Document:

EX-10.20

 EXHIBIT 10.20 

PINNACLE ENTERTAINMENT, INC. 

DIRECTOR HEALTH AND MEDICAL INSURANCE PLAN 

Effective January 1, 2011 
  

	 	1.	Purposes of the Plan. The purposes of this Plan are to attract and retain qualified individuals to serve as members of the Company’s Board of Directors and to provide them and their Dependents with health
and medical insurance coverage as additional incentive for such service. 

	 	2.	Definitions. For the purposes of this Plan, the following terms will have the following meanings: 

(a) “Board” means the Board of Directors of the Company. 

(b) “Change of Control” means 

(i) The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either (A) the then-outstanding shares of common stock of
the Company (the “Outstanding Company Common Stock”) or (B) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company
Voting Securities”); provided, however, that, for purposes of this clause (i), the following acquisitions shall not constitute a Change of Control: (i) any acquisition directly from the Company; (ii) any acquisition by the Company;
(iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any subsidiary; or (iv) any acquisition by any corporation pursuant to a transaction that complies with clauses (b)(iii)(A);
(iii)(B) and (iii)(C); 
 (ii) Any time at which individuals who, as of the date hereof, constitute the Board (the “Incumbent
Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s stockholders,
was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial
assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the
Board; 
 (iii) Consummation of a reorganization, merger, consolidation or a sale or other disposition of all or substantially all of the
assets of the Company (each, a “Business Combination”), in each case unless, following such Business Combination, (A) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Company
Common Stock and the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then outstanding shares of common stock and the combined voting power of the
then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the entity resulting from such Business Combination (including, without limitation, a corporation that, as a result of such
transaction, owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of
the Outstanding Company Common Stock and the Outstanding Company Voting Securities, as the case may be, (B) no Person (excluding any corporation resulting from such Business Combination or any employee benefit plan (or related trust) of the
Company or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 20% or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such Business Combination or
the combined voting power of the then outstanding voting securities of such corporation, except to the extent that such ownership existed prior to the Business Combination, and (C) at least a majority of the members of the board of directors of
the corporation resulting from such Business Combination were members of the Incumbent Board at the 

 
time of the execution of the initial agreement or of the action of the Board providing for such Business Combination; or 

(iv) Approval by the stockholders of the Company of a complete liquidation or dissolution of the Company. 

(c) “COBRA Coverage” means group health care continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of
1985, as amended, and which is codified at Section 4980B of the Code and Sections 601 through 608 of ERISA or other coverage provided by the Company under similar terms and conditions. 

(d) “Code” means the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder. 

(e) “Company” means Pinnacle Entertainment, Inc., a Delaware corporation, and any successor as provided in Section 7(a).

 (f) “Covered Period” means the period during which Plan benefits will be provided to a Plan Participant, consisting of-

 (i) the period of a Director’s active service on the Board; and 

(ii) in the case of an Existing Director and his or her Dependents, the specified period following the earlier of the date of Termination of
the Existing Director or the date of a Change in Control: 
 (A) as to the Existing Director- 

(1) who has attained age 70 or older on the date of such event, five years; 

(2) who has not yet attained age 70 on the date of such event, one year for every two years that the Director served on the Board, up to a
maximum of five years of Plan coverage; 
 (B) as to a Spouse of the Existing Director, the Existing Director’s Covered Period or, in
the event of the Existing Director’s death, the period that would have been calculated for the Existing Director had he or she survived, in either case ending on the last day of such period, or if earlier, the date on which (1) the
Spouse’s divorce from the Existing Director is final, or (2) the Spouse remarries following the death of the Existing Director; and 

(C) as to a Dependent Child of the Existing Director, the Existing Director’s Covered Period or, in the event of the Existing
Director’s death, the period that would have been calculated for the Existing Director had he or she survived, in either case ending on the last day of such period, or if earlier, the date on which such child no longer qualifies as a Dependent
Child. 
 (g) “Dependent Child” or “Dependent Children” means a child or children of the Director who has
or have been born prior to or during the time Director is actively serving as a Director; provided, however, that such child or children shall cease to be a Dependent Child or Dependent Children on the date on which they reach their twenty-sixth
birthday, or in the case of a child who is physically or mentally disabled, the date on which such child is no longer eligible for coverage as a dependent under the applicable Insurance Plan, if later. 

