Document:

EXHIBIT 4.1

 Exhibit 4.1 
 

 
  
 ZQ
5349 Learning Tree International 
 COMMON STOCK 
 Incorporated Under The Laws of The State of Delaware 
 85,000,000 Authorized Shares $.0001 Par Value 
 THIS CERTIFIES THAT 
 Is The Record Holder of 
 CUSIP
522015 10 6 
 SEE REVERSE 
 FOR CERTAIN DEFINITIONS 
 FULLY
PAID AND NON-ASSESSABLE SHARES OF $.0001 PAR VALUE COMMON STOCK OF 
 LEARNING TREE INTERNATIONAL,
INC. 
 transferable on the books of the Corporation by the holder hereof, in person or by duly authorized
Attorney upon surrender of this Certificate properly endorsed. This Certificate is not valid unless countersigned by the Transfer Agent. 
 IN WITNESS WHEREOF, the said Corporation has caused this Certificate to be signed by its duly authorized officers and to be sealed with the seal of the Corporation. 
 Dated: 
 5349 
 LEARNING TREE INTERNATIONAL, INC. 
 CORPORATE SEAL 
 DELAWARE 
 Chief Administrative Officer/Secretary
Chairman/CEO 
 COUNTERSIGNED AND REGISTERED: 
 Computershare Trust Company, Inc. 
 P.O. Box 1596 
 Denver, Colorado 80201 

By 
 Transfer Agent & Registrar Authorized Signature 

 

 
  
 LEARNING TREE INTERNATIONAL, INC. 
 TRANSFER FEE: $25.00 PER NEW CERTIFICATE
ISSUED 
 The following abbreviations when used in the inscription on the face of this certificate, shall be
construed as though they were written out in full according to applicable laws or regulations: 
 TEN COM -as
tenants in common UNIF GIFT MIN ACT- Custodian 
 TEN ENT -as tenants by the entireties (Cust) (Minor)

 JT TEN -as joint tenants with right of Under Uniform Gifts to Minors 
 survivorship and not as tenants Act (State) 
 in common 
 Additional abbreviations may also be
used though not in the above list. 
 For Value Received, hereby sell, assign and transfer unto 
 PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 
 (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE OF ASSIGNEE) 
 Shares 
 of the Common Stock represented by the within Certificate, and do hereby irrevocably constitute and appoint 
 attorney-in-fact 
 to transfer the said stock on the books of the within-named
Corporation, with full power of substitution in the premises. 
 Dated 
 NOTICE: THE SIGNATURE(S) TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME(S) AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN
EVERY PARTICULAR WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER. 
 Signature(s) Guaranteed:

 The signature(s) must be guaranteed by an eligible guarantor institution (Banks, Stockbrokers, Savings and
Loan Associations and Credit Unions with membership in an approved signature guarantee Medallion Program), pursuant to S.E.C. Rule 17Ad-15.EXHIBIT 10.2

 Exhibit 10.2 
 WRITTEN DESCRIPTION OF 
 AMENDED ORAL AGREEMENT 
 BETWEEN 
 DR. DAVID
C. COLLINS AND 
 LEARNING TREE INTERNATIONAL, INC. 
 Dr. David C. Collins, formerly Chairman of the Board and Chief Executive Officer of Learning Tree International, Inc. (the
“Company”), has been Vice Chairman of the Board since 2007 with an annual compensation of one dollar per year plus Company-paid life insurance premiums for a special life insurance program. Dr. Collins provides advice on special
projects as mutually agreed between him and the Company and oversees a charitable program with the concurrence of the Nominating and Governance Committee of our Board of Directors.WMS Industries Inc. Nonqualified Deferred Compensation Plan

 Exhibit 10.2 
 WMS INDUSTRIES INC. 
 NONQUALIFIED DEFERRED
COMPENSATION PLAN 
 (As Amended and Restated Effective January 1, 2010) 

 TABLE OF CONTENTS 
  

							
	 	  	PAGE
	 ARTICLE I          INTRODUCTION
	  	1
		 	1.1.	 	Name and Purpose.	  	1
		 	1.2.	 	Effective Date and Plan Year.	  	1
		
	 ARTICLE II         DEFINITIONS
	  	2
		 	2.1.	 	“Account”	  	2
		 	2.2.	 	“Accounting Date”	  	2
		 	2.3.	 	“Base Salary”	  	2
		 	2.4.	 	“Beneficiary”	  	2
		 	2.5.	 	“Board”	  	2
		 	2.6.	 	“Bonus”	  	2
		 	2.7.	 	“Cause”	  	2
		 	2.8.	 	“Change in Control”	  	2
		 	2.9.	 	“Code”	  	3
		 	2.10.	 	“Committee”	  	3
		 	2.11.	 	“Company”	  	3
		 	2.12.	 	“Company Matching Credits”	  	3
		 	2.13.	 	“Company Supplemental Credits”	  	3
		 	2.14.	 	“Compensation”	  	3
		 	2.15.	 	“Deferral Credits”	  	3
		 	2.16.	 	“Deferral Election”	  	3
		 	2.17.	 	“Distribution Date”	  	3
		 	2.18.	 	“Earnings”	  	3
		 	2.19.	 	“Effective Date”	  	3
		 	2.20.	 	“Eligible Employee”	  	4
		 	2.21.	 	“Employer”	  	4
		 	2.22.	 	“ERISA”	  	4
		 	2.23.	 	“Excess Compensation”	  	4
		 	2.24.	 	“Participant”	  	4
		 	2.25.	 	“Participation Agreement”	  	4
		 	2.26.	 	“Plan Year”	  	4
		 	2.27.	 	“Qualified Plan”	  	4
		 	2.28.	 	“Related Employer”	  	4
		 	2.29.	 	“Service Agreement”	  	4
		 	2.30.	 	“Trust”	  	4
		 	2.31.	 	“Trust Agreement”	  	4
		 	2.32.	 	“Trust Fund”	  	4
		 	2.33.	 	“Trustee”	  	4
		
