Document:

EX-10.1

 EXHIBIT 10.1 

PINNACLE ENTERTAINMENT, INC. 

2016 EQUITY AND PERFORMANCE INCENTIVE PLAN 

PINNACLE ENTERTAINMENT, INC., a corporation existing under the laws of the State of Delaware (the “Company”), hereby establishes and adopts the
following 2016 Equity and Performance Incentive Plan (the “Plan”). Certain capitalized terms used in the Plan are defined in Article II. 

RECITALS 
 WHEREAS, the Company desires to
encourage high levels of performance by those individuals who are key to the success of the Company, to attract new individuals who are highly motivated and who are expected to contribute to the success of the Company and to encourage such
individuals to remain as directors, employees, consultants and/or advisors of the Company and its Affiliates by increasing their proprietary interest in the Company’s growth and success; and 

WHEREAS, to attain these ends, the Company has formulated the Plan embodied herein to authorize the granting of Awards to Participants whose judgment,
initiative and efforts are or have been or are expected to be responsible for the success of the Company. 
 NOW, THEREFORE, the Company hereby constitutes,
establishes and adopts the following Plan and agrees to the following provisions: 
 ARTICLE I 

PURPOSE OF THE PLAN 
 1.1
Purpose. The purpose of the Plan is to assist the Company and its Affiliates in attracting and retaining selected individuals to serve as directors, employees, consultants and/or advisors of the Company who are expected to contribute to the
Company’s success and to achieve long-term objectives which will inure to the benefit of all stockholders of the Company through the additional incentives inherent in the Awards hereunder. 

ARTICLE II 
 DEFINITIONS

 2.1 “Affiliate” shall mean (i) any person or entity that directly, or through one or more intermediaries,
controls, is controlled by, or is under common control with, the Company (including any Parent or Subsidiary) or (ii) any entity in which the Company has a significant equity interest, as determined by the Committee. 

2.2 “Applicable Laws” means the legal requirements relating to the administration of and issuance of securities under stock
incentive plans, including, without limitation, the requirements of state corporations law, federal and state securities law, federal and state tax law, and the requirements of any stock exchange or quotation system upon which the Shares may then be
listed or quoted. For all purposes of the Plan, references to statutes and regulations shall be deemed to include any successor statutes and regulations, to the extent reasonably appropriate as determined by the Committee. 

2.3 “Award” shall mean any Option, Stock Appreciation Right, Restricted Stock Award, Performance Award, Dividend Equivalent,
Other Stock Unit Award, Conversion Award or any other right, interest or option relating to Shares or other property (including cash) granted pursuant to the provisions of the Plan. 

2.4 “Award Agreement” shall mean any written agreement, contract or other instrument or document evidencing any Award granted
or assumed by the Committee hereunder. 
 2.5 “Board” shall mean the board of directors of the Company. 

 2.6 “Cause” shall have the meaning set forth in a Participant’s employment
or consulting agreement with the Company or an Affiliate (if any), or, if not defined therein, shall mean (a) acts or omissions by the Participant which constitute intentional material misconduct or a knowing violation of a material policy of
the Company or any of its subsidiaries, (b) the Participant personally receiving a benefit in money, property or services from the Company or any of its subsidiaries or from another person dealing with the Company or any of its subsidiaries, in
material violation of applicable law or Company policy, (c) an act of fraud, conversion, misappropriation, or embezzlement by the Participant or the Participant’s conviction of, or entering a guilty plea or plea of no contest with respect
to, a felony, or the equivalent thereof (other than DUI), or (d) any deliberate and material misuse or improper disclosure of confidential or proprietary information of the Company. 

2.7 “Change in Capitalization” shall mean any (1) merger, amalgamation, consolidation, reclassification,
recapitalization, spin-off, spin-out, repurchase or other reorganization or corporate transaction or event, (2) special or extraordinary dividend or other extraordinary distribution (whether in the form of cash, Shares, or other property),
share split, reverse share split, subdivision or consolidation, (3) combination or exchange of shares, or (4) other change in corporate structure, which, in any such case, the Committee determines, in its sole discretion, affects the
Shares such that an adjustment pursuant to Section 13.2 hereof is appropriate. 
 2.8 “Change of Control” shall mean
the occurrence of any of the following events following the Effective Date: 
 (i) The direct or indirect acquisition by an unrelated
“Person” or “Group” of “Beneficial Ownership” (as such terms are defined below) of more than 50% of the voting power of the Company’s issued and outstanding voting securities in a single transaction or a series of
related transactions; 
 (ii) The direct or indirect sale or transfer by the Company of substantially all of its assets to one or more
unrelated Persons or Groups in a single transaction or a series of related transactions; 
 (iii) The consummation of a merger,
consolidation or reorganization of the Company with or into another corporation or other entity in which the Beneficial Owners (as such term is defined below) of more than 50% of the voting power of the Company’s issued and outstanding voting
securities immediately before such merger or consolidation do not own more than 50% of the voting power of the issued and outstanding voting securities of the surviving corporation or other entity immediately after such merger, consolidation or
reorganization; or 
 (iv) During any consecutive 12-month period, individuals who at the beginning of such period constituted the Board of
the Company (together with any new Directors whose election to such Board or whose nomination for election by the stockholders of the Company was approved by a vote of a majority of the Directors of the Company then still in office who were either
Directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the Board of the Company then in office. 

Notwithstanding the foregoing, with respect to any Award (or portion thereof) that constitutes deferred compensation under Section 409A
of the Code, to the extent required to avoid additional tax under Section 409A of the Code with respect to such Award, the Change of Control must also be a “change in control event” described in Treasury Regulations
Section 1.409A-3(i)(5) or successor guidance. If all or a portion of an Award constitutes deferred compensation under Section 409A of the Code and such Award (or portion thereof) is to be settled, distributed or paid on an accelerated
basis due to a Change of Control event that is not a “change in control event” described in Treasury Regulation Section 1.409A-3(i)(5) or successor guidance, if such settlement, distribution or payment would result in additional tax
under Section 409A of the Code, such Award (or the portion thereof) shall vest at the time of the Change of Control (provided such accelerated vesting will not result in additional tax under Section 409A of the Code), but settlement,
distribution or payment, as the case may be, shall not be accelerated. For purposes of 

  
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determining whether a Change of Control has occurred, the following Persons and Groups shall not be deemed to be “unrelated”: (A) such Person or Group directly or indirectly has
Beneficial Ownership of more than 50% of the issued and outstanding voting power of the Company’s voting securities immediately before the transaction in question, (B) the Company has Beneficial Ownership of more than 50% of the voting
power of the issued and outstanding voting securities of such Person or Group, or (C) more than 50% of the voting power of the issued and outstanding voting securities of such Person or Group are owned, directly or indirectly, by Beneficial
Owners of more than 50% of the issued and outstanding voting power of the Company’s voting securities immediately before the transaction in question. The terms “Person,” “Group,” “Beneficial Owner,” and
“Beneficial Ownership” shall have the meanings used in the Exchange Act, and the rules promulgated thereunder. Notwithstanding the foregoing, (I) Persons will not be considered to be acting as a “Group” solely because they
purchase or own stock of this Company at the same time, or as a result of the same public offering, (II) however, Persons will be considered to be acting as a “Group” if they are owners of a corporation that enters into a merger,
consolidation, purchase or acquisition of stock, or similar business transaction, with the Company, and (III) if a Person, including an entity, owns stock both in the Company and in a corporation that enters into a merger, consolidation, purchase or
acquisition of stock, or similar transaction, with the Company, such stockholders shall be considered to be acting as a Group with other stockholders only with respect to the ownership in the corporation before the transaction. 

2.9 “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and any successor thereto. 

2.10 “Committee” shall mean the Committee constituted under Section 4.2 to administer the Plan. 

2.11 “Company” has the meaning set forth in introductory paragraph of the Plan, provided that prior to its separation from
PropCo, “Company” shall mean PNK Entertainment, Inc. 
 2.12 “Consultant” means any person, including an advisor,
who (i) is a natural person, (ii) provides bona fide services to the Company or a Parent or Subsidiary, and (iii) provides services that are not in connection with the offer or sale of securities in a capital-raising transaction, and
that do not directly or indirectly promote or maintain a market for the securities of the Company; provided that the term ‘Consultant’ does not include (i) Employees or (ii) Directors who are paid only a director’s fee by
the Company or who are not compensated by the Company for their services as Directors. 
 2.13 “Continuous Status as an Employee,
Director or Consultant” means that the employment, director or consulting relationship is not interrupted or terminated by the Company, any Parent or Subsidiary, or by the Employee, Director or Consultant. Continuous Status as an Employee,
Director or Consultant will not be considered interrupted in the case of: (i) any leave of absence approved by the Board, including sick leave, military leave, or any other personal leave, provided, that for purposes of Incentive Stock Options,
any such leave may not exceed 90 days, unless reemployment upon the expiration of such leave is guaranteed by contract (including certain Company policies) or statute; (ii) transfers between locations of the Company or between the Company, its
Parent, its Subsidiaries or its successor; or (iii) in the case of an Award other than an Incentive Stock Option, the ceasing of a person to be an Employee while such person remains a Director or Consultant, the ceasing of a person to be a
Director while such person remains an Employee or Consultant or the ceasing of a person to be a Consultant while such person remains an Employee or Director. Notwithstanding the foregoing, with respect to any Award (or portion thereof) that
constitutes deferred compensation under Section 409A of the Code, to the extent required to avoid additional tax under Section 409A of the Code with respect to such Award (or portion thereof), continuous status as an Employee, Director or
Consultant will terminate only when the Participant has a “separation from service” within the meaning of Code Section 409A. 

2.14 “Conversion Award” shall have the meaning set forth in Section 9.1. 

  
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 2.15 “Covered Employee” shall mean a “covered employee” within the
meaning of Section 162(m)(3) of the Code, or any successor provision thereto. 
 2.16 “Director” shall mean a
non-employee member of the Board or a non-employee member of the board of directors of a Parent or Subsidiary. 
 2.17
“Disability” shall mean total and permanent disability as defined in Section 22(e)(3) of the Code. 
 2.18
“Dividend Equivalents” shall have the meaning set forth in Section 13.5. 
 2.19 “Effective Date”
shall have the meaning set forth in Section 14.12. 
 2.20 “Employee” shall mean any employee of the Company or any
Parent or Subsidiary. 
 2.21 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

2.22 “Fair Market Value” shall mean, with respect to any property other than Shares, the market value of such property
determined by such methods or procedures as shall be established from time to time by the Committee. The Fair Market Value of Shares as of any date shall be determined as follows: 

(i) If the Shares are listed on any established stock exchange or a national market system, including, without limitation, the National Market
System of NASDAQ, the Fair Market Value of a Share will be the closing sales price for such Shares (or the closing bid, if no sales are reported) as quoted on that system or exchange (or the system or exchange with the greatest volume of trading in
Shares) on the (i) last market trading day prior to the day of determination or (ii) day of determination, as the Committee may select, in each case, as reported in the Wall Street Journal or any other source the Committee considers
reliable. 
 (ii) If the Shares are quoted on the NASDAQ System (but not on the NASDAQ National Market System) or are regularly quoted by
recognized securities dealers but selling prices are not reported, the Fair Market Value of a Share will be the mean between the high bid and low asked prices for the Shares on (i) the last market trading day prior to the day of determination
or (ii) the day of determination, as the Committee may select, in each case as reported in the Wall Street Journal or any other source the Committee considers reliable. 

(iii) If the Shares are not traded as set forth above, the Fair Market Value will be determined in good faith by the Committee with reference
to the earnings history, book value and prospects of the Company in light of market conditions generally, and any other factors the Committee considers appropriate, such determination by the Committee to be final, conclusive and binding. 

2.23 “Family Member” means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling,
niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the Participant’s household (other than a tenant or employee), a trust in which
these persons (or the Participant) control the management of assets, and any other entity in which these persons (or the Participant) own more than 50 percent of the voting interests. 

2.24 “Good Reason” shall have the meaning set forth in a Participant’s employment or consulting agreement with the
Company or an Affiliate (if any), or, if not defined therein, shall mean the occurrence of any of the following without the Participant’s written consent: (i) a material diminution of the Participant’s authority, duties, or
responsibilities; (ii) a material diminution in the Participant’s base salary; or (iii) the relocation by more than fifty (50) miles of the Participant’s primary place of employment; provided, however, that the Participant
must provide written notice to the Company of the condition that could constitute a “Good Reason” event within ninety (90) days of the initial existence of such condition and such condition must not have been remedied by the Company
within thirty (30) days of such written notice, and the Participant’s employment must terminate within one (1) year following the initial existence of such condition that constitutes a “Good Reason” event. 

  
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 2.25 “Incentive Stock Option” means an Option intended to qualify as an
incentive stock option within the meaning of Section 422 of the Code and the regulations promulgated thereunder. 
 2.26
“Limitations” shall have the meaning set forth in Section 3.2. 
 2.27 “Option” shall mean any right
granted to a Participant under the Plan allowing such Participant to purchase Shares at such price or prices and during such period or periods as the Committee shall determine. 

2.28 “Other Stock Unit Awards” shall have the meaning set forth in Section 8.1. 

2.29 “Parent” means a “parent corporation” with respect to the Company, whether now or later existing, as defined
in Section 424(e) of the Code. 
 2.30 “Participant” shall mean an Employee, Director or Consultant who is selected by
the Committee to receive an Award under the Plan. 
 2.31 “Payee” shall have the meaning set forth in Section 14.1.

 2.32 “Performance Award” shall mean any Award of Performance Shares or Performance Units granted pursuant to
Article IX. 
 2.33 “Performance-Based Compensation” shall mean compensation qualifying as “performance-based
compensation” under Section 162(m) of the Code. 
 2.34 “Performance Period” shall mean that period established
by the Committee at the time any Performance Award is granted or at any time thereafter during which any performance goals specified by the Committee with respect to such Award are to be measured. 

2.35 “Performance Share” shall mean any grant pursuant to Article X of a unit valued by reference to a designated number of
Shares, which value may be paid to the Participant by delivery of such property as the Committee shall determine, including cash, Shares, other property, or any combination thereof, upon achievement of such performance goals during the Performance
Period as the Committee shall establish at the time of such grant or thereafter. 
 2.36 “Performance Unit” shall mean any
grant pursuant to Article X of a unit valued by reference to a designated amount of property (including cash) other than Shares, which value may be paid to the Participant by delivery of such property as the Committee shall determine, including
cash, Shares, other property, or any combination thereof, upon achievement of such performance goals during the Performance Period as the Committee shall establish at the time of such grant or thereafter. 

2.37 “PropCo” shall mean Pinnacle Entertainment, Inc., which shall merge into a wholly owned subsidiary of Gaming and Leisure
Properties, Inc. effective as of the consummation of the transactions contemplated by the Agreement and Plan of Merger by and among Pinnacle Entertainment, Inc., Gaming and Leisure Properties, Inc., and certain other parties, dated as of
July 20, 2015. 
 2.38 “PropCo Award” shall have the meaning set forth in Section 9.1. 

2.39 “Restricted Stock” shall mean any Share issued with the restriction that the holder may not sell, transfer, pledge or
assign such Share and with such other restrictions as the Committee, in its sole discretion, may impose (including any restriction on the right to vote such Share and the right to receive any dividends), which restrictions may lapse separately or in
combination at such time or times, in installments or otherwise, as the Committee may deem appropriate. 

  
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 2.40 “Restricted Stock Award” shall have the meaning set forth in
Section 7.1. 
 2.41 “Shares” shall mean the shares of common stock of the Company, par value $0.10 per share. 

2.42 “Stock Appreciation Right” shall mean the right granted to a Participant pursuant to Article VI. 

2.43 “Subsidiary” shall mean any corporation (other than the Company) in an unbroken chain of corporations beginning with the
Company if, at the time of the granting of the Award, each of the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other
corporations in the chain. 
 2.44 “Substitute Awards” shall mean Awards granted or Shares issued by the Company in
assumption of, or in substitution or exchange for, awards previously granted, or the right or obligation to make future awards, by a company acquired by the Company or any Subsidiary or with which the Company or any Subsidiary combines. 

ARTICLE III 
 SHARES
SUBJECT TO THE PLAN 
 3.1 Number of Shares. 

(a) Subject to adjustment as provided in Section 13.2, a total of 7,500,000 Shares shall be authorized for issuance under the Plan, plus
the number of Shares subject to the Conversion Awards. Any Shares that are subject to any Awards (including Options and Stock Appreciation Rights) shall be counted against this limit as one Share for every Share granted. 

