Document:

EXHIBIT 10.3

                       SEVERANCE AND CONSULTING AGREEMENT

THIS SEVERANCE AND CONSULTING AGREEMENT (the "Agreement") dated as of September
1, 2000 (the "Agreement Date"), between American Gaming & Entertainment, Ltd., a
Delaware Corporation (the "Company"), WOW Entertainment, Inc., an Indiana
corporation ("WOW"), John F. Fisbeck, David B. McLane and Carter M. Fortune,
(collectively, the "Controlling Stockholders"), and J. Douglas Wellington, a
resident of New Jersey ("Executive").

WHEREAS, the Company and Executive had entered into an Employment Agreement
dated December 31, 1999 (the "Employment Agreement"), and

WHEREAS, the Controlling Stockholders have entered into Stock Purchase
Agreements (the "Stock Purchase Agreements") to buy all the common and preferred
shares of the Company currently owned by Shamrock Holdings Group, Inc.
("Shamrock") and Richard C. Breeden, Trustee of the Bennett Funding Group, Inc.,
and

WHEREAS, upon the closing of the Stock Purchase Agreements, the Controlling
Stockholders will become the majority stockholders of the Company, and

WHEREAS, the Controlling Stockholders and WOW desire the Company to terminate
Executive as the President upon the closing of the Stock Purchase Agreements,
and

WHEREAS, pursuant to Section 6 of the Employment Agreement, Executive is
entitled to receive (i) payments through January 31, 2001 at the rate of
$125,000 per year; and (ii) severance compensation in the amount of $125,000 as
the date of his termination, and

WHEREAS, the Controlling Stockholders, WOW and the Company desire to continue to
retain the benefit of Executive's experience and loyalty, and to engage
Executive as a Consultant, and

WHEREAS, Executive desires to be so engaged.

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

1)  Severance.
a)      One-half of the $125,000 severance payment payable upon termination of
        the employment of Executive shall be paid by the Company on January 31,
        2001 (the remaining one-half to be paid by Shamrock on January 31, 2001,
        from the reserve account which was established by Shamrock for said
        severance payment).
b)      The Company shall pay Executive his base salary under the Employment
        Agreement through September 30, 2000 on a bi-weekly basis. On September
        30, 2000, the Company shall pay Executive the remainder of his base
        salary under the Employment Agreement.

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c)      On September 30, 2000, the Company shall pay Executive $1,500 for car
        and rent allowances through January 31, 2001. Any other reasonable
        expenses incurred by Executive in the fulfillment of his duties under
        this Agreement shall be paid by the Company in the normal course of
        business.
d)      Each Controlling Stockholder and WOW jointly and severally guarantee the
        payments to Executive set forth in Sections 1(a) (as to the Company's
        share), (b) and (c) above.

2)  Consulting.
a)   From the date of this Agreement through January 1, 2002, Executive shall
     assist the Company in transferring the functions previously performed by
     the Executive as President, General Counsel and Controller of the Company.
     For up to four hours per week, Executive shall also assist the Company in
     responding to inquiries and otherwise assisting the Company in addressing
     any issues arising from actions of the Company prior to the Agreement Date.
b)   Executive's engagement as a Consultant is non-exclusive, and Executive may
     obtain a full-time position with any other company.
c)   As consideration for Executive's engagement as a Consultant, the Company
     hereby agrees, on June 30, 2002, to grant Executive warrants to purchase
     300,000 shares of common stock at $0.16 2/3 per share (amounts to be
     adjusted for any splits or reverse stock splits), exercisable immediately,
     for a period of six years, in the form set forth as Exhibit A.(1)
d)   The Company shall give Executive the Hewlett Packard 8180 Pavilion computer
     and Gateway Solo 9100 Multimedia Notebook used by Executive.

