Document:

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                                                                  Exhibit 10(dd)

                               WMS INDUSTRIES INC.

                      2000 NON-QUALIFIED STOCK OPTION PLAN

                                    ARTICLE I

                               PURPOSE OF THE PLAN

     The 2000 Non-Qualified Stock Option Plan (the "Plan") is intended to
provide a method whereby "Employees," "Directors" and "Consultants and Advisers"
of WMS Industries Inc. (the "Company") and its "Subsidiaries" (as such quoted
terms are hereinafter defined) may be encouraged to acquire a proprietary
interest in the Company and whereby such individuals may realize benefits from
an increase in the value of the shares of Common Stock, $.50 par value per share
("Common Stock"), of the Company; to provide such Employees, Directors and
Consultants and Advisers with greater incentive and to encourage their continued
provision of services to the Company; and, generally, to promote the interests
of the Company and all of its stockholders. Under the Plan, from time to time on
or before April 17, 2010, options to purchase shares of Common Stock and related
Stock Appreciation Rights may be granted to such persons as may be selected in
the manner hereinafter provided on the terms and subject to the conditions
hereinafter set forth. Capitalized terms are defined in Article XV hereof.

                                   ARTICLE II

                           ADMINISTRATION OF THE PLAN

     SECTION 1. Subject to the authority as described herein of the Board of
Directors (the "Board") of the Company, the Plan shall be administered by the
Stock Option Committee of the Board (the "Committee") which is composed of at
least two members of the Board who are Non-Employee Directors. The Committee is
authorized to interpret the Plan and may from time to time adopt such rules and
regulations for carrying out the Plan as it may deem best. All determinations by
the Committee shall be made by the affirmative vote of a majority of its members
but any determination reduced to writing and signed by a majority of its members
shall be fully enforceable and effective as if it had been made by a majority
vote at a meeting duly called and held. Subject to any applicable provisions of
the Plan, all determinations by the Committee or by the Board pursuant to the
provisions of the Plan, and all related orders or resolutions of the Committee
or the Board, shall be final, conclusive and binding on all Persons, including
the Company and its stockholders, employees, directors and optionees.

     SECTION 2. All authority delegated to the Committee pursuant to the Plan
may also be exercised by the Board. Subject to the foregoing, in the event of
any conflict or inconsistency between determinations, orders, resolutions or
other actions of the Committee and the Board, the actions of the Board shall
control.

     SECTION 3. With respect to Section 16 of the 1934 Act, transactions under
the Plan are intended to comply with all applicable conditions of Rule 16b-3 or
its successors under the 1934 Act. To the extent any provision of the Plan or
action by the Committee fails to so comply, it shall be deemed null and void to
the extent permitted by law and deemed advisable by the Committee.

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                                   ARTICLE III

                            STOCK SUBJECT TO THE PLAN

     SECTION 1. The shares to be issued or delivered upon exercise of options or
rights granted under the Plan shall be made available, at the discretion of the
Board, either from the authorized but unissued shares of Common Stock of the
Company or from shares of Common Stock reacquired by the Company, including
shares purchased by the Company in the open market or otherwise obtained.

     SECTION 2. Subject to the provisions of Article X hereof, the aggregate
number of shares of Common Stock which may be purchased pursuant to options
granted at any time under the Plan shall not exceed 1,750,000. Such number shall
be reduced by the aggregate number of shares covered by options in respect of
which Stock Appreciation Rights are exercised.

     SECTION 3. Shares subject to any options which are canceled, lapse or are
otherwise terminated shall be immediately available for reissuance under the
Plan.

     SECTION 4. This Plan is intended to be a "broadly-based" plan, as defined
in Paragraph 312.04(h) of the New York Stock Exchange Listed Company Manual.
Therefore, during the first three years after the date the Plan is adopted, at
least a majority of the shares of Common Stock underlying options granted under
the Plan shall be granted to employees who are not officers or directors of the
Company.

                                   ARTICLE IV

                        PURCHASE PRICE OF OPTIONED SHARES

     Unless the Committee shall fix a greater or lesser purchase price, the
purchase price per share of Common Stock under each option granted to Employees,
Directors, Consultants and Advisers shall be one hundred percent (100%) of the
Fair Market Value (as hereinafter defined) of the Common Stock at the time such
option is granted.

                                    ARTICLE V

                            ELIGIBILITY OF RECIPIENTS

     Options will be granted only to Employees, Directors, Consultants or
Advisers of the Company or a Subsidiary.

                                   ARTICLE VI

                              DURATION OF THE PLAN

     Unless previously terminated by the Committee or the Board, the Plan will
terminate on April 17, 2010. Such termination will not terminate any option or
Stock Appreciation Right then outstanding.

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                                   ARTICLE VII

                         GRANT OF OPTIONS TO EMPLOYEES,
                       DIRECTORS, CONSULTANTS AND ADVISERS

     SECTION 1. Each option granted under the Plan shall constitute a
Non-Qualified Stock Option.

     SECTION 2. The Committee shall from time to time determine the Employees,
Directors, Consultants and Advisers to be granted options, it being understood
that options may be granted at different times to the same person. In addition,
the Committee shall determine subject to the terms of the Plan (a) the number of
shares subject to each option, (b) the time or times when the options will be
granted, (c) whether Stock Appreciation Rights will be granted in connection
with the grant of options, (d) the purchase price of the shares subject to each
option, (e) the time or times when each option and any related Stock
Appreciation Rights may be exercised and (f) any other matters which the
Committee shall deem appropriate.

     SECTION 3. All instruments evidencing options granted to Employees,
Directors, Consultants and Advisers under the Plan shall be in such form as the
Committee shall from time to time determine, which form shall be consistent with
the Plan and any applicable determinations, orders, resolutions or other actions
of the Committee or the Board.