	 ARTICLE III        ELIGIBILITY AND PARTICIPATION
	  	5
		 	3.1.	 	Eligibility.	  	5
		 	3.2.	 	Participation and Cessation of Participation.	  	5
		
	 ARTICLE IV        DEFERRAL OF COMPENSATION
	  	6
		 	4.1.	 	Deferral of Compensation.	  	6

  

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		 	4.2.	 	Deferral Elections.	  	6
		 	4.3.	 	Additional Limitation on Deferral Elections.	  	7
		
	 ARTICLE V        COMPANY CREDITS
	  	8
		 	5.1.	 	Company Matching Credits.	  	8
		 	5.2.	 	Accounting for Company Matching Credits.	  	8
		 	5.3.	 	Company Supplemental Credits.	  	8
		 	5.4.	 	Accounting for Company’s Supplemental Credits.	  	8
		
	 ARTICLE VI       ACCOUNTS AND VESTING
	  	9
		 	6.1.	 	Accounts.	  	9
		 	6.2.	 	Investment of Accounts.	  	9
		 	6.3.	 	Adjustment of Participants’ Account.	  	9
		 	6.4.	 	Vesting of Company Matching and Company Supplemental Credits.	  	10
		 	6.5.	 	Contributions to Trust Fund.	  	10
		
	 ARTICLE VII     TIMING AND FORM OF BENEFIT PAYMENTS
	  	11
		 	7.1.	 	Timing of Distribution.	  	11
		 	7.2.	 	Timing of Distribution of Company Supplemental Credits.	  	11
		 	7.3.	 	One-time Redeferral Election.	  	11
		 	7.4.	 	Form of Distribution.	  	11
		 	7.5.	 	Form of Distribution of Company Supplemental Credits.	  	12
		 	7.6.	 	Delayed Distribution on Termination of Employment.	  	12
		 	7.7.	 	Beneficiaries.	  	12
		 	7.8.	 	Unforeseeable Emergency Withdrawals.	  	12
		 	7.9.	 	Prohibition on Acceleration of Distribution.	  	12
		
	 ARTICLE VIII    ADMINISTRATION
	  	13
		 	8.1.	 	Committee.	  	13
		 	8.2.	 	Committee’s Rights, Duties and Powers.	  	13
		 	8.3.	 	Interested Committee Member.	  	13
		 	8.4.	 	Expenses.	  	13
		 	8.5.	 	Claims.	  	14
		 	8.6.	 	Reports.	  	15
		 	8.7.	 	No Liability.	  	15
		
	 ARTICLE IX      AMENDMENT AND TERMINATION
	  	16
		
	 ARTICLE X       MISCELLANEOUS
	  	17
		 	10.1.	 	Unfunded Plan.	  	17
		 	10.2.	 	Non-Assignability of Benefits.	  	17
		 	10.3.	 	Impact on Other Benefits.	  	17
		 	10.4.	 	Notices.	  	17
		 	10.5.	 	Tax Withholding.	  	17
		 	10.6.	 	Successors and Assigns.	  	18
		 	10.7.	 	Governing Law.	  	18

  

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 ARTICLE I 
 INTRODUCTION 
 1.1. Name and Purpose.
WMS Industries Inc. (the “Company”) established the WMS Industries Inc. Nonqualified Deferred Compensation Plan (the “Plan”), effective December 1, 2003, for the benefit of Eligible Employees. The Plan was amended and
restated in its entirety effective as of December 9, 2004 and March 1, 2007, and was further amended and restated effective January 1, 2009 to reflect the requirements of Code Section 409A and the final regulations issued
thereunder, and to make certain changes in Plan design. The Plan is hereby amended and restated effective January 1, 2010 to make certain additional changes in Plan design. 
 The purpose of the Plan is to provide Eligible Employees with the opportunity to defer compensation on a pre-tax basis and to receive
Company Matching Credits. The Plan is intended to be a deferred compensation plan for a select group of management and highly compensated employees, as described in Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA. The Company intends that the Plan
(and any grantor trust described in Article VI) shall be treated as unfunded for tax purposes and for purposes of Title I of ERISA. An Employer’s obligations hereunder, if any, to a Participant (or to a Participant’s Beneficiary) shall be
unsecured and shall be a mere promise by the Company to make payments hereunder in the future. A Participant (or the Participant’s Beneficiary) shall be treated as a general, unsecured creditor of the Company. The Plan is not intended to be
qualified under Section 401(a) of the Code. 
 1.2. Effective Date and Plan Year. The Effective Date of the
amended and restated Plan is January 1, 2010. The Plan will be administered on the basis of a Plan Year, which is the calendar year. 
  

