quot;specified
employee&quot; (as defined under Section&nbsp;409A) as of the date of his &quot;separation from
service&quot; (as defined under Section&nbsp;409) from the Company, then any payment of
benefits scheduled to be paid by the Company to Executive during the first six
(6)&nbsp;month period following the date of a termination of employment hereunder
shall not be paid until the earlier of (a)&nbsp;the expiration of the six (6)&nbsp;month
period measured from the date of Executive's &quot;separation from service&quot; and
(b)&nbsp;the date of Executive's death.&nbsp; All payments and benefits that are delayed
pursuant to the immediately preceding sentence shall be paid to Executive in a
lump sum as soon as practicable following the expiration of such period (or if
earlier, upon Executive's death) but in no event later than thirty (30)&nbsp;days
following such period.&nbsp; To the extent required in order to avoid accelerated
taxation and/or tax penalties under Section&nbsp;409A, no amount or benefit that is
payable upon a termination of employment or services from the Company shall be
payable unless such termination also meets the requirements of a &quot;separation
from service&quot; under Section&nbsp;409A.&nbsp; In addition, the parties shall cooperate
fully with one another to ensure compliance with Section&nbsp;409A, including,
without limitation, adopting amendments to arrangements subject to Section&nbsp;409A
and operating such arrangements in compliance with Section&nbsp;409A.</p>
<p class="TabbedL1" style="margin-left:0in; text-indent:0.5in; margin-top:0; margin-bottom:0" align="justify">&nbsp;</p>
<p class="MsoNormal" align="center" style="text-align:center; margin-top:0; margin-bottom:0"><i>&nbsp;</i></p>
<p class="MsoNormal" align="center" style="text-align:center; margin-top:0; margin-bottom:0"><i>[Signature page
follows.]</i></p>
<p class="MsoNormal" align="center" style="text-align:center; margin-top:0; margin-bottom:0">&nbsp;</p>
<p class="MsoNormal" align="center" style="margin-top:0; margin-bottom:0">15</p>
<p class="MsoNormal" align="center" style="text-align:left; margin-top:0; margin-bottom:0">&nbsp;</p>
<hr>
<p class="MsoNormal" align="center" style="text-align:center; margin-top:0; margin-bottom:0">&nbsp;</p>
<p class="MsoBodyText" style="page-break-before:always; text-indent:0.5in; margin-top:0; margin-bottom:0"><b>IN WITNESS WHEREOF</b>,
the parties hereto have duly executed this Agreement as of the day and year
first above written.</p>
<p class="MsoBodyText" style="page-break-before:always; text-indent:0.5in; margin-top:0; margin-bottom:0">&nbsp;</p>
<table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse" id="table4">
	<tr style="page-break-inside: avoid">
		<td width="44%" valign="top" style="width:44.88%;padding:0in 0in 0in 0in">
		<p class="aTableSignature" style="margin-bottom:0in;margin-bottom:0; margin-top:0">
		&nbsp;</td>
		<td width="55%" colspan="2" valign="top" style="width:55.12%;padding:0in .25in 0in 0in">
		<p class="aTableSignature" style="margin-bottom: 0; margin-top:0">ROBERT L.
		EVANS</td>
	</tr>
	<tr style="page-break-inside: avoid">
		<td width="44%" valign="top" style="width:44.88%;padding:0in 0in 0in 0in">
		<p class="aTableSignature" style="margin-bottom:0in;margin-bottom:0; margin-top:0">
		&nbsp;</td>
		<td width="55%" colspan="2" valign="top" style="width:55.12%;padding:0in .25in 0in 0in">
		<p class="aTableSignature" style="margin-bottom:0in;margin-bottom:0; margin-top:0">
		&nbsp;</td>
	</tr>
	<tr style="page-break-inside: avoid">
		<td width="44%" valign="top" style="width:44.88%;padding:0in 0in 0in 0in">
		<p class="aTableSignature" style="margin-bottom:0in;margin-bottom:0; margin-top:0">
		&nbsp;</td>
		<td width="55%" colspan="2" valign="top" style="width: 55.12%; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 0in; padding-right: .25in; padding-top: 0in; padding-bottom: 0in">
		<p class="aTableSignature" style="margin-bottom:0in;margin-bottom:0; margin-top:0">&nbsp;</td>