     SECTION 4. The Committee, in its sole discretion, on the granting of an
option to an Employee, Director, Consultant or Adviser under the Plan may also
grant Stock Appreciation Rights relating to any number of shares but, except as
hereinafter provided, not more than fifty percent (50%) of the number of shares
covered by such option shall include Stock Appreciation Rights. Such options
shall be subject to such terms and conditions, not inconsistent with the Plan,
that the Committee shall impose, including the following:

           (i)   Stock Appreciation Rights may be granted only in writing and
     only attached to an underlying option at the time of the grant of the
     option;

           (ii)  Stock Appreciation Rights may be exercised only at the time
     when the option to which it is attached is exercisable;

           (iii) Stock Appreciation Rights shall entitle the optionee (or any
     person entitled to act under the provisions of the Plan) to surrender
     unexercised all or part of the then exercisable portion of the option to
     which the Stock Appreciation Rights are attached to the Company and to
     receive from the Company in exchange therefor a payment in cash equal to
     the excess, if any, of the then value of one share covered by such portion
     over the option price per share specified in such option (which excess is
     herein called the "Appreciated Value"), multiplied by the number of shares
     covered by the portion of the option so surrendered. For purposes of
     computation of the Appreciated Value, the value of one share shall be
     deemed to be the average Fair Market Value of such share during the
     four-week period immediately preceding the date of notice of exercise of
     the Stock Appreciation Rights;

           (iv)  if Stock Appreciation Rights attached to an option are
     exercised, such option shall be deemed to have been canceled to the extent
     of the number of shares surrendered on exercise of the Stock Appreciation
     Rights and no further options may be granted covering such shares; and

           (v)   if an option to which Stock Appreciation Rights are attached is
     exercised, such Stock Appreciation Rights shall be canceled to the extent
     necessary to cause the number of shares to which

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     such Stock Appreciation Rights relate not to exceed the number of remaining
     shares subject to such option.

                                  ARTICLE VIII

                           TRANSFERABILITY OF OPTIONS

     An option may be transferable by the optionee to the extent permitted by
the Committee as specified in the instrument evidencing the option as the same
may be amended from time to time. Except to the extent permitted by such
instrument, no option shall be transferable except by will or by the laws of
descent and distribution.

                                   ARTICLE IX

                               EXERCISE OF OPTIONS

     SECTION 1. Subject to Article XII hereof, each option (and any related
Stock Appreciation Rights) granted under the Plan shall terminate on the date
specified by the Committee which date shall be not later than the expiration of
ten years from the date on which it was granted.

     SECTION 2. A person electing to exercise an option or Stock Appreciation
Rights then exercisable shall give written notice to the Company of such
election and, if electing to exercise an option, of the number of shares of
Common Stock such person has elected to purchase. A person exercising an option
shall at the time of purchase tender the full purchase price of such shares,
which tender, except as provided in Section 3 of this Article IX, shall be made
in cash or cash equivalent (which may be such person's personal check) or, to
the extent permitted by applicable law, in shares of Common Stock already owned
by such person (which shares shall be valued for such purpose on the basis of
their Fair Market Value on the date of exercise), or in any combination thereof;
provided, however, that payment in shares of common stock already owned shall
not be permitted unless the chief financial officer of the Company determines
that such payment will not require the Company to recognize a compensation
expense under applicable accounting rules. In the event of payment in shares of
Common Stock already owned, such shares shall be appropriately endorsed for
transfer to the Company. The Company shall have no obligation to deliver shares
of Common Stock pursuant to the exercise of any option, in whole or in part,
until such payment in full of the purchase price therefor is received by the
Company.

     SECTION 3. In order to assist an optionee in the exercise of an option
granted under the Plan, the Committee or Board may, in its discretion,
authorize, either at the time of the grant of the option or thereafter (a) the
extension of a loan to the optionee by the Company, (b) the payment by the
optionee of the purchase price of the Common Stock in installments, (c) the
guarantee by the Company of a loan obtained by the optionee from a third party
or (d) make such other reasonable arrangements to facilitate the exercise of
options as are in accordance with applicable law. The Committee or Board shall
authorize the terms of any such loan, installment payment arrangement or
guarantee, including the interest rate and terms of repayment thereof, and shall
cause the instrument evidencing any such option to be amended, if required, to
provide for any such extension of credit. Loans, installment payment
arrangements and guarantees may be authorized without security, and the maximum
amount of any such loan or guarantee shall be the purchase price of the Common
Stock being acquired, plus related interest payments.

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     SECTION 4. Each option shall be subject to the requirement that if at any
time the Board shall in its discretion determine that the listing, registration
or qualification of the shares of Common Stock subject to such option upon any
securities exchange or under any state or Federal law, or the consent or
approval of any governmental regulatory body, is necessary or desirable as a
condition of or in connection with, the granting of such option or the issuance
or purchase of shares thereunder, such option may not be exercised in whole or
in part unless such listing, registration, qualification, consent or approval
shall have been effected or obtained free from any conditions not reasonably
acceptable to the Board. Unless at the time of exercise of an option and the
issuance of Common Stock so purchased, there shall be in effect as to such
Common Stock a registration statement under the Act, the optionee shall deliver
a certification (a) acknowledging that such shares of Common Stock may be
"restricted securities" as defined in Rule 144 promulgated under the Act; and
(b) containing such optionee's agreement that such Common Stock may not be sold
or otherwise disposed of except in compliance with applicable provisions of the
Act. In the event that the Common Stock is then listed on a national securities
exchange, the Company shall use its best efforts to cause the listing of the
shares of Common Stock subject to options upon such exchange.

