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                                                                    Exhibit 10.5

                              WPT ENTERPRISES, INC.

                            2004 STOCK INCENTIVE PLAN

         1. Purpose. The purpose of the 2004 Stock Incentive Plan (the "Plan")
of WPT Enterprises, Inc. (the "Company") is to increase stockholder value and to
advance the interests of the Company by furnishing a variety of economic
incentives ("Incentives") designed to attract, retain and motivate employees,
certain key consultants and directors of the Company. Incentives may consist of
opportunities to purchase or receive shares of Common Stock, $.001 par value, of
the Company ("Common Stock") on terms determined under this Plan.

         2. Administration. The Plan shall be administered by the Board of
Directors or by a stock option or compensation committee (the "Committee") of
the Board of Directors of the Company. The Committee shall consist of not less
than two directors of the Company and shall be appointed from time to time by
the board of directors of the Company. Each member of the Committee shall be (i)
a "non-employee director" within the meaning of Rule 16b-3 of the Securities
Exchange Act of 1934 (including the regulations promulgated thereunder, the
"1934 Act") (a "Non-Employee Director"), and (ii) shall be an "outside director"
within the meaning of Section 162(m) under the Internal Revenue Code of 1986, as
amended (the "Code") and the regulations promulgated thereunder. The Committee
shall have complete authority to award Incentives under the Plan, to interpret
the Plan, and to make any other determination which it believes necessary and
advisable for the proper administration of the Plan. The Committee's decisions
and matters relating to the Plan shall be final and conclusive on the Company
and its participants. If at any time there is no stock option or compensation
committee, the term "Committee", as used in the Plan, shall refer to the Board
of Directors.

         3. Eligible Participants. Officers of the Company, employees of the
Company or its subsidiaries, members of the Board of Directors, and consultants
or other independent contractors who provide services to the Company or its
subsidiaries shall be eligible to receive Incentives under the Plan when
designated by the Committee. Participants may be designated individually or by
groups or categories (for example, by pay grade) as the Committee deems
appropriate. Participation by officers of the Company or its subsidiaries and
any performance objectives relating to such officers must be approved by the
Committee. Participation by others and any performance objectives relating to
others may be approved by groups or categories (for example, by pay grade) and
authority to designate participants who are not officers and to set or modify
such targets may be delegated.

         4. Types of Incentives. Incentives under the Plan may be granted in any
one or a combination of the following forms: (a) incentive stock options and
non-statutory stock options (section 6); (b) stock appreciation rights ("SARs")
(section 7); (c) stock awards (section 8); (d) restricted stock (section 8); and
(e) performance shares (section 9).

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         5. Shares Subject to the Plan.

                  5.1. Number of Shares. Subject to adjustment as provided in
         Section 10.6, the number of shares of Common Stock which may be issued
         under the Plan shall not exceed 3,120,000 shares of Common Stock.
         Shares of Common Stock that are issued under the Plan or are subject to
         outstanding Incentives will be applied to reduce the maximum number of
         shares of Common Stock remaining available for issuance under the Plan.

                  5.2. Cancellation. To the extent that cash in lieu of shares
         of Common Stock is delivered upon the exercise of an SAR pursuant to
         Section 7.4, the Company shall be deemed, for purposes of applying the
         limitation on the number of shares, to have issued the greater of the
         number of shares of Common Stock which it was entitled to issue upon
         such exercise or on the exercise of any related option. In the event
         that a stock option or SAR granted hereunder expires or is terminated
         or canceled unexercised as to any shares of Common Stock, such shares
         may again be issued under the Plan either pursuant to stock options,
         SARs or otherwise. In the event that shares of Common Stock are issued
         as restricted stock or pursuant to a stock award and thereafter are
         forfeited or reacquired by the Company pursuant to rights reserved upon
         issuance thereof, such forfeited and reacquired shares may again be
         issued under the Plan, either as restricted stock, pursuant to stock
         awards or otherwise. The Committee may also determine to cancel, and
         agree to the cancellation of, stock options in order to make a
         participant eligible for the grant of a stock option at a lower price
         than the option to be canceled.

                  5.3. Type of Common Stock. Common Stock issued under the Plan
         in connection with stock options, SARs, performance shares, restricted
         stock or stock awards, may be authorized and unissued shares or
         treasury stock, as designated by the Committee.

         6. Stock Options. A stock option is a right to purchase shares of
Common Stock from the Company. ach stock option granted by the Committee under
this Plan shall be subject to the following terms and conditions:

                  6.1. Price. The option price per share shall be determined by
         the Committee, subject to adjustment under Section 10.6.

                  6.2. Number. The number of shares of Common Stock subject to
         the option shall be determined by the Committee, subject to adjustment
         as provided in Section 10.6. The number of shares of Common Stock
         subject to a stock option shall be reduced in the same proportion that
         the holder thereof exercises a SAR if any SAR is granted in conjunction
         with or related to the stock option. Notwithstanding the foregoing, no
         person shall receive grants of Stock Options under the Plan that exceed
         750,000 shares during any one fiscal year of the Company.

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                  6.3. Duration and Time for Exercise. Subject to earlier
         termination as provided in Section 10.4, the term of each stock option
         shall be determined by the Committee but shall not exceed ten years and
         one day from the date of grant. Each stock option shall become
         exercisable at such time or times during its term as shall be
         determined by the Committee at the time of grant. The Committee may
         accelerate the exercisability of any stock option. Subject to the
         foregoing and with the approval of the Committee, all or any part of
         the shares of Common Stock with respect to which the right to purchase
         has accrued may be purchased by the Company at the time of such accrual
         or at any time or times thereafter during the term of the option.

