----

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| x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|--------------------------------------------------------------------------------------------|

|  ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|------------------------------------------------------------------------------------------------|

| DELAWARE                                                       |   | 77-0344424                           |
|----------------------------------------------------------------|--------|--------------------------------------|
| (State or Other Jurisdiction of Incorporation or Organization) |   | (I.R.S. Employer Identification No.) |
|                                                           |   |
| 2372-A Qume Drive, San Jose, California                        |   | 95131                                |
| (Address of Principal Executive Offices)                       |   | (Zip Code)                           |

| Title of Each Class |   | Name of Each Exchange on Which Registered |
|---------------------|--------|-------------------------------------------|
| None                |   | N/A                                       |

----

----

|          |                                                                                           | Page   |
|---------------|------------------------------------------------------------------------------------------------|--------|
|          |
| PART III.     |
|          |                                                                                           |   |
| Item 10. | Directors, Executive Officers and Corporate Governance                                         | 1      |
|          |                                                                                           |   |
| Item 11. | Executive Compensation                                                                         | 4      |
|          |                                                                                           |   |
| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 10     |
|          |                                                                                           |   |
| Item 13. | Certain Relationships and Related Transactions, and Director Independence                      | 12     |
|          |                                                                                           |   |
| Item 14. | Principal Accountant Fees and Services                                                         | 13     |
|          |
| PART IV.      |
|          |                                                                                           |   |
| Item 15. | Exhibits and Financial Statement Schedules                                                     | 13     |
|          |                                                                                           |   |
|          | Signatures                                                                                     | 14     |
|          |                                                                                           |   |
|          | Exhibit Index                                                                             | 15     |

----

| Item 10. | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE. |
|---------------|---------------------------------------------------------|

| Name                         |   | Age |   | Position                                        |
|------------------------------|--------|-----|--------|-------------------------------------------------|
| David Tomasello (3)          |   | 37  |   | Chairman of the Board                           |
| Syed Zaidi (3)               |   | 52  |   | Director, President and Chief Executive Officer |
| Joseph Fitzgerald (1) (2)    |   | 60  |   | Director                                        |
| Jorge Granier-Phelps (1) (2) |   | 29  |   | Director                                        |
| Andrew B. Rosengard (1) (2)  |   | 52  |   | Director                                        |

|                                                             |   |   |   |   |
|------------------------------------------------------------------|--------|--------|--------|--------|
| (1)  Member of the Audit Committee                     |
| (2)  Member of the Compensation Committee              |
| (3)  Member of the Nominating and Governance Committee |

----

----

----

| Item 11. | EXECUTIVE COMPENSATION. |
|----------|-------------------------|

| Name and Principal Position                  |   | Year |   | Salary($) |    |   | OptionAwards($) (1) |   |    | Non-EquityIncentive PlanCompensation($) |   | All Other Compensation($) (2) |    | Total($) |
|----------------------------------------------|--------|------|--------|-----------|---------|--------|---------------------|--------|---------|-----------------------------------------|--------|-------------------------------|---------|----------|
| Douglas R. Young (3)                         |   | 2010 |   | $         | 211,150 | (5)    |                | $      | 256,029 |                                    |   | $                             | — |     | $ | 1,815 |   | $ | 468,994 |
| Former President and Chief Executive Officer |   | 2009 |   | $         | 186,101 |   |                | $      | 164,633 |                                    |   | $                             | — |     | $ | 1,719 |   | $ | 352,453 |
| Syed Zaidi (4)                               |   | 2010 |   | $         | 175,884 |   |                | $      | 164,253 |                                    |   | $                             | — |     | $ | 21,540 |   | $ | 361,677 |
| President and Chief Executive Officer        |   | 2009 |   | $         | 178,154 |   |                | $      | 170,178 | (6)                                     |   | $                             | — |     | $ | 17,756 |   | $ | 366,088 |

| (1) | Represents the dollar amount recognized by the Company for financial reporting purposes under FAS 123R as non-cash compensation.                                                            |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Includes premiums paid for health and life insurance, net of premium paid by the Named Executive Officer.                                                                                   |
| (3) | Mr. Young was our President, Chief Executive Officer until his resignation effective January 19, 2010 and he was our Acting Chief Financial Officer from January 2009 until December 2009.  |
| (4) | Mr. Zaidi was our Chief Operating Officer until January 18, 2010.  He became our President and Chief Executive Officer January 19, 2010.                                          |
| (5) | Includes $20,388 in paid out vacation.                                                                                                                                                      |
| (6) | Includes $160,839 for stock options and $9,339 from employee stock purchase plan.                                                                                                                |