     SECTION 5. The Company may establish appropriate procedures to provide for
payment or withholding of such income or other taxes as may be required by law
to be paid or withheld in connection with the exercise of options or any other
matters under the Plan, and to ensure that the Company receives prompt advice
concerning the occurrence of any event which may create, or affect the timing or
amount of, any obligation to pay or withhold any such taxes or which may make
available to the Company any tax deduction resulting from the occurrence of such
event.

                                    ARTICLE X

                                   ADJUSTMENTS

     SECTION 1. New option rights may be substituted for the options granted
under the Plan, or the Company's duties as to options outstanding under the Plan
may be assumed by a corporation other than the Company, or by a parent or
subsidiary of the Company or such corporation, in connection with any merger,
consolidation, acquisition, separation, reorganization, liquidation or other
similar corporate transaction in which the Company is involved. Notwithstanding
the foregoing or the provisions of this Article X, in the event such
corporation, or parent or subsidiary of the Company or such corporation, does
not substitute new option rights for, and substantially equivalent to, the
options granted hereunder, or assume the options granted hereunder, the options
granted hereunder shall terminate and thereupon become null and void (i) upon
dissolution or liquidation of the Company, or similar occurrence, (ii) upon any
merger, consolidation, acquisition, separation, reorganization, or similar
occurrence, where the Company will not be a surviving entity or (iii) upon a
transfer of substantially all of the assets of the Company or more than 80% of
the outstanding Common Stock in a single transaction; provided, however, that
each optionee shall have the right immediately prior to or concurrently with
such dissolution, liquidation, merger, consolidation, acquisition, separation,
reorganization or other similar corporate transaction, to exercise any unexpired
option granted hereunder whether or not then exercisable.

     SECTION 2. In the event that the Committee determines that any dividend or
other distribution (whether in the form of cash, shares, other securities, or
other property), recapitalization, stock split, reverse stock split,
reorganization, merger, consolidation, split-up, spin-off, combination,
repurchase, or exchange of shares or other securities of the Company, issuance
of warrants or other rights to purchase shares or other securities of the
Company, or other corporate transaction or event affects the shares such that an
adjustment is determined by the Committee to be appropriate in order to prevent
dilution or enlargement of the benefits or potential benefits intended to be
made available under the Plan, then, the Committee shall, in such manner as it
may deem equitable,

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adjust any or all of (i) the number of shares of Common Stock or other
securities of the Company (or number and kind of other securities or property)
with respect to which options may be granted and any limitations set forth in
the Plan, (ii) the number of shares of Common Stock or other securities of the
Company (or number and kind of other securities or property) subject to
outstanding options and (iii) the grant or exercise or target price with respect
to any option or, if deemed appropriate, make provision for a cash payment to
the holder of an outstanding option including, if necessary, the termination of
such an option. Without limiting the generality of the foregoing, any such
adjustment shall be deemed to have prevented any dilution and enlargement of an
optionee's rights if such optionee receives in any such adjustment rights which
are substantially similar (after taking into account the fact that the optionee
has not paid the applicable exercise price) to the rights the optionee would
have received had he exercised his outstanding options and become a stockholder
of the Company immediately prior to the event giving rise to such adjustment.

     SECTION 3. Adjustments and elections under this Article X shall be made by
the Committee whose determination as to what adjustments, if any, shall be made
and the extent thereof shall be final, binding and conclusive. Adjustments
required under this Article X shall also be deemed to increase by a like number
the aggregate number of shares authorized for purchase pursuant to options
granted under the Plan as set forth in Section 2 of Article III hereof.

                                   ARTICLE XI

                          PRIVILEGES OF STOCK OWNERSHIP

     No optionee, or legal representative, legatee, distributee or transferee of
such optionee, shall be entitled to any rights or privileges of a stockholder of
the Company in respect of any shares of Common Stock covered by an option until
such shares have been paid for in full and issued and delivered by the Company.

                                   ARTICLE XII

                      TERMINATION OF SERVICE OR EMPLOYMENT

     SECTION 1. In the event that an optionee shall cease his or her
relationship with the Company or a Subsidiary by voluntarily terminating such
relationship without the written consent of the Company, or if the Company or a
Subsidiary shall terminate for cause such relationship, unless otherwise
provided in the instrument evidencing such option, the option and any associated
Stock Appreciation Rights held by such optionee shall terminate forthwith.

     SECTION 2. If an optionee shall voluntarily terminate his or her
relationship with the Company or a Subsidiary with the written consent of the
Company, which written consent expressly sets forth a statement to the effect
that options which are exercisable on the date of such termination shall remain
exercisable, or if the optionee's relationship with the Company or a Subsidiary
shall have terminated by the Company or a Subsidiary for reasons other than
cause, unless otherwise provided in the instrument evidencing such option, such
optionee may exercise his or her option to the extent exercisable at the time of
such termination, at any time prior to the expiration of three months after such
termination or the date of expiration of the option as fixed at the time of
grant, whichever shall first occur. Options granted under the Plan to Employees
shall not be affected by any change in the position of employment so long as the
holder thereof continues to be an Employee, Director, Consultant or Adviser.

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     SECTION 3. The Committee or Board may also cancel, suspend, withhold or
otherwise limit or restrict any unexpired option and any Stock Appreciation
Right held by an optionee at any time if the optionee (i) is not in compliance
with all applicable provisions of the instrument evidencing the option or Stock
Appreciation Right; or (ii) engages in any activity in competition with any
activity of the Company or any Subsidiary, or inimical, contrary or harmful to
the interests of the Company and its Subsidiaries, including, but not limited
to: (A) conduct related to the optionee's employment for which either criminal
or civil penalties against the optionee may be sought, (B) violation of any
policies of the Company, including, without limitation, the Company's insider
trading policy or anti-harassment policies, (C) accepting employment with or
serving as a consultant, advisor or in any other capacity to an employer that is
in competition with or acting against the interests of the Company or any
Subsidiary, including employing or recruiting any present, former or future
employee of the Company or any Subsidiary, (D) disclosing or misusing any
confidential information or material concerning the Company or any Subsidiary or
(E) participating in a hostile takeover attempt against the Company.