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 ARTICLE II 
 DEFINITIONS 
 2.1. “Account”
means the recordkeeping account maintained by the Committee to record a Participant’s accrued benefit under the Plan. 
 2.2. “Accounting Date” means each date that the New York Stock Exchange is open for business. 
 2.3. “Base Salary” means the base salary payable to a Participant during a calendar year. 
 2.4. “Beneficiary” means any person or entity, or any combination thereof, who is named by the Participant in a Participation Agreement as his or her beneficiary to receive benefits under this Plan in the event of
the Participant’s death, or in the absence of any such designation, the Participant’s estate. A Participant may amend his or her Participation Agreement to name a new Beneficiary at any time. 
 2.5. “Board” means the Board of Directors of the Company. 
 2.6. “Bonus” means any cash compensation, other than Base Salary, relating to services performed in a calendar year,
whether or not paid in such calendar year or included in the Participant’s Federal Income Tax Form W-2 for such calendar year, payable to a Participant under any Employer’s bonus or cash incentive plan. 
 2.7. “Cause” means (i) conviction of the Participant (pursuant to a final or non-appealable judgment) of a
felony or any other crime involving fraud, larceny or dishonesty; (ii) failure or refusal to follow a reasonable direction of the Board of Directors or other individuals to whom the Participant reports after notice in writing of such failure or
refusal and a cure period of ten days thereafter; (iii) commission of any dishonest, willful or grossly negligent act which has or is reasonably likely to have a material adverse effect on the Employer or its customers or trade relationships;
(iv) failure or refusal to comply with the Employer’s Code of Conduct or other policies of the Employer; or (v) failure or refusal to provide accurate and reasonably complete information with respect to a Participant’s personal
history to the Employer or to governmental agencies regulating the business of the Participant, failure or refusal to reasonably cooperate with such regulators or failure to obtain necessary regulatory licensing approvals or clearances because of
intentionally inaccurate, intentionally incomplete or falsified information provided by Participant. 
 2.8. “Change
in Control” means that any of the following have occurred: 
  

	 	(i)	a complete dissolution or liquidation of the Company, or similar occurrence; 

  

	 	(ii)	the consummation of a merger, consolidation, acquisition, reorganization, or similar occurrence, where WMS Industries Inc. is not the surviving entity;

  

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	 	(iii)	a transfer of substantially all of the assets of the Company or more than 80% of the outstanding common stock of WMS Industries Inc. in a single transaction; or

  

	 	(iv)	during any twelve-month period, individuals who constitute a majority of the Board are replaced by directors whose appointment or election is not endorsed by two-thirds
of the individuals who constitute the Board before the date of the appointment or election. 

 Notwithstanding the
foregoing definition of “Change in Control,” a Change in Control shall be deemed to have occurred only if the event giving rise to the Change in Control constitutes a “Change in Control Event” within the meaning of final
regulations issued by the Department of the Treasury under Code Section 409A. 
 2.9. “Code” means
the Internal Revenue Code of 1986, as amended, and the regulations issued thereunder. 
 2.10.
“Committee” means the Plan Administration Committee. 
 2.11. “Company” means
WMS Industries Inc., a Delaware corporation, and its successors. 
 2.12. “Company Matching Credits”
means the matching credits credited to a Participant’s Account pursuant to Section 5.1. 
 2.13. “Company
Supplemental Credits” means the amounts credited to a Participant’s Account pursuant to Section 5.2. 
 2.14. “Compensation” shall mean a Participant’s compensation taken into account under the Qualified Plan. 
 2.15. “Deferral Credits” means the portion of an Eligible Employee’s Base Salary and/or Bonus, if any, that he or she elects to defer under Article IV. 
 2.16. “Deferral Election” means an election by an Eligible Employee to defer Bonus Salary and/or Bonus in accordance
with the provisions of Article IV. 
 2.17. “Distribution Date” means the date elected by a Participant
for distribution of his or her Account (other than the portion attributable to Company Supplemental Credits) pursuant to Section 4.1. 
 2.18. “Earnings” means the amount of earnings or losses credited or debited to each Participant’s Account pursuant to Section 6.2 of the Plan. 
 2.19. “Effective Date” means January 1, 2010. 
  

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 2.20. “Eligible Employee” means an employee of an Employer who is
eligible to participate in the Plan in accordance with Section 3.1. 
 2.21. “Employer” means the
Company and any subsidiary or affiliate of the Company that, with the consent of the Company, adopts the Plan for the benefit of its Eligible Employees. 
 2.22. “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the regulations issued thereunder. 
 2.23. “Excess Compensation” means Base Salary and Bonuses paid to a Participant during a Plan Year after the
Participant has reached the limitation on compensation in effect for such Plan Year under Code Section 401(a)(17). 
 2.24.
“Participant” means an Eligible Employee who has executed a Participation Agreement. 
 2.25.
“Participation Agreement” means the agreement executed by an Eligible Employee that includes provisions for the Eligible Employee’s Deferral Election, the Eligible Employee’s Beneficiary designation, and the
Eligible Employee’s investment designation. 
 2.26. “Plan Year” means the calendar year.

