Document:

Summary of Non-Employee Director Compensation

 Exhibit 10.16 
 POZEN INC. 
 Summary of Director Compensation 
 Compensation of Non-Employee Directors  
 Set forth below is a summary description of the principal terms of the compensation arrangements for non-employee directors of POZEN Inc. (the “Company”), as amended and effective January 1, 2007. This
amended compensation program was approved by the Company’s Board of Directors at a meeting held on February 13, 2007. 
 Cash
Compensation. The Company reimburses each non-employee director for out-of-pocket expenses incurred in connection with attending Board and committee meetings and otherwise in connection with service as a director. The Company also pays each
non-employee director the following retainer fees: 
  

	 	•	 	 An annual retainer of $30,000 

  

	 	•	 	 An annual retainer for Board committee Chairs, as follows: $5,000 for service as Chair of the Nominating/Corporate Governance Committee; $7,500 for service as Chair
of the Compensation Committee; and $10,000 for service as Chair of the Audit Committee 

  

	 	•	 	 An annual retainer for Board committee members (other than committee Chairs), as follows: $3,750 for service on the Nominating/Corporate Governance Committee;
$5,000 for service on the Compensation Committee; and $7,500 for service on the Audit Committee 

 All retainers are payable quarterly and
pro-rated for service of less than a full quarter; retainers may be reduced if a director fails to attend at least 75% of all required Board and committee meetings. No compensation is paid to directors for attendance at individual Board or Board
committee meetings. 
 Equity Compensation. Each non-employee director is eligible to receive the following equity
compensation: 
  

	 	•	 	 Upon his or her initial election to the Board, stock options to purchase 20,000 shares of the Company’s common stock. This initial grant vests annually over
three years, subject to continued service as a director. 

  

	 	•	 	 On the date of each annual meeting of stockholders, a combination of 2,000 restricted stock units (RSUs) payable in shares of the Company’s common stock and
stock options to purchase 5,000 shares of the Company’s common stock. The RSUs and the stock options vest on the earlier of the one-year anniversary of the grant or the date of the next annual stockholder meeting, subject in either case to the
director’s continued service on the Board at such date. 

 Both the initial and the annual stock options are granted at an exercise
price per share equal to the closing price of the Company’s common stock, as reported on NASDAQ, on the date of grant, and are exercisable for a period of three years following the date the director’s service on the Board terminates, to
the extent vested as of such date. Directors who join the Board less than 90 days prior to the date of the next annual stockholder meeting will receive a 50% reduction in their initial year’s annual RSUs and stock options. All stock options and
RSUs awarded pursuant to this director compensation program are granted under and subject to the terms and conditions of the Company’s amended and restated 2000 Equity Compensation Plan, including without limitation the terms providing for
acceleration of vesting upon a change of control. 
 As a part of the amended compensation program, the Board established a non-employee
director stock ownership guideline of shares equal in value to three times the annual director retainer of $30,000, to be acquired over a five year period. Directors are generally encouraged to hold their shares of Company stock while they serve on
the Board. . 
 The Board also established a retirement program based on a combination of age and years of service pursuant to which
qualifying directors may become entitled to receive extended exercisability or accelerated vesting of outstanding options. If a non-employee director leaves the Board at age 55 or older having served as a director for at least six years, which need
not be served consecutively, the period of time in which the director may exercise any vested outstanding stock options may be extended to a period not to exceed the later of the end of the calendar year, or the fifteenth day of the third month
following the date, when the option would otherwise have expired. If a qualifying director has served for at least 12 years, which need not be served consecutively, at the time of retirement from the Board, all unvested grants may also be
accelerated. 
 Directors who are also Company employees do not receive any additional compensation for their service as directors of the
Company.Second Supplemental Indenture

 Exhibit 4.23 
  
 SECOND SUPPLEMENTAL INDENTURE 
  
 SECOND SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of October 19,
2005, among PNK (ES), LLC, a Delaware limited liability company and PNK (ST. LOUIS RE), LLC, a Delaware limited liability company, (each the “Guarantying Subsidiary” and collectively, the “Guarantying
Subsidiaries”), each a subsidiary of Pinnacle Entertainment, Inc. , a Delaware corporation (the “Company”), the Company, the other Guarantors (as defined in the Indenture referred to herein) and The Bank of New York Trust
Company, N.A., a national banking corporation and a successor to The Bank of New York, as trustee under the Indenture referred to below (the “Trustee”). 
  
 W I T N E S S E T H 
  
 WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (the
“Indenture”), dated as of March 15, 2004, and as amended as of December 3, 2004, providing for the issuance of 8 1/4% Senior Subordinated Notes due 2012 (the “Notes”); 
  
 WHEREAS, the Indenture provides that under certain circumstances the Guarantying Subsidiaries shall execute and deliver to the Trustee a supplemental
indenture pursuant to which the Guarantying Subsidiaries shall unconditionally guarantee all of the Company’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “Guaranty”); and

  
 WHEREAS, pursuant to Section 9.01 of the Indenture, the
Trustee is authorized to execute and deliver this Supplemental Indenture. 
  
 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, each Guarantying Subsidiary and the Trustee mutually covenant and agree for
the equal and ratable benefit of the Holders of the Notes as follows: 
  
 1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 
  
 2. AGREEMENT TO GUARANTY. Each Guarantying Subsidiary hereby agrees to provide
an unconditional Guaranty on the terms and subject to the conditions set forth in the Guaranty and in the Indenture including but not limited to Article 11 thereof. 
  