                  6.4. Manner of Exercise. A stock option may be exercised, in
         whole or in part, by giving written notice to the Company, specifying
         the number of shares of Common Stock to be purchased and accompanied by
         the full purchase price for such shares. The option price shall be
         payable (a) in United States dollars upon exercise of the option and
         may be paid by cash, uncertified or certified check or bank draft; (b)
         at the discretion of the Committee, by delivery of shares of Common
         Stock in payment of all or any part of the option price, which shares
         shall be valued for this purpose at the Fair Market Value on the date
         such option is exercised; or (c) at the discretion of the Committee, by
         instructing the Company to withhold from the shares of Common Stock
         issuable upon exercise of the stock option shares of Common Stock in
         payment of all or any part of the exercise price and/or any related
         withholding tax obligations, which shares shall be valued for this
         purpose at the Fair Market Value or in such other manner as may be
         authorized from time to time by the Committee. The shares of Common
         Stock delivered by the participant pursuant to Section 6.4(b) must have
         been held by the participant for a period of not less than six months
         prior to the exercise of the option, unless otherwise determined by the
         Committee. Prior to the issuance of shares of Common Stock upon the
         exercise of a stock option, a participant shall have no rights as a
         stockholder.

                  6.5. Incentive Stock Options. Notwithstanding anything in the
         Plan to the contrary, the following additional provisions shall apply
         to the grant of stock options which are intended to qualify as
         Incentive Stock Options (as such term is defined in Section 422 of the
         Code):

                           (a) The aggregate Fair Market Value (determined as of
                  the time the option is granted) of the shares of Common Stock
                  with respect to which Incentive Stock Options are exercisable
                  for the first time by any participant during any calendar year
                  (under all of the Company's plans) shall not exceed $100,000.
                  The determination will be made by taking incentive stock
                  options into account in the order in which they were granted.
                  If such excess only applies to a portion of an Incentive Stock
                  Option, the Committee, in its discretion, will designate which
                  shares will be treated as shares to be acquired upon exercise
                  of an Incentive Stock Option.

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                           (b) Any Incentive Stock Option certificate authorized
                  under the Plan shall contain such other provisions as the
                  Committee shall deem advisable, but shall in all events be
                  consistent with and contain all provisions required in order
                  to qualify the options as Incentive Stock Options.

                           (c) All Incentive Stock Options must be granted
                  within ten years from the earlier of the date on which this
                  Plan was adopted by Board of Directors or the date this Plan
                  was approved by the stockholders.

                           (d) Unless sooner exercised, all Incentive Stock
                  Options shall expire no later than 10 years after the date of
                  grant.

                           (e) The option price for Incentive Stock Options
                  shall be not less than the Fair Market Value of the Common
                  Stock subject to the option on the date of grant.

                           (f) If Incentive Stock Options are granted to any
                  participant who, at the time such option is granted, would own
                  (within the meaning of Section 422 of the Code) stock
                  possessing more than 10% of the total combined voting power of
                  all classes of stock of the employer corporation or of its
                  parent or subsidiary corporation, (i) the option price for
                  such Incentive Stock Options shall be not less than 110% of
                  the Fair Market Value of the Common Stock subject to the
                  option on the date of grant and (ii) such Incentive Stock
                  Options shall expire no later than five years after the date
                  of grant.

         7. Stock Appreciation Rights. An SAR is a right to receive, without
payment to the Company, a number of shares of Common Stock, cash or any
combination thereof, the amount of which is determined pursuant to the formula
set forth in Section 7.4. An SAR may be granted (a) with respect to any stock
option granted under this Plan, either concurrently with the grant of such stock
option or at such later time as determined by the Committee (as to all or any
portion of the shares of Common Stock subject to the stock option), or (b)
alone, without reference to any related stock option. Each SAR granted by the
Committee under this Plan shall be subject to the following terms and
conditions:

                  7.1. Number. Each SAR granted to any participant shall relate
         to such number of shares of Common Stock as shall be determined by the
         Committee, subject to adjustment as provided in Section 10.6. In the
         case of an SAR granted with respect to a stock option, the number of
         shares of Common Stock to which the SAR pertains shall be reduced in
         the same proportion that the holder of the option exercises the related
         stock option.

                  7.2. Duration. Subject to earlier termination as provided in
         Section 10.4, the term of each SAR shall be determined by the Committee
         but shall not exceed ten years and one day from the date of grant.
         Unless otherwise provided by the Committee, each

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         SAR shall become exercisable at such time or times, to such extent and
         upon such conditions as the stock option, if any, to which it relates
         is exercisable. The Committee may in its discretion accelerate the
         exercisability of any SAR.

                  7.3. Exercise. An SAR may be exercised, in whole or in part,
         by giving written notice to the Company, specifying the number of SARs
         which the holder wishes to exercise. Upon receipt of such written
         notice, the Company shall, within 90 days thereafter, deliver to the
         exercising holder certificates for the shares of Common Stock or cash
         or both, as determined by the Committee, to which the holder is
         entitled pursuant to Section 7.4.

                  7.4. Payment. Subject to the right of the Committee to deliver
         cash in lieu of shares of Common Stock (which, as it pertains to
         officers and directors of the Company, shall comply with all
         requirements of the 1934 Act), the number of shares of Common Stock
         which shall be issuable upon the exercise of an SAR shall be determined
         by dividing:

                           (a) the number of shares of Common Stock as to which
                  the SAR is exercised multiplied by the amount of the
                  appreciation in such shares (for this purpose, the
                  "appreciation" shall be the amount by which the Fair Market
                  Value of the shares of Common Stock subject to the SAR on the
                  exercise date exceeds (1) in the case of an SAR related to a
                  stock option, the purchase price of the shares of Common Stock
                  under the stock option or (2) in the case of an SAR granted
                  alone, without reference to a related stock option, an amount
                  which shall be determined by the Committee at the time of
                  grant, subject to adjustment under Section 10.6); by

                           (b) the Fair Market Value of a share of Common Stock
                  on the exercise date.

