Document:

[475662.EX10_47]1                                     

 
 
 Exhibit 10.47

 SEVENTH AMENDMENT TO REDEVELOPMENT AGREEMENT 

THIS SEVENTH AMENDMENT TO THE REDEVELOPMENT AGREEMENT (“Seventh Amendment”) is made and entered into
effective this 11th day of December, 2012, by and between
LAND CLEARANCE FOR REDEVELOPMENT AUTHORITY OF THE CITY OF ST. LOUIS (“LCRA”), a public body corporate and politic established pursuant to the Land Clearance for Redevelopment Authority Law of the State of Missouri and PINNACLE
ENTERTAINMENT, INC. (“Redeveloper”). 
 RECITALS 

A. On April 22, 2004, LCRA and Redeveloper entered into that certain Redevelopment Agreement which governs among other things the
development of certain real property described in the Redevelopment Agreement in the City of St. Louis, Missouri, which agreement has been amended six (6) times (collectively, the “Redevelopment Agreement”). 

B. Pursuant to the Redevelopment Agreement, one of the Redeveloper’s obligations was to make a capital investment of Fifty Million
Dollars ($50,000,000) in certain projects described in the Redevelopment Agreement within an area designated in the Redevelopment Agreement. 
 C. Redeveloper and LCRA have previously agreed on, and Redeveloper has made, certain capital investments for which Redeveloper has received credit under the Redevelopment Agreement (the “Prior
Capital Investments”). 
 D. LCRA and Redeveloper desire to provide for the investment by Redeveloper in certain other
projects described herein in full satisfaction of its remaining capital investment requirement and to amend the Redevelopment Agreement as hereinafter set forth. 
 NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are acknowledged by the parties hereto, the LCRA and Redeveloper
agree as follows: 
 1. The Redevelopment Agreement is amended as follows: 

A. The following new Subsection 3.12.5 is hereby added immediately following Subsection 3.12.4. 

Notwithstanding anything in this Section 3.12 herein to the contrary, in full and complete satisfaction of its remaining capital
investment obligation under Section 3.12.1, Redeveloper agrees to take the following actions: 
 (a) Make a contribution in
the total amount of Six Million Dollars ($6,000,000), with Four Million Dollars ($4,000,000) payable on or before December 31, 2012, to the National Blues Museum, a Missouri public benefit corporation, for the purpose of the redevelopment of
the Museum’s historic building on Washington Avenue, in the City of St. Louis; subject to the Redeveloper’s receipt of state tax credits equal to a value of Two Million Dollars ($2,000,000). 

[475662.EX10_47]2                                     

 
 
 (b) Make a contribution
in the total amount of Five Million Dollars ($5,000,000) in three annual installments, the first two installments of which shall be One Million Six Hundred Sixty-Six and 67/100 ($1,666,666.67) and the remaining installment which shall be One Million
Six Hundred Sixty-Six Thousand Six Hundred Sixty-Six and 66/100 Dollars ($1,666,666.66) each on or before December 31st of each year, commencing December 31, 2012 to the CityArchRiver 2015 Foundation. 

(c) Contribute or cause to be contributed to the Great Rivers Greenway title to the property known as the Cherrick Property, located at
901 N. Wharf Street (Parcel No.0017-00-00800) and 1005 N. Wharf Street (Parcel No. 0018-00-00870), subject to Great Rivers Greenway’s agreement with the Riverside Community Improvement District to participate therein reasonably
satisfactory to the Riverside Community Improvement District provided however that the deed for such property shall include a restriction that runs with the land allowing the property to be used solely for park and recreational activities related to
the Great Rivers Greenway bike trail. 
 (d) Contribute or otherwise raise the funds through other resources, the amount of One
Hundred Thousand Dollars ($100,000) a year beginning for a period of five (5) years, commencing December 31, 2012 to the Metropolitan St. Louis Police for police “hot spotting” in and around and for the benefit of the
Redevelopment Area. 
 B. The text in Section 3.12.2 is deleted and the following inserted in lieu thereof:
“Intentionally Deleted.” 
 C. The “Essential Elements” referenced in the Redevelopment Agreement and set
forth in Exhibit B are hereby amended to change the number of slots and tables from 2,000 slots and 40 tables to 1,500 slots and 60 tables. 
 2. As of the date of this Amendment, notwithstanding anything in the Redevelopment Agreement to the contrary, LCRA agrees (i) that Redeveloper has satisfied in full the capital investment requirement
of Fifty Million Dollars ($50,000,000) under Section 3.12.1 of the Redevelopment Agreement and on Exhibit B to the Redevelopment Agreement, (ii) the transactions contemplated in this Seventh Amendment shall be deemed to have occurred
within sixty (60) months of the date of opening of the hotel and casino, and (iii) the Redeveloper does not owe the City any Additional City Services Fees. Redeveloper agrees that the Credit (as defined in the Fifth Amendment to
Redevelopment Agreement dated February 23, 2011 between LCRA and Redeveloper) shall no longer apply. 
 3. LCRA and
Redeveloper shall make a joint press release in a form mutually agreeable to them with respect to the contents of this Seventh Amendment. 
 4. Except as modified and amended by this Amendment, the Redevelopment Agreement shall remain in full force and effect in accordance with the respective terms thereof. Unless the context otherwise
indicates, all other terms and conditions of the Redevelopment Agreement which are the same as or directly related to the revised terms and conditions set out in this Amendment are similarly modified to be consistent with this Amendment. The
provisions of this Amendment shall inure to the benefit of and be binding upon the parties hereto, their successors and assigns. Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to them in the Redevelopment
Agreement. 

