Document:

<PAGE>

                                                                  Exhibit 10(kk)

                                 REVOLVING NOTE

$50,000,000.00                                          Dated as of May 21, 2003
                                                               Due: May 21, 2004

     On or before May 21, 2004 (the "Maturity Date"), WMS INDUSTRIES INC., a
Delaware corporation ("Maker"), for value received, promises to pay to the order
of LASALLE BANK NATIONAL ASSOCIATION, a national banking association
(collectively, together with any holder hereof, "Bank"), at the main office of
Bank located at 135 South LaSalle Street, Chicago, Illinois 60603, the principal
sum of FIFTY MILLION AND 00/100 DOLLARS ($50,000,000.00) or, if less, the
aggregate unpaid principal amount of all Loans (hereinafter defined) by Bank to
Maker and evidenced hereby.

1.   Definitions. Capitalized terms used herein, unless otherwise defined
herein, shall have the following meanings:

          "Adjusted LIBOR" shall mean, at any time the ratio of Maker's Debt to
its EBITDA is equal to the amount set forth in the first column below, the
percentage set forth adjacent thereto in the second column below a per annum
rate equal to LIBOR plus the Applicable Margin.

          "Applicable Margin" shall mean, at any time the ratio of Maker's Debt
to its EBITDA is equal to the amount set forth in the first column below, the
percentage set forth adjacent thereto in the second column below:

               Debt/EBITDA                                   Applicable Margin
               -----------                                   -----------------

               greater than or equal to 1.5:1.0              1.75%
               greater than 1.0:1.0 but less than 1.5:1.0    1.50%
               less than or equal to 1.0:1.0                 1.25%

The ratio of Maker's Debt to its EBITDA shall be determined quarterly, on a
trailing 12-month basis, upon Bank's receipt of Maker's most recent quarterly
financial statements, and shall, for the purpose of determining the Applicable
Margin, be applied prospectively.

          "Assumed Exposure" means an amount equal to 8% times the aggregate
face amount of all FX Transactions, such percentage subject to change by Bank
in its sole discretion upon three days prior notice to Maker.

          "Bank" has the meaning set forth in the first paragraph hereof.

          "Business Day" shall mean any day other than a Saturday, Sunday or a
legal holiday on which banks are authorized or required to be closed for the
conduct of commercial banking business in Chicago, Illinois.

          "Debt" shall mean, at any time, (a) all capital lease obligations (as
defined in accordance with GAAP) of Maker, (b) all other debt, secured or
unsecured, created, issued, incurred or assumed by Maker for money borrowed or
for the deferred purchase price of any fixed or capital asset, (c) indebtedness
secured by any lien existing on property owned by Maker whether or not the
indebtedness secured thereby has been assumed, and (d) all obligations of Maker
with respect to letters of credit,

<PAGE>

banker acceptances and other extensions of credit whether or not representing
obligations for borrowed money.

          "Default Rate" shall mean the Prime Rate plus two percent (2%).

          "EBITDA" shall mean, for any period, the sum of the following: (a)
Maker's Net Income for such period, plus (b) Interest Charges, plus (c) any
provision for income taxes (excluding income tax credits), plus (d)
depreciation and amortization expenses for such period, plus (e) all other
non-cash charges, minus (f) that portion of Net Income arising out of the sale
of assets outside of the ordinary course of business (to the extent not
previously excluded under clause (a) of this definition), in each case to the
extent included in determining Net Income for such period.

          "FX Obligations" shall mean, at any time, an amount equal to the
aggregate face amounts of all FX Transactions times the Assumed Exposure minus
the sum of (i) the amount of any reductions in the original face amount of FX
Transactions, (ii) the amount of any payments made by Bank pursuant to FX
Transactions for which Maker has reimbursed Bank, and (iii) the amount of any
payments made by Bank pursuant to FX Transactions which have been converted to
one or more Prime Loans.

          "FX Transactions" shall mean all foreign exchange transactions between
Maker and Bank including, without limitation, options, forward contracts and
spot contracts.

          "FX/LC Sublimit" shall mean $2,000,000.

          "GAAP" shall mean generally accepted accounting principles, using the
accrual basis of accounting and consistently applied.

          "Interest Charges" shall mean, for any period, the sum of (a) all
interest, charges and related expenses payable with respect to that fiscal
period to a lender in connection with borrowed money or the deferred purchase
price of assets that are treated as interest in accordance with GAAP, plus (b)
the portion of rent payable with respect to that fiscal period under capital
leases that should be treated as interest in accordance with GAAP.

          "Interest Period" shall mean, with regard to any LIBOR Loan,
successive one, two, three or six month periods as selected from time to time
by Maker by notice given to Bank not less than two Business Days prior to the
first day of each respective Interest Period; provided that: (i) each such
Interest Period occurring after the initial Interest Period of any LIBOR Loan
shall commence on the day on which the preceding Interest Period for such LIBOR
Loan expires, (ii) whenever the last day of any Interest Period would otherwise
occur on a day other than a Business Day, the last day of such Interest Period
shall be extended to occur on the next succeeding Business Day, provided that,
if such extension would cause the last day of such Interest Period to occur in
the next following calendar month, then the last day of such Interest Period
shall occur on the immediately preceding Business Day; (iii) whenever the first
day of any Interest Period occurs on a day of an initial calendar month for
which there is no numerically corresponding day in the calendar month that
succeeds such initial calendar month by the number of months equal to the
number of months in such Interest Period, such Interest Period shall end on the
last Business Day of such succeeding calendar month; (iv) the final Interest
Period shall be such that its expiration occurs on or before the Maturity Date,
and (v) if for any reason Maker shall fail to select timely a period, then it
shall be deemed to have selected a one-month period; provided, however, that if
any Interest Period expires less than one month before the Maturity Date, then,
for the period

<PAGE>

commencing on the expiration date of such Interest Period and ending on the
Maturity Date, such LIBOR Loan shall automatically convert to a Prime Loan.

