Document:

EX-10.1

Exhibit 10.1

CATAPULT COMMUNICATIONS CORPORATION

EXECUTIVE OFFICER FY2007 VARIABLE COMPENSATION PLAN

	1.	 	Officer performance-based compensation for the first two quarters of FY07 will be
based exclusively on attainment by the Company of consolidated revenue goals approved by the
Board of Directors or Compensation Committee for those quarters. Officer performance-based
compensation for the third and fourth quarters of FY07 will be based on a combination of (i)
attainment by the Company of consolidated revenue goals approved by the Board of Directors or
Compensation Committee and (ii) achievement of specific individual performance goals
established by management and approved by the Compensation Committee. The relative
contribution of each of the two elements for each officer will be established by management
and approved by the Compensation Committee.

	2.	 	Assigned target bonus amounts are established by the Compensation Committee in consultation
with the Chief Executive Officer. Target bonuses will be paid in cash on a quarterly basis
with respect to the first two quarters of FY07 starting at achievement by the Company of 75%
of the consolidated revenue target and continuing on a linear basis to 100% achievement, at
which level 100% of the target bonus will be paid. Should the Company exceed the consolidated
revenue target, executive officers will receive additional bonus compensation calculated by
extending the line starting at 75% at the same slope; e.g., the bonus will be double the
target bonus in a particular quarter if consolidated revenues are 125% of the approved
targets. With respect to the third and fourth quarter bonuses, the component of the target
bonuses relating to consolidated revenue will be paid on the same basis as above. The
component relating to specific individual performance goals will be approved by the
Compensation Committee in consultation with the Chief Executive Officer.

	3.	 	There is no obligation to exceed corporate revenue targets unless it is deemed in the
interest of the Company as a whole.

	4.	 	The compensation committee delegates to the CEO the power to award Company-wide bonuses to
executive officers provided that the method used to determine these bonuses is comparable to
that used to determine the bonuses for non- executive officers.

	5.	 	The participants in this plan shall be those persons designated from time to time by the
board of directors as the executive officers of the Company.EX-10.1

EMPLOYMENT AGREEMENT

This Agreement is made as of November 6, 2006 by and between WPT ENTERPRISES, INC., a Delaware
corporation (the “Company”), and STEVEN LIPSCOMB (the “Executive”).

W I T N E S S E T H

WHEREAS, the Company desires to modify and extend Executive’s employment in accordance with
the terms and conditions stated in this Agreement; and

WHEREAS, Executive desires to accept that employment pursuant to the terms and conditions of
this Agreement.

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

I. Employment

1.1 Employment as Chief Executive Office and President. The Company hereby employs
Executive as Founder, Chief Executive Officer and President and Executive accepts such employment
pursuant to the terms of this Agreement. Executive shall report to and take direction from the
Company’s Board of Directors (the “Board”). Executive will perform those duties which are usual
and customary and in a manner reasonably expected for the Chief Executive Officer and President of
a publicly-held company.

1.2 Board Seat. Executive shall serve as a member of the Board. Executive
understands and acknowledges that upon Executive’s termination for Cause (as defined in Section 3.2
hereof), Executive will forfeit his position on the Board as of the date of termination unless such
termination is the subject of a dispute between the parties. In such case, Executive will maintain
his position on the Board unless and until the dispute is finally resolved, in favor of Company.

1.3 Term. Subject to any earlier termination by Executive or the Company pursuant to
Article III or V hereof, Executive’s employment pursuant to this Employment Agreement shall be for
a term commencing on the date hereof and continuing until December 31, 2008, provided however
either the Board or Executive may unilaterally shorten the Term to December 31, 2007 by providing
written notice to the other party by November 1, 2007 (the “Term”).

	II.	 	Compensation, Benefits and Perquisites

2.1 Base Salary. During the Term, the Company shall pay Executive an annualized base
salary (“Base Salary”) of Five Hundred Thousand Dollars ($500,000), which Base Salary may be
adjusted upward by the Compensation Committee of the Board (the “Compensation Committee”), in its
sole discretion. The Base Salary shall be payable in substantially equal regular periodic
installments in accordance with the Company’s regular payroll practices.

