Document:

20-F

EXHIBIT 4.15  

	
   

  	
   

  
	
  Master Services Agreement

  	
  Number: SDCA025     

  
	
  

  

This Master
Services Agreement (“Agreement”) effective as of 1 October 2002 (“Effective
Date”) is between BluePhoenix Solutions Nordic ApS, CVR-no. 26123909,
(“BluePhoenix”) and SDC Udvjkling A/S, CVR-no. 25306724 (“Customer”) with its
principal offices at Borupvang 1A, 2750 Ballerup, Denmark. BluePhoenix will
provide to the Customer the services (“Services”) described on a Scope of Work
(“SOW”) entered into between the parties and the Customer has agreed to accept
these Services, upon the following terms and conditions.

1. Preamble. On even
date herewith BluePhoenix has acquired certain assets, including all employees,
of SDC-FinansSystem  A/S which is an affiliate of the Customer. The parties
will gradually and as early as possible adapt their working and administrative
procedures to better reflect that the relationship is no longer between
affiliated entities.

2. Scope of Services.
BluePhoenix will supply to Customer the Services at the location, rates and for
the duration specified in the SOW, provided, however, that no Services may be
initiated unless the Customer has issued a purchase order to BluePhoenix
specifying the Services or project to be delivered, the estimated number of
hours and the delivery date. BluePhoenix shall within 5 working days issue a
purchase order confirmation. If BluePhoenix has any objections or reservations
to the purchase order it shall notify Customer thereof and the Parties shall
negotiate in good faith and seek to agree on the specification, the estimated
number of hours and delivery date. If no agreement is reached, the purchase
order shall be considered withdrawn.

3. Coordinators.
Each party will appoint a coordinator who will manage the provision of
Services.

4. Term and Termination. This
Agreement will commence on the Effective Date and will continue until December
31, 2004, unless extended in accordance with Section 7 of the SOW or previously
terminated as provided in this Section 4. Either party may terminate this Agreement
and/or any SOW only in the event of material breach hereof and only after the
following procedure has been completed. The party contemplating termination
shall give written notice to the other specifying the material breach and
informing the other party of the intent to terminate and providing a remedy
period of thirty (30) days after receipt of the notice. If the material breach
has not been remedied after thirty (30) days, the matter shall be escalated to
the level of the chairmen of the Board of Directors of the parties who shall
attempt in good faith to resolve the disagreement. If such resolution has not
been accomplished within fifteen (15) days, then the party contemplating
termination shall initiate mediation by a sole mediator under the Rules of
Procedure for Voluntary Mediation of the Danish Institute of Arbitration. If
mediation does not result in agreement on or settlement of the matter within a
period of thirty (30) days, then the party intending to terminate may effect
the termination. Findings of the sole mediator shall not be binding on an
arbitration tribunal established under Section 15 hereof, unless both parties
endorse such findings. Upon termination of this Agreement, Sections 6, 7, 8, 9,
11, 12, 13, 14 and 15 shall survive.

5. Acceptance and Remedy.
All Services shall comply with the purchase order specification to which the
Services refer. All Services will, in relation to each purchase order, be
accepted or rejected in writing by the Customer without undue delay and in no
event later than five (5) working days, or such other testing period as may be
specified in the purchase order, after BluePhoenix has notified the Customer
that delivery has taken place. If the Customer has not issued its written
acceptance or a reasoned notice of non-acceptance within five (5) working days,
or such other testing period as may be specified in the purchase order or
otherwise agreed, the Services shall be deemed accepted. The Customer may
withhold its acceptance only in the event of substantial non-conformity between
the purchase order specification and the Services, which are attributable to
BluePhoenix, their subcontractors, or which under the ordinary rules of Danish
law would fall under the seller’s risk. In the event that insubstantial
non-conformities are found in connection with the acceptance testing, then such
non-conformities shall be recorded in writing by the parties’ coordinators, and
subsequently remedied according to an agreed time table. 

6. Terms of Payment.
Customer agrees to pay BluePhoenix the fees and expenses specified in the SOW.
Unless otherwise specified on an SOW, BluePhoenix will submit to Customer
detailed invoice(s), quoting the SOW Number, the purchase order number, monthly
in arrears. All payments are due fifteen (15) days of receipt of invoice. Fees are inclusive of any
taxes applicable to the Services except for VAT (“moms”) or expenses accepted in writing by Customer,
BluePhoenix will separately list

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any applicable
taxes on the invoices. If Customer does not pay the invoices when due,
BluePhoenix may charge interest at the discount rate of the Danish Central Bank
plus 4%.