                  In lieu of issuing shares of Common Stock upon the exercise of
         a SAR, the Committee may elect to pay the holder of the SAR cash equal
         to the Fair Market Value on the exercise date of any or all of the
         shares which would otherwise be issuable. No fractional shares of
         Common Stock shall be issued upon the exercise of an SAR; instead, the
         holder of the SAR shall be entitled to receive a cash adjustment equal
         to the same fraction of the Fair Market Value of a share of Common
         Stock on the exercise date or to purchase the portion necessary to make
         a whole share at its Fair Market Value on the date of exercise.

         8. Stock Awards and Restricted Stock. A stock award consists of the
transfer by the Company to a participant of shares of Common Stock, without
other payment therefor, as additional compensation for services to the Company.
A share of restricted stock consists of shares of Common Stock which are sold or
transferred by the Company to a participant at a price determined by the
Committee (which price shall be at least equal to the minimum price required

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by applicable law for the issuance of a share of Common Stock) and subject to
restrictions on their sale or other transfer by the participant. The transfer of
Common Stock pursuant to stock awards and the transfer and sale of restricted
stock shall be subject to the following terms and conditions:

                  8.1. Number of Shares. The number of shares to be transferred
         or sold by the Company to a participant pursuant to a stock award or as
         restricted stock shall be determined by the Committee.

                  8.2. Sale Price. The Committee shall determine the price, if
         any, at which shares of restricted stock shall be sold to a
         participant, which may vary from time to time and among participants
         and which may be below the Fair Market Value of such shares of Common
         Stock at the date of sale.

                  8.3. Restrictions. All shares of restricted stock transferred
         or sold hereunder shall be subject to such restrictions as the
         Committee may determine, including, without limitation any or all of
         the following:

                           (a) a prohibition against the sale, transfer, pledge
                  or other encumbrance of the shares of restricted stock, such
                  prohibition to lapse at such time or times as the Committee
                  shall determine (whether in annual or more frequent
                  installments, at the time of the death, disability or
                  retirement of the holder of such shares, or otherwise);

                           (b) a requirement that the holder of shares of
                  restricted stock forfeit, or (in the case of shares sold to a
                  participant) resell back to the Company at his or her cost,
                  all or a part of such shares in the event of termination of
                  his or her employment or consulting engagement during any
                  period in which such shares are subject to restrictions;

                           (c) such other conditions or restrictions as the
                  Committee may deem advisable.

                  8.4. Escrow. In order to enforce the restrictions imposed by
         the Committee pursuant to Section 8.3, the participant receiving
         restricted stock shall enter into an agreement with the Company setting
         forth the conditions of the grant. Shares of restricted stock shall be
         registered in the name of the participant and deposited, together with
         a stock power endorsed in blank, with the Company. Each such
         certificate shall bear a legend in substantially the following form:

                  The transferability of this certificate and the shares of
                  Common Stock represented by it are subject to the terms and
                  conditions (including conditions of forfeiture) contained in
                  the 2004 Stock Incentive Plan of WPT Enterprises, Inc. (the
                  "Company"), and an

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                  agreement entered into between the registered owner and the
                  Company. A copy of the Plan and the agreement is on file in
                  the office of the secretary of the Company.

                  8.5. End of Restrictions. Subject to Section 10.5, at the end
         of any time period during which the shares of restricted stock are
         subject to forfeiture and restrictions on transfer, such shares will be
         delivered free of all restrictions to the participant or to the
         participant's legal representative, beneficiary or heir.

                  8.6. Stockholder. Subject to the terms and conditions of the
         Plan, each participant receiving restricted stock shall have all the
         rights of a stockholder with respect to shares of stock during any
         period in which such shares are subject to forfeiture and restrictions
         on transfer, including without limitation, the right to vote such
         shares. Dividends paid in cash or property other than Common Stock with
         respect to shares of restricted stock shall be paid to the participant
         currently.

         9. Performance Shares. A performance share consists of an award which
shall be paid in shares of Common Stock, as described below. The grant of
performance share shall be subject to such terms and conditions as the Committee
deems appropriate, including the following:

                  9.1. Performance Objectives. Each performance share will be
         subject to performance objectives for the Company or one of its
         operating units to be achieved by the end of a specified period. The
         number of performance shares granted shall be determined by the
         Committee and may be subject to such terms and conditions, as the
         Committee shall determine. If the performance objectives are achieved,
         each participant will be paid in shares of Common Stock or cash. If
         such objectives are not met, each grant of performance shares may
         provide for lesser payments in accordance with formulas established in
         the award.

                  9.2. Not Stockholder. The grant of performance shares to a
         participant shall not create any rights in such participant as a
         stockholder of the Company, until the payment of shares of Common Stock
         with respect to an award.

                  9.3. No Adjustments. No adjustment shall be made in
         performance shares granted on account of cash dividends which may be
         paid or other rights which may be issued to the holders of Common Stock
         prior to the end of any period for which performance objectives were
         established.

                  9.4. Expiration of Performance Share. If any participant's
         employment or consulting engagement with the Company is terminated for
         any reason other than normal retirement, death or disability prior to
         the achievement of the participant's stated performance objectives, all
         the participant's rights on the performance shares shall expire and
         terminate unless otherwise determined by the Committee. In the event of
         termination

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         of employment or consulting by reason of death, disability, or normal
         retirement, the Committee, in its own discretion may determine what
         portions, if any, of the performance shares should be paid to the
         participant.

         10. General.

                  10.1. Effective Date. The Plan will become effective upon its
         approval by the Company's stockholders. Unless approved within one year
         after the date of the Plan's adoption by the board of directors, the
         Plan shall not be effective for any purpose.

