Document:

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                                                                    EXHIBIT 10.1

November 15, 2001

Orrin J. Edidin
c/o WMS Industries Inc.
800 South Northpoint Blvd.
Waukegan, IL 60085

Dear Mr. Edidin:

Reference is made to your employment agreement, dated as of May 8, 2000, as
amended (the "Employment Agreement"), between WMS Industries Inc. (the
"Corporation") and you, and to the employee stock options currently held by you
described on Schedule A attached hereto (the "Existing Options").

This letter reflects our agreement to amend the Employment Agreement and the
Existing Options as set forth below. Capitalized terms used but not defined in
this amendment shall have the definitions given to them in the Employment
Agreement.

In the event of a Change of Control of the Corporation, or if any person or
entity or group of affiliated persons or entities who are not the owners of at
least 15% of the outstanding shares of voting securities of the Corporation on
the date hereof acquires more than 25% of the outstanding shares of the
Corporation's voting securities (each such event being an "Accelerated Vesting
Event"), all unexpired Existing Options owned by Executive on the date of the
Accelerated Vesting Event shall, if unvested, vest fully on the date of the
Accelerated Vesting Event notwithstanding any vesting provisions of such
options. All options hereafter granted to Executive by the Corporation shall
provide for substantially similar accelerated vesting.

In all other respects, the Employment Agreement and the Existing Options are
hereby confirmed and in full force and effect.

Please indicate your agreement to the foregoing by signing this letter in the
space provided below.

Very truly yours,
WMS INDUSTRIES INC.

/s/ BRIAN R. GAMACHE
Brian R. Gamache
President, Chief Executive Officer

                                                     ACCEPTED AND AGREED TO:

                                                     /s/ Orrin J. Edidin
                                                     ---------------------------
                                                     Orrin J. Edidin<PAGE>

                                                                    EXHIBIT 10.2

November 15, 2001

Scott Schweinfurth
c/o WMS Industries Inc.
800 South Northpoint Blvd.
Waukegan, IL 60085

Dear Mr. Schweinfurth:

Reference is made to your employment agreement, dated as of May 19, 2000, as
amended (the "Employment Agreement"), between WMS Industries Inc. (the
"Corporation") and you, and to the employee stock options currently held by you
described on Schedule A attached hereto (the "Existing Options").

This letter reflects our agreement to amend the Employment Agreement and the
Existing Options as set forth below. Capitalized terms used but not defined in
this amendment shall have the definitions given to them in the Employment
Agreement.

In the event of a Change of Control of the Corporation, or if any person or
entity or group of affiliated persons or entities who are not the owners of at
least 15% of the outstanding shares of voting securities of the Corporation on
the date hereof acquires more than 25% of the outstanding shares of the
Corporation's voting securities (each such event being an "Accelerated Vesting
Event"), all unexpired Existing Options owned by Executive on the date of the
Accelerated Vesting Event shall, if unvested, vest fully on the date of the
Accelerated Vesting Event notwithstanding any vesting provisions of such
options. All options hereafter granted to Executive by the Corporation shall
provide for substantially similar accelerated vesting.

In all other respects, the Employment Agreement and the Existing Options are
hereby confirmed and in full force and effect.

Please indicate your agreement to the foregoing by signing this letter in the
space provided below.

Very truly yours, WMS INDUSTRIES INC.

/s/ Orrin J. Edidin
Orrin J. Edidin
Executive Vice President, Secretary,
Chief Operating Officer and General Counsel

                                                     ACCEPTED AND AGREED TO:

                                                     /s/ Scott Schweinfurth
                                                     ---------------------------
                                                     Scott Schweinfurth<PAGE>

                                                                    EXHIBIT 10.3

November 15, 2001

Seamus McGill
c/o WMS Industries Inc.
800 South Northpoint Blvd.
Waukegan, IL 60085

Dear Mr. McGill:

Reference is made to your employment agreement, dated as of February 1, 2001, as
amended (the "Employment Agreement"), between WMS Gaming Inc. (the
"Corporation") and you, and to the employee stock options currently held by you
described on Schedule A attached hereto (the "Existing Options").

This letter reflects our agreement to amend the Employment Agreement and the
Existing Options as set forth below. Capitalized terms used but not defined in
this amendment shall have the definitions given to them in the Employment
Agreement.

In the event of a Change of Control of the Corporation, or if any person or
entity or group of affiliated persons or entities who are not the owners of at
least 15% of the outstanding shares of voting securities of the Corporation on
the date hereof acquires more than 25% of the outstanding shares of the
Corporation's voting securities (each such event being an "Accelerated Vesting
Event"), all unexpired Existing Options owned by Executive on the date of the
Accelerated Vesting Event shall, if unvested, vest fully on the date of the
Accelerated Vesting Event notwithstanding any vesting provisions of such
options. All options hereafter granted to Executive by the Corporation shall
provide for substantially similar accelerated vesting.