(h) “Dependent” means the Spouse and one or more Dependent Children of a Director. 

(i) “Director” means a member or former member of the Board who served on the Board on or after January 1, 2011,
including an Existing Director as well as an individual who becomes a member of the Board after January 1, 2011. 
 (j)
“Existing Director” means a member or former member of the Board who was actively serving on the Board as of January 1, 2011. 

(k) “Eligible Medical Expenses” means copayments, coinsurance and deductibles. 

(l) “General Health Plan” means the Company’s health and medical insurance plan (whether comprised of one or more
component plans) that is generally applicable to its employees, as such plans may be amended from time to time. 

 (m) “Insurance Plans” means the health and medical insurance plans of the
Company, including the General Health Plan (whether or not under insurance policies) in effect from time to time covering its employees during the Covered Period, including any successor plan; provided, however, that if at any time during the
Covered Period, the Company does not have any such plans, it shall secure, at the Company’s expense, health and medical insurance coverage for Plan Participants from an insurance carrier rated A or higher providing health and medical coverage
in the aggregate no less favorable than that provided as of the date the Plan Participants become entitled to medical and health insurance coverage hereunder. 

(n) “Plan” means this Director Health and Medical Insurance Plan, as it may be amended from time to time. 

(o) “Plan Participant” means each Director and each Dependent during his or her Covered Period. 

(p) “Section 409A” means section 409A of the Code and the regulations and guidance promulgated thereunder. 

(q) “Spouse” means and shall be limited to the Director’s spouse during the Director’s active service and at the
date of the Director’s Termination. 
 (r) “Termination” means the date on which a Director no longer serves on the
Board for any reason, including but not limited to death, retirement, or resignation or removal from the Board, or is not nominated for re-election for any reason. In each instance, Termination shall satisfy the meaning of “separation from
service” under Section 409A. 

	 	3.	Plan Coverage. 

 a. During Active Service. During a Director’s active service
on the Board, the Director and his or her Dependents shall participate in the Insurance Plans, under the terms and conditions of the Insurance Plans, and also receive the reimbursement benefits described in Section 4. 

b. Following Termination. 

i. Beginning on the date of Termination, a Director and his or her Dependents shall have the right to elect COBRA Coverage under the Insurance
Plans at their own cost for the available period of COBRA Coverage. 
 ii. During an Existing Director’s Covered Period following
Termination, the Existing Director and his or her Dependents shall participate in the Insurance Plans, under the terms and conditions of the Insurance Plans, and receive the reimbursement benefits described in Section 4. Such coverage shall be
coordinated with the COBRA Coverage period pursuant to Section 5. 
 c. Following a Change of Control. 

i. Following a Change of Control, a Director and his or her Dependents shall have the right to elect COBRA Coverage under the Insurance Plans
at their own cost for the available period of COBRA Coverage. 
 ii. During an Existing Director’s Covered Period following a Change in
Control, the Existing Director and his or her Dependents shall- 
 A. participate in the Insurance Plans, under the terms and conditions of
the Insurance Plans, provided, however that the Company shall use its best efforts to cause such coverage to be provided under insurance policies written by third party insurance carriers that is in the aggregate no less favorable than the coverage
provided as of the date the Existing Director and his or her Dependents become entitled to coverage under the Plan, and that the Company shall provide copies of such policies to such Plan Participants; and 

B. receive the reimbursement benefits described in Section 4. 

	 	4.	Reimbursement Benefits. 

 a. Reimbursement of Certain Eligible Medical Expenses.
Each calendar year, the Company shall reimburse, or pay service providers on behalf of, each Director all Eligible Medical Expenses incurred for out-of-network services 

 
received by any Plan Participant during the Covered Period; provided however, that each Director shall be responsible for the first $5,000 of Eligible Medical Expenses incurred in the aggregate
for the Director and his or her Dependents each calendar year. 
 b. Timing of Reimbursement. The payment or reimbursement by the
Company of any reimbursable Eligible Medical Expense shall be made by December 31 of the calendar year following the calendar year in which such Eligible Medical Expense was incurred. 