                  10.2. Duration. The Plan shall remain in effect until all
         Incentives granted under the Plan have either been satisfied by the
         issuance of shares of Common Stock or the payment of cash or been
         terminated under the terms of the Plan and all restrictions imposed on
         shares of Common Stock in connection with their issuance under the Plan
         have lapsed. No Incentives may be granted under the Plan after the
         tenth anniversary of the date the Plan is approved by the stockholders
         of the Company.

                  10.3. Non-transferability of Incentives. No stock option, SAR,
         restricted stock or performance award may be transferred, pledged or
         assigned by the holder thereof (except, in the event of the holder's
         death, by will or the laws of descent and distribution to the limited
         extent provided in the Plan or the Incentive), or pursuant to a
         qualified domestic relations order as defined by the Code or Title I of
         the Employee Retirement Income Security Act, or the rules thereunder,
         and the Company shall not be required to recognize any attempted
         assignment of such rights by any participant. Notwithstanding the
         preceding sentence, stock options may be transferred by the holder
         thereof to Employee's spouse, children, grandchildren or parents
         (collectively, the "Family Members"), to trusts for the benefit of
         Family Members, to partnerships or limited liability companies in which
         Family Members are the only partners or shareholders, or to entities
         exempt from federal income taxation pursuant to Section 501(c)(3) of
         the Internal Revenue Code of 1986, as amended. During a participant's
         lifetime, a stock option may be exercised only by him or her, by his or
         her guardian or legal representative or by the transferees permitted by
         the preceding sentence.

                  10.4. Effect of Termination or Death. In the event that a
         participant ceases to be an employee of or consultant to the Company
         for any reason, including death or disability, any Incentives may be
         exercised or shall expire at such times as may be determined by the
         Committee.

                  10.5. Additional Condition. Notwithstanding anything in this
         Plan to the contrary: (a) the Company may, if it shall determine it
         necessary or desirable for any reason, at the time of award of any
         Incentive or the issuance of any shares of Common Stock pursuant to any
         Incentive, require the recipient of the Incentive, as a condition to
         the receipt thereof or to the receipt of shares of Common Stock issued
         pursuant thereto, to deliver to the Company a written representation of
         present intention to acquire the Incentive or the shares of Common
         Stock issued pursuant thereto for his or her own account for investment
         and not for distribution; and (b) if at any time the Company

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         further determines, in its sole discretion, that the listing,
         registration or qualification (or any updating of any such document) of
         any Incentive or the shares of Common Stock issuable pursuant thereto
         is necessary on any securities exchange or under any federal or state
         securities or blue sky law, or that the consent or approval of any
         governmental regulatory body is necessary or desirable as a condition
         of, or in connection with the award of any Incentive, the issuance of
         shares of Common Stock pursuant thereto, or the removal of any
         restrictions imposed on such shares, such Incentive shall not be
         awarded or such shares of Common Stock shall not be issued or such
         restrictions shall not be removed, as the case may be, in whole or in
         part, unless such listing, registration, qualification, consent or
         approval shall have been effected or obtained free of any conditions
         not acceptable to the Company.

                  10.6. Adjustment. In the event of any recapitalization, stock
         dividend, stock split, combination of shares or other change in the
         Common Stock, the number of shares of Common Stock then subject to the
         Plan, including shares subject to restrictions, options or achievements
         of performance shares, shall be adjusted in proportion to the change in
         outstanding shares of Common Stock. In the event of any such
         adjustments, the purchase price of any option, the performance
         objectives of any Incentive, and the shares of Common Stock issuable
         pursuant to any Incentive shall be adjusted as and to the extent
         appropriate, in the discretion of the Committee, to provide
         participants with the same relative rights before and after such
         adjustment.

                  10.7. Incentive Plans and Agreements. Except in the case of
         stock awards or cash awards, the terms of each Incentive shall be
         stated in a plan or agreement approved by the Committee. The Committee
         may also determine to enter into agreements with holders of options to
         reclassify or convert certain outstanding options, within the terms of
         the Plan, as Incentive Stock Options or as non-statutory stock options
         and in order to eliminate SARs with respect to all or part of such
         options and any other previously issued options.

                  10.8.    Withholding.

                           (a) The Company shall have the right to withhold from
                  any payments made under the Plan or to collect as a condition
                  of payment, any taxes required by law to be withheld. At any
                  time when a participant is required to pay to the Company an
                  amount required to be withheld under applicable income tax
                  laws in connection with a distribution of Common Stock or upon
                  exercise of an option or SAR, the participant may satisfy this
                  obligation in whole or in part by electing (the "Election") to
                  have the Company withhold from the distribution shares of
                  Common Stock having a value up to the minimum amount of
                  withholding taxes required to be collected on the transaction.
                  The value of the shares to be withheld shall be based on the
                  Fair Market Value of the Common Stock on the date that the
                  amount of tax to be withheld shall be determined ("Tax Date").

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                           (b) Each Election must be made prior to the Tax Date.
                  The Committee may disapprove of any Election, may suspend or
                  terminate the right to make Elections, or may provide with
                  respect to any Incentive that the right to make Elections
                  shall not apply to such Incentive. An Election is irrevocable.

                  10.9. No Continued Employment, Engagement or Right to
         Corporate Assets. No participant under the Plan shall have any right,
         because of his or her participation, to continue in the employ of the
         Company for any period of time or to any right to continue his or her
         present or any other rate of compensation. Nothing contained in the
         Plan shall be construed as giving an employee, a consultant, such
         persons' beneficiaries or any other person any equity or interests of
         any kind in the assets of the Company or creating a trust of any kind
         or a fiduciary relationship of any kind between the Company and any
         such person.