          "Letter of Credit(s)" shall mean, individually and collectively, such
letters of credit issued by Bank, in its sole discretion, upon the execution
and delivery by Maker and the acceptance by Bank of a Master Letter of Credit
Agreement in Bank's standard form and an application for Letter of Credit, as
more particularly set forth herein.

          "Letter of Credit Obligations" shall mean, at any time, an amount
equal to the aggregate of the original face amounts of all Letters of Credit
minus the sum of (i) the amount of any reductions in the original face amount
of any Letter of Credit which did not result from a draw thereunder, (ii) the
amount of any payments made by the Bank with respect to any draws made under a
Letter of Credit for which the Maker has reimbursed the Bank, (iii) the amount
of any payments made by the Bank with respect to any draws made under a Letter
of Credit which have been converted to a Revolving Loan as set forth herein,
and (iv) the portion of any issued but expired Letter of Credit which has not
been drawn by the beneficiary thereunder. For purposes of determining the
outstanding Letter of Credit Obligations at any time, the Bank's acceptance of
a draft drawn on the Bank pursuant to a Letter of Credit shall constitute a
draw on the applicable Letter of Credit at the time of such acceptance.

          "LIBOR" shall mean the rate of interest at which United States
dollar deposits in an amount comparable to the amount of the relevant LIBOR
Loan and for a period equal to the relevant Interest Period are offered
generally to Bank (rounded upward if necessary, to the nearest 1/16 of 1.00%)
in the London Interbank Eurodollar market at 11:00 a.m. (London time) two
Business Days prior to the commencement of each Interest Period, or as LIBOR is
otherwise determined by Bank in its sole and absolute discretion, such rate to
remain fixed for such Interest Period. Bank's determination of LIBOR as
provided herein shall be conclusive, absent manifest error.

          "LIBOR Loan(s)" shall mean, individually and collectively, each
portion of the outstanding principal amount hereof that bears interest at
Adjusted LIBOR.

          "LOAN(S)" SHALL MEAN, INDIVIDUALLY AND COLLECTIVELY, THE PRIME LOANS,
THE LIBOR LOANS, THE LETTER OF CREDIT OBLIGATIONS AND THE FX OBLIGATIONS. UNDER
NO CIRCUMSTANCES SHALL THE AGGREGATE OUTSTANDING AMOUNT OF LOANS EXCEED
$50,000,000.

          "Maker" has the meaning set forth in the first paragraph hereof.

          "Maturity Date" has the meaning set forth in the first paragraph
hereof.

          "MDDR" shall mean the aggregate amount of the maximum daily delivery
risk of all FX Transactions.

          "MDDR Sublimit" shall mean $1,000,000.

          "Net Income" shall be defined in accordance with GAAP.

          "Obligations" shall mean any amount payable on this Note or on any
other liability or obligation of Maker to Bank, howsoever created, arising or
evidenced, and howsoever owned, held or acquired, whether now or hereafter
existing, whether now due or to become due, whether direct or indirect, or
absolute or contingent, and whether several, joint or joint and several.

<PAGE>

          "Prime Loan(s)" shall mean, individually and collectively, each
portion of the outstanding principal amount hereof that bears interest at the
Prime Rate.

          "Prime Rate" shall mean the rate which, at any time and from time to
time, shall be the rate of interest then most recently announced by Bank as its
prime rate which is not intended to be Bank's lowest or most favorable rate of
interest at any one time. The effective date of any change in the Prime Rate
shall for purposes hereof be the date the rate is changed by Bank. Bank shall
not be obligated to give notice of any change in the Prime Rate.

2.   Interest Rates. Subject to the terms and provisions of this Note, the
principal amount of each advance outstanding hereunder shall bear interest, at
Maker's option from time to time at (i) the "Prime Rate", or (ii) "Adjusted
LIBOR" (as such terms are hereinafter defined). From and after the date of any
default and the expiration of any applicable cure period, interest on funds
outstanding hereunder shall accrue at the Default Rate. All interest and fees,
if any, payable hereunder shall be computed for the actual number of days
elapsed on the basis of a year consisting of three hundred sixty (360) days. The
Bank is authorized to rely on the oral or written loan requests, including
telecopy or telegraphic loan requests, which Bank believes in its good faith
judgment to emanate from a properly authorized representative of Maker, whether
or not that is in fact the case.

3.   Prime Loans. A request by Maker for a Prime Loan must be received not later
than 11:00 a.m. Chicago, Illinois time, on the day such Prime Loan is to be
advanced by Bank or shall begin to bear interest at the Prime Rate. Interest on
the unpaid principal balance of Prime Loans shall be payable, in arrears,
beginning on June 1, 2003 and continuing on the first day of each month
thereafter, and on the Maturity Date. Prime Loans may be prepaid in whole or in
part, together with all accrued interest thereon to the date of such prepayment,
at any time without premium or penalty.