c. Terms of Reimbursement. Any amount reimbursed in one taxable year shall not affect the expenses eligible for reimbursement in any
other taxable year. The right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. The cost of Plan benefits shall be borne by the Company and paid with general assets of the Company. Except as provided
herein, Plan Participants shall be responsible for all taxes, including any imputed income taxes, related to coverage under the Plan and any Insurance Plan. 

d. Indemnification. If for any reason the Company shall fail to maintain any Insurance Plan while this Plan exists, the Company shall
indemnify and hold Plan Participants harmless from all cost, loss, liability or expense that is caused by such failure and would otherwise be covered by an Insurance Plan. Any payment or reimbursement of benefits under the Insurance Plans, or paid
by the Company by way of indemnification for failure to maintain any Insurance Plan, that is taxable to a Plan Participant shall be made by December 31 of the calendar year following the calendar year in which the Plan Participant incurred the
expense. 

	 	5.	Concurrent with COBRA Coverage. COBRA Coverage shall run concurrently with coverage under the Plan following Termination. The provision of Plan benefits for any period of time following a Director’s
Termination shall not extend the period for which the Director and/or his or her Dependents are eligible for COBRA Coverage. At the end of the Covered Period, each Plan Participant shall be eligible to purchase COBRA Coverage at the full rate for
the COBRA Coverage period, if any, that remains following the termination of Plan coverage; provided that all required premiums are timely paid. It shall be the responsibility of qualified beneficiaries to keep the monthly premium payments current
to ensure COBRA Coverage does not lapse. 

	 	6.	Insurance Offset. If at any time during the Covered Period a Plan Participant is insured under other health or medical plans or under Medicare, then the Insurance Plans shall provide supplemental coverage to the
extent permitted by law to the extent that such other plans do not provide full coverage for any given claim. The Plan Participant shall notify the Company’s human resources office upon request of his or her coverage under any such other plans
or Medicare but, except as provided herein shall have no obligation to seek any such coverage. If eligible for Medicare coverage, a Plan Participant shall enroll in Medicare and remain enrolled through the Covered Period. 

	 	7.	Miscellaneous. 

 a. Successors and Assigns. This Plan will be binding upon and
inure to the benefit of the parties and, in the case of the Company, its successors and assigns. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the
business and/or assets of the Company to assume expressly and agree to perform the Company’s obligations under the Plan in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken
place, but such successor’s obligation to do so shall not be dependent on such express assumption. “Company” means the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid that assumes and
agrees to perform this agreement by operation of law or otherwise. 

 b. Governing Law/Jurisdiction. This Plan and the rights and obligations of the Company and
the Plan Participants shall be governed by and construed in accordance with the laws of the State of Delaware in all respects, including all matters of construction, validity and performance, without regard to the conflict of law rules of such
state. 
 c. Modification and Waiver. No provisions of this Plan will be amended, waived or modified except by an instrument in
writing and no such amendment, waiver or modification shall adversely affect any rights of Plan Participants to health and medical insurance coverage as provided for herein. 

