Document:

Ex. 10.1 JamesPWoidkeSeparationAgreement_FINAL

SEPARATION AGREEMENT
This SEPARATION AGREEMENT (this “Agreement”) is entered into as of February 27, 2015, between SIFCO Industries, Inc., an Ohio corporation (the “Company”), and James P. Woidke (“Executive”).
RECITALS
A.Executive has been employed by the Company as its President and Chief Operating Officer.
B.    Executive and the Company are parties to the Amended and Restated Change in Control and Severance Agreement dated April 27, 2010 (“Severance Agreement”).
C.    Executive and the Company are parties to a Confidentiality Agreement, an Agreement on Inventions and Patents, and an Employee Non‐Compete Agreement each dated April 4, 2006 (collectively, “Confidentiality, Inventions and Non‐Compete Agreements”).
D.    Executive and the Company have mutually agreed to terminate the employment relationship effective on February 28, 2015 (the “Termination Date”).
E.    Executive and the Company desire to provide for a smooth transition of Executive’s responsibilities and to resolve all issues regarding his employment with and separation from the Company.  Accordingly, and without admitting any liability or wrongdoing whatsoever, they are entering into this Agreement.
In consideration of the promises and mutual agreements, provisions, and covenants contained in this Agreement and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows:
AGREEMENTS
1.1Executive hereby acknowledges, covenants, and agrees:
		
	(a)
	That his employment with the Company as President and Chief Operating Officer will be terminated effective as of the Termination Date, and he hereby resigns from any and all other positions held with the Company and any affiliate thereof as of the Termination Date.

		
	(b)
	To release and discharge forever the Company and its: (i) affiliated companies and entities, (ii)  present and former directors, shareholders, officers, employees, agents, and attorneys, (iii) predecessors, (iv) successors, (v) insurance carriers, and (vi) assigns (the Company and (i) through (vi) are sometimes hereinafter collectively referred to as the “Company and All Related Parties”), and each of them, from all liabilities, claims, causes of action, charges, complaints, obligations, costs, losses, damages, injuries, attorneys’ fees, and other legal responsibilities, of any form whatsoever, whether known or unknown, foreseen or unforeseen, anticipated or unanticipated, suspected or unsuspected, manifest or latent, which Executive 

now owns or holds, has at any time heretofore owned or held or may at any time own or hold by reason of any matter or thing arising from any cause whatsoever prior to the Effective Date of this Agreement, and without limiting the generality of the foregoing, from all claims, demands, and causes of action based on, relating to, or arising out of Executive’s status as a shareholder, or ownership of shares, in the Company, or Executive’s employment with the Company or any of its affiliates, compensation for such employment, or the termination of such employment relationship, including but not limited to claims for breach of contract, defamation, invasion of privacy, wrongful discharge, retaliatory discharge based on the asserted engagement of any type of protected activity, or whistleblowing including, without limitation, under the Sarbanes-Oxley Act, or those claims arising under the Americans With Disabilities Act, the Age Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964, Ohio Revised Code Chapter 4112, Section 4113.52 of the Ohio Revised Code, and any other federal, state, or local laws prohibiting age, sex, race, national origin, disability, or any other forms of discrimination or sexual or other forms of harassment.  The foregoing shall not release any rights under this Agreement or the obligation of the Company to indemnify or advance expenses, or the rights to indemnification or advancement of any expenses that Executive has, pursuant to any director and officer or other insurance policy the Company maintains or has maintained (including self-insurance), the General Corporation laws of the State of Ohio or other applicable state or jurisdiction or pursuant to the articles of incorporation or code of regulations of the Company.
		
	(c)
	That (i) he has made no assignment and will make no assignment of the claims, demands, causes of action, or other rights released herein; and (ii) other than for a claim brought by him challenging the validity of this Agreement under the Age Discrimination in Employment Act, he will not institute any legal proceedings or, absent an order from a court of competent jurisdiction, participate in any manner in any civil lawsuit based upon, arising out of, or relating to any claim, demand, cause of action, or other right released herein.  In the event any such civil lawsuit is initiated by Executive or any assignee or successor of Executive, Executive agrees to repay to the Company all consideration paid by the Company under this Agreement upon the demand of the Company.  Executive further agrees to indemnify and hold harmless the Company and All Related Parties against any loss or liability whatsoever, including but not limited to reasonable attorneys’ fees, caused by or incurred in any action before any court, which is brought by or on behalf of Executive or Executive’s successors in interest if such action arises out of, is based on, or is related to any claims, demands, causes of action, or other rights released herein.  The foregoing shall not prohibit Executive from filing a charge of discrimination with the United States Equal Employment Opportunity Commission or the Ohio Civil Rights Commission, however, 

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Executive acknowledges and agrees that this Agreement waives and releases any right to individual relief at law or equity that Executive may otherwise have in connection with any proceeding arising out of any such charge of discrimination.
		