----

|          |   | Option Awards                                                          |
|---------------|--------|------------------------------------------------------------------------|
| Name     |   | Number of Securities UnderlyingUnexercised Options (#)Exercisable |   |   | Number of Securities UnderlyingUnexercised Options(#) Unexercisable |   |   | OptionExercisePrice ($) |   | OptionExpirationDate |
| Douglas Young |   |                                                                   | 250,000 |   |   |   | 0 | (1) |   | $ | 0.18 |   | 7/19/2010 |
|          |   |                                                                   | 60,000 |   |   |   | 0 | (1) |   | $ | 1.51 |   | 7/19/2010 |
|          |   |                                                                   | 38,200 |   |   |   | 0 | (1) |   | $ | 2.15 |   | 7/19/2010 |
|          |   |                                                                   | 80,000 |   |   |   | 0 | (1) |   | $ | 2.40 |   | 7/19/2010 |
|          |   |                                                                   | 16,000 |   |   |   | 0 | (1) |   | $ | 4.65 |   | 7/19/2010 |
|          |   |                                                                   | 60,000 |   |   |   | 0 | (1) |   | $ | 4.83 |   | 7/19/2010 |
|          |   |                                                                   | 45,000 |   |   |   | 0 | (1) |   | $ | 6.56 |   | 7/19/2010 |
|          |   |                                                                   | 16,000 |   |   |   | 0 | (1) |   | $ | 21.50 |   | 7/19/2010 |
|          |   |                                                                   |   |   |   |   |   |   |   |   |   |   |   |
| Syed Zaidi    |   |                                                                   | 20,833 |   |   |   | 229,167 | (2) |   | $ | 0.18 |   | 12/2/2014 |
|          |   |                                                                   | 28,750 |   |   |   | 31,250 | (3) |   | $ | 1.51 |   | 2/4/2018 |
|          |   |                                                                   | 23,208 |   |   |   | 0 | (1) |   | $ | 2.05 |   | 5/18/2015 |
|          |   |                                                                   | 21,875 |   |   |   | 8,125 | (4) |   | $ | 4.17 |   | 2/23/2017 |
|          |   |                                                                   | 36,667 |   |   |   | 3,333 | (6) |   | $ | 4.83 |   | 5/10/2012 |
|          |   |                                                                   | 10,000 |   |   |   | 0 | (1) |   | $ | 5.00 |   | 5/30/2010 |
|          |   |                                                                   | 53,958 |   |   |   | 16,042 | (5) |   | $ | 6.56 |   | 12/18/2012 |
|          |   |                                                                   | 20,000 |   |   |   | 0 | (1) |   | $ | 12.90 |   | 11/6/2013 |
|          |   |                                                                   | 14,600 |   |   |   | 0 | (1) |   | $ | 13.95 |   | 9/18/2013 |
|          |   |                                                                   | 20,000 |   |   |   | 0 | (1) |   | $ | 14.85 |   | 5/30/2010 |
|          |   |                                                                   | 20,000 |   |   |   | 0 | (1) |   | $ | 16.00 |   | 5/15/2012 |

| (1)    | These options are fully vested as of January 31, 2010.                                                                                                                                                                                                                                                 |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                   |
| (2)    | These options represent option awards made in fiscal 2010. The options vest at the rate of 1/12th monthly with the initial vesting on January 3, 2010 and continuing monthly thereafter until fully vested on December 3, 2010. The options have a life of 5 years from the date of grant.             |
|   |                                                                                                                                                                                                                                                                                                   |
| (3)    | These options represent option awards made in fiscal 2009. The options vest at the rate 1/48th monthly with the initial vesting on March 4, 2008 and continuing monthly thereafter until fully vested on February 4, 2012. The options have a life of 10 years from the date of grant.                 |
|   |                                                                                                                                                                                                                                                                                                   |
| (4)    | These options represent option awards made in fiscal 2008. The options vest at the rate 1/48th monthly with the initial vesting on March 23 2007 and continuing monthly thereafter until fully vested on February 23, 2011. The options have a life of 10 years from the date of grant.                |
|   |                                                                                                                                                                                                                                                                                                   |
| (5)    | These options represent option awards made in fiscal 2007. The options vest at the rate of 1/48th monthly with the initial vesting on January 18, 2007 and continuing monthly thereafter until fully vested on December 18, 2010. The options have a life of 6 years from the date of grant. |
|   |                                                                                                                                                                                                                                                                                                   |
| (6)    | These options represent option awards made in fiscal 2007. The options vest at the rate of 1/48th monthly with the initial vesting on June 10, 2006 and continuing monthly thereafter until fully vested on May 10, 2010. The options have a life of 6 years from the date of grant.              |

