Document:

EX-10.9

 Exhibit 10.9 

SEPARATION AGREEMENT AND GENERAL RELEASE 

This Separation Agreement (the “Separation Agreement”) is made as of this 26th
day of August, 2013 by and among Pinnacle Entertainment, Inc., a Delaware corporation (the “Company”) and Daniel P. Boudreaux (“Executive,” and together with the Company are referred to in this Separation Agreement collectively,
as the “Parties”). 
 WHEREAS, Executive has been employed by the Company under terms set forth in the Employment Agreement dated
as of November 29, 2011, effective November 15, 2011, and as amended by that First Amendment to Employment Agreement dated December 9, 2011 (collectively, the “Employment Agreement”); 

WHEREAS, Executive’s employment with the Company will end by Executive’s separation of employment (the “Separation”) on
August 31, 2013 (the “Separation Date”); and 
 WHEREAS, the Parties desire to enter into this Separation Agreement in order
to set forth the definitive rights and obligations of the Parties in connection with the Separation. 
 NOW, THEREFORE, in consideration of
the mutual covenants, commitments and agreements contained herein, and for other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the Parties intending to be legally bound hereby agree as follows: 

1. Acknowledgment of Separation. The Parties acknowledge and agree that the Separation will occur on the Separation Date and that the
Separation shall be treated as a termination without cause other than in connection with a change of control for all purposes under the Employment Agreement (other than with respect to surviving provisions of the Employment Agreement as set forth
below). In addition, notwithstanding anything to the contrary, the Parties acknowledge and agree that all provisions of the Employment Agreement will terminate effective as of the Separation Date, with the exception of the provisions of Sections
7.1, 7.2, 7.3, 7.4, 7.5, 7.6, 7.7, 7.8, 7.9, 7.10, 9.7, 9.8, 9.14, 9.15 and Article 8 of the Employment Agreement (collectively, the “Surviving Employment Agreement Provisions”), which shall survive the Separation and the effectiveness of
this Separation Agreement and will remain in full force and effect after the Separation Date in accordance with their terms, regardless of the reason for this termination of employment. The post-separation provisions of the Employment Agreement,
including specifically Sections 7.3, 7.4, 7.5, 7.6 and 7.7, with respect to periods after the “Term” (as such term is used in the Employment Agreement) shall be considered effective as of and shall run from the Separation Date. Upon the
Separation, Executive shall be treated as having resigned from all positions Executive held with the Company and its subsidiaries, whether as a director, officer, manager or any other position. 

2. Executive’s Acknowledgment of Consideration. Executive specifically acknowledges that the obligations and payments set forth in
Section 3(a) below were agreed to by the Parties upon entering into the Employment Agreement, and the other obligations and payments of the Company set forth in Section 3 hereof and the release of the Company granted in Section 7
hereof are being provided by the Company in consideration for the 

 
release granted by Executive in Section 7 hereof. 
 3. Payments and Benefits
Upon and After the Separation. 
 (a) Accrued Salary, Expenses and Bonus. The Company shall pay or cause to be paid to Executive
all accrued but unpaid base salary. In addition, promptly upon submission by Executive of his unpaid expenses incurred prior to the Separation Date as described in Article 5 of the Employment Agreement, reimbursement for such expenses shall be made.
The Company shall pay these amounts within ten (10) days of the Separation Date. In addition, Executive shall be eligible to receive a pro-rated annual bonus for the year 2013, payable along with other management bonuses no later than
March 15, 2014. Executive shall not be eligible for any bonus for the year 2014 or any subsequent year. 
 (b) Severance. The
severance to be paid to Executive shall be salary continuation at the rate of Executive’s annual base salary as of the Separation Date of Three Hundred Forty Eight Thousand Dollars ($348,000), payable in accordance with the Company’s
regular salary payment schedule through February 28, 2015, subject to Executive’s affirmative duty to mitigate under Section 3(f). 

(c) Stock Options, Restricted Stock and Restricted Stock Units. All of Executive’s outstanding stock options that vest between the
Separation Date and August 31, 2014 shall vest on the dates set forth in Exhibit A. In addition, certain restricted stock units that would have vested between the Separation Date and August 31, 2014 shall vest on the Separation Date and
shall be settled on March 15, 2014 as set forth in Exhibit A. All of Executive’s vested stock options as of the Separation Date shall survive the Separation Date until the earlier of (i) September 1, 2014 or (ii) the
expiration of the original terms of the vested stock options (the “Exercise Period”). During the Exercise Period, Executive may exercise such vested stock options and any of such stock options which vest between the Separation Date and
August 31, 2014 and any of such stock options which remain unexercised shall expire thereafter and be cancelled and terminated. All unvested stock options, unvested restricted stock and unvested restricted stock units (other than those option
grants that vest between the Separation Date and August 31, 2014 described in Exhibit A) on the Separation Date are hereby cancelled and terminated. 

(d) Other Benefits Payments. The Company shall pay or make available to Executive all benefits described under Section 6.5.2(b) of
the Employment Agreement with respect to “Health and Disability Coverage Continuation” described therein until February 28, 2015, conditioned upon Executive’s timely election of COBRA coverage. Executive shall promptly advise the
Company if he becomes covered under other insurance plans. Any reimbursement that is taxable to the Executive shall be made not later than December 31 of the calendar year following the calendar year in which Executive or family member incurred
the expense. 
 (e) Tax Withholding. The Company shall be entitled to withhold from any amounts otherwise payable hereunder to
Executive any amounts required to be withheld in respect of federal, state or local taxes and Executive shall be responsible for all taxes on amounts received under or related to this Separation Agreement. 

  
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 (f) Duty to Mitigate. Executive shall have an affirmative obligation to mitigate the
payments discussed in this Section 3 above and should Executive compete with the Company or any of its subsidiaries prior to February 28, 2015 as discussed in Section 6 below, Executive shall not be entitled to receive any additional
payments from the Company or Company benefits described in this Section 3 above with respect to periods after the commencement of any such competitive activity or otherwise, and all such obligations shall be extinguished. 

4. Consulting Services; Cooperation. 

(a) Consulting. From the Separation Date until February 28, 2015 (the “Consulting Period”), the Company will retain
Executive to act on a part-time basis as an independent contractor (for no additional compensation), as reasonably directed by the Company, in assisting the Company as determined in the discretion of the Chief Executive Officer. On the last day of
the Consulting Period, Executive shall have a conference telephone call with the Chief Executive Officer, President or General Counsel of the Company to report his activities during the Consulting Period and answer any last questions that the
General Counsel may have. Executive shall make Executive reasonably available during the Consulting Period, but the Parties agree that said commitment shall not exceed twenty-five (25) hours per month. The Company expressly agrees that
Executive shall only be liable for breach of Executive’s obligations under this Section 4(a) to the extent Executive engages in gross negligence or willful misconduct with respect to those services and, in such event, the Company expressly
agrees that it shall not be entitled to seek money damages in excess of $10,000 for all such breaches. 
 (b) Reimbursement of Expenses;
Independent Contractor Status. The Company agrees to reimburse Executive for all reasonable out-of-pocket costs and expenses incurred in connection with the consulting services provided under this Section 4 upon presentation of appropriate
documentation thereof. In connection with the Executive’s activities on behalf of the Company as an independent contractor pursuant to this Section 4, Executive acknowledges and agrees that he is acting as an independent contractor,
engaged in the conduct of his own separate business and is not a partner, joint venturer, an agent or employee of the Company for any purpose. Executive also acknowledges and agrees that Executive has no right or authority or ability to enter into
any contracts or assume any obligations or give any warranties or make any representations on behalf of the Company or to bind the Company in any way, and Executive will not convey or represent that he has any such authority. Executive agrees that,
other than the consulting services described in this Section 4, Executive will not otherwise hold himself out as acting for or on behalf of the Company. The Company shall indemnify and hold Executive harmless from any claim or liability arising
from actions taken by Executive in good faith in performing the services required under this Section 4, including any costs of defense or attorney’s fees; provided that (1) the Company shall have the right, at its expense, to assume
or participate in the defense of any claim or action covered by such indemnity, (2) the Company shall not be liable for any settlement or compromise of any claim or action covered by such indemnity unless the Company has consented in writing to
such settlement or compromise (which consent shall not be unreasonably withheld) and (3) the Company shall not be liable under this indemnity to the extent that it is determined in a final judgment by a court of competent jurisdiction or final
arbitration proceeding that such claim or liability resulted from any acts or failures to 

  
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act undertaken or omitted to be taken by Executive through his gross negligence or willful misconduct. 

