Sample Business Contracts

Employment Agreement - Multimedia Games Inc. and Larry Montogmery

Employment Forms

  • Employment Agreement. Employers can customize an employment agreement that states the salary, benefits, working hours and other important provisions for their new or existing employee.
  • Consulting Agreement. Answer simple questions to build a contract with a consultant. Specify the services rendered, when payment is due, as well as IP rights.
  • Commission Agreement. Employers who compensate their sales employees based on commissions can prepare an agreement to reduce misunderstandings by specifying the base salary and how commissions are calculated.
  • Executive Employment Agreement. Companies may offer their business executives a contract that is different from the one provided to their regular employees. Executive employment agreements may be more complex because the compensation structure may include a combination of salary and commissions, provide for bonuses based on sales, stock or other financial targets, and include non-compete, confidentiality and severance provisions.
  • Sales Representative Contract. Independent sales representatives offer companies the potential to increase the sale of products or services without the burden of increasing headcount. Both parties should understand how commissions are calculated, when commissions will be paid, as well as how the representative will treat confidential information from the company and whether the representative may also sell a competing line of products or services.
  • More Employment Agreements

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August 31, 1998

One (1) Page Telefax to:

Mr. Gordon Graves, Chairman & CEO
Mr. Clifton Lind, President & COO
Multimedia Games, Inc.
8900 Shoal Creek Blvd., Suite 300
Austin, TX  78757

Dear Gordon and Clifton:

         In accordance with our conversation today, this will confirm our mutual

         1.       MGAM will pay $1,000/month rent from January 1998 through
                  December 1999;

         2.       My consulting contract remains unchanged;

         3.       MGAM will grant me an additional 7,500 consulting options at
                  $3.81 with vesting anniversaries based on a 1/8/98 grant date;

         4.       MGAM will pay me a $57,500 bonus in September of which I will
                  apply $52,500 to liquidate my $52,500 note for stock purchased
                  on 10/17/97 and I will secure the remaining liability of
                  $100,195 with a "negative pledge" on my ranch; and

         5.       An additional bonus of $3,000 will be paid before Thanksgiving
                  1998, which will be applied to interest.

         My promissory note to Multimedia Games, Inc. (the "Company") for stock
purchased October 17, 1997 in the amount of $52,500 will be liquidated by
applying $52,500 of a $57,500 bonus to be paid on September 15, 1998. My new
promissory note to the Company in the amount of $100,195 for stock purchased
January 23, 1998 in the amount of $3,880 and on April 15, 1998 in the amount of
$96,315 shall be secured by a negative pledge on my Kansas ranch. The "negative
pledge" is intended to assure the Company that the unencumbered equity in the
ranch (which is assumed to have a fair market value of $400,000 and is currently
encumbered by approximately $60,000 in mortgages) will at all times be at least

         If the foregoing accurately sets forth our mutual understanding, please
so indicate by signing a copy of this letter in the place provided below.


                                              Larry Montgomery

Agreed and Accepted this
31st day of August, 1998
      Gordon Graves, Chairman & CEO