     SECTION 4. Should an optionee die during the existence of the optionee's
relationship with the Company or after the cessation of the optionee's
relationship with the Company, unless otherwise provided in the instrument
evidencing such option, all of the optionee's options shall be terminated,
except that any option (and any related Stock Appreciation Rights), to the
extent exercisable by the optionee at the time of such death, may be exercised
within one year after the date of such death but not later than the expiration
of the option solely in accordance with all of the terms and conditions of the
Plan by the optionee's personal representatives or by the person or persons to
whom the optionee's rights under the option shall pass by will or by the
applicable laws of descent and distribution.

                                  ARTICLE XIII

                             AMENDMENTS TO THE PLAN

     The Board may at any time terminate or from time to time amend, modify or
suspend the Plan. The amendment or termination of the Plan shall not, without
the written consent of an optionee, adversely affect any rights or obligations
under any option theretofore granted to such optionee under the Plan.

                                   ARTICLE XIV

                           EFFECTIVE DATE OF THE PLAN

     The Plan shall be effective on April 18, 2000.

                                   ARTICLE XV

                                   DEFINITIONS

     For the purposes of this Plan, the following terms shall have the meanings
indicated:

     Act: The Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder.

     Code: The Internal Revenue Code of 1986, as amended and the regulations
promulgated thereunder.

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     Committee: Such term is defined in Article II, Section 1 hereof.

     Common Stock: Such term is defined in Article I hereof.

     Consultants and Advisers: Such term includes any third party retained or
engaged by the Company or any Subsidiary to provide services to the Company or
such Subsidiary, including any employee of such third party providing such
services.

     Director: Such term includes any director of the Company.

     Employee: Such term includes any officer as well as any full-time salaried
executive, managerial, professional, administrative or other employee of the
Company or a Subsidiary. Such term also includes an employee on approved leave
of absence provided such employee's right to continue employment with the
Company or a Subsidiary upon expiration of such employee's leave of absence is
guaranteed either by statute or by contract with or by a policy of the Company
or a Subsidiary and any consultant, independent contractor, professional advisor
or other person who is paid by the Company or a Subsidiary for rendering
services or furnishing materials or goods to the Company or a Subsidiary.

     Fair Market Value: The fair market value as of any date shall be determined
by the Committee or Board after giving consideration to the price of the Common
Stock in the public market and shall be determined otherwise in a manner
consistent with the provisions of the Code.

     1934 Act: The Securities Exchange Act of 1934, as amended and the rules and
regulations promulgated thereunder.

     Non-Employee Director: Any director of the Company who is a Non-Employee
Director as that term is defined in Rule 16b-3 promulgated under the 1934 Act,
except as otherwise determined by the Board of Directors.

     Non-Qualified Stock Option: An option which does not qualify under Section
422 of the Code.

     Person: Such term shall have the meaning ascribed to it under the 1934 Act.

     Plan: Such term is defined in Article I hereof and includes all amendments
hereof.

     Stock Appreciation Rights: The rights granted by the Committee pursuant to
Section 4 of Article VII hereof.

     Subsidiary: A "Subsidiary Corporation" of the Company as defined in Section
424 of the Code.

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                                                                 Exhibit 10(ee)

                         EXECUTIVE EMPLOYMENT AGREEMENT

         AGREEMENT made as of the 19th day of May, 2000, by and between WMS
     INDUSTRIES INC., a Delaware corporation (the "Corporation"), and SCOTT
     SCHWEINFURTH ("Executive").

                              W I T N E S S E T H:

     WHEREAS, the Corporation desires to employ Executive and Executive is
willing to undertake such employment on the terms and subject to the conditions
hereinafter set forth.

     NOW, THEREFORE, in consideration of the premises and mutual covenants
hereinafter contained, the parties hereto agree as follows:

     1.    EMPLOYMENT; DUTIES. The Corporation hereby employs Executive as an
executive of the Corporation to perform services as the Executive Vice
President, Chief Financial Officer and Treasurer, and to perform such duties on
behalf of the Corporation and its affiliates as the Chief Executive Officer,
President or the Board of Directors of the Corporation may from time to time
determine relating to financial, accounting and other matters appropriate for a
senior executive of the Corporation.

     2.    ACCEPTANCE AND LOYALTY. Executive hereby accepts such employment and
agrees that throughout the period of his employment hereunder, he will devote
his full time, attention, knowledge and skills, faithfully, diligently and to
the best of his ability, in furtherance of the business of the Corporation and
will perform the duties assigned to him pursuant to Section 1 hereof. Executive
shall perform all duties and responsibilities in a professional manner
consistent with the skill, competence and efficiency expected of an executive
employee performing the duties assigned to Executive and subject to the
direction and control of the Chief Executive Officer, President and the Board of
Directors of the Corporation. Executive will do such traveling as may be
reasonably required of him in the performance of his obligations hereunder.
Executive shall at all times be subject to, observe and carry out such rules,
regulations, policies, directions and restrictions as the Corporation shall from
time to time establish. During his employment hereunder, Executive shall not,
without the written approval of the Chief Executive Officer, President or the
Board of Directors of the Corporation first had and obtained in each instance,
directly or indirectly, accept employment or compensation from or perform
services of any nature for, any business enterprise other than the Corporation
or any of its subsidiaries or affiliates. During Executive's employment
hereunder, Executive shall not be entitled to additional compensation for
serving in any office, including as a director, of the Corporation or any of its
subsidiaries or affiliates to which he may be elected.