(c) Cooperation. Executive also agrees to cooperate with the Company and its attorneys in any current or future litigation or claims
involving the Company or any of its subsidiaries in which Executive might be a witness or for which Executive may have material information including, but not limited to, any and all meetings, depositions, arbitrations, mediations, trials, etc. This
cooperation obligation shall be limited to forty (40) hours per year and it shall expire on February 28, 2015. 
 5.
Confidential Information; Prohibitions on Certain Actions by Executive; Cooperation. 
 (a) Disclosure of Separation
Agreement. In addition to and without limiting the provisions of Section 7.1 of the Employment Agreement, the Executive shall, and the Company agrees to cause each of the Chief Executive Officer, Chief Financial Officer, General Counsel and
any executive and senior vice president of the Company (the “Designated Company Executives”) to, keep this Separation Agreement, and the terms and subject matter hereof, strictly confidential, and no disclosure or public announcement will
be made by any of them (except as required by applicable law, including but not limited to any securities laws and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”)) with respect to this Separation
Agreement (including the existence thereof, or the terms or subject matter hereof) without the prior agreement of the other Party; provided, however, that (i) the Company may issue a mutually agreed upon press release announcing
Executive’s departure and from time to time may comment on, or make public disclosures regarding, the Separation in a manner consistent with such press release; (ii) the Company and Executive may provide this Separation Agreement to and
share such information with applicable gaming regulatory authorities; and (iii) the Company and Executive may share such information with their legal, tax and accounting advisors. Executive agrees to direct all inquiries concerning
Executive’s employment with the Company to the Company’s Chief Executive Officer or General Counsel. Executive acknowledges that the Company intends to file this Separation Agreement with the SEC as an exhibit to its periodic reports filed
with the SEC and to describe its terms in its SEC filings. The Company acknowledges that Executive may disclose the existence of this Separation Agreement and any details related thereto to the extent that such information has been filed by the
Company with the SEC or if the Company has otherwise released such information to the public. 
 (b) Prohibition on Certain Actions by
Executive. Executive acknowledges that, given Executive’s position with the Company prior to the Separation, Executive possesses substantial non-public information and other confidential information regarding the Company which has
substantial economic value to the Company, including without limitation information relating to the Company’s development plans, prospects, and financial, organizational, managerial, administrative, customer and marketing information regarding
the Company, much of which the Company considers highly sensitive information. Executive has agreed, pursuant to Section 7.1 of the Employment Agreement, to, among other things, not directly or indirectly disclose, divulge, communicate, use or
otherwise disclose any such information. In order to better ensure that such information is 

  
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not used inappropriately by Executive, in addition to Executive’s obligations under Section 7.1 of the Employment Agreement, which survives the Separation and the effectiveness of this
Separation Agreement, for a period of three (3) years from the Separation Date, Executive shall not, nor shall it permit any Affiliate or Associate (as such terms are hereinafter defined) or representative of Executive (such Affiliates,
Associates and representatives, collectively and individually, the “Executive Affiliates”) to, directly or indirectly: 
 (i)
effect or seek, offer or propose (whether publicly or otherwise) to effect, or cause or participate in or in any way assist any other person to effect or seek, offer or propose (whether publicly or otherwise) to effect or participate in: 

(1) any solicitation of proxies or written consents of stockholders, or conduct any other type of referendum (binding or non-binding) with
respect to, or from the holders of, the common stock of the Company (the “Common Stock”) (other than by voting his or its shares of Common Stock in a way that does not violate this Separation Agreement), or become a participant in any
contested solicitation with respect to the Company, including without limitation relating to the removal or the election of directors of the Company or seek representation on the Company’s Board of Directors or a change in the composition or
size of the Company’s Board of Directors; 
 (2) any acquisition of any securities (or beneficial ownership thereof) or assets of the
Company or any of its subsidiaries (other than the exercise by Executive of stock options held by Executive as of the Separation Date , and excluding personal, passive investments by Executive in the Company’s securities from time to time),

 (3) any tender or exchange offer, merger or other business combination involving the Company or any of its subsidiaries, or 

(4) any recapitalization, restructuring, liquidation, dissolution or other extraordinary transaction with respect to the Company or any of
its subsidiaries; or 
 (ii) form, join or participate in a partnership, limited partnership, limited liability company, syndicate, person
or other group, including without limitation a group as defined under Section 13(d) of the Exchange Act (as defined below), with respect to the Common Stock, or otherwise assist, support or participate in any effort by any person with respect
to the matters set forth in subparagraph (i) above, or deposit any shares of Common Stock in a voting trust or subject any shares of Common Stock to any voting agreement; 

(iii) otherwise act, alone or in concert with others, to seek to control or influence the management, Board of Directors or policies of
the Company; 
 (iv) publicly announce any intention to take any action, or take any action which might force the Company to make a public
announcement, in either case, regarding any of the types of matters set forth in subparagraph (i) above; or 
 (v) enter into any
discussions or arrangements with any person with respect to any of the foregoing (including the matters set forth in subparagraph (i) above). 

  
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 Executive also agrees, on behalf of itself and its Affiliates, Associates and representatives, not to request the
Company (or its directors, officers, employees or agents), directly or indirectly, to amend or waive any provision of this Section 5 (including this sentence). 

(c) For purposes of this Agreement: the terms “Affiliate” and “Associate” shall have the respective meanings set forth in
Rule 12b-2 promulgated by the SEC under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (except that the 10% threshold in the definition of “Associate” shall be replaced with 1% and beneficial ownership under
such definition shall include the right to acquire securities whether such right is exercisable immediately or only after the passage of time or only after satisfaction of conditions); and the terms “person” or “persons” shall
mean any individual, corporation (including not-for-profit), general or limited partnership, limited liability or unlimited liability company, joint venture, estate, trust, association, organization or other entity of any kind or nature. 

6. Covenant Not to Compete. For a period of eighteen months (18) after the Separation Date or until February 28, 2015 (but
only six (6) months after the Separation Date in the case of an entity whose only competitive relationship with the Company is in the market in which the Company has its principal place of business but does not also own or manage a casino),
Executive shall not, directly or indirectly, work for or provide services to or own an equity interest (except for a Permissible Investment) in any person, firm or entity engaged (directly or indirectly or through an investment in another entity) in
the casino, gaming, card club or horseracing business which competes against the Company in any “market” in which the Company has its principal place of business or in which the Company owns (in whole or in part, directly or through an
investment in another entity) or operates a casino, card club or horseracing facility. For purposes of this Separation Agreement, “market” shall be defined as the area within a 100 mile radius of the Company’s principal place of
business or of any casino, card club or horseracing facility owned (in whole or in part, directly or through an investment in another entity) or operated or under construction by the Company. 

