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SGMS > SEC Filings for SGMS > Form 8-K on 3-May-2013All Recent SEC Filings

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Change in Directors or Principal Officers

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

The Compensation Committee of the Board of Directors of Scientific Games Corporation (the "Company") recently approved a change in the method of payment of the annual incentive compensation for 2013 under which senior executives of the Company, including the Company's named executive officers, will be paid all or a portion of any bonus earned by them for 2013 in the form of restricted stock units ("RSUs") in lieu of cash.

In particular, 100% of any 2013 bonus earned by A. Lorne Weil, our Chairman and Chief Executive Officer, and 50% of any 2013 bonus earned by each of the Company's other named executive officers, will be paid in the form of RSUs. Any such RSUs would be granted in early 2014 concurrently with the Committee's approval of 2013 bonuses, with the number of RSUs to be granted determined by dividing the amount of the approved bonus to be paid in RSUs by the market value of the Company's common stock on the date of grant. Any such RSUs would be subject to time vesting over two years, with 25% of the RSUs scheduled to vest every six months from the date of grant. The RSUs would be subject to forfeiture in the event of a voluntary termination by the executive prior to the end of the term of the executive's employment agreement or termination of the executive by the Company for "cause." The RSUs would be subject to accelerated vesting in the event of other termination events (e.g., an involuntary termination).

For additional information regarding the Company's incentive compensation program, please see the Company proxy statement filed with the Securities and Exchange Commission on April 23, 2013.

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