----

----

|    | (i)   | any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing 50% or more of the total voting power represented by the Company’s then outstanding voting securities; or                                                                                                                                                                                                                                  |
|--------------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    | (ii)  | the date of the consummation of a merger or consolidation of the Company with any other corporation that has been approved by the stockholders of the Company, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; or  |
|         | (iii) | the date of the consummation of the sale or disposition by the Company of all or substantially all the Company’s assets.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |

|   | (i)   | the willful failure by Employee to substantially perform Employee’s material duties under this Agreement other than a failure resulting from the Employee’s Disability,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (ii)  | Employee’s conviction of or plea of nolo contendere to the commission of any felony or gross misdemeanor, but only if such event significantly harms the Company’s reputation or business;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   | (iii) | any fraud, misrepresentation or gross misconduct by Employee that is materially injurious to the Company;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   | (iv)  | a material and willful violation by Employee of a federal or state law or regulation applicable to the business of the Company which is materially injurious to the Company, and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   | (v)   | Employee’s willful breach of a material provision of this Agreement. The Company will not terminate Employee’s employment for Cause without first providing Employee with written notice specifically identifying the acts or omissions constituting the grounds for a Cause termination and, with respect to clauses (i), (iii) and (v), a reasonable cure period of not less than thirty (30) business days following such notice. No act or failure to act by Executive will be considered “willful” unless committed without good faith and without a reasonable belief that the act or omission was in the Company’s best interest, as determined by the Company’s Board of Directors. |

----

|         | (i)   | the assignment to Employee of any duties, or the reduction of the Employee’s duties, either of which results in a material diminution of the Employee’s position or responsibilities with the Company in effect immediately prior to such assignment, or the removal of the Employee from such position and responsibilities;   provided, however, that a reduction in position or responsibilities solely by virtue of a Change in Control shall not constitute “Good Reason” unless such reduction results in the removal of Employee from the most senior management position of the Company’s business;  |
|--------------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|         | (ii)  | a reduction of more than ten percent of Employee’s Base Salary in any one year;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|         | (iii) | the relocation of Employee to a facility that is more than twenty-five (25) miles from Employee’s current location;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|    | (iv)  | the failure of the Company to obtain assumption of this Agreement by any successor; and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|    | (v)   | the willful breach by the Company of a material provision of this Agreement. Employee will not resign for Good Reason without first providing the Company with written notice of the acts or omissions constituting the grounds for “Good Reason” and a reasonable cure period of not less than thirty (30) days following the date of such notice.                                                                                                                                                                                                                                                                                      |

|                                                           |   | Without Cause, or For Good Reason, orDue to Death or Disability |    |   | Following Change in Control |   |
|----------------------------------------------------------------|--------|----------------------------------------------------------------------|---------|--------|---------------------------------------|--------|
| UNEARNED COMPENSATION (payment contingent on termination)      |   |                                                                 |    |   |                                  |   |
| Cash Severance                                                 |   | $                                                                    | 120,000 |   |                                  | $      | 240,000 |   |
| Equity                                                         |   |                                                                 |    |   |                                  |   |   |   |
| Acceleration of Vesting of Unexercisable Options (1) |   |                                                                 | — |   |                                  |   | 155,855 |   |
| Total                                                          |   |                                                                 | — |   |                                  |   | — |   |
| Benefits—Health (2)                                 |   |                                                                 | 26,723  |   |                                  |   | 26,723 |   |
| Total                                                          |   | $                                                                    | 146,723 |   |                                  | $      | 422,578 |   |

| (1) | Unexercisable option amounts are based upon option vesting acceleration compensation expense. As of January 31, 2010, the fair market value of the common stock was $0.05 per share. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Health includes health, dental, vision, and life.                                                                                                                                    |   |

