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                                                                   EXHIBIT 10.25

                             THIRD AMENDMENT TO THE
                     CLUBCORP EMPLOYEE STOCK OWNERSHIP TRUST

        This Amendment is made by ClubCorp, Inc., a Delaware corporation,
formerly ClubCorp International, Inc. ("ClubCorp").

                              W I T N E S S E T H:

        WHEREAS, ClubCorp maintains the ClubCorp Employee Stock Ownership Plan,
a restatement of the ClubCorp Stock Investment Plan ("Plan"), and the ClubCorp
Employee Stock Ownership Trust ("Trust"); and

        WHEREAS, ClubCorp desires to amend the Trust in accordance with
ClubCorp's agreement with the duly appointed trustees of the Trust ("Trustee")
to provide that: (i) the Trustee may require ClubCorp to buy shares of ClubCorp
stock from the Trust in the event funds are needed to fulfill specific
obligations; (ii) the Trustee will act only as directed by the Plan
Administrator, or any other individual authorized to act on behalf of the Plan
with respect to investment of Trust assets in ClubCorp stock; (iii) the Trustee
will be indemnified to the extent legally possible; and (iv) ClubCorp shall
maintain in effect certain liability insurance for the benefit of the Trustee;
and

        WHEREAS, the Trust may be amended by ClubCorp and the Trustee pursuant
to the provisions of Article X of the Trust.

        NOW, THEREFORE, the Trust is amended as follows, effective upon
execution of this amendment:

1.      Section 1.2 of the Trust is amended by adding the following new
paragraph at the end of existing Section 1.2 as follows:

                "This Trust is intended: (i) to qualify as part of an employee
        stock ownership plan under Code Section 4975(e)(7); (ii) to qualify as
        an eligible individual account plan under ERISA; and (iii) along with
        the Plan, to provide participants with the benefits reflecting the risks
        and rewards of equity ownership and not to provide a fixed retirement
        benefit."

2.      Section 3.2 of the Trust is amended by deleting the final sentence in
its entirety and replacing it as follows:

                "The Trustee shall have no power or duty to inquire whether the
        amount of contributions delivered to it by a Company is correct or
        complies with the terms of the Plan."

3.      Section 4.2(j) of the Trust is deleted it in its entirety and the
following is substituted in its place:

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                "(j) To borrow money from others, excluding the Trustee in its
        individual capacity, for the purposes of the Trust Fund, and upon such
        terms and conditions as the Trustee may deem proper, and for the sum so
        borrowed or advanced, the Trustee may issue its promissory note as
        Trustee and secure the repayment thereof by creating a lien upon any
        assets of the Trust Fund. However, notwithstanding any other provision
        of this Section, the Trustee may borrow from another party in interest
        only if a statutory or class exemption from the prohibited transaction
        rules covers the proposed transaction."