7. Warranties. For
the initial one (1) year period after delivery in accordance with each
individual purchase order, Bluephoenix warrants that the Services: (a) will be
performed by competent staff or subcontractors exercising a reasonable level of
skill appropriate to their grade, and (b) the Services and any deliverables
will not infringe the intellectual property rights of any third party.
Customer’s sole remedy for any breach of the foregoing warranty (b) is for
BluePhoenix to repair or replace the infringing Services to make them
non-infringing; if in BluePhoneix’s reasonable opinion. It is unable to make
the Services or deliverables non-infringing Customer’s sole remedy will be that
BluePhoenix will refund the amount paid for the portion of the Services or
deliverables that are infringing and will in either event reimburse any damages
or costs (including reasonable attorneys’ fees) paid or payable by Customer due
to such infringement. The limitation of liability contained in the first
sentence of Section 8 shall not apply so claims under the foregoing warranty
(b). EXCEPT AS EXPRESSLY STATED HEREIN, THE WARRANTIES STATED IN THIS CLAUSE
ARE EXCLUSIVE AND THERE ARE NO WARRANTIES EXPRESS OR IMPLIED MADE BY EITHER
PARTY, INCLUDING BUT NOT LIMITED TO ANY CONDITION FOR FITNESS FOR PARTICULAR
PURPOSE OR MERCHANTABILITY.

8. Limitation of Liability. Except
in cases of BluePhoenix’s willful misconduct or gross negligence, BluePhoenix’s
liability for any cause of action arising under or in connection with the
Agreement or otherwise (whether arising in tort, contract, or otherwise) will
be limited to the greater of US $10,000 or the amount of fees Customer actually
paid for the Services under the purchase order giving rise to the causes of
action. Under no circumstances will BluePhoenix be liable for any special
punitive or consequential damages arising out of or in connection with this
Agreement or otherwise, including liability for lost profile, business
interruption or loss of business. This limitation of liability will in no way
limit any cause of action that Customer has against any subcontractor. 

9. Ownership. BluePhoenix
owns all right, title, and interest in and to its technology as enhanced during
the term of this Agreement. For the avoidance of doubt, BluePhoenix
technologies do not include the IPRs specified in Clause 7 of the Business Transfer
Agreement of even date. Customer owns all right, title and interest in and to
its Applications. BluePhoenix undertakes not to incorporate any portions of
BluePhoenix or third party intellectual property into the Application beyond
what is in accordance with standard industry practice or the documentation
relating to such BluePhoenix or third party intellectual property. All of the
items prepared for Customer by Blue Phoenix shall belong to Customer. 

10. No Hiring. Each party agrees not to hire, or directly
or indirectly solicit or employ, any employee of the other who, to the first
party’s knowledge, is involved in the development, use or provision of Services
for a period of twelve (12) months after the employee ceased to be involved
as described, without the prior written consent of the other party, provided,
however, that either Party may freely solicit and/or hire any employee laid off
by the other party, and further provided that a party may upon termination for
breach in accordance with Section 4 of this Agreement freely solicit and/or
hire any employee of the other party who has performed work on the Application,
and further provided that either Party may freely solicit and/or hire any
employee who prior to October 9, 2002 has terminated his or her employment.
However, either party will not solicit such employees without having given the
other party previous notice thereof, Either Party will notify the other party if an employee
of the other party seeks employment with the first party, provided that the
notification has been approved by the employee in question. In the event of
either Party in known violation of the provisions above hires, within a period
of 12 months after the employee ceased to be involved as described above, such
shall pay liquidated damages to the other in the following amounts: (i) DKK
25,000 per commenced month of employment, plus (ii) DKK 200,000 upon failure
to dismiss and relieve (fritstille) the employee without undue delay after
notification by the other party of the breach, provided however that (iii) the
aggregate amount of liquidated damages for each employee shall not exceed DKK
400,000. Liquidated damages payable under this Section 10 shall not be cumulative
in relation to liquidated damages payable under Clause 10 of the Business Transfer
Agreement, and the Customer or an entity of the SDC Group or the Seller (as
defined in the Business Transfer Agreement) will, in relation to each employee,
only be liable to pay liquidated damages under either this Agreement or the
Business Transfer Agreement. 