d. Attorneys’ Fees. Any dispute, controversy or claim arising out of this Plan or the rights and obligations of the Company and any
Plan Participant shall be settled by arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association and judgment on the award rendered by the arbitrators may be entered into any court having jurisdiction. If
any arbitration is instituted to remedy, prevent or obtain relief from a default in the performance by the Company or a Plan Participant of its obligations under this Plan, or to recover damages from a breach of a representation or warranty, the
prevailing party will recover all of such party’s attorneys’ fees incurred in each and every such arbitration, including any and all appeals or petitions therefrom. As used in this section, attorneys’ fees means the full and actual
costs of any legal services actually performed in connection with the matters involved calculated on the basis of the usual fee charged by the attorney performing such services and will not be limited to “reasonable attorneys’ fees”
as defined in any statute or rule of court. 
 e. Claims Procedure. The claims procedure for benefits under this Plan shall be the
Claims Procedure under the applicable Insurance Plan. 
 f. Required Delay For Certain Deferred Compensation and Section 409A. In
the event that any compensation with respect to the Director’s Termination 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 Director is determined to be a “specified employee,” as defined in Code Section 409A(a)(2)(B)(i), payment of such compensation shall be delayed as required by Section 409A. Such delay shall last six
months from the date of the Director’s Termination, except in the even of the Director’s death. Within 30 days following the end of such six-month period, or, if earlier, the Director’s death, the Company will make a catch-up payment
to the Director equal to the total amount of such payments that would have been made during the six-month period but for this Section 7(f). Wherever payments under this Plan are to be made in installments, each such installment shall be deemed
to be a separate payment for purposes of Section 409A. 
 g. Notices. Any notice, request, demand, instruction or other
communication to be given to the Company or a Plan Participant shall be in writing and shall be hand delivered or sent by Federal Express or comparable overnight courier or mail service, or mailed by U.S. or certified mail, return receipt requested,
postage prepaid, to such person at the most current address in the Company’s records. 
 h. Third Party Beneficiaries. Each Plan
Participant is an express beneficiary hereunder and may enforce his or her rights under the Plan. The Company shall provide each Director and each Plan Participant notice of his or her participation in the Plan, but such participation shall not be
dependent upon such notification. 
 i. Taxation. The Company makes no commitment or guarantee that any amounts paid to or for the
benefit of a Plan Participant will be excludable from gross income for federal or state income tax purposes. Notwithstanding any provision to the contrary, all taxes associated with any amounts paid to or for the benefit of a Plan Participant under
the Plan shall be borne by the Plan Participant. 
 j. Effective Date. The Effective Date of the Plan, as amended and restated and set
forth herein, shall be January 1, 2011.EX-10.21

 EXHIBIT 10.21 

PINNACLE ENTERTAINMENT, INC. 

DIRECTORS DEFERRED COMPENSATION PLAN 

THIS PINNACLE ENTERTAINMENT, INC. DIRECTORS DEFERRED COMPENSATION PLAN (the “Plan”) is adopted as of the Effective Time (as defined
below) by Pinnacle Entertainment, Inc., a Delaware corporation (the “Corporation” and, prior to the Effective Time, known as PNK Entertainment, Inc.), as follows: 

RECITALS 
 WHEREAS,
on July 21, 2015, Pinnacle Entertainment, Inc. (“PropCo”) entered into an Agreement and Plan of Merger with Gaming and Leisure Properties, Inc. (“GLPI”), and certain other parties, pursuant to which PropCo will become a
subsidiary of GLPI (the “Merger”), and, immediately prior to the consummation of the Merger, PropCo will separate its operations business and certain of its real property into the Corporation, a new public company (the
“Distribution,” and the effective time of the Distribution, the “Effective Time”), which shall continue to conduct the operations previously conducted by PropCo; 

WHEREAS, on [            , 2016], PropCo and the Corporation entered
into an Employee Matters Agreement (the “EMA”) pursuant to which, and contingent on the consummation of the Distribution, those assets and liabilities under the Amended and Restated Pinnacle Entertainment, Inc. Director Deferred
Compensation Plan, as amended (the “Prior Plan”), that are not retained by PropCo pursuant to the EMA shall be assumed by the Corporation (the “Assumed Rights”); and 

WHEREAS, effective as of the consummation of the transactions contemplated by the Agreement and Plan of Merger, PropCo terminated the
Prior Plan. 
 NOW, THEREFORE, effective as of the Effective Time, Pinnacle hereby establishes the Plan as follows: 

1. Eligibility. Each member of the Board of Directors of the Corporation (the “Board”) is eligible to participate in the
Plan, including, each director of PropCo who was eligible to participate in the Prior Plan as of the Effective Time. 
 2.
Participation. 
 (a) Time of Election. Before the beginning of a calendar year, each eligible Director may
elect to participate in the Plan by directing that all or any part of the compensation (including fees payable for services as chairman or a member of a committee of the Board) which otherwise would have been earned currently for services rendered
as a Director (“Compensation”) during such calendar year shall be credited to a deferred compensation account (the “Director’s Account”); provided, however, that the Director may elect to defer only Compensation earned from
and after the first day of the calendar year or after a specified date that is later than the first day of the calendar year. Any person who shall become a Director during any calendar year, and who was not a Director of the Corporation before the
beginning of such calendar year, may elect, within 

 
30 days after the Director’s term begins, to defer payment of all or any part of the Director’s Compensation earned during the remainder of such calendar year from and after the date of
such election, or, if the election so provides, earned after a specified date that is later than the date of the election. As of the Effective Time, each such election under Prior Plan shall be deemed to be made under this Plan. 