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     3.    TERM.

           3.1 The term of Executive's employment hereunder shall commence on
the date hereof and terminate on June 30, 2001 (the "Original Term"); provided,
however, that the term of Executive's employment shall be deemed automatically
extended from time to time such that the term of such employment shall at no
time be less than one year (the "Extended Term"); and provided further, that
Executive's services hereunder may be terminated (i) by either party effective
upon expiration of the Original Term or the Extended Term upon written notice
from the terminating party to the other party dated and received at least one
year prior to the respective termination date, or (ii) by the Corporation
effective upon 30 days' prior written notice if such termination is for "cause"
as defined in subsection 3.2 below, or (iii) by Executive effective upon 30
days' prior written notice if such termination is for "good reason" as defined
in subsection 3.3 below. The Original Term and the Extended Term are hereafter
collectively referred to as the "Term" and each year of the Term is hereafter
referred to as an "Employment Year."

           3.2 For purposes of this Agreement, "cause" means (i) conviction
(pursuant to a final or non-appealable judgment) of a felony or any other crime
involving fraud, larceny or dishonesty; (ii) failure and refusal to follow a
reasonable direction of the Chief Executive Officer, the President or the Board
of Directors of the Corporation 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 Corporation or its customer or trade
relationships; or (iv) failure or refusal to provide accurate and reasonably
complete information with respect to Executive's personal history to the
Corporation or to governmental agencies regulating the business of the
Corporation, 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 Executive. It is understood that poor financial performance of the
Corporation shall not in itself constitute grounds for the termination of
Executive for "cause."

           3.3 Executive's employment may be terminated by Executive for "good
reason." For purposes of this Agreement, "good reason" shall mean a material
breach by the Corporation of any material provision of this Agreement, after
Executive has provided the Corporation with notice thereof and a reasonable
opportunity to cure such breach.

           3.4 Subject to the provisions of Section 12 hereof, if (i) the
Corporation terminates Executive's employment other than for "cause" (including
by reason of death or disability), or (ii) Executive terminates his employment
for "good reason", Executive shall be entitled to receive in a single lump-sum
payment without discount to present value all cash compensation which would
otherwise be payable to Executive hereunder until expiration of the Extended
Term. For purposes of this Agreement, "disability" shall mean the absence of
Executive from Executive's duties with the Corporation on a full-time basis for
60 consecutive business days as a result of incapacity due to mental or physical
illness which is determined to be total and permanent by a physician selected by
the Corporation or its insurers and acceptable to Executive or Executive's legal
representative.

                                      -2-
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     4.    COMPENSATION AND BENEFITS.

           4.1 The Corporation shall pay to Executive as compensation for his
services and agreements hereunder a base salary at the rate of $275,000 per
annum, or such greater amount as the Board of Directors of the Corporation shall
from time to time determine. Base salary shall be payable in equal installments
in accordance with the Corporation's normal payroll policy, subject to payroll
taxes and withholding requirements.

           4.2 The Corporation will establish a discretionary performance bonus
program for Executive with respect to each fiscal year during the Term. The
performance bonus will be an amount of up to seventy-five percent (75%) of
Executive's then current base salary, and will be based upon the extent to which
Executive and the Corporation achieve individual and corporate performance
objectives and criteria established by the President of the Corporation for such
fiscal year.

           4.3 Upon execution of this Agreement, Executive shall be entitled to
receive an additional bonus payment in the amount of $25,000; provided, however,
that such bonus will not be deemed earned until the first anniversary of
Executive's employment by the Corporation, and shall be refunded in full in the
event Executive's employment is terminated by the Corporation for "cause" or by
Executive without "good reason".

           4.4 Executive shall be entitled to participate, to the extent he is
eligible under the terms and conditions thereof, in any bonus, pension,
retirement, disability, hospitalization, insurance, medical service, or other
employee benefit plan which is generally available to executive employees of the
Corporation and which may be in effect from time to time during the period of
his employment hereunder, including the Exec-U-Care insurance program. The
Corporation shall be under no obligation to institute or continue the existence
of any such employee benefit plan. In addition, the Corporation shall provide
Executive with Four Hundred Thousand Dollars ($400,000) in additional life
insurance coverage, payable to such beneficiary as Executive shall designate
from time to time, in such form and manner as the Corporation and Executive
shall determine as appropriate in order to minimize the income tax consequences
of such coverage to Executive. If such insurance is not available at an annual
premium of $3,000 or less, then the Corporation shall provide such lesser amount
of insurance as is available at an annual premium of $3,000.

           4.5 The Corporation will reimburse Executive for his reasonably
documented moving expenses from Las Vegas, Nevada to the Chicago area, up to an
aggregate of $60,000, including the real estate commissions on the sale of
Executive's home in Las Vegas, and the moving of Executive's household items and
two automobiles. Also, the Corporation shall reimburse Executive for the cost of
one round-trip coach airline fare for Executive's four children and any addition
round-trip coach airline fares for Executive's wife as are reasonably necessary
for Executive's relocation. The Corporation will reimburse Executive for the
amount, if any, by which the purchase price paid by Executive for Executive's
home in Las Vegas (including the cost of any documented capital improvements
made by Executive to such home) exceeds the sale price obtained

                                      -3-
<PAGE>   4

upon the sale of Executive's home in Las Vegas to prevent Executive from
suffering a loss between the price he paid for the Las Vegas home (and the cost
of such capital improvements) and the sales price for the Las Vegas home,
provided that such reimbursement shall not exceed $40,000. Executive shall
provide the Corporation with documentation showing the purchase price he paid
for his home in Las Vegas. The payments to Executive set forth in this Section
4.5 shall be paid net of any income tax imposed upon Executive as a result of
such payments, and shall be "grossed-up" such that the net amount retained by
Executive shall be the full amount of such payments after the calculation and
deduction of any income taxes on such payments.

