Document:

EX-10.1

 Exhibit 10.1 

Execution Version 

INCREMENTAL JOINDER AGREEMENT NO. 2 AND 

THIRD AMENDMENT TO CREDIT AGREEMENT 

This INCREMENTAL JOINDER AGREEMENT NO. 2 AND THIRD AMENDMENT TO CREDIT AGREEMENT (this “Third Amendment”),
dated as of May 2, 2017 and effective as of the Effective Date (as hereinafter defined), is made and entered into by and among STATION CASINOS LLC, a Nevada limited liability company (the “Borrower”), the GUARANTORS party
hereto, RED ROCK RESORTS, INC. (“RRR”), STATION HOLDCO LLC (“Holdco”, and together with the Borrower, the Guarantors party hereto and RRR, the “Station Parties”), each of the TERM A-3 FACILITY LENDERS (as hereinafter defined) party hereto, each of the INCREMENTAL TERM A-3 LENDERS (as hereinafter defined) party hereto and DEUTSCHE BANK AG CAYMAN ISLANDS
BRANCH, as administrative agent under the Credit Agreement referred to below (together with its successors and assigns in such capacity, the “Administrative Agent”). 

RECITALS: 

WHEREAS, reference is hereby made to the Credit Agreement, dated as of June 8, 2016 (as amended by that certain First
Amendment to Credit Agreement, dated as of January 30, 2017, that certain Incremental Joinder Agreement, dated as of January 30, 2017, and that certain Second Amendment to Credit Agreement, dated as of April 5, 2017, and as it may be
further amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; capitalized terms defined in the Credit Agreement and not otherwise defined herein being used herein as
therein defined), among the Borrower, the Guarantors, the banks, financial institutions and other entities from time to time party thereto as lenders (including the L/C Lenders and the Swingline Lender) (collectively, the “Lenders”)
party thereto from time to time, Administrative Agent, Deutsche Bank AG Cayman Islands Branch, as collateral agent, and the other parties thereto; 

WHEREAS, pursuant to Section 2.15 of the Credit Agreement, the Borrower has requested that the Credit Agreement be
amended as provided herein to, among other things, provide for Credit Agreement Refinancing Indebtedness in the form of a new tranche of term loans thereunder (which will be designated as the Term A-3 Facility
Loans (as defined below)), which Term A-3 Facility Loans shall refinance (the “Refinancing”) existing Term A Facility Loans in an aggregate principal amount equal to the aggregate principal
amount of the Term A-3 Facility Loans made under this Third Amendment and which Term A-3 Facility Loans, except as modified hereby, shall have the same terms as the
existing Term A Facility Loans under the Credit Agreement; 
 WHEREAS, the Borrower has appointed Deutsche Bank Securities
Inc. to act as lead arranger and bookrunner for the Term A-3 Facility Loans under this Third Amendment (in such capacity, the “Third Amendment Refinancing Arranger”); 

WHEREAS, each Person that executes and delivers a counterpart of this Third Amendment as a Term
A-3 Facility Lender (as defined below) will make Term A-3 Facility Loans to the Borrower in the amount set forth on the signature page hereto executed by such Person on
the effective date of this Third Amendment, the proceeds of which will be used by the Borrower to prepay all of the outstanding Term A Facility Loans (other than Term A Facility Loans held by the Declining Lender (as defined below)); and 

WHEREAS, pursuant to Section 2.12 of the Credit Agreement, the Borrower has requested that those certain financial
institutions party hereto and listed on Schedule A hereto (the “Incremental Term A-3 Lenders”) provide $50,000,000.00 in Incremental Term Loan Commitments having the same terms as Term A-3 Facility Loans (the “Incremental Term A-3 Loan Commitments”). 

 WHEREAS, each Term A-3 Facility Lender
and Incremental Term A-3 Lender party hereto and the Administrative Agent is willing, on the terms and subject to the conditions set forth below, enter into this Third Amendment and to consent to the
amendments of and waivers under the Credit Agreement described herein. 
 NOW, THEREFORE, in consideration of the premises
and agreements, provisions and covenants herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS

 SECTION 1.1 Certain Definitions. As used in this Third Amendment: 

“Credit Agreement” is defined in the recitals hereto. 

“Effective Date” is defined in the first sentence of Article VI. 

“Incremental Term A-3 Lenders” is defined in the recitals hereto.

 “Incremental Term A-3 Loan Commitments” is defined in the
recitals hereto. 
 “Incremental Term A-3 Loans” is defined in
Section 4.3 hereof. 
 “Mortgage Amendments” is defined in Section 7.1(a) hereof. 

“Refinancing” is defined in the recitals hereto. 

“Term A-3 Facility Commitment” is defined in Section 2.1.1
hereof. 
 “Term A-3 Facility Lenders” is defined in
Section 2.1.1 hereof. 
 “Term A-3 Facility Loans” is defined
in Section 2.1.1 hereof. 
 “Third Amendment” is defined in the preamble hereto. 

“Third Amendment Refinancing Arranger” is defined in the recitals hereto. 

ARTICLE II 
 AMENDMENTS
TO CREDIT AGREEMENT 
 SECTION 2.1 Amendments to Credit Agreement. Subject to the conditions and upon the terms
set forth in this Third Amendment and in reliance on the representations and warranties of the Station Parties set forth in this Third Amendment, the Borrower, the other Station Parties, the Term A-3 Facility
Lenders party hereto, and the Administrative Agent agree that on the Effective Date, the Credit Agreement shall be amended as follows: 

SECTION 2.1.1 The definition of “Permitted Acquisition” is hereby amended by replacing the first parenthetical in
clause (a) with the following: 
 “(regardless of whether the Revolving Facility, the Term A Facility or the Term A-3 Facility are then in effect)” 

  
 2 

 SECTION 2.1.2 Section 1.01 of the Credit Agreement is hereby amended by
inserting the following defined terms in appropriate alphabetical order therein: 
 “Term A-3 Facility” shall mean the credit facility comprising the Term A-3 Facility Commitments, any Incremental Term Loan Commitments having the same terms as the Term A-3 Facility Loans and the Term A-3 Facility Loans. 

“Term A-3 Facility Commitment” shall mean with respect
to a Term A-3 Facility Lender, the commitment of such Term A-3 Facility Lender to make Term A-3 Facility Loans to the Borrower on
the Third Amendment Effective Date. The initial amount of each Term A-3 Facility Lender’s Term A-3 Facility Commitment is the amount set forth on such Term A-3 Facility Lender’s signature page to the Third Amendment, as applicable. 

“Term A-3 Facility Lenders” shall mean (a) on the
Third Amendment Effective Date, the Lenders having commitments to make Term A-3 Facility Loans under the Third Amendment as reflected on the signature pages to the Third Amendment and (b) after the Third
Amendment Effective Date, each Lender that holds a Term A-3 Facility Loan, after giving effect to any assignments thereof permitted by Section 13.05(b). 

“Term A-3 Facility Loans” shall mean the term loans
made by the Term A-3 Facility Lenders to the Borrower pursuant to Section 2.01(f) hereof or pursuant to any Incremental Term Loan Commitments having the same terms as the Term A-3 Facility Loans. 
 “Third Amendment” shall mean that
certain Incremental Joinder Agreement No. 2 and Third Amendment to Credit Agreement, dated as of May 2, 2017, by and among the Borrower, the Guarantors party thereto, Holdco, RRR, the Term A-3
Facility Lenders party thereto, the Incremental Term A-3 Lenders (as defined therein) party thereto and the Administrative Agent. 

“Third Amendment Effective Date” has the meaning given to the term “Effective Date”
in the Third Amendment. 
 “Third Amendment Refinancing Arranger” shall mean Deutsche Bank
Securities Inc., as lead arranger and bookrunner in connection with the Third Amendment. 
 SECTION 2.1.3 Section 1.01
of the Credit Agreement is hereby amended by amending and restating the following definitions in their entirety as follows: 

“Required Pro Rata Lenders” shall mean, as of any date of determination: (a) prior to the Closing Date,
Lenders holding more than 50% of the aggregate amount of the Revolving Commitments and the Term A Facility Commitments and (b) thereafter, Non-Defaulting Lenders holding more than 50% of the aggregate sum
(without duplication) of the (a) (i) the aggregate Unutilized R/C Commitments of all Non-Defaulting Lenders, (ii) the aggregate outstanding Revolving Loans of all
Non-Defaulting Lenders, (iii) the Swingline Exposure of all Non-Defaulting Lenders, (iv) the L/C Liabilities of all
Non-Defaulting Lenders and (v) aggregate outstanding Term A Facility Loans and Term A-3 Facility Loans held by
Non-Defaulting Lenders. 

  
 3 

 “Required Tranche Lenders” shall mean: (a) with respect to
Lenders having Revolving Commitments or Revolving Loans of any particular Tranche, Non-Defaulting Lenders having more than 50% of the aggregate sum of the Unutilized R/C Commitments, Revolving Loans, Swingline
Exposure and L/C Liabilities, in each case, of Non-Defaulting Lenders in respect of such Tranche and then outstanding; (b) with respect to Lenders having Term A Facility Loans, Term A Facility Commitments
or Incremental Term A Loan Commitments, Non-Defaulting Lenders having more than 50% of the aggregate sum of the Term A Facility Loans, unutilized Term A Facility Commitments and unutilized Incremental Term A
Loan Commitments of the Non-Defaulting Lenders then outstanding; (c) with respect to Lenders having Term A-3 Facility Loans or Term
A-3 Facility Commitments, Non-Defaulting Lenders having more than 50% of the aggregate sum of the Term A-3 Facility Loans and
unutilized Term A-3 Facility Commitments of the Non-Defaulting Lenders then outstanding; (d) with respect to Lenders having Term B Facility Loans, Term B Facility
Commitments or Incremental Term B Loan Commitments, Non-Defaulting Lenders having more than 50% of the aggregate sum of the Term B Facility Loans, unutilized Term B Facility Commitments and unutilized
Incremental Term B Loan Commitments of Non-Defaulting Lenders then outstanding; (e) for each New Term Loan Facility, if applicable, with respect to Lenders having New Term Loans or New Term Loan
Commitments, in each case, in respect of such New Term Loan Facility, Non-Defaulting Lenders having more than 50% of the aggregate sum of such New Term Loans and unutilized New Term Loan Commitments of Non-Defaulting Lenders then outstanding; (f) for each Extension Tranche, if applicable, with respect to Lenders having Extended Revolving Loans or Extended Revolving Commitments or Extended Term Loans or
commitments in respect of Extended Term Loans, in each case, in respect of such Extension Tranche, Non-Defaulting Lenders having more than 50% of the aggregate sum of such Extended Revolving Loans and Extended
Revolving Commitments or Extended Term Loans and commitments in respect thereof, as applicable, then outstanding; and (g) for each Tranche of Other Term Loans, Non-Defaulting Lenders having more than 50%
of the aggregate sum of such Other Term Loans and unutilized Other Term Loan Commitments of Non-Defaulting Lenders then outstanding. 

“Term Facilities” shall mean, collectively, the credit facilities comprising the Term A Facility, the Term A-3 Facility, the Term B Facility, any New Term Loan Facilities, the credit facilities comprising the Extended Term Loans, if any, and the credit facilities comprising Other Term Loans, if any. 

“Term Loans” shall mean, collectively, the Term A Facility Loans, the Term
A-3 Facility Loans, the Term B Facility Loans, any Extended Term Loans, any Other Term Loans and any New Term Loans. 

“Term Loan Commitments” shall mean, collectively, (a) the Term A Facility Commitments, (b) the Term A-3 Facility Commitments, (c) the Term B Facility Commitments, (d) any Incremental Term Loan Commitments and (e) any Other Term Loan Commitments. 

“Tranche” shall mean (i) when used with respect to the Lenders, each of the following classes of Lenders:
(a) Lenders having Revolving Loans incurred pursuant to the Closing Date Revolving Commitment or any Incremental Revolving Commitments or Closing Date Revolving Commitments and any Incremental Revolving Commitments, (b) Lenders having such
other Tranche of Revolving Loans or Revolving Commitments 

  
 4 

 
created pursuant to an Extension Amendment or Refinancing Amendment, (c) Lenders having Term A Facility Loans or Term A Facility Commitments and Incremental Term A Loan Commitments,
(d) Lenders having Term A-3 Facility Loans or Term A-3 Facility Commitments, (e) Lenders having Term B Facility Loans or Term B Facility Commitments and
Incremental Term B Loan Commitments and (f) Lenders having such other Tranche of Term Loans or Term Loan Commitments created pursuant to an Extension Amendment, Incremental Joinder Agreement or Refinancing Amendment, and (ii) when used
with respect to Loans or Commitments, each of the following classes of Loans or Commitments: (a) Revolving Loans incurred pursuant to the Closing Date Revolving Commitment or any Incremental Revolving Commitments or Closing Date Revolving
Commitments and any Incremental Revolving Commitments, (b) such other Tranche of Revolving Loans or Revolving Commitments created pursuant to an Extension Amendment or Refinancing Amendment, (c) Term A Facility Loans or Term A Facility
Commitments and Incremental Term A Loan Commitments, (d) Term A-3 Facility Loans or Term A-3 Facility Commitments, (e) Term B Facility Loans or Term B Facility
Commitments and Incremental Term B Loan Commitments and (f) such other Tranche of Term Loans or Term Loan Commitments created pursuant to an Extension Amendment, Incremental Joinder Agreement or Refinancing Amendment. Additionally, the
Administrative Agent shall be permitted to establish separate sub-tranches of Loans and Commitments for administrative purposes for the sole purpose of determining the amount of interest and/or fees due on
Loans or Commitments held by particular Lenders (including the sub-tranches of the Term A Facility Loans established pursuant to the Second Amendment); provided that any such separate sub-tranches shall constitute part of the same Tranche from which it was derived for all other purposes under the Loan Documents, including the pro rata payment of interest, principal and other amounts. 

