UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form
8-K
CURRENT
REPORT PURSUANT
TO
SECTION 13 OR 15(D) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of Report:
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September
18, 2009
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(Date
of earliest event reported)
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September
14, 2009
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Multimedia
Games, Inc.
(Exact
name of Registrant as Specified in its Charter)
000-28318
(Commission
File Number)
Texas
(State
or other jurisdiction
of
incorporation)
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74-2611034
(IRS
Employer
Identification
No.)
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206
Wild Basin Rd. South, Bldg. B,
Suite
400,
Austin,
Texas
(Address
of Principal Executive Offices)
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78746
(Zip
Code)
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Registrant’s
telephone number, including area code: (512) 334-7500
(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. below):
o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act 17
CFR 240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
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Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment
of Certain Officers; Compensatory Arrangements of Certain Officers.
On September
14, 2009, the Compensation Committee of the Board of Directors
of Multimedia Games, Inc. (“MGAM”) approved
a compensation program (the “Partner Group Equity
Compensation Plan”) for the group of senior MGAM executives referred to
by MGAM as the Multimedia Games Partner Group (the “Partner
Group”). The Partner Group is comprised of Anthony Sanfilippo,
President and Chief Executive Officer, Adam Chibib, Senior Vice President and
Chief Financial Officer, Patrick Ramsey, Senior Vice President and Chief
Operating Officer, Mick Roemer, Senior Vice President of Sales, Virginia Shanks,
Senior Vice President and Chief Marketing Officer, Uri Clinton, Senior Vice
President, General Counsel and Corporate Secretary, and Joaquin Aviles, Vice
President – Technology.
The
program provides for an annual grant of an incentive stock option to purchase
shares of MGAM’s common stock to each member of the Partner Group effective
as of September 30, the last day of MGAM’s fiscal year. The amount and
terms of each award will be based on the Chief Executive Officer’s
recommendation but determined by, and within the discretion of, the Board
of Directors or its Compensation Committee. Annual awards will be
granted from a pool of options that is equal to twenty percent (20%) of all
initial awards granted to each member of the Partner Group
upon joining MGAM.
The
Compensation Committee believes the Partner Group Equity Compensation Plan
serves several important compensation objectives. It enhances MGAM’s
ability to attract and retain experienced executive talent in the gaming and
technology industry. The program also furthers MGAM’s compensation
objective of strongly aligning executive focus with the interests of MGAM’s
shareholders in increased enterprise value.
Options
awarded under the Partner Group Equity Compensation Plan will have a seven (7)
year term and will vest as to twenty-five percent (25%) of the award upon the
first anniversary of grant, with the remainder vesting in equal quarterly
installments for the succeeding three years. Awards will be made under
existing MGAM equity compensation plans, and will be subject to shareholder
approval of any required increases in shares reserved under such
plans.
At its
meeting on September 14, 2009, the Compensation Committee also determined
initial awards to be granted under the Partner Group Equity Compensation Plan,
aggregating 573,333 options, effective September 30, 2009. Initial
awards under the program were adjusted and pro-rated for each member of the
Partner Group based on the number of months that have elapsed since the
individual partner’s initial date of grant.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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MULTIMEDIA
GAMES, INC.
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Dated:
September 18, 2009
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By:
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/s/
Uri L. Clinton
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Uri
L. Clinton
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Senior
Vice President, General Counsel and
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Corporate
Secretary
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