 2.27. “Qualified Plan” means the WMS Industries Inc. 401(k) Retirement Savings Plan for Non-Union
Employees, or its successor. 
 2.28. “Related Employer” means any employer other than the Employer
named in Section 102(a), if the Employer and such other employer are members of a controlled group of corporations (as defined in Section 414(b) of the Code) or an affiliated service group (as defined in Section 414(m)), or are trades
or businesses (whether or not incorporated which are under common control (as defined in Section 414(c)), or such other employer is required to be aggregated with the Employer pursuant to regulations issued under Section 414(o).

 2.29. “Service Agreement” means the agreement between the Employer and Trustee regarding the
arrangement between the parties for recordkeeping services with respect to the Plan. 
 2.30. “Trust”
means the trust created by the Company. 
 2.31. “Trust Agreement” means the agreement between the
Company and the Trustee, as set forth in a separate agreement, under which assets are held, administered, and managed subject to the claims of the Company’s general creditors in the event of the Company’s insolvency, until paid to Plan
Participants and their Beneficiaries as specified in the Plan. 
 2.32. “Trust Fund” means the property
held in the Trust by the Trustee. 
 2.33. “Trustee” means the corporation or individual(s) appointed by
the Company to administer the Trust in accordance with the Trust Agreement. 
  

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 ARTICLE III 
 ELIGIBILITY AND PARTICIPATION 
 3.1.
Eligibility. Any employee on the U.S. payroll of an Employer who is in Salary Band 18 or higher is eligible to participate in the Plan. In addition, before the beginning of each Plan Year, the Committee may designate other employees of
an Employer as eligible to participate in the Plan during such Plan Year. An Eligible Employee’s eligibility to make a Deferral Election in any given Plan Year does not guarantee that individual the right to make a Deferral
Election in any subsequent Plan Year. Notwithstanding the foregoing, only Eligible Employees who are specifically designated by the Committee as eligible to receive Company Supplemental Credits shall be entitled to have such Company Supplemental
Credits allocated to their Accounts. 
 3.2. Participation and Cessation of Participation. An Eligible Employee
for any Plan Year may make a Deferral Election on a timely basis as described in Section 4.1, and if the Eligible Employee makes such a Deferral Election, he or she shall become a Participant and shall remain a Participant until he or she has
received a distribution of his or her entire Account. A Participant in the Plan who separates from service with the Company and all of its subsidiaries and affiliates for any reason will cease to be eligible to make Deferral Credits under this Plan
and will become entitled to distributions in accordance with Article VII. 
  

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 ARTICLE IV 
 DEFERRAL OF COMPENSATION 
 4.1. Deferral
of Compensation. An Eligible Employee may elect to defer not less than 2% and not more than 50% of his or her Base Salary for a Plan Year, and not less than 2% and not more than 100% of his or her Bonus, by filing a Deferral Election in
accordance with Section 4.2. Deductions will be made pursuant to such Deferral Election during any Plan Year following the first to occur of the following events: (1) such Eligible Employee’s pre-tax deferrals under the Qualified Plan
reach the Code Section 402(g) limitation, or (2) such Eligible Employee’s contributions under the Qualified Plan cease because the Eligible Employee’s Compensation for such Plan Year exceeds $245,000 (or such other limit as may
be in effect for such Plan Year under Code Section 401(a)(17)). 
 Each Deferral Election made by an Eligible Employee
shall include an election of the date on which the amount of such deferral (together with related Matching Credits and Earnings) will be distributed and the form of distribution, pursuant to the provisions of Section 7.4. Such date shall be no
earlier than January 15 of the third Plan Year following the Plan Year to which the election to defer relates. 
 4.2.
Deferral Elections. A Participant’s Deferral Election shall be in writing or electronic, and shall be filed with the Committee at such time and in such manner as the Committee shall provide, subject to the following: 

 

	 	(a)	Subject to paragraphs (b) and (c) below, a Deferral Election must be made during the election period established by the Committee which period shall end no
later than the day preceding the first day of the Plan Year in which such Compensation would otherwise be earned. 

  

	 	(b)	If a Bonus constitutes “performance-based compensation,” within the meaning of Code Section 409A, the election period established by the Committee with
respect to elections to defer such Bonus may extend to the date that is six months before the end of the performance period to which such Bonus relates. 

  

	 	(c)	If an individual first becomes an Eligible Employee during a Plan Year, and the Committee permits mid-year participation by such individual, such individual may make a
Deferral Election for such Plan Year within thirty (30) days of first becoming an Eligible Employee. Such Deferral Election shall become effective for Base Salary and Bonuses earned after the date such individual makes such Deferral Election
and after the (1) the Eligible Employee’s pre-tax deferrals under the Qualified Plan reach the Code Section 402(g) limits, or (2) the Eligible Employee’s Compensation exceeds $245,000 (or such other limit as may be in effect
under Code Section 401(a)(17)). 

  

	 	(d)	All Deferral Elections shall become irrevocable as of the end of the election period, subject only to the re-deferral provisions of Section 7.3.