                  10.10. Deferral Permitted. Payment of cash or distribution of
         any shares of Common Stock to which a participant is entitled under any
         Incentive shall be made as provided in the Incentive. Payment may be
         deferred at the option of the participant if provided in the Incentive.

                  10.11. Amendment of the Plan. The Board may amend or
         discontinue the Plan at any time. However, no such amendment or
         discontinuance shall adversely change or impair, without the consent of
         the recipient, an Incentive previously granted. Further, no such
         amendment shall, without approval of the shareholders of the Company,
         (a) increase the maximum number of shares of Common Stock which may be
         issued to all participants under the Plan, (b) change or expand the
         types of Incentives that may be granted under the Plan, (c) change the
         class of persons eligible to receive Incentives under the Plan, or (d)
         materially increase the benefits accruing to participants under the
         Plan.

                  10.12 Sale, Merger, Exchange or Liquidation. Unless otherwise
         provided in the agreement for an Incentive, in the event of an
         acquisition of the Company through the sale of substantially all of the
         Company's assets or through a merger, exchange, reorganization or
         liquidation of the Company or a similar event as determined by the
         Committee (collectively a "transaction"), the Committee shall be
         authorized, in its sole discretion, to take any and all action it deems
         equitable under the circumstances, including but not limited to any one
         or more of the following:

                  (1) providing that the Plan and all Incentives shall terminate
         and the holders of (i) all outstanding vested options shall receive, in
         lieu of any shares of Common Stock they would be entitled to receive
         under such options, such stock, securities or assets, including cash,
         as would have been paid to such participants if their options had been
         exercised and such participant had received Common Stock immediately
         prior to such transaction (with appropriate adjustment for the exercise
         price, if any), (ii) performance shares and/or SARs that entitle the
         participant to receive Common Stock shall receive, in lieu of any
         shares of Common Stock each participant was entitled to receive as of
         the date of the

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         transaction pursuant to the terms of such Incentive, if any, such
         stock, securities or assets, including cash, as would have been paid to
         such participant if such Common Stock had been issued to and held by
         the participant immediately prior to such transaction, and (iii) any
         Incentive under this Agreement which does not entitle the participant
         to receive Common Stock shall be equitably treated as determined by the
         Committee.

                  (2) providing that participants holding outstanding vested
         Common Stock based Incentives shall receive, with respect to each share
         of Common Stock issuable pursuant to such Incentives as of the
         effective date of any such transaction, at the determination of the
         Committee, cash, securities or other property, or any combination
         thereof, in an amount equal to the excess, if any, of the Fair Market
         Value of such Common Stock on a date within ten days prior to the
         effective date of such transaction over the option price or other
         amount owed by a participant, if any, and that such Incentives shall be
         cancelled, including the cancellation without consideration of all
         options that have an exercise price below the per share value of the
         consideration received by the Company in the transaction.

                  (3) providing that the Plan (or replacement plan) shall
         continue with respect to Incentives not cancelled or terminated as of
         the effective date of such transaction and provide to participants
         holding such Incentives the right to earn their respective Incentives
         on a substantially equivalent basis (taking into account the
         transaction and the number of shares or other equity issued by such
         successor entity) with respect to the equity of the entity succeeding
         the Company by reason of such transaction.

                  (4) providing that all unvested, unearned or restricted
         Incentives, including but not limited to restricted stock for which
         restrictions have not lapsed as of the effective date of such
         transaction, shall be void and deemed terminated, or, in the
         alternative, for the acceleration or waiver of any vesting, earning or
         restrictions on any Incentive.

                  The Board may restrict the rights of participants or the
         applicability of this Section 10.12 to the extent necessary to comply
         with Section 16(b) of the Securities Exchange Act of 1934, the Internal
         Revenue Code or any other applicable law or regulation. The grant of an
         Incentive award pursuant to the Plan shall not limit in any way the
         right or power of the Company to make adjustments, reclassifications,
         reorganizations or changes of its capital or business structure or to
         merge, exchange or consolidate or to dissolve, liquidate, sell or
         transfer all or any part of its business or assets.

                  10.13. Definition of Fair Market Value. For purposes of this
         Plan, the "Fair Market Value" of a share of Common Stock at a specified
         date shall, unless otherwise expressly provided in this Plan, be the
         amount which the Committee or the Board of Directors determines in good
         faith to be 100% of the fair market value of such a share as of the
         date in question; provided, however, that notwithstanding the
         foregoing, if such shares are listed on a U.S. securities exchange or
         are quoted on the Nasdaq National Market or Nasdaq Small-Cap Market
         ("Nasdaq"), then Fair Market Value shall be

                                       11

<PAGE>

         determined by reference to the last sale price of a share of Common
         Stock on such U.S. securities exchange or Nasdaq on the applicable
         date. If such U.S. securities exchange or Nasdaq is closed for trading
         on such date, or if the Common Stock does not trade on such date, then
         the last sale price used shall be the one on the date the Common Stock
         last traded on such U.S. securities exchange or Nasdaq.

                                       12<PAGE>

                                                                   Exhibit 10.11
                             WPT ENTERTAINMENT, INC.
                            INDEMNIFICATION AGREEMENT

      This INDEMNIFICATION AGREEMENT (the "Agreement") is effective as of the
___ day of ______________, 200__, by and between WPT Enterprises, Inc., a
Delaware corporation (the "Company"), and _______________, an individual
resident of the State of ______________ (the "Indemnitee").