----

| Name                    |   | Fees Earned or Paid in Cash ($) (1) |   | Stock Awards ($) |   | Option Awards ($) (2) |    | Non-Equity Incentive Plan Compensation ($) |    | Nonqualified DeferredCompensation Earnings |    | All OtherCompensation ($) |    | Total ($) |
|-------------------------|--------|-----------------------------------------------|--------|----------------------------|--------|---------------------------------|---------|-----------------------------------------------------------|---------|------------------------------------------------------|---------|--------------------------------|---------|----------------|
| Joseph Fitzgerald       |   | —                                       |   | —                    |   | $                               | 2,600   |                                                      | — |                                                 | — |                           | — |           | $ | 2,600 |
| Jorge Granier-Phelps    |   | —                                       |   | —                    |   | $                               | 2,600   |                                                      | — |                                                 | — |                           | — |           | $ | 2,600 |
| Andrew B. Rosengard (3) |   | —                                       |   | —                    |   | $                               | — |                                                      | — |                                                 | — |                           | — |           | $ | — |
| David Tomasello         |   | —                                       |   | —                    |   | $                               | 2,600   |                                                      | — |                                                 | — |                           | — |           | $ | 2,600 |

| (1) | Our non-employee directors do not receive cash fees for their services; however, they are reimbursed for reasonable out of pocket expenses incurred in attending board meetings and other Company events.  No director who is an employee received separate compensation for services rendered as a director.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | This column includes the compensation expense recognized for financial statement reporting purposes for fiscal year 2010 with respect to stock options that vested in fiscal 2010. The expense is based upon a Black-Scholes model amortized over the vesting period of the options. We have described the assumptions made in this valuation in Note 4 of the Notes to Consolidated Financial Statements in the Form 10-K for the year ended January 31, 2010. The total non-cash compensation expense for options granted in fiscal year 2010, without regard to vesting and excluding estimated forfeitures, for Messrs. Fitzgerald, Granier-Phelps, and Tomasello was $18,000, $18,000, and $18,000, respectively. At fiscal year ended January 31, 2010, options to purchase the indicated number of shares outstanding and held by each director were: Mr. Fitzgerald - 150,000; Mr. Granier-Phelps - 150,000; and Mr. Tomasello - 150,000.  |
| (3) | Mr. Rosengard was appointed to the Board of Directors effective February 22, 2010.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |

----

| Item 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS. |
|----------|-------------------------------------------------------------------------------------------------|

| Name and Address(1)Of Beneficial Owner            |   | Common Stock Beneficially Owned |       |   | % ofClass(2) |   |
|---------------------------------------------------|--------|---------------------------------|------------|--------|--------------|--------|
| David Tomasello(3)                                |   |                            | 61,330,736 |   |         |   | 74.28 | % |
| Jorge Granier-Phelps(4)                           |   |                            | 7,058,332  |   |         |   | 10.15 | % |
| Douglas R. Young(5)                               |   |                            | 3,704,326  |   |         |   | 5.53 | % |
| Syed Zaidi(6)                                     |   |                            | 3,644,129  |   |         |   | 5.44 | % |
| Andrew B. Rosengard (8)                           |   |                            | 1,010,415  |   |         |   | 1.56 | % |
| Joseph Fitzgerald (7)                             |   |                            | 66,666     |   |         |   | * |   |
| Officers and Directors as a Group (6 persons) (9) |   |                            | 76,814,604 |   |         |   | 83.85 | % |