	(d)
	Executive hereby acknowledges and agrees that in the course of his employment with Company Executive has had access to certain proprietary and Confidential Information of the Company.  Executive agrees (i) to hold the Confidential Information in strict confidence, (ii) not to disclose such Confidential Information to others, and (iii) not to use the Confidential Information in any way.  For purposes of this Agreement, Confidential Information shall include but not be limited to:  business plans and strategies, marketing plans and strategies, customer lists, customer purchasing information, customer contact information, product design and development information, methods of operation, technical services, non-public financial information, business development plans and strategies, system analyses, quality control programs and information, computer programs, software and hardware configurations, information regarding the terms of the Company’s relationships with suppliers, pricing information, processes and techniques, creations, innovations, and any other information which the Company may reasonably treat or designate as confidential from time to time.  The Company believes that all Confidential Information constitutes trade secret information under applicable law.  Executive shall, however, maintain the confidentiality of all Confidential Information whether or not ultimately determined to be a trade secret.

		
	(e)
	To the best of his knowledge and belief, he has already reported to the Company any actions or inactions by the Company or any Related Parties that could constitute the basis for a claimed violation of any federal, state, or local law or regulation.

2.1    The Company hereby acknowledges and agrees that upon Executive’s prior execution and delivery of this Agreement to the Company, the Company shall, following the Effective Date (as defined in paragraph 3.7 of this Agreement):
		
	(a)
	Pay Executive, on the first regular payroll date, following the Effective Date, less all required federal, state, and local income and employment taxes and related deductions and withholdings, the following amounts:

i)    Severance pay in a lump sum amount equal to the sum of one and one-half (1.5) times Executive’s base salary in effect on the Termination Date (total amount of $525,000.00).
ii)    Severance pay in a lump sum amount equal to one and one-half (1.5) times Executive’s average annual incentive compensation during the prior three year period ($180,800.00).

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iii)    A lump sum amount of $9,423.00 representing seven (7) days of  vacation pay.
		
	(b)
	Pursuant to Section c of Exhibit A to the Severance Agreement, deliver to Executive, on March 9, 2015, 11,247 shares of Company stock, less all required federal, state, and local income and employment taxes and related deductions and withholdings, which such deductions and withholdings may be taken from the severance payment described in paragraph 2.1(a).  Notwithstanding the foregoing, Executive may elect to have the required withholdings satisfied by having the Company withhold from the shares of Company stock otherwise issuable to him pursuant to this Section 2.1(b) a number of shares having a fair market value equal to the statutory minimum amount of such withholdings.

		
	(c)
	Provide, at its expense, executive outplacement services with Dise & Company for a period of twelve (12) months following the Termination Date.  If Executive does not initiate participation in outplacement services within one month of the Termination Date, such services will not be available to him.  Further, to the extent that Executive does not actively participate in such outplacement services at any point during the twelve (12) months, such services shall be discontinued.

2.2    Executive’s coverage under the Company’s dental, long term and short term disability, life, and any other insurance plans or policies in which Executive participated immediately prior to the Termination Date, as well as any such insurance obtained by Executive and reimbursed by the Company immediately prior to the Termination Date will continue at the Company’s expense until the earlier of (a) six (6) months following the Termination Date or (b) until Executive becomes eligible to participate in health insurance provided by a new employer, subject to Executive’s right to continue coverage under the Consolidated Omnibus Budget Reduction Act of 1986 (“COBRA”).  The Company will provide any notices regarding the foregoing as required by law.  The Company will provide COBRA coverage for Executive at the Company’s expense until the earlier of (a) eighteen (18) months or (b) until Executive becomes eligible to participate in health insurance provided by a new employer, if Executive properly elects such COBRA coverage.  Notwithstanding the foregoing, the COBRA coverage under the Company’s plans will only be available to Executive for a maximum of eighteen (18) months, or such shorter period of time as required by applicable law.
2.3    Except as provided in paragraph 2.1(c) above, the Company and Executive acknowledge that Executive is forfeiting the Performance Shares pursuant to those certain Performance Shares Award Agreements between the Company and Executive dated as of November 13, 2013, January 28, 2014, and November 13, 2014.
2.4    The Company acknowledges that Executive has certain personal effects, which are his personal possessions and which Executive shall have a right to remove from the Company on or before the Termination Date.  Executive and the Company will cooperate in good faith in the review of the Company’s files and documents to determine those items that Executive may retain.  Executive’s retention of any such items shall be subject to his confidentiality and nondisclosure obligations under this Agreement and any nondisclosure agreement.
2.5    The Company agrees to provide Executive in advance with sufficient time for review (which shall be deemed to be no less than 24 hours by Email), any press release or filing to be made publicly, or with the Securities and Exchange Commission or the New York Stock 