SECTION 2.1.4 Section 1.03 of the Credit Agreement is hereby amended by inserting the following immediately after “a
Term A Facility Loan,”: 
 “a Term A-3 Facility Loan,” 

SECTION 2.1.5 Section 2.01 of the Credit Agreement is hereby amended by inserting the following new clause (f) at
the end thereof: 
 (f) Term A-3 Facility Loans. 

(i) Subject to the terms and conditions set forth in the Third Amendment, each Term A-3 Facility Lender severally agrees to make a term loan in Dollars to the Borrower on the Third Amendment Effective Date in the principal amount equal to its Term A-3
Facility Commitment on the Third Amendment Effective Date and consents to each amendment, waiver and acknowledgement effected by the Third Amendment. The Borrower shall prepay in full all existing Term A Facility Loans (excluding, however, any Term
A Facility Loans held on the Third Amendment Effective Date by Bank of America, N.A., it being understood that Bank of America, N.A. has waived its right to such prepayment (in such capacity, the “Declining Lender”)) in an aggregate
amount equal to the aggregate gross proceeds of the Term A-3 Facility Loans, concurrently with the receipt thereof in accordance with Section 2.09 and Section 4.02 of the Credit Agreement. All Term A-3 Facility Loans will have the Types and Interest Periods specified in the Notice of Borrowing delivered in connection with the Third Amendment. All accrued and unpaid interest on the existing Term A Facility
Loans that are prepaid pursuant to this Section 2.01(f) to, but not including, the Third Amendment Effective Date shall be payable on the Third Amendment Effective Date and the Borrower will make any payments required under Section 5.05
with respect to such existing Term A Facility Loans in accordance therewith. 

  
 5 

 (ii) The Term A-3
Facility Loans shall have the same terms as the Term A Facility Loans as set forth in this Agreement and the Credit Documents before giving effect to the Third Amendment, except as modified by the Third Amendment; it being understood that the Term A-3 Facility Loans (and all principal, interest and other amounts in respect thereof) will constitute “Obligations,” “Guaranteed Obligations” and “Secured Obligations” under this
Agreement and the other Credit Documents. The aggregate outstanding principal amount of the Term A-3 Facility Loans for all purposes of this Agreement and the other Credit Documents shall be the stated
principal amount thereof outstanding from time to time. The Term A-3 Facility Loans may from time to time be LIBOR Loans or ABR Loans, as determined by the Borrower and notified to the Administrative Agent in
accordance with Section 3.3 of the Third Amendment and Section 2.09 of this Agreement. 
 SECTION 2.1.6
Section 2.04(a) of the Credit Agreement is hereby amended by inserting the following new clause (v) at the end thereof: 

(v) In addition to any other mandatory commitment reductions pursuant to this Section 2.04, the aggregate
amount of the Term A-3 Facility Commitments outstanding on the Third Amendment Effective Date shall be automatically and permanently reduced to zero at 5:00 p.m., New York time, on the Third Amendment
Effective Date (after giving effect to the making of the Term A-3 Facility Loans on such date). 

SECTION 2.1.7 Section 4.02 of the Credit Agreement is hereby amended by deleting “and” immediately before
clause (d) thereof and inserting the following new clause (e) at the end thereof: 
 and (e) except as
otherwise provided in Section 2.09(b)(ii) (with respect to rejecting Lenders), Section 2.10(b) (with respect to declining Lenders), Section 2.13 (with respect to accepting and declining Lenders), Section 2.14, Section 13.04(b) or
Section 13.05(d), Borrower hereby agrees that each borrowing of, each payment or prepayment in respect of principal or interest of, each conversion of one Type of Loans to another Type of Loans, and the selection of Interest Periods in respect of,
the Term A Facility Loans and the Term A-3 Facility Loans shall, in each case, be allocated pro rata between the Term A Facility Loans and the Term A-3 Facility
Loans according to the aggregate outstanding principal amount of Term A Facility Loans and Term A-3 Facility Loans. 

SECTION 2.1.8 Section 2.12(b)(viii) of the Credit Agreement is hereby amended by inserting the following after “not
any Term A Facility Loans” in each usage thereof in such Section: 
 “or any Term
A-3 Facility Loans” 
 SECTION 2.1.9 Section 3.01 of the Credit Agreement
is hereby amended by inserting the following new clause (e) at the end thereof: 
 (e) Borrower hereby
promises to pay to Administrative Agent for the account of the Lenders with Term A-3 Facility Loans (including, for the avoidance of doubt, the Incremental Term A-3
Loans (as defined in the Third Amendment)) made on the Third Amendment Effective 

  
 6 

 
Date in repayment of the principal of such Term A-3 Facility Loans, on each date set forth on Annex D, that principal amount of
such Term A-3 Facility Loans, to the extent then outstanding, as is set forth opposite such date (subject to adjustment for any prepayments made under Section 2.09 or Section 2.10 or
Section 2.11(b) or Section 13.04(b)(B) or as provided in Section 2.12, in Section 2.13 or in Section 2.15), and the remaining principal amount of such Term A-3 Facility Loans on the
Term A Facility Maturity Date. 
 SECTION 2.1.10 Section 9.12(a)(iii) of the Credit Agreement is hereby amended by inserting
the following immediately following “Revolving Facility or the Term A Facility”: 
 “or the Term A-3 Facility” 
 SECTION 2.1.11 Section 9.12(b)(ii) of the Credit Agreement is hereby
amended by inserting the following immediately following “Revolving Facility or the Term A Facility”: 
 “or
the Term A-3 Facility” 
 SECTION 2.1.12 Section 10.01(n) of the Credit
Agreement is hereby amended by inserting the following immediately following “Revolving Facility or the Term A Facility”: 

“or the Term A-3 Facility” 

SECTION 2.1.13 Section 10.08 of the Credit Agreement is hereby amended by inserting the following immediately following
“Revolving Facility and the Term A Facility”: 
 “and the Term A-3
Facility” 
 SECTION 2.1.14 Section 11.01(d) of the Credit Agreement is hereby amended and restated in its
entirety as follows: 
 “(d) default shall be made in the due observance or performance by Borrower or any Restricted
Subsidiary of any covenant, condition or agreement contained in Section 9.01(a) (with respect to Borrower and each Subsidiary that owns a Core Property only), 9.04(d) or 9.06 or in Article X (subject to, in the case of the financial
covenant in Section 10.08, the cure rights contained in Section 11.03); provided any default under Section 10.08 (a “Financial Covenant Event of Default”) shall not constitute an Event of Default with respect
to any Loans or Commitments hereunder, other than the Revolving Loans, the Term A Facility Loans, the Term A-3 Facility Loans, any Revolving Commitments, Term A-3
Facility Commitments and/or Term A Facility Commitments, until the date on which the Revolving Loans, Term A-3 Facility Loans and/or Term A Facility Loans have been accelerated, and the Revolving Commitments,
Term A-3 Facility Commitments and/or the Term A Facility Commitments have been terminated, in each case, by the Required Pro Rata Lenders pursuant to this Section 11.01; 

SECTION 2.1.15 Section 11.01 of the Credit Agreement is hereby amended by amending and restating the last two paragraphs
thereof in their entirety as follows: 
 then, and in every such event (other than (i) an event described in
Section 11.01(g) or 11.01(h) with respect to Borrower and (ii) a Financial Covenant Event of Default unless the Revolving Loans, the Term A-3 Facility Loans and/or Term A Facility Loans have

  
 7 

 
been accelerated, and the Revolving Commitments, the Term A-3 Facility Commitments and/or the Term A Facility Commitments have been terminated, in each
case, by the Required Pro Rata Lenders pursuant to the final paragraph of this Section 11.01), and at any time thereafter during the continuance of such event, Administrative Agent, at the request of the Required Lenders, shall, by notice to
Borrower, take any or all of the following actions, at the same or different times: (i) terminate forthwith the Commitments, (ii) declare the Loans and Reimbursement Obligations then outstanding to be forthwith due and payable in whole or
in part, whereupon the principal of the Loans and Reimbursement Obligations so declared to be due and payable, together with accrued interest thereon and any unpaid accrued fees and all other liabilities and Obligations of Borrower accrued hereunder
and under any other Credit Document (other than Swap Contracts and Cash Management Agreements), shall become forthwith due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived by
Borrower, anything contained herein or in any other Credit Document (other than Swap Contracts and Cash Management Agreements) to the contrary notwithstanding; (iii) exercise any other right or remedy provided under the Credit Documents or at
law or in equity and (iv) direct Borrower to pay (and Borrower hereby agrees upon receipt of such notice, or upon the occurrence of any Event of Default specified in Section 11.01(g) or 11.01(h) with respect to Borrower, to pay) to
Collateral Agent at the Principal Office such additional amounts of cash, to be held as security by Collateral Agent for L/C Liabilities then outstanding, equal to the aggregate L/C Liabilities then outstanding; and in any event described in
Section 11.01(g) or 11.01(h) above with respect to Borrower, the Commitments shall automatically terminate and the principal of the Loans and Reimbursement Obligations then outstanding, together with accrued interest thereon and any unpaid
accrued fees and all other liabilities and Obligations of Borrower accrued hereunder and under any other Credit Document, shall automatically become due and payable, without presentment, demand, protest or any other notice of any kind, all of which
are hereby expressly waived by Borrower, anything contained herein or in any other Credit Document to the contrary notwithstanding. The applicability of this Section 11.01 to RRR is subject to the operation of Section 13.20. 

Notwithstanding the foregoing, during any period during which a Financial Covenant Event of Default has occurred and is
continuing, Administrative Agent may with the consent of, and shall at the request of, the Required Pro Rata Lenders take any of the foregoing actions described in the immediately preceding paragraph solely as they relate to the Revolving Lenders,
Term A-3 Facility Loans or Term A Facility Lenders (versus the Lenders), the Revolving Commitments, Term A-3 Facility Commitments and/or Term A Facility Commitments
(versus the Commitments), the Revolving Loans, the Swingline Loans, the Term A-3 Facility Loans and/or the Term A Facility Loans (versus the Loans), and the Letters of Credit. 

SECTION 2.1.16 Section 13.04(a)(iv) of the Credit Agreement is hereby amended by inserting the following immediately
after “and each Term A Facility Lender”: 
 “and each Term A-3
Facility Lender” 
 SECTION 2.1.17 Annex B of the Credit Agreement is amended and restated in its entirety as follows:

  
 8 

 Applicable Fee Percentage and 

Applicable Margin for Revolving Loans, Swingline Loans, 

Term A Facility Loans and Term A-3 Facility Loans 

With respect to (i) Revolving Loans, (ii) Swingline Loans, (iii) Term A Facility Loans and
(iv) Term A-3 Facility Loans: 
  

																			
	 Pricing

Level
	  	 Consolidated Total Leverage

Ratio
	  	Applicable Margin	 
	  	  	Revolving Loans
and Swingline
Loans	 	 	Term A-2 Facility
Loans and Term
A-3 Facility Loans	 
	  	  	LIBOR	 	 	ABR	 	 	LIBOR	 	 	ABR	 
	 Level I
	  	Greater than 3.50 to 1.00	  	 	2.00	% 	 	 	1.00	% 	 	 	2.00	% 	 	 	1.00	% 
	 Level II
	  	Less than or equal to 3.50 to 1.00	  	 	1.75	% 	 	 	0.75	% 	 	 	1.75	% 	 	 	0.75	% 

 For purposes of this Annex B, the Consolidated Total Leverage Ratio shall be calculated
by deducting the amount of Unrestricted Cash from clause (a) of the definition thereof. 
 SECTION 2.1.18 The Credit
Agreement is hereby amended by inserting the following as Annex D: 
 AMORTIZATION PAYMENTS 

TERM A-3 FACILITY LOANS 

 

					
	 DATE1
	  	PRINCIPAL AMOUNT	 
	 June 30, 2017
	  	$	3,082,755.77	 
	 September 30, 2017
	  	$	3,082,755.77	 
	 December 31, 2017
	  	$	3,082,755.77	 
	 March 31, 2018
	  	$	3,082,755.77	 
	 June 30, 2018
	  	$	3,082,755.77	 
	 September 30, 2018
	  	$	3,082,755.77	 
	 December 31, 2018
	  	$	3,082,755.77	 
	 March 31, 2019
	  	$	3,082,755.77	 
	 June 30, 2019
	  	$	3,082,755.77	 
	 September 30, 2019
	  	$	3,082,755.77	 
	 December 31, 2019
	  	$	3,082,755.77	 
	 March 31, 2020
	  	$	3,082,755.77	 
	 June 30, 2020
	  	$	3,082,755.77	 
	 September 30, 2020
	  	$	3,082,755.77	 
	 December 31, 2020
	  	$	3,082,755.77	 
	 March 31, 2021
	  	$	3,082,755.77	 
	 The date that is the fifth anniversary of the Closing Date
	  	 

	Entire remaining
outstanding principal
amount of the Term
A-3 Facility Loans	 
 
 
 

  

	1 	 If such date is not a Business Day, then the date shall be the next succeeding Business Day unless such
Business Day falls in another calendar month, in which case such date shall be the immediately preceding Business Day. 

