X0202 4 2007-10-01 0 0000896400 MULTIMEDIA GAMES INC MGAM 0001315915 PEARLMAN EMANUEL R 330 MADISON AVENUE SIXTH FLOOR NEW YORK NY 10017 1 0 0 0 0001259272 LIBERATION INVESTMENT GROUP LLC 330 MADISON AVENUE SIXTH FLOOR NEW YORK NY 10017 0 0 0 1 -nothing- 0001216943 LIBERATION INVESTMENTS LP 330 MADISON AVENUE SIXTH FLOOR NEW YORK NY 10017 0 0 0 1 -nothing- 0001315916 Liberation Investments, Ltd. 330 MADISON AVENUE SIXTH FLOOR NEW YORK NY 10017 0 0 0 1 -nothing- Non-Qualified Stock Option 8.545 2007-10-01 4 A 0 10000 0 A 2008-04-01 2017-10-01 Common Stock 10000 10000 D Director option grants are exercisable six months from the date of grant. The underlying shares purchased via an option exercise may be sold at a rate of twenty five percent per year over a four year period commencing on the date of grant. This is a joint filing by the Reporting Persons. Mr. Pearlman is the designated filer. The Reporting Persons may be deemed members of a group holding equity securities of the Issuer. Each Reporting Person disclaims membership in a group, and this filing shall not be deemed an admission that the Reporting Persons constitute a group. Mr. Pearlman is a member of the Issuer's board of directors. As a result thereof and the relationship among the Reporting Persons, each of Liberation Investment Group LLC ("LIGLLC"), Liberation Investments LP ("LILP") and Liberation Investments, Ltd. ("LILtd")may be deemed to be a director of the Issuer for purposes of Section 16. This filing shall not be deemed to be an admission by any such entity that it is a director of the Issuer. Mr. Pearlman directly owns the options granted to him by the Issuer and reported in this Form 4, and LILP, LILtd and LIGLLC may be deemed to beneficially own such options. Each of LILP, LILtd and LIGLLC disclaims beneficial ownership of such options, and this filing shall not be deemed an admission that any of LILP, LILtd or LIGLLC beneficially owns such options owned by Mr. Pearlman, except to the extent of its pecuniary interest. /s/ Emanuel R. Pearlman 2007-10-03 /s/ Emanuel R. Pearlman, Chief Executive Officer (Liberation Investments, L.P., By: Liberation Investment Group LLC. General Partner) 2007-10-03 /s/ Emanuel R. Pearlman, Chief Executive Officer (Liberation Investments Group, LLC) 2007-10-03 /s/ Emanuel R. Pearlman, Director (Liberation Investments, Ltd.) 2007-10-03