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Exchange, which has as its subject the termination of Executive’s relationship with the Company; provided, however, the Company will need to only provide the portion of the press release or filing that deals with Executive.
2.6    The Company releases and forever discharges Executive, his heirs, attorneys, successors, and assigns, and each of them, from all liabilities, claims, causes of action, charges, complaints, obligations, costs, losses, damages, injuries, attorneys’ fees, and other legal responsibilities, of any form whatsoever, whether known or unknown, foreseen or unforeseen, anticipated or unanticipated, suspected or unsuspected, manifest or latent, which the Company now holds, has at any time heretofore owned or held, or may at any time own or hold by reason of any matter or thing arising from any cause whatsoever prior to the Effective Date of this Agreement.
2.7    That (i) the Company has made no assignment and will make no assignment of the claims, demands, causes of action, or other rights released herein; and (ii) it will not institute any legal proceedings or, absent an order from a court of competent jurisdiction, participate in any manner in any civil lawsuit based upon, arising out of, or relating to any claim, demand, cause of action, or other right released herein.
3.0    Executive shall fully cooperate with the Company in the transition of his duties and responsibilities by being reasonably available to answer questions and other inquiries by telephone.
3.1    Subject to paragraph 2.4 and except as set forth on Exhibit A, Executive covenants and represents that he has returned, or will return before the Effective Date of this Agreement, to the Company all of the Company’s property of any kind in his possession or the possession of his agents including, without limitation, all keys, credit cards, files, papers, documents, and devices for holding electronic information.  Executive further agrees that he will not, without prior written consent of the Company, directly or indirectly, disclose, reveal, or communicate, or cause or allow to be disclosed, revealed, or communicated, to any third party any of the Company’s or its affiliates’ confidential matters, non-public information, proprietary information, or trade secrets.
3.2    All provisions of this Agreement will be binding on and inure to the benefit of the dependents, successors, heirs, executors, representatives, administrators, and assigns of Executive, and the Company and All Related Parties.
3.3    With the exception of the Confidentiality, Inventions and Non‐Compete Agreements, the Performance Shares Award Agreements, the conversion rights to any insurance benefits, the vested rights in the Company’s 401(k) Plan, and Executive’s COBRA rights, all of which shall remain in full force and effect, this Agreement constitutes the entire agreement among the parties and supersedes and extinguishes all prior negotiations and agreements among the parties.  It is further agreed that, other than the payments and entitlements specifically referenced in this Agreement, all payments due Executive as a result of his employment, whether salary, severance, bonus, commission, stock options, 

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membership interest, stock grant, or other payments, have been made and that Executive is due no other payments whatsoever, except those specifically provided for herein.
3.4    Executive and the Company further acknowledge and agree:
		
	(a)
	Neither Executive nor any of the individuals within the Company (including All Related Parties) with knowledge of this Agreement will make any statement or otherwise communicate, divulge, or disseminate any information regarding the events, discussions, or communications relating to or leading up to this Agreement, to any person or entity, other than the information set forth in the Company’s Form 8-K filing regarding Executive’s separation from employment and this Agreement, and any subsequent filings required under the rules of the Securities and Exchange Commission or the New York Stock Exchange.  Nothing herein shall limit any communication that Executive may have with his legal advisor, nor by the Company with its legal advisor and independent registered audit firm, provided that Executive and the Company, as applicable, will cause them to comply with this paragraph 3.4(a).  Furthermore, subject to the limitations in paragraph 3.1 of this Agreement, nothing shall limit Executive’s duty to respond to any request by the Company’s Board of Directors or a committee thereof, any attorney representing the Company, or in response to a lawfully issued subpoena from a court or agency of competent jurisdiction, provided that in the event Executive receives such a subpoena, he shall provide notice to the Company within two (2) days of receipt thereof to enable the Company to move to quash or otherwise limit such subpoena.  Furthermore, Executive agrees not to oppose any action by the Company in connection with any such subpoena.

		
	(b)
	Executive will not, directly or indirectly, for the benefit of Executive or any third party, for a period of eighteen (18) months after the Termination Date (the “Restriction Period”), do any of the following:

(i)    solicit, hire, or otherwise engage the services of any person who then currently is, or who within the previous twelve (12) calendar months was, an employee, consultant, officer, or agent of the Company or any affiliate of the Company, or induce or attempt to induce a current customer or supplier of the Company, to cease doing business with the Company or any affiliate of the Company;
(ii)     solicit for the purpose of selling, sell to or otherwise provide any products or services competitive with the products and services of the Company or any affiliate of the Company to any person, firm or entity which was a customer or prospective customer of the Company or any affiliate of the Company, at any time within the previous twelve (12) calendar months, or advise or assist in any way any person or entity in such activity.  As used herein, “prospective customer” means any potential customer of the 

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Company or any affiliate of the Company which Executive knew or reasonably should have known that the Company or any affiliate of the Company was actively soliciting (other than through a general campaign) or actively considered soliciting (other than through a general campaign) at any time within the previous twelve (12) calendar months; or
(iii)      divert or attempt to divert any business, customer, partner, or supplier of the Company or any affiliate of the Company to any competitor, or do or perform, directly or indirectly, any other act injurious or prejudicial to the goodwill and business reputation associated with the Company or any affiliate of the Company.
(c)    Executive and the Company agree they will not make any disparaging remarks about the other.  Disparagement for purposes of this Agreement means to engage in any act or omission that would in either case subject Executive or the Company to public disrespect, scandal, or ridicule, or have a material adverse effect on their businesses, results of operations, financial conditions, reputations, or standing in the community.
(d)    For purposes of paragraphs 3.1 and 3.4 of this Agreement, Executive and the Company acknowledge that the term “Company” includes the Company and All Related Parties as defined in paragraph 1.1(b) of this Agreement.
(e)    Executive retains any and all rights that he may have as a shareholder of the Company under Ohio law, the Company’s Articles of Incorporation, or the Company’s Code of Regulations, except to the extent any such right is expressly waived, released, prohibited, or otherwise restricted by this Agreement.
3.5    Executive and the Company acknowledge that they understand the terms of this Agreement, that they have had the opportunity to review it with legal counsel of their own choosing, and that they are relying solely on the contents of this Agreement and are not relying on any other representation whatsoever as an inducement to enter into this Agreement.
3.6    This Agreement will be construed and enforced in accordance with the laws of the State of Ohio.  This Agreement may not be varied, altered, modified, canceled, changed, or in any way amended, except by written agreement, signed by both parties.
3.7    Executive acknowledges that he is aware of his right to revoke this Agreement at any time within the seven (7) day period following the date this Agreement is signed by him and that, unless so revoked by written notice to the Company, this Agreement will become effective as of the eighth day following the date he executes the Agreement (the “Effective Date”).  Executive further acknowledges that the payments to him specified in this Agreement will be paid only after the expiration of such seven (7) day revocation period.