| (1)    | Unless otherwise noted, the address of each person is c/o NeoMagic Corporation, 2372-A Qume Drive, San Jose, CA 95131.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| (2)    | Applicable percentages are based on 64,832,354 shares of our Common Stock outstanding on May 19, 2010 and are calculated in accordance with Rule 13d-3 under the Securities Exchange Act of 1934.  Shares of common stock subject to options or warrants currently exercisable or convertible, or exercisable or convertible within 60 days of May 19, 2010 are deemed outstanding for computing the percentage of the person holding such option or warrant but are not deemed outstanding for computing the percentage of any other person.                                                                                               |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| (3)    | The shares of Common Stock are held in the names of Attiva Capital Management, LTD (1,965,957), Bluestone Financial LTD (57,200,002), Commetasa (875,143), Antonio Tomasello (682,253) and David Tomasello (607,381).  Mr. Tomasello has sole voting power with respect to all such shares. Includes 17,333,334 shares issuable to Bluestone Financial LTD and 333,333 shares issuable to Attiva Capital Management, LTD under Class B Warrants exercisable within 60 days after May 19, 2010. Includes 66,666 shares issuable under stock options exercisable within 60 days after May 19, 2010, which are held directly by Mr. Tomasello. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| (4)    | The shares of Common Stock are held in the name of Mediastone LLC, of which Mr. Granier-Phelps is Managing Director. Mr. Granier-Phelps has sole voting power with respect to all such shares.  Includes 2,333,333 shares issuable to Mediastone LLC under Class A Warrants exercisable within 60 days after May 19, 2010.  Includes 2,333,333 shares issuable to Mediastone LLC under Class B Warrants exercisable within 60 days after May 19, 2010.  Includes 58,333 shares issuable under stock options exercisable within 60 days after May 19, 2010, which are held directly by Mr. Granier-Phelps.               |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| (5)    | Includes 565,200 shares issuable under stock options exercisable within 60 days after May 19, 2010.  Includes 783,206 shares issuable under Class A Warrants exercisable within 60 days after May 19, 2010.  Includes 783,206 shares issuable under Class B Warrants exercisable within 60 days after May 19, 2010. Excludes 5,000,000 fully-vest stock option shares issuable under a consultant agreement but not issued as of May 28, 2010.                                                                                                                                                                                    |

----

| (6)    | Includes 587,599 shares issuable under stock options exercisable within 60 days after May 19, 2010.  Includes 761,627 shares issuable under Class A Warrants exercisable within 60 days after May 19, 2010.  Includes 761,627 shares issuable under Class B Warrants exercisable within 60 days after May 19, 2010. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                    |
| (7)    | Includes 66,666 shares issuable under stock options exercisable within 60 days after May 19, 2010.                                                                                                                                                                                                                                      |
|   |                                                                                                                                                                                                                                                                                                                                    |
| (8)    | Includes 10,415 shares issuable under stock options exercisable within 60 days after May 19, 2010.                                                                                                                                                                                                                                      |
|   |                                                                                                                                                                                                                                                                                                                                    |
| (9)    | Includes 26,777,879 shares issuable under stock options and warrants exercisable within 60 days after May 19, 2010.                                                                                                                                                                                                                     |

| Plan Category                                          |   | (A)Number of Shares to be Issued Upon Exercise ofOutstanding Options,Warrants and Rights |      |   | (B)Weighted AverageExercise Price ofOutstanding Options,Warrants and Rights |   |   | (C)Number of Shares Remaining Available for Future IssuanceUnder Equity CompensationPlans (Excluding SharesReflected in Column A) |   |
|--------------------------------------------------------|--------|------------------------------------------------------------------------------------------|-----------|--------|---------------------------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------|--------|
| Equity compensation plans approved by stockholders     |   |                                                                                     | 1,776,208 |   |                                                                                  | $      | 1.36   |                                                                                                                              |   |   | 319,579 | (1) |
| Equity compensation plans not approved by stockholders |   |                                                                                     | 148,921   |   |                                                                                  | $      | 12.38  |                                                                                                                              |   |   | — | (2) |
| Total                                                  |   |                                                                                     | 1,925,129 |   |                                                                                  | $      | 2.17   |                                                                                                                              |   |   | 319,579 |   |

| (1) | Includes 167,880 shares available for future issuance under our 2003 Stock Option Plan, as amended. Also includes 151,699 shares available under our 2006 Employee Stock Purchase Plan.                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Shares available under our 1998 Nonstatutory Stock Option Plan are used for grants to employees other than officers and directors except as provided within the plan. The 1998 Plan expired in June 2008 and no additional shares may be issued from this plan.  For a description of the 1998 Plan, see Note 4 of Notes to Consolidated Financial Statements in Item 8 of Part II of Form 10-K, which information is incorporated by This plan was not previously required to be approved by stockholders. Due to regulatory changes, going forward, all material changes to the plan require stockholder approval. |

