AMENDMENTTO THE RESTATED PARK PLACE ENTERTAINMENT CORPORATION EXECUTIVE DEFERRED COMPENSATION PLAN
Exhibit 10.44
AMENDMENT TO
THE RESTATED
PARK PLACE ENTERTAINMENT CORPORATION
EXECUTIVE DEFERRED COMPENSATION PLAN
THIS AMENDMENT TO THE RESTATED PARK PLACE ENTERTAINMENT CORPORATION EXECUTIVE DEFERRED COMPENSATION PLAN, dated as of June 13, 2005, is made and adopted by Harrahs Operating Company, Inc. (Harrahs Operating Company), a Delaware corporation and a wholly owned subsidiary of Harrahs Entertainment, Inc., a Delaware corporation. Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to them in the Plan (as defined below).
WHEREAS, Harrahs Operating Company previously entered into that certain Agreement and Plan of Merger, dated as of July 14, 2004 (the Agreement), pursuant to which Caesars Entertainment, Inc., a Delaware corporation (Caesars), upon the terms and subject to the conditions set forth in the Agreement, merged with and into Harrahs Operating Company, with Harrahs Operating Company as the surviving entity (the Merger);
WHEREAS, Caesars maintains The Restated Park Place Entertainment Corporation Executive Deferred Compensation Plan (the Plan);
WHEREAS, pursuant to Section 10.5 of the Plan, the Company may amend the Plan in whole or in part;
WHEREAS, Harrahs Operating Company, as successor to Caesars, desires to amend the Plan as set forth herein; and
WHEREAS, this Amendment was adopted by the Special Plan Amendment Committee of Harrahs Operating Company on June 13, 2005.
NOW, THEREFORE, in consideration of the foregoing, Harrahs Operating Company hereby amends the Plan as follows, effective as of immediately after the consummation of the Merger:
1. The definition of Company in Section 1.2 of the Plan is hereby amended and restated in its entirety as follows:
Company shall mean Harrahs Entertainment, Inc., a Delaware corporation.
2. The following sentence is hereby added the end of Section 10.5 of the Plan:
Effective as of immediately after the consummation of the merger of Caesars Entertainment, Inc. with and into Harrahs Operating Company, Inc., the Special Plan Amendment Committee of Harrahs Operating Company, Inc. shall have the
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power to amend this Plan as the Special Plan Amendment Committee deems necessary or desirable to facilitate the integration of Caesars Entertainment, Inc. with Harrahs Operating Company, Inc. pursuant to the merger.
3. This Amendment shall be and is hereby incorporated in and forms a part of the Plan.
4. All other terms and provisions of the Plan shall remain unchanged except as specifically modified herein.
5. The Plan, as amended by this Amendment, is hereby ratified and confirmed.
[SIGNATURE PAGE FOLLOWS]
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I hereby certify that the foregoing Amendment was duly adopted by the Special Plan Amendment Committee of Harrahs Operating Company, Inc. on June 13, 2005.
By: |
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Name: | Stephen H. Brammell | ||
Title: | Senior Vice President, General Counsel and | ||
| Corporate Secretary | ||