11. Confidentiality.  Each party represents and warrants
that it will not disclose, use or modify Confidential information of the other
party (as defined below) and take adequate steps to protect the other party’s
Confidential Information from unauthorized disclosure or use. “Confidential
Information” is defined as information of any nature and in any form which is
disclosed by to the

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other party, or is otherwise learned by the other
party (as a result of BluePhoenix’s providing support services, its presence at
Customer’s business premises or otherwise), and which relates in any way to such
party’s business or operations, whether tangible or intangible and in whatever
form or medium including, but not limited to, information relating to the party’s
current or contemplated operations: identity of suppliers of goods and/or services:
trade secrets (including any improvements thereto), whether in development,
prototype or finished form and whether patentable or not: computer programs and
computer aided designs; pricing; all financial, personnel, and other business
data; and unpublished or published copyrighted materials, including any improvements,
modifications, or additions to any of the above information. Nothing in this
Agreement will, or is intended to, limit BluePhoenix’s ability to develop or
enhance its products and services in any manner whatsoever, provided BluePhoenix
does not disclose or otherwise use or make available any Customer Confidential
Information.

12. Force Majeure. Neither party shall be
liable to the other party in the event of force majeure. Events of force majeure
shall mean circumstances beyond the reasonable control of the affected party.
Without limiting the generality of the foregoing, events of force majeure shall
include war, natural or nuclear disasters, strikes, fines, power or telecommunications
network outages, non-deliveries, delayed or short deliveries from subcontractors,
damage to production apparatus, computer viruses, death, incapacitation or other
inability of key resources to perform services, and import and export restrictions.
Non-deliveries, delayed or short deliveries from subcontractors shall only be deemed
force majeure if the subcontractor itself is subjected to the event of force
majeure and BluePhoenix could not reasonably have found alternative sources of
supply.

13. Changes. This Agreement may not be
changed except in writing and signed by both parties. 

14. Conflicting Terms. In the event
of any conflict, the SOW will prevail. 

15. Governing Law and Arbitration.
The validity, construction and performance of this Agreement will be governed by
the laws of Denmark. Any dispute or claim arising out of or in connection with this
Agreement, or the breach, termination or invalidity hereof, shall be settled by
arbitration in accordance with the Rules of Procedure of the Danish Institute of
Arbitration (Copenhagen Arbitration). The arbitration tribunal shall be composed
of three arbitrators. Each party shall appoint one arbitrator and the Institute
shall appoint the third arbitrator who shall chair the arbitration tribunal. If
a party has not appointed an arbitrator within 30 days of having requested or received
notice of the arbitration, such arbitrator shall be appointed by the Institute.
The place of arbitration shall be Copenhagen. The language of the arbitration shall
be English. This present Section 14 shall not preclude either party from initiating
proceedings for injunctive relief before the ordinary courts of any jurisdiction
with a view to enforcing Sections 9, 10 and 11 hereof. 

	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SDC UDVIKLING A/S

  	
   

  	
  BLUEPHOENIX SOLUTIONS NORDIC APS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
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3Amended & Restated Employment Agreement (J. A. Beckert)

