FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit 10.27
FIRST AMENDMENT TO
THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (“Amendment”) is made this 14th day of
December, 2011, effective as of the January 1, 2012, by and between PINNACLE ENTERTAINMENT, INC., a
Delaware corporation (the “Company”), and Xxxxxx X. Xxxxxxxxx, an individual (“Executive”), with
respect to the following facts and circumstances:
RECITALS
The Company and Executive entered into an Employment Agreement on November 29, 2011, effective
November 15, 2011 (the “Agreement”) with Executive having a base salary of Three Hundred
Twenty-Four Thousand Dollars ($324,000) per year.
On December 9, 2011, the Compensation Committee of the Board of Directors of the Company
increased the Executive’s base salary to Three Hundred Forty-Eight Thousand Dollars ($348,000) per
year, effective January 1, 2012.
The Company and Executive desire to amend the Agreement to reflect Executive’s new salary.
NOW, THEREFORE, in consideration of the mutual promises, covenants and agreements set forth
herein, the parties hereto agree as follows:
AMENDMENT
1. Article 3, Section 3.1 of the Agreement (Compensation) is hereby deleted in its entirety
and replaced with the following new Article 3, Section 3.1:
“3.1 Base Salary. In consideration for Executive’s services hereunder, the Company
shall pay Executive an annual base salary at the rate of Three Hundred Forty-Eight Thousand Dollars
($348,000.00) per year during each of the years of the Term; payable in accordance with the
Company’s regular payroll schedule from time to time (less any deductions required for Social
Security, state, federal and local withholding taxes, and any other authorized or mandated similar
withholdings).”
2. Except as modified herein, all other terms of the Agreement shall remain in full force and
effect. In the event of a conflict between the terms of the Agreement and this Amendment, the
terms of this Amendment shall apply. No modification may be made to the Agreement or this
Amendment except in writing and signed by both the Company and Executive.
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed this
14th day of December, 2011 and effective as of January 1, 2012.
| EXECUTIVE | PINNACLE ENTERTAINMENT, INC. | |||||
/s/ Xxxxxx X. Xxxxxxxxx
|
By: | /s/ Xxxx X. Xxxxxxx | ||||
Xxxxxx X. Xxxxxxxxx
|
Xxxx X. Xxxxxxx, Executive Vice President, | |||||
| General Counsel and Secretary | ||||||
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