WMS INDUSTRIES INC. LETTERHEAD]
Exhibit
10.3
[WMS
INDUSTRIES INC. LETTERHEAD]
August
9,
2005
Xx.
Xxxxx
X. Xxxxxxxxxxxx
c/o
WMS
Industries Inc.
000
Xxxxx
Xxxxxxxxxx Xxxx.
Waukegan,
IL 60085
Dear
Xxxxx:
In
accordance with your employment agreement (“Employment Agreement”) with WMS
Industries Inc. (the “Corporation”), dated February 14, 2005, you had the
opportunity to earn an annual bonus for the Corporation’s fiscal year ended June
30, 2005 pursuant to the Corporation’s annual performance based bonus program
(“Bonus Program”) established by the Compensation Committee of the Board of
Directors of the Corporation. You have informed us that, effective June 30,
2005, you rescind your right to receive any bonus payment for the Corporation’s
fiscal year ended June 30, 2005 pursuant to your Employment Agreement and the
Bonus Program.
If
the
foregoing is in accordance with your agreement and understanding, please sign
a
copy of this letter below under the words “Accepted and Agreed to” and return it
to the undersigned.
Very
truly yours,
WMS
Industries Inc.
/s/
Xxxxx
X. Xxxxxxx
Xxxxx
X.
Xxxxxxx
President
& Chief Executive Officer
Accepted
and Agreed to:
/s/
Xxxxx
X.
Xxxxxxxxxxxx
Xxxxx
X.
Xxxxxxxxxxxx