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3.8    Executive and the Company further acknowledge that (a) they have read this Agreement, (b) the Company has offered Executive a period of twenty-one (21) days for Executive to consider whether to enter into this Agreement, and Executive has either considered this Agreement and its terms for that period of time or has knowingly and voluntarily waived his right to do so, (c) the Company has advised Executive in writing to consult with an attorney prior to his signing this Agreement, (d) they are each signing this Agreement voluntarily with full knowledge that it is intended, to the maximum extent permitted by law, as a complete release and waiver of all claims, and without any coercion, undue influence, threat, or intimidation of any kind or type whatsoever, and (e) nothing herein constitutes any admission of liability or wrongdoing on the part of Executive or the Company.  The Company represents that it has the full authority to enter into this Agreement and that the terms and conditions are fully binding upon it.
3.9    Certain payments contemplated by this Agreement may be “deferred compensation” for purposes of Section 409A of the Internal Revenue Code (“Code”). Accordingly, the following provisions shall be in effect for purposes of avoiding or mitigating any adverse tax consequences to the Executive under Section 409A:
		
	(a)
	A termination of employment will not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment, unless such termination is also a “separation from service” within the meaning of Code Section 409A, for purposes of any such provision of this Agreement, references herein to “termination,” “termination of employment,” or similar terms will mean “separation from service.”

		
	(b)
	The intent of the parties hereto is that payments and benefits under this Agreement comply with or be exempt from Code Section 409A and the regulations and guidance promulgated thereunder, and, accordingly, to the maximum extent permitted, this Agreement will be interpreted to be in compliance therewith or exempt therefrom.  In no event whatsoever will the Company be liable for any additional tax, interest, or penalty that may be imposed on Executive by Code Section 409A or damages for failing to comply with Code Section 409A.

		
	(c)
	To the extent any provisions of this Agreement would otherwise contravene one or more requirements or limitations of Code Section 409A, then the Company and Executive may, within any applicable time period provided under the Treasury Regulations issued under Code Section 409A, effect through mutual agreement the appropriate amendments to those provisions that are necessary to bring the provisions of this Agreement into compliance with Code Section 409A, provided such amendments shall not reduce the dollar amount of any such item of deferred compensation or adversely affect the vesting provisions applicable to such item, or otherwise reduce the present value of that item.  If any legislation is enacted during the term of this 

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Agreement which imposes a dollar limit on deferred compensation, then Executive will cooperate with the Company in restructuring any items of compensation under this Agreement that are deemed to be deferred compensation subject to such limitation, provided such restructuring shall not reduce the dollar amount of any such item, adversely affect the vesting provisions applicable to such item, or otherwise reduce the present value of that item.
		
	(d)
	Notwithstanding any provision to the contrary in this Agreement, if (i) the Company, in its good faith discretion, determines that any payments or benefits described in this Agreement would constitute non-exempt deferred compensation for purposes of Code Section 409A and (ii) Executive is a “specified employee” (within the meaning of Code Section 409A and the Treasury Regulations thereunder) at the time of his termination of employment, then such payments or benefits shall not be made or paid to the Executive prior to the earlier of (x) the expiration of the six (6) month period measured from the date of such “separation from service” or (y) the date of his death (the “Delay Period”).  Upon the expiration of the Delay Period, all payments deferred pursuant to the foregoing shall be paid in a lump sum to Executive, and any remaining payments due under this Agreement shall be paid in accordance with the normal payment dates specified for them in this Agreement.

		
	(e)
	For purposes of Code Section 409A, Executive’s right to receive any installment payment pursuant to this Agreement will be treated as a right to receive a series of separate and distinct payments.

		
	(f)
	Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment will be made within thirty (30) days following the Termination Date”), the actual date of payment within the specified period will be determined solely by the Company.

		
	(g)
	To the extent that reimbursements or other in-kind benefits under this Agreement constitute non-exempt deferred compensation for purposes of Code Section 409A, (i) all expenses or other reimbursements hereunder shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by Executive, (ii) any right to such reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (iii) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year.