4.   LIBOR Loans. Each LIBOR Loan must be in the minimum amount of $500,000.00
or an integral multiple thereof. A request by Maker for a LIBOR Loan must be
received by Bank no later than 11:00 a.m. Chicago, Illinois time, two Business
Days before the Business Day on which such LIBOR Loan is to be funded. Interest
on the unpaid principal balance of each LIBOR Loan shall be payable on (i) the
last Business Day of the relevant Interest Period for each such LIBOR Loan,
commencing on the first such date to occur after the date hereof (and, in the
case of a LIBOR Loan having an Interest Period of six months, on the last day of
the third month of such Interest Period), (ii) the date of any principal
repayment of the amount paid, (iii) at maturity of the Note, and (iv) after
maturity (whether by acceleration or otherwise) on demand from Bank.

5.   Provisions Relating to LIBOR Loans.

     (a)   The principal balance of any LIBOR Loan may be prepaid in whole or
in part at any time, provided that, if, for any reason, any LIBOR Loan is paid
prior to the last Business Day of its then-current Interest Period, Maker
agrees to indemnify Bank against any loss (including any loss on redeployment
of the funds repaid), cost or expense incurred by Bank as a result of such
prepayment.

     (b)   If Bank determines in good faith (which determination shall be
conclusive, absent manifest error) prior to the commencement of any Interest
Period that (i) United States dollar deposits of sufficient amount and maturity
for funding any LIBOR Loan are not available to Bank in the London Interbank
Eurodollar market in the ordinary course of business, or (ii) by reason of
circumstances affecting the London Interbank Eurodollar market, adequate and
fair means do not exist for ascertaining the rate of interest to be applicable
to the relevant LIBOR Loan, Bank shall promptly notify Maker thereof and, so
long as the foregoing conditions continue, advances under the Note may not be
advanced

<PAGE>
as a LIBOR Loan thereafter. In addition, at Maker's option, each existing LIBOR
Loan shall be immediately (y) converted to a Prime Loan on the last Business
Day of the then existing Interest Period, or (z) due and payable on the last
Business Day on the then existing Interest Period, without further demand,
presentment, protest or notice of any kind, all of which are hereby waived by
Maker.

     (c)  If after the date hereof, the introduction of, or any change in any
applicable law, treaty, rule, regulation or guideline or in the interpretation
or administration thereof by any governmental authority or any central bank or
other fiscal, monetary or other authority having jurisdiction over Bank or in
lending office (a "Regulatory Change") shall, in the reasonable determination of
Bank, make it unlawful for Bank to make or maintain the LIBOR Loans, then
Bank shall promptly notify Maker and advances under the Note may not be advanced
as a LIBOR Loan thereafter. In addition, at Maker's option, each existing LIBOR
Loan shall be immediately (i) converted to a Prime Loan on the last Business Day
of the then existing Interest Period or on such earlier date as required by law,
or (ii) due and payable on the last Business Day of the then existing Interest
Period or on such earlier date as required by law, all without further demand,
presentment, protest or notice of any kind, all of which are hereby waived by
Maker.

     (d)  If any Regulatory Change (whether or not having the force of law)
shall (A) impose, modify or deem applicable any assessment, reserve, special
deposit or similar requirement against assets held by, or deposits in or for the
account of or loans by, or any other acquisition of funds or disbursements by,
Bank; (B) subject Bank or any LIBOR Loan to any tax, duty, charge, stamp tax or
fee or change the basis of taxation of payments to Bank of principal or interest
due from Maker to Bank hereunder (other than a change in the taxation of the
overall net income of Bank); or (C) impose on Bank any other condition regarding
such LIBOR Loan or Bank's funding thereof, and Bank shall reasonably determine
(which reasonable determination shall be conclusive, absent manifest error) that
the result of the foregoing is to increase the cost to Bank of making or
maintaining such LIBOR Loan or to reduce the amount of principal or interest
received by Bank hereunder, the Maker shall (i) pay to Bank, on demand, such
additional amounts as Bank shall, from time to time, determine are sufficient to
compensate and indemnify Bank for such increased cost or reduced amount, or (ii)
convert each LIBOR Loan to a Prime Loan, provided that Maker shall remain liable
for such additional amounts incurred by Bank prior to conversion to a Prime Loan
and such conversion shall be treated as a prepayment of a LIBOR Loan if it
occurs prior to expiration of the applicable Interest Period.

6.    Letters of Credit.

      (a)  Upon the execution and delivery by Maker and the acceptance by Bank,
in its sole and absolute discretion, of Bank's standard Master Letter of Credit
Agreement and application(s) therefor, Bank agrees to issue for the account of
Maker, such Letters of Credit in the standard form of Bank and otherwise in form
and substance acceptable to Bank, from time to time during the term of this
Note, provided that the Letter of Credit Obligations plus the FX Obligations may
not at any time exceed the FX/LC Sublimit and provided, further, that no Letter
of Credit shall have an expiration date later than May 21, 2005. The amount of
any payments made by Bank with respect to draws made by a beneficiary under a
Letter of Credit for which Maker has failed to reimburse Bank upon the earlier
of (i)

      Bank's demand for repayment, or (ii) five (5) days from the date of such
payment to such beneficiary by Bank, shall be deemed to have been converted to a
Prime Loan as of the date such payment was made by Bank to such beneficiary.
Upon the occurrence of a default and at the option of Bank, all Letter of Credit
Obligations shall be converted to Prime Loans, all without demand, presentment,
protest or notice of any kind, all of which are hereby waived by Maker.

<PAGE>
     (b) Maker shall pay to Bank (i) a fee of. 75% in connection with the
issuance of each standby Letter of Credit. All Letters of Credit shall bear the
Bank's usual and customary fees contained in Bank's standard letter of credit
fee schedule.