4.      Section 4.3 of the Trust is deleted in its entirety and the following is
substituted in its place:

                "4.3 Investment in Company Stock. In addition, the Trustee, as
        directed by the Plan Administrator, shall invest all Trust Fund assets
        attributable to the Plan (including, but not limited to cash dividends
        with respect to Company Stock held in the Trust Fund) in Company Stock
        and the Trustee shall retain, as directed by the Plan Administrator,
        until distributed, all contributions made in Company Stock (so long as
        such Company Stock is a qualifying employer security within the meaning
        of Section 407 of ERISA). Investment of Plan assets will be primarily in
        Company Stock. However, ongoing investments in Securities or Other
        Property may be maintained to the extent necessary or appropriate to
        provide liquidity needs, or as otherwise directed by the Plan
        Administrator. Notwithstanding the preceding sentence, the Trustee may
        temporarily invest all or a substantial portion of the Trust Fund other
        than in direct ownership of Company Stock, subject to reinvestment in
        Company Stock within a reasonable period, as directed by the Plan
        Administrator. The Trustee shall not be required to diversify the Trust
        Fund with respect to Company Stock held under this Section 4.3. To the
        extent that retained cash is not needed for current expenditures or to
        the extent that Company Stock is not available, the Trustee, pending the
        use of such retained cash for current expenditures or pending the
        availability of Company Stock, shall invest the Trust Fund in Securities
        or Other Property as defined in Section 2.15 hereof. In furtherance
        hereof, the Trustee may, as directed by the Plan Administrator and
        notwithstanding Section 4.2(j) borrow money from others, including, as
        directed by the Plan Administrator, loans from or guaranteed by the
        Company or any shareholder of the Company to finance the acquisition of
        Company Stock, provided that the proceeds of any such loan shall be
        used, within a reasonable time after such loan is made, only to purchase
        Company Stock or repay the loan or any prior loan, the proceeds of which
        were used to purchase Company Stock; and provided, further, that
        notwithstanding any amendment to or termination of the Plan which causes
        it to cease to qualify as an employee stock ownership plan within the
        meaning of Section 4975(e)(7) of the Code, no shares of Company Stock
        acquired with the proceeds of a loan pursuant to Section 8.16 of the
        Plan may be subject to a put, call or other option, or buy-sell or
        similar arrangement (other than as described in Subsections 5.9(h) or
        5.9(j) of the Plan) while such shares are held by or when distributed
        from this Trust Fund; and provided, further, that any such loan shall
        bear a reasonable rate of interest and may be secured by a collateral
        pledge of the Company Stock so acquired; and provided, further, that no
        other Trust Fund

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        assets may be pledged as collateral by the Trustee, and no lender shall
        have recourse against any Trust Fund asset other than any Company Stock
        remaining subject to pledge; and provided, further, that any pledge of
        Company Stock must provide for the release of shares so pledged on a pro
        rata basis as principal and interest on such loan is repaid by the
        Trustee; and provided, further, that repayments of principal and
        interest on any loans shall be repaid by the Trustee (as directed by the
        Plan Administrator) only from (i) Employer Contributions in cash to the
        Trust, (ii) cash dividends, if any, received on any Company Stock
        unallocated to the Accounts of Participants, (iii) earnings attributable
        to such Company Stock, and (iv) Company Stock, given as collateral for a
        prior loan which is repaid with the proceeds of the current loan, or
        acquired with the proceeds of the current loan; and for the sum so
        borrowed or advanced, the Trustee may issue its promissory note as
        Trustee and secure the repayment thereof by creating a lien upon any
        assets of the Trust Fund."

5.      Section 4.7 of the Trust is deleted in its entirety and the following is
substituted in its place:

                "4.7 Voting of Company Stock, Proxies, etc The Trustee shall
        vote shares of Company Stock in accordance with the directions of the
        Plan Administrator or Participants, as provided in the Plan. The Trustee
        shall maintain a complete record of the manner in which shares of stock
        (including Company Stock) held as part of the Trust Fund are voted,
        unless the instrument appointing an Investment Manager with respect to
        such shares delegates to the Investment Manager the responsibility for
        so recording such voting, whether such shares are voted by the Trustee
        in the exercise of its investment direction with respect to such shares
        or upon the direction of a Participant, the Plan Administrator or an
        Investment Manager. If the Trustee votes such shares of stock (including
        Company Stock) in its discretion, it shall also maintain a record of the
        reasons for such vote."

6.      Article IV of the Trust is amended by adding the following new Section
4.9 to the end of Article IV as follows:

                "4.9 Sale of Shares. The Trustee has the right to require the
        Company (and the Company is obligated) to buy shares of Company Stock
        from the Trust; provided, however, that the rights of the Trustee to
        require the Company to purchase any shares of Company Stock, and the
        obligations of the Company to purchase any such shares of Company Stock,
        are subject to any restrictions on the purchase of shares of Company
        Stock which may be imposed by applicable laws of the State of Texas or
        the United States, and may only be exercised when needed by the Trustee
        (i) to fund the distribution in cash of a Participant's interest in the
        Plan which is held in Company Stock; (ii) to diversify a Participant's
        Account in accordance with Code Section 401(a)(28); (iii) to pay
        expenses incurred by the Trust; or (iv) to comply with directions from
        the Plan Administrator. The Trustee shall exercise its right to sell
        Company Stock to the Company described herein by first giving the
        Company thirty (30) days' written notice.