 Exhibit 10.23 
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
 1. Parties, positions and employment status. 
 By the terms of this employment agreement (“Agreement”), ClubCorp USA, Inc. (“ClubCorp”) agrees to employ you, John Beckert, in the
positions of President and Chief Executive Officer of ClubCorp and its parent ClubCorp, Inc., and in such other senior executive positions with ClubCorp or its Affiliates that the Chairman (“Chairman”) of the Board of Directors of ClubCorp
(“Board”) may designate for you from time to time. You will report directly to the Chairman. This Agreement will become effective August 28, 2004 (the “Effective Date”) subject to approval by the Board and shall thereafter
supersede and replace your Employment Agreement effective as of August 27, 2002, as subsequently amended. At all times you will be an employee at will, which means that either you or ClubCorp may terminate your employment at any time, with or
without cause. (Definitions of most capitalized terms appear in the final section of this Agreement.) 
 2. Compensation. 
 (I) Retroactive to July 1, 2004, ClubCorp will pay you a base salary at the gross biweekly rate of twenty-two thousand, one hundred-fifteen dollars
and thirty-eight cents ($22,115.38), subject to normal withholding, so that, if annualized, your gross base salary would be five hundred seventy-five thousand dollars ($575,000.00) (the “Base Salary”). Your Base Salary will be reviewed by
the Board at least annually and may be increased at the discretion of the Board from time to time on or after July 1, 2005. 
 (II)
Additionally, you will have the potential to earn an annual cash bonus payment (the “Annual Bonus”) in a target amount equal to your Base Salary, subject to normal withholding, depending on your performance against the financial objectives
set in the Senior Executive Bonus Plan. (Your Annual Bonus could potentially exceed your Base Salary if you exceed certain goals set in whatever plan is in effect from time to time.) The compensation worksheet, attached as Exhibit A, describes the
financial objectives of the Senior Executive Bonus Plan currently in effect. All Senior Executive Bonus plan terms and parameters are subject to change at the discretion of the Compensation Committee of the Board, provided that such changes will be
applied to you in a manner no less favorable than to other ClubCorp senior executives and that they will be communicated to you in advance of their effective date and take effect no earlier than the start of a next compensation year. 
 (III) You will be entitled to participate in any long-term, incentive, deferred, or similar compensation plans or arrangements, to the extent such plans
or arrangements are offered from time to time by ClubCorp, on terms and conditions comparable to those applicable to other ClubCorp senior executives. 
 3.
Stock options. 
 (I) As soon after the Effective Date as practicable, you will receive a non-qualified stock option grant under the
Stock Plan for two hundred thousand (200,000) shares of ClubCorp, Inc. stock, with an Exercise Price of the Fair Market Value of ClubCorp, Inc. stock as of July 1, 2004. The right to exercise the foregoing options shall vest in increments
of 20% of the total original grant on July 1 of each subsequent year. Subject to having achieved your 2004 performance objectives which shall mean achieving one hundred percent (100%) of ClubCorp’s 2004 plan, you will receive an
additional option grant as soon as practicable after January 1, 2005 of two hundred thousand (200,000) shares, with an Exercise Price of the Fair Market 

 Value of ClubCorp, Inc. stock as of January 1, 2005 and with such options to vest in increments of 20% of the total
grant on January 1 of each subsequent year. It is intended that these grants will cause your total share ownership including options to equal approximately 1.5% of the ClubCorp, Inc. common stock issued and outstanding. It is not presently
contemplated that any additional options will be granted unless significant transactions cause the number of shares outstanding of ClubCorp, Inc. common stock issued and outstanding to materially change. Nothing in this Agreement shall limit or
restrict rights you may have had, including vesting rights, with respect to stock options awarded prior to the Effective Date. 
 (II) If the
Board should approve a restricted stock plan, you will be eligible to convert up to one-third (1/3) of your stock options into restricted stock with economic and vesting terms and tax consequences no less favorable than those applicable to the
underlying stock options so converted. A copy of the prospectus, which incorporates the Stock Plan document and sample stock option agreement is attached as Exhibit B. 
 4. Vacation. 
 You will retain any vacation time accrued but unused prior to the Effective Date, and
thereafter you will continue to accrue twenty (20) days’ vacation each calendar year of your employment. The terms of your use and retention of accrued vacation time will be governed by ClubCorp policies in effect from time to time.

 5. Benefits. 
 (I) As of the Effective
Date, you will be eligible to participate in all health, life, dental and long-term disability benefits programs that ClubCorp may offer from time to time to its other senior executives, including any medical and dental coverage available for
dependants, and in any ClubCorp investment plans in effect from time to time for other senior executives. 
 (II) You will continue to
receive, at no charge, a Board Level Associate Clubs and Resorts membership as well as the opportunity to join a local ClubCorp club of your choice without a requirement for the payment of an initiation fee and without the requirement for the
payment of dues during the time of your employment. 
 (III) You will receive free parking at ClubCorp’s headquarters facility.

 (IV) During your employment, subject to eligibility requirements and Evidence of Insurability approval by the carrier, ClubCorp will
provide, at its sole expense, a supplemental term life insurance policy in a benefit amount of no less than $500,000 payable to such beneficiary or beneficiaries as you may designate. 
 6. Expense reimbursement. 
 ClubCorp will reimburse all reasonable and necessary expenses incurred by
you on behalf of ClubCorp and the Affiliates, so long as you incur and submit the expenses in compliance with applicable ClubCorp policies and procedures. In addition, ClubCorp will reimburse you for up to Ten Thousand Dollars ($10,000) in legal
fees incurred in connection with the review and negotiation of your employment and stock option agreements. 
 7. Board position. 
 You will remain a Board member for the duration of your employment as President/Chief 
  