7. FX Transactions.

     (a) Upon the execution and delivery by Maker and the acceptance by Bank,
in its sole and absolute discretion, of Bank's standard documentation therefor
("FX Documents"), Bank agrees to engage in FX Transactions for the account of
Maker, from time to time during the term of this Note, provided that (i) the
FX Obligations plus the Letter of Credit Obligations may not at any time exceed
the FX/LC Sublimit, (ii) the MDDR may not exceed the MDDR Sublimit, and (iii) no
FX Transaction shall have an expiration date later than the Maturity Date. The
amount of any payments made by Bank with respect to FX Transactions for which
Maker has failed to reimburse Bank in accordance with the FX Documents shall be
deemed to have been converted to a Prime Loan as of the date such payment was
made by Bank. Upon the occurrence of a default and at the option of Bank, the
FX Obligations shall be converted to Prime Loans, all without demand,
presentment, protest or notice of any kind, all of which are hereby waived by
Maker.

     (b) Maker shall pay to Bank Bank's usual and customary fees in connection
with FX Transactions.

8. Collection of Funds. Principal payments submitted in funds not available
until collected shall continue to bear interest until collected. If payment
hereunder becomes due and payable on a Saturday, Sunday or legal holiday under
the laws of the United States or the State of Illinois, the due date thereof
shall be extended to the next succeeding Business Day, and interest shall be
payable thereon at the rate specified during such extension.

9. Evidence of the Obligations. This Note is executed pursuant to a revolving
line of credit under which Maker is indebted to Bank and evidences the
aggregate unpaid principal amount of all advances made or to be made by Bank to
Maker under the Note. All advances, credit accommodations and repayments
hereunder shall be evidenced by entries on the books and records of Bank which
shall be presumptive evidence of the principal amount and interest owing and
unpaid on this Note, or any renewal or extension hereof. The failure to so
record any such amount or any error so recording any such amount shall not,
however, limit or otherwise affect the obligations of Maker hereunder or under
any other documents or instrument to repay the principal amount of the
Obligations together with all interest and fees accruing thereon.

10. Authorized Persons. Loans under this Note may be made by Bank upon oral or
written request of any person which Bank in its good faith judgment believes to
be a properly authorized representative of Maker, whether or not that is in fact
the case. Any such Loans shall be conclusively presumed to have been made by
Bank to or for the benefit of Maker. Maker does hereby irrevocably confirm,
ratify and approve all such advances by Bank and does hereby indemnify Bank
against losses and expenses (including court costs, attorneys' and paralegals'
fees) and shall hold Bank harmless with respect thereto.

11. Closing Fee. In addition to the other fees described herein, Maker agrees
to pay to Bank as of the date first above written a closing fee equal to
$90,000.

12. Use of Proceeds. Neither Maker nor any affiliate of Maker, shall use any
portion of the proceeds of the Note, either directly or indirectly, for the
purpose of purchasing any securities underwritten or privately placed by ABN
AMRO Incorporated, an affiliate of Bank.
<PAGE>
13. Covenants. Until all of the Obligations of Maker to Bank hereunder shall
have been paid in full, Maker shall:

     (a) maintain at all times tangible net worth (as defined in accordance with
     GAAP) of at least $180,000,000;

     (b) maintain as of the last day of each of its fiscal quarters on a
     trailing 12-month basis;

         (i) a ratio of Maker's Debt to its EBITDA which shall not exceed
         2.0:1.0; and

         (ii) a ratio of (i) the sum of Maker's EBITDA plus the aggregate
         amount of payments required to be made by Maker in respect of capital
         leases and similar arrangements minus capital expenditures minus
         distributions made to shareholders, for any period to (ii) the sum of
         Interest Charges plus the aggregate amount of principal payments for
         Debt plus the aggregate amount of payments for capital leases and
         similar arrangements during such period of at least 1.5:1.0;

     (c) not acquire all or substantially all of the assets or business of any
     other person or division thereof, or all or substantially all of the voting
     stock of a person unless (i) the business of the person or division whose
     stock or assets is acquired is substantially the same as or substantially
     associated with the business of Maker as of the date hereof; (ii) the board
     of directors or other governing body of the person or division whose stock
     or assets is acquired has approved the terms of such acquisition, and (iii)
     no default hereunder or under any of the Obligations shall exist after
     giving effect to such acquisition, and Maker can demonstrate that, on a pro
     forma basis after giving effect to such acquisition, no default shall exist
     hereunder or under any of the Obligations;

     (d) not, directly or indirectly, create, assume, incur or suffer or permit
     to exist any lien or charge of any kind or character upon any asset of
     Maker, whether owned at the date hereof or hereafter acquired except:

         (i) liens for taxes, assessments or other governmental charges not yet
         due or which are being contested in good faith by appropriate
         proceedings in such a manner as not to make the property forfeitable;

         (ii) liens or charges incidental to the conduct of its business or the
         ownership of its property and assets which were not incurred in
         connection with the borrowing of money or the obtaining of an advance
         or credit, and which do not in the aggregate materially detract from
         the value of its property or assets or materially impair the use
         thereof in the operation of its business;

         (iii) liens arising out of judgments or awards against Maker with
         respect to which it shall concurrently therewith be prosecuting a
         timely appeal or proceeding for review and with respect to which it
         shall have secured a stay of execution pending such appeal or
         proceedings for review;

         (iv) pledges or deposits to secure obligations under worker's
         compensation laws or similar legislation;

