EXHIBIT 3
WMS INDUSTRIES INC.
0000 Xxxxx Xxxxxxxxxx Xxxxxx
Xxxxxxx, XX 00000
March 5, 1998
Xx. Xxxx X. Xxxxxxxx
000 Xxxxx Xxxxxxxx Xxxx
Xxxx Xxxxxx, Xxxxxxxx 00000
Re: Consulting Agreement
Dear Xx. Xxxxxxxx:
Reference is made to a letter agreement between you and WMS Industries Inc.
("WMS") dated the date hereof pursuant to which your employment by WMS will be
terminated effective on the distribution date for the spin-off of the Midway
Games Inc. shares owned by WMS (the "Effective Date"). This letter sets forth
our agreement pursuant to which WMS shall retain you and you shall serve as a
consultant to WMS effective from and after the Effective Date.
You agree to make yourself reasonably available at WMS' request during the
term hereof, to render such services concerning WMS as the Board of Directors or
the Chairman of the Board and Chief Executive Officer of WMS may reasonably
request. In rendering such services, you will not be required to report on any
periodic basis to WMS' offices or any other location and may render such
services by telephone or written communication. WMS acknowledges that you have
other activities, obligations and employments which command your time on a
full-time basis and your services hereunder will be subject to such activities,
obligations and employments. WMS will give you reasonable prior notice of the
times your services will be needed and you will have a reasonable time after
notice from WMS to render such requested services. It is not expected that you
will be required to devote more than 5 hours a month to your consulting services
hereunder.
As compensation for your services hereunder, WMS will pay you $1,000 per
month during your term as a consultant.
The term of this letter agreement shall be 5 years, and shall be
automatically renewable for successive one year terms unless either party shall
give notice of termination not less than 6 months prior to the end of the then
expiration date of this letter agreement.
Xx. Xxxx X. Xxxxxxxx 2 March 5, 1998
If the Effective Date does not occur by June 30, 1998, this letter
agreement shall be of no force or affect.
Please indicate your agreement to the foregoing by signing this letter in
the place provided below.
Very truly yours,
WMS INDUSTRIES INC.
By: /s/ Xxxxxx X. Xxxx, Xx.
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Xxxxxx X. Xxxx, Xx.
Vice President-Finance
Accepted And Agreed To:
/s/ Xxxx X. Xxxxxxxx
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Xxxx X. Xxxxxxxx