      WHEREAS, the Indemnitee is a director or an officer of the Company; and

      WHEREAS, in recognition of Indemnitee's need for substantial protection
against personal liability in order to enhance Indemnitee's continued service to
the Company in an effective manner and Indemnitee's reliance on the provisions
of the Company's Certificate of Incorporation and Bylaws (the "charter
documents") requiring indemnification of the Indemnitee to the fullest extent
permitted by law, and in part to provide Indemnitee with specific contractual
assurance that the protection promised by such charter documents will be
available to Indemnitee (regardless of, among other things, any amendment to or
revocation of such charter documents or any change in the composition of the
Company's Board of Directors or acquisition transaction relating to the
Company), the Company wishes to provide in this Agreement for the
indemnification of and the advancing of expenses to Indemnitee to the full
extent (whether partial or complete) permitted by law and as set forth in this
Agreement, and, to the extent insurance is maintained, for the continued
coverage of Indemnitee under the Company's directors' and officers' liability
policies.

      NOW THEREFORE, in consideration of the premises and of Indemnitee agreeing
to serve or continuing to serve the Company directly or, at its request, with
another enterprise, and intending to be legally bound hereby, the parties hereto
agree as follows:

      1. BASIC INDEMNIFICATION ARRANGEMENT. (a) In the event Indemnitee was, is
or becomes a party to or other participant in, or is threatened to be made a
party to or other participant in, a claim by reason of (or arising in part out
of) an Indemnifiable Event (a "Claim"), the Company shall indemnify Indemnitee
to the fullest extent permitted by law as soon as practicable, but in any event
no later than 30 days after written demand is presented to the Company, against
any and all Expenses, judgments, fines, penalties and amounts paid in settlement
(including all interest, assessments and other charges paid or payable in
connection therewith) of such Claim and any federal, state, local or foreign
taxes imposed on Indemnitee as a result of the actual or deemed receipt of any
payments under this Agreement. If requested by Indemnitee in writing, the
Company shall advance (within two business days of such written request) any and
all Expenses to Indemnitee (an "Expense Advance"). Notwithstanding anything in
this Agreement to the contrary, and except as provided in Section 3, prior to a
Change in Control, Indemnitee shall not be entitled to indemnification pursuant
to this Agreement in connection with any Claim initiated by Indemnitee against
the Company or any director or officer of the Company unless the Company has
joined in or consented to the initiation of such Claim.

      (b) Notwithstanding the foregoing, (i) the obligations of the Company
under Section 1(a) shall be subject to the condition that the Reviewing Party
shall not have determined (in a written opinion, in any case in which the
special independent counsel referred to in Section 2 hereof is

<PAGE>
involved) that Indemnitee would not be permitted to be indemnified under
applicable law, and (ii) the obligation of the Company to make an Expense
Advance pursuant to Section 1(a) shall be subject to the condition that, if,
when and to the extent the Reviewing Party determines that Indemnitee would not
be permitted to be so indemnified under applicable law, the Company shall be
entitled to be reimbursed by Indemnitee (who hereby agrees to reimburse the
Company) for all such amounts theretofore paid; provided, however, that if
Indemnitee has commenced legal proceedings in a court of competent jurisdiction
to secure a determination that Indemnitee should be indemnified under applicable
law, any determination made by the Reviewing Party that the Indemnitee would not
be permitted to be Indemnified under applicable law shall not be binding and
Indemnitee shall not be required to reimburse the Company for any Expense
Advance until a final judicial determination is made with respect thereto (as to
which all rights of appeal therefrom have been exhausted or lapsed).
Indemnitee's obligation to reimburse the Company for Expense Advances shall be
unsecured and no interest shall be charged thereon. If there has not been a
Change in Control, the Reviewing Party shall be selected by the Board of
Directors, and if there has been a Change in Control, the Reviewing Party shall
be the special independent counsel referred to in Section 2 hereof. If there has
been no determination by the Reviewing Party or if the Reviewing Party
determines that Indemnitee substantively would not be permitted to be
indemnified in whole or in party under applicable law, Indemnitee shall have the
right to commence litigation in any court in the State of California having
subject matter jurisdiction thereof and in which venue is proper seeking an
initial determination by the court or challenging any such determination by the
Reviewing Party or any aspect thereof and the Company hereby consents to service
of process and to appear in any such proceeding. Any determination by the
Reviewing Party otherwise shall be conclusive and binding on the Company and
Indemnitee.

      2. CHANGE IN CONTROL. The Company agrees that if there is a Change in
Control of the Company (other than a Change in Control which has been approved
by a majority of the Company's Board of Directors who were directors immediately
prior to such Change in Control), then with respect to all matters thereafter
arising concerning the rights of Indemnitee to indemnity payments and Expense
Advances under this Agreement or any other agreement, bylaw or charter document
now or hereafter in effect relating to Claims for Indemnifiable Events, the
Company shall seek legal advice only from special independent counsel selected
by Indemnitee and approved by the Company (which approval shall not be
unreasonably withheld), and who has not otherwise performed services for the
Company within the last two years (other than in connection with such matters)
or for Indemnitee. In the event Indemnitee and the Company are unable to agree
on the selection of the special independent counsel, such special independent
counsel shall be selected by lot from among at least five law firms having more
than fifty attorneys and having a rating of "av" or better in the then current
Martindale-Hubbell Law Directory. Such selection shall be made in the presence
of Indemnitee (his legal counsel or either of them, as Indemnitee may elect).
Such counsel, among other things, shall, within 90 days of its retention, render
its written opinion to the Company and Indemnitee as to whether and to what
extent Indemnitee would be permitted to be indemnified under applicable law. The
Company agrees to pay the reasonable fees of the special independent counsel
referred to above and to fully indemnify such counsel against any and all
expenses (including attorneys' fees), claims, liabilities and damages arising
out of or relating to this Agreement or its engagement pursuant thereto.