<PAGE>
         (v) deposits to secure public or statutory obligations of Maker;

         (vi) Liens existing on the date hereof and disclosed on Maker's latest
         financial statements;

         (vii) Liens from time to time granted to Bank; and

         (viii) non-consensual liens arising in the ordinary course of business
         which do not have a material adverse effect on Maker or its business
         operations;

14. Default. Maker, without notice or demand of any kind except where indicated
below, shall be in default hereunder if:

     (a) any of the Obligations is not paid when due; or

     (b) Maker shall otherwise fail to perform any of the promises to be
     performed by Maker hereunder or under any other agreement with Bank,
     provided that, if such failure is capable of cure and Maker commences a
     cure within thirty days of Maker's actual knowledge of such failure, such
     failure shall not constitute a default hereunder; or

     (c) Maker shall make any assignment for the benefit of creditors, or there
     shall be commenced against Maker any bankruptcy, receivership, insolvency,
     reorganization, dissolution or liquidation proceedings which, third party
     initiated proceedings are not dismissed within sixty (60) days after
     filing, or

     (d) the entry of any judgment, levy, attachment, garnishment or other
     process, or the filing of any lien against Maker, the payment or discharge
     of which would have a material adverse effect on Maker; or

     (e) any warranty, representation, certificate or statement of Maker to Bank
     is untrue; or

     (f) failure or Maker after written request by Bank to furnish financial
     information or to permit inspection by Bank of Maker's books and records
     within ten (10) Business Days of request.

     Whenever Maker shall be in default as aforesaid and any applicable cure
period has expired, without demand or notice of any kind, the entire unpaid
amount of all Obligations shall become immediately due and payable, and Bank may
exercise, from time to time, any and all rights and remedies available to it
under the Uniform Commercial Code of Illinois in effect in the State of Illinois
from time to time, or otherwise available to it, including those available under
any written instrument (in addition to this Note) relating to any of the
Obligations or any security therefor, and may, without demand or notice of any
kind, appropriate and apply toward the payment of such of the Obligations,
whether matured or unmatured, including costs of collection and attorneys' and
paralegals' fees, and in such order of application as Bank may, from time to
time, elect, any balances, credits, deposits, accounts or moneys of Maker in
possession, control or custody of, or in transit to Bank.

15. Miscellaneous.

     (a) MAKER WAIVES THE BENEFIT OF ANY LAW THAT WOULD OTHERWISE RESTRICT OR
LIMIT BANK IN THE EXERCISE OF ITS RIGHT, WHICH IS HEREBY ACKNOWLEDGED, TO
APPROPRIATE WITHOUT NOTICE AND REGARDLESS OF THE
<PAGE>
COLLATERAL, AT ANY TIME AFTER DEFAULT AND EXPIRATION OF ANY APPLICABLE CURE
PERIOD, ANY INDEBTEDNESS MATURED OR UNMATURED, OWING FROM BANK TO MAKER. BANK
MAY, FROM TIME TO TIME, WITHOUT DEMAND OR NOTICE OF ANY KIND, APPROPRIATE AND
APPLY TOWARD THE PAYMENT OF SUCH OF THE OBLIGATIONS, AND IN SUCH ORDER OF
APPLICATION, AS BANK MAY, FROM TIME TO TIME, ELECT ANY AND ALL SUCH BALANCES,
CREDITS, DEPOSITS, ACCOUNTS, MONEYS, CASH EQUIVALENTS AND OTHER ASSETS, OF OR
IN THE NAME OF MAKER THEN OR THEREAFTER WITH BANK.

     (b) BANK AND MAKER, AND EACH ONE OF THEM, KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY WAIVE IRREVOCABLY, THE RIGHT EITHER OR ANY MAY HAVE TO TRIAL BY
JURY WITH RESPECT TO ANY LEGAL PROCEEDING BASED HEREON, OR ARISING OUT OF, UNDER
OR IN CONNECTION WITH THIS NOTE OR ANY OF THE OTHER OBLIGATIONS OR ANY
AGREEMENT, EXECUTED OR CONTEMPLATED TO BE EXECUTED IN CONJUNCTION HEREWITH OR
ANY COURSE OF CONDUCT OR COURSE OF DEALING, IN WHICH BANK AND MAKER, OR ANY ONE
OF THEM, ARE ADVERSE PARTIES. THIS PROVISION IS A MATERIAL INDUCEMENT FOR BANK
GRANTING ANY FINANCIAL ACCOMMODATION TO MAKER.

     (c) Except as otherwise set forth herein, Maker waives any and all
presentment, demand, notice of dishonor, protest, and all other notices and
demands in connection with the enforcement of Bank's rights hereunder. No
default shall be waived by Bank except in writing. No delay on the part of Bank
in the exercise of any right or remedy shall operate as a waiver thereof, and no
single or partial exercise by Bank of any right or remedy shall preclude other
or further exercise thereof, or the exercise of any other right or remedy. This
Note: (i) is valid, binding and enforceable in accordance with its provisions,
and no conditions exist to the legal effectiveness of this Note; (ii) contains
the entire agreement between Maker and Bank; (iii) is the final expression of
their intentions; and (iv) supersedes all negotiations, representations,
warranties, commitments, offers, contracts (of any kind or nature, whether oral
or written) prior to or contemporaneous with the execution hereof. No prior or
contemporaneous representations, warranties, understandings, offers or
agreements of any kind or nature, whether oral or written, have been made by
Bank or relied upon by Maker in connection with the execution hereof. No
modification, discharge, termination or waiver of any of the provisions hereof
shall be binding upon Bank, except as expressly set forth in a writing duly
signed and delivered on behalf of Bank.