(b) Form and Duration of Election. An election to participate in the Plan shall be made by written notice signed by the
Director and filed with the Secretary of the Corporation only at the times specified in Section 2(a). Such election shall specify the amount of the Director’s Compensation to be deferred and specify an allocation of the deferred Compensation
between cash and “Shares” as herein provided. For purposes of this Plan, “Shares” shall mean shares of the common stock of the Corporation. Any such election shall be irrevocable once made with respect to the calendar year for
which it is made; amounts credited to the Director’s Account with respect to such calendar year shall be credited and distributed in accordance with such election and with the terms of the Plan notwithstanding any later change, termination or
renewal of an election with respect to later calendar years. An election made with respect to a calendar year shall continue in effect for later calendar years unless and until the Director changes or terminates the election by signed written notice
filed with the Secretary of the Corporation. Any such change or termination shall become effective with respect to Compensation earned from and after the first day of the calendar year following the calendar year in which such notice is given, or,
at the election of the Director as set forth in such notice, effective only with respect to Compensation earned after a specified date that is later than the first day of the calendar year following the calendar year in which such notice is given.

 (c) Renewal. A Director who has terminated his election to participate may thereafter file another election to
participate for the calendar year subsequent to the filing of such election in accordance with the requirements of Section 2(a) hereof. 

3. The Director’s Account. All compensation which a Director has elected to defer under the Plan shall be credited, at the
Director’s election, to the Director’s Account as follows: 
 (a) As of the date the Director’s Compensation
would otherwise be payable, the Director’s Account will be credited with an amount of cash equal to the amount of such Compensation which the Director elected to defer and to be allocated to cash. 

(b) As of the date the Director’s Compensation would otherwise be payable, there shall be credited to the Director’s
Account the number of full and fractional Shares obtained by dividing the amount of such Compensation which the Director elected to defer and to be allocated to Shares by the average of the closing price of a Share on the principal stock exchange on
which such Shares are then listed, or, if they are not then listed on a stock exchange, the average of the closing price of a Share on the NASDAQ National Market System, on the last ten business days of the calendar quarter or month, as the case may
be, for which such Compensation is payable. 
 (c) At the end of each calendar quarter there shall be credited to the
Director’s Account the number of full and/or fractional Shares obtained by dividing the dividends 

 
which would have been paid on the Shares credited to the Director’s Account as of the dividend record date, if any, occurring during such calendar quarter if such Shares had been issued and
outstanding Shares on such date, by the closing price of a Share on the principal stock exchange on which such Shares are then listed, or, if Shares are not then listed on a stock exchange, the closing price of a Share on the NASDAQ National Market
System, on the date such dividend(s) is paid. In the case of stock dividends, there shall be credited to the Director’s Account the number of full and/or fractional shares of Shares which would have been issued with respect to the Shares
credited to the Director’s Account as of the dividend record date if such Shares had been shares of issued and outstanding Shares on such date. 

(d) No fractional share interests credited to a Director’s Account shall be distributed pursuant to Section 4 hereof.
Instead, any fractional Shares remaining at the time the final distribution is made pursuant to Section 4 herein shall be converted into a cash credit by multiplying the number of fractional shares by the average of the closing price of a Share on
the principal stock exchange on which Shares are then listed, or, if they are not then listed on any stock exchange, the average of the closing price of a Share on the NASDAQ National Market System, on the last ten business days prior to the date of
the final distribution from the Director’s Account. 
 (e) Cash amounts credited to the Director’s Account pursuant
to subparagraphs (a) and (f) shall accrue interest commencing from the date the cash amounts are credited to the Director’s Account at a rate per annum to be determined from time to time by the Board. Amounts credited to the Director’s
Account shall continue to accrue interest until distributed in accordance with the Plan. 
 (f) As of the Effective Time,
each Director’s Account shall be credited with the amount of cash and a number of full and fractional Shares covered by the Assumed Rights with respect to such Director. 