(b) If any Shares subject to an Award (including with regard to Conversion Awards) are forfeited, expire or otherwise terminate without
issuance of such Shares, or any Award (including with regard to Conversion Awards) is settled for cash or otherwise does not result in the issuance of all or a portion of the Shares subject to such Award, the Shares shall, to the extent of such
forfeiture, expiration, termination, cash settlement or non-issuance, again be available for Awards under the Plan. 
 (c) If (i) any
Option granted under the Plan (including with regard to Conversion Awards) is exercised through the tendering of Shares (either actually, by attestation, or by the giving of instructions to a broker to remit to the Company that portion of the sales
price required to pay the exercise price) or by the withholding of Shares by the Company (i.e., net exercise), (ii) withholding tax liabilities arising from any Options or other Awards under the Plan (including with regard to Conversion Awards)
are satisfied by the tendering of Shares (either actually, by attestation, or by the giving of instructions to a broker to remit to the Company that portion of the sales price required to pay the exercise price) or by the withholding of Shares by
the Company (i.e., net settlement), or (iii) the Company purchases Shares on the open market with Option exercise proceeds, the Shares so tendered, withheld or purchased shall not again be available for Awards under the Plan. Upon the exercise
of a stock-settled Stock Appreciation Right, the number of Shares subject to the Stock Appreciation Right (or portion of such Stock Appreciation Right) that is then being exercised shall be counted against the maximum aggregate number of Shares that
may be issued under the Plan as provided above, on the basis of one Share for every Share subject thereto, not the actual number of Shares issued upon exercise. 

(d) Substitute Awards shall not reduce the Shares authorized for issuance under the Plan or authorized for grant to a Participant in any
calendar year. Additionally, in the event that a company acquired by the Company or any Subsidiary, or with which the Company or any Subsidiary combines, has 

  
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shares available under a pre-existing plan approved by stockholders and not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant to the terms of
such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable to the holders of common stock
of the entities party to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the Shares authorized for issuance under the Plan; provided that Awards using such available shares shall not be made after the date
awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were employees, directors or consultants of such acquired or combined company before
such acquisition or combination. 
 (e) Any Shares that again become available for grant pursuant to this Article III shall be added back as
one Share for every Share granted. 
 3.2 Limitations on Certain Grants to Individual Participants. 

(a) Subject to adjustment as provided in Section 13.2, the following limitations shall apply to Awards or portions of Awards (other than
with regard to Conversion Awards) that are intended to qualify as Performance-Based Compensation (the “Limitations”): 
 (i) No
individual may be granted (A) Options during any 12-month period with respect to more than 1,000,000 Shares, (B) Stock Appreciation Rights during any 12-month period with respect to more than 1,000,000 Shares, (C) Restricted Stock
during any 12-month period with respect to more than 1,000,000 Shares, (D) Other Stock Unit Awards during any 12-month period with respect to more than 1,000,000 Shares (if valued by reference to cash or property other than Shares, the maximum
amount payable with respect to such Awards granted in any 12-month period shall be $10,000,000), and (E) Performance Awards during any 12-month period with respect to more than 1,000,000 Shares (if valued by reference to cash or property other
than Shares, the maximum amount payable with respect to such Awards granted in any 12-month period shall be $10,000,000). 
 (ii) The
maximum amount of cash dividends or Dividend Equivalents payable pursuant to Awards to any individual in any 12-month period shall not exceed $3,000,000. 

(b) Subject to adjustment as provided in Section 13.2, no Director may be granted any combination of Awards during any 12-month period
(i) which have an aggregate Fair Market Value as of the date of grant that exceeds $250,000 or (ii) with respect to more than 100,000 Shares. 

(c) Notwithstanding any provision of the Plan to the contrary, if an Award is cancelled, the cancelled Award shall continue to be counted
toward the applicable Limitations. 
 3.3 Character of Shares. Any Shares issued hereunder may consist, in whole or in part, of
authorized and unissued shares, treasury shares or shares purchased in the open market or otherwise. 
 ARTICLE IV 

ELIGIBILITY AND ADMINISTRATION 

4.1 Eligibility. Any Employee, Director or Consultant shall be eligible to be selected as a Participant. Only Employees may receive
awards of Incentive Stock Options. 
 4.2 Administration. 

(a) The Plan shall be administered by the Committee. The Committee will consist of the Board, or a committee designated by the Board, which
Committee will be constituted to satisfy Applicable Laws. Once appointed, a Committee will serve in its designated capacity until otherwise 

  
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directed by the Board. The Board may increase the size of the Committee and appoint additional members, remove members (with or without cause) and substitute new members, fill vacancies (however
caused), and remove all members of the Committee and thereafter directly administer the Plan. Notwithstanding the foregoing, unless the Board expressly resolves to the contrary, while the Company is registered pursuant to Section 12 of the
Exchange Act, the Plan will be administered only by the Compensation Committee of the Board (or such other committee designated by the Compensation Committee of the Board), consisting of no fewer than two Directors, each of whom is (A) a
“non-employee director” within the meaning of Rule 16b-3 (or any successor rule) of the Exchange Act, (B) an “outside director” within the meaning of Section 162(m)(4)(C)(i) of the Code, and (C) an
“independent director” for purpose of the rules and regulations of the New York Stock Exchange or other exchange or quotation system on which the Shares are principally traded; provided, however, the failure of the Committee to be composed
solely of individuals who are “non-employee directors,” “outside directors,” and “independent directors” shall not render ineffective or void any awards or grants made by, or other actions taken by, such Committee. 

(b) The Plan may be administered by different bodies with respect to different Participants. 

(c) The Committee shall have full discretion, power and authority, subject to the provisions of the Plan and subject to such orders or
resolutions not inconsistent with the provisions of the Plan as may from time to time be adopted by the Board, to: (i) select the Employees, Consultants and Directors to whom Awards may from time to time be granted hereunder;
(ii) determine the type or types of Awards, not inconsistent with the provisions of the Plan, to be granted to each Participant hereunder; (iii) determine the number of Shares to be covered by each Award granted hereunder;
(iv) determine the terms and conditions, not inconsistent with the provisions of the Plan, of any Award granted hereunder and the form and content of any Award Agreement; (v) determine whether, to what extent and under what circumstances
Awards may be settled in cash, Shares or other property, subject to the provisions of the Plan; (vi) determine whether, to what extent and under what circumstances any Award shall be modified, amended, canceled or suspended;
(vii) interpret and administer the Plan and any instrument or agreement entered into under or in connection with the Plan, including any Award Agreement; (viii) correct any defect, supply any omission or reconcile any inconsistency in the
Plan or any Award in the manner and to the extent that the Committee shall deem desirable to carry it into effect; (ix) establish such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of
the Plan; (x) determine whether any Award will have Dividend Equivalents; (xi) determine whether, to what extent, and under what circumstances cash, Shares, or other property payable with respect to an Award shall be deferred either
automatically or at the election of the Participant; and (xii) make any other determination and take any other action that the Committee deems necessary or desirable for administration of the Plan. 

(d) Decisions of the Committee shall be final, conclusive and binding on all persons or entities, including the Company, any Participant, any
stockholder and any Employee or any Affiliate. A majority of the members of the Committee may determine its actions and fix the time and place of its meetings. 

(e) The Committee may delegate to a committee of one or more Directors of the Company or, to the extent permitted by Applicable Law, to one or
more officers or a committee of officers, the authority to grant Awards to Employees and officers of the Company who are not Directors, Covered Employees, or “officers,” as such term is defined by Rule
16a-1(f) of the Exchange Act, and to cancel or suspend Awards to Employees and officers of the Company who are not Directors, Covered Employees, or “officers,” as such term is defined by Rule
16a-1(f) of the Exchange Act. 
 ARTICLE V 

OPTIONS 
 5.1 Grant of
Options. Options may be granted hereunder to Participants either alone or in addition to other Awards granted under the Plan. Any Option shall be subject to the terms and conditions of this Article V and to such additional terms and conditions,
not inconsistent with the provisions of the Plan, as the Committee shall deem desirable. The provisions of Options need not be the same with respect to each recipient. 

  
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 5.2 Award Agreements. All Options granted pursuant to this Article V shall be evidenced by
a written Award Agreement in such form and containing such terms and conditions as the Committee shall determine which are not inconsistent with the provisions of the Plan. Granting of an Option pursuant to the Plan shall impose no obligation on the
recipient to exercise such Option. Any individual who is granted an Option pursuant to this Article V may hold more than one Option granted pursuant to the Plan at the same time. 

5.3 Option Price. Other than in connection with Substitute Awards, the option price per each Share purchasable under any Option granted
pursuant to this Article V shall not be less than 100% of the Fair Market Value of such Share on the date of grant of such Option. Other than pursuant to Section 13.2, the Committee may not, without obtaining stockholder approval (a) amend
the terms of outstanding Options to reduce the exercise price of such outstanding Options, (b) cancel outstanding Options in exchange for Options or Stock Appreciation Rights with an exercise price that is less than the exercise price of the
original Options; or (c) cancel outstanding Options with an exercise price above the then Fair Market Value of a Share in exchange for cash or other securities. 

5.4 Option Period. The term of each Option shall be fixed by the Committee in its sole discretion; provided that no Option shall be
exercisable after the expiration of ten years from the date the Option is granted. 
 5.5 Exercise of Options. Vested Options granted
under the Plan shall be exercised by the Participant or by a Permitted Assignee thereof (or by the Participant’s executors, administrators, guardian, beneficiary, or legal representative, or Family Members, as may be provided in an Award
Agreement) as to all or part of the Shares covered thereby, by the giving of written notice of exercise to the Company or its designated agent, specifying the number of Shares to be purchased, accompanied by payment of the full purchase price for
the Shares being purchased. Unless otherwise provided in an Award Agreement, full payment of such purchase price shall be made at the time of exercise and shall be made (a) in cash or by certified check or bank check or wire transfer of
immediately available funds, (b) with the consent of the Committee, by tendering previously acquired Shares (either actually or by attestation, valued at their then Fair Market Value) that have been owned for a period of at least six months (or
such other period to avoid accounting charges against the Company’s earnings), (c) with the consent of the Committee, by delivery of other consideration (including, where permitted by law and the Committee, other Awards) having a Fair
Market Value on the exercise date equal to the total purchase price, (d) with the consent of the Committee, by withholding Shares otherwise issuable in connection with the exercise of the Option, (e) with the consent of the Committee, by
delivery of a properly executed exercise notice together with any other documentation as the Committee and the Participant’s broker, if applicable, require to effect an exercise of the Option and delivery to the Company of the sale or other
proceeds (as permitted by Applicable Law) required to pay the exercise price, (f) through any other method specified in an Award Agreement, or (g) any combination of any of the foregoing. In connection with a tender of previously acquired
Shares pursuant to clause (b) above, the Committee, in its sole discretion, may permit the Participant to constructively exchange Shares already owned by the Participant in lieu of actually tendering such Shares to the Company, provided that
adequate documentation concerning the ownership of the Shares to be constructively tendered is furnished in form satisfactory to the Committee. The notice of exercise, accompanied by such payment, shall be delivered to the Company at its principal
business office or such other office as the Committee may from time to time direct, and shall be in such form, containing such further provisions consistent with the provisions of the Plan, as the Committee may from time to time prescribe. In no
event may any Option granted hereunder be exercised for a fraction of a Share. Other than pursuant to Section 13.2, no adjustment shall be made for cash dividends or other rights for which the record date is prior to the date of such issuance.

 5.6 Form of Settlement. In its sole discretion, the Committee may provide, at the time of grant, that the Shares to be issued upon
an Option’s exercise shall be in the form of Restricted Stock or other similar securities, or may reserve the right so to provide after the time of grant. 

  
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 5.7 Incentive Stock Options. With respect to the Options that may be granted by the
Committee under the Plan, the Committee may grant Options intended to qualify as Incentive Stock Options to any Employee of the Company or any Parent or Subsidiary, subject to the requirements of Section 422 of the Code. The Award Agreement of
an Option intended to qualify as an Incentive Stock Option shall designate the Option as an Incentive Stock Option. Notwithstanding anything in Section 3.1 to the contrary and solely for the purposes of determining whether Shares are available
for the grant of Incentive Stock Options under the Plan, the maximum aggregate number of Shares with respect to which Incentive Stock Options may be granted under the Plan shall be 1,000,000 Shares. Notwithstanding the provisions of
Section 5.3, in the case of an Incentive Stock Option granted to an Employee who, at the time the Incentive Stock Option is granted, owns stock representing more than ten percent of the voting power of all classes of capital stock of the
Company or any Parent or Subsidiary, the per Share exercise price will be no less than 110% of the Fair Market Value per Share on the date of grant. Notwithstanding the provisions of Section 5.4, in the case of an Incentive Stock Option granted
to an Employee who, at the time the Incentive Stock Option is granted, owns stock representing more than ten percent of the voting power of all classes of capital stock of the Company or any Parent or Subsidiary, the term of the Incentive Stock
Option will be five years from the date of grant or any shorter term specified in the Award Agreement. Notwithstanding the foregoing, if the Shares subject to an Employee’s Incentive Stock Options (granted under all plans of the Company or any
Parent or Subsidiary), which become exercisable for the first time during any calendar year, have a Fair Market Value in excess of $100,000, the Options accounting for this excess will be not be treated as Incentive Stock Options. For purposes of
the preceding sentence, Incentive Stock Options will be taken into account in the order in which they were granted, and the Fair Market Value of the Shares will be determined as of the time of grant. 

5.8 Termination of Employment or Consulting Relationship or Directorship. If a Participant holds exercisable Options on the date his or
her Continuous Status as an Employee, Director or Consultant terminates (other than because of termination due to Cause, death or Disability), the Participant may exercise the Options that were vested and exercisable as of the date of termination
until the end of the original term or for a period of 90 days following such termination, whichever is earlier (or such other period as is set forth in the Award Agreement, in an employment agreement between the Company or an Affiliate and the
Participant (if any) or determined by the Committee). If the Participant is not entitled to exercise his or her entire Option at the date of such termination, the unexercisable portion of the Option will expire and the Shares covered by the
unexercisable portion of the Option will revert to the Plan, unless otherwise set forth in the Award Agreement, in an employment agreement between the Company or an Affiliate and the Participant (if any) or determined by the Committee. The Committee
may determine in its sole discretion that such unexercisable portion of the Option will become exercisable at such times and on such terms as the Committee may determine in its sole discretion. If the Participant does not exercise an Option within
the time specified above after termination, that Option will expire, and the Shares covered by it will revert to the Plan, except as otherwise determined by the Committee. 

5.9 Disability of Participant. If a Participant holds exercisable Options on the date his or her Continuous Status as an Employee,
Director or Consultant terminates because of Disability, the Participant may exercise the Options that were vested and exercisable as of the date of termination until the end of the original term or for a period of 36 months following such
termination, whichever is earlier (or such other period as is set forth in the Award Agreement, in an employment agreement between the Company or an Affiliate and the Participant (if any) or determined by the Committee). If the Participant is not
entitled to exercise his or her entire Option at the date of such termination, the unexercisable portion of the Option will expire and the Shares covered by the unexercisable portion of the Option will revert to the Plan, unless otherwise set forth
in the Award Agreement, in an employment agreement between the Company or an Affiliate and the Participant (if any) or determined by the Committee. The Committee may determine in its sole discretion that such unexercisable portion of the Option will
become exercisable at such times and on such terms as the Committee may determine in its sole discretion. If the Participant does not exercise an Option within the time specified above after termination, that Option will expire, and the Shares
covered by it will revert to the Plan, except as otherwise determined by the Committee. 

  
 10 

 5.10 Death of Participant. If a Participant holds exercisable Options on the date his or
her death, the Participant’s estate or a person who acquired the right to exercise the Option by bequest or inheritance or under Section 13.3 may exercise the Options that were vested and exercisable as of the date of death until the end
of the original term or for a period of 36 months following the date of death, whichever is earlier (or such other period as is set forth in the Award Agreement, in an employment agreement between the Company or an Affiliate and the Participant (if
any) or determined by the Committee). If the Participant is not entitled to exercise his or her entire Option at the date of death, the unexercisable portion of the Option will expire and the Shares covered by the unexercisable portion of the Option
will revert to the Plan, unless otherwise set forth in the Award Agreement, in an employment agreement between the Company or an Affiliate and the Participant (if any) or determined by the Committee. The Committee may determine in its sole
discretion that such unexercisable portion of the Option will become exercisable at such times and on such terms as the Committee may determine in its sole discretion. If the Participant’s estate or a person who acquired the right to exercise
the Option by bequest or inheritance or under Section 13.3 does not exercise the Option within the time specified above after the date of death, the Option will expire, and the Shares covered by it will revert to the Plan, except as otherwise
determined by the Committee. 
 ARTICLE VI 

STOCK APPRECIATION RIGHTS 

6.1 Grant of Stock Appreciation Rights. The Committee may provide Stock Appreciation Rights either alone or in addition to other Awards
upon such terms and conditions as the Committee may establish in its sole discretion. 
 6.2 Terms and Conditions. Stock Appreciation
Rights shall be subject to such terms and conditions, not inconsistent with the provisions of the Plan, as shall be determined from time to time by the Committee, including the following: 

(a) Upon the exercise of a Stock Appreciation Right, the holder shall have the right to receive the excess of (i) the Fair Market Value
of one Share on the date of exercise or such other amount as the Committee shall so determine at any time during a specified period before the date of exercise over (ii) the grant price of the right on the date of grant, which, except in the
case of Substitute Awards or in connection with an adjustment provided in Section 13.2, shall not be less than the Fair Market Value of one Share on such date of grant of the right. 

(b) Upon the exercise of a Stock Appreciation Right, payment shall be made in whole Shares or cash. 

(c) The provisions of Stock Appreciation Rights need not be the same with respect to each recipient. 