 4. NO RECOURSE AGAINST OTHERS. No past, present or future
director, officer, employee, incorporator, stockholder or agent of the Guarantying Subsidiaries, as such, shall have any liability for any obligations of the Company or any of the Guarantying Subsidiaries under the Notes, any Guaranties, the
Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the Notes by accepting a Note waives and releases all such liability. The waiver and release are
part of the consideration for issuance of the Notes. Such waiver may not be effective to waive liabilities under the federal securities laws and it is the view of the SEC that such a waiver is against public policy. 
  
 5. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL
GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

 6. COUNTERPARTS. The parties may sign any number of copies of this Supplemental Indenture.
Each signed copy shall be an original, but all of them together represent the same agreement. 
  
 7. EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof. 
  
 8. THE TRUSTEE. The Trustee shall not be
responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guarantying Subsidiaries and the
Company. 
  
 [Signature pages follow] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be duly executed
as of the date first above written. 
  

					
	 PNK (ES), LLC

		
	 By:
	 	 Pinnacle Entertainment, Inc.

	 Its:
	 	 Sole Member

			
	 	 	 By:
	 	 /s/ Stephen H. Capp

					
	 	 	 Name:
	 	Stephen H. Capp
	 	 	 Title:
	 	Executive Vice President and
	 	 	 	 	Chief Financial Officer
	
	PNK (ST. LOUIS RE), LLC
		
	By:	 	 Pinnacle Entertainment, Inc.

	Its:	 	 Sole Member

					
			
	 	 	 By:
	 	 /s/ Stephen H. Capp

					
	 	 	 Name:
	 	Stephen H. Capp
	 	 	 Title:
	 	Executive Vice President and
	 	 	 	 	Chief Financial Officer

					
	
	PINNACLE ENTERTAINMENT, INC.
		
	By:	 	 /s/ Stephen H. Capp

					
	 	 	 Name:
	 	Stephen H. Capp

					
	 	 	 Title:
	 	Executive Vice President and

					
	 	 	 	 	Chief Financial Officer

					
	
	 BILOXI CASINO CORP.,

	 a Mississippi corporation

	
	 CASINO MAGIC CORP.,

	 a Minnesota corporation

	
	 CASINO ONE CORPORATION,

	 a Mississippi corporation

	
	 HP/COMPTON, INC.,

	 a California corporation

	
	 PNK (BOSSIER CITY), INC.,

	 a Louisiana corporation

		
	 By:
	 	 /s/ Stephen H. Capp

	 Name:
	 	 Stephen H. Capp

	 Title:
	 	 Treasurer or Chief Financial Officer

  

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	 BELTERRA RESORT INDIANA, LLC,

	 a Nevada limited liability company

		
	 By:
	 	 Pinnacle Entertainment, Inc,

	 	 	 its Sole Member

					
		
	 By:
	 	 /s/ Stephen H. Capp

					
	 Name:
	 	 Stephen H. Capp

	 Title:
	 	 Executive Vice President and

	 	 	 Chief Financial Officer

	
	 BOOMTOWN, LLC,

	 a Delaware limited liability company

					
		
	 By:
	 	 Pinnacle Entertainment, Inc,

	 	 	 its Sole Member

					
			
	 	 	 By:
	 	 /s/ Stephen H. Capp

					
	 	 	 Name:
	 	 Stephen H. Capp

	 	 	 Title:
	 	 Executive Vice President and

	 	 	 	 	 Chief Financial Officer

	
	 CRYSTAL PARK HOTEL AND CASINO

	 DEVELOPMENT COMPANY, LLC,

	 a California limited liability company

		
	 By:
	 	 HP/Compton, Inc.,

	 	 	 its Sole Member and Manager

					
			
	 	 	 By:
	 	 /s/ Stephen H. Capp

					
	 	 	 Name:
	 	 Stephen H. Capp

	 	 	 Title:
	 	 Chief Financial Officer

	
	 PNK (LAKE CHARLES), L.L.C.,

	 a Louisiana limited liability company

		
	 By:
	 	 Pinnacle Entertainment, Inc.,

	 	 	 its Sole Member and Manager

					
			
	 	 	 By:
	 	 /s/ Stephen H. Capp

					
	 	 	 Name:
	 	 Stephen H. Capp

	 	 	 Title:
	 	 Executive Vice President and

	 	 	 	 	 Chief Financial Officer

  

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	 PNK (RENO), LLC,

	 a Nevada limited liability company

					
		
	 By:
	 	 Pinnacle Entertainment, Inc,

	 	 	 its sole member

			
	 	 	 By:
	 	 /s/ Stephen H. Capp

					
	 	 	 Name:
	 	Stephen H. Capp
	 	 	 Title:
	 	Executive Vice President and
	 	 	 	 	Chief Financial Officer
	
	 LOUISIANA-I GAMING,

	 a Louisiana partnership in Commendam

		
	 By:
	 	 Boomtown, LLC,

	 	 	 a Delaware limited liability company,

	 	 	 its General Partner

							
			
	 	 	 By:
	 	Pinnacle Entertainment, Inc.
	 	 	 	 	 its Sole Member

				
	 	 	 	 	By:	 	 /s/ Stephen H. Capp

							
	 	 	 	 	Name:	 	 Stephen H. Capp

	 	 	 	 	Title:	 	 Executive Vice President and

	 	 	 	 	 	 	 Chief Financial Officer

	
	THE BANK OF NEW YORK TRUST COMPANY, N.A.
	 as Trustee

		
	 By:
	 	 /s/ Melonee Young

							
	 Name:
	 	 Melonee Young

	 Title:
	 	 Vice President

  

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