The Director shall not have any interest in the cash or Shares credited to the Director’s Account until distributed in accordance with
the Plan. 
 4. Distribution from Accounts. 

(a) Form of Election. At the time a Director makes a participation election pursuant to Sections 2(a) or 2(c), the
Director shall also file with the Secretary of the Corporation a signed written election with respect to the method of distribution of the aggregate amount of cash and Shares credited to the Director’s Account pursuant to such participation
election. As of the Effective Time, each such election under Prior Plan shall be deemed to be made under this Plan. A Director may elect to receive such amount in one lump-sum payment or in a number of approximately equal annual installments
(provided the payout period does not exceed 15 years). The lump-sum payment or the first installment shall be paid as of the first business day of the calendar quarter immediately following the cessation of the Director’s service as a Director
of the Corporation. Subsequent installments shall be paid as of the first business day of each succeeding calendar quarter until the entire amount credited to the Director’s Account 

 
shall have been paid. A cash payment will be made with the final distribution for any fraction of a Share in accordance with Section 3(d) hereof. 

(b) Adjustment of Method of Distribution. A Director participating in the Plan may, prior to the beginning of any
calendar year, file another written notice with the Secretary of the Corporation electing to change the method of distribution of the aggregate amount of cash and Shares credited to the Director’s Account for services rendered as a Director
commencing with such calendar year. Amounts credited to the Director’s Account prior to the effective date of such change shall not be affected by such change and shall be distributed only in accordance with the election in effect at the time
such amounts were credited to the Director’s Account. 
 5. Distribution on Death. If a Director should die before all amounts
credited to the Director’s Account shall have been paid in accordance with the election referred to in Section 4, the balance in such Account as of the date of the Director’s death shall be paid promptly following the Director’s death
to the beneficiary designated in writing by the Director. Such balance shall be paid to the estate of the Director if (a) no such designation has been made, or (b) the designated beneficiary shall have predeceased the Director and no further
designation has been made. 
 6. Withdrawal in the Event of a Financial Emergency. A Director who believes he has experienced a
“Financial Emergency” (as defined below) may request in writing a withdrawal of a portion of his Director’s Account to satisfy the emergency. The Board (without the participation of such Director) shall determine, in its sole
discretion, (i) whether a Financial Emergency has occurred, and (ii) the amount reasonably required to satisfy the Financial Emergency; provided, however, that the withdrawal shall not exceed the balance in the Director’s Director Account, or
the amount the Board (without the participation of such Director) reasonably determines, under Treasury Regulations Section 1.401A-3(j)(3)(ii), to be necessary to meet such emergency needs (including taxes reasonably anticipated to be incurred by
reason of a taxable distribution), after taking into account the extent to which such hardship is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Director’s assets (unless the
liquidation of such assets would itself cause severe financial hardship). If, subject to the sole discretion of the Board (without the participation of such Director), the petition for a withdrawal is approved, the distribution shall be made within
30 days of the date of approval by the Board (without the participation of such Director). For purposes of this Plan, “Financial Emergency” shall mean a severe financial hardship to the Director resulting from an illness or accident of the
Director, the Director’s spouse, or a dependent (as defined in Section 152 of the Internal Revenue Code of 1986, as amended (the “Code”), without regard to Sections 152(b)(1), 152(b)(2) and 152(d)(1)(B)) of the Director, loss of the
Director’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Director. 