----

| Item 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE. |
|----------|----------------------------------------------------------------------------|

----

| Item 14. | PRINCIPAL ACCOUNTING FEES AND SERVICES. |
|----------|-----------------------------------------|

|  (amounts in thousands) |   | January 31, 2010 |   |   | January 25, 2009 |   |
|------------------------------|--------|------------------|--------|--------|------------------|--------|
| Audit fees                   |   | $                | 202    |   |             | $      | 173 |   |

| Item 15. | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES |
|----------|--------------------------------------------|

| (a)(1)-(2)                                             | Financial Statements and Schedules:                                                                                                                                                                                                                                                                                                                                                                                   |
|------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                  |
| (i)                                     | The list of consolidated financial statements and schedules set forth in the accompanying Index to Consolidated Financial Statements and Other Financial Information in Item 8 herein is incorporated herein by reference.  Such consolidated financial statements and schedules are filed as part of this report.                                                                                          |
|                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                  |
| (ii)                                    | All Financial statement schedules are omitted because the required information is not applicable, or because the information required is included in the consolidated financial statements and notes hereto.                                                                                                                                                                                                          |
|                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                  |
|          (3)   | Exhibits                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                                             | The exhibits listed in the index to exhibits immediately following the signature pages are filed or incorporated by reference as a part of this Annual Report on Form 10-K/A or are incorporated by reference to previous filings as indicated by the footnote immediately following the exhibit.  Exhibit numbers, where applicable, in the left column correspond to those of Item 601 of Regulation S-K. |
|                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                  |
|      (b)                                     | Exhibits.                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                                             | See Item 15(a)(3) above.                                                                                                                                                                                                                                                                                                                                                                                         |

----

| NEOMAGIC CORPORATION |                                  |
|----------------------|---------------------------------------|
|                 |                                  |   |
| By:                  | /s/Syed Zaidi                         |   |
|                 | SYED ZAIDI                            |   |
|                 | President and Chief Executive Officer |   |
|                 |                                  |   |
|                 | Date: May 28, 2010                    |   |

| Name                                                             |                     | Title  |                                                                                     | Date   |
|------------------------------------------------------------------|--------------------------|--------|------------------------------------------------------------------------------------------|--------|
|                                                             |                     |   |
|                                                             | /S/ Syed Zaidi           |   | President, Chief Executive Officer and                                                   |   | May 28, 2010 |
|                                                             | Syed Zaidi               |   | Director (Principal Executive Officer)                                                   |   |   |
|                                                             |                     |   |                                                                                     |
|                                                             | /S/ Charlotte A. Willson |   | Director, Finance and Administration                                                     |   | May 28, 2010 |
|                                                             | Charlotte A. Willson     |   | (performing the functions ofPrincipal Financial Officer andPrincipal Accounting Officer) |   |   |
|                                                             |                     |   |                                                                                     |   |   |
|                                                             | David Tomasello*         |   | Chairman of the Board of Directors                                                       |   |   |
|                                                             |                     |   |                                                                                     |   |   |
|                                                             |                     |   |                                                                                     |   |   |
|                                                             |                     |   | Director                                                                                 |   |   |
|                                                             | Joseph Fitzgerald        |   |                                                                                     |   |   |
|                                                             |                     |   |                                                                                     |   |   |
|                                                             | Jorge Granier-Phelps*    |   | Director                                                                                 |   |   |
|                                                             | Andrew B. Rosengard*     |   | Director                                                                                 |   |   |
|                                                             |                     |   |                                                                                     |   |
| *By  /s/ Syed Zaidi                                    |                     |   |                                                                                     |   |
|         Syed Zaidi       |                     |   |                                                                                     |   |
|         Attorney-in-fact |                     |   |                                                                                     |   |
|         May 28, 2010     |                     |   |                                                                                     |   |