4.0.    NOTICES.  For purposes of this Agreement, all communications provided for herein shall be in writing and shall 

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be deemed to have been duly given when hand delivered or mailed by United States Express mail, postage prepaid, addressed as follows:
	
		
	(a)
	If the notice is to the Company:

	 
	 

	 
	SIFCO Industries, Inc.
970 East 64th Street
Cleveland, OH 44103-1694
Attn:  Chief Executive Officer

	
		
	 
	With a Copy to:

	 
	 

	 
	Benesch, Friedlander, Coplan & Aronoff, LLP
200 Public Square, Suite 2300
Cleveland, OH 44114-2378
Attn:  Megan L. Mehalko, Esq.

	 
	 

	(b)
	If the notice is to the Executive:

	 
	 

	 
	Mr. James P. Woidke
31908 Woodside Circle
Avon Lake, OH 44012

or to such other address as either party hereto may have furnished to the other in writing and in accordance herewith; except that notices of change of address shall be effective only upon receipt.
IN WITNESS WHEREOF, this Agreement has been executed by or on behalf of each of the parties hereto as of the date first written above.

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/s/ James P. Woidke
                                     
JAMES P. WOIDKE

Date of Execution:    2/27/15      
	SIFCO INDUSTRIES, INC.

By:    /s/ Thomas R. Kubera       
   
Print Name Thomas R. Kubera
and Title:    Corporate Controller      

Date of Execution:    2/27/15      

	 
	 

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EXHIBIT A

Company owned items agreed to be retained by Executive:

		
	•
	Laptop

		
	•
	iPad

		
	•
	iPhone

The fair market value of these items will be included in Executive’s taxable income.PNK EX 4.11 12.31.14

Exhibit 4.11

Annual Incentive Program - Automatic Grant 

TEAM MEMBER AIP OTHER STOCK UNIT AWARD GRANT NOTICE AND AWARD AGREEMENT

Congratulations!  As a key leader in our business, you have been in a position to have significant influence on the outcomes that affect our guests and Pinnacle Entertainment, Inc. (the “Company” or “Pinnacle”).  I am pleased to inform you that, in recognition of the role you play in our collective success, and the results attained under the Annual Incentive Plan, you have been granted a restricted stock unit award (or “Other Stock Unit Award”).  This award is subject to the terms and conditions of the 2005 Equity and Performance Incentive Plan and the following Other Stock Unit Award Agreement, which are in all events the governing documents for your award.  The details of this award are indicated below.  

	
			
	Grantee:
	 
	 

	Date of Grant:
	 
	 

	Covered Shares of Common Stock:
	 
	 

	Performance Period:
	Calendar Year Prior to the Date of Grant
	 

	Vesting Date:
	Date of Grant
	 

	Settlement Date:
	January 1st Immediately Following the Date of Grant

Restricted stock units can be a great opportunity for individual wealth creation.  As our Company becomes more valuable through management running the business better and through growth opportunities, the value or price of a share of the Company’s common stock should increase.  Through your efforts and the efforts of your colleagues, you have the ability to help increase the value of the Company for all shareholders.  

Thank you for all you do each and every day as a leader and owner of the Company.  Our focus on driving profitable revenues, eliminating non-value added expense and investing our capital prudently is collectively building a much stronger Pinnacle.  We are establishing a balanced portfolio of properties as we continue to grow nationally and internationally, and are well on our way to becoming the BEST CASINO ENTERTAINMENT COMPANY IN THE WORLD.

It is an exciting time to be part of Pinnacle Entertainment!

Anthony Sanfilippo
Chief Executive Officer

THIS OTHER STOCK UNIT AWARD AGREEMENT (together with the above grant notice (the “Grant Notice”), the “Agreement”) is made and entered into as of the date set forth on the Grant Notice by and between Pinnacle Entertainment, Inc., a Delaware corporation (the “Company”), and the individual (the “Grantee”) set forth on the Grant Notice.  
A.    Pursuant to the Pinnacle Entertainment, Inc. 2005 Equity and Performance Incentive Plan, as amended (the “Plan”), and the Annual Incentive Plan, the Compensation Committee (the “Committee”) has determined that it is to the advantage and best interest of the Company to grant to the Grantee this Award of Other Stock Unit Awards (the “Award”) covering the number of shares of the Common Stock of the Company (the “Shares”) set forth on the Grant Notice, and in all respects subject to the terms, definitions and provisions of the Plan, which is incorporated herein by reference.  
B.    Unless otherwise defined herein, capitalized terms used in this Agreement shall have the meanings set forth in the Plan.
NOW, THEREFORE, in consideration of the mutual agreements contained herein, the Grantee and the Company hereby agree as follows:
1.    Acceptance of Agreement.  Grantee has reviewed the Plan and this Agreement, and all provisions of the Plan and Agreement.  By electronically accepting this Award according to the instructions provided by the Company’s designated broker, Grantee agrees that this electronic contract contains Grantee’s electronic signature, which Grantee has executed with the intent to sign this Agreement, and that this Award is granted under and governed by the terms and conditions of the Plan and this Agreement.  Grantee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee on questions relating to the Plan and this Agreement. 
2.    Grant of Award.  The Company hereby grants to Grantee an Other Stock Unit Award in the form of a Restricted Stock Unit with the number of shares such Award represents determined by the average of the closing sale price of the Company’s Common Stock on the last trading day of each month during the period beginning with the month immediately preceding the first month of the Performance Period and ending with the last month of the Performance Period, subject to the terms and conditions set forth in this Agreement, the Plan and the Annual Incentive Plan.  The Company shall maintain an account (“Stock Unit Account”) on its books in the name of the Grantee which shall reflect the number of Other Stock Unit Awards awarded to the Grantee that the Grantee is eligible to receive in distribution pursuant to this Agreement.  The Other Stock Unit Awards granted hereunder shall be subject to the terms and provisions of the Plan, and all capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Plan.  The Other Stock Unit Awards shall not be entitled to Dividend Equivalents under Section 12.5 of the Plan, but shall be subject to adjustment in accordance with Section 12.2 of the Plan.
3.    Vesting and Forfeiture.  This Award shall become fully vested on the vesting date set forth in the Grant Notice (the “Vesting Date”), subject to the following conditions:
3.1.    If, before the Vesting Date, the Grantee voluntarily terminates his or her Continuous Status as an Employee, Director or Consultant for any reason other than “good reason” (as defined in the Grantee’s employment agreement with the Company, if applicable), this Award shall never vest, but shall be forfeited in full and revert to the Company; provided, however, that the Chief Executive Officer shall have the discretion to recommend to the Committee, and the Committee shall have the discretion to approve, the full and immediate acceleration of vesting of the Award and settlement in accordance with Section 4.
3.2.    If, before the Vesting Date, the Grantee’s employment with the Company is terminated by the Company for Cause, this Award shall never vest, but shall be forfeited in full and revert to the Company.
3.3.    If, before the Vesting Date, the Grantee terminates employment with the Company for “good reason” (as defined in the Grantee’s employment agreement with the Company, if applicable) or the Grantee’s 