	 	2.2	 	Bonuses. Executive will be eligible for the following bonuses:

(a) Executive will participate in a bonus plan that the Compensation Committee may create that
is agreeable to both Company and Executive.

(b) From the date hereof until December 31, 2006, in addition to any bonuses Executive may be
entitled to as part of any Company bonus plans, including the plan described in Section 2.2(a)
hereof, Executive will be entitled to a bonus equal to five percent (5%) of the Profits (as defined
below) realized by the Company during the 2006 fiscal year that are in excess of $3,000,000. In
the event that Executive’s employment with the Company is terminated either by Executive or by the
Company for Cause (as defined in Section 3.2 hereof) prior to the end of the 2006 fiscal year,
Executive will be entitled to receive the pro-rata portion of this bonus obtained by multiplying
the entire bonus amount Executive would otherwise be entitled to receive under this Section 2.2(b)
by a fraction (i) the numerator of which shall equal the number of full calendar months that
Executive was employed by the Company during the 2006 fiscal year, and (ii) the denominator of
which shall be twelve (12). “Profits” shall mean the Company’s net income as set forth on the
Company’s audited financial statements for the 2006 fiscal year. Any and all bonuses accrued
hereunder for a particular fiscal year will be distributed before the first day of the fifth month
following the end of that fiscal year. For the purposes of clarity, Executive will not be eligible
for this bonus for fiscal years 2007, 2008 or beyond.

2.3 Employee Benefits. Throughout the term of this Agreement, Executive shall be
entitled to the usual and customary benefits and perquisites which the Company generally provides
to its other senior executives under its applicable plans and policies (including, without
limitation, healthcare coverage and retirement benefits). Executive shall pay any contributions
which are generally required of executives to receive any such benefits.

2.4 Stock Option Agreement. The Company granted Executive the right and option (the
“Option”) to purchase up to Six Hundred Thousand (600,000) shares of the Company’s common stock, at
an exercise price equal to $8.00 per share, pursuant to the terms of a Stock Option Agreement
entered into between the Company and Executive, dated August 9, 2004, a copy of which is attached
hereto as Exhibit A. The Option has vested with respect to 400,000 shares of common stock,
with the Option vesting as to the remaining 200,000 shares on August 9, 2007.

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	III.	 	Termination of Executive's Employment
	
 
	 	 	3.1	 	 	Termination of Employment.
	
 
	 	 	 	 	 	 

(a) Executive’s employment under this Agreement may be terminated by Executive at any
time for any reason. In the event of Executive’s death, this Agreement shall terminate. All
options shall immediately vest on a pro-rata basis and a Company financial representative
shall contact and assist Executive’s heirs in the transition of stock and accrued Company
benefits.

(b) Executive’s employment under this Agreement may be terminated by the Company at any
time for any reason; provided, however, that if Executive’s employment is terminated by the
Company during the Term for a reason or disability other than for Cause (as defined in
Section 3.2 hereof), then:

(i) the Company shall continue to pay Executive throughout the remaining Term, as
separation pay, which Executive has not earned and to which Executive is not otherwise
entitled, an amount equal to (A) the Base Salary in effect as of the date of termination and
(B) the applicable bonus amounts otherwise required to be paid to Executive hereunder
through the end of the Term, such payment to be made in the same manner as if Executive had
remained continuously employed throughout the Term; and

(ii) all portions of the Option that remain unvested as of the date of termination
shall immediately vest in their entirety.

(c) Executive’s employment under this Agreement may be terminated by the Company
pursuant to the terms of Section 5.1(a) hereof, in which event the terms of Executive’s
termination will be determined solely pursuant to the terms of Section 5.1.

(d) Any termination shall be effective as of the date specified by the party initiating
the termination in a written notice delivered to the other party, which date shall not be
earlier than the date such notice is delivered to the other party. Except as expressly
provided to the contrary in this section or applicable law, Executive’s rights to pay,
bonuses and benefits shall cease on the date his employment under this Agreement terminates;
provided, however, that in the event Executive is terminated for Cause (as defined in
Section 3.2 hereof) and such termination is the subject of a dispute between the parties,
all pay and bonuses, if applicable, will be held in an interest-bearing trust account until
the dispute is finally resolved. If the dispute is resolved in favor of Executive, all
amounts held in such trust account will be released to Executive within ten (10) days of
such final resolution.