7. Executive Release and Waiver. 

(a) Executive Release. Executive, for and on behalf of himself and each of his heirs, executors, administrators, personal
representatives, successors and assigns (the “Releasors”), to the maximum extent permitted by law, hereby fully and forever releases, acquits and discharges the Company, together with its subsidiaries, parents and affiliates, and each of
their past and present direct and indirect stockholders, directors, members, partners, officers, employees, attorneys, agents and representatives, and their heirs, executors, administrators, personal representatives, successors and assigns
(collectively, the “Releasees”), from any and all claims, demands, suits, causes of action, liabilities, obligations, judgments, orders, debts, liens, contracts, agreements, covenants and causes of action of every kind and nature, whether
known or unknown, suspected or unsuspected, concealed or hidden, vested or contingent, in law or equity, existing by statute, common law, contract or otherwise, which have existed, may exist or do exist, through and including the execution and
delivery by Executive of this Separation Agreement, including, without limitation, any of the foregoing arising out of or in any way related to or based upon: 

  
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 (i) Executive’s application for and employment with the Company, his being an officer,
director or employee of the Company or any of its subsidiaries, or the Employment Agreement or the Separation; 
 (ii) any and all claims
in tort or contract, and any and all claims alleging breach of an express or implied, or oral or written, contract, policy manual or employee handbook; 

(iii) any alleged misrepresentation, defamation, interference with contract, intentional or negligent infliction of emotional distress,
sexual harassment, negligence or wrongful discharge; or 
 (iv) any federal, state or local statute, ordinance or regulation, including but
not limited to the Age Discrimination in Employment Act of 1967, as amended, Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act and Women’s Equity Act of 1991; Sections 1981 through 1988 of Title 42 of the United States
Code; the Equal Pay Act of 1963, as amended; the Occupational Safety and Health Act of 1970; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Consolidated Omnibus Budget Reconciliation Act of 1985; the
Vocational Rehabilitation Act of 1973; the Worker Adjustment Retraining and Notification Act of 1988; the Employee Retirement Income Security Act of 1974; the Fair Labor Standards Act and the National Labor Relations Act, as amended, and the Older
Workers Benefit Protection Act. 
 (b) Exceptions to Executive Release. Notwithstanding any other provision of this Separation
Agreement to the contrary, the release by the Executive does not: (i) limit in any way the Executive’s rights under this Separation Agreement and under the Surviving Employment Agreement Provisions, (ii) release any rights under
applicable law which cannot be waived or released pursuant to any agreement, (iii) release any rights Executive may have to indemnification under the bylaws or governing documents of the Company or any of its subsidiaries or under applicable
law, or (iv) release any rights Executive may have as a direct insured under the Company’s directors’ and officers’ liability insurance policies. 

(c) Current or Pending Claims of any Kind and No Relief for Released Claims. Executive and Releasors have not and as of the date of
this Separation Agreement will not have filed any civil action, suit, arbitration, administrative charge or legal proceeding against any Releasee, nor has the Executive or any Releasor assigned, pledged or hypothecated any claim as of the Separation
Date to any person and no other person has any interest in the claims that Executive or any Releasor is releasing herein. Executive agrees that should any person or entity file or cause to be filed any civil action, suit, arbitration or other legal
proceedings seeking equitable or monetary relief concerning any claim released by Executive, neither Executive nor any Releasor will seek or accept any personal relief from or as the result of any action, suit or arbitration or other legal
proceeding. 
 (d) Effect of Executive Release and Waiver. Executive understands and intends that this Section 7 constitutes a
general release of all claims except as otherwise provided in Section 7(b), above, and that no reference therein to a specific form of claim, 

  
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statute or type of relief is intended to limit the scope of such general release and waiver. 

(e) Executive Waiver of Unknown Claims. Executive or any Releasor may hereafter discover claims or facts in addition to or different
than those which Executive now knows or believes to exist with respect to the subject matter of this Separation Agreement and which, if known or suspected at the time of entering into this Separation Agreement, may have materially affected this
Separation Agreement and Executive’s decision to enter into it; nevertheless, Executive hereby waives any right, claim or cause of action that might arise as a result of such different or additional claims or facts. 

(f) ADEA Release. Executive agrees and expressly acknowledges that this Separation Agreement includes a waiver and release of all
claims which Executive has or may have under the Age Discrimination in Employment Act of 1967, as amended, 29 U.S.C. § 621, et seq. (“ADEA”). The following terms and conditions apply to and are part of the waiver and
release of ADEA claims under this Separation Agreement: 
 (i) The waiver and release of claims under the ADEA contained in this Agreement
do not cover rights or claims that may arise after the date on which Executive executes and delivers this Separation Agreement to the Company. 

(ii) This Separation Agreement involves consideration in addition to anything of value to which Executive is already entitled. 

(iii) Executive is advised to consult an attorney before signing this Separation Agreement. If Executive executes this Separation Agreement
prior to the expiration of the period specified in Section 7(f)(iv) below, Executive does so voluntarily and after having had the opportunity to consult with an attorney. 

(iv) Executive is granted twenty-one (21) days after Executive is presented with this Agreement to decide whether or not to sign this
Separation Agreement. 
 (v) Executive will have the right to revoke the waiver and release of claims under the ADEA within seven
(7) days after the Separation Date and Executive has reaffirmed this Agreement. This Section 7(f) shall not become effective or enforceable until that revocation period has expired. Executive understands and agrees that Executive shall
refund any consideration that has been previously paid to Executive, and shall receive no further consideration, if Executive revokes the waiver and release of ADEA claims. 

8. Company Release and Waiver. The Company, on its behalf, and on behalf of all of its subsidiaries and its and their successors and
assigns (“Company Parties”), intending to be legally bound, to the maximum extent permitted by law, hereby fully and forever releases, acquits, and discharges Executive, Executive’s heirs, executives, administrators, personal
representatives, attorneys, agents, successors and permitted assigns, from any and all liabilities, obligations, judgments, orders, debts, liens, contracts, agreements, covenants and causes of action of every kind and nature, whether known or
unknown, suspected or unsuspected, concealed or hidden, vested or contingent, in law or equity, existing by statute, common law, contract or otherwise, which have existed, may exist or do exist, up to and including the execution and delivery by
Executive of this Separation Agreement, including, 

  
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without limitation, any of the foregoing arising out of or in any way related to or based upon all causes of action, suits, debts, claims and demands whatsoever in law or in equity, which the
Company ever had, now has, or hereafter may have, by reason of any matter, cause or thing whatsoever up to and including the execution and delivery by Executive of this Separation Agreement, and particularly, but without limitation of the foregoing
general terms, any claims arising from or relating in any way to Executive’s relationship with Company or its subsidiaries as an employee or director, the terms and conditions of that relationship, the termination of that relationship, and any
claim that the Executive violated any provision of the Employment Agreement, including, but not limited to, any claims under any federal, state or local common law, statutory, or regulatory provision, now or hereafter recognized. This release is
effective without regard to the legal nature of the claims raised and without regard to whether any such claims are based upon tort, equity, implied or express contract or discrimination of any sort. 

(a) Scope of Company Release. The Company expressly waives all rights afforded by any statute which limits the effect of a release with
respect to unknown claims. The Company understands the significance of its release of unknown claims and its waiver of statutory protection against a release of unknown claims. 

(b) Exceptions to Company Release. Notwithstanding any other provision of this Separation Agreement to the contrary, the release by the
Company does not: (i) limit in any way the Company’s rights under this Separation Agreement and under the Surviving Employment Agreement Provisions, (ii) release any claim based on any other act or omission for which the Company would
not have the power to indemnify Executive pursuant to Section 145 of the Delaware General Corporate Law, (iii) release any claim based on any rights under applicable law which cannot be waived or released pursuant to any agreement, or
(iv) release any claim to any short-swing trading profits earned by Executive in violation of the provisions of Section 16(b) of the Securities Exchange Act of 1934, as amended. 

(c) Current or Pending Claims of any Kind and No Relief for Released Claims. The Company and the other Company Parties have not and as
of the date of this Separation Agreement will not have filed any civil action, suit, arbitration, administrative charge or legal proceeding against the Executive, nor have the Company or any of the other Company Parties assigned, pledged or
hypothecated any claim as of the Separation Date to any person and no other person has any interest in the claims that the Company and the other Company Parties are releasing herein. The Company and the other Company Parties agree that should any
person or entity file or cause to be filed any civil action, suit, arbitration or other legal proceedings seeking equitable or monetary relief concerning any claim released by the Company and the other Company Parties, the Company and the other
Company Parties will not seek or accept any personal relief from or as the result of any action, suit or arbitration or other legal proceeding. 