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employment with the Company is terminated by the Company without Cause, this Award shall vest fully and immediately and be settled in accordance with Section 4.  
3.4.    If, before the Vesting Date, a Change of Control (as defined in the Plan) occurs, this Award shall become fully vested immediately prior to the consummation of the Change of Control.
3.5    If, after the Vesting Date but before the settlement date set forth in the Grant Notice (the “Settlement Date”), the Grantee’s employment with the Company is terminated by the Company for Cause, this Award shall be forfeited in full and revert to the Company.
4.    Settlement Date and Transfer of Shares.  This Award (to the extent vested) shall be settled by the Company by the issuance of Shares on the settlement date set forth in the Grant Notice (the “Settlement Date”), and delivery of such Shares on the following business day; provided, however, that if the Grantee’s Continuous Status as an Employee, Director or Consultant terminates for any reason (other than Cause) before the July 1 immediately preceding the Settlement Date, the Award (to the extent vested) shall be settled on account of the Grantee’s termination of Continuous Status as an Employee, Director or Consultant on the first business day that is six months after such termination.
Any issuance of Shares shall be made only in whole Shares, and any fractional shares shall be distributed in an equivalent cash amount.  Such distributed Shares shall be registered in the name of the Grantee (or if applicable, the Beneficiaries of the Grantee) and distributed to the Grantee (or if applicable, the Beneficiaries of the Grantee) on the distribution date(s) described above.
5.    General.
5.1.    Governing Law.  This Agreement shall be governed by and construed under the laws of the State of Delaware applicable to agreements made and to be performed entirely in Delaware, without regard to the conflicts of law provisions of Delaware or any other jurisdiction. 
5.2.    Community Property.  Without prejudice to the actual rights of the spouses as between each other, for all purposes of this Agreement, the Grantee shall be treated as agent and attorney-in-fact for that interest held or claimed by his or her spouse with respect to this Award and the parties hereto shall act in all matters as if the Grantee was the sole owner of this Award.  This appointment is coupled with an interest and is irrevocable.  
5.3.    No Employment Rights.  Nothing herein contained shall be construed as an agreement by the Company or any of its subsidiaries, express or implied, to employ the Grantee or contract for the Grantee’s services, to restrict the Company’s or such subsidiary’s right to discharge the Grantee or cease contracting for the Grantee’s services or to modify, extend or otherwise affect in any manner whatsoever the terms of any employment agreement or contract for services which may exist between the Grantee and the Company or any of its subsidiaries.
5.4.    Application to Other Stock.  In the event any capital stock of the Company or any other corporation shall be distributed on, with respect to, or in exchange for shares of Common Stock as a stock dividend, stock split, reclassification or recapitalization in connection with any merger or reorganization or otherwise, all restrictions, rights and obligations set forth in this Agreement shall apply with respect to such other capital stock to the same extent as they are, or would have been applicable, to the Shares on or with respect to which such other capital stock was distributed.  
5.5.    No Third-Party Benefits.  Except as otherwise expressly provided in this Agreement, none of the provisions of this Agreement shall be for the benefit of, or enforceable by, any third-party beneficiary.  
5.6.    Successors and Assigns.  Except as provided herein to the contrary, this Agreement shall be binding upon and inure to the benefit of the parties, their respective successors and permitted assigns.

