International Game Technology PLC 8-K 2009
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 8, 2009
INTERNATIONAL GAME TECHNOLOGY
(Exact name of registrant as specified in its charter)
9295 Prototype Drive, Reno, Nevada 89521
(Address of Principal Executive Office) (Zip Code)
(Registrants telephone number, including area code)
(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:
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02 (b) (e)
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 8, 2009, International Game Technology (IGT) and Stephen W. Morro, IGTs former Chief Operating Officer, entered into a Severance and General Release Agreement, which ceases Mr. Morros employment with IGT.
The agreement provides for:
a lump sum cash payment to Mr. Morro of $600,000 as severance
continued coverage of Mr. Morro under IGTs medical insurance and benefit plans, which will be paid for by IGT for a period of 18 months
termination of vesting for all of Mr. Morros unvested stock options and restricted stock awards
a one-year non-competition covenant, as well as a confidentiality covenant and a non-disparagement covenant
a release of all claims against IGT and its affiliates.
As reported previously in IGTs Current Report on Form 8-K filed on September 2, 2008 (incorporated herein by reference), Mr. Morro resigned as IGTs Chief Operating Officer effective September 27, 2008, and remained with IGT as a non-executive employee.
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.
Date: January 9, 2009