(e) In the event that this Agreement is terminated pursuant to this section 3.1,
Executives restrictions under 5.1 (below) shall cease to exist.

3.2 Definition of Cause. For purposes of this Article III, “Cause” will be defined as
(i) Executive’s willful and continued failure to substantially perform his duties as reasonably
assigned, (ii) Executive’s indictment for a criminal offense related to theft or embezzlement from
the Company, which charges are not dismissed, or of which Executive is not acquitted within one (1)
year, or (iii) Executive’s indictment for any felony offense that is not the result of actions
performed by Executive within the scope of activities approved by the Board, which charges are not
dismissed, or of which Executive is not acquitted, within one (1) year.

3.3 Notice. Executive must provide the Company with at least thirty (30) days’ written
notice if Executive desires to terminate his employment under this Agreement.

IV. Confidentiality; Trade Secrets; Non-Solicitation.

4.1 Definitions. As used in this Agreement, the following terms shall have the
following meanings:

(a) The term “Business” shall mean any business which produces any poker or other casino
gaming television shows.

(b) The term “Confidential Information” means information that is proprietary to the Company
or proprietary to others and entrusted to the Company, including, but not limited to, Trade
Secrets. Confidential Information includes, but is not limited to, information related to the
Company’s business plans and to its business as conducted or anticipated to be conducted, and to
its past, current and/or anticipated products and services, trade secrets, patents, patent
applications, systems, products, programs and techniques and any other secret, proprietary or
confidential information, knowledge or data of the Company. All information disclosed to
Executive, or to which Executive obtains access, whether originated by Executive or others, which
is treated by the Company as Confidential Information, or which Executive has reasonable basis to
believe is Confidential Information, will be presumed to be Confidential Information. The term
Confidential Information will not apply to any information which (i) Executive can establish by
documentation was known to him prior to receipt by him from the Company; (ii) is lawfully disclosed
to Executive by a third party not deriving the same from the Company; or (iii) is presently in the
public domain or becomes a part of the public domain through no fault of Executive.

(c) “Inventions” means discoveries, improvements, inventions, ideas and works of authorship
(whether patentable or copyrightable) conceived or made by Executive, either solely or jointly with
others, relating to any consultation, work or services performed by Executive with, for, or on
behalf of or in conjunction with the Company or based on or derived from Confidential Information.

(d) “Restricted Period” means the period commencing on the date hereof and ending on the
earliest to occur of (i) Executive no long receiving the salary described in Paragraph 2.1 above,
or (ii) the Company ceasing to continue to conduct its business; provided that, if it is
determined by a court of competent jurisdiction that Executive has violated the covenants contained
in this Article 4, the Restricted Period shall be extended for an added period equal to the
duration of the period of such violation.

(e) “Trade Secret” means information, including a formula, pattern, compilation, program,
device, method, technique or process that (a) derives independent economic value, actual or
potential, from not being generally known to the public or to other persons who can obtain economic
value from its disclosure or use; or (b) is the subject of efforts that are reasonable under the
circumstances to maintain its secrecy.

4.2. Inventions. With respect to Inventions (irrespective of whether such Inventions
are made on particular days during which Executive consults, works, or renders any service with,
for, or to the Company), Executive agrees that any Invention that pertains to Restricted Projects
(as defined in paragraph 5.1 below) shall be the sole and exclusive property of the Company and
further agrees:

(a) to promptly and fully inform the Company in writing of such Inventions;

(b) to assign to the Company all of his rights to such Inventions, and to applications for
patents and/or copyright registrations and to patents and/or copyright registrations granted upon
such Inventions in the United States or in any foreign country; and

(c) to acknowledge and promptly deliver to the Company (without charge to the Company but at
the expense of the Company) such written instruments and do such other acts as may be necessary, in
the opinion of the Company, to obtain and maintain patents and/or copyright registrations and to
vest the entire right and title thereto in the Company.

To the extent an Invention cannot conceivably be used by the Company in connection with its
current or projected business or businesses (as determined in the sole reasonable discretion of the
Board), the Company may, upon determination by the Board, allow Executive to own such Invention
free and clear of any Company interest.

