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SGMS > SEC Filings for SGMS > Form 8-K on 19-Jun-2014All Recent SEC Filings

Show all filings for SCIENTIFIC GAMES CORP



Entry into a Material Definitive Agreement, Termination of a Material Defin

Item 1.01 Entry Into a Material Definitive Agreement

On June 13, 2014, Scientific Games Corporation (the "Company") entered into a new license agreement with International Game Technology ("IGT"), pursuant to which, on the terms and subject to the conditions set forth in the agreement, IGT granted to the Company and its subsidiaries a license to use certain "ticket-in-ticket-out" ("TITO") cashless gaming technology patented by IGT and others. The new license agreement expires on April 11, 2017 unless terminated earlier as provided therein, and it replaces both the Game Manufacturer Cashless License Agreement between IGT and the Company dated November 12, 2012 and the Game Manufacturer Cashless License Agreement between IGT and WMS Gaming Inc., a wholly owned subsidiary of the Company ("WMS"), dated October 1, 2006, as amended (collectively, the "Previous TITO License Agreements"). A copy of the new license agreement is attached hereto as Exhibit 10.1.

The new license agreement was entered into in connection with a settlement agreement between the Company, WMS and IGT that resolved a number of disputes and proceedings among the Company and its subsidiaries and IGT, including the previously disclosed proceeding in which IGT sought $50 million from WMS for alleged underpayment of royalties under the prior TITO license agreement between the parties. The Company paid $8 million to IGT in connection with the settlement, substantially all of which is included in the Company's previously accrued liabilities.

Item 1.02 Termination of a Material Definitive Agreement

The Previous TITO License Agreements were terminated as of June 13, 2014, as described above in Item 1.01.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

No.                                      Description
10.1         TITO Game Manufacturer License Agreement dated as of June 13, 2014
             between the Company and IGT. Portions of this exhibit have been
             omitted under a request for confidential treatment filed separately
             with the Securities and Exchange Commission.

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