(d) The Committee may impose such other conditions or restrictions on the terms of exercise and the exercise price of any Stock Appreciation
Right, as it shall deem appropriate. In connection with the foregoing, the Committee shall consider the applicability and effect of Section 162(m) of the Code. Notwithstanding the foregoing provisions of this Section 6.2, but subject to
Section 13.2, a Stock Appreciation Right shall not have (i) an exercise price less than Fair Market Value on the date of grant, or (ii) a term of greater than ten years. In addition to the foregoing, but subject to Section 13.2,
the base amount of any Stock Appreciation Right shall not be reduced after the date of grant. The Committee shall take no action under this Article VI that would subject a Participant to a penalty tax under Section 409A of the Code. 

(e) Other than pursuant to Section 13.2, the Committee may not, without obtaining stockholder approval (a) amend the terms of
outstanding Stock Appreciation Rights to reduce the exercise price of such outstanding Stock Appreciation Rights, (b) cancel outstanding Stock Appreciation Rights in exchange for Options or Stock Appreciation Rights with an exercise price that
is less than the exercise price of the original Stock Appreciation Rights; or (c) cancel outstanding Stock Appreciation Rights with an exercise price above the then Fair Market Value of a Share in exchange for cash or other securities. 

  
 11 

 6.3 Termination of Employment or Consulting Relationship or Directorship. If a Participant
holds exercisable Stock Appreciation Rights on the date his or her Continuous Status as an Employee, Director or Consultant terminates (other than because of termination due to Cause, death or Disability), the Participant may exercise the Stock
Appreciation Rights that were vested and exercisable as of the date of termination until the end of the original term or for a period of 90 days following such termination, whichever is earlier (or such other period as is set forth in the Award
Agreement, in an employment agreement between the Company or an Affiliate and the Participant (if any) or determined by the Committee). If the Participant is not entitled to exercise his or her entire Stock Appreciation Right at the date of such
termination, the unexercisable portion of the Option will expire and the Shares covered by the unexercisable portion of the Stock Appreciation Right will revert to the Plan, unless otherwise set forth in the Award Agreement, in an employment
agreement between the Company or an Affiliate and the Participant (if any) or determined by the Committee. The Committee may determine in its sole discretion that such unexercisable portion of the Stock Appreciation Right will become exercisable at
such times and on such terms as the Committee may determine in its sole discretion. If the Participant does not exercise a Stock Appreciation Right within the time specified above after termination, that Stock Appreciation Right will expire, and the
Shares covered by it will revert to the Plan, except as otherwise determined by the Committee. 
 6.4 Disability of Participant. If a
Participant holds exercisable Stock Appreciation Rights on the date his or her Continuous Status as an Employee, Director or Consultant terminates because of Disability, the Participant may exercise the Stock Appreciation Rights that were vested and
exercisable as of the date of termination until the end of the original term or for a period of 36 months following such termination, whichever is earlier (or such other period as is set forth in the Award Agreement, in an employment agreement
between the Company or an Affiliate and the Participant (if any) or determined by the Committee). If the Participant is not entitled to exercise his or her entire Stock Appreciation Right at the date of such termination, the unexercisable portion of
the Option will expire and the Shares covered by the unexercisable portion of the Stock Appreciation Right will revert to the Plan, unless otherwise set forth in the Award Agreement, in an employment agreement between the Company or an Affiliate and
the Participant (if any) or determined by the Committee. The Committee may determine in its sole discretion that such unexercisable portion of the Stock Appreciation Right will become exercisable at such times and on such terms as the Committee may
determine in its sole discretion. If the Participant does not exercise a Stock Appreciation Right within the time specified above after termination, that Stock Appreciation Right will expire, and the Shares covered by it will revert to the Plan,
except as otherwise determined by the Committee. 
 6.5 Death of Participant. If a Participant holds exercisable Stock Appreciation
Rights on the date his or her death, the Participant’s estate or a person who acquired the right to exercise the Stock Appreciation Rights by bequest or inheritance or under Section 13.3 may exercise the Stock Appreciation Rights that were
vested and exercisable as of the date of death until the end of the original term or for a period of 36 months following the date of death, whichever is earlier (or such other period as is set forth in the Award Agreement, in an employment agreement
between the Company or an Affiliate and the Participant (if any) or determined by the Committee). If the Participant is not entitled to exercise his or her entire Stock Appreciation Right at the date of death, the unexercisable portion of the Option
will expire and the Shares covered by the unexercisable portion of the Stock Appreciation Right will revert to the Plan, unless otherwise set forth in the Award Agreement, in an employment agreement between the Company or an Affiliate and the
Participant (if any) or determined by the Committee. The Committee may determine in its sole discretion that such unexercisable portion of the Stock Appreciation Right will become exercisable at such times and on such terms as the Committee may
determine in its sole discretion. If the Participant’s estate or a person who acquired the right to exercise the Stock Appreciation Right by bequest or inheritance or under Section 12.3 does not exercise the Stock Appreciation Right within
the time specified above after the date of death, the Stock Appreciation Right will expire, and the Shares covered by it will revert to the Plan, except as otherwise determined by the Committee. 

  
 12 

 ARTICLE VII 

RESTRICTED STOCK AWARDS 

7.1 Grant of Restricted Stock Award. Awards of Restricted Stock may be issued hereunder to Participants either alone or in addition to
other Awards granted under the Plan (a “Restricted Stock Award”). A Restricted Stock Award shall be subject to restrictions imposed by the Committee covering a period of time specified by the Committee. The provisions of Restricted Stock
Awards need not be the same with respect to each recipient. Subject to requirements of Applicable Law, the Committee has absolute discretion to determine whether any consideration (other than services) is to be received by the Company or any
Affiliate as a condition precedent to the issuance of Restricted Stock. 
 7.2 Award Agreements. The terms of any Restricted Stock
Award granted under the Plan shall be set forth in a written Award Agreement which shall contain provisions determined by the Committee and not inconsistent with the Plan. 

7.3 Rights of Holders of Restricted Stock. Except as otherwise provided in the Award Agreement, beginning on the date of grant of the
Restricted Stock Award and subject to execution of the Award Agreement, the Participant shall become a stockholder of the Company with respect to all Shares subject to the Award Agreement and shall have all of the rights of a stockholder, including
the right to vote such Shares and the right to receive distributions made with respect to such Shares; provided, however that any Shares or any other property (other than cash) distributed as a dividend or otherwise with respect to any Restricted
Shares as to which the restrictions have not yet lapsed shall be subject to the same restrictions as such Restricted Shares. 
 7.4
Termination of Employment or Consulting Relationship or Directorship. If a Participant holds unvested Restricted Stock Awards on the date his or her Continuous Status as an Employee, Director or Consultant terminates for any reason, the
unvested Restricted Stock Awards will expire and the Shares covered by the unvested Restricted Stock Awards will revert to the Plan, unless otherwise set forth in the Award Agreement, in an employment agreement between the Company or an Affiliate
and the Participant (if any) or determined by the Committee. The Committee may determine in its sole discretion that such unvested Restricted Stock Awards will become vested at such times and on such terms as the Committee may determine in its sole
discretion. 
 ARTICLE VIII 

OTHER STOCK UNIT AWARDS 

8.1 Grant of Other Stock Unit Award. Other Awards of Shares and other Awards that are valued in whole or in part by reference to, or
are otherwise based on, Shares or other property (“Other Stock Unit Awards”) may be granted hereunder to Participants, either alone or in addition to other Awards granted under the Plan, and such Other Stock Unit Awards shall also be
available as a form of payment in the settlement of other Awards granted under the Plan. Other Stock Unit Awards shall be paid in Shares or cash. Subject to the provisions of the Plan, the Committee shall have sole and complete authority to
determine the Participants to whom and the time or times at which such Other Stock Unit Awards shall be made, the number of cash, Shares or other property to be granted pursuant to such Awards, and all other conditions of the Awards. The provisions
of Other Stock Unit Awards need not be the same with respect to each recipient. Subject to requirements of Applicable Law, the Committee has absolute discretion to determine whether any consideration (other than services) is to be received by the
Company or any Affiliate as a condition precedent to the issuance of Shares (including securities convertible into Shares) subject to Awards granted under this Article VIII. 

8.2 Award Agreements. The terms of any Other Stock Unit Awards granted under the Plan shall be set forth in a written Award Agreement
which shall contain provisions determined by the Committee and not inconsistent with the Plan. 

  
 13 

 8.3 Termination of Employment or Consulting Relationship or Directorship. If a Participant
holds unvested Other Stock Unit Awards on the date his or her Continuous Status as an Employee, Director or Consultant terminates for any reason, the unvested Other Stock Unit Awards will expire and the Shares covered by the unvested Other Stock
Unit Awards will revert to the Plan, unless otherwise set forth in the Award Agreement, in an employment agreement between the Company or an Affiliate and the Participant (if any) or determined by the Committee. The Committee may determine in its
sole discretion that such unvested Other Stock Unit Awards will become vested at such times and on such terms as the Committee may determine in its sole discretion. 

ARTICLE IX 
 CONVERTED
PROPCO AWARDS 
 9.1 Conversion Awards. The Company is authorized to issue Awards (“Conversion Awards”) in connection
with the equitable adjustment by the Company of certain stock options, restricted stock units, performance shares, performance cash units and any other equity-based awards previously granted by PropCo (collectively, the “PropCo Awards”).
Notwithstanding any other provision of the Plan to the contrary, in accordance with a formula for the conversion of PropCo Awards as determined by the Company in a manner consistent with the terms of the Employee Matters Agreement entered into in
connection with the separation of the Company from PropCo (the “Employee Matters Agreement”), (i) the number of Shares subject to a Conversion Award shall be determined by the Committee and (ii) the option exercise price of
Conversion Awards that are stock options shall be determined by the Committee. 
 9.2 Award Agreements. All Conversion Awards shall
be governed by this Plan and their respective Award Agreements, to the extent that the terms of such Award Agreements are not inconsistent with the Plan and as such terms may be modified pursuant to Section 9.1. 

ARTICLE X 
 PERFORMANCE
AWARDS 
 10.1 Terms of Performance Awards. Performance Awards may be issued hereunder to Participants, for no consideration or
for such minimum consideration as may be required by Applicable Law, either alone or in addition to other Awards granted under the Plan. The performance criteria to be achieved during any Performance Period and the length of the Performance Period
shall be determined by the Committee. Performance Awards may be paid in cash, Shares, other property, or any combination thereof, in the sole discretion of the Committee. The performance goals to be achieved for each Performance Period shall be
conclusively determined by the Committee and may, but need not, be based upon the criteria set forth in Section 11.2. The amount of the Award to be distributed shall be conclusively determined by the Committee. Performance Awards may be paid in
a lump sum or in installments. 
 10.2 Award Agreements. The terms of any Performance Awards granted under the Plan shall be set
forth in a written Award Agreement which shall contain provisions determined by the Committee and not inconsistent with the Plan. 
 10.3
Termination of Employment or Consulting Relationship or Directorship. If a Participant holds unvested Performance Awards on the date his or her Continuous Status as an Employee, Director or Consultant terminates for any reason, the unvested
Performance Awards will expire and the Shares covered by the unvested Performance Awards will revert to the Plan, unless otherwise set forth in the Award Agreement, in an employment agreement between the Company or an Affiliate and the Participant
(if any) or determined by the Committee. The Committee may determine in its sole discretion that such unvested Performance Awards will become vested at such times and on such terms as the Committee may determine in its sole discretion. 

  
 14 

 ARTICLE XI 

CODE SECTION 162(M) PROVISIONS 

11.1 Performance-Based Compensation. Notwithstanding any other provision of the Plan, if the Committee determines that it intends for a
Restricted Stock Award, a Performance Award or an Other Stock Unit Award to qualify as Performance-Based Compensation, then such Award will be structured and administered in accordance with this Article XI. 

11.2 Performance Criteria. If a Restricted Stock Award, a Performance Award or an Other Stock Unit Award is subject to this Article XI,
then the lapsing of restrictions thereon and the distribution of cash, Shares or other property pursuant thereto, as applicable, shall be subject to the achievement of one or more objective performance goals established by the Committee, which shall
be based on the attainment of specified levels of or growth of one or any combination of the following factors, or an objective formula determined at the time of the Award that is based on modified or unmodified calculations of one or any
combination of the following factors: net sales; pretax income before or after allocation of corporate overhead and bonus; earnings per share; net income; division, group or corporate financial goals; return on stockholders’ equity; return on
assets; attainment of strategic and operational initiatives; total stockholder return; appreciation in and/or maintenance of the price of the Shares or any other publicly-traded securities of the Company; market share; gross profits; earnings before
taxes; earnings before interest and taxes; earnings before interest, taxes, depreciation and amortization (“EBITDA”); an adjusted formula of EBITDA determined by the Committee; economic value-added models; comparisons with various stock
market indices; reductions in costs, and/or return on invested capital of the Company or any Affiliate, division or business unit of the Company or an Affiliate. Such performance goals also may be based solely by reference to the Company’s
performance or the performance of an Affiliate, division or business unit of the Company or an Affiliate, or based upon the relative performance of other companies or upon comparisons of any of the indicators of performance relative to other
companies. Unless the Committee specifies otherwise when it sets performance goals for an Award, objective adjustments shall be made to any of the foregoing measures for the write-off of debt issuance costs, pre-opening and development costs, gain
or loss from asset dispositions, asset or other impairment charges, litigation settlement costs, and other non-routine items that may occur during the Performance Period. Also, unless the Committee determines otherwise in setting the performance
goals for an Award, to the extent consistent with the requirements of Section 162(m) of the Code, such performance goals shall be applied by excluding the impact of (a) restructurings, discontinued operations and charges for unusual or
infrequently occurring items, (b) an event either not directly related to the operations of the Company or not within the reasonable control of the Company’s management, or (c) a change in accounting standards required by generally
accepted accounting principles. Such performance goals shall be set by the Committee within the time period prescribed by, and shall otherwise comply with the requirements of, Section 162(m) of the Code, or any successor provision thereto, and
the regulations thereunder. 
 11.3 Adjustments. Notwithstanding any provision of the Plan (other than Article XII), with respect to
any Restricted Stock Award, Performance Award or Other Stock Unit Award that is subject to this Article XI, the Committee may adjust downward, but not upward, the amount payable pursuant to such Award, and the Committee may not waive the achievement
of the applicable performance goals, except in the case of the death or Disability of the Participant or the occurrence of a Change of Control. 

11.4 Determination of Performance. Prior to the vesting, payment, settlement or lapsing of any restrictions with respect to any
Restricted Stock Award, Performance Award or Other Stock Unit Award that is subject to this Article XI, the Committee shall certify in writing that the applicable performance goals have been achieved to the extent necessary for such Award to qualify
as Performance-Based Compensation. 
 11.5 Restrictions. The Committee shall have the power to impose such other restrictions on
Awards subject to this Article XI as it may deem necessary or appropriate to ensure that such Awards satisfy all requirements for Performance-Based Compensation, or which are not inconsistent with such requirements. 

  
 15 

 ARTICLE XII 

CHANGE OF CONTROL PROVISIONS 

12.1 Impact of Change of Control. In the event of a Change of Control, except as may otherwise be agreed upon by the parties to the
Change of Control, upon a Participant’s termination of employment by the Participant’s employer without Cause, or by the Participant for Good Reason, within such period following the Change of Control (or on the date of the Change of
Control) as may be determined by the Committee, then (a) Options and Stock Appreciation Rights (including any such Award that is a Conversion Award) shall vest and become fully exercisable, (b) restrictions on Restricted Stock Awards
(including any such Award that is a Conversion Award) shall lapse and such Awards shall become fully vested (and, in the case of Other Stock Unit Awards (including any such Award that is a Conversion Award) payable in cash, shall be fully paid),
(c) Performance Awards and any other Awards with vesting or other provisions tied to achievement of performance goals (including any such Award that is a Conversion Award) shall be considered to be vested (and, as applicable, shall be earned
and paid) at their target levels (if the Awards do not specify a “target” amount, the amount that vests (and, as applicable, the amount earned and paid) shall be determined by the Committee in its sole discretion before the Change of
Control), (d) restrictions and deferral limitations and other conditions applicable to any Other Stock Unit Awards or any other Awards (including any such Awards that are Conversion Awards) shall lapse, and such Other Stock Unit Awards or such
other Awards shall become free of all restrictions, limitations or conditions and become fully vested and transferable, and (e) such other additional benefits, changes or adjustments as the Committee deems appropriate and fair shall apply,
subject in each case to any terms and conditions contained in the Award Agreement evidencing such Award. Notwithstanding any other provision of the Plan, the Committee, in its discretion, may, before the date of a Change of Control, determine that,
upon the occurrence of the Change of Control (x) each Option and Stock Appreciation Right (including any such Award that is a Conversion Award) shall remain exercisable for only a limited period of time determined by the Committee (provided
that they remain exercisable for at least 30 days after notice of such action is given to the Participants), or (y) each Option and Stock Appreciation Right (including any such Award that is a Conversion Award) outstanding shall terminate
within a specified number of days after notice to the Participant, and such Participant shall receive, with respect to each Share subject to such Option or Stock Appreciation Right, an amount equal to the excess, if any, of the per-Share
consideration over the exercise price per share of such Option and/or Stock Appreciation Right; such amount to be payable in cash, in one or more kinds of stock or property (including the stock or property, if any, payable in the transaction) or in
a combination thereof, as the Committee, in its discretion, shall determine. Notwithstanding anything in this Section 12.1 or Section 12.2 to the contrary, (i) the Committee will take no action that would subject any Participant to a
penalty tax under Section 409A of the Code and (ii) to the extent an Award constitutes deferred compensation under Section 409A of the Code, then to the extent required to avoid additional tax under Section 409A of the Code with
respect to such Award, such Award shall vest at the time provided under this Section 12.1 (provided such accelerated vesting will not result in additional tax under Section 409A of the Code), but settlement, distribution or payment of such
Award, as the case may be, shall not be accelerated. 
 12.2 Assumption Upon Change of Control. Notwithstanding the foregoing, if, in
the event of a Change of Control, the successor company does not agree to assume or substitute for an Award or the Awards will otherwise not remain outstanding after the Change of Control, then, in lieu of such outstanding assumed or substituted
Award, the holder shall be entitled to the benefits set forth in the first sentence of Section 12.1 as of the date of the Change of Control, to the same extent as if the holder’s employment had been terminated by the Company without Cause
as of the date of the Change of Control. For the purposes of this Section 12.2, an Award shall be considered assumed or substituted for if following the Change of Control the award confers the right to purchase or receive, for each Share
subject to the Award immediately prior to the Change of Control, the consideration (whether stock, cash or other securities or property) received in the transaction constituting a Change of Control by holders of Shares for each Share held on the
effective date of such transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares); provided, however, that if such consideration received
in the transaction constituting a Change of Control is not solely common stock of the successor company, the Committee may, with the consent of the successor company, provide that the consideration to be received upon the exercise or vesting of an
Award, for each Share subject thereto, will 

  
 16 

 
be solely common stock of the successor company substantially equal in fair market value to the per share consideration received by holders of Shares in the transaction constituting a Change of
Control. The determination of such substantial equality of value of consideration shall be made by the Committee before the Change of Control in its sole discretion and its determination shall be conclusive and binding. Any assumption or
substitution of an Incentive Stock Option will be made in a manner that will not be considered a “modification” under the provisions of Section 424(h)(3) of the Code. 

