Pinnacle Entertainment, Inc. 8-K 2007
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 17, 2007
PINNACLE ENTERTAINMENT, INC.
(Exact Name of Registrant as Specified in Its Charter)
Registrants Telephone Number, including area code: (702) 784-7777
(Former name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2):
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 17, 2007, the Compensation Committee (the Compensation Committee) of the Board of Directors of Pinnacle Entertainment, Inc. (the Company) approved an increase in annual base salary of Daniel R. Lee, the Companys Chairman of the Board and Chief Executive Officer to $1,000,000 per year, effective January 1, 2007. In addition, the Compensation Committee approved 2006 cash and deferred bonuses for Mr. Lee of $656,250 and $656,250, respectively. Such bonuses were based on achievement of previously-established objective performance goals pursuant to the 2005 Equity and Incentive Performance Plan, which plan was filed as Exhibit 10.1 to the Companys Current Report on Form 8-K filed with the Securities and Exchange Commission on May 9, 2005. The deferred portion of Mr. Lees bonus was deferred as permitted under Mr. Lees employment agreement, which agreement was filed as Exhibit 10.1 to the Companys Current Report on Form 8-K filed with the Securities and Exchange Commission on December 28, 2006, and by action of the Compensation Committee. The deferred bonus is paid in three equal annual installments beginning January 2008, and no interest is accrued or paid on such deferred amount. The deferred bonus is also payable upon termination in certain circumstances and forfeited under certain other circumstances. The cash bonus was paid on January 18, 2007.
Item 9.01 Financial Statements and Exhibits
Pursuant to the requirements of Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
INDEX TO EXHIBITS