(d) Effect of the Company’s Release and Waiver. The Company and the other Company Parties understand and intend that this
Section 8 constitutes a general release of all claims except as otherwise provided in Section 8(b), above, and that no reference therein to a specific form of claim, statute or type of relief is intended to limit the scope of such general
release and waiver. 

  
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 (e) The Company’s Waiver of Unknown Claims. The Company and the other Company Parties
may hereafter discover claims or facts in addition to or different than those which they now know or believe to exist with respect to the subject matter of this Separation Agreement and which, if known or suspected at the time of entering into this
Separation Agreement, may have materially affected this Separation Agreement and their decision to enter into it; nevertheless, the Company and the other Company Parties hereby waive any right, claim or cause of action that might arise as a result
of such different or additional claims or facts. 
 9. Return of Corporate Property. Executive hereby covenants and agrees to
immediately return all Company files, records and other property in Executive’s possession. 
 10. Non-Disparagement. 

(a) Executive agrees that from and after the Separation Date, Executive will not disparage (or induce or encourage others to disparage) the
Company, any of its affiliates or any of its or their officers, directors, executives, employees or stockholders. As used herein, the term “disparage,” includes, without limitation, comments or statement to the press, any of the
Company’s or its affiliates’ officers, directors, executives, employees or stockholders or any person with whom the Company or any of its affiliate has a business relationship which is designed to or would reasonably be expected to
adversely affect in any manner, the conduct of any of the Company’s or any of its affiliates’ business or the business or personal reputations of the Company, its affiliates or any of the Company’s or its affiliates’ officers,
directors, executives, employees or shareholders. 
 (b) The Company shall not permit the Designated Company Executives to disparage (or
induce or encourage others to disparage) Executive. As used herein, the term “disparage,” includes, without limitation, comments or statement to the press, any of the Company’s or its affiliates’ officers, directors, executives,
employees, or stockholders or any person known to the Company to have a business relationship with Executive which is designed to or would reasonably be expected to adversely affect in any manner the conduct of Executive’s business or the
personal reputation of Executive. 
 11. Remedies. 

(a) The Parties hereby acknowledge and affirm that in the event of any breach by Executive or the Company of any of the covenants, agreements,
and obligations hereunder, monetary damages would be inadequate to compensate the Parties. Accordingly, in addition to other remedies which may be available to the Parties hereunder or otherwise at law or in equity, the Parties shall be entitled to
specifically enforce such covenants, obligations and restrictions through injunctive and/or equitable relief, in each case without the posting of any bond or other security with respect thereto. Should any provision hereof be adjudged to any extent
invalid by any court or tribunal of competent jurisdiction, each provision shall be deemed modified to the minimum extent necessary to render it enforceable. 

(b) Executive hereby acknowledges and affirms that, in the event of a 

  
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breach by Executive of any of Executive’s covenants, agreements, and obligations under this Agreement, in addition to any other remedies which may be available to the Company hereunder or
otherwise at law or in equity, the Company shall have the right to terminate any payments due hereunder and to recover of any payments previously made and rights previously granted hereunder. 

12. Acknowledgment of Voluntary Agreement. Executive acknowledges that Executive has entered into this Separation Agreement freely and
without coercion, that Executive has been advised by the Company to consult with counsel of his choice, that Executive has had adequate opportunity to so consult, and that Executive has been given all time periods required by law to consider this
Separation Agreement, including but not limited to the 21-day period required by the ADEA. 
 13. Complete Agreement;
Inconsistencies. This Separation Agreement, including the Surviving Employment Agreement Provisions and any other documents referenced herein, constitute the complete and entire agreement and understanding of the Parties with respect to the
subject matter hereof, and supersedes in its entirety any and all prior understandings, commitments, obligations and/or agreements, whether written or oral, with respect thereto; it being understood and agreed that this Separation Agreement and
including the mutual covenants, agreements, acknowledgments and affirmations contained herein, is intended to constitute a complete settlement and resolution of all matters set forth in Sections 7 and 8 hereof. 

14. 409A Additional Tax. In the event that any compensation with respect to the Executive’s termination is “deferred
compensation” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations thereunder (“Section 409A”), payment of such compensation shall be delayed as required
by Section 409A. Such delay shall last six months from the Separation Date, except in the event of the Executive’s death. Within 30 days following the end of such six-month period, or, if earlier, the Executive’s death, the Company
will make a catch-up payment to the Executive equal to the total amount of such payments that would have been made during the six-month period but for this Section 14. Wherever payments under this Separation Agreement are to be made in
installments, each such installment shall be deemed to be a separate payment for purposes of Section 409A. 
 15. Arbitration.
Except for a claim for injunctive relief, any controversy, dispute, or claim between the Parties arising out of this Separation Agreement shall be settled exclusively by arbitration pursuant to the provisions of Article 8 of the Employment
Agreement, and such provision is incorporated herein by this reference. 
 16. Governing Law. All issues and questions concerning the
construction, validity, enforcement and interpretation of this Separation Agreement shall be governed by, and construed in accordance with, the laws of the State of Nevada, without giving effect to any choice of law or conflict of law rules or
provisions that would cause the application hereto of the laws of any jurisdiction other than the State of Nevada. In furtherance of the foregoing, the internal law of the State of Nevada shall control the interpretation and construction of this
Separation Agreement, even though under any other jurisdiction’s choice of law or conflict of law analysis the substantive law of some other jurisdiction may 

  
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ordinarily apply. 
 17. Notices. All notices, requests, demands and other
communications to be given under this Separation Agreement shall be in writing and shall be deemed to have been duly given on the date of service, if personally served on the Party to whom notice is to be given, or 48 hours after mailing, if mailed
to the Party to whom notice is to be given by certified or registered mail, return receipt requested, postage prepaid, and properly addressed to the Party at Executive’s address set forth as follows or any other address that any Party may
designate by written notice to the other Parties: 
  

			
	To Executive:	  	Daniel P. Boudreaux
		  	8545 Killians Greens Drive
		  	Las Vegas, NV 89113
		
	To the Company:	  	Pinnacle Entertainment, Inc.
		  	8918 Spanish Ridge Avenue
		  	Las Vegas, NV 89148
		  	Attn: General Counsel
		  	Telephone: (702) 541-7777
		  	Facsimile: (702) 541-7773

 18. Severability. The invalidity or unenforceability of any word, phrase, clause, section or other
provision of this Separation Agreement, in whole or in part, shall not affect the validity or enforceability of any word, phrase, clause, section or other provision of this Separation Agreement, in whole or in part, which shall otherwise remain in
full force and effect. Moreover, the invalidity or unenforceability of any word, phrase, clause, or other provision of this Separation Agreement under any particular law or in any particular jurisdiction shall not affect the validity or
enforceability of the same or any other word, phrase, clause, or other provision of this Separation Agreement under any other law or in any other jurisdiction. 

19. Counterparts. This Separation Agreement may be executed in separate counterparts, each of which shall be deemed to be an original
and all of which taken together shall constitute one and the same agreement. 
 20. Successors and Assigns. The Parties’
obligations hereunder shall be binding upon their successors and permitted assigns. The Parties’ rights and the rights of the other Releasees shall inure to the benefit of, and be enforceable by, any of the Parties’ and Releasees’
respective successors and permitted assigns. Executive may not assign any of Executive’s rights and obligations under this Separation Agreement, except as may be agreed to in writing by the Company. The Company may assign all rights and
obligations of this Separation Agreement to any successor in interest to the assets of the Company. In the event that the Company is dissolved, all obligations of the Company under this Separation Agreement shall be provided for in accordance with
applicable law. 
 21. Amendments, Waivers and Delay. The failure or delay on the part of the Company, or Executive to exercise any
right or remedy, power or privilege hereunder shall not operate as a waiver thereof. No amendment to or waiver of this Separation Agreement 

  
 - 12 - 

 
or any of its terms shall be binding upon any Party unless consented to in writing by such Party. 

22. Headings. The headings of the sections and subsections hereof are for purposes of convenience only, and shall not be deemed to
amend, modify, expand, limit or in any way affect the meaning of any of the provisions hereof. 
 23. Construction. All terms and
definitions contained herein shall be construed in such a manner that shall give effect to the fullest extent possible to the express or implied intent of the Parties hereby. 