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 Executive Officer. Upon the termination of your employment, whether voluntary or involuntary, your membership on the
Board will automatically terminate unless otherwise agreed in writing with ClubCorp. 
 8. Rules, policies and procedures. 
 You agree to comply in all material respects with all reasonable rules, policies and procedures of ClubCorp, the Affiliates and any club of which you
become a member as reflected in the ClubCorp Employee Partner Handbook and similar written employee guidelines applicable to your position. 
 9.
Termination by CIubCorp other than for Cause or Resignation with Good Reason. 
 If ClubCorp or any successor terminates your
employment other than for Cause, death or disability or if you resign your employment with Good Reason, then: 
 (I) You will receive your
Base Salary for all days worked up to and including your last date of employment and payment for any accrued but unused vacation days pursuant to ClubCorp Policies; 
 (II) all of your unvested stock options will be automatically vested effective on the day immediately preceding the termination date; 
 (III) contingent on your signing and delivering a general release and waiver of claims in a form reasonably acceptable to ClubCorp and its Affiliates you will also receive twenty-four (24) months of Base Salary
and an additional amount equal to the Annual Bonus you received in the preceding calendar year. 
 (IV) you will not be entitled to any other
payments, compensation or benefits of any sort under this Agreement or otherwise except as may be vested under the terms of a controlling benefit plan or program. Amounts payable under this Section 9 will be paid in the form of income
continuation payments. Continuation of Base Salary will be paid at the rate in effect at the time of your termination. Amounts payable under this Section 9 will be made at such times and in such manner as consistent with ClubCorp’s normal
payroll practices and will be subject to standard withholdings. 
 10. Termination by ClubCorp for Cause. 
 If ClubCorp terminates your employment with Cause, you will be entitled to receive your Base Salary for all days worked up to and including your last date
of employment and payment for any accrued but unused vacation days according to ClubCorp policy. You will not, however, be entitled to any prorated portion of the Annual Bonus or any other payments, compensation or benefits of any sort under this
Agreement or otherwise except as may be vested under the terms of a controlling benefit plan or program. All of your vested and unvested stock options will be governed by the Stock Plan. Except as otherwise provided, all of ClubCorp’s
obligations under this Agreement will immediately cease. 
 11. Death or disability. 
 If you die or become disabled your employment will immediately cease. Disability for purposes of this section shall mean that you qualify for benefits
under ClubCorp’s current disability benefit plan or any successor plan. Upon termination for death or disability, you will be 
  

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 entitled to receive your Base Salary for all days worked up to and including your last date of employment and payment for
any accrued but unused vacation days. You will also receive an additional amount calculated by multiplying the amount of the Annual Bonus you received in the preceding calendar year by the fraction of the current year completed prior to your date of
termination. Except as may be vested under the terms of a controlling benefit plan or program and as otherwise provided herein, you will not be entitled to any other payments, compensation or benefits of any sort under this Agreement or otherwise
and all of ClubCorp’s obligations under this Agreement will immediately cease. All of your vested and unvested stock options will be governed by the Stock Plan. 
 12. Resignation Absent Good Reason. 
 If you voluntarily resign without Good Reason, you will be
entitled to receive your Base Salary for all days worked up to and including your last date of employment and payment for any accrued but unused vacation days. You will not, however, be entitled to any prorated portion of the Annual Bonus or any
other payments, compensation or benefits of any sort under this Agreement or otherwise except as may be vested under the terms of a controlling benefit plan or program. Except as otherwise provided, all of ClubCorp’s obligations under this
Agreement will immediately cease. All of your vested and unvested stock options will be governed by the Stock Plan. 
 13. Change of Control.