ARTICLE XIII 
 GENERALLY
APPLICABLE PROVISIONS 
 13.1 Amendment and Modification of the Plan. The Board may, from time to time, alter, amend, suspend or
terminate the Plan as it shall deem advisable, subject to any requirement for stockholder approval imposed by Applicable Law; provided that the Board may not amend the second sentence of Section 5.3 or Section 6.2(e) without obtaining
stockholder approval. In addition, no amendments to, or termination of, the Plan (other than by reason of the failure of stockholders to approve the Plan after an Award has been granted if the Award is contingent upon stockholder approval of the
Plan) shall in any way impair the rights of a Participant under any Award previously granted without such Participant’s consent. 

13.2 Adjustments. 
 (a)
In the event of any Change in Capitalization, an equitable substitution or proportionate adjustment shall be made, in each case in such manner as may be determined by the Committee in its sole discretion, in (i) the aggregate number of Shares
reserved for issuance under the Plan and the maximum number of Shares or cash that may be subject to Awards (including Conversion Awards) granted to any Participant in any calendar year, (ii) the kind and number of securities subject to, and
the exercise price of, any outstanding Options and Share Appreciation Rights (including Conversion Awards) granted under the Plan, and (iii) the kind, number and purchase price of Shares, or the amount of cash or amount or type of other
property, subject to outstanding Restricted Stock Awards, Other Stock Unit Awards, Performance Awards and Dividend Equivalents (including Conversion Awards) granted under the Plan; provided, that any fractional shares resulting from the adjustment
shall be eliminated. Such other equitable substitutions or adjustments shall be made in such manner as may be determined by the Committee in its sole discretion. 

(b) With respect to Incentive Stock Options, any adjustment pursuant to this Section 13.2 shall be made in accordance with the provisions
of Section 424(h) of the Code and any regulations or guidance promulgated thereunder. No adjustment pursuant to this Section 13.2 shall cause any Award which is or becomes subject to Section 409A of the Code to fail to comply with the
requirements of Section 409A of the Code. 
 (c) The determinations made by the Committee pursuant to this Section 13.2 shall be
final, binding and conclusive. 
 13.3 Transferability of Awards. Except as provided below, and except as otherwise authorized by the
Committee in an Award Agreement or an employment agreement between the Company or an Affiliate and the Participant (if any) or otherwise, no Award, and no Shares subject to Awards that have not been issued or as to which any applicable restriction,
performance or deferral period has not lapsed, may be sold, assigned, transferred, pledged or otherwise encumbered, other than by will or the laws of descent and distribution, and such Award may be exercised during the life of the Participant only
by the Participant or the Participant’s guardian or legal representative. Notwithstanding the foregoing, to the extent that the Committee so authorizes in the Award Agreement or otherwise, an Award other than an Incentive Stock Option may be
assigned, in whole or in part, during the Participant’s lifetime to one or more Family Members of the Participant. Rights under the assigned portion may be exercised by the Family Member(s) who acquire a proprietary interest in such Award
pursuant to the assignment. The terms applicable to the assigned portion shall be the same as those in effect for the Award immediately before such assignment and shall be set forth in such documents issued to the assignee as the Committee deems
appropriate. 

  
 17 

 (a) Designation of Beneficiary. A Participant may file a written designation of a
beneficiary who is to receive any Awards that remain unexercised in the event of the Participant’s death. If a Participant is married and the designated beneficiary is not the spouse, spousal consent will be required for the designation to be
effective. The Participant may change such designation of beneficiary at any time by written notice to the Committee, subject to the above spousal consent requirement. 

(b) Effect of No Designation. If a Participant dies and there is no beneficiary validly designated and living at the time of the
Participant’s death, the Company will deliver such Participant’s Awards to the executor or administrator of his or her estate, or if no such executor or administrator has been appointed (to the knowledge of the Company), the Company, in
its discretion, may deliver such Awards to the spouse or to any one or more dependents or relatives of the Participant, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate. 

(c) Death of Spouse or Dissolution of Marriage. If a Participant designates his or her spouse as beneficiary, that designation will be
deemed automatically revoked if the Participant’s marriage is later dissolved. Similarly, any designation of a beneficiary will be deemed automatically revoked upon the death of the beneficiary if the beneficiary predeceases the Participant.
Without limiting the generality of the preceding sentence, the interest in Awards of a spouse of a Participant who has predeceased the Participant or whose marriage has been dissolved will automatically pass to the Participant, and will not be
transferable by such spouse in any manner, including, but not limited to, such spouse’s will, nor will any such interest pass under the laws of intestate succession. 

13.4 Termination of Employment or Service. The Committee shall determine and set forth in each Award Agreement whether any Awards
granted in such Award Agreement will continue to be exercisable, and the terms of such exercise, on and after the date that a Participant ceases to be employed by or to provide services to the Company or any Affiliate (including as a Director),
whether by reason of death, disability, voluntary or involuntary termination of employment or services, or otherwise. The date of termination of a Participant’s employment or services will be determined by the Committee, which determination
will be final; provided, however, that with respect to any Award (or portion thereof) that constitutes deferred compensation under Section 409A of the Code, to the extent required to avoid additional tax under Section 409A of the Code with
respect to such Award (or portion thereof), a Participant’s employment or service will only be considered to have terminated when the Participant has a “separation from service” within the meaning of Code Section 409A. 

13.5 Dividends and Dividend Equivalents. Subject to the provisions of the Plan and any Award Agreement, the recipient of an Award
(including any deferred Award) other than an Option or Stock Appreciation Right may, if so determined by the Committee, be entitled to receive, currently or on a deferred and/or restricted basis, cash, stock or other property dividends, or cash
payments in amounts equivalent to stock or other property dividends on Shares (“Dividend Equivalents”) with respect to the number of Shares covered by the Award, as determined by the Committee, in its sole discretion; provided, however
that any such dividends or Dividend Equivalents relating to Awards that are subject to performance-based vesting conditions shall not be paid unless and until such performance-based vesting conditions have been satisfied. The Committee may provide
that any such dividends or Dividend Equivalents that are payable on a deferred or restricted basis shall be deemed to have been reinvested in additional Shares or Share equivalents or otherwise reinvested or that such amounts will be deferred or
restricted in their original form and payable with or without interest. No Option or Stock Appreciation Right may provide for dividends, Dividend Equivalents or other similar distributions to be paid with respect to such Option or Stock Appreciation
Right. 

  
 18 

 ARTICLE XIV 

MISCELLANEOUS 
 14.1 Tax
Withholding. The Company shall have the right to make all payments or distributions pursuant to the Plan to a Participant (or to the Participant’s executors, administrators, guardian, beneficiary, or legal representative, or Family Members)
(any such person, a “Payee”) net of any applicable Federal, State and local taxes required to be paid or withheld as a result of (a) the grant of any Award, (b) the exercise of an Option or Stock Appreciation Rights, (c) the
delivery of Shares or cash, (d) the lapse of any restrictions in connection with any Award, or (e) any other event that gives rise to a tax withholding obligation. The Company or any Affiliate shall have the right to withhold from wages or
other amounts otherwise payable to such Payee such withholding taxes as may be required by law, or to otherwise require the Payee to pay such withholding taxes. If the Payee shall fail to make such tax payments as are required, the Company or its
Affiliates shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to such Payee or to take such other action as may be necessary to satisfy such withholding obligations. The
Committee may establish procedures for election by Participants to satisfy such obligation for the payment of such taxes by tendering previously acquired Shares (either actually or by attestation, valued at their then Fair Market Value) that have
been owned for a period of at least six months (or such other period as the Committee determines to be necessary to avoid accounting charges against the Company’s earnings), or by directing the Company to retain Shares (up to the
employee’s minimum required tax withholding rate or such other rate that will not cause adverse accounting consequences for the Company and is permitted under applicable withholding rules promulgated by the Internal Revenue Service or another
applicable governmental entity) otherwise deliverable in connection with the Award. If Shares acquired upon exercise of any Incentive Stock Option are disposed of in a disposition that, under Section 422 of the Code, disqualifies the holder
from the application of Section 421(a) of the Code, the holder of the Shares immediately before the disposition will comply with any requirements imposed by the Company in order to enable the Company to secure the related income tax deduction
to which it is entitled in such event. 
 14.2 Right of Discharge Reserved; Claims to Awards. Nothing in the Plan nor the grant of an
Award hereunder shall confer upon any Employee, Consultant or Director the right to continue in the employment or service of the Company or any Affiliate or affect any right that the Company or any Affiliate may have to terminate the employment or
service of (or to demote or to exclude from future Awards under the Plan) any such Employee, Consultant or Director at any time for any reason. The Company shall not be liable for the loss of existing or potential profit from an Award granted in the
event of termination of an employment or other relationship. No Employee or Participant shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity of treatment of Employees or Participants under the Plan.

 14.3 Prospective Recipient. The prospective recipient of any Award under the Plan shall not, with respect to such Award, be deemed
to have become a Participant, or to have any rights with respect to such Award, until and unless such recipient shall have executed an agreement or other instrument evidencing the Award and delivered a copy thereof to the Company, and otherwise
complied with the then applicable terms and conditions. 
 14.4 Cancellation of Award; Clawback. Notwithstanding anything to the
contrary contained herein, all outstanding Awards granted to any Participant may be canceled in the discretion of the Committee if the Participant’s Continuous Status as an Employee, Director or Consultant is terminated for Cause, or if, after
the termination of the Participant’s Continuous Status as an Employee, Director, or Consultant, the Committee determines that Cause existed before such termination. Awards shall be subject to the Company’s clawback policy, as such policy
may be amended from time to time. 
 14.5 Stop Transfer Orders. All certificates for Shares delivered under the Plan pursuant to any
Award shall be subject to such stop-transfer orders and other restrictions as the Committee may deem advisable under the provisions of the Plan, the rules, regulations and other requirements of the Securities and Exchange Commission, any stock
exchange upon which the Shares are then listed, and any applicable federal or state securities law, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. 

  
 19 

 14.6 Nature of Payments. All Awards made pursuant to the Plan are in consideration of
services performed or to be performed for the Company or any Affiliate, division or business unit of the Company. Any income or gain realized pursuant to Awards under the Plan constitutes a special incentive payment to the Participant and shall not
be taken into account, to the extent permissible under Applicable Law, as compensation for purposes of any of the employee benefit plans of the Company or any Affiliate except as may be determined by the Committee or by the Board or board of
directors of the applicable Affiliate. 
 14.7 Other Plans. Nothing contained in the Plan shall prevent the Board from adopting other
or additional compensation arrangements. 
 14.8 Severability. If any provision of the Plan shall be held unlawful or otherwise
invalid or unenforceable in whole or in part by a court of competent jurisdiction, such provision shall (a) be deemed limited to the extent that such court of competent jurisdiction deems it lawful, valid and/or enforceable and as so limited
shall remain in full force and effect, and (b) not affect any other provision of the Plan or part thereof, each of which shall remain in full force and effect. If the making of any payment or the provision of any other benefit required under
the Plan shall be held unlawful or otherwise invalid or unenforceable by a court of competent jurisdiction, such unlawfulness, invalidity or unenforceability shall not prevent any other payment or benefit from being made or provided under the Plan,
and if the making of any payment in full or the provision of any other benefit required under the Plan in full would be unlawful or otherwise invalid or unenforceable, then such unlawfulness, invalidity or unenforceability shall not prevent such
payment or benefit from being made or provided in part, to the extent that it would not be unlawful, invalid or unenforceable, and the maximum payment or benefit that would not be unlawful, invalid or unenforceable shall be made or provided under
the Plan. 
 14.9 Construction. All references in the Plan to “Section,” “Sections,” or “Article” are
intended to refer to the Section, Sections or Article, as the case may be, of the Plan. As used in the Plan, the words “include” and “including,” and variations thereof, shall not be deemed to be terms of limitation, but rather
shall be deemed to be followed by the words “without limitation.” 
 14.10 Unfunded Status of the Plan. The Plan is
intended to constitute an “unfunded” plan. With respect to any payments not yet made to a Participant by the Company, nothing contained herein shall give any such Participant any rights that are greater than those of a general creditor of
the Company. In its sole discretion, the Committee may authorize the creation of trusts or other arrangements to meet the obligations created under the Plan to deliver the Shares or payments in lieu of or with respect to Awards hereunder; provided,
however, that the existence of such trusts or other arrangements is consistent with the unfunded status of the Plan. 
 14.11 Governing
Law. The Plan and all determinations made and actions taken thereunder, to the extent not otherwise governed by the Code or the laws of the United States, shall be governed by the laws of the State of Delaware and construed accordingly. 

14.12 Effective Date of Plan; Duration of Plan. The Board adopted the Plan on April 18, 2016. The Plan will become effective on
the date on which the Company becomes publicly traded in connection with its separation from PropCo. No Award may be granted under the Plan after April 18, 2026, which is the tenth anniversary of the date the Board approved the Plan, or such
earlier date as the Board shall determine pursuant to Section 13.1. The Plan will remain in effect with respect to outstanding Awards until the Award ceases to be outstanding. 

14.13 Foreign Employees. Awards may be granted to Participants who are foreign nationals or employed outside the United States, or
both, on such terms and conditions different from those applicable to Awards to Employees employed in the United States as may, in the judgment of the Committee, be necessary or desirable in order to recognize differences in local law or tax policy.
The Committee also may impose conditions on the exercise or vesting of Awards in order to minimize the Company’s obligation with respect to tax equalization for Employees on assignments outside their home country. 

  
 20 

 14.14 Other Company Compensation Plans. Shares available for Awards under the Plan may be
used by the Company as a form of payment of compensation under other Company compensation plans, whether or not existing on the date hereof. To the extent any Shares are used as such by the Company, such Shares will reduce the then number of Shares
available under Article III of the Plan for future Awards. 
 14.15 Captions. The captions in the Plan are for convenience of
reference only, and are not intended to narrow, limit or affect the substance or interpretation of the provisions contained herein. 
 14.16
Code Section 409A. The Plan as well as payments and benefits under the Plan are intended to be exempt from or, to the extent subject thereto, to comply with, Section 409A of the Code, and, accordingly, to the maximum extent
permitted, the Plan shall be interpreted in accordance therewith. Notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, the
Participant shall not be considered to have terminated employment or service with the Company for purposes of the Plan and no payment shall be due to the Participant under the Plan or any Award until the Participant would be considered to have
incurred a “separation from service” from the Company and its Affiliates within the meaning of Section 409A of the Code. Any payments described in the Plan that are due within the “short term deferral period” as defined in
Section 409A of the Code shall not be treated as deferred compensation unless applicable law requires otherwise. Notwithstanding anything to the contrary in the Plan, to the extent that any Awards (or any other amounts payable under any plan,
program or arrangement of the Company or any of its Affiliates) are payable upon a separation from service and such payment would result in the imposition of any individual tax and penalty interest charges imposed under Section 409A of the
Code, the settlement and payment of such awards (or other amounts) shall instead be made on the first business day after the date that is six (6) months following such separation from service (or death, if earlier). Each amount to be paid or
benefit to be provided under this Plan shall be construed as a separate identified payment for purposes of Section 409A of the Code. The Company makes no representation that any or all of the payments or benefits described in this Plan will be
exempt from or comply with Section 409A of the Code and makes no undertaking to preclude Section 409A of the Code from applying to any such payment. The Participant shall be solely responsible for the payment of any taxes and penalties
incurred under Section 409A. 
 14.17 No Discretionary Vesting. Except in the case of a Change of Control or a termination of a
Participant’s employment due to the Participant’s death or Disability, the Committee will not vest an Award on an accelerated, discretionary basis. 