     5.    BUSINESS EXPENSES. The Corporation shall reimburse Executive for all
authorized expenses reasonably incurred by him in accordance with the
Corporation's "Travel and Entertainment Policy and Procedure," and any
amendments thereof that the Corporation may adopt during the Term hereof.

     6.    VACATION. Executive shall be entitled to three weeks paid vacation
during each Employment Year. Any such vacations are to be taken at times
mutually agreeable to Executive and the President of the Corporation. Vacation
time shall not be accumulated from year to year, unless Executive is requested
by the President of the Corporation to forego a vacation during any Employment
Year.

     7.    KEY-MAN LIFE INSURANCE. The Corporation may purchase and maintain
life insurance covering the life of Executive ("Key-man Insurance") in an amount
determined by the Corporation. The Corporation shall be the sole owner and
beneficiary of the Key-man Insurance and may apply to the payment of premiums
thereunder any dividends declared and paid thereon. Executive shall submit
himself to such physical examinations as the President of the Corporation may
deem necessary or desirable in connection with the purchase and maintenance of
the Key-man Insurance.

     8.    NON-COMPETITION AND NON-RAIDING. In consideration of the
Corporation's entering into this Agreement:

           8.1 Executive agrees that during the Term hereof and for a period of
one year after termination for "cause" or after Executive terminates his
employment without "good reason" without the written consent of the Corporation,
he will not, directly or indirectly, without the prior written consent of the
Corporation, 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, importation, manufacture
and/or sale of electronic gaming devices or any business entity which is engaged
in any other business in which the Corporation or any affiliate of the
Corporation is engaged. Nothing herein contained shall be deemed to prohibit
Executive 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 Executive's holdings therein represent less than
five percent of the total number of shares or principal amount of other
securities of such company outstanding.

                                      -4-
<PAGE>   5

           8.2 Executive agrees that during the Term hereof and for a period of
one year thereafter, he will not, directly or indirectly, without the prior
written consent of the Corporation, induce or influence, or seek to induce or
influence, any person who is engaged by the Corporation or any affiliate of the
Corporation as an employee, agent, independent contractor or otherwise, to
terminate his employment or engagement, nor shall Executive directly or
indirectly, through any other person, firm or corporation, 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 Corporation or
any affiliate of the Corporation.

           8.3 In the event that Executive is terminated for reasons other than
"cause," then, for such period (not to exceed one year after termination) as the
Corporation either continues to pay the Executive's base salary to him or has
made a lump-sum payment to Executive pursuant to Section 12 hereof, Executive
agrees that he will not, directly or indirectly, without the prior written
consent of the Corporation, take any of the actions prohibited under subsection
8.1 of this Agreement.

           8.4 Executive acknowledges that the provisions of this Paragraph 8
are reasonable and necessary for the protection of the Corporation. In the event
that any provision of this Paragraph 8, including any sentence, clause or part
hereof, shall be deemed contrary to law or invalid or unenforceable in any
respect by a court of competent jurisdiction, the remaining provisions shall not
be affected, but shall, subject to the discretion of such court, remain in full
force and effect and any invalid and unenforceable provisions shall be deemed,
without further action on the part of the parties hereto, modified, amended and
limited to the extent necessary to render the same valid and enforceable.

     9.    CONFIDENTIALITY AGREEMENT.

           9.1 As used herein, the term "Confidential Information" shall mean
any and all information of the Corporation and of its affiliates (for purposes
of this paragraph, the Corporation's affiliates shall be deemed included within
the meaning of "Corporation"), including, but not limited to, all data,
compilations, programs, devices, strategies, or methods concerning or related to
(i) the Corporation's finances, financial condition, results of operations,
employee relations, amounts of compensation paid to officers and employees and
any other data or information relating to the internal affairs of the
Corporation and its operations; (ii) the terms and conditions (including prices)
of sales and offers of sales of the Corporation's products and services; (iii)
the terms, conditions and current status of the Corporation's agreements and
relationship with any customer or supplier; (iv) the customer and supplier lists
and the identities and business preferences of the Corporation's actual and
prospective customers and suppliers or any employee or agent thereof with whom
the Corporation communicates; (v) the trade secrets, manufacturing and operating
techniques, price data, costs, methods, systems, plans, procedures, formulas,
processes, hardware, software, machines, inventions, designs, drawings, artwork,
blueprints, specifications, tools, skills, ideas, and strategic plans possessed,
developed, accumulated or acquired by the Corporation; (vi) any communications
between the Corporation, its officers, directors, stockholders, or employees,
and any attorney retained by the

                                      -5-
<PAGE>   6

Corporation for any purpose, or any person retained or employed by such attorney
for the purpose of assisting such attorney in his or her representation of the
Corporation; (vii) any other information and knowledge with respect to all
products developed or in any stage of development by the Corporation; (viii) the
abilities and specialized training or experience of others who as employees or
consultants of the Corporation during the Term hereof have engaged in the design
or development of any such products; and (ix) any other matter or thing, whether
or not recorded on any medium, (a) by which the Corporation derives actual or
potential economic value from such matter or thing being not generally known to
other persons or entities who might obtain economic value from its disclosure or
use, or (b) which gives the Corporation an opportunity to obtain an advantage
over its competitors who do not know or use the same.

