FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit 10.29
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 Xxxxxxxx
X. Xxxxxx, 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 Four Hundred Fifty Thousand Dollars ($450,000) per year.
On
December 9, 2011, the Compensation Committee of the Board of Directors of
the Company increased the Executive's base salary to Four Hundred Sixty-Five
Thousand Dollars ($465,000) 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 Four Hundred
Sixty-Five Thousand Dollars ($465,000.00) 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. | |||||
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/s/ Xxxxxxxx X. Xxxxxx
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By: | /s/ Xxxxxxx Xxxxxxxxxx | ||||
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Xxxxxxxx X. Xxxxxx
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Xxxxxxx Xxxxxxxxxx, President and | |||||
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Chief Executive Officer | |||||
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