14.18 Minimum Required Vesting Period. Except as provided in Article XII, Awards shall contain vesting schedules that provide for
vesting to occur no sooner than one year after the date the Award is granted. 

  
 21EX-10.2

 EXHIBIT 10.2 

PINNACLE ENTERTAINMENT, INC. 

EXECUTIVE DEFERRED COMPENSATION PLAN 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	
	ARTICLE 1 DEFINITIONS	  
			
	 1.1
	  	“Actuarial Equivalent”	  	 	2	  
	 1.2
	  	“Affiliate”	  	 	2	  
	 1.3
	  	“Assumed Rights”	  	 	2	  
	 1.4
	  	“Base Annual Salary”	  	 	2	  
	 1.5
	  	“Beneficiary”	  	 	2	  
	 1.6
	  	“Beneficiary Designation Form”	  	 	2	  
	 1.7
	  	“Benefit Distribution Date”	  	 	2	  
	 1.8
	  	“Benefit Distribution Form”	  	 	2	  
	 1.9
	  	“Board”	  	 	2	  
	 1.10
	  	“Bonus”	  	 	3	  
	 1.11
	  	“Change in Control”	  	 	3	  
	 1.12
	  	“Claimant”	  	 	4	  
	 1.13
	  	“Code”	  	 	4	  
	 1.14
	  	“Combined Account”	  	 	4	  
	 1.15
	  	“Committee”	  	 	4	  
	 1.16
	  	“Crediting Rate”	  	 	4	  
	 1.17
	  	“Deferral Contribution”	  	 	4	  
	 1.18
	  	“Deferral Contribution Account”	  	 	4	  
	 1.19
	  	“Disability”	  	 	4	  
	 1.20
	  	“Distribution”	  	 	5	  
	 1.21
	  	“Effective Time”	  	 	5	  
	 1.22
	  	“Election Form”	  	 	5	  
	 1.23
	  	“Elective Deductions”	  	 	5	  
	 1.24
	  	“EMA”	  	 	5	  
	 1.25
	  	“Employer” or “Employers”	  	 	5	  
	 1.26
	  	“Enrollment Forms”	  	 	5	  
	 1.27
	  	“ERISA”	  	 	5	  
	 1.28
	  	“Final Average Compensation”	  	 	5	  
	 1.29
	  	“First Amendment and Restatement”	  	 	6	  
	 1.30
	  	“GLPI”	  	 	6	  
	 1.31
	  	“Incentive Plan”	  	 	6	  
	 1.32
	  	“Interim Distribution Date”	  	 	6	  
	 1.33
	  	“Other Stock Unit Awards”	  	 	6	  
	 1.34
	  	“Participant”	  	 	6	  
	 1.35
	  	“Participation Agreement”	  	 	6	  
	 1.36
	  	“Pinnacle”	  	 	6	  
	 1.37
	  	“Plan”	  	 	6	  
	 1.38
	  	“Plan Year”	  	 	7	  
	 1.39
	  	“Prior Plan”	  	 	7	  
	 1.40
	  	“Prior Plan January 2000 Document”	  	 	7	  
	 1.41
	  	“PropCo”	  	 	7	  
	 1.42
	  	“Retirement,” “Retires” or “Retired”	  	 	7	  
	 1.43
	  	“Share Price”	  	 	7	  

							
	 	  	 	  	Page	 
	 1.44
	  	“Specified Employee”	  	 	7	  
	 1.45
	  	“Stock Unit Account”	  	 	7	  
	 1.46
	  	“Subsidiary”	  	 	7	  
	 1.47
	  	“Termination of Employment”	  	 	7	  
	 1.48
	  	“Trust”	  	 	7	  
	 1.49
	  	“Unforeseeable Emergency”	  	 	7	  
	 1.50
	  	“Years of Service”	  	 	7	  
	
	ARTICLE 2	  
	ELIGIBILITY, SELECTION, ENROLLMENT	  
			
	 2.1
	  	Eligibility, Selection by Committee	  	 	8	  
	 2.2
	  	Enrollment Requirements	  	 	8	  
	 2.3
	  	Commencement of Participation	  	 	8	  
	
	ARTICLE 3	  
	DEFERRAL CONTRIBUTIONS, INVESTMENT ADJUSTMENTS,	  
	TAXES AND VESTING	  
			
	 3.1
	  	Deferral Contributions	  	 	9	  
	 3.2
	  	Maintenance of Participant Accounts	  	 	11	  
	 3.3
	  	Adjustment of Participant Accounts for Earnings	  	 	11	  
	 3.4
	  	Withholding of Taxes	  	 	12	  
	 3.5
	  	Vesting	  	 	12	  
	
	ARTICLE 4	  
	SUSPENSION OF DEFERRALS	  
			
	 4.1
	  	Disability	  	 	12	  
	 4.2
	  	Unforeseeable Emergency	  	 	12	  
	
	ARTICLE 5	  
	INTERIM AND HARDSHIP DISTRIBUTIONS	  
			
	 5.1
	  	Interim Distributions	  	 	12	  
	 5.2
	  	Withdrawal in the Event of an Unforeseeable Emergency	  	 	13	  
	 5.3
	  	No Withdrawal from Stock Unit Account	  	 	13	  
	
	ARTICLE 6	  
	PAYMENT OF BENEFITS FOLLOWING TERMINATION OF EMPLOYMENT	  
			
	 6.1
	  	Payment as a Result of Termination of Employment	  	 	13	  
	 6.2
	  	Death Prior to Payment of Deferral Contribution Account Balance	  	 	14	  

							
	 	  	 	  	Page	 
	
	ARTICLE 7	  
	PAYMENT UPON RETIREMENT, DEATH OR DISABILITY	  
			
	 7.1
	  	Retirement, Death or Disability Benefit	  	 	14	  
	 7.2
	  	Death Prior to Payment of Deferral Contribution Account Balance	  	 	15	  
	
	ARTICLE 8	  
	PAYMENTS ON CHANGE IN CONTROL	  
			
	 8.1
	  	Deferral Contribution Account	  	 	15	  
	 8.2
	  	Delay for Specified Employees	  	 	16	  
	 8.3
	  	No Duplication of Payments	  	 	16	  
	
	ARTICLE 9	  
	FORM OF DISTRIBUTIONS	  
	
	ARTICLE 10	  
	CONTINUING EFFECT OF PRIOR PLAN JANUARY 2000 DOCUMENT FOR PRE-2005 DEFERRALS	  
	
	ARTICLE 11	  
	BENEFICIARY DESIGNATION	  
			
	 11.1
	  	Beneficiary	  	 	16	  
	 11.2
	  	Beneficiary Designation, Change, Spousal Consent	  	 	17	  
	 11.3
	  	Acknowledgment	  	 	17	  
	 11.4
	  	No Beneficiary Designation	  	 	17	  
	 11.5
	  	Doubt as to Beneficiary	  	 	17	  
	 11.6
	  	Death of Spouse or Dissolution of Marriage	  	 	17	  
	 11.7
	  	Discharge of Obligations	  	 	17	  
	
	ARTICLE 12	  
	TERMINATION, AMENDMENT OR MODIFICATION	  
			
	 12.1
	  	Termination	  	 	18	  
	 12.2
	  	Amendment	  	 	18	  
	 12.3
	  	Effect of Payment	  	 	18	  
	
	ARTICLE 13	  
	ADMINISTRATION	  
			
	 13.1
	  	Committee Duties	  	 	18	  
	 13.2
	  	Agents	  	 	19	  
	 13.3
	  	Binding Effect of Decisions	  	 	19	  
	 13.4
	  	Indemnity of Committee	  	 	19	  
	 13.5
	  	Employer Information	  	 	19	  

							
	 	  	 	  	Page	 
	
	ARTICLE 14	  
	OTHER BENEFITS AND AGREEMENTS	  
	
	ARTICLE 15	  
	CLAIMS PROCEDURES	  
			
	 15.1
	  	Presentation of Claim	  	 	19	  
	 15.2
	  	Notification of Decision	  	 	20	  
	 15.3
	  	Review of a Denied Claim	  	 	20	  
	 15.4
	  	Decision on Review	  	 	20	  
	
	ARTICLE 16	  
	TRUST	  
			
	 16.1
	  	Establishment of the Trust	  	 	21	  
	 16.2
	  	Interrelationship of the Plan and the Trust	  	 	21	  
	 16.3
	  	Distributions from the Trust	  	 	21	  
	
	ARTICLE 17	  
	ARBITRATION	  
			
	 17.1
	  	In General	  	 	21	  
	 17.2
	  	Selection of Arbitrator	  	 	21	  
	 17.3
	  	Scope	  	 	21	  
	 17.4
	  	Arbitration Fees	  	 	22	  
	 17.5
	  	Arbitrator’s Award	  	 	22	  
	 17.6
	  	Location of Arbitration	  	 	22	  
	
	ARTICLE 18	  
	MISCELLANEOUS	  
			
	 18.1
	  	Status of Plan	  	 	22	  
	 18.2
	  	Unsecured General Creditor	  	 	23	  
	 18.3
	  	Employer’s Liability	  	 	23	  
	 18.4
	  	Nonassignability	  	 	23	  
	 18.5
	  	Not a Contract of Employment	  	 	23	  
	 18.6
	  	Furnishing Information	  	 	23	  
	 18.7
	  	Terms	  	 	24	  
	 18.8
	  	Captions	  	 	24	  
	 18.9
	  	Governing Law	  	 	24	  
	 18.10
	  	Notice	  	 	24	  
	 18.11
	  	Successors	  	 	24	  
	 18.12
	  	Validity	  	 	24	  

							
	 	  	 	  	Page	 
	 18.13
	  	Incompetent	  	 	24	  
	 18.14
	  	Employer	  	 	25	  
	 18.15
	  	Equitable Adjustment	  	 	25	  

 PINNACLE ENTERTAINMENT, INC. 

EXECUTIVE DEFERRED COMPENSATION PLAN 

THIS PINNACLE ENTERTAINMENT, INC. EXECUTIVE DEFERRED COMPENSATION PLAN, is adopted as of the Effective Time (as defined below), by
Pinnacle Entertainment, Inc., a Delaware corporation (“Pinnacle”), as follows: 
 RECITALS 

WHEREAS, on July 20, 2015, Pinnacle Entertainment, Inc. (“PropCo”) entered into an Agreement and Plan of Merger with
Gaming and Leisure Properties, Inc. (“GLPI”), and certain other parties, pursuant to which PropCo will become a subsidiary of GLPI (the “Merger”), and, immediately prior to the consummation of the Merger, PropCo will separate its
operations business and certain of its real property into Pinnacle, a new public company (the “Distribution,” and the effective time of the Distribution, the “Effective Time”), which shall continue to conduct the operations
previously conducted by PropCo; 
 WHEREAS, on April 28, 2016, PropCo and the Corporation entered into an Employee Matters
Agreement (the “EMA”) pursuant to which, and contingent on the consummation of the Distribution, those assets and liabilities under the Pinnacle Entertainment, Inc. Executive Deferred Compensation Plan, originally effective as of
January 1, 2000 and as amended and restated on December 27, 2004, December 30, 2007, March 11, 2011 and May 18, 2015 (the “Prior Plan”), that are not retained by PropCo pursuant to the EMA shall be
assumed by Pinnacle (the “Assumed Rights”); and 
 WHEREAS, effective as of the consummation of the transactions
contemplated by the Agreement and Plan of Merger, PropCo terminated the Prior Plan. 
 NOW, THEREFORE, effective as of
the Effective Time, Pinnacle hereby establishes the Pinnacle Entertainment, Inc. Executive Deferred Compensation Plan (the “Plan”) as follows: 

  
 1 

 ARTICLE 1 

DEFINITIONS 
 For
purposes of this Plan, the following phrases or terms shall have the meanings indicated: 
 1.1 “Actuarial Equivalent”
shall mean an actuarial equivalent value of an amount payable in a different form or at a different date computed on the basis of a discount rate equal to the Crediting Rate and mortality assumptions under the RP-2000 Male Healthy Annuitant or RP-2000 Female Healthy Annuitant, as the case may be, table. As the Plan Administrator deems necessary, in its sole discretion, such actuarial assumptions may be adjusted from time-to-time, provided that such
actuarial assumptions as adjusted are reasonable and have substantially the same effect on benefits under this Plan as the actuarial assumptions in effect under the Prior Plan on December 30, 2007, and no Participant shall be deemed to have any
right, vested or non-vested, regarding the continued use of any previously adopted actuarial assumptions. 
 1.2
“Affiliate” shall mean any member of a group of corporations or businesses which are aggregated with Pinnacle as a single employer under Sections 414(b), 414(c), 414(m) or 414(o) of the Code. 

1.3 “Assumed Rights” shall have the meaning set forth in the Recitals. 

1.4 “Base Annual Salary” shall mean the base annual compensation payable to a Participant by an Employer for services
rendered during a Plan Year, (i) excluding Bonus, director fees or other additional incentives or awards payable to the Participant, but (ii) before reduction for any Elective Deductions. 

1.5 “Beneficiary” shall mean one or more persons, trusts, estates or other entities, designated by the Participant in
accordance with the Plan or otherwise determined pursuant to the terms of the Plan to receive the Participant’s undistributed benefits in the event of the Participant’s death. 

1.6 “Beneficiary Designation Form” shall mean the documents required by the Committee to be used by the Participant to
designate a Beneficiary. 
 1.7 “Benefit Distribution Date” shall mean the date on which the Participant’s employment
terminates for any reason other than Retirement, including but not limited to death or Disability, and if the Participant’s employment terminates due to his Retirement, the first January 1 following such Participant’s Retirement, as
such date may be extended pursuant to Section 2.2(b). 
 1.8 “Benefit Distribution Form” shall mean the documents
required by the Committee to be used by the Participant to specify the manner in which his benefits from his Deferral Contribution Account shall be distributed on or after his Benefit Distribution Date. 

1.9 “Board” shall mean the board of directors of the Employer. 

  
 2 

 1.10 “Bonus” shall mean the amounts earned by a Participant for services
rendered during a Plan Year under any bonus or incentive plan or arrangement sponsored by an Employer, before reduction for any Elective Deductions, but excluding commissions, stock-related awards and other non-monetary incentives. 

1.11 “Change in Control” shall mean the occurrence of any of the following events: 

(a) The direct or indirect acquisition by an unrelated “Person” or “Group” of “Beneficial Ownership” (as such
terms are defined below) of more than 50% of the voting power of the Employer’s issued and outstanding voting securities in a single transaction or a series of related transactions; 

(b) The direct or indirect sale or transfer by the Employer of substantially all of its assets to one or more unrelated Persons or Groups in a
single transaction or a series of related transactions; 
 (c) The merger, consolidation or reorganization of the Employer with or into
another corporation or other entity in which the Beneficial Owners of more than 50% of the voting power of the Employer’s issued and outstanding voting securities immediately before such merger or consolidation do not own more than 50% of the
voting power of the issued and outstanding voting securities of the surviving corporation or other entity immediately after such merger, consolidation or reorganization; or 

(d) During any consecutive 12-month period, individuals who at the beginning of such period constituted the Board of the Employer (together
with any new Directors whose election to such Board or whose nomination for election by the stockholders of the Employer was approved by a vote of a majority of the Directors of the Employer then still in office who were either Directors at the
beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the Board of the Employer then in office. 

None of the foregoing events, however, shall constitute a Change in Control if such event is not a “Change in Control Event” under Treasury
Regulations Section 1.409A-3(i)(5) or successor IRS guidance. For purposes of determining whether a Change in Control has occurred, the following Persons and Groups shall not be deemed to be
“unrelated”: (A) such Person or Group directly or indirectly has Beneficial Ownership of more than 50% of the issued and outstanding voting power of the Employer’s voting securities immediately before the transaction in question,
(B) the Employer has Beneficial Ownership of more than 50% of the voting power of the issued and outstanding voting securities of such Person or Group, or (C) more than 50% of the voting power of the issued and outstanding voting
securities of such Person or Group are owned, directly or indirectly, by Beneficial Owners of more than 50% of the issued and outstanding voting power of the Employer’s voting securities immediately before the transaction in question. The terms
“Person,” “Group,” “Beneficial Owner,” and “Beneficial Ownership” shall have the meanings used in the Securities Exchange Act of 1934, as amended. Notwithstanding the foregoing, (I) Persons will not be
considered to be acting as a “Group” solely because they purchase or own stock of this Employer at the same time, or as a result of the same public offering, (II) however, Persons will be considered to be acting as a “Group” if
they are owners of a corporation that 

  
 3 

 
enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction, with the Employer, and (III) if a Person, including an entity, owns stock both in the
Employer and in a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar transaction, with the Employer, such shareholders shall be considered to be acting as a Group with other shareholders only with
respect to the ownership in the corporation before the transaction. 
 1.12 “Claimant” shall mean the person or persons
described in Section 15.1 who apply for benefits or amounts that may be payable under the Plan. 
 1.13 “Code” shall
mean the Internal Revenue Code of 1986, as amended, and the regulations and other authority issued there under by the appropriate governmental authority. References to the Code shall include references to any successor section or provision of the
Code. 
 1.14 “Combined Account” means the combined balance of a Participant’s Deferral Contribution Account and Stock
Unit Account. 
 1.15 “Committee” shall mean the committee described in Article 13 which shall administer the Plan. 

