Document:

ex10-1.htm

     

    EXHIBIT
10.1

     

    RESIGNATION
ANDSEPARATION AGREEMENT

    

    This
Resignation and Separation Agreement (“Agreement”) is made
by and between Multimedia Games, Inc., a Texas corporation (“Company”), and
Anthony Sanfilippo, who is currently employed by the Company as its President
and Chief Executive Officer (“Executive”).

     

    A.      Executive
has notified the Company he intends to resign his positions in order to accept
the Chief Executive Officer position with Pinnacle Entertainment, Inc.,
effective March 14, 2010 (“Separation
Date”).

     

    B.           Company
and Executive mutually desire that Executive continue his service on the
Company’s Board of Directors.

     

    C.           Company
and Executive mutually desire to make certain modifications to the terms and
conditions of the stock option agreements identified on Exhibit
A, which Executive acknowledges and agrees represent all outstanding
rights held by Executive to purchase equity securities of the Company (the
“Option
Agreements”).

     

    THEREFORE,
in consideration of the promises and mutual agreements hereinafter set forth, it
is agreed by and between the undersigned as follows:

     

    1.           Executive
Resignation.  Executive hereby resigns, effective as of the
Separation Date, all employee positions with the Company and its affiliates,
including without limitation the positions of President and Chief Executive
Officer of Multimedia Games, Inc.  The Company hereby waives
Executive’s thirty-day notice obligation set forth in Section 1.7.2 of his
Executive Employment Agreement dated June 15, 2008, as amended (the “Employment
Agreement”), and the parties agree that the effective date of the
termination of Executive’s employment shall be the Separation Date.

     

    2.           Waiver Obligation to Resign
from Board; Agreement to Nominate to Board:  In consideration
for the agreements reached herein and for other good and valuable consideration,
the Company agrees to waive the obligation of Executive to resign from the
Company’s Board of Directors immediately upon the termination of his employment
for any reason, as set forth in Section 1.2 of the Employment
Agreement.  The Company agrees to maintain Executive’s nomination to
the Board of Directors in connection with the Company’s 2010 Annual Meeting of
Shareholders, as described in the Company’s Proxy Statement dated January 28,
2010, and to cause management’s proxy holders to vote proxies they receive FOR
the election of Executive to the Board of Directors.  If elected to
the Board in connection with the Company’s 2010 Annual Meeting of Shareholders,
Executive shall be entitled to the same compensation arrangements as other
ongoing, non-employee directors of the Company.

     

    3.           Equity
Interests.  Executive acknowledges and agrees that (a)
notwithstanding any provisions to the contrary in the Option Agreements
(including provisions based on continuation of “Service” as defined therein, or
otherwise), any options to purchase shares of common stock of the Company held
by Executive that are not vested as of April 1, 2010, shall expire unexercised
on April 1, 2010, (b) any vested options to purchase shares of common stock of
the Company may be exercised in accordance with terms and conditions of the
applicable Option Agreements, and (c) other than such options, Executive has no
right, title or interest in or to any options or rights to acquire shares of
capital stock of Company, pursuant to any agreement (oral or written) or plan
with Company or otherwise.

     

    4.           Applicable
Law.  The validity, interpretation and performance of this
Agreement shall be construed and interpreted according to the laws of the State
of Texas.

     

    5.           Agreements Remain in Force
Except for Modification.  Except as modified herein, the
agreements between Company and Executive listed on Exhibit
B remain in full force and effect.  It is agreed that there are
no collateral agreements or representations, written or oral, regarding the
terms and conditions of Executive’s separation of employment with Company other
than those set forth in this Agreement. This Agreement may be amended only by a
written instrument executed by all parties hereto.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    THE
PARTIES TO THIS AGREEMENT HAVE READ THE FOREGOING AGREEMENT AND FULLY UNDERSTAND
EACH AND EVERY PROVISION CONTAINED HEREIN.  WHEREFORE, THE PARTIES
HAVE EXECUTED THIS AGREEMENT ON THE DATES SHOWN BELOW.

     

    
      	
              Dated: 
      March 14,
      2010

            	
              /s/ Anthony
      Sanfilippo

            

    

    Anthony
Sanfilippo

    

    

    

    MULTIMEDIA
GAMES, INC.

     

    
      	
              Dated: 
      March 14,
      2010

            	
              /s/ Michael J. Maples,
      Sr.

            

    

    Michael
J. Maples, Sr.

    Chairman

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
A

    

    
      1.  Multimedia
Games, Inc. Stock Option Agreement and related Notice of Grant of Stock Option
dated June 15, 2008, representing a nonstatutory option to purchase 1,300,000
shares of the Company’s common stock at an exercise price of $4.68 per share,
issued under the Company’s 2008 Employment Inducement Award
Plan.

    

    

    2.  Multimedia
Games, Inc. Stock Option Agreement (Immediately Exercisable) and related Notice
of Grant of Stock Option dated September 30, 2009, representing a stock option
to purchase 300,000 shares of the Company’s common stock at an exercise price of
$5.12 per share, issued under the Company’s 2002 Stock Option Plan (19,531
shares representing an incentive stock option; 280,469 shares representing a
non-qualified stock option).