  
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[475662.EX10_47]3                                     

 
 
 5. This Seventh
Amendment may be executed in counterparts. 
 IN WITNESS WHEREOF, the undersigned have set their hands and seals as of the date
first written above. 
  

			
	LAND CLEARANCE FOR REDEVELOPMENT AUTHORITY
		
	By: 	 	 /s/ Rodney Crim

	Name:	 	Rodney Crim
	Title: 	 	Executive Director
	
	PINNACLE ENTERTAINMENT, INC.
		
	By: 	 	 /s/ John A. Godfrey

	Name:	 	John A. Godfrey
	Title: 	 	Executive Vice President, Secretary and General Counsel

  
 3NPBC 12.31.2012 EX 10.34

NATIONAL PENN BANCSHARES, INC.

LONG-TERM INCENTIVE COMPENSATION PLAN

    

RESTRICTED STOCK AGREEMENT
BETWEEN
NATIONAL PENN BANCSHARES, INC.

AND

_______________________
(Grantee)

	
			
	Date of Grant:
	 
	January 22, 2013

	Number of Restricted
Stock Shares:
	 
	 _________ shares

	 
	 
	 

	Restricted (Vesting) Period:
	 
	25% on each Anniversary Date (or upon death, Disability, Retirement or Change in Control)

        

NATIONAL PENN BANCSHARES, INC.
LONG-TERM INCENTIVE COMPENSATION PLAN

RESTRICTED STOCK AGREEMENT

This Restricted Stock Agreement dated as of January 22, 2013, between National Penn Bancshares, Inc. (the "Corporation") and _____________ (the "Grantee").

WITNESSETH:

1.    Grant of Restricted Stock

Pursuant to the National Penn Bancshares, Inc. Long-Term Incentive Compensation Plan (the "Plan"), this Agreement confirms the Corporation's grant to the Grantee, subject to the terms and conditions of the Plan and to the terms and conditions set forth herein, of an aggregate of ________ shares of common stock (without par value) of the Corporation (“shares of Restricted Stock”).

2.    Terms and Conditions

It is understood and agreed that the grant of shares of Restricted Stock is subject to the following terms and conditions:

(a)    Restricted (Vesting) Period.  The transfer of shares of Restricted Stock shall be restricted until the date on which such shares vest, which shall occur as to 25% of the shares on each anniversary of the Date of Grant (the “Restricted Period”), but only if the Grantee remains continuously employed by the Corporation or a subsidiary of the Corporation through such vesting date. 

(b)    Escrow and Custody of Shares.  Unless and until the shares of Restricted Stock vest as provided in Section 2(a), such shares will be registered in the name of the Grantee and issued in certificate form, and such certificate or certificates will be held by the Secretary of the Corporation as escrow agent (“Escrow Agent”) and may not be sold, transferred, pledged, assigned or otherwise alienated, hypothecated or disposed of until such shares become vested. The Corporation may instruct the transfer agent for its common stock to place a legend on the certificates representing the shares of Restricted Stock or otherwise mark its records as to the restrictions on transfer set forth in this Agreement. The certificate or certificates representing such shares of Restricted Stock will not be delivered by the Escrow Agent to the Grantee unless and until the shares of Restricted Stock have vested and all other terms and conditions in this Agreement have been satisfied.  The Escrow Agent may, in its discretion, elect to enter into alternative arrangements for the escrow of the shares of Restricted Stock, if, in the Escrow Agent's discretion, such shares are issued in book-entry form. 

(c)    Dividend and Voting Rights.  The shares of Restricted Stock shall be entitled to receive all dividends and other distributions paid with respect to shares of the Corporation's common stock during the Restricted Period.  The Grantee may exercise full voting rights with respect to the shares of Restricted Stock during the Restricted Period.
 

(d)    Forfeiture.   Notwithstanding any contrary provision of this Agreement, the balance of the shares of Restricted Stock that do not vest during the Restricted Period pursuant to Section 2(a) will thereupon be forfeited and automatically transferred to and reacquired by the Corporation at no cost to the Corporation. The Grantee hereby appoints the Escrow Agent, with full power of substitution, as the Grantee's true and lawful attorney-in-fact with irrevocable power and authority in the name and on behalf of the Grantee to take any action and execute all documents and instruments, including without limitation stock powers, which may be necessary to transfer the unvested shares of Restricted Stock and the certificate or certificates representing the same to the Corporation upon determination of such vesting. 