3)  Indemnification. WOW and the Controlling Stockholders (collectively, the
    "Indemnitor") shall indemnify the Executive against any liability, loss,
    cost, or expense including, without limitation, all attorneys fees and other
    litigation fees and expenses for the defense of any claim or action, as
    incurred, arising out of any claim or action or regulatory or governmental
    inquiry, investigation, or proceeding related to or attributable to the
    Stock Purchase Agreements or under this Agreement. The Indemnitor is
    entitled to assume and control the defense of any such action or claim,
    including without limitation, choosing his own counsel and experts.
    Executive may participate in the defense with his own counsel at his own
    expense.
4)  Entire Agreement. This Agreement constitutes the entire agreement between
    the parties hereto and supersedes any and all oral or written understanding
    between the parties hereto.
5)  Headings of No Effect. The Section headings contained in this Agreement are
    included solely for convenience of reference and shall not in any way affect
    the meaning or interpretation of any of the provisions of this Agreement.
6)  Binding Agreement. This Agreement shall be binding upon, and inure to the
    benefit of, the parties hereto, any successor to or assigns of the Company,
    and Executive's heirs and the personal representative of Executive's estate.
7)  Severability. If the final determination of a court of competent
    jurisdiction declares, after the expiration of the time within which
    judicial review (if permitted) of such determination may be perfected, that
    any term or provision hereof is invalid or unenforceable, (a) the remaining
    terms and provisions hereof shall be unimpaired and (b) the invalid or
    unenforceable term or

--------
1 Equal to warrants to purchase 50,000 shares of common stock at $1.00 per share
after an anticipated 1 to 6 reverse stock split.

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    provision shall be deemed replaced by a term or provision that is valid and
    enforceable and that comes closest to expressing the intention of the
    invalid or unenforceable term or provision.
8)  Amendment; Waiver. This Agreement may not be modified, amended or waived in
    any manner except by an instrument in writing signed by both parties hereto.
    The waiver by either party hereto of compliance with any provision of this
    Agreement by the other party hereto shall not operate or be construed as a
    waiver of any other provision of this Agreement or of any subsequent breach
    by such party of a provision of this Agreement.
9)  Governing Law. All matters affecting this Agreement, including the validity
    hereof, are to be governed by, interpreted and construed in accordance with
    the laws of the State of Indiana, without regard to principles of choice of
    law. The parties consent to the personal and subject matter jurisdiction of
    the federal and state courts of the State of Indiana with regard to all
    actions, issues or disputes arising out of this Agreement
10) Notices. Any notice hereunder by either party hereto to the other shall be
    given in writing by personal delivery or certified mail, return receipt
    requested. If addressed to Executive, the notice shall be delivered or
    mailed to Executive at the address specified under Executive's signature
    hereto or such other address which Executive has advised the Company to send
    notice to, or if addressed to the Company, the notice shall be delivered or
    mailed to the Company at its executive offices and to the attention of the
    President of the Company. A notice shall be deemed given, if by personal
    delivery, on the date of such delivery or, if by certified mail, on the date
    shown on the applicable return receipt.

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IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year
first above written.

AMERICAN GAMING & ENTERTAINMENT, LTD.

/s/ David B. McLane
------------------------
By: David B. McLane
Title: President

                    [SIGNATURE PAGE TO SEVERANCE AND CONSULTING AGREEMENT]

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WOW ENTERTAINMENT, INC.

/s/ David B. McLane
------------------------
By: David B. McLane
Title: President

/s/ John F. Fisbeck
------------------------
John F. Fisbeck

/s/ David B. McLane
------------------------
David B. McLane

/s/ Carter M. Fortune
------------------------
Carter M. Fortune

                    [SIGNATURE PAGE TO SEVERANCE AND CONSULTING AGREEMENT]

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<PAGE>

/s/ J. Douglas Wellington
---------------------------
J. Douglas Wellington
51 Beech Road
Glen Rock, NJ 07452

                    [SIGNATURE PAGE TO SEVERANCE AND CONSULTING AGREEMENT]

                                       6EXHIBIT 10.4

                                SERVICE AGREEMENT

     AGREEMENT made this 5th day of May, 2000, by and between WOW Entertainment,
Inc. (hereinafter referred to as the "Company"), and David McLane Enterprises,
Inc. (hereinafter referred to as "DME").

     WHEREAS, the Company desires to retain the services of DME to perform the
services as set forth herein; and

     WHEREAS, DME agrees to perform these services for the Company under the
terms and conditions set forth in this Agreement.