  
 9 

 SECTION 2.2 Acknowledgement. The Term
A-3 Facility Loans are being made pursuant to Section 2.15 of the Credit Agreement and shall constitute “Credit Agreement Refinancing Indebtedness” and this Third Amendment shall constitute a
“Refinancing Amendment”. The Incremental Term A-3 Loans are being made pursuant to Section 2.12 of the Credit Agreement and shall constitute “Incremental Term Loans” and this Third
Amendment shall constitute an “Incremental Joinder Agreement”. On and after the Third Amendment Effective Date, unless the context shall otherwise require, each reference in the Credit Agreement or any other Credit Document to
(a) “Term Loan Commitments” and “Other Term Loan Commitments” shall include the Term A-3 Facility Commitments contemplated by this Third Amendment, (b) “Term Loan
Commitments” and “Incremental Term Loan Commitments” shall include the Incremental Term A-3 Loan Commitments contemplated by this Third Amendment, (c) “Term Loans”, “Other
Term Loans” and “Credit Agreement Refinancing Indebtedness” shall include the Term A-3 Facility Loans contemplated by this Third Amendment, (d) “Term Loans” and “Incremental
Term Loans” shall include the Incremental Term A-3 Loans contemplated by this Third Amendment, (e) “Lenders” shall include the Term A-3 Facility Lenders
and the Incremental Term A-3 Lenders and (f) “Credit Documents” shall include this Third Amendment, in each case, for all purposes of the Credit Agreement, including Section 2.15(c)
thereof. 
 ARTICLE III 

AGREEMENT TO MAKE TERM A-3 FACILITY LOANS 

SECTION 3.1 Agreement to Make Term A-3 Facility Loans. Subject to the
conditions set forth in Article VI hereof, each Term A-3 Facility Lender severally agrees to make, on the Effective Date, a Term A-3 Facility Loan to the Borrower as
further set forth in Section 2.01(f) of the Credit Agreement (as amended hereby). 
 SECTION 3.2 Other Provisions
Regarding Term A-3 Facility Loans. On the Effective Date, the Borrower shall apply the proceeds of the Term A-3 Facility Loans to prepay in full all existing Term A
Facility Loans (excluding, however, any Term A Facility Loans held on the Third Amendment Effective Date by the Declining Lender, it being understood that the Declining Lender, has waived its right to such prepayment). The repayment of Term A
Facility Loans with the proceeds of the Term A-3 Facility Loans contemplated hereby collectively constitute an optional prepayment of such existing Term A Facility Loans by the Borrower pursuant to
Section 2.09 of the Credit Agreement (other than for purposes of Section 2.10(a)(iv) of the Credit Agreement) and shall be subject to the provisions of Section 2.09 and Section 4.02 of the Credit Agreement and (ii) the
Borrower shall not be required to deliver the written notice described in Section 2.09(a) of the Credit Agreement (it being understood that this Third Amendment shall be deemed to constitute such notice and that the Administrative Agent shall
be deemed to have received such notice before 1:00 p.m., New York time on the third Business Day prior to the Effective Date). Each of the parties hereto acknowledges and agrees that the terms of this Third Amendment do not constitute a novation
but, rather, an amendment of the terms of certain pre-existing Indebtedness and the Credit Agreement, as amended hereby. 

SECTION 3.3 Procedures to Make Term A-3 Facility Loans. The Borrower shall give
the Administrative Agent irrevocable written notice substantially in the form of a Notice of Borrowing (which Notice of Borrowing shall comply with the requirements of Section 4.05 of the Credit Agreement) requesting that the Term A-3 Facility Lenders make the Term A-3 Facility Loans on the Effective Date and specifying the amount to be converted and/or borrowed, as applicable, and the requested
Interest 
  

  
 10 

 
Period, if applicable. Upon receipt of such Notice of Borrowing, the Administrative Agent shall promptly notify each Term A-3 Facility Lender thereof. Not
later than 12:00 p.m., New York time, on the Effective Date each Term A-3 Facility Lender shall make available to the Administrative Agent at the Principal Office an amount in immediately available funds equal
to the Term A-3 Facility Loan to be made by such Term A-3 Facility Lender. The Administrative Agent shall credit the account designated in writing by the Borrower to the
Administrative Agent with the aggregate of the amounts made available to the Administrative Agent by the Term A-3 Facility Lenders in immediately available funds. 

SECTION 3.4 Agreements of Term A-3 Facility Lenders. Each Term A-3 Facility Lender (a) represents and warrants that it is legally authorized to enter into this Third Amendment; (b) confirms that it has received a copy of the Credit Agreement, this Third Amendment and
the other Credit Documents, together with copies of the financial statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Third Amendment;
(c) agrees that it will, independently and without reliance upon the Administrative Agent or any other Lender or Agent and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit
decisions in taking or not taking action under the Credit Agreement, the other Credit Documents or any other instrument or document furnished pursuant hereto or thereto; (d) appoints and authorizes each applicable Agent to take such action as
agent on its behalf and to exercise such powers and discretion under the Credit Agreement, the other Credit Documents or any other instrument or document furnished pursuant hereto or thereto as are delegated to each such Agent, as applicable, by the
terms thereof, together with such powers as are incidental thereto; (e) hereby affirms the acknowledgements and representations of such Term A-3 Facility Lender as a Lender contained in Section 12.07
of the Credit Agreement; and (f) agrees that it will be bound by the provisions of the Credit Agreement and will perform in accordance with the terms of the Credit Agreement all the obligations which by the terms of the Credit Agreement are
required to be performed by it as a Lender, including its obligations pursuant to Section 13.05 of the Credit Agreement. Each Term A-3 Facility Lender acknowledges and agrees that upon its execution of
this Third Amendment that such Term A-3 Facility Lender shall on and as of the Effective Date become a “Term A-3 Facility Lender” under, and for all purposes
of, the Credit Agreement and the other Credit Documents, shall be subject to and bound by the terms thereof, shall perform all the obligations of and shall have all rights of a Lender thereunder, and shall make available, or permit to be converted,
such amount to fund its ratable share of outstanding Term A-3 Facility Loans on the Effective Date as the Third Amendment Refinancing Arranger may instruct. Each Term
A-3 Facility Lender has delivered herewith to the Borrower and the Administrative Agent such forms, certificates or other evidence with respect to United States federal income tax withholding matters as such
Term A-3 Facility Lender may be required to deliver to the Borrower and the Administrative Agent pursuant to Section 5.06 of the Credit Agreement. 

SECTION 3.5 Excess Cash Flow. Each Term A-3 Facility Lender party hereto, on
behalf of itself and its successors and assigns, hereby agrees and elects to decline all prepayments of the Term A-3 Facility Loans to be made pursuant to Section 2.10(a)(iv) of the Credit Agreement from
the date of this Third Amendment through and including the third anniversary of the date of this Third Amendment. 
 ARTICLE IV 

AGREEMENT TO PROVIDE INCREMENTAL TERM A-3 LOAN COMMITMENTS 

SECTION 4.1 Agreement to Make Incremental Term A-3 Loans. Each Incremental Term
A-3 Lender hereby agrees, severally and not jointly, to provide its respective Incremental Term A-3 Loan Commitment as set forth on Schedule A annexed hereto on
the terms set forth in this Third Amendment, and its Incremental Term A-3 Loan Commitment shall be binding as of the Effective Date (as defined below). Each Incremental Term
A-3 Lender hereby agrees, severally and not jointly, to make an Incremental Term Loan to the Borrower having the same terms as the Term A-3 Facility Loans on the
Effective Date in the amount of its Incremental Term A-3 Loan Commitment. 

  
 11 

 SECTION 4.2 New Loans and Commitments. The Incremental Term A-3 Loan Commitment of each Incremental Term A-3 Lender is in addition to such Incremental Term A-3 Lender’s existing Loans and
Commitments under the Credit Agreement, if any, which shall continue and, immediately after giving effect to the amendments contemplated hereby, will be subject in all respects to the terms of the Credit Agreement (and, in each case, the other
Credit Documents). 
 SECTION 4.3 Applicable Margin. The Applicable Margin for any Loans made pursuant to the
Incremental Term A-3 Loan Commitments (any such loans, the “Incremental Term A-3 Loans”) shall be the same as the Applicable Margin with respect to the
Term A-3 Facility Loans after giving effect to this Third Amendment. 
 SECTION 4.4
Maturity Date. The maturity date for any Loans made pursuant to the Incremental Term A-3 Loan Commitments shall be the Term A Facility Maturity Date. 

SECTION 4.5 Principal Payments. Borrower hereby promises to pay Administrative Agent for the account of the Incremental
Term A-3 Lenders with Incremental Term A-3 Loans in repayment of the principal of such Incremental Term A-3 Loans in accordance
with Section 3.01(d) and Annex D of the Credit Agreement (in each case, as amended hereby). The amortization payments in Annex D of the Credit Agreement (as amended hereby) include amounts due in respect of all Term A-3 Facility Loans outstanding on the Third Amendment Effective Date after giving effect to the transactions contemplated herein (including, for the avoidance of doubt, the Incremental Term A-3 Loans). 
 SECTION 4.6 Incremental Term A-3
Loan Commitments. 
 (a) This Third Amendment represents Borrower’s request for the Incremental Term
A-3 Loan Commitments to be provided on the terms set forth herein on the Effective Date and for the Incremental Term A-3 Loans to be made thereunder to be funded on the
Effective Date. It is the understanding, agreement and intention of the parties that all Incremental Term A-3 Loans shall be part of the same Tranche of Loans as the Term
A-3 Facility Loans made on the Third Amendment Effective Date and shall constitute Loans and Term A-3 Facility Loans under the Credit Documents. Any Incremental Term A-3 Loans shall be subject to the provisions of the Credit Agreement and the other Credit Documents and shall be on terms and conditions identical to the Term A-3 Facility
Loans made in connection with this Third Amendment, except as set forth in this Third Amendment. 
 (b) The
Incremental Term A-3 Loan Commitments may be drawn in no more than a single drawing on the Effective Date. Upon such Borrowing, the Incremental Term A-3 Loans so
borrowed shall automatically become Loans and Term A Facility Loans outstanding under the Credit Agreement. The Incremental Term A-3 Loan Commitments shall terminate automatically at 5:00 p.m. New York time on
the Effective Date (after giving effect to the funding of the Incremental Term A-3 Loans thereunder). 