1.16 “Crediting Rate” shall mean, for the quarter ending December 31, 2007 and earlier periods, the Crediting Rate under
the First Amendment and Restatement, and, for later periods, 
 (a) The average, over the business days of the calendar month preceding the
first business day of each quarter of the Plan Year, of the yields on 30-year U.S. Treasury Bonds, plus 500 basis points, computed and compounded quarterly; and 

(b) Before the beginning of a quarter of a Plan Year, the Committee may designate another floating rate based on an index and a spread of
basis points under or over such index to determine the Crediting Rate (to be computed and compounded quarterly) for the Deferral Contribution Accounts, effective for such quarter of such Plan Year and later periods until the Committee makes a
further change. 
 1.17 “Deferral Contribution” shall mean the total amount of Base Annual Salary or Bonus deferred by a
Participant that would otherwise have been earned during a particular Plan Year (i.e., the Participant performs the services during the Plan Year that earn the Base Annual Salary or Bonus). 

1.18 “Deferral Contribution Account” shall mean the Participant’s Deferral Contributions under this Plan, plus the
Participant’s aggregate Assumed Rights, plus any amounts credited to the Participant’s Deferral Contribution Account under Section 3.3(a), reduced to reflect all distributions and withdrawals. 

1.19 “Disability” shall mean (i) inability to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or 

  
 4 

 
(ii) the receipt of income replacement benefits for a period of not less than three months under an accident and health plan of the Employer by reason of any medically determinable physical or
mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. A Participant shall be deemed to have suffered a Disability if determined to be totally disabled by the Social
Security Administration. 
 1.20 “Distribution” shall have the meaning set forth in the Recitals. 

1.21 “Effective Time” shall have the meaning set forth in the Recitals. 

1.22 “Election Form” shall mean the documents required by the Committee to be used by a Participant to elect with respect to
a particular Plan Year (i) the amount of Base Annual Salary and/or Bonus the Participant has elected to defer with respect to that Plan Year, (ii) the portion (if any) of Deferral Contributions with respect to that Plan Year which shall be
distributed on an Interim Distribution Date and (iii) the portion of the Other Stock Unit Awards to be deferred into the Stock Unit Account. 

1.23 “Elective Deductions” shall mean amounts of a Participant’s Base Annual Salary or Bonus that are voluntarily
deferred or contributed by the Participant pursuant to any qualified or non-qualified deferred compensation plan and that would have been payable to the Participant in cash had there been no such deferral or contribution, including, without
limitation, amounts deferred pursuant to Sections 125, 402(e)(3) and 402(h) of the Code. 
 1.24 “EMA” shall have the
meaning set forth in the Recitals. 
 1.25 “Employer” or “Employers” shall mean Pinnacle, any of its adopting
subsidiaries (now in existence or hereafter formed or acquired) and any successor entity; provided, with respect to the period prior to the Effective Time, “Employer” or “Employers” shall include PropCo. 

1.26 “Enrollment Forms” shall mean the Participation Agreement, the initial Election Form, the initial Benefit Distribution
Form, the Beneficiary Designation Form, and any other forms or documents which may be required of a Participant by the Committee, in its sole discretion, as a condition to participating in the Plan. 

1.27 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended, and the regulations and other
authority issued there under by the appropriate governmental authority. References herein to any section of ERISA shall include references to any successor section or provision of ERISA. 

1.28 “Final Average Compensation” shall mean the average of a Participant’s Compensation for his five consecutive full
calendar years of employment completed in the 10 calendar years before the date of determination that would yield the highest average. If the Participant has not completed five consecutive full calendar years of employment within the 10 years when
Final Average Compensation is to be determined, all of such Participant’s full calendar years completed within the 10 calendar years before the date of determination shall be counted. For purposes of the preceding definition,
“Compensation” shall mean the annual base salary and cash bonuses, before reduction for compensation deferred pursuant to all qualified, 

  
 5 

 
non-qualified and Code Section 125 or 401(k) plans of any Employer, but excluding commissions, overtime, relocation expenses, incentive payments, non-monetary awards, equity compensation,
long-term incentive compensation, directors fees and other fees, and automobile allowances and other expense reimbursements paid to a Participant for employment services rendered to any Employer, and other fringe benefits. For purposes of
determining Final Average Compensation, (a) each bonus shall be attributed to the period in which the Participant performs the services that earn the bonus, even if the bonus is not payable until a later period and even if the
Participant’s right to the receive the bonus does not vest until a later period, and (b) the Aztar bonus received in 2006 and any severance or similar payment made on account of termination of employment under any agreement between an
Employer and the Participant (including, without limitation, an employment agreement) shall not be counted as a bonus; provided, however, that any bonus amount that the Participant earned without regard to his termination of employment (or would
have earned if his employment had not terminated) during the period that includes his termination of employment, and that is actually paid in connection with his termination of employment, shall be counted as a bonus. 

1.29 “First Amendment and Restatement” shall mean the First Amendment and Restatement of the Prior Plan, effective as of
December 27, 2004. 
 1.30 “GLPI” shall have the meaning set forth in the Recitals. 

1.31 “Incentive Plan” shall mean the Pinnacle Entertainment, Inc. 2016 Equity and Performance Incentive Plan or any successor
thereto. 
 1.32 “Interim Distribution Date” shall mean the 15th day of any calendar year designated by a Participant in an
effective Election Form as the date on which all or a part of the Participant’s Deferred Contribution Account shall be distributed in a lump sum payment, which calendar year (except as provided in Section 5.1 with respect to elections made
under the Prior Plan in calendar 2007 or 2008) shall be no earlier than the second calendar year following the end of the Plan Year to which the Election Form applies. 

1.33 “Other Stock Unit Awards” shall have the same meaning as the same term is defined under the Incentive Plan. 

1.34 “Participant” shall mean any employee participating in the Plan as provided in Article 2. 

1.35 “Participation Agreement” shall mean the document required by the Committee to be used by a Participant to effect an
agreement between the Employer and the Participant to defer compensation pursuant to the terms of the Plan. 
 1.36
“Pinnacle” shall have the meaning set forth in the Recitals, provided that prior to the Effective Time, “Company” shall mean PNK Entertainment, Inc. 

1.37 “Plan” shall mean the Pinnacle Entertainment, Inc. Executive Deferred Compensation Plan, which shall be evidenced by
this instrument, but which shall continue to be governed by the Prior Plan January 2000 Document for deferrals of Base Annual Salary and Bonuses that are earned (i.e., the services that earned such Base Annual Salary and Bonuses are performed) and
vested before January 1, 2005 and that constitute Assumed Rights. 

  
 6 

 1.38 “Plan Year” shall mean the period beginning on January 1 of each year
and ending December 31. 
 1.39 “Prior Plan” shall have the meaning set forth in the Recitals. 

1.40 “Prior Plan January 2000 Document” shall mean the Pinnacle Entertainment, Inc. Executive Deferred Compensation Plan,
effective January 1, 2000. 
 1.41 “PropCo” shall have the meaning set forth in the Recitals. 

1.42 “Retirement,” “Retires” or “Retired” shall mean a separation of service (i) for any reason
other than Disability or death, and (ii) on or after the earlier of the attainment of age 55 with five Years of Service, or on or after reaching age 65. 

1.43 “Share Price” shall mean the price per share of common stock of the Employer determined as of the close of each date of
trading of such stock on a national stock exchange. 
 1.44 “Specified Employee” shall mean a “specified
employee” of Pinnacle or any Affiliate, as defined in Treasury Regulations Section 1.409A-1(i). 

1.45 “Stock Unit Account” means the bookkeeping account established and maintained under the Plan for each Participant who
elects to defer any portion of his Other Stock Unit Awards or any amounts into Other Stock Unit Awards. 
 1.46
“Subsidiary” means any corporation more than 50% of the voting stock of which is directly or indirectly owned by the Employer. 

1.47 “Termination of Employment” shall mean the voluntary or involuntary severance from employment, with any and all
Employers, for any reason other than Retirement, Disability, or death. 
 1.48 “Trust” shall mean a grantor trust of the
type commonly referred to as “rabbi trust” created to “informally fund” contingent benefits payable under the Plan. 

1.49 “Unforeseeable Emergency” shall mean a severe financial hardship to the Participant resulting from an illness or
accident of the Participant, the Participant’s spouse, the Participant’s beneficiary, or a dependent (as defined in Section 152 of the Code, without regard to Sections 152(b)(1), 152(b)(2) and 152(d)(1)(B)) of the Participant, loss of
the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant; provided, that in all cases, an Unforeseeable Emergency must also be
an “unforeseeable emergency” as defined in Treasury Regulations Section 1.409A-3(i)(3)(i). 

1.50 “Years of Service” shall mean the total number of 12-month periods during which a Participant has been continuously
employed by one or more Employers. 

  
 7 

 ARTICLE 2 

ELIGIBILITY, SELECTION, ENROLLMENT 

2.1 Eligibility, Selection by Committee. Those employees of an Employer who are both (i) determined by the Employer to be
includable in a select group of management or highly compensated employees of the Employer and (ii) specifically chosen by the Employer to participate in the Plan shall be eligible to participate in the Plan. Each employee of PropCo who was
eligible to participate in the Prior Plan as of the Effective Time shall be eligible to participate in this Plan. 
 2.2 Enrollment
Requirements. Each employee deemed eligible to defer compensation into the Plan pursuant to Section 2.1 shall, as a condition to participating in the Plan, complete and return to the Committee all of the required Enrollment Forms within the
time specified by the Committee; provided, that the Participant shall be deemed to have completed and returned such Enrollment Forms to the Committee under this Plan where the Participant completed and returned such Enrollment Forms under Prior
Plan. As of the Effective Time, each reference to the Prior Plan and PropCo in such in Enrollment Forms shall refer to this Plan and Pinnacle. In addition, the Committee shall in its sole discretion, establish such other enrollment requirements
necessary for continued participation in the Plan. 
 (a) The Benefit Distribution Form must be provided to the Committee as part of the
Enrollment Forms. In the Benefit Distribution Form, the Participant shall elect to receive the benefits from his Deferral Contribution Account paid following Retirement in a lump sum or in annual installments over a period of five, 10 or 15 years,
and shall elect to receive the benefits from his Deferral Contribution Account paid upon Termination of Employment, Disability, or death in a lump sum or in annual installments over a period of five years, except that if the present value (using the
Crediting Rate as the discount rate) of annual installments remaining to be made is less than $50,000, the entire remaining balance of his Deferral Contribution Account shall be paid in the form of a lump sum payment. As of the Effective Time, each
Benefit Distribution Form provided to the Committee under the Prior Plan shall be deemed to be made under this Plan and each reference to the Prior Plan and PropCo in such Benefit Distribution Forms shall refer to this Plan and Pinnacle. 

(b) The Participant may submit a subsequent Benefit Distribution Form in order to change the form of distribution, or to delay commencement of
the payment of Retirement benefits from his Deferral Contribution Account until the Participant’s 75th birthday; provided however, such form shall be effective only if it (i) does not
accelerate distribution of any benefits, (ii) is submitted at least 13 months before the Participant’s original Benefit Distribution Date, (iii) delays the first payment of benefits from the Deferral Contribution Account for at least
five years past the original Benefit Distribution Date, and (iv) is approved by the Committee, in its sole discretion. 
 2.3
Commencement of Participation. Provided a Participant has met all enrollment requirements set forth in this Plan or otherwise required by the Committee, the Participant’s participation shall commence as provided in Section 3.1(b).
If a Participant fails to meet all such requirements within the specified time period with respect to any Plan Year, the Participant shall not be eligible to defer compensation during that Plan Year. 

  
 8 

 ARTICLE 3 

DEFERRAL CONTRIBUTIONS, INVESTMENT ADJUSTMENTS, 

TAXES AND VESTING 

3.1 Deferral Contributions. 

(a) Election to Defer. A Participant may make an election to defer the receipt of Base Annual Salary or Bonus earned by the Participant
during any Plan Year (i.e., the Plan Year in which the Participant performs the services that earn the Base Annual Salary or Bonus). With respect to that portion of the Participant’s Bonus that is paid in Other Stock Unit Awards, the
Participant may elect to defer all or a portion of any such award, subject to the terms and conditions of such Bonus award and the Incentive Plan. The Participant’s election shall be made by an annual Election Form, completed and submitted to
the Committee in accordance with the procedures established by the Committee in its sole discretion, but in every case in compliance with the requirement of Section 3.1(b). As of the Effective Time, each Election Form provided to the Committee
under Prior Plan shall be deemed to be made under this Plan and each reference to the Prior Plan and PropCo in such in Election Forms shall refer to this Plan and Pinnacle. 

(b) Election Requirements. The Election Form must be submitted before the beginning of the Plan Year to which it applies, and shall be
effective only for the Base Annual Salary and/or Bonus that the Participant earns (i.e., the Participant performs the services that earn such Base Annual Salary and/or Bonus) in that Plan Year, subject to the following rules: 

(i) The Committee may require that Election Forms be filed a stated number of days before the beginning of the Plan Year to
which the Election Forms apply. 
 (ii) Any employee who is selected to participate in this Plan under Section 2.1
during a Plan Year may elect to participate and commence deferrals by filing an Election Form within 30 days following his designation as a Participant, in which case the Election Form shall be effective for Base Annual Salary and/or Bonus earned
(i.e., the Participant performs the services that earn such Base Annual Salary and/or Bonus) after the date of the filing of such Election Form. 

(iii) In the case of any bonus which is “performance-based compensation,” within the meaning of Treasury Regulations Section 1.409A-1(e), based on services performed over a period of at least 12 months, the Committee may permit a Participant to file an Election Form applying to such Bonus not later than six months before the
end of such period, provided that (a) the Participant performs services continuously for an Employer from the later of the beginning of the performance period or the date the performance criteria are established through the date on which the
Election Form is filed, and (b) the Election Form is filed before the amount of the “performance-based compensation” is readily ascertainable. 

  
 9 

 (iv) Each Election Form shall be irrevocable during the Plan Year to which it
relates, or, if it relates to a Bonus which is “performance-based compensation,” within the meaning of Treasury Regulations Section 1.409A-1(e), based on services performed over a period of at
least 12 months, during such 12-month period. 
 (v) For deferrals of Bonuses earned in 2008, the Committee, in its
discretion, may permit Participants to file Election Forms at times permitted under the transition rules of IRS Notice 2007-86 and other IRS guidance. 

(c) Components of Deferral Contributions. 

(i) Base Annual Salary. A Participant may designate a fixed dollar amount to be deducted from his Base Annual Salary.
Such amount shall be withheld, in substantially equal installments, from each regularly scheduled payment of Base Annual Salary. 

(ii) Bonus. A Participant may designate a fixed dollar amount or a percentage to be deducted from his Bonus. If a fixed
dollar amount is designated by the Participant to be deducted from any Bonus payment and such fixed dollar amount exceeds the Bonus actually payable to the Participant, the entire amount of such Bonus shall be withheld. A Participant also may elect
to defer a percentage of all or a portion of his Bonus that is payable in Other Stock Unit Awards, subject to the terms and conditions of such Bonus award and the Incentive Plan. 

(d) Minimum Deferral. 

(i) Minimum. A Participant may not elect to defer a total amount of Base Annual Salary and Bonus during a Plan Year of
less than $3,000. If an Election Form is submitted which would yield less than the stated minimum amount, the amount deferred shall be zero. 

(ii) Short Plan Year. If an Employee first becomes a Participant after the first day of any Plan Year, the minimum
deferral amount shall be an amount equal to $3,000 multiplied by a fraction, the numerator of which is the number of complete months remaining in the Plan Year after the Employee becomes a Participant and the denominator of which is 12. 

(e) Maximum Deferral. A Participant may not elect to defer more than the following percentages: 

 

					
	 Deferral
	  	Maximum
Percentage	 
	 Base Annual Salary
	  	 	75	% 
	 Bonus
	  	 	90	% 

  
 10 

 3.2 Maintenance of Participant Accounts. The Committee shall account separately for each
Participant’s Deferral Contribution Account, Stock Unit Account and Combined Account. Effective as of the Effective Time, each Participant’s Deferral Contribution Account, Stock Unit Account and Combined Account, as applicable, shall be
credited in respect of the Participant’s Assumed Rights in a manner identical to the crediting of deferrals to such accounts under the Prior Plan. 

(a) Within the Deferral Contribution Account of each person who was a Participant in the Prior Plan before January 1, 2005, the Committee
shall keep sub-accounts to reflect the portion of such Participant’s account balance attributable to deferrals of Base Annual Salary and Bonuses that were earned (i.e., the services that earned such Base Annual Salary and Bonuses are performed)
and vested before January 1, 2005 (which shall continue to be governed by the provisions of the Prior Plan January 2000 Document, including, without limitation, the provisions thereof dealing with “Hypothetical Investments” as defined
therein) and the portion of such Participant’s account balance attributable to deferrals of Base Annual Salary and Bonuses that is earned (i.e., the services that earned such compensation are performed) or vested after December 31, 2004
(which shall be governed by the terms and provisions of this Plan). 
 (b) Deferral Contributions shall be deemed to be made to the Plan by
the Participant and credited to the Deferral Contribution Account on the date the Participant would have received such compensation had it not been deferred pursuant to the Plan. 