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                The per share purchase price of any shares of Company Stock
        repurchased by the Company pursuant to this Section shall be at a price
        which is at least equal to a value that constitutes "adequate
        consideration" within the meaning of ERISA Section 3(18), and no
        commission shall be charged. This repurchase price of any Company Stock
        shall be paid in cash and shall not be less than current fair market
        value.

                Notwithstanding any other provision hereof, this Section becomes
        inoperative if the Company Stock becomes readily tradable on an
        established exchange, so long as the Company causes the Company Stock as
        held by the Trust to be registered and/or takes other steps to permit
        stock held by the Trust to become readily tradable."

7.      Section 5.1 of the Trust is amended by adding the following new sentence
at the end of existing Section 5.1 as follows:

                "The Company will periodically provide the Trustee with a list
        of individuals authorized to act on behalf of the Plan, along with
        specimen signatures of each individual on such list. The Trustee shall
        be fully protected in relying upon written instructions by any such
        named individual. The Trustee shall have no responsibility for the
        administration of the Plan, including without limitation, the reporting
        and disclosure of information to Plan participants, the administration
        of claims determinations and appeals thereof, or the determination of
        individual account balances."

8.      Section 6.5 of the Trust is deleted in its entirety and the following is
substituted in its place:

                "6.5 Purchase of Liability Insurance. Notwithstanding any other
        provision of this Trust, the Company shall maintain in force, fiduciary
        insurance covering the Trustees on terms at least as favorable to
        Trustees as the policy currently in force (Executive Protection Policy,
        Policy Number 8113-81-87H DAL issued by Federal Insurance Company) and
        without limiting the preceding shall maintain such similar continuous
        coverage for any and all claims made relating to the Plan, regardless of
        the date incurred; provided however that the obligations described above
        are subject to such coverage: (i) being reasonably available on the
        market; and (ii) been obtainable at a reasonable cost. Notwithstanding
        any other provisions of this Section, the insurance obligation of the
        Employer under this Section will survive any removal or resignation of
        any Trustee or the termination of the Plan, but shall expire on the 6th
        anniversary of the termination of the Plan."

9.      Section 6.7 of the Trust is amended by adding the following new
subsections at the end of existing Section 6.7 as follows:

                "(a) The Employer agrees to advance to the Trustee any necessary
        defense costs incurred by the Trustee under this Section, to the extent
        legally permissible.

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        Expenses incurred in defending a civil or criminal action, suit or
        proceeding may be paid by the Employer on behalf of the Trustee in
        advance of the final disposition of such action, suit or proceeding upon
        receipt of an undertaking by or on behalf of the Trustee to repay such
        amount if it shall ultimately be determined that such person is not
        entitled to be indemnified by the Employer as authorized in this
        Section.

                (b) In the event and to the extent not insured against by any
        insurance company pursuant to the provisions of any applicable insurance
        policy, each Employer shall indemnify the Trustee for all fines,
        penalties, liquidated damages, and excise taxes, as well as attorneys'
        fees and expenses, damages, claims, judgments, and amounts paid in
        settlement.

                (c) The indemnity by Employers will cover all actions taken at
        the direction of the Plan Administrator and for any inaction on items
        with respect to which the Plan Administrator is required to provide
        direction, but failed to do so. The indemnity will also cover all
        actions taken at the Trustee' discretion, including losses resulting
        from Trustee's negligence, fiduciary breach, or other fault, provided
        that the Trustee acted in good faith and did not engage in fraud or
        willful or intentional misconduct. Any such indemnity will be limited to
        what is legally permissible.