 (I) If there is a Change of Control of ClubCorp, all of your vested and unvested stock options will be deemed to have automatically vested
on the date immediately prior to the date of such Change of Control. 
 (II) If any payments under this Agreement or under other plans,
programs, or agreements with ClubCorp are subject to excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended from time to time, or any successor provision (the “Code”), ClubCorp will pay you an additional
amount (the “Gross Up”), calculated and payable as described in Exhibit C, such that the net amount retained by you after deductions of any such excise tax and any income and employment taxes, social security tax, excise tax, interest or
penalties imposed on such amounts paid under this section shall be equal to the full amount of the intended payment or benefit. In the event Section 5.3 of the Omnibus Stock Plan applies to you resulting in a reduction of a “parachute
payment” you are otherwise entitled to receive, ClubCorp will pay you a Gross Up amount as described in Exhibit C. 
 14. Employee
non-solicitation. 
 Our employees are our most important asset. As the result, for one year after your last date of employment,
regardless of the reason for the ending of your employment, you agree not to, on behalf of yourself or any other person or entity, solicit for hire or retain any person who was, at any time during the last twelve months of your employment with
ClubCorp or its Affiliates, employed by ClubCorp or any Affiliate in a position at or above the level of club manager or level nine at ClubCorp headquarters. 
 15. Confidentiality. 
 ClubCorp has provided you with substantial Confidential Information and, hereafter, will continue to
provide you with Confidential Information. ClubCorp has invested much time, money and effort in developing this Confidential Information, and it has helped ClubCorp 
  

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 become the leader in the private club and golf resort business. Our competitors would like to be able to obtain this
information without having to invest the same time, money and effort to develop it. For that reason, it is critical that the Confidential Information remain confidential. All Confidential Information is the sole property of ClubCorp and its
Affiliates. While employed and after you leave your employment, you agree not to disclose or use the Confidential Information. You also agree to return to ClubCorp immediately upon the ending of your employment, regardless of the reason for the
ending of your employment, all of the written or recorded Confidential Information that is within your possession or control, including all copies of it. 
 16. Inventions and works for hire. 
 You hereby irrevocably assign to ClubCorp all of your right, title and interest in and
to any and all inventions and intellectual property, of any sort that relate in any way to ClubCorp’s or its Affiliate’s business, whether tangible or intangible, that you may discover, develop, invent, compile or write while you are
employed by ClubCorp or its Affiliates. This provision applies regardless of whether you discover, develop, invent, compile or write it during business hours or on or off of ClubCorp’s or its Affiliates’ premises. You agree to take any
actions, including the execution of documents or instruments, that ClubCorp may reasonably require to give effect to this assignment. You represent that you currently have no rights in any inventions or intellectual property that relate in any way
to ClubCorp’s or its Affiliates’ business. 
 17. Covenant not to compete. 
 ClubCorp must protect the interests set out in the Confidentiality section of this Agreement. In addition, ClubCorp has a significant interest in, among
other things, ensuring that you do not acquire a valuable ownership interest in ClubCorp as the result of ClubCorp’s Stock Plan and then act in a fashion that would assist ClubCorp’s or its Affiliates’ competitors in efforts to weaken
ClubCorp’s competitive position and, thereby, decrease the value of ownership for other, loyal employees and former employees. As the result, in return for ClubCorp’s providing you with the Confidential Information, and as a precondition
to your eligibility to acquire stock ownership in ClubCorp or any Affiliate, you agree that while you are employed and for two years from your last date of employment with ClubCorp or any Affiliate due to resignation without Good Reason or
termination for Cause, you will not, anywhere in the United States, Europe, Asia or Australia: 
 (I) perform executive management services,
in any capacity, or serve on the board of directors for any Competitor; 
 (II) solicit or accept business from any Customer to the extent
such business is substantially similar to business solicited or accepted by ClubCorp or any Affiliate with respect to such Customer; or 
 (III) own any interest in any Competitor, except that, when you are no longer employed by ClubCorp or any Affiliate, you may own less than five (5) percent of the publicly traded stock of a Competitor. 
 Notwithstanding the above, in the event that you are terminated without Cause or resign with Good Reason, then the time period for the Non-Compete will
be the length of time during which you receive income continuation severance payments under Section 9. 
  