24. Attorneys’ Fees. In the event a Party commences an action to enforce the terms of this Separation Agreement or for damages for
a breach arising out of or relating to this Separation Agreement, the prevailing Party shall be entitled to an award of reasonable attorneys’ fees. 

25. Counsel. Executive has been advised by the Company that Executive should consider seeking the advice of counsel in connection with
the execution of this Separation Agreement and Executive has had an opportunity to do so. Executive has read and understands this Separation Agreement, and has sought the advice of counsel to the extent he has determined appropriate. 

26. Community Property. Without prejudice to the actual rights of the spouses as between each other, for all purposes of this
Separation Agreement, the Executive shall be treated as agent and attorney-in-fact for that interest held or claimed by Executive’s spouse with respect to this Separation Agreement. This appointment is coupled with an interest and is
irrevocable. 
 [signatures appear on following page] 

  
 - 13 - 

 IN WITNESS WHEREOF, the Parties have executed this Separation Agreement effective as of the date
of the first signature affixed below or as otherwise provided in this Separation Agreement. 
 DATED: August 27, 2013 

 

			
	PINNACLE ENTERTAINMENT, INC.
		
	By:	 	 /s/ Anthony M. Sanfilippo

		 	     Anthony M. Sanfilippo
		 	     Chief Executive Officer

 READ CAREFULLY BEFORE SIGNING 

I have read this Separation Agreement and have had the opportunity to consult legal counsel and my own tax advisors prior to my signing of this Separation
Agreement. I understand that by executing this Separation Agreement, I will relinquish any right or demand I may have against the Releasees or any of them, unless otherwise provided in this Separation Agreement and/or the surviving terms of my
Employment Agreement. 
 DATED: August 26, 2013 
  

			
	By:	 	 /s/ Daniel P. Boudreaux

		 	Daniel P. Boudreaux

  
 - 14 - 

 EXHIBIT A 

List of Options that Vest 

between Separation Date and August 31, 2014 (“Relevant Period”) 

 

																									
	 Grant

Type
	  	Grant Date	 	  	Number of
Shares
Originally
Granted	 	  	Number of
Shares that
Vest during
Relevant
Period	 	  	Exercise
Price	 	  	Vesting
Date	 	  	Term	 
	 Option
	  	 	07/20/2010	  	  	 	25,000	  	  	 	6,250	  	  	$	10.13	  	  	 	07/20/2014	  	  	 	07/20/2017	  
	 Option
	  	 	05/24/2011	  	  	 	24,000	  	  	 	6,000	  	  	$	14.25	  	  	 	05/24/2014	  	  	 	05/24/2018	  
	 Option
	  	 	05/22/2012	  	  	 	20,000	  	  	 	5,000	  	  	$	9.66	  	  	 	05/22/2014	  	  	 	05/22/2019	  

 List of Restricted Stock Units that Vest on the Separation Date and 

are to be settled on March 15, 2014 
  

																									
	 Grant

Type
	  	Grant Date	 	  	Number of
Shares
Originally
Granted	 	  	Number of
Shares that
Vest on
Separation
Date	 	  	Exercise
Price	 	  	Settlement
Date	 	  	Term	 
	 RSUs
	  	 	07/20/2010	  	  	 	1,600	  	  	 	400	  	  	 	N/A	  	  	 	03/15/2014	  	  	 	N/A	  
	 RSUs
	  	 	05/24/2011	  	  	 	1,500	  	  	 	375	  	  	 	N/A	  	  	 	03/15/2014	  	  	 	N/A	  
	 RSUs
	  	 	05/22/2012	  	  	 	3,000	  	  	 	750	  	  	 	N/A	  	  	 	03/15/2014	  	  	 	N/A	  

  
 - 15 -YRCW-2013.9.30-EX10.1 (amend)

EXECUTION COPY
AMENDMENT NO. 3
Dated as of November 12, 2013
to
AMENDED AND RESTATED CREDIT AGREEMENT
Dated as of July 22, 2011
THIS AMENDMENT NO. 3 (“Amendment”) is made as of November 12, 2013 by and among (i) YRC Worldwide Inc. (the “Borrower”), (ii) each of the Subsidiaries of the Borrower listed on the signature pages hereof (each a “Subsidiary Guarantor” and, collectively, the “Subsidiary Guarantors” and, collectively with the Borrower, the “Loan Parties”), (iii) the financial institutions listed on the signature pages hereof and (iv) JPMorgan Chase Bank, National Association, as Administrative Agent (the “Administrative Agent”), under that certain Amended and Restated Credit Agreement dated as of July 22, 2011 by and among the Borrower, the Lenders and the Administrative Agent (as amended, amended and restated, restated, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”).  Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given to them in the Credit Agreement.
WHEREAS, reference is made to the Second Amended and Restated Subsidiary Guarantee Agreement, dated as of July 22, 2011, by and among the Subsidiary Guarantors, the other “Subsidiary Guarantors” party thereto from time to time and the Administrative Agent (as amended, amended and restated, restated, supplemented or otherwise modified prior to the date hereof, the “Subsidiary Guarantee Agreement”);
WHEREAS, the Loan Parties have requested that the Lenders and the Administrative Agent agree to an amendment to the Credit Agreement and the Subsidiary Guarantee Agreement; and
WHEREAS, the Loan Parties, the Lenders party hereto and the Administrative Agent have agreed to such amendment on the terms and conditions set forth herein;
NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Loan Parties, the Lenders party hereto and the Administrative Agent have agreed to enter into this Amendment.
1.Amendments to Credit Agreement.  Effective as of the date of satisfaction or waiver of the conditions precedent set forth in Section 4 below, the Credit Agreement is hereby amended as follows:
(a)    Section 1.01 of the Credit Agreement is hereby amended to insert the following new definitions therein in the appropriate alphabetical order and, where applicable, replace the corresponding previously existing definitions, in each case as follows:

K&E 28162138.18

“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or its Subsidiaries from time to time concerning or relating to bribery or corruption.
“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.
“ECP” means an “eligible contract participant” as defined in Section 1(a)(18) of the Commodity Exchange Act or any regulations promulgated thereunder and the applicable rules issued by the Commodity Futures Trading Commission and/or the Securities and Exchange Commission.
“Excluded Swap Obligation” means, with respect to any Loan Party, any Specified Swap Obligation if, and to the extent that, all or a portion of the Guarantee of such Loan Party of, or the grant by such Loan Party of a security interest to secure, such Specified Swap Obligation (or any Guarantee or obligations in respect thereof) is or becomes illegal or unlawful under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Loan Party’s failure for any reason to constitute an ECP at the time the Guarantee of such Loan Party or the grant of such security interest becomes effective with respect to such Specified Swap Obligation.  If a Specified Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Specified Swap Obligation that is attributable to swaps for which such obligation or security interest is or becomes illegal or unlawful.
“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreement entered into pursuant to Section 1471(b)(1) of the Code.
“OFAC” means the Office of Foreign Assets Control of the U.S. Department of the Treasury.
“Pro Forma Consolidated EBITDA” shall mean Consolidated EBITDA plus the amount of cost savings, operating expense reductions, other operating improvements and initiatives and synergies associated with any restructuring transactions (and implementation thereof) (but not to exceed the actual amount deducted from revenues in determining Consolidated Net Income for any such costs and expenses), in the case of each such restructuring transaction (and implementation thereof), occurring on or after November 12, 2013, and projected by the Borrower in good faith to be reasonably anticipated to be realizable within ninety (90) days of the date thereof (which will be added to Consolidated EBITDA as so projected until fully realized and calculated on a pro forma basis as though such cost savings, operating expense reductions, other operating improvements and initiatives and synergies had been realized on the first day of such period), net of the amount of actual benefits realized during such period from such actions; provided that, (i) such cost savings are reasonably identifiable and factually supportable (in 