  

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 4.3. Additional Limitation on Deferral Elections. Notwithstanding anything in
this Plan to the contrary, the Committee may limit a Participant’s Deferral Election if, as a result of any election, a Participant’s Compensation would be insufficient to allow the Participant to make all 401(k) deferrals permitted under
the Qualified Plan or to cover taxes and withholding applicable to the Participant. 
  

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 ARTICLE V 
 COMPANY CREDITS 
 5.1. Company Matching
Credits. To the extent a Participant elects to have Deferral Credits made to his or her Account pursuant to Section 4.1, the Company shall credit a Participant’s Account with Company Matching Credits in an amount equal to 100% of
the first 3% of Excess Compensation that the Participant elects to defer under the Plan pursuant to Section 4.1 and 50% of the next 3% of Excess Compensation that the Participant elects to defer. All Company Matching Credits made under this
Section 5.1 shall be invested in accordance with Section 6.2 and shall be distributed (together with Earnings thereon) on the same elected distribution date, and in the same form, as the Participant has elected for Deferral Credits made
during the same Plan Year. 
 5.2. Accounting for Company Matching Credits. Company Matching Credits made on
behalf of a Participant will be recorded in a separate subaccount maintained in the Participant’s Account as of the same date that the underlying Deferral Credits are credited to the Participant’s Account. Such subaccount will be deemed to
be invested in accordance with the Participant’s Participation Agreement and will be adjusted from time to time in the same manner as described in Section 6.3. 
 5.3. Company Supplemental Credits. The Company shall credit the Account of each Participant who has been designated as eligible to receive Company Supplemental Credits with Company
Supplemental Credits in such amount and at such times as the Committee shall determine or as shall be required pursuant to a written agreement between the Company and the Participant. 
 5.4. Accounting for Company’s Supplemental Credits. Company Supplemental Credits made on behalf of a Participant will be
recorded in a separate subaccount maintained in the Participant’s Account. Such subaccount will be credited with Earnings in accordance with Section 6.2. 
  

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 ARTICLE VI 
 ACCOUNTS AND VESTING 
 6.1. Accounts.
The Committee shall maintain an Account for each Participant. Accounts shall be credited with the amount of a Participant’s Deferral Credits, Company Matching Credits, Company Supplemental Credits and Earnings gains, and shall be debited with
Earnings losses and any distribution made pursuant to Article VI. Deferral Credits shall be credited to a Participant’s Account as soon as practicable following the date the Base Salary and Bonuses would otherwise have been paid to the
Participant but for his or her Deferral Election. Company Matching Credits and Company Supplemental Credits shall be credited to a Participant’s Account as of such dates as the Committee shall determine. A Participant’s Account shall be
nonforfeitable at all times (except as otherwise provided in Section 6.4). 
 6.2. Investment of Accounts. A
Participant may direct the deemed investment of his or her Account among investment alternatives determined by the Committee in accordance with the Service Agreement from time to time (collectively, the “Measurement Funds”). Investment
elections may be changed by the Participant (but only among such Measurement Funds) on such date and in such manner as determined by the Committee in its sole discretion. A Participant’s Account shall be credited or debited daily based on the
performance of each Measurement Fund selected by the Participant, as though (i) the Deferral Credits, Company Matching Credits and Company Supplemental Credits were invested in the Measurement Fund(s) as of the date that they are credited to
the Participant’s Account; and (ii) any distributions made to the Participant that decrease the Participant’s Account balance ceased being invested in the Measurement Fund(s) on the date the distribution is made. Thereafter, the
Measurement Funds that the Participant elects will be revalued daily based on the value of such funds on that date, and the percentages in which the Participant is invested in each of the Measurement Funds. If the Participant has provided no or
insufficient investment directions for any part of his or her Account, that portion of the Account shall be invested as determined by the Committee. 
 Notwithstanding any other provision of this Plan that may be interpreted to the contrary, the Measurement Fund(s) are to be used for measurement purposes only, and the allocation of Participant’s
Account to such Measurement Fund(s), and the calculation of amounts to be credited or debited to a Participant’s Account, shall not be considered or construed in any manner as an actual investment of the Participant’s Account in any such
Measurement Fund(s). 
 Notwithstanding any provision of this Article VI to the contrary, a Participant may not designate more
than forty percent (40%) of the Supplemental Credits made on his or her behalf, if any, to be allocated to any Measurement Fund other than one of the Fidelity Freedom Funds. If necessary, a Participant on whose behalf Company Supplemental
Credits are made must rebalance his or her investment elections on an annual basis to ensure that the requirements of the preceding sentences are satisfied. The Committee, in its discretion, may impose other restrictions on the available Measurement
Funds in which a Participant may direct the investment of that portion of his or her Account attributable to Company Supplemental Credits. 
 6.3. Adjustment of Participants’ Account. As of the close of each Accounting Date, the Committee shall: 
  

	 	(a)	First, charge to the proper Accounts all payments or distributions made since the last preceding Accounting Date. 

  

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	 	(b)	Next, credit each Participant’s Account with any Deferral Credits made since the last preceding Accounting Date; 

  

	 	(c)	Next, credit each Participant’s Account with any Company Matching Credits or Company Supplemental Credits made on behalf of the Participant pursuant to Article V
since the last preceding Accounting Date; 

  

	 	(d)	Next, adjust each Participant’s Account for applicable Earnings since the last preceding Accounting Date. 