4.3. Non-Solicitation. For a nine (9) month period following the termination of this
Agreement for any reason, executive will not, without the Company’s prior written consent (which
may be withheld with or without reason), directly or indirectly for himself or on behalf of any
other person or entity (except the Company): (i) recruit, solicit or hire as employee, consultant,
independent contractor or in any other capacity whatsoever; (ii) enter into any other business
relationship (including, without limitation, as partners, joint venturers, guarantors, business
associates, investors, financiers, owners of a corporation or other business organization, entity
or enterprise) with; or (iii) request, induce, advise or encourage a termination of employment by,
any employee of the Company the term hereof.

4.4. Confidential Information. Except as required by Executive’s employment by the
Company, Executive will hold any Confidential Information in the strictest of confidence and never
use, disclose or publish any Confidential Information without the prior written express permission
of the Company. Executive agrees to maintain control over any Confidential Information obtained
and restrict access thereto to those of Executive’s fellow employees, agents or other associated
parties who have a need to use such Confidential Information for the intended purpose. Executive
agrees to advise and inform any party to whom Executive has provided access to the Confidential
Information of its confidential nature and Executive agrees to ensure that such associated parties
be bound by the terms and obligations of a confidentiality agreement in form and substance approved
by the Company, if requested to do so by the Company’s Board.

4.5 Remedies. Because the breach or anticipated breach of the restrictive covenants
set forth in this Article IV would result in immediate and irreparable harm and injury to the
Company, for which it will not have an adequate remedy at law, the Company will be entitled to
relief in equity to enjoin temporarily and/or permanently such breach or anticipated breach and to
seek any and all other legal and equitable remedies to which the Company may be entitled.
Executive hereby waives the claim or defense that such party has an adequate remedy at law,
Executive shall not assert in any such action or proceeding the claim or defense that such party
has an adequate remedy at law, and Employer shall be entitled, in addition to all other remedies or
damages at law or in equity, to temporary and permanent injunctions and orders to restrain any
violations of this Article IV by Executive and all persons or entities acting for or with
Executive. If the Company is made or shall become a party to any litigation, commenced by or
against Executive involving the enforcement of this Agreement, then the nonprevailing party in such
litigation shall pay and be solely responsible for any and all costs incurred by the prevailing
party in connection with such litigation, including the costs, fees, and reasonable expenses of any
and all attorney’s fees.

V. Usurpation of Corporate Opportunity

5.1 Agreement Not To Pursue Restricted Projects. Executive agrees that while this
Agreement is in effect, Executive will not engage in any competitive business activity or project
himself, with or on behalf of any party without Board consent. (the “Restricted Projects”) provided
that it is understood that Executive’s future, current and/or pre-existing projects that are not
gaming related (i.e. that do not have as their primary focus standard gaming or wagering games such
as poker, blackjack, bingo, etc.) shall be considered exempt from this non-compete provision (the
“Exempt Projects”) and Executive will be able to pursue the Exempt Projects individually without
obtaining Board approval. In the event that Executive either enters into an Agreement with a third
party production entity regarding any Exempt Project or imminently before Executive actively
pitches any Exempt Project to broadcast networks, Executive will give the Chairman of the Board
notice. In no event shall Executive’s individual pursuit of Exempt Projects interfere with
Executive’s duties under this Agreement.

(a) Pursuit of exempt projects: If the Board, in good faith, determines at its sole
discretion that Executive’s pursuit of one or more Exempt Project(s) is/are materially interfering
with Executive’s duties under this Agreement, the Board may give Executive written notice of such
determination, at any time subsequent to its determination. Executive will have the longer of (i)
thirty (30) days, or (ii) whatever time period the Board, in its sole discretion, provides to
Executive, to cure any issues raised by such determination to the Board’s satisfaction. If the
Board is not satisfied with Executive’s attempt to cure, it may, at its sole discretion, at any
time subsequent to its determination that Executive has failed to satisfactorily cure, give
Executive sixty (60) days notice that it intends to terminate this Agreement. In the alternative,
the Board may elect to negotiate in good faith with Executive to modify this Agreement to
accommodate both parties’ needs. To the extent any determination is to be made by the Board
regarding Executive in connection with this Section, Executive will have no vote in connection with
such termination and will not, unless otherwise permitted by the Board, attend any meeting of the
Board to discuss such determination.

