MIDWAY GAMES INC
EX-10.75
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<TYPE>EX-10.75
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<FILENAME>a2153230zex-10_75.htm
<DESCRIPTION>EX-10.75
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<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit&nbsp;10.75  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="km1618_form_of_stock_option_agreement_for_employees"> </A>
<A NAME="toc_km1618_1"> </A>
<BR></FONT><FONT SIZE=2><B>FORM OF STOCK OPTION AGREEMENT FOR EMPLOYEES    <BR>    </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>To:</FONT></DT><DD><FONT SIZE=2>&laquo;First
Name&raquo; &laquo;LastName&raquo;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>Re:</FONT></DT><DD><FONT SIZE=2>Non-Qualified
Stock Option<BR>
<U>Midway Games&nbsp;Inc. &laquo;Plan&raquo; Stock Option Plan</U> </FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
letter will evidence the grant to you on &laquo;Date&raquo; (the "Grant Date") by the Compensation Committee of the Board of Directors of Midway Games&nbsp;Inc. (the
"Company") of an option pursuant to the Company's &laquo;Plan&raquo; Stock Option Plan (the "Plan") to purchase up to &laquo;NumberofOptions&raquo;
(&laquo;numberofoptions2&raquo;) shares of the common stock, par value $.01 per share ("Common Stock"), of the Company at a price of &laquo;exerciseprice&raquo; Dollars
($&laquo;exerciseprice2&raquo;) per share (the "Option"). Under applicable provisions of the Internal Revenue Code of 1986, as amended, the Option is treated as a non-qualified
stock option. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Option is issued in accordance with and is subject to and conditioned upon all of the terms and conditions of this Agreement and of the Plan as from time to time
amended, provided, however, that no future amendment or termination of the Plan shall, without your consent, alter or impair any of your rights or obligations under the Plan, all of which are
incorporated by reference in this Agreement as if fully set forth herein. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
used in this Agreement, your primary employer ("Employer"), the Company, its subsidiaries and affiliates are collectively referred to as the "Employer Group". </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
consideration of the granting of this Option, and in addition to the Company's rights under any other similar provisions in the Plan, you agree as follows: </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Non-Competition</I></FONT><FONT SIZE=2>. You shall render faithful and efficient services to your Employer and the Company with such
duties and responsibilities as your Employer shall from time to time prescribe during the term of this Option, and you further agree that during your employment with the Employer Group and for a
period of one (1)&nbsp;year after your voluntary termination of employment or a termination of your employment with the Employer Group for cause, you will not own, manage, control or associate, as
an agent, officer, employee, investor, lender, or otherwise, with any business entity which is in competition with any member of the Employer Group, which includes, without limitation, design,
manufacture or sale of coin-operated video games or the design, publishing or marketing of interactive entertainment software ("Competition"). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Forfeiture of unexercised options if you engage in certain activities</I></FONT><FONT SIZE=2>. If, at any time during the term of this option,
you engage in Competition or any other activity inimical, contrary or harmful to the interests of the Employer Group, including, but not limited to: (i)&nbsp;conduct related to your service for
which either criminal or civil penalties against you may be sought, (ii)&nbsp;violation of any policies of the Employer Group, including, but not limited to, the Company's insider trading policy or
anti-harassment policies, (iii)&nbsp;accepting employment with or serving as a consultant, advisor or in any other capacity to an employer that is in Competition with or acting against
the interests of any member of the Employer Group, including, but not limited to, employing or recruiting any present, former or future employee of any member of the Employer Group,
(iv)&nbsp;disclosing or misusing any confidential information or material concerning any member of the Employer Group or (v)&nbsp;participating in a hostile takeover attempt against the Company,
then this option and all other options of the Company that have been granted to you shall terminate effective the date on which you enter into such activity, unless terminated sooner by operation of
another term or condition of this option or the Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Should
a court of competent jurisdiction deem any of the provisions in this Agreement to be unenforceable in any respect, it is the intention of the parties to this
Agreement that this Agreement be enforced to the greatest extent deemed to be enforceable. </FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
hereby further agree that during your service with any member of the Employer Group and thereafter, you will not disclose, discuss, copy or otherwise use or allow to
be used, in any manner, in competition with or contrary to the interests of any member of the Employer Group, the customer lists, product research, engineering data or other trade secrets of any
member of the Employer Group. Nothing in this Agreement or in the Plan shall confer upon you any right to continue in the service of the Employer or any member of the Employer Group or shall interfere
with or restrict in any way the rights of any member of the Employer Group, which are hereby expressly reserved. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Option Agreement shall be governed by and construed and interpreted in accordance with the substantive laws of the State of Illinois, without giving effect to any
conflicts of law rule or principle that might require the application of the laws of another jurisdiction. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall not be obligated to issue any shares pursuant to this Option if, in the opinion of counsel to the Company, the shares to be so issued are required to be
registered or otherwise qualified under the Securities Act of 1933, as amended, or under any other applicable statute, regulation or ordinance affecting the sale of securities, unless and until such
shares have been so registered or otherwise qualified. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is understood that the Company may establish, from time to time, appropriate procedures to provide for payment or withholding of such income or other taxes as may be
required by law to be paid or withheld in connection with the exercise of this Option. By the execution hereof, you hereby agree to pay to the Company or your Employer all such amounts requested by
the Company to permit the Company to take any tax deduction available to it resulting from the exercise of this Option. You also agree to comply with any procedures established from time to time by
the Company, to ensure that the Company receives prompt notice of the occurrence of any event which may create, or affect the timing or amount of, any obligation to pay or withhold any such taxes or
which may make available to the Company any tax deduction resulting from the occurrence of such event. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Option may be exercised as follows: </FONT></P>