 6.4. Vesting of Company Matching and Company Supplemental Credits. Company Matching Credits attributable to any Plan Year are
nonforfeitable at all times; provided, however, if a Participant is terminated for Cause, his or her subaccount attributable to Company Matching Credits shall be forfeitable at the election of the Committee. Company Supplemental Credits shall vest
in accordance with such vesting schedule as shall be determined by the Committee or as shall be required pursuant to a written agreement between the Company and the Participant. No acceleration of the vesting schedule applicable to Company
Supplemental Credits shall occur as a result of a Change in Control. 
 6.5. Contributions to Trust Fund. The
Company may make such contributions to the Trust Fund as required or permitted by the terms of the Trust Agreement. 
  

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 ARTICLE VII 
 TIMING AND FORM OF BENEFIT PAYMENTS 
 7.1.
Timing of Distribution. Subject to the provisions of Section 7.6, distribution of the vested portion of a Participant’s Account (other than the portion of his or her Account attributable to Company Supplemental Credits) shall
be made or shall commence within ninety (90) days after the earliest of: 
  

	 	(a)	The deferred distribution date indicated on the Participant’s Participation Agreement in accordance with subsection 4.1; 

  

	 	(b)	The date that the Participant incurs a separation from service (within the meaning of Code Section 409A(a)(2)(A)(i)) with the Company and its subsidiaries;

  

	 	(c)	The date that a Change in Control occurs; and 

  

	 	(d)	The date the Company terminates the Plan, to the extent permitted by Code Section 409A. 

 7.2. Timing of Distribution of Company Supplemental Credits. Distribution of the portion of a
Participant’s Account attributable to Supplemental Credits shall be made or shall commence on the 15th day of the month following the date on which the Participant becomes fully vested in his or her Supplemental Credits.

 7.3. One-time Redeferral Election. A Participant may make a one-time election to defer payment on commencement
of any portion of a distribution under Section 7.1(a) for a period of not less than five (5) years, provided that such election must be made at least twelve (12) months in advance of the initially elected distribution date and may not
take effect for at least twelve (12) months after the date the new election is made. 
 7.4. Form of
Distribution. Distributions from the Plan (other than distributions of the portion of a Participant’s Account attributable to Company Supplemental Credits) will be made in a single lump sum payment or in a series of up to ten annual
installments, as elected by the Participant at the time he or she files the Participation Agreement for that Plan Year. If annual installments are elected by the Participant, the first installment will be paid at the time set forth in
Section 7.1 (subject to the requirements of Section 7.6) and the remaining installments shall be paid on each anniversary of the date of payment of the initial installment. Notwithstanding the foregoing, if (i) on the date
commencement of benefits the value of a Participant’s Account (other than the portion attributable to Company Supplemental Credits) is less than twenty thousand dollars ($20,000.00), or (ii) the distribution is being made on account of a
Change in Control, the Participant’s Account shall be paid in the form of a single lump sum payment, regardless of whether the Participant has elected installment payments. If a Participant fails to elect the form of payment, his or her Account
will be distributed in the form of a single lump sum distribution. 
  

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 7.5. Form of Distribution of Company Supplemental Credits.
A Participant may elect to receive the portion of his or her Account attributable to Company Supplemental Credits in one of the following forms: (1) one lump sum payment; (2) two annual installment payments; or (3) three annual
installment payments. If a Participant elects two or three annual installment payments, the first payment shall be on the 15th day of the month following the date on which the Participant becomes fully vested and the second and third (if
applicable) installment payments shall be made on the second and third (if applicable) anniversary of the date of payment of the first installment. Earnings will continue to be credited on the unpaid installments. Participants who become eligible to
receive Company Supplemental Credits prior to January 1, 2009, must elect the form of payment on or before December 31, 2008. Participants who first become eligible to receive Company Supplemental Credits on or after January 1, 2009
must elect the form of payment within 30 days after execution of the written agreement described in Section 5.3. 
 7.6.
Delayed Distribution on Termination of Employment. Notwithstanding any provision in the Plan to the contrary, no distribution shall be made on account of a Participant’s separation from service earlier than the date which is six
(6) months after the date of such Participant’s separation from service. 
 7.7. Beneficiaries. A
Participant may designate his or her primary Beneficiary or Beneficiaries to receive the amounts as provided herein after his or her death in accordance with the Beneficiary Designation provisions of the Participation Agreement. A Participant also
may designate his or her contingent Beneficiary or Beneficiaries to receive amounts as provided herein if all primary Beneficiaries predecease the Participant or have ceased to exist on the date of the Participant’s death. Any Beneficiary
designation shall apply to the Participant’s entire Account balance and shall revoke all prior designations. In the absence of such a Beneficiary designation, the Company shall pay any such amount to the Participant’s estate. 