      3. INDEMNIFICATION FOR ADDITIONAL EXPENSES. The Company shall indemnify
Indemnitee against any and all expenses (including attorneys' fees) and, if
requested by Indemnitee in writing, shall (within two business days of such
written request) advance such expenses to Indemnitee, which are incurred by
Indemnitee in connection with any Claim asserted against or

                                       2
<PAGE>
action brought by Indemnitee for (i) indemnification or advance payment of
Expenses by the Company under this Agreement or any other agreement, bylaw or
charter document now or hereafter in effect relating to Claims for Indemnifiable
Events and/or (ii) recovery under any directors' and officers' liability
insurance policies maintained by the Company, regardless of whether Indemnitee
ultimately is determined to be entitled to such indemnification, advance expense
payment or insurance recovery, as the case may be.

      4. PARTIAL INDEMNITY, ETC. If Indemnitee is entitled under any provision
of this Agreement to indemnification by the Company of some or a portion of the
Expenses, judgments, fines, penalties and amounts paid in settlement of a Claim,
but not, however, for all of the total amount thereof, the Company shall
nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is
entitled. Moreover, notwithstanding any other provision of this Agreement, to
the extent that Indemnitee has been successful on the merits or otherwise in
defense of any or all Claims relating in whole or in part to an Indemnifiable
Event or in defense of any issue or matter therein, including dismissal without
prejudice, Indemnitee shall be indemnified against all Expenses incurred in
connection therewith. In connection with any determination by the Reviewing
Party or otherwise as to whether Indemnitee is entitled to be indemnified
hereunder the burden of proof shall be on the Company to establish that
Indemnitee is not so entitled.

      5. NO PRESUMPTION. For purposes of this Agreement, the termination of any
action, suit or proceeding by judgment, order, settlement (whether with or
without court approval) or conviction, or upon a plea of nolo contendere, or its
equivalent, shall not create a presumption that Indemnitee did not meet any
particular standard of conduct or have any particular belief or that a court has
determined that indemnification is not permitted by applicable law.

      6. NOTIFICATION AND DEFENSE OF CLAIM. Promptly after receipt by Indemnitee
of notice of the commencement of a Claim which may involve an Indemnifiable
Event, Indemnitee will, if a claim in respect thereof is to be made against the
Company under this Agreement, notify the Company of the commencement thereof,
but the omission so to notify the Company will not relieve it from any liability
which it may have to Indemnitee otherwise than under this Agreement. With
respect to any such Claim as to which Indemnitee notifies the Company of the
commencement thereof:

      (a) the Company will be entitled to participate therein at its own
expense; and

      (b) except as otherwise provided below, to the extent that it may wish,
the Company jointly with any other indemnifying party similarly notified will be
entitled to assume the defense thereof, with counsel satisfactory to Indemnitee.
After notice from the Company to Indemnitee of its election to assume the
defense thereof, the Company will not be liable to Indemnitee under this
Agreement for any legal or other expenses subsequently incurred by Indemnitee in
connection with the defense thereof, other than reasonable costs of
investigation or as otherwise provided below. Indemnitee shall have the right to
employ its counsel in such action, suit or proceeding, but the fees and expenses
of such counsel incurred after notice from the Company of its assumption of the
defense thereof shall be at the expense of Indemnitee unless (i) the employment
of counsel by Indemnitee has been authorized by the Company, (ii) Indemnitee
shall have reasonably concluded that there may be a conflict of interest between
the Company and the Indemnitee in the conduct of the defense of such action, or
(iii) the Company shall not in fact have employed counsel to assume the defense
of such action, in each of which cases the fees and expenses of counsel shall be
at the expense of the Company. The Company shall not be entitled to assume the
defense of any claim

                                       3
<PAGE>
brought by or on behalf of the Company or as to which the Indemnitee shall have
made the conclusion provided for in (ii) above; and

      (c) the Company shall not be liable to indemnify the Indemnitee under this
Agreement for any amounts paid in settlement of any action or claim effected
without its written consent. The Company shall not settle any action or claim in
any manner which would impose any penalty or limitation on the Indemnitee
without the Indemnitee's written consent. Neither the Company nor the Indemnitee
will unreasonably withhold their consent to any proposed settlement.

      7. NON-EXCLUSIVITY, ETC. The rights of the Indemnitee hereunder shall be
in addition to any other rights Indemnitee may have under the charter documents
or the Delaware General Corporation Law or otherwise. To the extent that a
change in the Delaware General Corporation Law (whether by statute or judicial
decision) or in the charter documents permits greater indemnification by
agreement than would be afforded currently under the charter documents and this
Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by
this Agreement the greater benefits so afforded by such change.

      8. LIABILITY INSURANCE. To the extent the Company maintains an insurance
policy or policies providing directors' and officers' liability insurance,
Indemnitee shall be covered by such policy or policies in accordance with its or
their terms, to the maximum extent of the coverage available for any Company
director.

      9. CERTAIN DEFINITIONS.

            (a) CHANGE IN CONTROL: shall be deemed to have occurred if (i) any
      "person" (as such term is used in Sections 13(d) and 14(d) of the
      Securities Exchange Act of 1934, as amended), other than Lakes
      Entertainment, Inc. (including any subsidiary of Lakes Entertainment,
      Inc.) and other than a trustee or other fiduciary holding securities under
      an employee benefit plan of the Company or a corporation owned directly or
      indirectly by the stockholders of the Company in substantially the same
      proportions as their ownership of stock of the Company, becomes the
      "beneficial owner" (as defined in Rule 13d-3 under said Act), directly or
      indirectly, of securities of the Company representing 20% or more of the
      total voting power represented by the Company's then outstanding Voting
      Securities, or (ii) during any period of two consecutive years,
      individuals who at the beginning of such period constitute the Board of
      Directors of the Company and any new director whose election by the Board
      of Directors or nomination for election by the Company's shareholders was
      approved by a vote of at least two-thirds of the directors then still in
      office who either were directors at the beginning of the period or whose
      election or nomination for election was previously so approved, cease for
      any reason to constitute a majority thereof, or (iii) the shareholders of
      the Company approve a merger or consolidation of the Company with any
      other corporation, other than a merger or consolidation which would result
      in the Voting Securities of the Company outstanding immediately prior
      thereto continuing to represent (either by remaining outstanding or by
      being converted into Voting Securities of the surviving entity) at least
      80% of the total voting power represented by the Voting Securities of the
      Company or such surviving entity outstanding immediately after such merger
      or consolidation, or the shareholders of the Company approve a plan of
      complete liquidation of the Company or an agreement for the sale or
      disposition by the Company of all or substantially all of the Company's
      assets.

