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MGAM > SEC Filings for MGAM > Form 8-K on 12-Sep-2013All Recent SEC Filings

Show all filings for MULTIMEDIA GAMES HOLDING COMPANY, INC.

Form 8-K for MULTIMEDIA GAMES HOLDING COMPANY, INC.


12-Sep-2013

Change in Directors or Principal Officers


Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensation Arrangement for Certain Officers.

NEO Annual Base Salary Adjustments
On September 9, 2013, the Compensation Committee (the "Committee") of the Board
of Directors (the "Board") of Multimedia Games Holding Company, Inc. (the
"Company") increased the annual base salary of certain of its named executive
officers (each, an "NEO"), effective as of October 1, 2013. All other terms of
the NEO's employment remain unchanged. The salary adjustments were as follows:

 Name of Named Executive Officer     Former Annual Base Salary     New Annual Base Salary
Patrick J. Ramsey, President and
CEO                                $                   550,000   $                 625,000
Adam Chibib, SVP, CFO              $                   375,000   $                 425,000
Mick Roemer, SVP - Sales           $                   280,000   $                 300,000
Todd F. McTavish, SVP, General
Counsel, Chief Compliance Officer
and Corporate Secretary            $                   275,000   $                 300,000

Fiscal Year 2014 Executive Cash Incentive Plan for NEOs On September 9, 2013, the Committee also reviewed and approved an executive bonus plan for the NEOs exclusively for fiscal year 2014 (the "2014 Incentive Plan") in order to incentivize management to build shareholder value by achieving Company operating goals. The 2014 Incentive Plan implements the target and stretch bonus structure set forth in the respective employment agreements of each of the NEOs, and as previously filed.

The 2014 Incentive Plan is comprised of two possible components: a target payment and a stretch payment. The target payment is also comprised of two components: the first of which represents two-thirds of the potential target payment, and is based on quarterly operating goals, such as product performance, initial product releases, and sales expansions; and the second of which represents one-third of the potential target payment, and is based on individual goals for each NEO. The target payment will be adjusted ratably based on the Company's relative achievement of the quarterly operating goals, but in no event shall any target payment be paid if the Company fails to meet a certain EBITDA threshold.

For the stretch payment, if the Company exceeds an established share price performance goal, the NEOs may be entitled to receive an additional amount. The stretch payment will be paid from a stretch bonus pool funded incrementally from any amount over plan for EBITDA. The percentage of stretch bonus eligible for receipt will be reduced if any portion of the target bonus is not met, such that if a certain quarterly operating goal is not met, both the target and stretch bonus would be affected.

The incentive payment for each of the NEOs is payable after fiscal year-end and after confirmation of achieved operating goals by the Committee. The Committee retains the discretion to modify or adjust operating goals, financial and share price targets, and bonus objectives and targets based on its business judgment.


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