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 18. Non-disparagement. 
 You agree that you will not, at any time during your employment or while receiving income continuation severance payments under Section 9, say, publish or cause to be published anything that casts ClubCorp or the
Affiliates in an unfavorable light, or that disparages or injures their good will or business reputation; provided, however, that nothing in this Agreement will limit your ability to make statements with respect to ClubCorp or the Affiliates in the
context of litigation to preserve or enforce your rights with respect hereto or as may be required by process of law. 
 19. Related stock agreements and
plans. 
 In the event that you breach any of your obligations under the “Employee non-solicitation,”
“Confidentiality,” “Inventions and works for hire,” and “Covenant not to compete” provisions of this Agreement, you agree that, upon notice of such breach, you will retain all shares of ClubCorp stock that are then in
your possession or control or, if such shares are subsequently sold, the proceeds from such sale, until a final determination as to such breach. In the event of a final award of damages in ClubCorp’s favor, such award may be satisfied, at
ClubCorp’s election, by return to ClubCorp of such shares valued at the then current value thereof (or the proceeds of such shares) to the extent necessary to satisfy the award. Additionally, ClubCorp will be entitled to pursue any other
remedies allowed by law or in equity. 
 20. Supersedes any prior agreements. 
 This Agreement supersedes any and all other agreements or offers, either oral or in writing, between you and ClubCorp related to the subject matter
hereof. In the event of any conflict between the terms of this Agreement and any stock option agreement or plan, whenever entered into, the terms of this Agreement shall control. 
 21. Amendments must be in writing. 
 Except as otherwise provided in this Agreement, no amendment or
modification of this Agreement shall be deemed effective unless and until executed in writing by all of the parties hereto. 
 22. Texas law applies to
this Agreement. 
 Because your employment could take you to any number of states or countries and because it is important to you and
ClubCorp to be able to have some certainty that this Agreement will be applied consistently wherever you may work, ClubCorp and you agree that the substantive law of Texas will govern this Agreement, without giving effect to any conflict of law
principles that would require the law of another jurisdiction to apply. 
 23. Successors and Assigns. 
 This Agreement is intended to bind and inure to the benefit of and be enforceable by you and ClubCorp and each parties’ respective heirs,
representatives, executors, successors and assigns, except that you may not assign your duties hereunder without the consent of ClubCorp. 
  

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 24. Notices. 
 Any notices that either you or ClubCorp are required to give under the terms of this Agreement may be given in writing, either by personal delivery, facsimile or by registered or certified mail, postage prepaid with return receipt
requested. Mailed or faxed notices must be sent to the following addresses: 
  

			
	If to CIubCorp:	  	Mr. Robert H. Dedman, Jr.
		  	Chairman, ClubCorp, Inc.
		  	3030 LBJ Freeway, Suite 700
		  	Dallas, Texas 75234
		  	 Phone No.: (972) 888-7380
 Facsimile No.: (972)
888-7717

		
	If to you:	  	Mr. John Beckert
		  	4920 Seneca Drive Dallas, Texas
		  	Phone No.: (214) 352-1601

 Any party may change his or its address by written notice. Notices delivered personally or by
facsimile will be deemed communicated as of actual receipt. Mailed notices will be deemed communicated as of three (3) days after proper mailing. 
 25.
Definitions used in this Agreement. 
 (I) “Affiliates”: Collectively, all ClubCorp subsidiaries and any entity in which
ClubCorp or any ClubCorp subsidiary, directly or indirectly, has a controlling ownership interest. 
 (II) “Cause”: 
 (a) Your failure substantially to perform your reasonable, material assigned duties hereunder, that remains uncured thirty
(30) days’ after written notice of such failure by the Chairman or the Board identifying the performance deficiencies; or 
 (b) (i) fraud, embezzlement, or theft; (ii) conviction of a felony; (iii) conduct that, in the reasonable judgment of the Board, subjects ClubCorp to material public embarrassment or disrepute; (iv) willful harassment or
discrimination in violation of ClubCorp policies; or (v) any material violation of ClubCorp policies or this Agreement; provided that, in the case of (iii) or (v), your conduct either subjects ClubCorp to immediate, substantive damage or,
in the absence of such damage, continues after thirty (30) days’ written notice by the Chairman or the Board identifying the violation. 
 (III) “Change of Control”: This term will have the same meaning as in the Stock Plan. 
 (IV) “Competitor”: Any
person or entity, the principal business of which is or is intended to become the ownership, management or provision of consulting services to three or more private clubs, golf facilities or golf resorts anywhere in the United States, Europe, Asia
or Australia in a substantially similar manner as such business is conducted by ClubCorp or its Affiliates. 
 (V) “Confidential
Information”: All trade secrets of ClubCorp and the Affiliates and any information or item that does not qualify under applicable law as a trade secret but to which ClubCorp or the Affiliates limit access, to any extent, either internally or
externally, including but not limited to information and items related to plans, strategies, inventions, devices, services, products, processes, properties, assets, customers, customer lists, customer preferences, 
  