3.3 Adjustment of Participant Accounts for Earnings. 

(a) With respect to deferrals made in cash: 

(i) From and after January 1, 2008, amounts in each Participant’s Deferral Contribution Account attributable to
deferrals of Base Annual Salary and Bonuses that is earned (i.e., the services that earned such compensation are performed) or vested after December 31, 2004, shall be credited on the final day of each quarter of the Plan Year with earnings at
the Crediting Rate on the opening balance of such Deferral Contribution Account for such quarter. 
 (ii) On
December 31, 2007, the Employer shall credit to the “Contingent Earnings Account” of each Participant under the First Amendment and Restatement an amount equal to (i) earnings calculated at 10% per annum, compounded
quarterly, on the total of the opening balance for such quarter of the Participant’s Combined Account (as then defined and computed under the First Amendment and Restatement), less (ii) the amount of earnings credited for such quarter to
the Participant’s Deferred Contribution Account pursuant to Section 3.3(a) of the First Amendment and Restatement. 
 (b) With
respect to deferrals of Other Stock Unit Awards, the Employer shall credit the Stock Unit Account on the final day of each quarter of the Plan Year for earnings (or losses) related to the Share Price. 

  
 11 

 3.4 Withholding of Taxes. 

(a) Annual Withholding from Compensation. For any Plan Year in which Deferral Contributions are made to the Plan, the Employer shall
withhold the Participant’s share of FICA, FUTA and other employment taxes from the portion of the Participant’s Base Annual Salary and/or Bonus or other compensation not deferred. If deemed appropriate by the Employer, the amount of
deferrals elected on a Participant’s Election Form may be reduced where necessary to facilitate compliance with applicable withholding requirements. If any taxes, including but not limited to, FICA, FUTA and other employment taxes with respect
to the Combined Account, are required to be withheld before the time of payment, the Employer may withhold such amounts from other compensation paid to the Participant. 

(b) Withholding from Benefit Distributions. The Participant’s Employer (or the trustee of the Trust, as applicable) shall withhold
from any payments made to a Participant or Beneficiary under this Plan all federal, state and local income, FICA, FUTA and other employment and other taxes required to be withheld by the Employer (or the trustee of the Trust, as applicable), in
connection with such payments, in amounts and in a manner to be determined in the sole discretion of the Employer (or the trustee of the Trust, as applicable). 

3.5 Vesting. The Participant shall at all times be 100% vested in his Deferral Contribution Account. As of December 31, 2007, each
Participant shall be 100% vested in the balance of his “Contingent Earnings Account” under the First Amendment and Restatement, which such Contingent Earnings Account shall then be combined with his Deferral Contribution Account. 

ARTICLE 4 

SUSPENSION OF DEFERRALS 

4.1 Disability. If a Participant suffers a Disability, any current Election Form may be cancelled, provided that such cancellation
shall occur by the later of the end of the taxable year of the Participant or the 15th day of the third month, following the date on which the Participant suffers the Disability. 

4.2 Unforeseeable Emergency. If a Participant is authorized by the Committee to take a withdrawal on account of Unforeseeable Emergency
under Section 5.2, any current Election Form shall be cancelled. 
 ARTICLE 5 

INTERIM AND HARDSHIP DISTRIBUTIONS 

5.1 Interim Distributions. A Participant may make an election, at the time he files an Election Form for a Plan Year, to have a
specified amount or percentage paid from his Deferral Contribution Account on one or more Interim Distribution Dates. The Participant’s selection of an Interim Distribution Date must be made on a timely, effective Election Form. The amounts
which would otherwise be paid on such Interim Distribution Date or Dates shall be distributed 

  
 12 

 
upon the earlier occurrence of Participant’s Benefit Distribution Date. Notwithstanding the foregoing, (A) during calendar 2007, a Participant may elect, by written notice to the
Committee, that all or a portion of his Combined Account as of December 31, 2007 (as defined and computed under the provisions of the First Amendment and Restatement) be distributed on an Interim Distribution Date, provided that no such
election shall have the effect of deferring until calendar 2008 or later any benefit payments under the Prior Plan that would otherwise have been paid in calendar 2007, or of accelerating into calendar 2007 any benefit payments under the Prior Plan
that would otherwise have been paid in calendar 2008 or later, and (B) during calendar 2008, a Participant may elect, by written notice to the Committee, that all or a portion of his Combined Account as of December 31, 2008 be distributed
on an Interim Distribution Date of January 15, 2009 or January 15 of any later year, provided that (i) no such election shall have the effect of deferring until calendar 2009 or later any benefit payments under the Prior Plan that
would otherwise have been paid in calendar 2008, or of accelerating into calendar 2008 any benefit payments under the Prior Plan that would otherwise have been paid in calendar 2009 or later, and (ii) no Participant who makes such election
shall be entitled to elect to defer Base Annual Salary or Bonus earned by the Participant during 2009 (i.e., Base Annual Salary or Bonus for which the Participant performs services in 2009) into the Prior Plan. 

5.2 Withdrawal in the Event of an Unforeseeable Emergency. A Participant who believes he has experienced an Unforeseeable Emergency may
request in writing a withdrawal of a portion of his Deferral Contribution Account to satisfy the emergency. The Committee shall determine, in its sole discretion, (i) whether an Unforeseeable Emergency has occurred, and (ii) the amount
reasonably required to satisfy the Unforeseeable Emergency; provided, that the withdrawal shall not exceed the balance in the Participant’s Deferral Contribution Account, or the amount the Committee reasonably determines to be necessary to meet
such emergency needs (including taxes reasonably anticipated to be incurred by reason of a taxable distribution) after taking into account the extent to which such hardship is or may be relieved through reimbursement or compensation by insurance or
otherwise or by liquidation of the Participant’s assets (unless the liquidation of such assets would itself cause severe financial hardship); provided, further, that any such withdrawal or determination by the Committee shall meet the
requirements of Treasury Regulations Section 1.409A-3(i)(3)(ii). The Committee shall also take into account the current compensation available to the Participant by reason of the cancellation of any
current Election Form under Section 4.2. If, subject to the sole discretion of the Committee, the petition for a withdrawal is approved, the distribution shall be made within 30 days of the date of approval by the Committee. 

5.3 No Withdrawal from Stock Unit Account. The Stock Unit Account shall not be available for distribution in the event of a
Participant’s Unforeseeable Emergency. 
 ARTICLE 6 

PAYMENT OF BENEFITS FOLLOWING TERMINATION OF EMPLOYMENT 

6.1 Payment as a Result of Termination of Employment. If a Participant’s Benefit Distribution Date occurs as a result of such
Participant’s Termination of Employment, the balance of a Participant’s Deferral Contribution Account as of the Benefit Distribution Date shall be paid in the manner elected in the Participant’s most recent effective Benefit
Distribution Form; provided, however, that: 
 (a) If the present value (using the Crediting Rate as the discount rate) of annual
installments remaining to be made is less than $50,000, the entire remaining balance of his Deferral Contribution Account (excluding his Stock Unit Account) shall be paid in the form of a lump sum payment not later than 30 days after the
determination of the present value of the annual installments remaining to be paid; and 

  
 13 

 (b) Notwithstanding any other provision of this Plan, if any stock of an Employer or any
Affiliate is publicly traded on an established securities market or otherwise, no payment shall be made to a Specified Employee on account of the Specified Employee’s separation from service within six months after such Specified
Employee’s separation from service (or, if earlier, the date of his death). Any amounts subject to delayed payment under the preceding sentence shall be paid on the first business day after the expiration of such six-month period, together with
any earnings accrued in the Deferral Contribution Account on such amounts during such six-month period. This Section 6.1(b) is intended to comply with the requirements of Section 409A of the Code and shall be interpreted accordingly. 

If the balance of a Participant’s Deferral Contribution Account is to be distributed in annual installments, the first installment shall
be paid not later than 30 days after the Participant’s Benefit Distribution Date. The initial installment shall be the product of the balance of the Participant’s Deferral Contribution Account, measured on his Benefit Distribution Date,
multiplied by 1/n (where “n” is equal to the total number of annual benefit payments not yet distributed). Subsequent installment payments shall be computed in a consistent fashion, and shall equal the product of the balance of the
Participant’s Deferral Contribution Account, measured on the applicable anniversary of his Benefit Distribution Date, multiplied by 1/n. 

(c) The Stock Unit Account shall be paid in full shares of common stock of Pinnacle. 

6.2 Death Prior to Payment of Deferral Contribution Account Balance. If a Participant dies after his Termination of Employment but
before the full payment of amounts due to him under this Article 6 from his Deferral Contribution Account, the Participant’s unpaid amounts from his Deferral Contribution Account shall be paid to the Participant’s Beneficiary in the manner
determined under Section 6.1. 
 ARTICLE 7 

PAYMENT UPON RETIREMENT, DEATH OR DISABILITY 

7.1 Retirement, Death or Disability Benefit. In the event of the Participant’s Retirement, or death or Disability during
employment, the balance in his Deferral Contribution Account shall be paid to the Participant or the Participant’s Beneficiary, as applicable, in the manner in which the Participant elected in Participant’s most recent effective Benefit
Distribution Form; provided, however, that: 
 (a) If a Participant who dies or becomes Disabled would otherwise have been eligible to
Retire, his benefits shall be payable in accordance with the provisions of his most recent effective Benefit Distribution Form applicable to Retirement, rather than with the provisions of such Benefit Distribution Form applicable to death or
Disability; 

  
 14 

 (b) Notwithstanding any other provision of this Plan, if any stock of an Employer or any
Affiliate is publicly traded on an established securities market or otherwise, and payment of benefits under this Section 7.1 to a Participant who is a Specified Employee would be deemed to be on account of his separation from service under
Section 409A of the Code, no payments shall be made to such Specified Employee within six months after such Specified Employee’s separation from service (or, if earlier, the date of his death). Any amounts subject to delayed payment under
the preceding sentence shall be paid on the first business day after the expiration of such six-month period, together with any earnings accrued in the Deferral Contribution Account on such amounts during such six-month period. This
Section 7.1(b) is intended to comply with the requirements of Section 409A of the Code and shall be interpreted accordingly; and 

(c) If the present value (using the Crediting Rate as the discount rate) of annual installments remaining to be made is less than $50,000, the
entire remaining balance of his Deferral Contribution Account shall be paid in the form of a lump sum payment not later than 30 days after the determination of the present value of the annual installments remaining to be paid. If the balance of the
Deferral Contribution Account is to be distributed in annual installments, the first installment shall be paid not later than 30 days after the Participant’s Benefit Distribution Date. The initial installment shall be the product of the balance
of the Participant’s Deferral Contribution Account, measured on his Benefit Distribution Date, multiplied by 1/n (where “n” is equal to the total number of annual benefit payments not yet distributed). Subsequent installment payments
shall be computed in a consistent fashion, and shall equal the product of the balance of the Participant’s Deferral Contribution Account, measured on the applicable anniversary of his Benefit Distribution Date, multiplied by 1/n. 

7.2 Death Prior to Payment of Deferral Contribution Account Balance. If a Participant dies after he has Retired or suffered a
Disability but before the full payment of amounts from his Deferral Contribution Account due to him under this Article 7, the Participant’s unpaid amounts from his Deferral Contribution Account shall be paid to the Participant’s
Beneficiary in the manner determined under Section 7.1. 
 ARTICLE 8 

PAYMENTS ON CHANGE IN CONTROL 

Notwithstanding any other provision of this Plan, to the extent permitted in regulations or other guidance promulgated by the IRS under
Section 409A of the Code: 
 8.1 Deferral Contribution Account. The balance of each Participant’s Deferral Contribution
Account shall be distributed to him (or to his Beneficiary if he has died) in one lump sum within 30 days after the happening of a Change in Control. 

  
 15 

 8.2 Delay for Specified Employees. Notwithstanding anything contained in this Plan to the
contrary, no distribution of the Annuity Contract, or payment of other amounts under this Article 8, shall be made to a Participant who is a Specified Employee within six months after such Specified Employee’s separation from service (or, if
earlier, the date of his death) if (a) any stock of the Employer or any direct or indirect parent of the Employer is publicly traded on an established securities market or otherwise, and (b) such distribution or payment would be deemed to
be made upon such Specified Employee’s separation from service under Section 409A of the Code. This Section 8.2 is intended to comply with the requirements of Section 409A of the Code and shall be interpreted accordingly. 

8.3 No Duplication of Payments. If payments are made under this Article 8, neither the Participant nor his Beneficiary shall be
entitled to any other benefits under this Plan. 
 ARTICLE 9 

FORM OF DISTRIBUTIONS 

Distributions hereunder shall be made in cash, except that distributions of units credited to a Participant’s Stock Unit Account shall be
made by issuing to such Participant an equivalent number of shares of common stock of Pinnacle or its successors. Notwithstanding the foregoing, no fractional shares of common stock of Pinnacle or its successors will be issued and any fractional
unit will be distributed by payment of cash in the amount represented by the fractional unit based on the fair market value on the date immediately preceding the payment date. 

ARTICLE 10 

CONTINUING EFFECT OF PRIOR PLAN JANUARY 2000 DOCUMENT FOR PRE-2005 DEFERRALS 

The provisions of the Prior Plan January 2000 Document, including but not limited to the provisions thereof regarding “Hypothetical
Investments” and “Investment Adjustments,” (as such terms are defined in the Prior Plan January 2000 Document) shall continue in effect for deferrals of Base Annual Salary and Bonuses earned that were earned (i.e., the services that
earned such Base Annual Salary and Bonuses are performed) and vested before January 1, 2005, and earnings credited thereon. The Assumed Rights attributable to deferrals earned and vested under the Prior Plan January 2000 Document, and earnings
credited thereon, shall continue in effect under the terms of the Prior Plan January 2000 Document following the Effective Time. For the purpose of this Article 10, the provisions of the Prior Plan January 2000 Document are incorporated in this Plan
by reference, as if they were restated herein in their entirety. 
 ARTICLE 11 

BENEFICIARY DESIGNATION 

11.1 Beneficiary. Each Participant shall have the right, at any time, to designate a Beneficiary or Beneficiaries to receive, in the
event of the Participant’s death, those benefits 

  
 16 

 
payable under the Plan. The Beneficiary(ies) designated under this Plan may be the same as, or different from, the Beneficiary designation made under any other plan of the Employer. With respect
to Assumed Rights, the Beneficiary(ies) designated under Prior Plan shall govern unless and until such designations are changed pursuant to Section 11.2. 

11.2 Beneficiary Designation, Change, Spousal Consent. A Participant shall designate his Beneficiary by completing and signing a
Beneficiary Designation Form, and returning it to the Committee or its designated agent. A Participant shall have the right to change his Beneficiary by completing, signing and submitting to the Committee a revised Beneficiary Designation Form in
accordance with the Committee’s rules and procedures, as in effect from time to time. If the Participant names someone other than his spouse as a Beneficiary, a spousal consent, in the form designated by the Committee, must be signed by that
Participant’s spouse and returned to the Committee. Upon acknowledgement by the Committee of a revised Beneficiary Designation Form, all Beneficiary designations previously filed shall be deemed canceled. The Committee shall be entitled to rely
on the last Beneficiary Designation Form both (i) filed by the Participant and (ii) acknowledged by the Committee, prior to his death. 

11.3 Acknowledgment. No designation or change in designation of a Beneficiary shall be effective until received, accepted and
acknowledged in writing by the Committee or its designated agent. 
 11.4 No Beneficiary Designation. If a Participant fails to
designate a Beneficiary as provided above or, if all designated Beneficiaries predecease the Participant, or die prior to complete distribution of the Participant’s benefits, then the Participant’s designated Beneficiary shall be deemed to
be his surviving spouse. If the Participant has no surviving spouse, the benefits remaining under the Plan shall be payable to the executor or personal representative of the Participant’s estate. 

11.5 Doubt as to Beneficiary. If the Committee has any doubt as to the proper Beneficiary to receive payments pursuant to this Plan,
the Committee shall have the right, exercisable in its discretion, to cause the Participant’s Employer to withhold such payments until this matter is resolved to the Committee’s satisfaction. 

11.6 Death of Spouse or Dissolution of Marriage. A Participant’s Beneficiary designation shall be deemed automatically revoked if
the Participant has named a spouse as Beneficiary and the marriage is later dissolved. Without limiting the generality of the preceding sentence, the interest in benefits of a spouse of a Participant who has predeceased the Participant or whose
marriage has been dissolved shall automatically pass to the Participant, and shall not be transferable by such spouse in any manner, including but not limited to, passage under such spouse’s will or under the laws of intestate succession. 

11.7 Discharge of Obligations. The payment of benefits under the Plan to a Beneficiary shall fully and completely discharge the
Employers and the Committee from all further obligations under this Plan with respect to the Participant, and the Participant’s Participation Agreement shall terminate upon such full payment of benefits. 