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
B

    

    1.  Executive
Employment Agreement dated June 15, 2008, as amended December 31,
2008

    

    2.  Indemnification
Agreement effective June 15, 2008

    

    3.  The
Option Agreements (as defined, and as identified on Exhibit A
hereto)

    

    4.  Agreement
Regarding Proprietary Developments, Confidential Information, and
Non-Solicitation dated June 15, 2008

    

    5.  Common
Stock Purchase Agreement dated June 15, 2008ex10-2.htm

     

    EXHIBIT
10.2

    

    SECOND AMENDMENT TO
EXECUTIVE EMPLOYMENT AGREEMENT

    

    THIS
SECOND AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT (this “Amendment”) is made and
entered into effective as of the 14th day
of March, 2010, by and between MULTIMEDIA GAMES, INC., a Delaware
corporation (the “Company”), and PATRICK RAMSEY
(the “Executive”).

    

    WHEREAS, the Company and the
Executive entered into that certain Executive Employment Agreement dated
September 14, 2008, and as amended December 31, 2008 (as amended, modified
and supplemented from time to time, the “Employment Agreement”);
and

    

    WHEREAS, the parties desire to
amend the Employment Agreement pursuant to the terms conditions and conditions
contained herein;

    

    NOW, THEREFORE, in
consideration of the premises, the mutual covenants herein contained and for
other good and valuable consideration, the receipt, adequacy and sufficiency of
which are hereby acknowledged, the parties hereto hereby agree as
follows:

    

    
      	
               
      

            	
              1.

            	
              Terms.  Capitalized
      terms used herein and not otherwise defined herein (including, without
      limitation, in the language amendatory to the Employment Agreement) shall
      have the respective meanings given such terms in the Employment
      Agreement.

            

    

    

    
      	
               
      

            	
              2.

            	
              Section
      1.2 entitled “Duties” shall be deleted
      in its entirety and replaced with the following
  paragraph:

            

    

    

    1.2           Duties.  
Executive shall serve as Interim
President and Chief Executive Officer and shall report directly to the Company’s
Board of Directors.  Executive shall have the authority, and perform the
duties customarily associated with the titles and offices together with such
additional duties as may from time to time be assigned by the Board of
Directors.  During the term of Executive’s employment hereunder,
Executive shall devote his full working time and efforts to the performance of
his duties and the furtherance of the interests of the Company and shall not be
otherwise employed or engaged.

    

    
      	
               
      

            	
              3.

            	
              Section
      1.4.1 entitled “Base Salary” shall be
      deleted in its entirety and replaced with the following
      paragraph:

            

    

    

    1.4.1           Base
Salary.  In consideration of the services rendered to the
Company hereunder by Executive and Executive’s covenants hereunder and in the
Company’s Agreement Regarding Proprietary Developments, Confidential Information
and Non-Solicitation attached hereto as Exhibit A (the “Proprietary
Agreement”), during the Employment Term, the Company shall pay Executive
a salary at the annual rate of $375,000.00 (the “Base
Salary”), less statutory and other authorized deductions and
withholdings, payable in accordance with the Company’s regular payroll
practices.  The Board of Directors, or the Compensation Committee
thereof, will review the Base Salary annually.

    

    
      	
               
      

            	
              4.

            	
              Section
      1.4.2 entitled “Bonuses” shall be
      deleted in its entirety and replaced with the following
      paragraph:

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    1.4.2           Bonuses.
Executive shall be entitled to receive annual bonus equal to 100% of Executive’s
then current Base Salary (the “Target
Bonus”) as prorated for the fiscal year based upon achievement of bonus
plan performance targets then in effect as approved by the Board of Directors,
or the Compensation Committee thereof, which bonus may be as much as 200% of
Executive’s then current Base Salary as prorated for the fiscal year for
overachievement against said targets.  Any bonus payment shall be less
statutory and other authorized deductions and withholdings and payable at the
times when other management bonuses are paid; provided, however, that such
Target Bonus shall be paid before the latter of: (i) the 15th day
of the third calendar month following the calendar year that the bonus is
earned; or (ii) the 15th day
of the third calendar month following the end of the fiscal year of the Company
that the bonus is earned.

    

    
      	
               
      

            	
              5.

            	
              Board of
      Directors.  “Board of Directors” shall be substituted for
      “Chief Executive Officer” in Section 1.6 of the Employment Agreement where
      a determination by the Chief Executive Officer was formerly
      required.  The Board of Directors shall now make such
      determinations regarding Executive’s termination.  For avoidance
      of doubt, the Board of Directors, and not the Chief Executive Officer,
      shall have the authority to determine the applicable standards under
      Section 1.6 “Termination.”

            

    

    

    
      	
               
      

            	
              6.

            	
              Ratification.  The
      Employment Agreement, as herein amended, remains in full force and effect
      in accordance with its terms, and the Company and the Executive hereby
      ratify and confirm the same.  The Company and the Executive
      agree that no event of default or default has occurred and is continuing
      under the Employment Agreement, as herein
  amended.

            

    

    

    
      	
               
      

            	
              7.

            	
              Governing
      Law.  This Amendment shall be governed by and interpreted
      in accordance with the laws of the State of
  Texas.

            

    

    

    [THE
REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.]

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    This Second Amendment to Executive
Employment Agreement is executed on the 14th day of March, 2010.

    

    

    “COMPANY”

    

    MULTIMEDIA
GAMES, INC.

    

    

    By   /s/ Neil E.
Jenkins                                          

    NEIL E.
JENKINS

    Chairman,
Compensation Committee

     

     

    “EXECUTIVE”

    

    

    /s/ Patrick J.
Ramsey                                                          

    PATRICK
J. RAMSEY

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