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| Number    |   | Description                                                                                                                                                         |
|-----------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1.1(12)   |   | Placement Agency Agreement, dated as of November 30, 2006, between the Company and A.G. Edwards & Sons, Inc.                                               |
| 3.1(5)    |   | Amended and Restated Certificate of Incorporation.                                                                                                                  |
| 3.2(11)   |   | Bylaws, as amended through April 6, 2007.                                                                                                                           |
| 4.2(19)   |   | Amendment to Rights Agreement, dated as of August 20, 2004, between the Company and EquiServe Trust Company, N.A.                                                   |
| 4.3(19)   |   | Amendment No. 3 to Rights Agreement, dated as of April 6, 2007, between the Company and EquiServe Trust Company, N.A.                                               |
| 4.7(19)   |   | Certificate of Designation of Rights, Preferences and Privileges of Series A Participating Preferred Stock.                                                         |
| 4.17(19)  |   | Amendment No. 5 To Preferred Stock Rights Agreement                                                                                                                 |
| 4.9(6)    |   | Registration Rights Agreement dated December 13, 2005 by and between the Company and named Private Investors.                                                       |
| 4.10(6)   |   | Warrant to Registration Rights Agreement dated December 13, 2005.                                                                                                   |
| 4.11(10)  |   | Form of Warrant originally issued December 6, 2006.                                                                                                                 |
| 4.12(12)  |   | Form of Amendment to Warrant, dated July 27, 2007.                                                                                                                  |
| 4.13(16)  |   | Class A Warrant to named Private Investors, dated October 12, 2009                                                                                                  |
| 4.14(16)  |   | Class B Warrant to named Private Investors, dated October 12, 2009                                                                                                  |
| 4.15(16)  |   | Class A (Employee) Warrant to named Private Investors, dated October 12,2009/                                                                                       |
| 4.16(16)  |   | Class B (Employee) Warrant to named Private Investors, dated October 12, 2009.                                                                                      |
| 10.1(1)   |   | Form of Indemnification Agreement entered into by the Company with each of its directors and executive officers.                                                    |
| 10.2(2)   |   | Lease Agreement, dated as of October 9, 1997, between the Company and A&P Family Investments, as landlord for the leased premises located at 3250 Jay Street.   |
| 10.3(1)   |   | Amended and Restated 1993 Stock Plan and related agreements.                                                                                                        |
| 10.4(1)   |   | Lease Agreement, dated as of February 5, 1996, between the Company and A&P Family Investments, as landlord.                                                     |
| 10.6(7)   |   | 1998 Nonstatutory Stock Option Plan amended December 22, 2005.                                                                                                      |
| 10.7(13)  |   | 2003 Stock Option Plan, as amended July 12, 2007.                                                                                                                   |
| 10.8(3)   |   | Amendment No. 1, dated as of February 26, 2002, between the Company and A&P Family Investments, as landlord for the leased premises located at 3250 Jay Street. |
| 10.10(4)  |   | Amended and Restated Patent Licensing Agreement dated March 28, 2005 by and between the Company and The Consortium for Technology Licensing, Ltd.                   |
| 10.11(4)  |   | Patent Purchase Agreement dated April 6, 2005 by and between the Company and Faust Communications, LLC.                                                             |
| 10.13(5)  |   | Patent License Agreement dated September 1, 2005 between the Company and Sony Corporation.                                                                          |
| 10.14(6)  |   | Securities Purchase Agreement dated December 13, 2005 by and between the Company and named Private Investors.                                                       |
| 10.16(8)  |   | Employment Agreement dated May 1, 2006 between NeoMagic Corporation and Douglas R. Young.                                                                           |
| 10.18(13) |   | 2006 Employee Stock Purchase Plan, as amended July 12, 2007.                                                                                                        |
| 10.20(9)  |   | Patent Sale Agreement dated June 22, 2006 by and between NeoMagic Corporation and Samsung Electronics Co. Ltd.                                                      |
| 10.21(10) |   | Form of Subscription Agreement, dated as of November 30, 2006, between the Company and the investor signatories thereto.                                            |