SECTION 4.7 Agreements of Incremental Term A-3 Lenders. Each Incremental Term A-3 Lender (a) represents and warrants that it is legally authorized to enter into this Third Amendment; (b) confirms that it has received a copy of the Credit Agreement, this Third Amendment and the other
Credit Documents, together with copies of the financial statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Third Amendment;
(c) agrees that it will, independently and without reliance upon the 

  
 12 

 
Administrative Agent or any other Lender or Agent and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not
taking action under the Credit Agreement, the other Credit Documents or any other instrument or document furnished pursuant hereto or thereto; (d) appoints and authorizes each applicable Agent to take such action as agent on its behalf and to
exercise such powers and discretion under the Credit Agreement, the other Credit Documents or any other instrument or document furnished pursuant hereto or thereto as are delegated to each such Agent, as applicable, by the terms thereof, together
with such powers as are incidental thereto; (e) hereby affirms the acknowledgements and representations of such Incremental Term A-3 Lender as a Lender contained in Section 12.07 of the Credit
Agreement; and (f) agrees that it will be bound by the provisions of the Credit Agreement and will perform in accordance with the terms of the Credit Agreement all the obligations which by the terms of the Credit Agreement are required to be
performed by it as a Lender, including its obligations pursuant to Section 13.05 of the Credit Agreement. Each Incremental Term A-3 Lender acknowledges and agrees that upon its execution of this Third
Amendment that such Incremental Term A-3 Lender shall on and as of the Effective Date become a “Term A-3 Facility Lender” under, and for all purposes of, the
Credit Agreement and the other Credit Documents, shall be subject to and bound by the terms thereof, shall perform all the obligations of and shall have all rights of a Lender thereunder, and shall make available such amount to fund its ratable
share of outstanding Incremental Term A-3 Loans on the Effective Date as the Third Amendment Refinancing Arranger may instruct. Each Incremental Term A-3 Lender has
delivered herewith to the Borrower and the Administrative Agent such forms, certificates or other evidence with respect to United States federal income tax withholding matters as such Incremental Term Lender may be required to deliver to the
Borrower and the Administrative Agent pursuant to Section 5.06 of the Credit Agreement. 
 SECTION 4.8 Excess Cash
Flow. Each Incremental Term A-3 Lender party hereto, on behalf of itself and its successors and assigns, hereby agrees and elects to decline all prepayments of the Incremental Term A-3 Loans to be made pursuant to Section 2.10(a)(iv) of the Credit Agreement from the date of this Third Amendment through and including the third anniversary of the date of this Third Amendment. 

ARTICLE V 

REPRESENTATIONS AND WARRANTIES 

To induce the Term A-3 Facility Lenders to provide the Term A-3 Facility Commitments and the Incremental Term A-3 Lenders to provide the Incremental Term A-3 Loans hereunder, the Station Parties
represent to the Administrative Agent, the Term A-3 Facility Lenders and the Incremental Term A-3 Lenders that, as of the Effective Date: 

SECTION 5.1 Corporate Existence. Borrower and each other Station Party (a) is a corporation, partnership,
limited liability company or other entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization; (b)(i) has all requisite corporate or other power and authority, and (ii) has all
governmental licenses, authorizations, consents and approvals necessary to own its Property and carry on its business as now being conducted; and (c) is qualified to do business and is in good standing in all jurisdictions in which the nature
of the business conducted by it makes such qualification necessary; except, in the case of clauses (b)(ii) and (c) where the failure thereof individually or in the aggregate would not reasonably be expected to have a Material Adverse Effect.

 SECTION 5.2 Action; Enforceability. Borrower and each other Station Party has all necessary corporate or other
organizational power, authority and legal right to execute, deliver and perform its obligations under this Third Amendment and to consummate the transactions herein contemplated; the execution, delivery and performance by Borrower and each other
Station Party of this Third Amendment 

  
 13 

 
and the consummation of the transactions herein contemplated have been duly authorized by all necessary corporate, partnership or other organizational action on its part; and this Third Amendment
has been duly and validly executed and delivered by each Station Party and constitutes its legal, valid and binding obligation, enforceable against each Station Party in accordance with its terms, except as such enforceability may be limited by
(a) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or similar laws of general applicability from time to time in effect affecting the enforcement of creditors’ rights and remedies and (b) the application of
general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

SECTION 5.3 No Breach; No Default. 

(a) None of the execution, delivery and performance by any Station Party of this Third Amendment nor the
consummation of the transactions herein contemplated do or will (i) conflict with or result in a breach of, or require any consent (which has not been obtained and is in full force and effect) under (x) any Organizational Document of any
Station Party or (y) any applicable Requirement of Law (including, without limitation, any Gaming Law) or (z) any order, writ, injunction or decree of any Governmental Authority binding on any Station Party, or tortiously interfere with,
result in a breach of, or require termination of, any term or provision of any Contractual Obligation of any Station Party or (ii) constitute (with due notice or lapse of time or both) a default under any such Contractual Obligation or
(iii) result in or require the creation or imposition of any Lien (except for the Liens created pursuant to the Security Documents) upon any Property of any Station Party pursuant to the terms of any such Contractual Obligation, except with
respect to (i)(y), (i)(z), (ii) or (iii) which would not reasonably be expected to result in a Material Adverse Effect; and 

(b) No Default or Event of Default has occurred and is continuing. 

SECTION 5.4 Credit Document Representations. Each of the representations and warranties made by the Borrower or any of
the other Station Parties in or pursuant to the Credit Documents to which such entity is a party, as amended hereby, are true and correct in all material respects as of such date (except to the extent such representations and warranties are
qualified by “materiality” or “Material Adverse Effect,” in which case such representations and warranties shall be true and correct in all respects), as applicable, with the same effect as though made on and as of such date,
except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties shall be true and correct in all material respects as of such earlier date (except to the extent such
representations and warranties are qualified by “materiality” or “Material Adverse Effect,” in which case such representations and warranties shall be true and correct in all respects)). 

ARTICLE VI 
 CONDITIONS
TO THE EFFECTIVE DATE 
 This Third Amendment shall become effective on the date (the “Effective Date”)
on which each of the following conditions is satisfied or waived: 
 SECTION 6.1 Execution of Counterparts. The
Administrative Agent shall have received executed counterparts of this Third Amendment from each Station Party, each Term A-3 Facility Lender and each Incremental Term
A-3 Lender. 

  
 14 

 SECTION 6.2 Corporate Documents. The Administrative Agent shall have
received: 
 (a) certified true and complete copies of the Organizational Documents of each Station Party and of all
corporate or other authority for each Station Party (including board of directors (or other applicable governing authority) resolutions and evidence of the incumbency, including specimen signatures, of officers) with respect to the execution,
delivery and performance of this Third Amendment and the extensions of credit hereunder, certified as of the Effective Date as complete and correct copies thereof by the secretary or an assistant secretary of each such Station Party (provided that,
in lieu of attaching such Organizational Documents and/or evidence of incumbency, such certificate may certify that (x) since the Closing Date (or such later date on which the applicable Station Party became party to the Credit Documents),
there have been no changes to the Organizational Documents of such Station Party and (y) no changes have been made to the incumbency certificate of the officers of such Station Party delivered on the Closing Date (or such later date referred to
above)); 
 (b) a certificate as to the good standing of each Station Party as of a recent date, from the Secretary of State
(or other applicable Governmental Authority) of its jurisdiction of incorporation; and 
 (c) a customary closing certificate
of a Responsible Officer of the Borrower certifying to the foregoing. 
 SECTION 6.3 Opinions of Counsel. The
Administrative Agent shall have received a favorable written opinion of (i) Milbank, Tweed, Hadley & McCloy, special New York, Delaware and California counsel for the Station Parties and (ii) Brownstein Hyatt Farber Schreck, LLP,
special Nevada counsel for the Station Parties, in each case (A) dated the Effective Date, (B) addressed to Administrative Agent and the Lenders and (C) in a form reasonably satisfactory to Administrative Agent. 

SECTION 6.4 Costs and Expenses. All of the reasonable and documented out-of-pocket costs and expenses (including the reasonable fees, expenses and disbursements of Latham & Watkins LLP and one local counsel in each applicable jurisdiction reasonably deemed necessary
by Agents) incurred by the Agents in connection with the negotiation, preparation, execution and delivery of this Third Amendment and the extension and syndication of the Term A-3 Facility Commitments and the
Incremental Term A-3 Loan Commitments shall have been paid. 
 SECTION 6.5 No
Default or Event of Default; Representations and Warranties True. Both immediately prior to and immediately after giving effect to this Third Amendment: 

(a) no Event of Default shall have occurred and be continuing; and 

(b) each of the representations and warranties made by the Station Parties in Article V hereof and in
Article VI of the Credit Agreement and in each of the other Credit Documents to which it is a party shall be true and correct in all material respects on and as of the Effective Date (it being understood and agreed that any such representation
or warranty which by its terms is made as of an earlier date shall be required to be true and correct in all material respects only as such earlier date, and that any representation and warranty that is qualified as to “materiality,”
“Material Adverse Effect” or similar language shall be true and correct in all respects on the applicable date). 

  
 15 

 SECTION 6.6 Flood Insurance Requirements. Administrative Agent shall have
received from Borrower (i) a completed “Life-of-Loan” Federal Emergency Management Agency standard flood hazard determination with respect to each
Mortgaged Real Property (together with a notice about special flood hazard area status and flood disaster assistance duly executed by Borrower and the applicable Station Party relating thereto) and (ii) if any portion of any Mortgaged Real
Property is located in an area identified by the Federal Emergency Management Agency (or any successor agency) as a special flood hazard area with respect to which flood insurance has been made available under the National Flood Insurance Act of
1968, the applicable Station Party shall have, with a financially sound and reputable insurer (determined at the time such insurance was obtained), flood insurance in an amount and otherwise sufficient to comply with all applicable rules and
regulations promulgated pursuant to such Flood Insurance Laws and deliver evidence of such compliance in form and substance reasonably acceptable to Administrative Agent. 

SECTION 6.7 Notice of Borrowing. Administrative Agent shall have received a Notice of Borrowing, duly completed and
complying with Section 3.3 of this Third Amendment and Section 4.05 of the Credit Agreement. 
 SECTION 6.8 Use
of Proceeds. The Borrower shall have (a) applied, concurrently with the making of the Additional Term A-3 Facility Loans, the proceeds of the Term A-3 Facility
Loans to prepay existing Term A Facility Loans in an aggregate principal amount equal to the aggregate principal amount of the Term A-3 Facility Loans in accordance with Section 2.09 and Section 4.02
of the Credit Agreement, (b) applied, concurrently with the making of the Incremental Term A-3 Loans, the proceeds of the Incremental Term A-3 Loans to general
corporate purposes, and (c) paid (i) all accrued and unpaid interest on the aggregate principal amount of the Term A Facility Loans so prepaid to, but not including, the Effective Date and (ii) all indemnities, cost reimbursements and
other Obligations, if any, then due and owing to the Term A Facility Lenders and the Administrative Agent under the Credit Documents (prior to the effectiveness of this Third Amendment) and of which the Borrower has been notified in writing
(accompanied by a reasonably detailed invoice) at least two (2) Business Days prior to the Effective Date. 
 SECTION
6.9 Pro Forma Compliance. Borrower shall be in compliance with the Financial Maintenance Covenants on a Pro Forma Basis as of the most recent Calculation Date (calculated in accordance with Section 2.12(b)(v) of the Credit Agreement) and the
Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower demonstrating the calculations thereof in reasonable detail. 

ARTICLE VII 

POST-CLOSING REQUIREMENTS 

SECTION 7.1 Post-Closing Real Property. Borrower shall as soon as practicable, but not later than sixty (60) days
after the Effective Date (or such later date as Administrative Agent may determine in its reasonable discretion), deliver or cause to be delivered to Collateral Agent the following items with respect to each Mortgaged Real Property, each in form and
substance reasonably acceptable to Administrative Agent: 
 (a) an amendment to each Mortgage encumbering a
Mortgaged Real Property to include the Term A-3 Facility Loans and the Incremental Term A-3 Loans in the obligations secured by such Mortgage (the “Mortgage
Amendments”), each duly executed and delivered by 

  
 16 

 
an authorized officer of each Credit Party party thereto and in form suitable for filing and recording in all filing or recording offices that Administrative Agent may deem necessary or desirable
unless Administrative Agent is satisfied in its reasonable discretion that Mortgage Amendments are not required in order to secure the applicable Credit Party’s obligations as modified hereby; 

(b) a mortgage modification endorsement or local equivalent with respect to the Mortgaged Properties, each in
form and substance reasonably satisfactory to Administrative Agent, or other endorsements acceptable to Administrative Agent; and 

(c) with respect to each Mortgage Amendment, legal opinions, each of which shall be addressed to Administrative
Agent, Collateral Agent and the Lenders, dated the effective date of such Mortgage Amendment and covering such matters as the Administrative Agent shall reasonably request in a manner customary for transactions of this type. 

SECTION 7.2 Collateral Expenses. Borrower agrees to pay all fees, costs and expenses incurred in connection with the
preparation, execution, filing and recordation of the Mortgage Amendments, including, without limitation, reasonable attorneys’ fees, title insurance premiums, filing and recording fees, title insurance company coordination fees, documentary
stamp, mortgage and intangible taxes, if any, and title search charges and other charges incurred in connection with the recordation of the Mortgage Amendments and the other matters described in Section 7.1. 

ARTICLE VIII 
 VALIDITY
OF OBLIGATIONS AND LIENS 
 SECTION 8.1 Validity of Obligations. Borrower and each Guarantor acknowledges and
agrees that, both before and after giving effect to this Third Amendment, Borrower and each Guarantor is, jointly and severally, indebted to the Lenders and the other Secured Parties for the Obligations (including the Obligations in respect of the
Term A-3 Facility Loans and the Incremental Term A-3 Loans provided pursuant to this Third Amendment), without defense, counterclaim or offset of any kind. The Borrower
and each Guarantor hereby ratifies and reaffirms the validity, enforceability and binding nature of such Obligations both before and after giving effect to this Third Amendment (except as the enforceability thereof may be limited by bankruptcy,
insolvency or similar laws affecting creditors’ rights generally and subject to general principles of equity). 