     NOW THEREFORE, in consideration of the mutual covenants contained herein,
and other valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties agree as follows:

     1. Description of Services. DME agrees to act as consultant to the Company
in its business operation. DME shall: a) act as executive producer of the
Company's television programs; b) produce internet programming; c) maintain and
develop the Company's talent; d) manage and market the Company's merchandising;
e) license the Company's programs; and f) perform such other duties as
reasonably directed by the Company's President.

     DME agrees that it will, at all times, faithfully, industriously and to the
best of its ability, experience and talents perform all of the duties that may
be required of it pursuant to the terms of this Agreement. In addition, DME
shall use its best efforts to produce the Company's television programs in
compliance with: 1) all industry broadcast standards; 2) a production budget
mutually agreed upon by the Company and DME; and 3) a production timetable to be
agreed upon by DME

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and the distributor of the programs.

        2. Compensation. As full and complete compensation for DME providing the
services described in Section One, the Company shall pay to DME a fee equal to
$169,000 per year, payable monthly in accordance with the production budget
attached hereto as Exhibit A, on or before the second day of each month. The
first monthly payment shall be made on or before August 1, 2000. The fee for
such services shall be reviewed annually and may be increased as appropriate to
reflect increases in the cost of living, the success and prospects for the
business, and the time and effort devoted by DME to the business of the Company.
In no event, however, shall the fees be increased by more than 7% per annum
without the approval of the majority of the Company's board of directors (or, if
David McLane is the only director, without the approval of at least two (2) of
the following individuals: David McLane, John Fisbeck, Carter Fortune).

        3. Independent Contractor Relationship. DME is retained by the Company
only for the purposes and to the extent set forth in this Agreement. Its
relationship to the Company during the term of this contract shall be that of an
independent contractor. DME agrees to use its independent judgment and
discretion in performing its duties and it shall be free to determine its
methods of performance of services. DME is not an agent, servant or employee of
the Company and shall not hold itself out as such. It shall have no authority to
bind the Company for the performance of any services or to otherwise obligate
the Company, its authority and responsibility being specifically limited to
providing the advice requested of it under the provisions of this Agreement. DME
shall not be considered, under the provisions of this Agreement or otherwise, as
having employee status with the Company. It is the intent of the parties to
carry out this Agreement under the provisions of this section and, it is
mutually agreed, the parties will strive to maintain the integrity of that
relationship.

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     4. Term. This Agreement shall commence May 5, 2000, and shall remain in
effect until it is terminated. Without the payment of any termination fee and
upon thirty (30) days prior written notice to DME, the Company may terminate
this Agreement if: 1) DME materially fails or willfully refuses to perform its
duties hereunder; 2) one of DME's officers commits a criminal, fraudulent or
willful tortuous act that relates to the services to be provided under this
Agreement or otherwise adversely impacts the Company; or 3) the Company decides
not to produce a television program. With the payment of a termination fee in an
amount equal to the greater of (i) $169,000; or (ii) the amount previously paid
to DME by the Company pursuant to the terms of this Agreement during the prior
fiscal year and upon ninety (90) days prior written notice to DME, the Company
may terminate this Agreement for any reason. Upon one hundred and eighty (180)
days prior written notice to the Company, DME may terminate this Agreement for
any reason.

     5. Assignment. This Agreement is personal to the parties hereto and may not
be assigned by either party, in whole or in part, without prior written consent
of the other party.

     6. Modification. This Agreement may only be modified by a written amendment
executed by each of the parties hereto.

     7. Applicable Law. This Agreement and any amendments hereto shall be
governed by and construed in accordance with the laws of the State of Indiana.

     8. Severability. The invalidity of any one or more covenants, phrases,
clauses, sentences or paragraphs of this Agreement shall not affect the
remaining portions of this Agreement, or any part thereof, and in case of any
such invalidity, this Agreement shall be construed as if such invalid covenants,
phrases, clauses, sentences or paragraphs had not been inserted.

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     9. Entire Agreement. This Agreement contains the entire agreement of the
parties. All other agreements, representations and warranties of the parties
whether oral or written are merged herein and have no force or effect.

     IN WITNESS WHEREOF, the parties have executed this Agreement on the date
herein first written above.

                                    WOW ENTERTAINMENT, INC.

                             By: /s/ David B. McLane
                                -----------------------------------

                                    DAVID MCLANE ENTERPRISES, INC.

                             By: /s/ David B. McLane
                                -----------------------------------

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