           9.2 Executive acknowledges and agrees that the Corporation is engaged
in highly competitive businesses and has expended, or will expend, significant
sums of money and has invested, or will invest, a substantial amount of time to
develop and maintain the secrecy of the Confidential Information. The
Corporation has thus obtained, or will obtain, a valuable economic asset which
has enabled, or will enable, it to develop an extensive reputation and to
establish long-term business relationships with its suppliers and customers. If
such Confidential Information were disclosed to another person or entity or used
for the benefit of anyone other than the Corporation, the Corporation would
suffer irreparable harm, loss and damage. Accordingly, Executive acknowledges
and agrees that, unless the Confidential Information becomes publicly known
through legitimate origins not involving an act or omission by Executive:

           (i)   the Confidential Information is, and at all times hereafter
           shall remain, the sole property of the Corporation;

           (ii)  Executive shall use his best efforts and the utmost diligence
           to guard and protect the Confidential Information from disclosure to
           any competitor, customer or supplier of the Corporation or any other
           person, firm, corporation or other entity; (1)

           (iii) unless the Corporation gives Executive prior express written
           permission, during his employment and thereafter, Executive shall not
           use for his own benefit, or divulge to any competitor or customer or
           any other person, firm, corporation, or other entity, any of the
           Confidential Information which Executive may obtain, learn about,
           develop or be entrusted with as a result of Executive's employment by
           the Corporation; and

           (iv)  except in the ordinary course of the Corporation's business,
           Executive shall not seek or accept any Confidential Information from
           any former, present or future employee of the Corporation.

           9.3 Executive also acknowledges and agrees that all documentary and
tangible Confidential Information including, without limitation, such
Confidential Information as Executive

                                      -6-
<PAGE>   7

has committed to memory, is supplied or made available by the Corporation to the
Executive solely to assist him in performing his services under this Agreement.
Executive further agrees that after his employment with the Corporation is
terminated for any reason:

           (i)   Executive shall not remove from the property of the Corporation
           and shall immediately return to the Corporation, all documentary or
           tangible Confidential Information in his possession, custody, or
           control and not make or keep any copies, notes, abstracts, summaries,
           tapes or other record of any type of Confidential Information; and

           (ii)  Executive shall immediately return to the Corporation any and
           all other property of the Corporation in his possession, custody or
           control, including, without limitation, any and all keys, security
           cards, passes, credit cards and marketing literature.

     10.   INVENTION DISCLOSURE. Any invention, improvement, design, development
or discovery conceived, developed, created or made by Executive alone or with
others, during the period of his employment hereunder and applicable to the
business of the Corporation or its affiliates, whether or not patentable or
registrable, shall become the sole and exclusive property of the Corporation.
Executive hereby assigns to the Corporation, all of his rights to any
"intellectual material" created or developed by him during the course of his
employment. As used herein, "intellectual material" shall include, but shall not
be limited to, ideas, titles, themes, production ideas, methods of presentation,
artistic renderings, sketches, plots, music, lyrics, dialogue, phrases, slogans,
catch words, characters, names and similar literary, dramatic and musical
material, trade names, trademarks and service marks and all copyrightable
expressions in audio visual works, computer software, electronic circuitry and
all mask works for integrated circuits. Executive shall disclose the
intellectual material promptly and completely to the Corporation and shall,
during the period of his employment hereunder and at any time and from time to
time hereafter (a) execute all documents requested by the Corporation for
vesting in the Corporation or any of its affiliates the entire right, title and
interest in and to the same, (b) execute all documents requested by the
Corporation for filing and prosecuting such applications for patents, trademarks
and/or copyrights as the Corporation, in its sole discretion, may desire to
prosecute, and (c) give the Corporation all assistance it reasonably requires,
including the giving of testimony in any suit, action or proceeding, in order to
obtain, maintain and protect the Corporation's right therein and thereto. If any
such assistance is required following the termination of this Agreement, the
Corporation shall reimburse Executive for his time and the reasonable expenses
incurred by him in rendering such assistance. Anything contained in this
paragraph to the contrary notwithstanding, this paragraph does not apply to an
invention for which no equipment, supplies, facilities, or trade secret
information of the Corporation or its affiliates was used and which was
developed entirely on the Executive's own time, unless (d) the invention
relates: (i) to the business of the Corporation or its affiliates, or (ii) to
the Corporation's or any of its affiliates' actual or demonstrably anticipated
research or development, or (e) the invention results from any work performed by
the Executive for the Corporation or its affiliates.

                                      -7-
<PAGE>   8

     11.   REMEDIES. Executive acknowledges and agrees that the business of the
Corporation is highly competitive and that violation of any of the covenants
provided for in Paragraphs 8, 9 and 10 of this Agreement would cause immediate,
immeasurable and irreparable harm, loss and damage to the Corporation not
adequately compensable by a monetary award. Accordingly, Executive agrees,
without limiting any of the other remedies available to the Corporation, that
any violation of said covenants, or any one of them, may be enjoined or
restrained by any court of competent jurisdiction, and that any temporary
restraining order or emergency, preliminary or final injunctions may be issued
by any court of competent jurisdiction, without notice and without bond. In the
event any proceedings are commenced by the Corporation against Executive for any
actual or threatened violation of any of said covenants and if the Corporation
prevails in such litigation, then, Executive shall be liable to the Corporation
for, and shall pay to the Corporation, all costs and expenses of any kind,
including reasonable attorneys' fees, which the Corporation may incur in
connection with such proceedings.

