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Exhibit (cc)
AMENDMENT TO
EMPLOYMENT AGREEMENT
This Amendment to Employment Agreement ("Amendment") is dated June 4,
2001, between WMS Industries Inc. with offices located at 000 X. Xxxxxxxxxx
Xxxxxxxxx, Xxxxxxxx, Xxxxxxxx 00000 ("Corporation"), and Xxxxx X. Xxxxxxxxxxxx,
an individual residing at 0000 Xxxxxxxx Xxxx, Xxxxxxxxxx, Xxxxxxxx 00000
(hereinafter called "Employee").
WHEREAS, Employee and the Corporation are parties to that certain
Employment Agreement dated May 19, 2001 (the "Agreement"); and
WHEREAS, Employee and the Corporation desire to amend the Agreement as
herein set forth:
NOW, THEREFORE, in consideration of the terms and conditions and the
covenants contained in the Agreement, and intending to be legally bound hereby,
the parties hereto agree as follows:
Paragraph 3.1 is hereby deleted in its entirety and replaced with the following
text:
3.1 The term of Executive's employment hereunder shall commence on the
date hereof and terminate on June 30, 2004 (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 three years (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 three years 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".
Except as specifically modified or amended by this Amendment, all of
the terms and conditions of the Agreement are unmodified and shall remain in
full force and effect. In the event a discrepancy arises between the terms and
conditions of the Agreement and the Amendment, this Amendment shall prevail.
IN WITNESS WHEREOF, the parties have executed this Agreement this 4th day of
June, 2001.
WMS INDUSTRIES INC.
By: /s/ Xxxxx X. Xxxxxxxx
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Xxxxx X. Xxxxxxxx
Chief Executive Officer
EMPLOYEE
By: /s/ Xxxxx X. Xxxxxxxxxxxx
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Xxxxx X. Xxxxxxxxxxxx