7.8. Unforeseeable Emergency Withdrawals. Notwithstanding any provision of the Plan to the contrary, any portion of a
Participant’s Account (other than that portion attributable to Company Supplemental Credits) not yet distributable under subsection 7.1 may be distributed to the Participant upon his or her request if the Participant incurs an unforeseeable
emergency. An unforeseeable emergency is a severe financial hardship resulting from a sudden and unexpected illness or accident of the Participant or his or her spouse or dependent (as defined in Section 152(a) of the Code), loss of the
Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant, as determined by the Committee in its sole discretion. The amounts
distributed pursuant to an unforeseeable emergency may not exceed the amounts necessary to satisfy such emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution, after taking into account the extent to
which the hardship is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Participant’s assets (to the extent the liquidation of such assets would not itself cause severe financial
hardship). Withdrawals made pursuant to this paragraph shall be paid as soon as practicable following approval by the Committee. 
 7.9. Prohibition on Acceleration of Distribution. Except as may be permitted under Code Section 409A(a)(3), no acceleration of any distribution hereunder shall be permitted. 
  

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 ARTICLE VIII 
 ADMINISTRATION 
 8.1. Committee. The
Plan shall be administered by the Committee, which shall be a committee of one or more persons appointed by the Board from time to time. If the Board shall fail to appoint the Committee, the Committee shall be the Compensation Committee of the
Board. 
 8.2. Committee’s Rights, Duties and Powers. The Committee shall have all the powers necessary and
appropriate to discharge its duties under the Plan, which powers shall be exercised in the sole and absolute discretion of the Committee, including, but not limited to, the power: 
  

	 	(a)	To construe and interpret the provisions of the Plan and to make factual determinations thereunder, including the power to determine the rights or eligibility under the
Plan and amounts of benefits (if any) under the Plan, and to remedy ambiguities, inconsistencies or omissions, and such determinations by the Committee shall be binding on all parties. 

  

	 	(b)	To adopt such rules of procedure and regulations as in its opinion may be necessary for the proper and efficient administration of the Plan and as are consistent with
the Plan and trust agreement, if any. 

  

	 	(c)	To direct the payment of distributions in accordance with the provisions of the Plan. 

  

	 	(d)	To employ agents, attorneys, accountants, actuaries or other persons (who also may be employed by the Company) and to delegate to them such powers, rights and duties as
the Committee may consider necessary or advisable to carry out the administration of the Plan. 

  

	 	(e)	To appoint an investment manager to manage (with power to acquire and dispose of) the assets of the Company that may be used to satisfy benefit obligations under the
Plan, and to delegate to any such investment manager all of the powers, authorities and discretions granted to the Committee hereunder or to the trustee of any under Trust established to pay benefits under the Plan. 

 8.3. Interested Committee Member. If a member of the Committee is also a Participant in the Plan, such Committee member may
not decide or determine any matter or question concerning his or her participation in the Plan, unless such decision or determination could be made by the Committee member under the Plan if the Committee member were not serving on the Committee.

 8.4. Expenses. All costs, charges and expenses reasonably incurred by the Committee will be paid by the
Company. No compensation will be paid to a member of the Committee as such. 
  

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 8.5. Claims. Claims for benefits under the Plan shall be made in writing to
the Committee or its duly authorized delegate. If the Committee or such delegate wholly or partially denies a claim for benefits, the Committee or, if applicable, its delegate shall, within a reasonable period of time, but no later than ninety
(90) days after receipt of the claim, notify the claimant in writing or electronically of the adverse benefit determination. Notice of an adverse benefit determination shall be written in a manner calculated to be understood by the claimant and
shall contain: 
  

	 	(a)	the specific reason or reasons for the adverse benefit determination, 

  

	 	(b)	a specific reference to the pertinent Plan provisions upon which the adverse benefit determination is based, 

  

	 	(c)	a description of any additional material or information necessary for the claimant to perfect the claim, together with an explanation of why such material or
information is necessary, and 

  

	 	(d)	an explanation of the Plan’s review procedure and the time limits applicable to such procedure including a statement of the claimant’s right to bring a civil
action under section 502(a) of ERISA following an adverse benefit determination. 

 If the Committee or its
delegate determines that an extension of time is necessary for processing the claim, the Committee or its delegate shall notify the claimant in writing of such extension, the special circumstances requiring the extension and the date by which the
Committee expects to render the benefit determination. In no event shall the extension exceed a period of ninety (90) days from the end of the initial ninety (90) day period. If notice of the denial of a claim is not furnished in
accordance with this paragraph (a) within ninety (90) days after the Committee or its duly authorized delegate receives it (or within one hundred and eighty (180) days after such receipt if the Committee or its delegate determines an
extension is necessary), the claim shall be deemed denied and the claimant shall be permitted to proceed to the review stage described below. 
 Within sixty (60) days after the claimant receives the written or electronic notice of an adverse benefit determination, or the date the claim is deemed denied pursuant to the preceding paragraph, or
such later time as shall be deemed reasonable in the sole discretion of the Committee taking into account the nature of the benefit subject to the claim and other attendant circumstances, the claimant may file a written request with the Committee
that it conduct a full and fair review of the adverse benefit determination, including the holding of a hearing, if deemed necessary by the Committee. In connection with the claimant’s appeal of the adverse benefit determination, the claimant
may review pertinent documents and may submit issues and comments in writing. The Committee shall render a decision on the appeal promptly, but not later than sixty (60) days after the receipt of the claimant’s request for review, unless
special circumstances (such as the need to hold a hearing, if necessary) require an extension of time for processing, in which case the sixty (60) day period may be extended to one hundred and twenty (120) days. The Committee shall notify
the claimant in writing of any such extension, the special circumstances requiring the extension, and the date by which the Committee expects to render the determination on review. The claimant shall be notified of the Committee’s decision in
writing or electronically. In the case of an adverse determination, such notice shall: 
  