(b) Effect of Termination under this Section 5.1: At the end of the sixty (60) day period
described in Section 5.1(a) above, Executive’s salary will be discontinued and any and all
applicable bonuses will stop accruing. Executive will be paid any applicable bonus proportionate
to the number of months worked in the year prior to his termination date. Termination under this
Section 5.1 will have no effect on Executive’s stock or vested stock options in Company. Executive
will continue to be entitled to his Board seat unless a majority of the Board’s outside directors
determine the Executive’s Board seat should be given up.

(c) If the scope of the restrictions in this section are determined by a court of competent
jurisdiction to be too broad to permit enforcement of such restrictions to their full extent, then
such restrictions shall be construed or rewritten (blue-lined) so as to be enforceable to the
maximum extent permitted by law, and Executive hereby consents, to the extent he may lawfully do
so, to the judicial modification of the scope of such restrictions in any proceeding brought to
enforce them.

5.2 Remedies. Executive acknowledges that the Company’s remedy at law for any
breach or threatened breach by Executive of Section 5.1 will be inadequate. Therefore, the Company
shall be entitled to injunctive and other equitable relief restraining Executive from violating
those requirements, in addition to any other remedies that may be available to the Company under
this Agreement or applicable law.

VI. Miscellaneous

6.1 Amendment. This Agreement may be amended only in writing, signed by both parties.

6.2 Entire Agreement. This Agreement contains the entire understanding of the parties
with regard to all matters contained herein. There are no other agreements, conditions or
representations, oral or written, expressed or implied, with regard thereto. This Agreement
supersedes any prior agreements relating to the employment of Executive by the Company.

6.3 Assignment. This Agreement shall be binding upon, and shall inure to the benefit
of, the parties and their respective successors, assigns, heirs and personal representatives.

6.4 Notices. Any notice required to be given under this Agreement shall be in writing
and shall be delivered either in person or by certified or registered mail, return receipt
requested. Any notice by mail shall be addressed as follows:

If to the Company, to:

WPT Enterprises, Inc.

5700 Wilshire Blvd., Suite 350

Los Angeles, CA 90036

Attention: Chairman of the Board

CC: Adam Pliska, General Counsel

If to Executive, to:

Steven Lipscomb

P.O. Box 291598

Los Angeles, CA 90029

or to such other addresses as either party may designate in writing to the other party from time to
time.

6.5 Waiver of Breach. Any waiver by either party of compliance with any provision of
this Agreement by the other party shall not operate or be construed as a waiver of any other
provision of this Agreement, or of any subsequent breach by such party of a provision of this
Agreement.

6.6 Severability. If any one or more of the provisions (or portions thereof) of this
Agreement shall for any reason be held by a final determination of a court of competent
jurisdiction to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality
or unenforceability shall not affect any other provisions (or portions of the provisions) of this
Agreement, and the invalid, illegal or unenforceable provisions shall be deemed replaced by a
provision that is valid, legal and enforceable and that comes closest to expressing the intention
of the parties hereto.

6.7 Survival. Sections 3 and 4 hereof shall survive the termination of this
Agreement.

6.8 Governing Law. This Agreement shall be interpreted and enforced in accordance
with the laws of the State of California, without giving effect to conflict of law principles.

6.9 Arbitration. Any controversy or claim arising out of or relating to this
Agreement or the breach of this Agreement shall be settled by arbitration in accordance with the
Commercial Arbitration Rules of the American Arbitration Association, and a judgment upon the award
rendered by the arbitrator(s) may be entered in any court having jurisdiction. The arbitrator(s)
shall have the authority to award the prevailing party its costs and reasonable attorney’s fees
which shall be paid by the non-prevailing party. In the event the parties hereto agree that it is
necessary to litigate any dispute hereunder in a court, the non-prevailing party shall pay the
prevailing party its costs and reasonable attorney’s fees.

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IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the date set
forth above.

WPT ENTERPRISES, INC.

By:_/s/ Adam Pliska     

Adam Pliska

Its: General Counsel

 /s/ Steven Lipscomb

STEVEN LIPSCOMB

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