                (d) The Employers will provide separate counsel for each
        individual Trustee if any conflict develops among the Trustee that makes
        it unreasonable for all to be represented by joint counsel.

                (e) Notwithstanding any other provisions of this Section, the
        indemnity as provided by the Employers under this Section will survive
        any removal or resignation of any Trustee or the termination of the
        Plan.

                (f) This Section shall not be interpreted to restrict, limit, or
        supersede any indemnification rights the Trustee may be entitled to
        pursuant to the Company's by-laws, this Trust or any other written
        agreement."

10.     Article VII of the Trust is deleted in its entirety and the following is
substituted in its place:

                                  "ARTICLE VII
                              ACCOUNTS AND RECORDS

                The Trustee shall maintain true, accurate and detailed accounts
        of all investments, receipts, disbursements and other transactions
        hereunder. All accounts, books, and records relating thereto shall be
        open to inspection at all reasonable times and may be audited from time
        to time by any person designated by the Plan Administrator. Within
        ninety (90) days after the close of the fiscal year of the Trust Fund,
        within ninety (90) days after the removal or resignation of the Trustee,
        and from time to time as the Plan Administrator may direct, the Trustee
        shall file a

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        written account with the Plan Administrator which shall show: (i) the
        assets of the Trust Fund, as of the end of such period, and the cost and
        current value thereof as defined in ERISA Section 3(26); and (ii) all
        investments, receipts, disbursements, and other transactions effected by
        it during such fiscal year or other period for which such accounting is
        filed. Notwithstanding anything to the contrary contained herein,
        Company Stock shall be valued as of June 30 and December 31 (or such
        other valuation date as determined by the Plan Administrator pursuant to
        Plan Section 6.08) by an independent appraiser selected and retained by
        the Plan Administrator. In the event Company Stock becomes publicly
        traded, the foregoing sentence shall not apply. The Plan Administrator
        shall also be solely responsible for making a good faith determination
        of the fair market value of Company Stock whenever such a determination
        is required by ERISA. If, at the time such written account is to be
        filed, the Trust Fund contains assets which have no readily
        ascertainable fair market value, the Trustee shall be responsible for
        valuing only such of those readily ascertainable assets as were acquired
        by the Trustee in its discretion. Any such assets not acquired by the
        Trustee in its discretion shall be valued by the Plan Administrator. The
        Plan Administrator may approve such accounting by written notice of
        approval delivered to the Trustee or by failure to express objection to
        such accounting in writing delivered to the Trustee within ninety (90)
        days from the date upon which the accounting is delivered to the Plan
        Administrator. Upon the expiration of ninety (90) days from the date of
        filing such account with the Plan Administrator or upon earlier specific
        approval thereof by the Plan Administrator, the Trustee, as between each
        Employer, the Plan Administrator, and the Trustee, shall be forever
        released and discharged from all liability as to all items and matters
        included in such accounting as if settled by the decree of a court of
        competent jurisdiction, except with respect to any such action or
        transaction to which the Plan Administrator shall within such ninety
        (90) day period, file written objections with the Trustee. The liability
        of Trustee to persons other than an Employer or the Plan Administrator
        shall be limited to actions under ERISA brought within the period
        permitted by law for the bringing of such action. Nothing herein
        contained, however, shall be deemed to preclude the Trustee of its right
        to have its accounts judicially settled by a court of competent
        jurisdiction."

        IN WITNESS WHEREOF, ClubCorp and the Trustees have caused this
instrument to be executed.

                                        CLUBCORP, INC.

Date:  March 19, 2003                   By: /s/ Terry A. Taylor
     --------------------------            -------------------------------------
                                           Its: EVP
                                               ---------------------------------

                                    TRUSTEES:

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Date:
     --------------------------         ----------------------------------------
                                        Murray S. Siegel

Date:
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                                        James E. Maser

Date:
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                                        Jack Lupton

Date:
     --------------------------         ----------------------------------------
                                        Ken Baer

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