	</tr>
	<tr style="page-break-inside: avoid">
		<td width="44%" valign="top" style="width:44.88%;padding:0in 0in 0in 0in">
		<p class="aTableSignature" style="margin-bottom:0in;margin-bottom:0; margin-top:0">
		&nbsp;</td>
		<td width="55%" colspan="2" valign="top" style="width: 55.12%; border: medium none; padding-left: 0in; padding-right: .25in; padding-top: 0in; padding-bottom: 0in">
		<p class="aTableSignature" style="margin-bottom:0in;margin-bottom:0; margin-top:0">
		&nbsp;</td>
	</tr>
	<tr style="page-break-inside: avoid">
		<td width="44%" valign="top" style="width:44.88%;padding:0in 0in 0in 0in">
		<p class="aTableSignature" style="margin-bottom:0in;margin-bottom:0; margin-top:0">
		&nbsp;</td>
		<td width="55%" colspan="2" valign="top" style="width:55.12%;padding:0in .25in 0in 0in">
		<p class="aTableSignature" style="margin-bottom:0in;margin-bottom:0; margin-top:0">
		CHURCHILL DOWNS INCORPORATED</td>
	</tr>
	<tr style="page-break-inside: avoid">
		<td width="44%" valign="top" style="width:44.88%;padding:0in 0in 0in 0in">
		<p class="aTableSignature" style="margin-bottom:0in;margin-bottom:0; margin-top:0">
		&nbsp;</td>
		<td width="7%" valign="top" style="width:7.7%;padding:0in .25in 0in 0in">
		<p class="aTableSignature" style="margin-bottom:0in;margin-bottom:0; margin-top:0">
		&nbsp;</td>
		<td width="47%" valign="top" style="width:47.42%;padding:0in 0in 0in 0in">
		<p class="aTableSignature" style="margin-bottom:0in;margin-bottom:0; margin-top:0">
		&nbsp;</td>
	</tr>
	<tr style="page-break-inside: avoid">
		<td width="44%" valign="top" style="width:44.88%;padding:0in 0in 0in 0in">
		<p class="aTableSignature" style="margin-bottom:0in;margin-bottom:0; margin-top:0">
		&nbsp;</td>
		<td width="7%" valign="top" style="width:7.7%;padding:0in .25in 0in 0in">
		<p class="aTableSignature" style="margin-bottom:0in;margin-bottom:0; margin-top:0">
		&nbsp;</td>
		<td width="47%" valign="top" style="width: 47.42%; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding: 0in">
		<p class="aTableSignature" style="margin-bottom:0in;margin-bottom:0; margin-top:0">
		&nbsp;</td>
	</tr>
	<tr style="page-break-inside: avoid">
		<td width="44%" valign="top" style="width:44.88%;padding:0in 0in 0in 0in">
		<p class="aTableSignature" style="margin-bottom:0in;margin-bottom:0; margin-top:0">
		&nbsp;</td>
		<td width="7%" valign="top" style="width:7.7%;padding:0in .25in 0in 0in">
		<p class="aTableSignature" style="margin-bottom:0in;margin-bottom:0; margin-top:0">
		By:</td>
		<td width="47%" valign="top" style="width: 47.42%; border: medium none; padding: 0in">
		<p class="aTableSignature" style="margin-bottom:0in;margin-bottom:0; margin-top:0">
		Leonard S. Coleman, Jr.</td>
	</tr>
	<tr style="page-break-inside: avoid">
		<td width="44%" valign="top" style="width:44.88%;padding:0in 0in 0in 0in">
		<p class="aTableSignature" style="margin-bottom:0in;margin-bottom:0; margin-top:0">
		&nbsp;</td>
		<td width="7%" valign="top" style="width:7.7%;padding:0in .25in 0in 0in">
		<p class="aTableSignature" style="margin-bottom:0in;margin-bottom:0; margin-top:0">
		&nbsp;</td>
		<td width="47%" valign="top" style="width:47.42%;padding:0in 0in 0in 0in">
		<p class="aTableSignature" style="margin-bottom:0in;margin-bottom:0; margin-top:0">
		Chairman, Compensation Committee</td>
	</tr>
	<tr style="page-break-inside: avoid">
		<td width="44%" valign="top" style="width:44.88%;padding:0in 0in 0in 0in">
		<p class="aTableSignature" style="margin-bottom:0in;margin-bottom:0; margin-top:0">
		&nbsp;</td>
		<td width="7%" valign="top" style="width:7.7%;padding:0in .25in 0in 0in">
		<p class="aTableSignature" style="margin-bottom:0in;margin-bottom:0; margin-top:0">
		&nbsp;</td>
		<td width="47%" valign="top" style="width:47.42%;padding:0in 0in 0in 0in">
		<p class="aTableSignature" style="margin-bottom:0in;margin-bottom:0; margin-top:0">
		of the Board of Directors</td>
	</tr>
</table>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0" align="center">16</p>