     12.   CHANGE OF CONTROL.

           12.1 If at any time during the term of this Agreement, individuals
who presently constitute the Board of Directors of the Corporation, 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
(such event being hereafter referred to as a "Change of Control") and Executive
gives written notice to the Corporation within 60 days after such Change of
Control of his election to terminate his employment hereunder, the Corporation
shall pay to Executive within 15 days after Executive's delivery of such notice,
as severance pay and liquidated damages, in lieu of any other rights or remedies
which might otherwise be available to him under this Agreement, and without
mitigation of any kind or amount, whether or not Executive shall seek or accept
other employment, a lump sum payment equal in amount to three times the annual
base salary payable to Executive pursuant to subsection 4.1 of this Agreement.
In addition, all unexpired options to purchase securities of the Corporation
granted to Executive before the Change of Control shall, if unvested, vest fully
on the date of the Change of Control, notwithstanding any vesting provisions of
such options. The payments provided for in this Section 12 shall be paid in
full, without discount to present value.

           12.2 If it shall be determined that any amount payable under Section
12.1 by the Corporation to or for the benefit of Executive (a "Base Payment")
would be subject to the excise tax (the "Excise Tax") imposed by Section 4999 of
the Internal Revenue Code of 1986, as amended (the "Code"), then Executive shall
be entitled to receive an additional payment (the "Gross-Up Payment") in an
amount such that the net amount retained by Executive, after the calculation and
deduction of any Excise Tax on the Base Payment shall be equal to the Base
Payment, less any federal, state and local income taxes. The Gross-Up Payment
shall be reduced by income or Excise Tax withholding payments made by the
Corporation to any federal, state, or local taxing authority with respect to the
Gross-Up Payment that was not deducted from compensation payable to the
Executive. All determinations required to be made under this Section 12.2,
including whether and when a Gross-Up Payment is required, the amount of such
Gross-Up Payment, and the assumptions to be utilized in arriving at such
determination, except as specified above, shall be made by the Corporation's
auditors

                                      -8-
<PAGE>   9

(the "Accounting Firm"), which shall provide detailed supporting calculations
both to the Corporation and Executive within fifteen business days after the
receipt of notice from Executive that there should be a Gross-Up Payment. The
determination of tax liability made by the Accounting Firm shall be subject to
review by Executive's tax advisor, and, if Executive's tax advisor does not
agree with the determination reached by the Accounting Firm, then the Accounting
Firm and Executive's tax advisor shall jointly designate a nationally recognized
public accounting firm, which shall make the determination. All fees and
expenses of the accountants retained by the Corporation or jointly designated
and retained shall be borne by the Corporation. Any determination by a jointly
designated public accounting firm shall be binding upon the Corporation and
Executive.

     13.   ENTIRE AGREEMENT. This Agreement constitutes the entire agreement of
the parties hereto with respect to Executive's employment with the Company and
no amendment or modification hereof shall be valid or binding unless made in
writing and signed by the party against whom enforcement thereof is sought. All
prior agreements relating to Executive's employment with the Company or WMS or
any affiliate of the Company or WMS are hereby terminated and of no further
force and effect.

     14.   NOTICES. Any notice required, permitted or desired to be given
pursuant to any of the provisions of this Agreement shall be deemed to have been
sufficiently given or served for all purposes if delivered in person or sent by
telephone facsimile or sent by certified mail, return receipt requested, or sent
by responsible overnight delivery service, postage and fees prepaid, to the
parties hereto at their respective addresses set forth below. Either of the
parties hereto may at any time and from time to time change the address to which
notice shall be sent hereunder by notice to the other party given under this
Section 14. The date of the giving of any notice sent by mail shall be three
business days following the date of the posting of the mail, if delivered in
person, the date delivered in person, if sent by overnight delivery service, the
next business day following delivery to an overnight delivery service or if sent
by telephone facsimile, the date sent by telephone facsimile.

     If to the Corporation:
               3401 North California Avenue
               Chicago, IL  60618
               Facsimile: 312-961-1099
               Attn: Mr. Brian Gamache, President

     If to Executive:
               1960 Saunders Road
               Riverwoods, IL  60015

     15.   NO ASSIGNMENT. Neither this Agreement nor the right to receive any
payments hereunder may be assigned by Executive. This Agreement shall be binding
upon Executive, his heirs, executors and administrators and upon the
Corporation, its successors and assigns.

     16.   NO WAIVER. No course of dealing nor any delay on the part of the
Corporation in exercising any rights hereunder shall operate as a waiver of any
such rights. No waiver of any default

                                      -9-
<PAGE>   10

or breach of this Agreement shall be deemed a continuing waiver or a waiver of
any other breach or default.

     17.   GOVERNING LAW. This Agreement shall be governed, interpreted and
construed in accordance with the substantive laws of the State of Illinois
applicable to agreements entered into and to be performed entirely therein.

     18.   SEVERABILITY. If any clause, paragraph, section or part of this
Agreement shall be held or declared to be void, invalid or illegal, for any
reason, by any arbitrator or court of competent jurisdiction, such provision
shall be ineffective but shall not in any way invalidate or affect any other
clause, paragraph, section or part of this Agreement. The parties intend that
all clauses, paragraphs, sections or parts of this Agreement shall be
enforceable to the fullest extent permitted by law.

     19 .  AFFILIATE. As used in this Agreement, "affiliate" means any person or
entity controlled by or under common control with the Corporation.

     20.   COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which counterparts, when taken together, shall constitute
but one and the same agreement.

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed on the day and year first above written.

                                          WMS INDUSTRIES INC.

                                          By:  /s/   BRIAN GAMACHE
                                               ---------------------------------
                                               Brian Gamache, President

                                          By:  /s/   SCOTT SCHWEINFURTH
                                              ----------------------------------
                                               Scott Schweinfurth

                                      -10-

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