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5.7.    No Assignment.  Except as otherwise provided in this Agreement, the Grantee may not assign any of his, her or its rights under this Agreement without the prior written consent of the Company, which consent may be withheld in its sole discretion.  The Company shall be permitted to assign its rights or obligations under this Agreement, but no such assignment shall release the Company of any obligations pursuant to this Agreement.  
5.8.    Severability.  The validity, legality or enforceability of the remainder of this Agreement shall not be affected even if one or more of the provisions of this Agreement shall be held to be invalid, illegal or unenforceable in any respect.
5.9.    Equitable Relief.  The Grantee acknowledges that, in the event of a threatened or actual breach of any of the provisions of this Agreement, damages alone will be an inadequate remedy, and such breach will cause the Company great, immediate and irreparable injury and damage.  Accordingly, the Grantee agrees that the Company shall be entitled to injunctive and other equitable relief, and that such relief shall be in addition to, and not in lieu of, any remedies it may have at law or under this Agreement.
5.10.    Arbitration.  
5.10.1.    General.  Any controversy, dispute, or claim between the parties to this Agreement, including any claim arising out of, in connection with, or in relation to the formation, interpretation, performance or breach of this Agreement shall be settled exclusively by arbitration, before a single arbitrator, in accordance with this Section 5.10 and the then most applicable rules of the American Arbitration Association.  Judgment upon any award rendered by the arbitrator may be entered by any state or federal court having jurisdiction thereof.  Such arbitration shall be administered by the American Arbitration Association.  Arbitration shall be the exclusive remedy for determining any such dispute, regardless of its nature.  Notwithstanding the foregoing, either party may in an appropriate matter apply to a court for provisional relief, including a temporary restraining order or a preliminary injunction, on the ground that the award to which the applicant may be entitled in arbitration may be rendered ineffectual without provisional relief.  Unless mutually agreed by the parties otherwise, any arbitration shall take place in the City of Las Vegas, Nevada.  
5.10.2.    Selection of Arbitrator.  In the event the parties are unable to agree upon an arbitrator, the parties shall select a single arbitrator from a list of nine arbitrators drawn by the parties at random from the “Independent” (or “Gold Card”) list of retired judges or, at the option of the Grantee, from a list of nine persons (which shall be retired judges or corporate or litigation attorneys experienced in stock incentives and buy-sell agreements) provided by the office of the American Arbitration Association having jurisdiction over Las Vegas, Nevada.  If the parties are unable to agree upon an arbitrator from the list so drawn, then the parties shall each strike names alternately from the list, with the first to strike being determined by lot.  After each party has used four strikes, the remaining name on the list shall be the arbitrator.  If such person is unable to serve for any reason, the parties shall repeat this process until an arbitrator is selected.
5.10.3.    Applicability of Arbitration; Remedial Authority.  This agreement to resolve any disputes by binding arbitration shall extend to claims against any parent, subsidiary or affiliate of each party, and, when acting within such capacity, any officer, director, stockholder, employee or agent of each party, or of any of the above, and shall apply as well to claims arising out of state and federal statutes and local ordinances as well as to claims arising under the common law.  In the event of a dispute subject to this paragraph the parties shall be entitled to reasonable discovery subject to the discretion of the arbitrator.  The remedial authority of the arbitrator (which shall include the right to grant injunctive or other equitable relief) shall be the same as, but no greater than, would be the remedial power of a court having jurisdiction over the parties and their dispute.  The arbitrator shall, upon an appropriate motion, dismiss any claim without an evidentiary hearing if the party bringing the motion establishes that he or it would be entitled to summary judgment if the matter had been pursued in court litigation.  In the event of a conflict between the applicable rules of the American Arbitration Association and these procedures, the provisions of these procedures shall govern. 
5.10.4.    Fees and Costs.  Any filing or administrative fees shall be borne initially by the party requesting arbitration.  The Company shall be responsible for the costs and fees of the arbitration, unless the Grantee 