2

the good faith determination of the Borrower) and (ii) to the extent that such cost savings, operating expense reductions, other operating improvements and initiatives and synergies are achieved through adjustments to work rules under the IBT MOU, such cost savings, operating expense reductions, other operating improvements and initiatives and synergies shall be limited to ninety percent (90%) of the amount identified by the Borrower in respect thereof. Pro Forma Consolidated EBITDA shall be calculated on a pro forma basis as of the last day of the most recently ended quarter for which financial statements were required to have been delivered pursuant to Section 5.01(b) in respect of the last twelve (12) months then ended.
“Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom.
“Sanctioned Country” means, at any time, a country or territory which is the subject or target of any Sanctions.
“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC, the U.S. Department of State, the United Nations Security Council, the European Union or any EU member state, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person controlled by any such Person.
“Secured Obligations” means all Obligations, together with all Swap Obligations and Banking Services Obligations owing to the Administrative Agent, one or more Lenders or their respective Affiliates; provided that the definition of “Secured Obligations” shall not create or include any guarantee by any Loan Party of (or grant of security interest by any Loan Party to support, as applicable) any Excluded Swap Obligations of such Loan Party for purposes of determining any obligations of any Loan Party.
“Specified Swap Obligation” means, with respect to any Loan Party, any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act or any rules or regulations promulgated thereunder.
(b)    The definition of “Applicable Rate” appearing in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:
“Applicable Rate” means, for any day, with respect to any Eurodollar Term Loan, ABR Loan or with respect to the commitment fees payable hereunder, or with respect to any Letter of Credit participation fee under Section 2.13(b), as the case may be, the applicable rate per annum set forth below under the caption “Eurodollar Spread for Eurodollar Term Loans”, “Commitment Fee Rate” or “ABR Spread for Term Loans”, as the case may be:

3

	
			
	Eurodollar Spread for Eurodollar Term Loans

	Commitment Fee Rate
	ABR Spread for Term Loans

	7.00 %

	8.00%
	6.00%

(c)    The first paragraph of the definition of “Consolidated EBITDA” appearing in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:
“Consolidated EBITDA” shall mean Consolidated Net Income plus, to the extent deducted from revenues in determining Consolidated Net Income, without duplication, (a) Consolidated Interest Expense, (b) expense for taxes paid or accrued, (c) depreciation (including that applied to the Borrower’s equity method investments), (d) amortization (including that applied to the Borrower’s equity method investments), (e) extraordinary, non-cash charges, expenses or losses incurred other than in the ordinary course of business, (f) non-recurring (including non-recurring and unusual) non-cash charges, expenses or losses (including non-cash impairment charges) incurred other than in the ordinary course of business, (g) non-cash expenses related to stock based compensation or stock appreciation rights, (h) the actual aggregate amount of transaction and restructuring professional fees paid by the Borrower and its Subsidiaries during such four fiscal quarters, (i) to the extent applicable charges, expenses and losses incurred in respect of the transaction consummated pursuant to the Project Delta Purchase Agreement, (j) deferred financing, legal and accounting costs with respect to the Borrower’s indebtedness that are charged to non-interest expense on the Borrower’s income statement, (k) fees, costs and expenses required to be paid in connection with that certain Amendment No. 3 to this Agreement dated as of November 12, 2013 and contemporaneous amendment to the ABL Credit Agreement, including without limitation any fees, costs and expenses required to be paid as result thereof under the terms of the Contribution Deferral Agreement, and (l) one time cash restructuring charges incurred on or after November 12, 2013 in an aggregate amount not to exceed $40,000,000, minus, to the extent included in Consolidated Net Income, (m) interest income, (n) income tax credits and refunds (to the extent not netted from tax expense), (o) any cash payments made during such period in respect of items described in clauses (e), (f) or (g) above subsequent to the fiscal quarter in which the relevant non-cash expenses or losses were incurred, (p) any income or gains resulting from the early retirement, redemption, defeasance, repayment or similar actions in respect of Indebtedness, and (q) extraordinary, unusual or non-recurring income or gains realized other than in the ordinary course of business, all calculated for the Borrower and its Subsidiaries in accordance with GAAP on a consolidated basis.
(d)    The definition of “Excluded Taxes” appearing in Section 1.01 of the Credit Agreement is hereby amended to (i) delete the “and” at the end of clause (b) thereof, (ii) delete the reference to “(including FATCA)” appearing clause (c) thereof, (iii) replace the period appearing at the end of clause (c) thereof with “; and” and (iv) insert a new clause (d) therein immediately following clause (c) thereof as follows:

4

(d) any U.S. Federal withholding Taxes imposed under FATCA.
(e)    Section 2.16(a) of the Credit Agreement is hereby amended to insert a reference to “liquidity,” immediately after the reference to “special deposit,” appearing in clause (i) thereof.
(f)    Section 2.16(b) of the Credit Agreement is hereby amended to (i) insert the words “or liquidity” immediately after the first reference to “capital” appearing therein and (ii) insert the words “and liquidity” immediately after the reference to “capital adequacy” appearing therein. 
(g)    Section 2.19(f) of the Credit Agreement is hereby amended to insert the following  as a new sentence immediately following the first sentence thereof:
Notwithstanding the foregoing, amounts received from any Loan Party shall not be applied to any Excluded Swap Obligation of such Loan Party.
(h)    The Credit Agreement is hereby amended to insert a new Section 3.18 immediately following Section 3.17 of the Credit Agreement as follows:
SECTION 3.18. Anti-Corruption Laws and Sanctions.  The Borrower has implemented and maintains in effect policies and procedures designed to ensure compliance in all material respects by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Borrower, its Subsidiaries and to the knowledge of the Borrower its directors, officers, employees and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects.  None of (a) the Borrower, any Subsidiary or to the knowledge of the Borrower or such Subsidiary any of their respective directors, officers or employees, or (b)  to the knowledge of the Borrower, any agent of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person.  No Borrowing or Letter of Credit, or use of proceeds will violate Anti-Corruption Laws or applicable Sanctions in any material respect.
(i)    Section 5.01(a)(i) of the Credit Agreement is amended by inserting the following after “December 31, 2011” and immediately prior to “, without a going concern”: “and the auditors’ report delivered in 2014 in respect of the fiscal year ending December 31, 2013”.
(j)    Section 5.07 of the Credit Agreement is hereby amended to insert a new sentence at the end thereof as follows:
The Borrower will maintain in effect and enforce policies and procedures designed to ensure compliance in all material respects by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.
(k)    Section 6.07(a) of the Credit Agreement is hereby restated in its entirety as follows:
(a) Maximum Total Leverage Ratio.  The Borrower will not permit the Total Leverage Ratio as of the end of the Test Period ending as of the end of each of its fiscal quarters set forth below to exceed the applicable ratio set forth below:

5

	
		
	Test Period Ending
	Maximum Total Leverage Ratio

	March 31, 2012
	9.0 to 1.00

	June 30, 2012
	10.0 to 1.00

	September 30, 2012
	9.6 to 1.00

	December 31, 2012
	8.6 to 1.00

	March 31, 2013
	7.4 to 1.00

	June 30, 2013
	6.5 to 1.00

	September 30, 2013
	6.0 to 1.00

	December 31, 2013
	5.7 to 1.00

	March 31, 2014
	6.4 to 1.00

	June 30, 2014
	6.5 to 1.00

	September 30, 2014
	6.5 to 1.00

	December 31, 2014
	6.2 to 1.00

(l)    Section 6.07(b) of the Credit Agreement is hereby restated in its entirety as follows:
(b) Minimum Interest Coverage Ratio.  The Borrower will not permit the Interest Coverage Ratio as of the end of the Test Period ending as of the end of each of its fiscal quarters set forth below to be less than the applicable ratio set forth below:
	