     (d) The non-prevailing party agrees to pay all costs, legal expenses,
attorneys' fees and paralegals' fees of every kind, paid or incurred by the
prevailing party in enforcing its rights hereunder, including, but not limited
to, litigation or proceedings initiated under the United States Bankruptcy Code,
or in respect to any other of the Obligations or in defending against any
defense, cause of action, counterclaim, setoff or crossclaim based on any act of
commission or omission by Bank with respect to this Note or any other of the
Obligations promptly on demand of Bank or other person paying or incurring the
same.

     (e) TO INDUCE BANK TO MAKE THE LOAN EVIDENCED BY THIS NOTE, MAKER
IRREVOCABLY AGREES THAT, ALL ACTIONS ARISING DIRECTLY OR INDIRECTLY AS A RESULT
OR IN CONSEQUENCE OF THIS NOTE OR ANY OTHER AGREEMENT WITH BANK SHALL BE
INSTITUTED AND LITIGATED ONLY IN COURTS HAVING SITUS IN THE CITY OF CHICAGO,
ILLINOIS, AND MAKER HEREBY CONSENTS TO THE EXCLUSIVE JURISDICTION AND VENUE OF
ANY STATE OR FEDERAL COURT LOCATED AND HAVING ITS SITUS IN SAID CITY, AND WAIVES
ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND
<PAGE>
MAKER HEREBY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS, AND CONSENTS THAT
ALL SUCH SERVICE OF PROCESS MAY BE MADE BY CERTIFIED MAIL, RETURN RECEIPT
REQUESTED, DIRECTED TO MAKER AT THE ADDRESS INDICATED IN BANK'S RECORDS IN THE
MANNER PROVIDED BY APPLICABLE STATUTE, LAW, RULE OF COURT OR OTHERWISE.
FURTHERMORE, MAKER WAIVES ALL NOTICES AND DEMANDS IN CONNECTION WITH THE
ENFORCEMENT OF BANK'S RIGHTS HEREUNDER.

     (f) The financial accommodations evidenced hereby have been made and this
Note has been delivered at Bank's main office. This Note shall be governed and
construed in accordance with the laws of the State of Illinois, in which state
it shall be performed, and shall be binding upon Maker and its legal
representatives, successors and assigns. Whenever possible, each provision of
this Note shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Note shall be prohibited by or be
invalid under such law, such provision shall be severable, and be ineffective to
the extent of such prohibition or invalidity, without invalidating the remaining
provisions of this Note.

     (g) Maker acknowledges and agrees that the lending relationship hereby
created with Bank is and has been conducted on an open and arm's length basis in
which no fiduciary relationship exists and that Maker has not relied and is not
relying on any such fiduciary relationship in consummating the loans(s)
evidenced by this Note.

     (h) As used herein, all provisions shall include the masculine, feminine,
neuter, singular and plural thereof, wherever the context and facts require such
construction and in particular the word "Maker" shall be so construed.

     (i) This Note is a replacement and substitute for, but not a repayment of,
that certain $50,000,000 Revolving Note dated as of May 21, 2002 of Maker
payable to the order of Bank, and does not and shall not be deemed to constitute
a novation therefor.

     IN WITNESS WHEREOF, Maker has executed this Note on the date above set
forth.

                                      WMS INDUSTRIES INC.

                                      By:  /s/ SCOTT D. SCHWEINFURTH
                                           --------------------------
                                      Its: EVP, CFO and Treasurer
                                           --------------------------<PAGE>

                                                                  EXHIBIT 10(ll)

                               WMS INDUSTRIES INC.
                           RESTRICTED STOCK AGREEMENT

         WHEREAS, the Compensation and Stock Option Committees of WMS Industries
Inc., a Delaware corporation (the "Company") have determined that the President
and Chief Executive Officer, Brian R. Gamache, should be compensated to
recognize his substantial time and efforts in overseeing the implementation of
the Company's technology improvement plan.

         The Company hereby grants to Brian R. Gamache (the "Grantee", also
referred to herein as "you") shares of its common stock, $.50 par value, (the
"Stock").

Grant Date:       June 11, 2003

Grantee's Social Security Number:   ###-##-####

Number of Shares of Stock Covered by Grant:   7,478

         BY SIGNING THIS COVER SHEET, YOU AGREE TO ALL OF THE TERMS AND
CONDITIONS DESCRIBED IN THE ATTACHED AGREEMENT.

Grantee:                   /S/ BRIAN R. GAMACHE
                  --------------------------------------------
                               (Signature)
Company:
                  --------------------------------------------
                               (Signature)
Title:              President and Chief Executive Officer
                  --------------------------------------------

Attachment
----------

         This is not a stock certificate or a negotiable instrument.

<PAGE>

                              WMS INDUSTRIES, INC.
                           RESTRICTED STOCK AGREEMENT

RESTRICTED STOCK/NONTRANSFERABILITY    This grant is an award of Stock in the
                                       number of shares set forth on the cover
                                       sheet and subject to the vesting
                                       conditions described below ("Restricted
                                       Stock"). To the extent not yet vested,
                                       your Restricted Stock may not be
                                       transferred, assigned, pledged or
                                       hypothecated, whether by operation of law
                                       or otherwise, nor may the Restricted
                                       Stock be made subject to execution,
                                       attachment or similar process.