                                       4
<PAGE>
            (b) CLAIM: any threatened, pending or completed action, suit,
      proceeding or alternative dispute resolution mechanism, or any inquiry,
      hearing or investigation whether conducted by the Company or any other
      party, whether civil, criminal, administrative, investigative or other.

            (c) EXPENSES: include attorneys' fees and all other costs, fees,
      disbursements, expenses and obligations of any nature whatsoever paid or
      incurred in connection with investigating, defending, being a witness in
      or participating in (including on appeal), or preparing to defend, be a
      witness in or participate in any Claim relating to any Indemnifiable
      Event.

            (d) INDEMNIFIABLE EVENT: any event or occurrence (whether before or
      after the date hereof) related to the fact that Indemnitee is or was a
      director, officer, employee, agent or fiduciary for the Company, or is or
      was serving at the request of the Company as a director, officer,
      employee, trustee, agent or fiduciary of another corporation, partnership,
      joint venture, employee benefit plan, trust or other enterprise, or by
      reason of anything done or not done by Indemnitee in any such capacity.

            (e) REVIEWING PARTY: (i) the Company's Board of Directors (provided
      that a majority of directors are not parties to the particular claim for
      which the Indemnitee is seeking indemnification) or (ii) any other person
      or body appointed by the Company's Board of Directors, who is not a party
      to the particular Claim for which Indemnitee is seeking indemnification,
      or (iii) if there has been a Change in Control, the special independent
      counsel referred to in Section 2 hereof.

            (f) VOTING SECURITIES: any securities of the Company which vote
      generally in the election of directors.

      10. AMENDMENT, TERMINATION AND WAIVER. No supplement, modification,
amendment or termination of this Agreement shall be binding unless executed in
writing by both of the parties hereto. No waiver of any of the provisions of
this Agreement shall be deemed or shall constitute a waiver of any other
provisions hereof (whether or not similar) nor shall such waiver constitute a
continuing waiver.

      11. SUBROGATION. In the event of payment under this Agreement, the Company
shall be subrogated to the extent of such payment to all of the rights of
recovery of Indemnitee, who shall execute all papers required and shall do
everything that may be necessary to secure such rights, including the execution
of such documents necessary to enable the Company effectively to bring suit to
enforce such rights.

      12. NO DUPLICATION OF PAYMENTS. The Company shall not be liable under this
Agreement to make any payment in connection with any claim made against
Indemnitee to the extent Indemnitee has otherwise actually received payment
(under insurance policy, charter documents or otherwise) of the amounts
otherwise indemnifiable hereunder; notwithstanding the foregoing, any payments
actually received by either Indemnitee or any professional association with
which Indemnitee may be affiliated, pursuant to any insurance policy covering
acts or omissions of the Indemnitee effected by him in any professional capacity
shall not be considered to be "duplicative payments" for purposes of this
Section 12.

                                       5
<PAGE>
      13. BINDING EFFECT, ETC. This Agreement shall be binding upon and inure to
the benefit of and be enforceable by the parties hereto and their respective
successors, assigns, including any direct or indirect successor by purchase,
merger, consolidation or otherwise to all or substantially all of the business
and/or assets of the Company, spouses, heirs, and personal and legal
representatives. This Agreement shall continue in effect regardless of whether
Indemnitee continues to serve as a director (or in one of the capacities
enumerated in Section 9(d) hereof) of the Company or of any other enterprise at
the Company's request.

      14. SEVERABILITY. The provisions of this Agreement shall be severable in
the event that any of the provisions hereof (including any provision within a
single section, paragraph or sentence) are held by a court of competent
jurisdiction to be invalid, void or otherwise unenforceable, and the remaining
provisions shall remain enforceable to the fullest extent permitted by law.

      15. GOVERNING LAW. This Agreement shall be governed by and construed and
enforced in accordance with the laws of the State of Delaware applicable to
contracts made and to be performed in such state without giving effect to the
principles of conflicts of laws.

      Executed as of this __ day of ___________, 200__.

                                     WPT ENTERPRISES, INC.

                                     By:
                                        ----------------------------------------

                                     Name:
                                          --------------------------------------
                                     Title:
                                           -------------------------------------

                                     -------------------------------------------
                                     [Name]

                                       6
<PAGE>
                                   Schedule A

                      Parties to Indemnification Agreements

       NAME OF DIRECTOR/OFFICER                       DATE OF AGREEMENT
       ------------------------                       -----------------

       Brad Berman                                      July 28, 2004
       Lyle Berman                                      July 28, 2004
       Timothy J. Cope                                  July 28, 2004
       Joseph S. Carson, Jr.                            July 28, 2004
       Ray M. Moberg                                    July 28, 2004
       Glenn Padnick                                    July 28, 2004
       Audrey Kania                                     July 28, 2004
       Robyn Moder                                      July 28, 2004
       W. Todd Steele                                   July 28, 2004
       Mimi Rogers                                      July 28, 2004

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