EACH PARTY ACKNOWLEDGES AND DECLARES: (A) THAT THE
PARTY HAS FULLY AND CAREFULLY READ THE AGREEMENT; (B) THAT THE PARTY CLEARLY
UNDERSTANDS THAT THE AGREEMENT IS A COMPLETE AND FINAL SETTLEMENT; (C) THAT THE
PARTY CLEARLY UNDERSTANDS THE MEANING, PURPOSE, AND INTENT OF EACH PROVISION OF
THE AGREEMENT, AND THAT EACH PROVISION IS CLEAR AND DEFINITE; (D) THAT PINNACLE
ON THE ONE HAND, AND ALLIANZ ON THE OTHER, HAVE NOT RELIED UPON ANY
REPRESENTATION OF THE OTHER IN AGREEING TO THE TERMS OF THIS AGREEMENT; AND
(E) THAT THE PARTY HAS BEEN REPRESENTED BY COMPETENT LEGAL COUNSEL WITH RESPECT
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TO NEGOTIATING, EXPLAINING, AND ENTERING INTO THIS AGREEMENT.
IN WITNESS WHEREOF, the Parties, and each of them, hereby execute this
Settlement Agreement and Mutual Release in consideration of the mutual promises
made herein, as of the dates indicated below.
APPROVED AND AGREED TO:
PINNACLE ENTERTAINMENT, INC.
Dated: May 9, 2008
By:
/s/ Daniel R. Lee
Its:
Chairman and CEO
ALLIANZ GLOBAL RISKS US INSURANCE COMPANY
Dated: May 9, 2008
By:
/s/ Stephen Kovach
Its:
Vice President
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