		
	Test Period Ending
	Minimum Interest Coverage Ratio

	March 31, 2012
	1.00 to 1.00

	June 30, 2012
	1.00 to 1.00

	September 30, 2012
	0.95 to 1.00

	December 31, 2012
	1.05 to 1.00

	March 31, 2013
	1.20 to 1.00

	June 30, 2013
	1.45 to 1.00

	September 30, 2013
	1.60 to 1.00

	December 31, 2013
	1.50 to 1.00

	March 31, 2014
	1.30 to 1.00

	June 30, 2014
	1.30 to 1.00

	September 30, 2014
	1.40 to 1.00

	December 31, 2014
	1.40 to 1.00

(m)    Section 6.07(d) of the Credit Agreement is hereby restated in its entirety as follows:
(d) Minimum Consolidated EBITDA.  The Borrower will not permit Consolidated EBITDA for any four consecutive fiscal quarter period ending as of the end of each 

6

of its fiscal quarters set forth below to be less than the amount set forth opposite such period:
	
		
	Four Consecutive Fiscal Quarter Period Ending
	Minimum Consolidated EBITDA

	December 31, 2013
	$245,000,000

	March 31, 2014
	$220,000,000

	June 30, 2014
	$225,000,000

	September 30, 2014
	$245,000,000

	December 31, 2014
	$260,000,000

(n)    The Credit Agreement is hereby amended to insert a new Section 6.20 immediately following Section 6.19 of the Credit Agreement as follows:
SECTION 6.20. Anti-Corruption Laws and Sanctions.  The Borrower will not request any Borrowing or Letter of Credit, and the Borrower shall not use, and shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Borrowing or Letter of Credit (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country or (iii)  in any manner that would result in the violation in any material respect of  any Sanctions applicable to any party hereto.
(o)    Clause (t) of Article VII is hereby restated in its entirety as follows:
(t) The 6% Convertible Senior Notes have not been repaid, refinanced, replaced, restructured or extended on or prior to February 1, 2014 (“Permitted 6% Refinancing”); provided, that any such Permitted 6% Refinancing is accomplished solely with any combination of (i) the Net Cash Proceeds from the sale or issuance of Equity Interests of the Borrower (other than a sale or issuance to any of its Subsidiaries and other than Equity Interests that mature or are mandatorily redeemable, pursuant to a sinking fund obligation or otherwise on or prior to February 1, 2019 (or are exchangeable for Equity Interests that so mature or are mandatorily redeemable)), (ii) Equity Interests of the Borrower (other than a sale or issuance to any of its Subsidiaries and other than Equity Interests that mature or are mandatorily redeemable, pursuant to a sinking fund obligation or otherwise on or prior to February 1, 2019 (or are exchangeable for Equity Interests that so mature or are mandatorily redeemable), or (iii) Indebtedness, which shall not require any mandatory payments of principal prior to February 1, 2019 (other than as a result of AHYDO payments and customary change of control or asset sale provisions); provided that, such Indebtedness (x) may be secured by a Lien on the assets of the Loan Parties that is junior in priority to the Liens securing funded Indebtedness of the Loan Parties on November 12, 2013, (y) will not require the payment of cash interest in excess of $5,000,000 per annum (which shall be calculated inclusive of any up-front fees or OID based on a 4-year average life to maturity) and (z) shall 

7

be on terms (taken as a whole) which  are not substantially more disadvantageous to the Borrower (as determined in good faith by the Borrower) or do not materially impair the Borrower’s ability to pay the Obligations under the Loan Documents as and when due (as reasonably determined in good faith by the Borrower); or
(p)    The Credit Agreement is hereby amended to add a new clause (u) of Article VII immediately after clause (t) of Article VII and immediately prior to the words “then, and in every” as follows:
(u)  the Borrower fails to maintain Available Cash equal to or greater than: (i) $100,000,000 at all times during the period from November 12, 2013 through December 31, 2013; (ii) $50,000,000 at all times during the period from January 1, 2014 through January 31, 2014; and (iii) $100,000,000 at all times from February 1, 2014 and thereafter; provided that, if the Borrower and its Subsidiaries achieves Pro Forma EBITDA of at least $375,000,000 on or prior to February 1, 2014, then on the achievement of such Pro Forma Consolidated EBITDA this clause (u) shall automatically be of no further force or effect; 
2.    Amendments to Subsidiary Guarantee Agreement.  Effective as of the date of satisfaction or waiver of the conditions precedent set forth in Section 4 below, the Subsidiary Guarantee Agreement is hereby amended as follows:
(a)    Section 3 of the Guaranty is amended to add the parenthetical “(provided, however, that the definition of “Guaranteed Obligations” shall not create any guarantee by any Subsidiary Guarantor of (or grant of security interest by any Subsidiary Guarantor to support, as applicable) any Excluded Swap Obligations of such Subsidiary Guarantor for purposes of determining any obligations of any Subsidiary Guarantor)” immediately following the phrase “collectively, subject to the provisions of Section 9 hereof, being referred to collectively as the “Guaranteed Obligations”” appearing therein.
(b)    The Subsidiary Guarantee Agreement is amended to add the following as a new Section 22 thereto:
SECTION 22.  Keepwell.  Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under this Guarantee in respect of Specified Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section 22 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 22 or otherwise under this Guarantee voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount).  The obligations of each Qualified ECP Guarantor under this Section 22 shall remain in full force and effect until a discharge of such Qualified ECP Guarantor’s Guaranteed Obligations in accordance with the terms hereof and the other Loan Documents.  Each Qualified ECP Guarantor intends that this Section 22 constitute, and this Section 22 shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.  As used herein, “Qualified ECP Guarantor” means, in respect of any Specified Swap Obligation, each Loan Party that has total assets exceeding $10,000,000 at the time the relevant guarantee or grant of the 

8

relevant security interest becomes or would become effective with respect to such Specified Swap Obligation or such other Person as constitutes an ECP and can cause another Person to qualify as an ECP at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.
3.    Waiver and Consent.  The Required Lenders hereby waive the requirement to cash collateralize the Letters of Credit with the Net Cash Proceeds received from an Asset Sale Prepayment Event in an amount equal to $12,500,000 of such Net Cash Proceeds received prior to the date hereof (the “Pledged Amount”) and hereby consent to, direct, request and authorize the Administrative Agent to release the Pledged Amount to the Borrower immediately following the effectiveness of this Amendment.  For the avoidance of doubt, the waiver and consent and authorization contemplated by this Section 3 is solely with respect to a single, one-time release of $12,500,000 as described above, and shall not in any way amend or otherwise modify Section 2.12(d) or any other provision of the Credit Agreement or the obligations and duties of the Borrower and the other Loan Parties and the rights of the Administrative Agent and the other Secured Parties thereunder.
4.    Conditions of Effectiveness.  The effectiveness of this Amendment is subject to the satisfaction (or waiver) of the following conditions precedent: (a) the Administrative Agent shall have received (i) counterparts of this Amendment duly executed by the Borrower, the Subsidiary Guarantors, the Required Lenders and the Administrative Agent and (ii) a duly executed amendment in respect of the ABL Credit Agreement (the “ABL Amendment”) in form and substance reasonably satisfactory to the Administrative Agent and such amendment shall be in full force and effect substantially contemporaneously with this Amendment; (b) the Borrower shall have paid all fees and expenses of the Administrative Agent, Credit Suisse Securities (USA) LLC, in its capacity as sole lead arranger for the Amendment (the “Arranger”), and their respective Affiliates (including, without limitation, all previously invoiced, reasonable, out-of-pocket expenses of the Administrative Agent and the Arranger (including, to the extent invoiced, reasonable attorneys’ fees and expenses), in each case to the extent reimbursable under the terms of, in the case of the Administrative Agent, the Credit Agreement, and in the case of the Arranger, that certain engagement letter dated as of October 24, 2013 between the Borrower and the Arranger) in connection with this Amendment and the other Loan Documents; and (c) the Administrative Agent shall have received for the account of each Lender which delivers its executed signature page hereto by 12:00 p.m. noon (New York City time) on November 12, 2013 (or such later time as the Administrative Agent and the Borrower shall agree), an amendment fee equal to 1.00% of such Lender’s unused US Tranche Revolving Commitment, US Tranche LC Exposure and the amount of such Lender’s outstanding Term Loans.
5.    Condition Subsequent to Effectiveness.  To the extent not already paid prior to the effectiveness of the Amendment pursuant to Section 4(c) above, the Borrower agrees to pay to the Administrative Agent for the account of each Lender which delivers an executed signature page to this Amendment after the Amendment effective date but prior to 5:00 p.m. (New York City time) on November 15, 2013 an amendment fee payable on November 18, 2013 equal to 1.00 % of such Lender’s unused US Tranche Revolving Commitment, US Tranche LC Exposure and the amount of such Lender’s outstanding Term Loans. 
6.    Representations and Warranties of the Loan Parties.  Each Loan Party hereby represents and warrants as follows as of the effective date of this Amendment:
(a)    This Amendment and each of the Credit Agreement and the Subsidiary Guarantee Agreement (each as amended hereby), as applicable, constitute legal, valid and binding obligations of such Loan Party and are enforceable against such Loan Party in accordance with their terms, subject to applicable 