In all other respects, the Employment Agreement and the Existing Options are
hereby confirmed and in full force and effect.

Please indicate your agreement to the foregoing by signing this letter in the
space provided below.

Very truly yours,
WMS GAMING INC.

/s/ Orrin J. Edidin
Orrin J. Edidin
Executive Vice President, Secretary,
Chief Operating Officer and General Counsel

                                                     ACCEPTED AND AGREED TO:

                                                     /s/ Seamus McGill
                                                     ---------------------------
                                                     Seamus McGill<PAGE>
                                                                    EXHIBIT 10.1

                      AMENDMENT TO ASSET PURCHASE AGREEMENT

                  Amendment dated as of February 8, 2002 to Asset Purchase
Agreement (the "Asset Purchase Agreement") dated as of November 2, 2000 by and
between INTERNATIONAL CHURCH OF THE FOURSQUARE GOSPEL, a California nonprofit
religious corporation ("SELLER"), and SPANISH BROADCASTING SYSTEM, INC., a
Delaware corporation ("PURCHASER"), as amended by an Addendum to Asset Purchase
Agreement (the "Addendum") dated March 13, 2001 (the Asset Purchase Agreement
together with the Addendum is hereby defined as the "Purchase Agreement.").

                              W I T N E S S E T H:

                  WHEREAS, Seller and Purchaser have entered into the Purchase
Agreement and certain other agreements and wish to amend the Purchase Agreement
as well as those other agreements.

                  NOW, THEREFORE, for and in consideration of the promises and
mutual covenants and agreements herein contained, the parties hereto agree as
follows:

                  1. Capitalized terms used herein but not defined shall have
the meaning set forth in the Purchase Agreement.

                  2. Section 2.05 of the Purchase Agreement is hereby amended to
delete the following language:

                           "Except as specified in paragraph (d) of Attachment 1
                           to the TBA, any payments made pursuant to the TBA
                           will be credited against the Purchase Price. Any and
                           all fees required by said filings shall be paid by
                           Purchaser."

and to add to the end of such Section the following language:

                           "Seller and Purchaser have entered into a TBA, as
                           amended by an Amendment No. 1 dated as of February 8,
                           2002 pursuant to which Purchaser has made certain
                           payments to Seller aggregating $25 million (after
                           giving effect to the payment made pursuant to the
                           Amendment) and is obligated to make additional
                           payments of $15 million on March 12, 2002, $5 million
                           on September 30, 2002 and $15 million on March 12,
                           2003 if the Closing has

<PAGE>

                           not occurred prior to that date. If the Closing
                           occurs in accordance with the terms of this
                           Agreement, all of such payments, to the extent made,
                           will be credited towards the Purchase Price."

                  3. Section 2.06 of the Purchase Agreement is hereby deleted in
its entirety.

                  4. Section 3.01 of the Purchase Agreement as amended is hereby
further amended in its entirety to read as follows:

                           "Section 3.01. CLOSING. Subject to the terms of this
                           Agreement, the sale and purchase of the Assets and
                           the assumption of the Assumed Liabilities
                           contemplated by this Agreement shall take place at a
                           closing of the transactions contemplated hereby (the
                           "CLOSING") to be held at the offices of Kaye Scholer
                           LLP, 1999 Avenue of the Stars, Suite 1600, Los
                           Angeles, California, at such time and date as Seller
                           and Purchaser may mutually agree upon in writing, but
                           in no event later than December 31, 2003 (the day on
                           which the Closing takes place being the "CLOSING
                           DATE")."

                  5. Section 8.01(b) of the Purchase Agreement as amended is
hereby further amended in its entirety to read as follows:

                           "(b) by either Seller or Purchaser if the Closing
                           shall not have occurred by December 31, 2003, unless
                           such failure to close shall be due to a breach of
                           this Agreement by the party seeking to terminate this
                           Agreement pursuant to this clause (b); or"

                  6. Except as specifically amended hereby, the terms and
conditions of the Purchase Agreement shall remain in full force and effect.

                                       2

<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have each caused this
Agreement to be duly executed as of the date first above written by their
respective officers thereunto duly authorized.

                                       "SELLER"
                                       INTERNATIONAL CHURCH OF THE
                                       FOURSQUARE GOSPEL

                                       By: /s/ Paul C. Risser
                                           ---------------------------------
                                           Name:  Paul C. Risser
                                           Title: President

                                       By: /s/ Brent Morgan
                                           ---------------------------------
                                           Name:  Brent Morgan
                                           Title: Treasurer

                                      "PURCHASER"
                                      SPANISH BROADCASTING SYSTEM, INC.

                                       By: /s/ Raul Alarcon, Jr.
                                           ---------------------------------
                                           Raul Alarcon, Jr.
                                           Title: President and Chief
                                                  Executive Officer

                                       By: /s/ Joseph A. Garcia
                                           ---------------------------------
                                           Joseph A. Garcia
                                           Title: Executive Vice President

                                       3

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