  
 17 

 ARTICLE 12 

TERMINATION, AMENDMENT OR MODIFICATION 

12.1 Termination. Although the Employer anticipates that the Plan will continue for an indefinite period of time, there is no guarantee
that any Employer will continue the Plan or will not terminate the Plan at any time in the future. Accordingly, each Employer reserves the right to discontinue its sponsorship of the Plan and to terminate the Plan, at any time, with respect to its
participating Employees by action of its board of directors. Upon the termination of the Plan with respect to any Employer, all amounts credited to the Combined Account of each affected Participant shall be paid to the Participant or, in the case of
the Participant’s death, to the Participant’s Beneficiary, at the times and in the manner in which they would have been paid if no termination of the Plan had occurred. 

12.2 Amendment. The Employer may, at any time, amend or modify the Plan in whole or in part with respect to any or all Employers by the
actions of the Board; provided, however, that (i) no amendment (including a Plan termination) or modification (including a Plan termination) shall be effective to decrease or restrict the balance of a Participant’s Combined Account or any
component thereof in existence at the time the amendment or modification is made, calculated as if the Participant had experienced a Termination of Employment as of the effective date of the amendment or modification, or, if the amendment or
modification occurs after the date upon which the Participant was eligible to Retire, calculated as if the Participant had Retired as of the effective date of the amendment or modification, and (ii) except as specifically provided in
Section 12.1, no amendment or modification shall be made after a Change in Control which adversely affects the vesting, calculation or payment of benefits hereunder or diminishes any other rights (including the right to take a distribution
option provided in the Plan prior to the Change in Control) or protections any Participant or Beneficiary would have had, but for such amendment or modification, unless each affected Participant or Beneficiary consents in writing to such amendment.

 12.3 Effect of Payment. The full payment of the applicable benefit under the provisions of the Plan shall completely discharge all
obligations to a Participant and his designated Beneficiaries under this Plan and each of the Participant’s Participation Agreement shall terminate. 

ARTICLE 13 

ADMINISTRATION 

13.1 Committee Duties. This Plan shall be administered by a Committee which shall consist of the Board, or such committee as the Board
shall appoint. Members of the Committee may be Participants under this Plan. The Committee shall also have the discretion and authority to (i) make, amend, interpret, and enforce all appropriate rules and regulations for the administration of
this Plan and (ii) decide or resolve any and all questions including interpretations of this Plan, as may arise in connection with the Plan. Any individual serving on the Committee who is a Participant shall not vote or act on any matter
relating solely to himself or herself. When making a determination or calculation, the Committee shall be entitled to rely on information furnished by Participant or the Employer. 

  
 18 

 13.2 Agents. In the administration of this Plan, the Committee may, from time-to-time,
employ agents and delegate to them such administrative duties as it sees fit (including acting through a duly appointed representative) and may from time-to-time consult with counsel who may be counsel to any Employer. 

13.3 Binding Effect of Decisions. The decision or action of the Committee with respect to any question arising out of or in connection
with the administration, interpretation and application of the Plan and rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in the Plan. 

13.4 Indemnity of Committee. All Employers shall indemnify and hold harmless the members of the Committee, and any Employee to whom
duties of the Committee may be delegated, against any and all claims, losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Plan, except in case of willful misconduct by the Committee or any of its
members or any such employee. 
 13.5 Employer Information. To enable the Committee to perform its functions, each Employer shall
supply full and timely information to the Committee on all matters relating to the compensation of its Participants, the date and circumstances of the Retirement, Disability, death or Termination of Employment of its Participants, and such other
pertinent information as the Committee may reasonably require. 
 ARTICLE 14 

OTHER BENEFITS AND AGREEMENTS 

The benefits provided for a Participant and Participant’s Beneficiary under the Plan are in addition to any other benefits available to
such Participant under any other plan or program for employees of the Participant’s Employer. The Plan shall supplement and shall not supersede, modify or amend any other such plan or programs except as may otherwise be expressly provided. 

ARTICLE 15 
 CLAIMS
PROCEDURES 
 15.1 Presentation of Claim. Any Participant or Beneficiary of a deceased Participant (such Participant or
Beneficiary being referred to below as a “Claimant”) may deliver to the Committee a written claim for a determination with respect to the amounts distributable to such Claimant from the Plan. If such a claim relates to the contents of a
notice received by the Claimant, the claim must be made within 60 days after such notice was received by the Claimant. The claim must state with particularity the determination desired by the Claimant. All other claims must be made within 180 days
of the date on which the event that caused the claim to arise occurred. The claim must state with particularity the determination desired by the Claimant. 

  
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 15.2 Notification of Decision. The Committee shall consider a Claimant’s claim within
a reasonable time, and shall notify the Claimant in writing: 
 (a) that the Claimant’s requested determination has been made, and that
the claim has been allowed in full; or 
 (b) that the Committee has reached a conclusion contrary, in whole or in part, to the
Claimant’s requested determination, and such notice must set forth in a manner calculated to be understood by the Claimant: 

(i) the specific reason(s) for the denial of the claim, or any part of it; 

(ii) specific reference(s) to pertinent provisions of the Plan upon which such denial was based; 

(iii) a description of any additional material or information necessary for the Claimant to perfect the claim, and an
explanation of why such material or information is necessary; and 
 (iv) an explanation of the claim review procedure set
forth in Section 15.3 below. 
 15.3 Review of a Denied Claim. Within 60 days after receiving a notice from the Committee that a
claim has been denied, in whole or in part, a Claimant (or the Claimant’s duly authorized representative) may file with the Committee a written request for a review of the denial of the claim. Thereafter, but not later than 30 days after the
review procedure began, the Claimant (or the Claimant’s duly authorized representative): 
 (a) may review pertinent documents; 

(b) may submit written comments or other documents; and/or 

(c) may request a hearing, which the Committee, in its sole discretion, may grant. 

15.4 Decision on Review. The Committee shall render its decision on review promptly, and not later than 60 days after the filing of a
written request for review of the denial, unless a hearing is held or other special circumstances require additional time, in which case the Committee’s decision must be rendered within 120 days after such date. Such decision must be written in
a manner calculated to be understood by the Claimant, and it must contain: 
 (a) specific reasons for the decision; 

(b) specific reference(s) to the pertinent Plan provisions upon which the decision was based; and 

(c) such other matters as the Committee deems relevant. 

  
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 ARTICLE 16 

TRUST 
 16.1
Establishment of the Trust. The Employer may establish one or more Trusts to which the Employers may transfer such assets as the Employers determine in their sole discretion to assist in meeting their obligations under the Plan. 

16.2 Interrelationship of the Plan and the Trust. The provisions of the Plan and the Participation Agreement shall govern the rights of
a Participant to receive distributions pursuant to the Plan. The provisions of the Trust shall govern the rights of the Employers, Participants and the creditors of the Employers to the assets transferred to the Trust. 

16.3 Distributions from the Trust. Each Employer’s obligations under the Plan may be satisfied with Trust assets distributed
pursuant to the terms of the Trust, and any such distribution shall reduce the Employer’s obligations under this Agreement. 

ARTICLE 17 

ARBITRATION 
 17.1
In General. Any controversy, dispute, or claim not resolved under the claims procedure set forth in Article 15, including any claim arising out of, in connection with, or in relation to the formation, interpretation, performance or breach of
this Plan or any action of the Committee, shall be settled exclusively by arbitration, before a single arbitrator, in accordance with this Article 17 and the then-most applicable rules of the American Arbitration Association. Judgment upon any award
rendered by the arbitrator may be entered by any state or federal court having jurisdiction thereof. Such arbitration shall be administered by the American Arbitration Association only if one (or both) of the parties requests such administration.
Arbitration shall be the exclusive remedy for determining any such dispute, regardless of its nature. Notwithstanding the foregoing, either party may in an appropriate matter apply to a court for provisional relief, including a temporary restraining
order or a preliminary injunction, on the ground that the award to which the applicant may be entitled in arbitration may be rendered ineffectual without provisional relief. 

17.2 Selection of Arbitrator. In the event the parties are unable to agree upon an arbitrator, the parties shall select a single
arbitrator from a list of nine arbitrators drawn by the parties at random from the “Independent” (or “Gold Card”) list of retired judges. If the parties are unable to agree upon an arbitrator from the list so drawn, then the
parties shall each strike names alternately from the list, with the first to strike being determined by lot. After each party has used four strikes, the remaining name on the list shall be the arbitrator. If such person is unable to serve for any
reason, the parties shall repeat this process until an arbitrator is selected. 
 17.3 Scope. This agreement to resolve any disputes
by binding arbitration shall extend to claims against any parent, subsidiary or affiliate of each party, and, when acting within such capacity, any officer, director, shareholder, employee or agent of each party, or of any of the above, and shall
apply as well to claims arising out of state and federal statutes and local 

  
 21 

 
ordinances as well as to claims arising under the common law. In the event of a dispute subject to this Article 17, the parties shall be entitled to reasonable discovery subject to the discretion
of the arbitrator. The remedial authority of the arbitrator shall be the same as, but no greater than, would be the remedial power of a court having jurisdiction over the parties and their dispute. The arbitrator shall, upon an appropriate motion,
dismiss any claim without an evidentiary hearing if the party bringing the motion establishes that he or it would be entitled to summary judgment if the matter had been pursued in court litigation. In the event of a conflict between the applicable
rules of the American Arbitration Association and these procedures, the provisions of these procedures shall govern. 
 17.4 Arbitration
Fees. In any arbitration hereunder, the Employer shall pay all administrative fees of the arbitration and all fees of the arbitrator, except that the Participant or Beneficiary may, if he wishes, pay up to one-half of those amounts. Each party
shall pay its own attorneys’ fees, costs, and expenses, unless the arbitrator orders otherwise. The prevailing party in such arbitration, as determined by the arbitrator, and in any enforcement or other court proceedings, shall be entitled, to
the extent permitted by law, to reimbursement from the other party for all of the prevailing party’s costs (including but not limited to the arbitrator’s compensation), expenses, and attorneys’ fees. 

17.5 Arbitrator’s Award. The arbitrator shall render an award and written opinion, and the award shall be final and binding upon
the parties. If any of the provisions of this Article 17, or of this Plan, are determined to be unlawful or otherwise unenforceable, in whole or in part, such determination shall not affect the validity of the remainder of this Plan, and this Plan
shall be reformed to the extent necessary to carry out its provisions to the greatest extent possible and to insure that the resolution of all conflicts between the parties, including those arising out of statutory claims, shall be resolved by
neutral, binding arbitration. If a court should find that this Section’s arbitration provisions are not absolutely binding, then the parties intend any arbitration decision and award to be fully admissible in evidence in any subsequent action,
given great weight by any finder of fact, and treated as determinative to the maximum extent permitted by law. 
 17.6 Location of
Arbitration. Unless mutually agreed by the parties otherwise, any arbitration shall take place in the City of Las Vegas, Nevada. 

ARTICLE 18 

MISCELLANEOUS 

18.1 Status of Plan. The Plan is intended to be a plan that is not qualified within the meaning of Code Section 401(a) and that
“is unfunded and is maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employee” within the meaning of ERISA. The Plan shall be administered and
interpreted to the extent possible in a manner consistent with that intent. All Participant accounts and all credits and other adjustments to such Participant accounts shall be bookkeeping entries only and shall be utilized solely as a device for
the measurement and determination of amounts to be paid under the Plan. No Participant accounts, credits or other adjustments under the Plan shall be interpreted as an indication that any benefits under the Plan are in any way funded. 

  
 22 

 18.2 Unsecured General Creditor. Participants and their Beneficiaries, heirs, successors
and assigns shall have no legal or equitable rights, interests or claims in any property or assets of an Employer. Any Employer’s obligation under the Plan shall be merely that of an unfunded and unsecured promise to pay money in the future.
The Combined Account shall be utilized solely as a device for the measurement of amounts to be paid to the Participant under the Plan. The Combined Account shall not constitute or be treated as an escrow, trust fund, or any other type of funded
account for Code or ERISA purposes and, moreover, contingent amounts credited thereto shall not be considered “plan assets” for ERISA purposes. The Combined Account merely provides a record of the bookkeeping entries relating to the
contingent benefits that the Employer intends to provide Participant and shall thus reflect a mere unsecured promise to pay such amounts in the future. 

18.3 Employer’s Liability. An Employer’s liability for the payment of benefits shall be defined only by the Plan and the
Participation Agreement, as entered into between the Employer and a Participant. An Employer shall have no obligation to a Participant under the Plan except as expressly provided in the Plan and his Participation Agreement. 

18.4 Nonassignability. Neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge,
anticipate, mortgage or otherwise encumber, transfer, hypothecate, alienate or convey in actual receipt, the amount, if any, payable hereunder, or any part thereof, which are, and all rights to which are expressly declared to be, unassignable and
non-transferable. No part of the amounts payable shall, prior to actual payment, be subject to seizure, attachment, garnishment or sequestration for the payment of any debts, judgments, alimony or separate maintenance owned by a Participant or any
other person, be transferable by operation of law in the event of a Participant’s or any other person’s bankruptcy or insolvency or be transferable to a spouse as a result of a property settlement or otherwise. Notwithstanding the
foregoing, if, as a result of divorce or dissolution of marriage, a Participant is responsible for child support, alimony, or marital property rights payments, his benefits under this Plan may be assigned to meet those payments if a domestic
relations order (as such term is used in ERISA) has been issued for the Plan, and the Plan Administrator has determined that such domestic relations order is a qualified domestic relations order (as such term is used in ERISA). 

18.5 Not a Contract of Employment. The terms and conditions of this Plan and the Enrollment Forms shall not be deemed to constitute a
contract of employment between any Employer and the Participant. Such employment is hereby acknowledged to be an “at will” employment relationship that can be terminated at any time for any reason, or no reason, with or without cause, and
with or without notice, except as otherwise provided in a written employment agreement. Nothing in this Plan or any Participation Agreement shall be deemed to give a Participant the right to be retained in the service of any Employer as an Employee
or to interfere with the right of any Employer to discipline or discharge the Participant at any time. 
 18.6 Furnishing
Information. A Participant or his Beneficiary will cooperate with the Committee by furnishing any and all information requested by the Committee and take such other actions as may be requested in order to facilitate the administration of the
Plan and the payments of benefits hereunder, including but not limited to taking such physical examinations as the Committee may deem necessary. 

  
 23 

 18.7 Terms. Whenever any words are used herein in the masculine, they shall be construed
as though they were in the feminine in all cases where they would so apply; and whenever any words are used herein in the singular or in the plural, they shall be construed as though they were used in the plural or the singular, as the case may be,
in all cases where they would so apply. 
 18.8 Captions. The captions of the articles, sections or paragraphs of this Plan are for
convenience only and shall not control or affect the meaning or construction of any of its provisions. 
 18.9 Governing Law. Subject
to ERISA, the provisions of this Plan shall be construed and interpreted according to the internal laws of the State of Delaware without regard to its conflicts of law principles. 

18.10 Notice. Any notice or filing required or permitted to be given to the Committee under this Plan shall be sufficient if in writing
and hand-delivered, or sent by registered or certified mail, to the address below: 
 Pinnacle Entertainment, Inc. 

3980 Howard Hughes Parkway 
 Las
Vegas, Nevada 89169 
 Attn: General Counsel 

Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark or the
receipt for registration or certification. 
 Any notice or filing required or permitted to be given to a Participant under this Plan shall
be sufficient if in writing and hand-delivered, or sent by mail, to the last known address of the Participant. 
 18.11 Successors.
The provisions of this Plan shall bind and inure to the benefit of the Participant’s Employer and its successors and assigns and the Participant and the Participant’s designated Beneficiaries. 

18.12 Validity. In case any provision of this Plan shall be illegal or invalid for any reason, said illegality or invalidity shall not
affect the remaining parts hereof, but this Plan shall be construed and enforced as if such illegal or invalid provision had never been inserted herein. 

18.13 Incompetent. If the Committee determines in its discretion that a benefit under this Plan is to be paid to a minor, a person
declared incompetent or to a person incapable of handling the disposition of that person’s property, the Committee may direct payment of such benefit to the guardian, legal representative or person having the care and custody of such minor,
incompetent or incapable person. The Committee may require proof of minority, incompetence, incapacity or guardianship, as it may deem appropriate prior to distribution of the benefit. Any payment of a benefit shall be a payment for the account of
the Participant and the Participant’s Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Plan for such payment amount. 

  
 24 

 18.14 Employer. Each Subsidiary of Pinnacle can become an adopting Employer with the
consent of Pinnacle by filing with the Committee a certified copy of a resolution of the Board of Directors of the Subsidiary providing for its adoption of the Plan and a certified copy of a resolution of the Board of Directors of Pinnacle
consenting to such adoption. Each Subsidiary of PropCo that was an adopting Employer under the Prior Plan shall be deemed an adopting Employer under this Plan. 

18.15 Equitable Adjustment. The Stock Unit Account shall be subject to adjustment in accordance with Section 13.2 of the Incentive
Plan. 

  
 25 

 IN WITNESS WHEREOF, the Employer has signed this Plan effective as of the Effective
Time. 
  

			
	Pinnacle Entertainment, Inc.
	A Delaware Corporation
		
	By:	 	 /s/ John A. Godfrey

		
	Name:	 	 John A. Godfrey

		 	(printed name)
		
	Title:	 	Executive Vice President,
		 	Secretary and General Counsel

  
 26

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