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Dover Downs Gaming & Entertainment 8-K 2009

Documents found in this filing:

  1. 8-K
  2. 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): January 2, 2009

 

Dover Downs Gaming & Entertainment, Inc.

(Exact name of registrant as specified in its charter)

 

Commission File Number 1-16791

 

Delaware

 

51-0414140

(State or other jurisdiction of incorporation)

 

(IRS Employer Identification No.)

 

1131 N. DuPont Highway

 

 

Dover, Delaware

 

19901

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code (302) 674-4600

 

N/A

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)

 

 

 



 

Item 1.01 Entry Into Material Definitive Agreements.

 

At its regularly scheduled meeting held on January 2, 2009, the following resolutions were adopted by the Compensation and Stock Incentive Committee of the Board of Directors of the registrant:

 

“RESOLVED, that there will be no salary changes made for the Executive Officers of the Company for fiscal year 2009.

 

FURTHER RESOLVED, that no bonuses shall be paid to the Executive Officers of the Company for fiscal year ending 2008.

 

FURTHER RESOLVED, that the determination of a discretionary annual incentive for the Executive Vice President for fiscal year ending 2009 will be dependent upon an overall favorable evaluation of the Executive Vice President’s performance and be calculated as two and one-half percent (2 ½%) of the year over year increase in the Company’s pre-tax earnings, as determined by this Committee in its sole discretion, including any adjustments for extraordinary or non-recurring items as the Committee may deem appropriate.

 

FURTHER RESOLVED, that, effective as of January 1, 2009, the salary for the Chief Executive Officer of the Company shall remain $300,000 per annum and the determination of a discretionary annual incentive for fiscal year ending 2009 will be dependent upon an overall favorable evaluation of the Chief Executive Officer’s performance and be calculated as five percent (5%) of the year over year increase in the Company’s pre-tax earnings, as determined by this Committee in its sole discretion, including any adjustments for extraordinary or non-recurring items as the Committee may deem appropriate.

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

Dover Downs Gaming & Entertainment, Inc.

 

 

 

 

 

/s/ Denis McGlynn

 

Denis McGlynn

 

President and Chief Executive Officer

 

Dated: January 5, 2009

 

2


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