Exhibit 10.4
ISLE OF CAPRI CASINOS, INC.
DEFERRED BONUS PLAN
Code Section 409A Compliance Amendment
Whereas, Isle of Capri Casinos, Inc., a corporation
organized and existing under the laws of the State of Delaware (the
“Company”), maintains the Deferred Bonus Plan, which
plan was first established as of April 26, 1998, and
subsequently amended from time to time (the
“Plan”);
Whereas, such Plan now constitutes a “deferred
compensation” arrangement within the meaning of
Section 409A of the Internal Revenue Code of 1986, as amended,
and must be amended to comply with the final regulations
promulgated thereunder;
Now, Therefore,
the Plan shall be amended as
follows, such amendment to be effective as of January 1, 2009,
or at the earlier time or times set forth below.
1.
Bonus Deferrals and
Payments:
Section 2 of the Plan shall be
amended and restated in its entirety as follows:
“2.
The Deferred
Bonus:
(a)
No portion of any Cash Bonus shall
be subject to deferral hereunder.
(b)
Any Cash Bonus previously deferred
hereunder (a “Deferred Bonus”) shall be paid in the
form of a single-sum upon the earlier of:
i.
An Eligible Employee’s death
or Disability;
ii.
The fifth anniversary of the last
day of the Company’s fiscal year immediately preceding the
Bonus Award Date; or
iii.
The occurrence of an Extraordinary
Transaction, provided that if such transaction does not also
constitute a “change in control” within the meaning of
Code Section 409A and the regulations promulgated hereunder,
payment shall be made upon the earlier of (x) the occurrence
of a Separation From Service in connection with such transaction or
during the 24-month period thereafter, or (y) as otherwise
provided herein.
(c)
Notwithstanding the generality of
the foregoing, effective for any payment made on or after
January 1, 2005, if an Eligible Employee is a Specified
Employee as of his or her Separation Date, the commencement of any
payment made on account of his or her Separation From