SECTION 8.2 Validity of Liens and Credit Documents. Borrower and each other Station Party hereby ratifies and reaffirms
the validity and enforceability (except as the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally and subject to general principles of equity) of the Liens and security
interests granted to Collateral Agent for the benefit of the Secured Parties to secure all of the Obligations (including the Obligations in respect of the Term A-3 Facility Loans and the Incremental Term A-3 Loans provided pursuant to this Third Amendment) by Borrower and each other Station Party pursuant to the Credit Documents to which any of Borrower or such other Station Party is a party and hereby confirms and
agrees that notwithstanding the effectiveness of this Third Amendment, and except as expressly amended by this Third Amendment, each such Credit Document is, and shall continue to be, in full force and effect and each is hereby ratified and
confirmed in all respects. 

  
 17 

 ARTICLE IX 

MISCELLANEOUS 

SECTION 9.1 Notice. For purposes of the Credit Agreement, the initial notice address of each Term A-3 Facility Lender and Incremental Term A-3 Lender (other than any Term A-3 Facility Lender or Incremental Term A-3 Lender that, immediately prior to the execution of this Third Amendment, is a “Lender” under the Credit Agreement) shall be as set forth below its signature to this Third Amendment. 

SECTION 9.2 Amendment, Modification and Waiver. This Third Amendment may not be amended, modified or waived except by
an instrument or instruments in writing signed and delivered on behalf of the Borrower and the Administrative Agent (acting at the direction of such Lenders as may be required under Section 13.04 of the Credit Agreement). 

SECTION 9.3 Entire Agreement. This Third Amendment, the Credit Agreement and the other Credit Documents, constitute the
entire agreement among the parties with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal, among the parties or any of them with respect to the subject matter
hereof. 
 SECTION 9.4 GOVERNING LAW. THIS THIRD AMENDMENT, AND ANY CLAIMS, CONTROVERSIES, DISPUTES, OR CAUSES OF
ACTION (WHETHER ARISING UNDER CONTRACT LAW, TORT LAW OR OTHERWISE) BASED UPON OR RELATING TO THIS THIRD AMENDMENT, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW
PRINCIPLES THAT WOULD APPLY THE LAWS OF ANOTHER JURISDICTION. 
 SECTION 9.5 SUBMISSION TO JURISDICTION. EACH PARTY
HERETO AGREES THAT SECTION 13.09(b) OF THE CREDIT AGREEMENT SHALL APPLY TO THIS THIRD AMENDMENT MUTATIS MUTANDIS. 

SECTION 9.6 Severability. Wherever possible, each provision of this Third Amendment shall be interpreted in such manner
as to be effective and valid under applicable law, but if any provision of this Third Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without
invalidating the remainder of such provisions or the remaining provisions of this Third Amendment. 
 SECTION 9.7
Counterparts. This Third Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single
contract. Delivery of an executed signature page to this Third Amendment by facsimile or other electronic transmission (including portable document format (“.pdf”) or similar format) shall be effective as delivery of a manually executed
counterpart hereof. 
 SECTION 9.8 Lead Arranger and Bookrunner. The Borrower has appointed Deutsche Bank Securities
Inc. to act as lead arranger and bookrunner for this Third Amendment. Anything herein to the contrary notwithstanding, the lead arranger or bookrunner shall have no powers, duties or responsibilities under this Agreement or any of the other Loan
Documents, except in its capacity, as applicable, as the Administrative Agent, Collateral Agent, a Lender or a L/C Lender thereunder. 

SECTION 9.9 Credit Document. This Third Amendment shall constitute a “Credit Document” as defined in the
Credit Agreement. 

  
 18 

 SECTION 9.10 No Novation. This Third Amendment shall not extinguish the
obligations for the payment of money outstanding under the Credit Agreement or discharge or release the priority of any Credit Document or any other security therefor. Nothing herein contained shall be construed as a substitution or novation of the
obligations outstanding under the Credit Agreement or the instruments, documents and agreements securing the same, which shall remain in full force and effect. Nothing in this Third Amendment shall be construed as a release or other discharge of the
Borrower or any other Station Party from any of its obligations and liabilities under the Credit Agreement or the other Credit Documents. 

[Remainder of page intentionally left blank] 

  
 19 

 IN WITNESS WHEREOF, the parties have caused this Third Amendment to be duly
executed as of the day and year first above written, to be effective as of the Effective Date. 
  

			
	 Borrower:

	
	 STATION CASINOS LLC

		
	 By:
	 	 /s/ Marc J. Falcone

	 Name:
	 	 Marc J. Falcone

	 Title:
	 	 Executive Vice President, Chief Financial Officer and Treasurer

 [Signature Page to Consent to Third Amendment] 

 
			
	 NP BOULDER LLC

	 NP CENTERLINE HOLDINGS LLC

	 NP DURANGO LLC

	 NP FIESTA LLC

	 NP INSPIRADA LLC

	 NP IP HOLDINGS LLC

	 NP LAKE MEAD LLC

	 NP MT. ROSE LLC

	 NP OPCO HOLDINGS LLC

	 NP OPCO LLC

	 NP PALACE LLC

	 NP RED ROCK LLC

	 NP RENO CONVENTION CENTER LLC

	 NP RANCHO LLC

	 NP SANTA FE LLC

	 NP SONOMA LAND HOLDINGS LLC

	 NP STEAMBOAT LLC

	 NP SUNSET LLC

	 NP TEXAS LLC

	 NP TOWN CENTER LLC

	 STATION GVR ACQUISITION, LLC

		
	 By:
	 	 /s/ Marc J. Falcone

	 Name:
	 	 Marc J. Falcone

	 Title:
	 	 Senior Vice President and Treasurer

 [Signature Page to Consent to Third Amendment] 

 
			
	 FERTITTA ENTERTAINMENT LLC

	 FE LANDCO MANAGEMENT LLC

		
	 By:
	 	 /s/ Marc J. Falcone

	 Name:
	 	 Marc J. Falcone

	 Title:
	 	 Authorized Signatory

 [Signature Page to Second Amendment] 

 
			
	 SC MADERA DEVELOPMENT, LLC

	 SC MADERA MANAGEMENT, LLC

	 SC MICHIGAN, LLC

	 SC SONOMA DEVELOPMENT, LLC

	 SC SONOMA MANAGEMENT, LLC

		
	 By:
	 	 /s/ Frank J. Fertitta III

	 Name:
	 	 Frank J. Fertitta III

	 Title:
	 	 President

 [Signature Page to Second Amendment] 

 
			
	 RRR PALMS LLC

	 FIESTA PARENTCO, L.L.C.

	 FP HOLDINGS, L.P.

	 FP HOLDCO, L.L.C.

	 FPIII, L.L.C.

	 PALMS PLACE, LLC

	 PPII HOLDINGS, L.L.C.

	 N-M VENTURES LLC

	 N-M VENTURES II LLC

		
	 By:
	 	 /s/ Marc J. Falcone

	 Name:
	 	 Marc J. Falcone

	 Title:
	 	 Authorized Signatory

 [Signature Page to Second Amendment] 

 
			
	 RED ROCK RESORTS, INC.

		
	 By:
	 	 /s/ Marc J. Falcone

	 Name:
	 	 Marc J. Falcone

	 Title:
	 	 Executive Vice President, Chief Financial Officer and Treasurer

 [Signature Page to Second Amendment] 

 
			
	 STATION HOLDCO LLC

		
	 By:
	 	 /s/ Marc J. Falcone

	 Name:
	 	 Marc J. Falcone

	 Title:
	 	 Executive Vice President, Chief Financial Officer, Treasurer and Secretary

 [Signature Page to Consent to Third Amendment] 

 Acknowledged and Agreed by: 

DEUTSCHE BANK AG CAYMAN ISLANDS 

BRANCH, as Administrative Agent 

			
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 [Signature Page to Second Amendment] 

[                      
  ], 
 as Term A-3 Facility Lender 

 

			
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	
	 If a second signature is necessary:

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 Term A-3 Facility Loan Commitment:
$[            ] 
 Notice Information: 

Address: 
 Telephone: 

Fax: 
 Email: 

[Signature Page to Second Amendment] 

 SUNTRUST BANK, 

as Incremental Term A-3 Lender 

 

			
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 Notice Information: 

Address: 
 Telephone: 

Fax: 
 Email: 

[Signature Page to Consent to Third Amendment] 

 SCHEDULE A 

INCREMENTAL TERM A-3 LOAN COMMITMENTS 

 

					
	 Name of Incremental Term A-3
Lender
	  	Amount	 
	 SunTrust Bank
	  	$	50,000,000.00	 
		  	  
	  
	 
	 Total:
	  	$	50,000,000.00Exhibit

EXHIBIT 10.2

PERFORMANCE UNIT AWARD AGREEMENT
PIONEER NATURAL RESOURCES COMPANY 
AMENDED AND RESTATED 2006 LONG TERM INCENTIVE PLAN

To:    Timothy L. Dove 
Pioneer Natural Resources Company, a Delaware corporation (the “Company”), is pleased to grant you an award (this “Award”) to receive an aggregate of ___________  performance units (each, a “Performance Unit”) in respect of the period ___________ through ___________ (the “Performance Period”). This Award is subject to your acceptance of and agreement to all the applicable terms, conditions and restrictions described in this Performance Unit Award Agreement (the “Agreement”) and the Pioneer Natural Resources Company Amended and Restated 2006 Long Term Incentive Plan (as it may be amended from time to time, the “Plan”). A copy of the Plan is available upon request. Except as provided below, to the extent that any provision of this Agreement conflicts with the expressly applicable terms of the Plan, you acknowledge and agree that those terms of the Plan shall control and, if necessary, the applicable provisions of this Agreement shall be deemed amended so as to carry out the purpose and intent of the Plan. Terms that have their initial letters capitalized, but that are not otherwise defined in this Agreement, shall have the meanings given to them in the Plan in effect as of the date of this Agreement. The Performance Units contemplated herein are described in the Plan as Restricted Stock Units subject to restrictions that lapse based on the achievement of performance goals pursuant to Section 6(a)(i) of the Plan.
This Agreement sets forth the terms of the agreement between you and the Company with respect to the Performance Units. By accepting this Agreement, you agree to be bound by all of the terms hereof.
1.Overview of Performance Units.
(a)    Performance Units Generally. Each Performance Unit represents a contractual right to receive one share of the Company’s common stock (the “Common Stock”), subject to the terms and conditions of this Agreement; provided that, based on the relative achievement against each Performance Objective (as defined below), the number of shares of Common Stock that may be deliverable hereunder in respect of the Performance Units may range from 0% to 250% of the number of Performance Units stated in the preamble to this Agreement (such stated number of Performance Units hereafter called the “Initial Performance Units”). Your right to receive Common Stock in respect of Performance Units is generally contingent, in whole or in part, upon (i) the achievement of the performance objective outlined in Section 2 below (the “Performance Objective”) and (i) except as provided in Section 4 or Section 5, your continued employment with the Company or one of its Subsidiaries through the end of the Performance Period.