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wishes to contribute (up to 50%) of the costs and fees of the arbitration.  Notwithstanding the foregoing, the prevailing party in such arbitration, as determined by the arbitrator, and in any enforcement or other court proceedings, shall be entitled, to the extent permitted by law, to reimbursement from the other party for all of the prevailing party’s costs (including but not limited to the arbitrator’s compensation), expenses, and attorneys’ fees.
5.10.5.    Award Final and Binding.  The arbitrator shall render an award and written opinion, and the award shall be final and binding upon the parties.  If any of the provisions of this paragraph, or of this Agreement, are determined to be unlawful or otherwise unenforceable, in whole or in part, such determination shall not affect the validity of the remainder of this Agreement, and this Agreement shall be reformed to the extent necessary to carry out its provisions to the greatest extent possible and to insure that the resolution of all conflicts between the parties, including those arising out of statutory claims, shall be resolved by neutral, binding arbitration.  If a court should find that the arbitration provisions of this Agreement are not absolutely binding, then the parties intend any arbitration decision and award to be fully admissible in evidence in any subsequent action, given great weight by any finder of fact, and treated as determinative to the maximum extent permitted by law.  
5.11.    Section 409A.  The Plan and this Grant of Other Stock Unit Awards shall be interpreted in compliance with Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations thereunder (“Section 409A”).  In the event that any compensation with respect to the Grantee’s separation from service is “deferred compensation” within the meaning of Section 409A, the stock of the Company or any affiliate is publicly traded on an established securities market or otherwise, and the Grantee is determined to be a “specified employee”, as defined in Section 409A(a)(2)(B)(i) of the Code, transfer of the Shares covered by vested Other Stock Unit Awards shall be delayed as required by Section 409A.  Such delay shall last six months from the date of the Grantee’s separation from service, except in the event of Executive’s death.  For all purposes of the Award, references herein to “termination” of Continuous Status as an Employee, Director or Consultant or other terms of similar import shall in each case mean and require a “separation from service” within the meaning of Section 409A.  Grantee shall have no right directly or indirectly to designate the taxable year of payment.  Until the transfer of Shares under Section 4 hereof, the Other Stock Unit Awards shall represent only an unsecured and unfunded promise to deliver the Shares in the future, and the rights of the Grantee against the Company shall be only those of an unsecured creditor.
5.12.    Withholding Taxes.  The Company has the right to take whatever steps the Company deems necessary or appropriate to comply with all applicable federal, state, local, and employment tax withholding requirements, and the Company’s obligations to deliver shares of Common Stock upon the settlement of this Award will be conditioned upon compliance with all such withholding tax requirements.  Without limiting the generality of the foregoing, upon the settlement of this Award, the Company will have the right to withhold taxes from any other compensation or other amounts which it may owe to the Grantee, or to require the Grantee to pay to the Company the amount of any taxes which the Company may be required to withhold with respect to the shares issued on such exercise.  Without limiting the generality of the foregoing, the Committee in its discretion may authorize the Grantee to satisfy all or part of any withholding tax liability by (a) having the Company withhold from the shares of Common Stock which would otherwise be issued on the settlement of an Award that number of shares having a Fair Market Value, as of the date the withholding tax liability arises, equal to or less than the amount of the Company’s withholding tax liability, or (b) by delivering to the Company previously-owned and unencumbered shares of the Common Stock having a Fair Market Value, as of the date the withholding tax liability arises, equal to or less than the amount of the Company’s withholding tax liability.
5.13.    Headings.  The section headings in this Agreement are inserted only as a matter of convenience, and in no way define, limit, extend or interpret the scope of this Agreement or of any particular section.
5.14.    Number and Gender.  Throughout this Agreement, as the context may require, (a) the masculine gender includes the feminine and the neuter gender includes the masculine and the feminine; (b) the singular tense and number includes the plural, and the plural tense and number includes the singular; (c) the past tense includes the present, and the present tense includes the past; (d) references to parties, sections, paragraphs and exhibits mean the parties, sections, paragraphs and exhibits of and to this Agreement; and (e) periods of days, weeks or months mean calendar days, weeks or months.

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5.15.    Electronic Delivery and Disclosure.  The Company may, in its sole discretion, decide to deliver or disclose, as applicable, any documents related to this Award granted under the Plan, future awards that may be granted under the Plan, the prospectus related to the Plan, the Company’s annual reports or proxy statements by electronic means or to request Grantee’s consent to participate in the Plan by electronic means.  Grantee hereby consents to receive such documents delivered electronically or to retrieve such documents furnished electronically, as applicable, and agrees to participate in the Plan through any online or electronic system established and maintained by the Company or another third party designated by the Company.
5.16.    Data Privacy.  Grantee agrees that all of Grantee’s information that is described or referenced in this Agreement and the Plan may be used by the Company, its affiliates and the designated broker and its affiliates to administer and manage Grantee’s participation in the Plan.
5.17.    Acknowledgments of Grantee. Grantee has reviewed the Plan and this Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Agreement, fully understands all provisions of the Plan and Agreement and, by accepting the Notice of Grant, acknowledges and agrees to all of the provisions of the Plan and this Agreement.
5.18.    Complete Agreement.  The Grant Notice, this Agreement and the Plan constitute the parties' entire agreement with respect to the subject matter hereof and supersede all agreements, representations, warranties, statements, promises and understandings, whether oral or written, with respect to the subject matter hereof.
5.19.    Waiver of Jury Trial.  TO THE EXTENT EITHER PARTY INITIATES LITIGATION INVOLVING THIS AGREEMENT OR ANY ASPECT OF THE RELATIONSHIP BETWEEN US (EVEN IF OTHER PARTIES OR OTHER CLAIMS ARE INCLUDED IN SUCH LITIGATION), ALL OF THE PARTIES WAIVE THEIR RIGHT TO A TRIAL BY JURY.  THIS WAIVER WILL APPLY TO ALL CAUSES OF ACTION THAT ARE OR MIGHT BE INCLUDED IN SUCH ACTION, INCLUDING CLAIMS RELATED TO THE ENFORCEMENT OR INTERPRETATION OF THIS AGREEMENT, ALLEGATIONS OF STATE OR FEDERAL STATUTORY VIOLATIONS, FRAUD, MISREPRESENTATION, OR SIMILAR CAUSES OF ACTION, AND IN CONNECTION WITH ANY LEGAL ACTION INITIATED FOR THE RECOVERY OF DAMAGES BETWEEN OR AMONG US OR BETWEEN OR AMONG ANY OF OUR OWNERS, AFFILIATES, OFFICERS, EMPLOYEES OR AGENTS.

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