9

bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.  
(b)    As of the date hereof after giving effect to the terms of this Amendment, (i) no Default shall have occurred and be continuing and (ii) the representations and warranties of the Borrower set forth in the Credit Agreement, as amended hereby, are true and correct in all material respects on and as of the date hereof, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all material respects on and as of such earlier date.
7.    Reference to and Effect on the Credit Agreement and the Subsidiary Guarantee Agreement.
(a)    Upon the effectiveness hereof, each reference to the Credit Agreement and the Subsidiary Guarantee Agreement in the Credit Agreement, the Subsidiary Guarantee Agreement or any other Loan Document shall mean and be a reference to the Credit Agreement and the Subsidiary Guarantee Agreement, as the case may be, as amended hereby.  This Amendment constitutes a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents.
(b)    Except as specifically amended above, the Credit Agreement, the Subsidiary Guarantee Agreement and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed.
(c)    The Required Lenders and the Administrative Agent hereby consent to the ABL Amendment and such amendment shall be considered a “Permitted Receivables/ABL Facility Document” for all purposes of the Credit Agreement and the other Loan Documents.
(d)    The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders, nor constitute a waiver of any provision of the Credit Agreement, the Subsidiary Guarantee Agreement or any other documents, instruments and agreements executed and/or delivered in connection therewith.
8.    Release.  In further consideration of the execution by the Administrative Agent and the Lenders of this Amendment and the services of the Arranger in connection therewith, to the extent permitted by applicable law, the Borrower, on behalf of itself and each of its Subsidiaries, and all of the successors and assigns of each of the foregoing (collectively, the “Releasors”), hereby completely, voluntarily, knowingly, and unconditionally releases and forever discharges the Collateral Agent, the Administrative Agent, each of the Lenders, the Arranger and, in the case of each of the foregoing, each of its members, each of their advisors, professionals and employees, each affiliate of the foregoing and all of their respective permitted successors and assigns (collectively, the “Releasees”), from any and all claims, actions, suits, and other liabilities, including, without limitation, any so-called “lender liability” claims or defenses (collectively, “Claims”), whether arising in law or in equity, which any of the Releasors ever had, now has or hereinafter can, shall or may have against any of the Releasees for, upon or by reason of any matter, cause or thing whatsoever from time to time occurred on or prior to the date hereof, in any way concerning, relating to, or arising from (i) any of the Transactions, (ii) the Secured Obligations, (iii) the Collateral, (iv) the Credit Agreement or any of the other Loan Documents, (v) the financial condition, business operations, business plans, prospects or creditworthiness of the Borrower or the other Loan Parties, and (vi) the negotiation, documentation and execution of this Amendment and any documents relating hereto except for Claims determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence, bad faith or willful misconduct of such Releasee (or any of its Related Parties).  The 

10

Releasors hereby acknowledge that they have been advised by legal counsel of the meaning and consequences of this release.
9.    Consent and Reaffirmation.  Without in any way establishing a course of dealing by the Administrative Agent or any Lender, each of the undersigned Loan Parties consents to the Amendment and reaffirms the terms and conditions of the Credit Agreement, the Subsidiary Guarantee Agreement, the Security Agreement and any other Loan Document executed by it and acknowledges and agrees that the Credit Agreement, the Subsidiary Guarantee Agreement, the Security Agreement and each and every such Loan Document executed by such undersigned Loan Party in connection with the Credit Agreement remains in full force and effect and is hereby reaffirmed, ratified and confirmed.
10.    Governing Law.  This Amendment shall be construed in accordance with and governed by the law of the State of New York.
11.    Headings.  Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.
12.    Counterparts.  This Amendment may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  Signatures delivered by facsimile or PDF shall have the same force and effect as manual signatures delivered in person.
[Signature Pages Follow]

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IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above written.

YRC WORLDWIDE INC., as the Borrower

By:___/s/ Jamie Pierson___________________________
Name: Jamie Pierson
Title: Executive Vice President and Chief Financial Officer

	
	
	EXPRESS LANE SERVICE, INC.

By:__/s/ Phil J. Gaines________________
Name: Phil J. Gaines 
Title: Senior Vice President, Finance

	NEW PENN MOTOR EXPRESS, INC.

By:__/s/ Stephanie D. Fisher___________
Name: Stephanie D. Fisher 
Title: Vice President, Finance

	ROADWAY EXPRESS INTERNATIONAL, INC.

By:__/s/ Phil J. Gaines________________
Name: Phil J. Gaines 
Title: Senior Vice President, Finance

	ROADWAY LLC

By:__/s/ Phil J. Gaines________________
Name: Phil J. Gaines 
Title: Senior Vice President, Finance

	ROADWAY NEXT DAY CORPORATION

By:__/s/ Stephanie D. Fisher___________
Name: Stephanie D. Fisher 
Title: Vice President, Finance

	ROADWAY REVERSE LOGISTICS, INC.

By:__/s/ Phil J. Gaines________________
Name: Phil J. Gaines 
Title: Senior Vice President, Finance

	
	
	USF BESTWAY INC.

By:__/s/ Stephanie D. Fisher___________
Name: Stephanie D. Fisher 
Title: Vice President, Finance

	USF DUGAN INC.

By:__/s/ Stephanie D. Fisher___________
Name: Stephanie D. Fisher 
Title: Vice President, Finance

	USF GLEN MOORE INC.

By:__/s/ Stephanie D. Fisher___________
Name: Stephanie D. Fisher 
Title: Vice President, Finance

	USF HOLLAND INC.

By:__/s/ Mark Boehmer_______________
Name: Mark Boehmer 
Title: Vice President

	USF REDSTAR LLC

By:__/s/ Stephanie D. Fisher___________
Name: Stephanie D. Fisher 
Title: Vice President, Finance

	USF REDDAWAY INC.

By:__/s/ Mark Boehmer_______________
Name: Mark Boehmer 
Title: Vice President

	
	
	YRC ASSOCIATION SOLUTIONS, INC.

By:__/s/ Phil J. Gaines________________
Name: Phil J. Gaines 
Title: Senior Vice President, Finance

	YRC INC.

By:__/s/ Phil J. Gaines________________
Name: Phil J. Gaines 
Title: Senior Vice President, Finance

	YRC INTERNATIONAL INVESTMENTS, INC.

By:__/s/ Stephanie D. Fisher___________
Name: Stephanie D. Fisher 
Title: Vice President, Finance

	YRC LOGISTICS SERVICES, INC.

By:__/s/ Stephanie D. Fisher___________
Name: Stephanie D. Fisher 
Title: Vice President, Finance

	YRC MORTGAGES, LLC

By:__/s/ Stephanie D. Fisher___________
Name: Stephanie D. Fisher 
Title: Vice President, Finance

	YRC ENTERPRISE SERVICES, INC.

By:__/s/ Phil J. Gaines________________
Name: Phil J. Gaines 
Title: Senior Vice President, Finance

	YRC REGIONAL TRANSPORTATION, INC.

By:__/s/ Stephanie D. Fisher___________
Name: Stephanie D. Fisher 
Title: Vice President, Finance

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Administrative Agent and as a Lender

By:____________________________________
Name:
Title:

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