1

(b)    Dividend Equivalents. With respect to each outstanding Performance Unit, the Company shall credit a book entry account with an amount equal to the amount of any cash dividend paid on one share of Common Stock. The amount credited to such book entry account shall be payable to you at the same time or times, and subject to the same terms and conditions as are applicable to, your Performance Units or Restricted Stock Units granted pursuant to Section 5, as applicable; provided that, if more than the Initial Performance Units shall become payable in accordance with this Agreement, the maximum amount payable in respect of such dividend equivalents shall be the amount credited to your book entry account. Dividends and distributions payable on Common Stock other than in cash will be addressed in accordance with Section 8 hereof.
2.    Total Shareholder Return Objective. The Performance Objective with respect to the Initial Performance Units is based on Total Shareholder Return. Total Shareholder Return shall mean, as to the Company and each of the Peer Companies (as defined below), the annualized rate of return shareholders receive through stock price changes and the assumed reinvestment of dividends paid over the Performance Period. Dividends per share paid other than in the form of cash shall have a value equal to the amount of such dividends reported by the issuer to its shareholders for purposes of Federal income taxation. For purposes of determining the Total Shareholder Return for the Company and each of the Peer Companies, the change in the price of the Company’s Common Stock and of the common stock of each Peer Company, as the case may be, shall be based upon the average of the closing stock prices of the Company and such Peer Company on each trading day in the 60-day period preceding each of the start (the “Initial Value”) and the end (the “Closing Value”) of the Performance Period. The Initial Value of the Common Stock to be used to determine Total Shareholder Return over the Performance Period is $______ per share. Achievement with respect to this Performance Objective shall be determined based on the Company’s relative ranking in respect of the Performance Period with regard to Total Shareholder Return as compared to Total Shareholder Return of the Peer Companies, and shall be determined in accordance with the applicable table as set forth in Appendix A hereto. The applicable table shall be determined based on the number of Peer Companies for the Performance Period. A company shall be a “Peer Company” if it (i) is one of the companies listed on Appendix A hereto and (i) has a class of common equity securities listed to trade on a U.S. national securities exchange and registered under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “1934 Act”), during each day of the Performance Period; provided that, if a Peer Company ceases to be a publicly traded company at any time during the Performance Period due to or following bankruptcy, such company shall remain a Peer Company but shall be deemed to have a Total Shareholder Return of negative 100% (-100%). The number of Performance Units, if any, determined to be earned pursuant to the applicable table under Appendix A, as modified pursuant to Section 4(a), Section 4(b) or Section 5, if applicable, shall be referred to “Earned Performance Units”.
3.    Conversion of Performance Units; Delivery of Performance Units. Unless an earlier date applies pursuant to Section 4(a) or Section 5(h), payment in respect of Earned Performance Units (or Restricted Stock Units, as applicable) shall be made not later than March 1 of the year following the year in which the Performance Period ends (determined without regard to the occurrence of the Change in Control with respect to Section 5). Unless otherwise determined by the Committee, all payments in respect of Earned Performance Units (or Restricted Stock Units) shall be made in freely transferable shares of Common Stock; provided, however, that if and to the 

2

extent that the reservation of the power to settle (as opposed to the act of settling) Performance Units (or Restricted Stock Units) in cash instead of shares would result in an additional financial accounting charge for the Company, the Committee shall not have the right to settle such Performance Units (or Restricted Stock Units) other than in the form of Common Stock (or, if applicable, stock of a Successor Corporation (as defined in Section 5)). Neither this Section 3 nor any action taken pursuant to or in accordance with this Section 3 shall be construed to create a trust of any kind. Any shares of Common Stock issued to you pursuant to this Agreement in settlement of Earned Performance Units (or Restricted Stock Units) shall be in book entry form registered in your name. Any fractional Earned Performance Units (or Restricted Stock Units) shall be rounded up to the nearest whole share of Common Stock.
4.    Termination of Employment.
(a)    Death or Disability. In the event that your employment with the Company or a Subsidiary terminates during the Performance Period due to your death or Disability, as such term is defined in the Termination Agreement (as defined below), you shall be deemed to have Earned Performance Units equal to the product of (i) and (ii), where (i) and (ii) are:
(i)    the Initial Performance Units;
(ii)    a fraction (the “Pro-Ration Fraction”), (x) the numerator of which is the number of full months (counting the month in which your termination of employment occurs as a full month) during the Performance Period during which you were employed and (y) the denominator of which is 36.
For purposes of this Agreement, “Termination Agreement” means, prior to the occurrence of a Change in Control, the Severance Agreement or other separate agreement between you and the Company and/or any of its subsidiaries relating to the provision of severance and other benefits before a Change in Control and, upon and following the occurrence of a Change in Control, the Change in Control Agreement or other separate agreement between you and the Company and/or any of its subsidiaries relating to the provision of severance and other benefits upon or after a Change in Control. Distribution of shares of Common Stock in respect of the Performance Units determined to be earned by reason of this Section 4(a) shall be made not later than 74 days following your death or Disability and shall be in full and complete satisfaction of all of your rights (and the rights of any person who derives his, her or its rights from you) under this Agreement. In the event that there is no such Termination Agreement at the time of such termination or the Termination Agreement does not define Disability, the term, “Disability,” shall mean (A) a physical or mental impairment of sufficient severity that, in the opinion of the Company, (1) you are unable to continue performing the duties assigned to you prior to such impairment or (2) your condition entitles you to disability benefits under any insurance or employee benefit plan of the Company or its Subsidiaries and (B) the impairment or condition is cited by the Company as the reason for your termination; provided further, that in all cases, the term Disability shall be applied and interpreted in compliance with Section 409A of the Code and the regulations thereunder.

3

(b)    Normal Retirement.
(i)    Subject to Section 4(b)(ii) of this Agreement, in the event that your employment with the Company and each of its Subsidiaries by which you are employed terminates during the Performance Period due to your retirement at or after having attained age 60, you shall be deemed to have Earned Performance Units, as of the end of the Performance Period, equal in number to the product of (A) the number of Earned Performance Units that you would have earned in accordance with Section 2 had you remained employed through the end of the Performance Period multiplied by (A) the Pro-Ration Fraction. Any portion of the Performance Units that cannot become earned and payable in accordance with the preceding sentence shall terminate and automatically be cancelled as of the date of your termination of employment. Any portion of your Performance Units that is eligible to be earned pursuant to the first sentence of this subparagraph (b), but is not earned as of the end of the Performance Period, shall terminate and be cancelled upon the expiration of such Performance Period.
(ii)    Notwithstanding Section 4(b)(i) of this Agreement, in the event that your employment with the Company and each of its Subsidiaries by which you are employed terminates during the Performance Period due to your retirement after you have attained the age of 65 and have completed 10 Years of Service (defined below), you shall be deemed to have Earned Performance Units, as of the end of the Performance Period, equal in number to the number of Earned Performance Units that you would have earned in accordance with Section 2 had you remained employed through the end of the Performance Period, and not be subject to the Pro-Ration Fraction, if the following conditions are met: (x) as of the date of the termination of your employment, the conditions set forth below in items (A)-(D) are satisfied and (y) you intend to comply with the covenants contained in items (E) and (F) (which intent shall be conclusively presumed unless, prior to or concurrently with the notice provided pursuant to item (B) below, you notify the Company in writing, addressed to the Vice President and Chief Human Resources Officer (or his or her successor), that you do not intend to comply with such covenants).
(A)    The date of the termination of your employment is at least one year after the date of this Agreement.
(B)    You gave advance written notice of your intent to terminate your employment due to retirement at least six months in advance of the date of termination to the Vice President and Chief Human Resources Officer (or his or her delegate), and to your direct manager, or in the case of the chief executive officer of the Company, to the Board (subject to the ability of the Company to waive such requirement, exercisable by the Vice President and Chief Human Resources Officer (or his or her delegate) or the Board, as applicable).

4

(C)    You have cooperated with the Company, to the satisfaction of the Company, in the training of a replacement during the period prior to the termination of employment.
(D)    If required by the Company, you execute and deliver to the Company an effective release of claims and other liability in a form acceptable to the Company.
(E)    For two years following the termination of your employment, without the prior written consent of the chief executive officer of the Company, or in the event you are the chief executive officer of the Company on the date of termination of your employment, the consent of the Board or any Committee or director designated by the Board, you agree to refrain from becoming a director, partner, investor or employee of, or consultant to, any business that competes with the Company or any Subsidiary in the business of exploration or production of oil or natural gas, or related oilfield services, within the geographic area or areas in which the Company or any Subsidiary operates at the time of termination of employment or has operated in the immediately preceding one-year period (a “Competitive Business”); provided that, you will not be restricted from purchasing or holding for investment purposes less than 2% of the shares of any Competitive Business whose shares are regularly traded on a national securities exchange or inter-dealer quotation system. If the Company so requires prior to the date of termination of employment, the Company may require that you execute a separate agreement to effect the intent of the foregoing.
(F)    For two years following the termination of your employment, you agree to refrain from making, or causing or assisting any other person to make, any oral or written communication to any third party about the Company and/or any of the employees, officers or directors of the Company which impugns or attacks, or is otherwise critical of, the reputation, business or character of such entity or person; or that discloses private or confidential information about their business affairs; or that constitutes an intrusion into their seclusion or private lives; or that gives rise to unreasonable publicity about their private lives; or that places them in a false light before the public; or that constitutes a misappropriation of their name or likeness (the foregoing being subject to Section 12(g)). If the Company so requires prior to the date of termination of employment, the Company may require that you execute a separate agreement to effect the intent of the foregoing.
For purposes of this Agreement, “Years of Service” means the total number of years that you have been employed by the Company or its Subsidiaries as determined in accordance with the Company’s policies as administered from time to time. For the avoidance of doubt, the Company’s determination of Years of Service shall be at the sole discretion of the Company, its policies may change from time to time, and its determination will be final and conclusive and binding on all Participants.

5

You expressly acknowledge and agree that the restrictions set forth in this Section 4(b)(ii) are reasonable in all respects, necessary to protect the Company’s legitimate business interests and a material inducement for the Company to grant this Award to you and enter into this Agreement. In the event that, following your termination of employment, it is determined by a court of competent jurisdiction that you have not satisfied any of the conditions set forth in Section 4(b)(ii)(E) or (F) in any material respect, then all of your Performance Units shall terminate and be cancelled. Notwithstanding the foregoing, in the event there occurs a Change in Control, whether prior to or after the end of the Performance Period or the distribution of shares of Common Stock in respect of the Performance Units, the restrictions set forth in clauses (E) and (F) of this Section 4(b)(ii) shall automatically terminate and become void and of no effect.
(c)    Termination Without Cause or Termination For Good Reason or Due to Forced Relocation. In the event that your employment with the Company and each of its Subsidiaries by which you are employed is terminated (x) by the Company and such Subsidiaries and such termination is not a Termination for Cause or (y) by you and such termination is a Termination for Good Reason (as each such term is defined in the Termination Agreement) or due to Forced Relocation (as defined below), then notwithstanding the terms of any such Termination Agreement you shall be deemed to have earned, as of the end of the Performance Period, the number of Earned Performance Units that you would have earned in accordance with Section 2 had you remained employed through the end of the Performance Period. Any portion of your Performance Units that is eligible to be earned pursuant to the preceding sentence, but is not earned as of the end of the Performance Period, shall terminate and be cancelled upon the expiration of such Performance Period. For purposes of this Agreement, “Forced Relocation” means, upon or following a Change in Control, but prior to the end of the Performance Period, your being required (or your receipt of a notification in writing that you will be required) to be based at any office or location more than 50 miles from that location at which you principally performed services for the Company immediately prior to the date on which the Change in Control occurs, except for travel reasonably required in the performance of your responsibilities.
(d)    Other Termination of Employment. Unless otherwise determined by the Committee at or after grant, in the event that your employment with the Company or a Subsidiary terminates prior to the end of the Performance Period for any reason other than those listed in Section 4(a), 4(b) or 4(c), all of your Performance Units shall terminate and automatically be cancelled upon such termination of employment.
5.    Change in Control. Notwithstanding the provisions of Section 1 through Section 4 hereof or the terms of a Termination Agreement, if you have been continuously employed from the grant date specified above until the date that the Change in Control occurs (the “Change in Control Date”) or you are treated, for purposes of such Termination Agreement, to have remained in employment through the Change in Control Date, upon the occurrence of a Change in Control your rights in respect of the Performance Units shall be determined as provided in this Section 5. If your employment shall have terminated prior to the Change in Control Date, but at least some of your Performance Units remain outstanding pursuant to Section 4(b) or Section 4(c), your rights in respect of your outstanding Performance Units shall be determined as provided in this Section 5. 

6

(a)    If a Change in Control occurs, the Performance Period shall be deemed to end on the Change in Control Date.  The determination of whether, and to what extent, the Performance Objective is achieved is based on actual performance against the stated performance criteria through the Change in Control Date. A calculation of the Earned Performance Units will occur as of the Change in Control Date, the number of resulting Earned Performance Units to be equal to your Initial Performance Units multiplied by the percentage under the applicable “Percentage of Initial Performance Units Earned” column of Appendix A. In the event that you had Performance Units that remained outstanding pursuant to Section 4(b) or 4(c), the resulting Earned Performance Units will also be multiplied by any applicable Pro-Rata Fraction.
(b)    The Earned Performance Units will be converted into time-based Restricted Stock Unit awards on a one-for-one basis. 
(c)    With respect to each outstanding Restricted Stock Unit, the Company shall credit a book entry account with an amount equal to the amount of any cash dividend paid on one share of Common Stock. The amount credited to such book entry account shall be payable to you at the same time or times, and subject to the same terms and conditions as are applicable to, your Restricted Stock Units.
(d)    Subject to any acceleration or forfeiture events described within Section 4, each outstanding Restricted Stock Unit shall cliff vest on the last day of the Performance Period (determined without regard to the occurrence of the Change in Control).  In the event that your termination of employment occurs following the Change in Control Date but prior to the end of the Performance Period (determined without regard to the occurrence of the Change in Control), Section 4 shall be interpreted to first give effect to the conversion process from Performance Units to Restricted Stock Units described in this Section 5 (e.g., the term “Initial Performance Units” within Section 4(a)(i) shall be replaced with “Restricted Stock Units”).
(e)    Vested Restricted Stock Units shall be settled in shares of Common Stock in accordance with the settlement provisions of Section 3, subject to the following paragraph (f).
(f)    Notwithstanding anything else contained in this Section 5 to the contrary, if the Change in Control involves a merger, reclassification, reorganization or other similar transaction pursuant to which the Common Stock is exchanged for stock of the surviving corporation in such merger, the successor to the corporation or the direct or indirect parent of such a corporation (collectively, the “Successor Corporation”) or other securities, cash or property, then you shall receive, instead of each share of Common Stock otherwise deliverable hereunder, the same consideration (whether stock, securities, cash or other property) payable or distributable in such transaction in respect of a share of Common Stock. Any property distributed pursuant to this Section 5, whether in shares of the Successor Corporation or otherwise, shall in all cases be freely transferable without any restriction (other than any such restriction that may be imposed at applicable law), and any securities issued hereunder shall be listed for trading on a U.S. national securities exchange and registered to trade under Section 12(b) of the 1934 Act, and shall have been registered under the Securities Act of 1933, as amended (the “1933 Act”).