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 markets, marketing strategies, management, employees, technology, know-how, financial conditions or prospects, employee
compensation, fee information, cost information, pricing information, business development plans and strategies, marketing plans and strategies, instructional methodology and techniques, computer software, specifications and code, sources of supply,
products or services, designs, analyses, drawings, photographs and reports, computer operating systems, applications and program listings, flow charts, manuals, documentation, databases, accounting and business methods, production procedures, or
merchandising systems. Notwithstanding the foregoing, “Confidential Information” does not include (a) information that is or becomes publicly available (except through disclosure by you in violation of this Agreement or through
disclosure by any other person or entity in violation of a written agreement or common law duty, (b) information that was known to you prior to the Start Date, and (c) information that may be required to be disclosed by law or legal
process. 
 (VII) “Customer”: Any person or entity with whom ClubCorp or any Affiliate, with your assistance and within one
year prior to your last date of employment, had, was negotiating to have, or had taken substantial steps in furtherance of having a contractual relationship for the ownership or management of any private club, golf facility or golf resort.

 (VIII) “Exercise Price”: This term will have the same meaning as in the Stock Plan. 
 (VIII) “Fair Market Value”: This term will have the same meaning as in the Stock Plan 
 (IX) “Good Reason”: This term will mean the occurrence of any of the following: 
 (a) a failure of ClubCorp to perform any material obligation under this Agreement or any stock option or other agreement governing the terms and
conditions of your employment that remains uncured thirty (30) days after written notice by you identifying such failure; 
 (b) material
diminution of your title, duties, responsibilities, authority, or base compensation, or; 
 (c) involuntary relocation of the site of your
work to a location outside a 50 mile radius from ClubCorp’s current offices at 3030 LBJ Freeway in Dallas, Texas. 
 (X). “Stock
Plan”: The ClubCorp, Inc. Omnibus Stock Plan, as amended. 
 [Signatures Appear on Following Page] 
  

 8 

			
	JOHN BECKERT
	
	 /s/ John A. Beckert

	Signature
	
	 John A. Beckert

	Printed
	
	CLUBCORP USA, INC.
		
	By:	 	 /s/ Robert H. Dedman, Jr.

		 	Signature
		
		 	 Robert H. Dedman, Jr.

		 	Printed
		
		 	 Chairman of the Board

		 	Title

  

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 EXHIBIT C 
 (1) For purposes of determining the Gross Up in Section 13 of this Agreement, you will be deemed to pay federal, state, and local income tax at the highest marginal rate applicable in the calendar year in which
the payment is made. The determination of whether excise tax is payable, including whether any exception may apply, and if so the amount thereof, will be made upon the opinion of tax counsel selected by ClubCorp and reasonably acceptable to you,
applying the following rules: (a) all payments will be treated as “parachute payments” within the meaning of Section 280G(b)(2) of the Code, and all “excess parachute payments” within the meaning of
Section 280G(b)(1) of the Code will be treated as subject to excise tax unless in the opinion of counsel such payments do not constitute parachute payments or such excess parachute payments represent reasonable compensation for services
actually rendered within the meaning of Section 280G(b)(4) of the Code in excess of the “base amount” within the meaning of Section 280G(b)(3) of the Code or are otherwise not subject to excise tax; and (b) the value of any
non-cash or deferred payments or benefits will be determined by an independent accounting firm selected by ClubCorp and reasonably acceptable to you in accordance with the principles of Section 280G(d)(3) and (4) of the Code. All fees,
costs, and expenses of tax counsel and any accounting firm or other advisor retained in accordance with this paragraph will be paid solely by ClubCorp. 
 (2) The Gross Up, if any, will be paid in a lump sum cash payment within 30 days after the date on which the amount thereof has been determined or is reasonably determinable by tax counsel, and in any event not later
than 45 days following a termination of your employment; provided, however, that if the amount of Gross Up cannot be finally determined at or before such time, the amount paid will be the estimated full amount of the Gross Up as reasonably
determined by tax counsel in good faith and in accordance with the principles of the preceding paragraph. If such an estimated Gross Up is paid, or if the opinion of tax counsel is not finally accepted by the Internal Revenue Service, then
appropriate adjustments will be computed (with additional Gross Up, if necessary) by tax counsel based upon the final amount of excise tax, and any additional amount due you as a result of such adjustment (including any interest or penalties owed by
you by reason of any underpayment) will be paid in cash and in a lump sum within 30 days of such computation. Any amount due ClubCorp as a result of such an adjustment will be paid by you in cash in a lump sum within 30 days of such computation.

  

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