ISSUANCE AND VESTING                   The Company will issue your Restricted
                                       Stock in your name as of the Grant Date.
                                       Your right to the Stock under this
                                       Restricted Stock grant vests as to 100%
                                       of the total number of shares covered by
                                       this grant, as shown on the cover sheet,
                                       on June 11, 2004; provided that you
                                       remain continuously employed with the
                                       Company throughout the vesting period.

                                       Notwithstanding the preceding paragraph
                                       your right to the Stock under this
                                       Restricted Stock grant shall immediately
                                       vest as to 100% of the total number of
                                       shares covered by this grant upon the
                                       occurrence of either:

                                          -   your termination of Service due to
                                              your death or permanent and total
                                              disability, or your involuntary
                                              termination of Service other than
                                              by reason of your willful refusal
                                              to perform your duties; or

                                          -   a "Change of Control" of the
                                              Company prior to your termination
                                              of Service. For purposes of this
                                              Agreement, Change of Control
                                              means, if, at any time prior to
                                              the vesting of the Restricted
                                              Stock, (i) the individuals who
                                              presently constitute the Board of
                                              Directors of the Company, or who
                                              have been recommended for election
                                              to the Board by two-thirds of the
                                              Board consisting of individuals
                                              who are either presently on the
                                              Board or such recommended
                                              successors cease for any reason to
                                              constitute at least a majority of
                                              such Board, or (ii) 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 Company on the
                                              date hereof, acquiring more than
                                              25% of the outstanding shares of
                                              the Company's voting securities.

                                       You will return the certificate
                                       representing the Restricted Stock, and
                                       the Restricted Stock shall be deemed no
                                       longer outstanding, to the extent the
                                       Restricted Stock does not become vested
                                       in accordance with the foregoing
                                       provisions.

SECTION 83(b) ELECTION                 Under Section 83 of the Internal Revenue
                                       Code of 1986, as amended (the "Code"),
                                       the difference between the purchase
                                       price, if any, paid for the shares of
                                       Stock and their fair market value on the
                                       date any forfeiture restrictions
                                       applicable to such shares lapse will be
                                       reportable as ordinary income at that
                                       time. You may elect to be taxed at the
                                       time the shares are acquired rather than
                                       when such shares cease to be subject to
                                       such forfeiture restrictions by filing an
                                       election under Section 83(b) of the Code
                                       with the Internal Revenue Service within
                                       thirty (30) days after the Grant Date.
                                       You will have to make a tax payment to
                                       the extent the purchase price is less
                                       than

<PAGE>

                                       the fair market value of the shares on
                                       the Grant Date. No tax payment will have
                                       to be made to the extent the purchase
                                       price is at least equal to the fair
                                       market value of the shares on the Grant
                                       Date. The form for making this election
                                       is attached as Exhibit A hereto. Failure
                                       to make this filing within the thirty
                                       (30) day period will result in the
                                       recognition of ordinary income by you (in
                                       the event the fair market value of the
                                       shares increases after the date of
                                       purchase) as the forfeiture restrictions
                                       lapse.

SHAREHOLDER RIGHTS                     You have the right to vote the Stock and
                                       to receive any dividends declared or paid
                                       on such stock. Any distributions you
                                       receive as a result of any stock split,
                                       stock dividend, combination of shares or
                                       other similar transaction shall be deemed
                                       to be a part of the Stock and subject to
                                       the same conditions and restrictions
                                       applicable thereto. The Company may in
                                       its sole discretion require any dividends
                                       paid on the Stock to be reinvested in
                                       shares of Stock, which the Company may in
                                       its sole discretion deem to be a part of
                                       the shares of Stock and subject to the
                                       same conditions and restrictions
                                       applicable thereto.

ADJUSTMENTS                            In the event of a stock split, a stock
                                       dividend or a similar change in the
                                       Company stock, the number of shares
                                       covered by this grant shall be adjusted
                                       (and rounded down to the nearest whole
                                       number).

COMPLIANCE WITH LAW                    The issuance of this Stock shall be
                                       subject to compliance with the rules and
                                       policies of the New York Stock Exchange.
                                       The shares of Stock have not been
                                       registered under the Securities Act of
                                       1933 as amended (the "Act"), may be
                                       "restricted securities" as defined in
                                       Rule 144 promulgated under the Act, and
                                       may not be sold or otherwise disposed of
                                       except in compliance with applicable
                                       provisions of the Act. At your request,
                                       the Company will, at its expense, cause
                                       such shares to be duly and promptly
                                       registered for resale by you under the
                                       Act after vesting of such shares;
                                       provided that you will have the right to
                                       request one demand registration and
                                       unlimited "piggyback" registrations.

LEGENDS                                All certificates representing the Stock
                                       issued in connection with this grant
                                       shall, where applicable, have endorsed
                                       thereon the following legends: "THE
                                       SHARES REPRESENTED BY THIS CERTIFICATE
                                       ARE SUBJECT TO CERTAIN RESTRICTIONS SET
                                       FORTH IN AN AGREEMENT BETWEEN THE COMPANY
                                       AND THE REGISTERED HOLDER, OR HIS OR HER
                                       PREDECESSOR IN INTEREST. A COPY OF SUCH
                                       AGREEMENT IS ON FILE AT THE PRINCIPAL
                                       OFFICE OF THE COMPANY AND WILL BE
                                       FURNISHED UPON WRITTEN REQUEST TO THE
                                       SECRETARY OF THE COMPANY BY THE HOLDER OF
                                       RECORD OF THE SHARES REPRESENTED BY THIS
                                       CERTIFICATE." "THE SHARES REPRESENTED
                                       HEREBY HAVE NOT BEEN REGISTERED OR
                                       QUALIFIED UNDER THE SECURITIES ACT OF
                                       1933, AS AMENDED, OR ANY SECURITIES LAWS
                                       OF ANY STATE OR OTHER JURISDICTION, AND
                                       MAY NOT BE SOLD, PLEDGED, OR OTHERWISE
                                       TRANSFERRED WITHOUT AN EFFECTIVE
                                       REGISTRATION OR QUALIFICATION THEREOF
                                       UNDER SUCH ACT AND SUCH APPLICABLE STATE
                                       OR OTHER JURISDICTION'S SECURITIES LAWS
                                       OR AN OPINION OF COUNSEL, SATISFACTORY TO
                                       THE