7

(g)    Notwithstanding anything else contained in this Section 5 to the contrary, the Committee may elect, at its sole discretion by resolution adopted prior to the Change in Control Date, to satisfy your rights in respect of the Performance Units (as determined pursuant to the foregoing provisions of this Section 5), in whole or in part, by making a cash payment to you within 5 business days of the vesting date in respect of all or any portion of the Earned Performance Units or Restricted Stock Units, as applicable, as the Committee shall determine. Any cash payment for any Earned Performance Units or Restricted Stock Units shall be equal to the Fair Market Value of the number of shares of Common Stock into which it would convert, determined on the vesting date.
(h)    Notwithstanding anything else contained in this Section 5 to the contrary, in the event that this Award is not Assumed (as defined below) upon a Change in Control, then all of the Earned Performance Units calculated pursuant to Section 5(a) of this Agreement shall become unconditionally vested and unrestricted immediately prior to the Change in Control. The Earned Performance Units shall be settled in shares of Common Stock (or, if Section 5(f) applies above, in the securities, cash or other property provided pursuant to Section 5(f)), a cash settlement pursuant to Section 5(g), or a combination of such equity and cash, in accordance with the timing of settlement of the Change in Control consideration provided to Common Stock holders generally in connection with the Change in Control event; provided,  however, that in the event the Change in Control does not constitute a “change in the ownership or effective control” or “in the ownership of a substantial portion of the assets” of the Company within the meaning of Section 409A of the Code (a “409A Change in Control’), and you will have reached age 60 on or prior to the end of the Performance Period (determined without regard to the occurrence of the Change in Control), your settlement of the applicable Earned Performance Shares shall be paid to you immediately following (and not later than 5 business days) the first to occur of: (i) a 409A Change in Control; (b) your “separation from service” with the Company (determined in accordance with the Company’s written and generally applicable policies regarding what constitutes a “separation from service” for purposes of Section 409A of the Code); or (c) the end of the Performance Period (determined without regard to the occurrence of the Change in Control). For purposes of this Agreement, the term, “Assumed,” means that, prior to or concurrently with the consummation of the transaction resulting in a Change in Control, either (i) this Agreement is expressly affirmed by the Company or (ii) the contractual obligations represented by this Agreement are expressly (and not merely by operation of law) assumed by the surviving or successor corporation or entity to the Company, or any parent or subsidiary of either thereof, or any other corporation or entity that is a party to the transaction resulting in the Change in Control, in connection with such Change in Control, with appropriate adjustments to the number and kind of securities of such surviving or successor corporation or entity, or such other applicable parent, subsidiary, corporation or entity, subject to this Award, which preserves the compensation element of this Agreement existing at the time of such Change in Control, and provides for subsequent payout in accordance with the same (or more favorable) payment and vesting schedule applicable to this Award, as determined in accordance with the instruments evidencing the agreement to assume this Agreement; provided, however, that in no event will this Agreement be deemed to be “Assumed” unless the assumption is made by the entity that will be the issuer of the securities, cash or other property provided in exchange for Common Stock in the Change in Control transaction in question.  The determination of comparability for this purpose 

8

shall be made by the Committee prior to the Change in Control, and its determination shall be final, binding and conclusive.  
6.    Nontransferability of Awards. The Performance Units granted hereunder may not be sold, transferred, pledged, assigned, encumbered or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Following your death, any shares distributable (or cash payable) in respect of Performance Units (or Restricted Stock Units) will be delivered or paid, at the time specified in Section 3 or, if applicable, Section 4 or Section 5, to your beneficiary in accordance with, and subject to, the terms and conditions hereof and of the Plan.
7.    Beneficiary Designation. You may from time to time name any beneficiary or beneficiaries (who may be named contingently or successively) to whom shall be delivered or paid under this Agreement following your death any shares that are distributable or cash payable hereunder in respect of your Performance Units (or Restricted Stock Units) at the time specified in Section 3 or, if applicable, Section 4 or Section 5. Each designation will revoke all prior designations, shall be in a form prescribed by the Committee, and will be effective only when filed in writing with the Committee during your lifetime. In the absence of any such effective designation, shares issuable in connection with your death shall be paid to your surviving spouse, if any, or otherwise to your estate.
8.    Adjustments in Respect of Performance Units. In the event of any common stock dividend or common stock split, recapitalization (including, but not limited to, the payment of an extraordinary dividend), merger, consolidation, combination, spin-off, distribution of assets to stockholders (other than cash dividends), exchange of shares, or other similar corporate change with regard to the Company or any Peer Company, appropriate adjustments shall be made by the Committee to the Initial Value of the corresponding common stock, and, if any such event occurs with respect to the Company, in the aggregate number of Performance Units subject to this Agreement; provided that, in the event of any such event involving a recapitalization, spin-off or distribution of assets to stockholders (other than cash dividends) by a Peer Company or the Company pursuant to which all stockholders of such Peer Company or the Company receive a security that is publicly traded on a stock exchange or automated quotation system pro rata based on each share of stock of the Peer Company or the Company held, then the Committee shall have the discretion to treat such recapitalization, spin-off or distribution as through it were a payment of a dividend under Section 2 of this Agreement in an amount equal to the fair market value thereof, as determined by the Committee in such manner as it deems appropriate. The Committee’s determination with respect to any such adjustment shall be conclusive.
9.    Effect of Settlement. Upon conversion into shares of Common Stock (or Successor Corporation common stock) pursuant to Section 3 or 5(h), a cash settlement of your rights, at the election of the Committee at its sole discretion pursuant to Section 3 or Section 5(g), or a combination of the issuance of Common Stock and the payment of cash in accordance with any applicable provisions of this Agreement, all of your Performance Units (or Restricted Stock Units) subject to this Award shall be cancelled and terminated.  If and to the extent that you are still employed at the end of the Performance Period, and none of your Performance Units shall have become earned in 

9

accordance with the terms of this Agreement, all such Performance Units subject to this Award shall be cancelled and terminated.
10.    Furnish Information. You agree to furnish to the Company all information requested by the Company to enable it to comply with any reporting or other requirements imposed upon the Company by or under any applicable statute or regulation.
11.    Remedies. The parties to this Agreement shall be entitled to recover from each other reasonable attorneys’ fees incurred in connection with the enforcement of the terms and provisions of this Agreement whether by an action to enforce specific performance or for damages for its breach or otherwise. If, due to Section 4 of the Plan, the Company fails or is unable to make the payment in respect of Earned Performance Units in freely transferable shares of Common Stock, and the Committee does not elect to settle such Earned Performance Units in cash instead of shares, as provided by Section 3 of this Agreement, as your sole and exclusive remedy for such failure, in addition to the rights provided under the first sentence of this Section 11, the Company shall pay to you an amount in cash equal to the product of the number of Earned Performance Units times the Fair Market Value of one share of Common Stock. The Company shall make such payment to you within ten (10) days following receipt of your written demand therefor, but in no event later than March 15 of the year following the year in which the Performance Units become Earned Performance Units, subject to compliance with any tax withholding obligations that the Company in its discretion deems to be necessary with respect to such payment. Upon such payment pursuant to this Section 11, all of your Performance Units subject to this Award shall be cancelled and terminated. For purposes of this Section 11, to give effect to Section 5 of this Agreement the term “Earned Performance Units” will be replaced with “Restricted Stock Units” where applicable, and the Fair Market Value of one share of Common Stock shall be determined as follows:
(a)    with respect to a payment in respect of Earned Performance Units pursuant to Section 3, the Fair Market Value shall be determined as of the last day of the Performance Period;
(b)    with respect to a payment in respect of Earned Performance Units where payment arises due to the termination of your employment with the Company or a Subsidiary during the Performance Period due to your death or Disability pursuant to Section 4(a), the Fair Market Value shall be determined as of the date your employment terminates due to death or Disability, as applicable;
(c)    with respect to a payment in respect of Earned Performance Units where payment arises due to the termination of your employment with the Company or a Subsidiary during the Performance Period due to your retirement pursuant to Section 4(b), or due to your termination by the Company that is not a Termination for Cause or to your termination by you that is a Termination for Good Reason pursuant to Section 4(c), the Fair Market Value shall be determined as of the last day of the Performance Period;
(d)    with respect to a payment based on the number of Performance Units that would have become Earned Performance Units in connection with a Change in Control pursuant to Section 5, the Fair Market Value shall be determined as of the Change in Control Date.

10

12.    Confidential Information and Nonsolicitation.
(a)    As further consideration for the granting of the Performance Units hereunder, you hereby agree with the Company that, during and following your employment relationship with the Company and each of its Subsidiaries by which you are employed, you will keep confidential all confidential or proprietary information and materials, as well as all trade secrets, belonging to the Company or one of its Subsidiaries, or their customers or other third parties who furnished such information, materials, and/or trade secrets to the Company or its Subsidiary with expectations of confidentiality (“Confidential Information”). Confidential Information shall not include information that (i) is already properly in the public domain or enters the public domain with the express consent of the Company, or (i) is intentionally made available by the Company to third parties without any expectation of confidentiality. Upon the termination of your employment relationship with the Company and each of its Subsidiaries by which you are employed, you promise to promptly return to the Company all Confidential Information, and all documents and materials (including electronically stored information) in your possession, custody or control that constitutes or reflects Confidential Information. Notwithstanding the foregoing, you may disclose information as may be required by law and may disclose information in confidence to your spouse, tax and financial advisors, or to a financial institution to the extent that such information is necessary to secure a loan, provided that you ensure that such spouse or advisor or institution treats the information confidentially and does not disclose such information or use it for his, her or its own benefit. In the event any breach of this promise comes to the attention of the Company, it shall take into consideration that breach in determining whether to recommend the grant of any future similar award to you, as a factor militating against the advisability of granting any such future award to you.  Such consideration shall be in addition to the rights and remedies available to the Company pursuant to paragraph (d) below. Notwithstanding any other provision of this Agreement, you will not be held criminally or civilly liable under any federal or state trade secret law for any disclosure of a trade secret that (a) is made: (1) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (2) solely for the purpose of reporting or investigating a suspected violation of law, or (b) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding.  In addition, if you file a lawsuit for retaliation, you may disclose the Company’s trade secrets to your attorney and use the trade secret information in the court proceeding if you: (a) file any document containing the trade secret under seal, and (b) do not disclose the trade secret, except pursuant to court order.
(b)    As an incentive for the Company to issue you this Award, and in consideration of the Company’s promise to provide you with Confidential Information and so as to protect the Company’s legitimate business interests, including the protection of its Confidential Information and the goodwill with which you will be associated, and that this Award will encourage you to build, you agree that during your employment relationship with the Company and each of its Subsidiaries by which you are employed, and for a period of twelve (12) months immediately following the time that you are no longer employed by the Company or any of its Subsidiaries, you will not, directly or indirectly (i) solicit or encourage (or assist another in soliciting or encouraging) any employee, contractor, consultant, supplier, or vendor of the Company or any of its Subsidiaries to terminate or lessen his, her or its relationship with the Company or any of its Subsidiaries, or (i) on behalf of a Competitive Business, engage, employ, or solicit or contact for employment or engagement (or 