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| Number    |   | Description                                                                                                                                                                          |
|-----------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.22(13) |   | Employment Agreement dated June 7, 2007 between NeoMagic Corporation and Steven P. Berry.                                                                                            |
| 10.25(13) |   | Employment Agreement dated December 5, 2007 between NeoMagic Corporation and Syed Zaidi.                                                                                             |
| 10.26(14) |   | Employment Agreement dated December 5, 2007 between NeoMagic Corporation and Deepraj Puar.                                                                                           |
| 10.27(14) |   | Patent Purchase Agreement with an effective date of January 17, 2008 by and between the Company, NeoMagic Israel Ltd. and Faust Communications Holdings, LLC.                        |
| 10.28(15) |   | Employment Agreement dated June 11, 2008 between NeoMagic Corporation and Pierre-Yves Couteau.                                                                                       |
| 10.29(17) |   | Securities Purchase Agreement dated October 12, 2009 by and between the Company and named Private Investors Private Investors.                                                       |
| 10.30(18) |   | Securities Purchase Agreement dated October 12, 2009 by and between the Company and named Private Investors.                                                                         |
| 10.31(20) |   | Confidential Consulting Agreement, dated December 7,2009                                                                                                                             |
| 23.1*     |   | Consent of Stonefield Josephson, Inc., Independent Registered Public Accounting Firm (Exhibit to Form 10-K filed with the SEC on May 17, 2010, and incorporated herein by reference) |
| 24.1*     |   | Power of Attorney (included on the signature pages hereof)                                                                                                                           |
| 31.1*     |   | Certification of the Chief Executive Officer pursuant to Securities Exchange Act Rules 13a-14 and 15d-14 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.       |
| 31.2*     |   | Certification of the Chief Financial Officer pursuant to Securities Exchange Act Rules 13a-14 and 15d-14 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.       |
| 31.3      |   | Certification of the Chief Executive Officer pursuant to Securities Exchange Act Rules 13a-14 and 15d-14 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.       |
| 31.4      |   | Certification of the Chief Financial Officer pursuant to Securities Exchange Act Rules 13a-14 and 15d-14 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.       |
| 32.1*     |   | Certification of Chief Executive Officer Pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                     |
| 32.2*     |   | Certification Pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                                                |

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| *    | Previously filed with the Form 10-K                                                                                            |
|------|--------------------------------------------------------------------------------------------------------------------------------|
| (1)  | Incorporated by reference to an exhibit to the Company’s registration statement on Form S-1, registration no. 333-20031. |
| (2)  | Incorporated by reference to an exhibit to the Company’s Form 10-Q for the period ended October 26, 1997.           |
| (3)  | Incorporated by reference to an exhibit to the Company’s Form 8-A filed December 23, 2002.                          |
| (4)  | Incorporated by reference to an exhibit to the Company’s Form 8-A/A filed August 23, 2004.                          |
| (5)  | Incorporated by reference to an exhibit to the Company’s Form 10-Q for the quarter ended October 30, 2005.          |
| (6)  | Incorporated by reference to an exhibit to the Company’s Form 8-K filed December 16, 2005.                          |
| (7)  | Incorporated by reference to an exhibit to the Company’s Form 8-K filed January 19, 2006.                           |
| (8)  | Incorporated by reference to an exhibit to the Company’s Form 8-K filed May 4, 2006.                                |
| (9)  | Incorporated by reference to an exhibit to the Company’s Form 10-Q for the quarter ended July 30, 2006.             |
| (10) | Incorporated by reference to an exhibit to the Company’s Form 8-K filed December 1, 2006.                           |
| (11) | Incorporated by reference to an exhibit to the Company’s Form 8-K filed April 12, 2007.                             |
| (12) | Incorporated by reference to an exhibit to the Company’s Schedule TO-I filed June 28, 2007.                         |
| (13) | Incorporated by reference to an exhibit to the Company’s Form 10-Q for the quarter ended July 29, 2007.             |
| (14) | Incorporated by reference to the Company’s Form 10-K for the year ended January 27, 2008.                           |
| (15) | Incorporated by reference to an exhibit to the Company’s Form 10-Q for the quarter ended July 27, 2008.                  |
| (16) | Securities Purchase Agreement dated October 12, 2009 by and between the Company and named Private Investors Private Investors. |
| (17) | Securities Purchase Agreement dated October 12, 2009 by and between the Company and named Private Investors.                   |
| (18) | Incorporated by reference to the Company’s Form 8-K filed October 15, 2009                                               |
| (19) | Incorporated by reference to the Company’s Form 8-K filed October 16, 2009                                               |
| (20) | Incorporated by reference to the Company’s Form 8-K filed December 11, 2009                                              |