<PAGE>

                                       COMPANY AND ITS COUNSEL, THAT SUCH
                                       REGISTRATION AND QUALIFICATION IS NOT
                                       REQUIRED."

NON-RAIDING AND NON-COMPETE            You agree that during the Term hereof
                                       and, (i) in the event you voluntarily
                                       terminates your employment or the Company
                                       terminates your employment for cause,
                                       prior to the expiration of one (1) year
                                       following such termination of your
                                       employment, or (ii) in the event you are
                                       terminated for reasons other than for
                                       cause, then for such period (not to
                                       exceed one (1) year) as the Company
                                       continues to pay your base salary to you,
                                       you will not without the Company's prior
                                       written consent, directly or indirectly
                                       own, manage, operate, join, control,
                                       participate in, perform any services for,
                                       invest in, or otherwise be connected
                                       with, in any manner, whether as an
                                       officer, director, employee, consultant,
                                       partner, investor or otherwise, any
                                       business entity which is engaged in the
                                       design, manufacture and/or sale of any
                                       gaming devices or any business entity
                                       which is engaged in any other business in
                                       which the Company or any of its
                                       affiliates is engaged. Nothing herein
                                       contained shall be deemed to prohibit you
                                       from investing his funds in securities of
                                       a company if the securities of such
                                       company are listed for trading on a
                                       national stock exchange or traded in the
                                       over-the-counter market and your holdings
                                       therein represent less than five (5)
                                       percent of the total number of shares or
                                       principal amount of other securities of
                                       such company outstanding.

                                       You agrees that you will not, during the
                                       Term hereof or prior to the expiration of
                                       one (1) year following the termination of
                                       the your employment for any reason,
                                       without the written consent of the
                                       Company, directly or indirectly, by
                                       action alone or in concert with others,
                                       induce or influence, or seek to induce or
                                       influence any person who is engaged by
                                       the Company or any of its affiliates as
                                       an employee, agent, independent
                                       contractor or otherwise, to terminate his
                                       employment or engagement, nor shall you,
                                       directly or indirectly, through any other
                                       person, firm or Company, employ or
                                       engage, or solicit for employment or
                                       engagement, or advise or recommend to any
                                       other person or entity that such person
                                       or entity employ or engage or solicit for
                                       employment or engagement, any person or
                                       entity employed or engaged by the
                                       Company.

<PAGE>

                                    EXHIBIT A
                                    ---------

                         ELECTION UNDER SECTION 83(b) OF
                            THE INTERNAL REVENUE CODE

         The undersigned hereby makes an election pursuant to Section 83(b) of
the Internal Revenue Code with respect to the property described below and
supplies the following information in accordance with the regulations
promulgated thereunder:

         1.       The name, address and social security number of the
                  undersigned:

         Name: ________________________________________________________

         Address: _____________________________________________________

         ______________________________________________________________

         Social Security No. __________________________________________

         2.       Description of property with respect to which the election is
                  being made:

         _____________shares of common stock, par value $.50 per share, WMS
         Industries, Inc., a Delaware corporation, (the "Company").

         3.       The date on which the property was transferred is ____________
                  __, 2004.

         4.       The taxable year to which this election relates is calendar
                  year 2003.

         5.       Nature of restrictions to which the property is subject:

         The shares of stock are subject to the provisions of a Stock Agreement
between the undersigned and the Company. The shares of stock are subject to
forfeiture under the terms of the Agreement.

         6.       The fair market value of the property at the time of transfer
(determined without regard to any lapse restriction) was $__________ per share,
for a total of $__________.

         7.       The amount paid by taxpayer for the property was $__________.

         8.       A copy of this statement has been furnished to the Company.

Dated:  _____________, 2003

                                                     _________________________
                                                     Taxpayer's Signature

                                                     _________________________
                                                     Taxpayer's Printed Name

<PAGE>

                         PROCEDURES FOR MAKING ELECTION
                    UNDER INTERNAL REVENUE CODE SECTION 83(b)

         The following procedures must be followed with respect to the attached
form for making an election under Internal Revenue Code section 83(b) in order
for the election to be effective:

              1.     You must file one copy of the completed election form with
the IRS Service Center where you file your federal income tax returns within 30
days after the Grant Date of your Stock.

              2.     At the same time you file the election form with the IRS,
you must also give a copy of the election form to the Secretary of the Company.

              3.     YOU MUST FILE ANOTHER COPY OF THE ELECTION FORM WITH YOUR
FEDERAL INCOME TAX RETURN (GENERALLY, FORM 1040) FOR THE TAXABLE YEAR IN WHICH
THE STOCK IS TRANSFERRED TO YOU.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00056-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00056-of-00352.parquet"}]]