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<TR VALIGN="BOTTOM">
<TH WIDTH="81%" ALIGN="LEFT"><FONT SIZE=1><B>Number of Option Shares Exercisable<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1><B>Date Exercisable</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="81%"><FONT SIZE=2>&laquo;Vesting Schedule&raquo;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;This
option, to the extent not previously exercised, shall expire on the day preceding the tenth anniversary of the Grant Date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;This
Option is to be exercised by delivering to the Company a written notice of exercise in the form attached hereto as <U>Exhibit&nbsp;A</U>,
together with payment as provided in the Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Would
you kindly evidence your acceptance of this Option and your agreement to comply with the provisions of this Agreement and of the Plan by executing the enclosed copy of this
Agreement under the words "ACCEPTED AND AGREED TO" and returning a copy to the Senior Vice President and Secretary of the Company, c/o the Legal Department of Midway Games&nbsp;Inc. </FONT></P>

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<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Very truly yours,<BR>
<BR>
MIDWAY GAMES&nbsp;INC.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="54%"><FONT SIZE=2><BR>
&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> &laquo;Authorized Officer&raquo;</FONT></TD>
</TR>
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<P><FONT SIZE=2>Attachments
</FONT></P>

<P><FONT SIZE=2>ACCEPTED
AND AGREED TO<BR>
this <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> day of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 200<U>&nbsp;&nbsp;</U>.<BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&laquo;FirstName&raquo; &laquo;LastName&raquo; </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><B>EXHIBIT A  </B></FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2>Dated:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></P>

<P><FONT SIZE=2>Senior
Vice President and Secretary<BR>
MIDWAY GAMES&nbsp;INC.<BR>
2704 West Roscoe Street<BR>
Chicago, IL 60618 </FONT></P>

<P><FONT SIZE=2>Ladies
and Gentlemen: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice
is hereby given of my election to purchase <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> shares of common stock, par value $.01 per share, of Midway Games&nbsp;Inc. (the
"Company") at a price of &laquo;exerciseprice&raquo; Dollars ($&laquo;exerciseprice2&raquo;) per share under the provisions of the stock option ("Option") granted to me on
&laquo;Date&raquo; under the terms of the Midway Games&nbsp;Inc. &laquo;Plan&raquo; Stock Option Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
hereby certify that I am in compliance with the forfeiture provisions of the Option Agreement dated as of &laquo;NoticeDate&raquo; between the Company and me (the "Option
Agreement"). I acknowledge that a violation of these provisions will result in the forfeiture of any remaining options I have. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enclosed
is my check made payable to Midway Games&nbsp;Inc. in the amount of $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> in payment of the exercise price of the Option and my check
in the amount of $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> also made payable to Midway Games&nbsp;Inc. in payment of the tax due on exercise of the Option. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following information is supplied for use in issuing and registering the shares purchased: </FONT></P>

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Number of certificates:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="69%"><FONT SIZE=2><BR>
&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
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<TD WIDTH="28%"><FONT SIZE=2><BR>
Denomination of<BR>
each certificate:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="69%"><FONT SIZE=2><BR>
&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
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<TD WIDTH="28%"><FONT SIZE=2><BR>
Full Name:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="69%"><FONT SIZE=2><BR>
&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="28%"><FONT SIZE=2><BR>
Address:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="69%"><FONT SIZE=2><BR>
&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="28%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="69%"><FONT SIZE=2><BR>
&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="28%"><FONT SIZE=2><BR>
Social Security Number:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="69%"><FONT SIZE=2><BR>
&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
</TABLE></DIV>
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<TD WIDTH="40%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="60%"><FONT SIZE=2>Very truly yours,</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="60%"><FONT SIZE=2><BR>
&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> &laquo;FirstName&raquo; &laquo;LastName&raquo;</FONT></TD>
</TR>
</TABLE>
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