	 	(a)	include specific reasons for the adverse determination, 

  

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	 	(b)	be written in a manner calculated to be understood by the claimant, 

  

	 	(c)	contain specific references to the pertinent Plan provisions upon which the benefit determination is based, 

  

	 	(d)	contain a statement that the claimant is entitled to receive upon request and free of charge, reasonable access to, and copies of, all documents, records, and other
information relevant to the claimant’s claim for benefits, and 

  

	 	(e)	contain a statement of the claimant’s right to bring an action under section 502(a) of ERISA. 

 8.6. Reports. The Committee shall provide the Participant with a statement reflecting the amount of the Participant’s
Account at least quarterly. 
 8.7. No Liability. No employee, agent, officer, trustee, member, volunteer or
director of the Company shall, in any event, be liable to any person for any action taken or omitted to be taken in connection with the interpretation, construction or administration of this Plan, so long as such action or omission to act be made in
good faith. 
  

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 ARTICLE IX 
 AMENDMENT AND TERMINATION 
 The Company, by action of
its Board, may amend, alter, modify or terminate this Plan at any time, provided that no such amendment, alteration, modification or termination shall reduce the balance in any Participant’s Account in whole or in part. Upon termination of the
Plan, Accounts may, at the discretion of the Committee, be distributed to Participants if the Committee determines that such distributions will not violate the provisions of Code Section 409A. 
  

 -16- 

 ARTICLE X 
 MISCELLANEOUS 
 10.1. Unfunded Plan. The
Plan shall at all times be entirely unfunded and, except as provided in the following paragraph, no provision of this Plan shall at any time be made with respect to segregating any assets of the Company or any other Employer for payment of any
benefits hereunder. Participants and Beneficiaries shall at all times have the status of general unsecured creditors of the Employers, and neither Participants nor Beneficiaries shall have any rights in or against any specific assets of the
Employers. The Plan constitutes a mere promise by the Employers to make benefit payments in the future. 
 The Company may
establish a reserve of assets to provide funds for the payment of benefits under the Plan. Such reserve may be through the Trust and such reserve shall, at all times, be subject to the claims of general creditors of the Employers and shall otherwise
be on such terms and conditions as shall prevent taxation to Participants and Beneficiaries of any amounts held in the reserve or credited to an account prior to the time payments are made. No Participant or Beneficiary shall have any ownership
rights in or to any reserve. 
 10.2. Non-Assignability of Benefits. Neither any Participant nor any Beneficiary
under this Plan shall have any power or right to transfer, assign, anticipate, hypothecate or otherwise encumber any part or all of the amounts payable hereunder. Such amounts shall not be subject to seizure by any creditor of a Participant or any
Beneficiary hereunder, by a proceeding at law or in equity, nor transferable by operation of law in the event of the bankruptcy or insolvency of any Participant or any Beneficiary hereunder. Any such attempted assignment or transfer shall be void
and shall terminate the Participant’s participation in this Plan, and the Company then may pay the benefits hereunder as if the Participant had terminated employment. 
 10.3. Impact on Other Benefits. Except as otherwise required by the Code or any other applicable law, this Plan and the
benefits provided herein are in addition to all other benefits which may be provided by the Company to the Participants from time to time, and shall not reduce, replace or otherwise cause any reduction, in any manner, with regard to any of such
other benefits. 
 10.4. Notices. Any notice, consent or demand required or permitted to be given under the
provisions of this Plan by the Company or any Participant or Beneficiary shall be in writing, and shall be signed by the person or entity giving or making the same. If such notice, consent or demand is mailed, it shall be sent by United States
certified mail, postage prepaid, addressed to the principal office of the Company, or if to a Participant or Beneficiary to such individual or entity’s last known address as shown on the records of the Company. The date of such mailing shall be
deemed the date of notice, consent or demand. 
 10.5. Tax Withholding. The Company shall have the right to deduct
from all deferrals, credits and payments made under this Plan any federal, state or local taxes required by law to be withheld with respect to such deferrals, credits and payments. 
  

 -17- 

 10.6. Successors and Assigns. The rights, privileges, benefits and obligations
under the Plan are intended to be, and shall be treated as, legal obligations of and binding upon the Employers and their successors and assigns, including successors by merger, consolidation, reorganization or otherwise. 
 10.7. Governing Law. This Plan shall be governed by and construed in accordance with the internal laws of the State of
Illinois, to the extent not preempted by the laws of the United States. 
 IN WITNESS WHEREOF, the Company has executed
and adopted this Plan as of the Effective Date. 
  

			
	WMS INDUSTRIES INC.
		
	By:	 	 /s/ Kathleen J. McJohn

	Its:	 	 V.P., General Counsel and Secretary

  

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