(e)    Death, Disability, Retirement or other Termination of Employment.  If the Grantee's employment with the Corporation or a subsidiary terminates due to death, Disability (as defined in the Plan) or Retirement (as defined in the Plan and also including a voluntary termination of employment at age 60 or more), or if the Corporation or a subsidiary terminates the Grantee's employment not for Cause (as defined in the Plan), the continued employment requirement set forth in Section 2(a) shall be deemed satisfied, and the Restricted Stock shall vest on the date of his or her termination of employment.  

(f)    Termination for Cause.  If the Corporation or a subsidiary terminates the Grantee's employment for Cause (as defined in the Plan), any unvested shares of Restricted Stock during Restricted Period shall automatically be forfeited and returned to the Corporation.

(g)    Transferability. All rights with respect to the shares of Restricted Stock shall be exercisable during the Grantee's lifetime only by the Grantee. Prior to such shares becoming vested, the shares of Restricted Stock shall be transferable only by Will or by the laws of descent and distribution.  

(h)    Adjustment and Substitution of Shares.  If any merger, reorganization, consolidation, recapitalization, separation, liquidation, stock dividend, split-up, share combination, or other change in the corporate structure of the Corporation affecting the Corporation's shares of common stock shall occur, the number and class of shares of Restricted Stock shall be adjusted or substituted for, as the case may be, as shall be determined by the Committee to be appropriate and equitable to prevent dilution or enlargement of rights, and provided that the number of shares shall always be a whole number. Any adjustment or substitution pursuant to this Section 2(h) shall meet the requirements of Section 409A of the Code and shall be final and binding upon the Grantee. 
 

(i)    No Right To Continued Employment.  This grant of shares of Restricted Stock shall not confer upon the Grantee any right to continue as an employee of the Corporation or subsidiary, nor shall it interfere in any way with the right of his or her employer to terminate his or her employment at any time.

(j)    Compliance with Law and Regulations.  This grant of shares of Restricted Stock shall be subject to all applicable federal and state laws, rules and regulations and to such approvals by any government or regulatory agency as may be required.  The Corporation shall not be required to issue or deliver any certificates for common shares prior to (1) the effectiveness of a registration statement under the Securities Act of 1933, as amended, with respect to such shares, if deemed necessary or appropriate by counsel for the Corporation, (2) the listing of such shares on any stock exchange on which the common shares may then be listed, or upon the
Nasdaq Stock Market if the common shares are then listed thereon, and (3) compliance with all other applicable laws, regulations, rules and orders which may then be in effect.

(k)    Change-in-Control.  If any "Change-in-Control" (as defined in the Plan) occurs, the continued employment requirement set forth in Section 2(a) shall be deemed satisfied, and the Restricted Stock shall vest upon the date on which the "Change-in-Control" occurs.

3.    Investment Representation

The Committee may require the Grantee to furnish to the Corporation, prior to the issuance of any shares of Restricted Stock, an agreement (in such form as such Committee may specify) in which the Grantee represents that the shares acquired by him or her are being acquired for investment and not with a view to the sale or distribution thereof.

4.    Grantee Bound by Plan

The Grantee hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all the terms and provisions of the Plan, as in effect on the date hereof and as it may be amended from time to time in accordance with its terms, all of which terms and provisions are incorporated herein by reference.  If there shall be any inconsistency between the terms and provisions of the Plan, as in effect from time to time, and those of this Agreement, the terms and provisions of the Plan, as in effect from time to time, shall control.

		
	1.
	Committee

All references herein to the “Committee” mean the Compensation Committee of the Board of Directors of the Corporation (or any successor committee designated by the Board of Directors to administer the Plan).

6.    Section 83(b) Election

The Grantee acknowledges that an election under Section 83(b) of the Code may be available to the Grantee for Federal income tax purposes and that such election, if desired, must be made within thirty (30) days of the date of this Agreement. The Grantee acknowledges that whether to make such election is the responsibility of the Grantee, not the Corporation, and that the Grantee should consult the Grantee's tax advisor with respect to the election and all other tax aspects associated with this Agreement. The Grantee may make the election as to any or all of the Restricted Stock.

7.    Withholding of Taxes

The Corporation may require as a condition precedent to the issuance of any shares of Restricted Stock, or their release from the escrow established under Section 2(b), that appropriate arrangements be made for the withholding of any applicable Federal, state and local taxes.

8.    Governing Law

This Agreement shall be construed and enforced in accordance with the laws of the Commonwealth of Pennsylvania, other than any choice of law provisions calling for the application of laws of another jurisdiction. 

9.    Notices

Any notice hereunder to the Corporation shall be addressed to it at its office, Philadelphia and Reading Avenues, Boyertown, Pennsylvania 19512, Attention: Corporate Secretary, and any 
notice hereunder to Grantee shall be addressed to him or her at the address below, subject to the right of either party to designate at any time hereafter in writing some other address.

IN WITNESS WHEREOF, National Penn Bancshares, Inc. has caused this Agreement to 
be executed and the Grantee has executed this Agreement, both as of the day and year first above written.

NATIONAL PENN BANCSHARES, INC.            GRANTEE    
    

          
_____________________________                _________________________
SCOTT V. FAINOR            
President & CEO

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