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MNTG > SEC Filings for MNTG > Form 8-K on 11-May-2009All Recent SEC Filings

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Form 8-K for MTR GAMING GROUP INC


11-May-2009

Change in Directors or Principal Officers, Financial Statements and Exhibits


Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

(c) On May 1, 2009, the Registrant appointed Robert Norton as its new Chief Operating Officer. Mr. Norton will assume his new duties on or before June 8, 2009. Prior to the date of this Report, Mr. Norton served as the Corporate Vice President of Business Strategy of Isle of Capri Casinos, Inc. ("ICCI") in St. Louis, Missouri, a position he held since May 2008. Mr. Norton served as Corporate Vice President of Gaming Operations at ICCI in St. Louis, Missouri, from January 2005 to May 2008. Mr. Norton also served as Vice President and General Manager at ICCI in Kansas City, Missouri, from January 2004 to January 2005. Mr. Norton is 37 years old. Mr. Norton's Employment Agreement is described in Item 5.02(e) below.

The Registrant has entered into an employment agreement, dated May 1, 2009, with Mr. Norton for a term of two years. The effective commencement date of Mr. Norton's employment is to be on or before June 8, 2009. Mr. Norton's Agreement also provides for an annual base salary of $300,000 (as adjusted from time to time with the approval of the Registrant's Compensation Committee) subject to an automatic cost-of-living increase of five percent (5%), additional compensation of $7,200 per year for automobile expenses, four weeks of paid vacation, and certain relocation benefits and other benefits included in the Agreement. Pursuant to the Employment Agreement, Mr. Norton is also entitled to a discretionary cash bonus of no less than 20% of his base annual compensation. In the event of termination of employment in connection with a change of control as defined in the Agreement, Mr. Norton would receive a severance payment equal to the greater of (i) the entire compensation otherwise payable to him under the provisions of Section 3 of his Agreement (base salary, discretionary cash bonus, benefit plan and fringe benefit amounts, car allowance, vacation and expenses, or (ii) 18 months salary.



Item 9.01. Financial Statements and Exhibits.

(c) Exhibits:

Exhibit No. Description
99.1 Press Release dated May 1, 2009

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.

MTR GAMING GROUP, INC.

By: /s/ David R. Hughes
David R. Hughes
Corporate Executive Vice President
and Chief Financial Officer
Date: May 11, 2009


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