7. Directors Who Are Specified Employees. Notwithstanding any other provision of this Plan, if any stock of the Corporation or any
affiliate is publicly traded on an established securities market or otherwise, and payment of benefits under this Plan to a Director who is a “Specified Employee” (as defined below) would be deemed to be on account of his separation from
service under Section 409A of the Code, no payments shall be made to such Specified 

 
Employee within six months after such Specified Employee’s separation from service (or, if earlier, the date of his death). Any amounts subject to delayed payment under the preceding
sentence shall be paid on the first business day after the expiration of such six-month period, together with any earnings accrued in the Director’s Account on such amounts during such six-month period. This Section 7 is intended to comply with
the requirements of Section 409A of the Code and shall be interpreted accordingly. For purposes of this Plan, the term “Specified Employee” shall mean a Specified Employee of the Corporation or any affiliate, as defined in Treasury
Regulations Section 1.409A-1(i). 
 8. Effective Date. This Plan shall become effective at the Effective Time. 

9. Shares Issuable. The maximum number of Shares which may be issued pursuant to this Plan is 1,000,000 plus the number of full and
fractional Shares covered by the Assumed Rights. 
 10. Miscellaneous. 

(a) The right of a Director to receive any amount in the Director’s Account shall not be transferable or assignable by the
Director, except by a beneficiary designation under Section 5, by will or by the laws of descent and distribution, or pursuant to a qualified domestic relations order as defined by the Code, or Title I of the Employee Retirement Income Security Act,
as amended, or the rules thereunder, and no part of such amount shall be subject to attachment or other legal process. 
 (b)
The Corporation shall not be required to reserve or otherwise set aside funds or Shares for the payment of its obligations hereunder. The Corporation shall make available as and when required a sufficient number of Shares to meet the needs of the
Plan, either by the issuance of new shares of the common stock of the Corporation, or the purchase of Shares on the open market or through private purchases, as the Corporation may determine. 

(c) The establishment and maintenance of, or allocation and credits, to the Director’s Account shall not vest in the
Director or his beneficiary any right, title or interest in and to any specific assets of the Corporation. A Director shall not have any dividend or voting rights or any other rights of a stockholder (except as expressly set forth in Section 3 with
respect to dividends and as provided in subparagraph (g) below) until the Shares credited to a Director’s Account are distributed. The rights of a Director to receive payments under this Plan shall be no greater than the right of an unsecured
general creditor of this Corporation. 
 (d) The Plan shall be administered by the Board. The Board shall have the full
discretion and power to interpret provisions of the Plan, to prescribe, amend and rescind rules and regulations relating to the Plan, to compute amounts to be credited to and distributed from Directors’ Accounts, and to make all other
determinations it deems necessary or advisable to administer the Plan, with all such determinations being final and binding; provided, however, that the Board will not have the power to take any action

 
relating to eligibility for participation in the Plan or the number of Shares to be issued to each participating Director. 

(e) The Board may at any time terminate the Plan or amend the Plan in any manner it deems advisable and in the best interests
of the Corporation; provided, however, that (i) no amendment or termination shall impair the rights of a Director with respect to amounts then credited to the Director’s Account, and (ii) no amendment or termination shall accelerate or defer
any payments or distributions that would have been made under the Plan if it had not been amended or terminated, except to the extent that such acceleration or deferral could be made without subjecting the Directors to additional taxes under Section
409A of the Code. 
 (f) Each Director participating in the Plan will receive an annual statement indicating the amount of
cash and number of Shares credited to the Director’s Account as of the end of the preceding calendar year. 
 (g) If
adjustments are made to outstanding shares of Shares, or if outstanding shares of Shares are converted into or exchanged for, other securities or property, as a result of stock dividends, stock splits, reverse stock splits, recapitalizations,
reclassifications, mergers, split-ups, reorganizations, consolidations and the like, an appropriate adjustment (as determined in good faith by the Board) will also be made in the number and kind of shares or property credited to the Director’s
Account, so that, when distributions are made pursuant to this Plan, the Director will receive the number and kind of securities or property to which a holder of Shares would have been entitled upon such event. In addition, if outstanding Shares are
converted into or exchanged for another security, all references to “Shares” in this Plan shall be deemed to be references to such other security. 

(h) The name of the Plan shall be the “Pinnacle Entertainment, Inc. Directors Deferred Compensation Plan.” 

(i) Subject to the Employee Retirement Income Security Act of 1974, as amended, the provisions of this Plan shall be construed
and interpreted according to the internal laws of the State of Delaware without regard to its conflicts of laws principles.

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