11

assist another in such activity) any employee of the Company or any of its Subsidiaries or any person who was an employee of the Company or any of its Subsidiaries at any time during the last twelve (12) months of your employment with the Company and any of its Subsidiaries (or, if you are employed by the Company and any of its Subsidiaries for less than twelve (12) months, those persons who were employees of the Company or any of its Subsidiaries during your employment with the Company and any of its Subsidiaries).
(c)    You agree that the Company’s substantial investments in its business interests, goodwill, and Confidential Information are worthy of protection, and that the Company’s need for the protection afforded by this Section is greater than any hardship you might experience by complying with its terms. You further acknowledge and agree that the restrictions set forth in this Section are not adverse to the public interest.  You further agree that the limitations as to time and scope of activity to be restrained contained herein are reasonable and are not greater than necessary to protect the Confidential Information, goodwill and other legitimate business interests of the Company.  Although the Company and you believe the limitations as to time and scope of activity contained in this Section are reasonable and do not impose a greater restraint than necessary to protect the Company’s legitimate business interests, if this is judicially determined not to be the case, the Company and you specifically request that the limitations contained in this Section be reformed to the extent necessary to make this Section enforceable.
(d)    You acknowledge and agree that your violation or threatened or attempted violation of the covenants contained in this Section will cause irreparable harm to the Company and that money damages would not be sufficient remedy for any breach of this Section.  You agree that the Company shall be entitled as a matter of right to specific performance of the covenants in this Section, including entry of an ex parte temporary restraining order in state or federal court, preliminary and permanent injunctive relief against activities in violation of this Section, or both, or other appropriate judicial remedy, writ or order, in any court of competent jurisdiction, restraining any violation or further violation of such agreements by you or others acting on your behalf, without any showing of irreparable harm and without any showing that the Company does not have an adequate remedy at law.  Such remedies shall be in addition to all other remedies available to the Company at law and equity.
(e)    Your obligations under this Section shall survive the termination of this Agreement and your employment, regardless of the reason for such termination.
(f)    As a part of your employment by the Company, and in further consideration for the granting of this Award and by your acceptance of this Award in whole or in part, you accept and agree to be bound by the Company’s Intellectual Property Policy (as the same may be modified, amended or replaced by the Company from time to time), including without limitation, (i) the Company’s ownership of the worldwide right, title and interest in and to any and all Pioneer Intellectual Property; (i) your agreement to assign, and pursuant to the Company’s Intellectual Property Policy and your acceptance of this Award you do hereby assign, to the Company all worldwide right, title and interest in and to all Pioneer Intellectual Property; and (i) your agreement to disclose in writing to the Company all Pioneer Intellectual Property and, upon request by the Company, to promptly produce and deliver to the Company all originals of materials embodying 

12

Pioneer Intellectual Property. The term, “Pioneer Intellectual Property,” is defined in the Company’s Intellectual Property Policy (and is incorporated herein by reference), and includes, without limitation, any and all creations, works and/or intellectual property (including but not limited to all tangible and intangible ideas and expressions of ideas whether or not the subject matter of copyright, confidential and non-confidential information, data, drawings, reports, programs, processes, analyses, business methods, computer programs, works of authorship, trademarks and service marks, improvements, discoveries and/or inventions whether or not patentable), and all of the intellectual property rights therein provided by the various legal systems throughout the world (including but not limited to trade secret rights, patent rights, trademark rights, and rights of copyright), that are conceived, created, made, invented, developed, reduced to practice, reduced to a tangible medium of expression, and/or acquired by you, individually or jointly with others, during the time of your employment relationship with the Company, that pertain to the actual or anticipated business or activities of the Company or that are suggested by or result from any task or work by you for or on behalf of the Company, irrespective whether you are or were hired-to-invent such creations, works or intellectual property, or whether such creations, works or intellectual property were conceived, created, made, invented, developed, reduced to practice, reduced to a tangible medium of expression or acquired in the course or scope of your employment, or whether at home or not, or whether or not during business hours, or whether or not using the Company’s time, facilities or resources. You may review the Company’s Intellectual Property Policy at the Company’s internal portal website, and obtain a copy by written request to the Company’s Legal Department.
(g)    Nothing in this Agreement or any other agreement between you and the Company (i) prevents you from exercising any rights that cannot be lawfully waived or restricted, (ii) prevents you from testifying at a hearing, deposition, or in court in response to a lawful subpoena or (iii) limits your ability to file a charge or complaint with the Equal Employment Opportunity Commission, the Occupational Safety and Health Administration, the Securities and Exchange Commission, the United States Department of Justice, Congress, any agency Inspector General or any other federal, state or local governmental agency or commission (“Government Agencies”). Further, this Agreement does not limit (i) your ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company, or (ii) your right to receive an award from a Government Agency for information provided to any Government Agencies.
13.    Payment of Taxes. The Company may from time to time require you to pay to the Company (or the Company’s Subsidiary if you are an employee of a Subsidiary of the Company) the amount that the Company deems necessary to satisfy the Company’s or its Subsidiary’s current or future obligation to withhold federal, state or local income or other taxes that you incur as a result of this Award. With respect to any required tax withholding, unless another arrangement is permitted by the Company in its discretion, the Company shall withhold from the shares of Common Stock to be issued to you the number of shares necessary to satisfy the Company’s obligation to withhold taxes, that determination to be based on the shares’ Fair Market Value, as defined in the Plan, at the time as of which such determination is made. In the event the Company subsequently determines that the aggregate Fair Market Value, as defined in the Plan, of any shares of Common Stock withheld as payment of any tax withholding obligation is insufficient to discharge that tax withholding 

13

obligation, then you shall pay to the Company, immediately upon the Company’s request, the amount of that deficiency.
14.    Right of the Company and Subsidiaries to Terminate Employment. Nothing contained in this Agreement shall confer upon you the right to continue in the employ of the Company or any Subsidiary of the Company, or interfere in any way with the rights of the Company or any Subsidiary of the Company to terminate your employment at any time.
15.    No Liability for Good Faith Determinations. Neither the Company nor the members of the Board and the Committee shall be liable for any act, omission or determination taken or made in good faith with respect to this Agreement or the Performance Units granted hereunder.
16.    No Guarantee of Interests. The Board and the Company do not guarantee the Common Stock of the Company from loss or depreciation.
17.    Company Records. Records of the Company or its Subsidiaries regarding your period of employment, termination of employment and the reason therefor, leaves of absence, re-employment, and other matters shall be conclusive for all purposes hereunder, unless determined by the Company to be incorrect.
18.    Severability. If any provision of this Agreement is held to be illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining provisions hereof, but such provision shall be fully severable and this Agreement shall be construed and enforced as if the illegal or invalid provision had never been included herein.
19.    Notices. Whenever any notice is required or permitted hereunder, such notice must be in writing and personally delivered or sent by mail. Any such notice required or permitted to be delivered hereunder shall be deemed to be delivered on the date on which it is personally delivered, or, whether actually received or not, on the third Business Day after it is deposited in the United States mail, certified or registered, postage prepaid, addressed to the person who is to receive it at the address which such person has theretofore specified by written notice delivered in accordance herewith. The Company or you may change, at any time and from time to time, by written notice to the other, the address which it or he had previously specified for receiving notices.
The Company and you agree that any notices shall be given to the Company or to you at the following addresses:
		
	Company:
	Pioneer Natural Resources Company 
Attn: Corporate Secretary 
5205 N. O’Connor Boulevard, Suite 200 
Irving, Texas 75039-3746

		
	Holder:
	At your current address as shown in the Company’s records.

14

20.    Waiver of Notice. Any person entitled to notice hereunder may waive such notice in writing.
21.    Successor. This Agreement shall be binding upon you, your legal representatives, heirs, legatees and distributees, and upon the Company, its successors and assigns.
22.    Headings. The titles and headings of Sections are included for convenience of reference only and are not to be considered in construction of the provisions hereof.
23.    Governing Law. All questions arising with respect to the provisions of this Agreement shall be determined by application of the laws of the State of Delaware except to the extent Delaware law is preempted by federal law. The obligation of the Company to sell and deliver Common Stock hereunder is subject to applicable laws and to the approval of any governmental authority required in connection with the authorization, issuance, sale, or delivery of such Common Stock.
24.    Execution of Receipts and Releases. Any payment of cash or any issuance or transfer of shares of Common Stock or other property to you, or to your legal representative, heir, legatee or distributee, in accordance with the provisions hereof, shall, to the extent thereof, be in full satisfaction of all claims of such Persons hereunder. The Company may require you or your legal representative, heir, legatee or distributee, as a condition precedent to such payment or issuance, to execute a release and receipt therefor in such form as it shall determine.
25.    Amendment. This Agreement may be amended at any time unilaterally by the Company provided that such amendment is consistent with all applicable laws and does not reduce any rights or benefits you have accrued pursuant to this Agreement. This Agreement may also be amended at any time unilaterally by the Company to the extent the Company believes in good faith that such amendment is necessary or advisable to bring this Agreement into compliance with any applicable laws, including Section 409A of the Code.
26.    The Plan. This Agreement is subject to all the terms, conditions, limitations and restrictions contained in the Plan; provided, however, that notwithstanding anything to the contrary herein, any provision of this Agreement that is inconsistent with the provisions of Section 9(c), (e), and (f) of the Plan shall control over such provisions of the Plan.
27.    Agreement Respecting Securities Act of 1933. You represent and agree that you will not sell the Common Stock that may be issued to you pursuant to your Performance Units except pursuant to an effective registration statement under the 1933 Act or pursuant to an exemption from registration under the 1933 Act (including Rule 144).
28.    No Shareholder Rights. The Performance Units granted pursuant to this Agreement do not and shall not entitle you to any rights as a shareholder of Common Stock until such time as you receive shares of Common Stock pursuant to this Agreement. Your rights with respect to the Performance Units shall remain forfeitable at all times prior to the date on which rights become earned in accordance with this Agreement.

15

29.    Electronic Delivery and Acknowledgement. No signature by you is required to accept the Award represented by this Agreement. By your acceptance of this Award, you are acknowledging that you have received and read, understood and accepted all the terms, conditions and restrictions of this Agreement and the Plan. The Company may, in its sole discretion, deliver any documents related to this Award and this Agreement, or other awards that have been or may be awarded under the Plan, by electronic means, including prospectuses, proxy materials, annual reports and other related documents, and the Company may, in its sole discretion, engage a third party to effect the delivery of these documents on its behalf and provide other administrative services related to this Award and the Plan. By your acceptance of the Award represented by this Agreement, you consent to receive such documents by electronic delivery and to the engagement of any such third party.

16

Appendix A
Determination of Performance Units Earned

Peer Companies:
	
		
	 
	 

	
											
	 
	 
	11 Peer Companies
	 
	10 Peer Companies 
	 
	9 Peer 
Companies
	 
	8 Peer Companies 
	 
	7 Peer Companies 

	Rank Against Peers
	 
	Percentage of Initial Performance Units Earned
	 
	Percentage of Initial Performance Units Earned
	 
	 Percentage of Initial Performance Units Earned
	 
	Percentage of Initial Performance Units Earned
	 
	Percentage of Initial Performance Units Earned

	1 
2 
3 
4 
5 
6 
7 
8 
9 
10 
11 
12
	 
	250% 
200% 
175% 
150% 
125% 
110% 
75% 
50% 
25% 
0% 
0% 
0%
	 
	250% 
200% 
175% 
150% 
125% 
100% 
75% 
50% 
25% 
0% 
0%
	 
	250% 
200% 
170% 
140% 
110% 
80% 
50% 
25% 
0% 
0%
	 
	250% 
200% 
166% 
133% 
100% 
65% 
30% 
0% 
0%
	 
	250% 
200% 
155% 
110% 
70% 
30% 
0% 
0%

In addition, if at the end of the Performance Period the number of companies listed above that qualify as Peer Companies is less than seven, then the Committee shall, in good faith, determine the percentage of the Performance Units earned in a manner consistent with (x) the requirements to qualify the Performance Units as performance-based compensation exempt from the limitations imposed by Section 162(m) of the Internal Revenue Code of 1986, as amended, to the extent the Committee determines that such qualification is in the Company’s best interest, and (y) the following general guidelines for determining the number of earned Performance Units:

17

(a)    If the Company’s Total Shareholder Return for the Performance Period ranks first as compared to the Total Shareholder Return of qualifying Peer Companies, the number of earned Performance Units shall equal 250% of the Initial Performance Units;
(b)    If the Company’s Total Shareholder Return for the Performance Period ranks in the 55th percentile as compared to the Total Shareholder Return of the qualifying Peer Companies, the number of earned Performance Units shall equal 100% of the Initial Performance Units;
(c)    If the Company’s Total Shareholder Return for the Performance Period ranks in the 28th percentile as compared to the Total Shareholder Return of the qualifying Peer Companies, the number of earned Performance Units shall equal 25% of the Initial Performance Units;
(d)    If the Company’s Total Shareholder Return ranks below the 28th percentile as compared to the Total Shareholder Return of the qualifying Peer Companies, none of the Initial Performance Units will become earned; and
(e)    If the Company’s Total Shareholder Return ranking falls in between the levels specified in clauses (a) through (c) above, the Committee shall have the discretion to determine the percentage of the Initial Performance Shares that become earned within the levels specified above.

18

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00270-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00270-of-00352.parquet"}]]