<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0" align="left">&nbsp;</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0" align="left">&nbsp;</p>
<hr><hr>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>3
<FILENAME>chdn10qaex31ia.htm
<DESCRIPTION>EXHIBIT 31(I)(A)
<TEXT>
<html>

<head>
<title>Churchill Downs Incorporated - Exhibit 31(i)(a) to Form 10-Q/A</title>
</head>

<body>

<p align="right" style="margin:0 0in;text-align:right; margin-bottom:0"><b>
Exhibit 31(i)(a) </b></p>
<p align="right" style="margin:0 0in;text-align:right; margin-bottom:0">&nbsp;</p>
<p align="center" style="margin:0 0in; text-align:center"><b>CERTIFICATION OF
CHIEF EXECUTIVE OFFICER </b></p>
<p align="center" style="margin:0 0in; text-align:center">&nbsp;</p>
<p style="margin:0 0in; ">I, Robert L. Evans, certify that: </p>
<p style="margin:0 0in;">&nbsp;</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this Amendment No. 1 to the
Quarterly Report on Form 10-Q of Churchill Downs Incorporated; and</p>
<p style="margin:0 0in;">&nbsp;</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not
contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by
this report.</p>
<p style="margin:0 0in;">&nbsp;</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<div align="center">
	<table class="MsoTableGrid" border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border-width: 0px" id="table1">
		<tr>
			<td width="323" valign="top" style="width: 241.95pt; 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">Date:&nbsp;April&nbsp;29, 2011</td>
			<td width="308" valign="top" style="width: 230.85pt; 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 class="MsoNormal" style="margin-top: 0; margin-bottom: 0">/s/
			Robert L. Evans</td>
		</tr>
		<tr>
			<td width="323" valign="top" style="width: 241.95pt; 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;">&nbsp;</td>
			<td width="308" valign="top" style="width: 230.85pt; border: medium none; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p style="margin:0 0in;">Robert L. Evans</td>
		</tr>
		<tr>
			<td width="323" valign="top" style="width: 241.95pt; 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;">&nbsp;</td>
			<td width="308" valign="top" style="width: 230.85pt; border-right-style: none; border-right-width: medium; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p style="margin:0 0in;">Chief Executive Officer</td>
		</tr>
		<tr>
			<td width="323" valign="top" style="width: 241.95pt; 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 style="margin:0 0in;">&nbsp;</td>
			<td width="308" valign="top" style="width: 230.85pt; 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 style="margin:0 0in;">(Principal Executive
			Officer)</td>
		</tr>
	</table>
</div>

<p style="margin: 0 0in">&nbsp;</p>
<hr><hr>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>4
<FILENAME>chdn10qaex31ib.htm
<DESCRIPTION>EXHIBIT 31(I)(B)
<TEXT>
<html>

<head>
<title>Churchill Downs Incorporated - Exhibit 31(i)(b) to Form 10-Q/A</title>
</head>

<body>

<p align="right" style="margin:0 0in;text-align:right; margin-bottom:0"><b>
Exhibit 31(i)(b) </b></p>
<p align="center" style="margin:0 0in; text-align:center"><b>CERTIFICATION OF
CHIEF FINANCIAL OFFICER </b></p>
<p style="margin:0 0in; ">I, William E. Mudd, certify that: </p>
<p style="margin:0 0in;">&nbsp;</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this Amendment No. 1 to the
Quarterly Report on Form 10-Q of Churchill Downs Incorporated; and</p>
<p style="margin:0 0in;">&nbsp;</p>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not
contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by
this report.</p>
<p style="margin:0 0in;">&nbsp;</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="table1">
		<tr>
			<td valign="top" style="width: 301px; 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">Date:&nbsp;April&nbsp;29, 2011</td>
			<td valign="top" style="width: 330px; 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 class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;/s/ William E. Mudd</td>
		</tr>
		<tr>
			<td valign="top" style="width: 301px; 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;">&nbsp;</td>
			<td valign="top" style="width: 330px; border: medium none; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p style="margin:0 0in;">William E. Mudd</td>
		</tr>
		<tr>
			<td valign="top" style="width: 301px; 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;">&nbsp;</td>
			<td valign="top" style="width: 330px; border-right-style: none; border-right-width: medium; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p style="margin:0 0in;">Executive Vice President
			and Chief Financial Officer</td>
		</tr>
		<tr>
			<td valign="top" style="width: 301px; 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 style="margin:0 0in;">&nbsp;</td>
			<td valign="top" style="width: 330px; 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 style="margin:0 0in;">(Principal Financial
			Officer)</td>
		</tr>
	</table>
</div>

<p style="margin: 0 0in">&nbsp;</p>
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