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Exhibit 10.24    
    

 
 

INDEPENDENT CONTRACTOR AGREEMENT    
    

        THIS AGREEMENT, made effective this 1st day of October, 2003, is by and between WESTERN BRANDS, LLC, a Colorado Limited Liability Company (hereinafter referred to
as "Western Brands"), and RONALD SNYDER (hereinafter referred to as "Snyder"). 

        WHEREAS,
Western Brands is a Colorado Limited Liability Company engaged in part in the business of manufacturing and marketing CROCS footwear; and 

        WHEREAS,
Snyder is in the business of performing consulting services; and 

        WHEREAS,
Western Brands desires to utilize Snyder's services, and Snyder is willing to provide such services; 

        NOW
THEREFORE, in consideration of the mutual promises set forth herein, it is agreed as follows: 

        1.     Snyder
will provide consulting services on behalf of Western Brands on the terms and conditions set forth herein. 

        2.     Western
Brands shall determine the scope of Snyder's services, but Snyder may perform such services at such times and at such locations as Snyder determines, provided
service can be performed in a timely and competent manner. 

        3.     Snyder's
obligations under this agreement shall commence October 1, 2003. Snyder shall be compensated in the form of Class B membership interests issued to
Snyder as set forth in paragraph 4 below. 

        4.     Snyder
shall keep a record of hours spent in furtherance of his obligations under this Agreement and provide Western Brands with a detail of hours worked for any month in
which his hours exceed fifty (50). At such time as Snyder has provided one hundred sixty-six and two-thirds (1662/3) hours of consulting services in furtherance
of this agreement or six-months have elapsed since the effective date of this Agreement, whichever occurs first, Western Brands shall issue to Snyder Class B membership interests
equal to one-half (1/2) of one percent (1%) of all outstanding membership interests. For each additional 166.67 hours of service or expiration of additional
six-month periods, whichever occur first, Snyder will be issued an additional one-half percent (1/2%) membership interest until such time as Snyder has provided
six hundred and sixty-six and two-thirds (6662/3) hours of service, or two years have elapsed since the effective date of this Agreement, whichever occurs first,
and Western Brands has delivered Class B membership interests equal to two percent (2%) of the outstanding membership interests. At such time neither party shall have any further obligations
under this agreement unless a new agreement is entered into in writing by the parties. 

The
parties contemplate and understand that membership interests will be converted from percentages to units at a future date. The rate of conversion shall be 1% = 1000 units. The parties agree
that upon such conversion, any membership interest held by Snyder shall be converted to units and any future grant of membership interest shall be granted in units. 

        5.     Snyder
shall have no right to demand monies from Western Brands for services rendered, and understands and acknowledges that his sole compensation will be membership
units delivered pursuant to this Agreement. Membership interests may only be issued in one-half percent (1/2%) increments. 

        6.     This
agreement may be terminated at will by either party at any time, provided however, that if Western Brands terminates this agreement, it shall issue an additional
one-half percent (1/2%) membership interest to Snyder, as if termination had occurred at the end of the then current six-month period. In addition, Western
agrees to issue membership shares to Snyder in accordance with Section 7 below in the event a Change of Control (as defined in Section 7) is agreed to in principle within six
(6) months of the termination date. If terminated by Snyder, Western Brands shall have no further obligations as of the termination date. This Section 6 shall survive the termination of
this Agreement. 

        7.     Prior
to any change in control or ownership of all or substantially all of the assets or membership interests of Western Brands or distribution rights of Crocs brand
footwear (a "Change of Control"), Western Brands shall issue to Snyder Class B ownership interests equal to 2% of all membership
interests less any memberships interests that have previously been issued to Snyder in accordance with this Agreement. Such ownership interests shall be issued to Snyder regardless of the number of
hours worked or time elapsed as of the date of the change of control or ownership. 

        8.     Snyder
understands that the Class B membership units are non-voting, and may be subject to future dilution, in accordance with the Western Brands
Operating Agreement. 

        9.     Snyder
agrees that he will at all times faithfully, industriously, and to the best of his ability, experience, and talents, perform all of the duties that may be required
of and from him pursuant to the terms of this agreement and the particular project for which he is utilized. 

        10.   Nothing
herein shall prohibit Snyder from performing consulting services on behalf of others. 

        11.   Snyder
will not disclose to others, use for personal benefit, or otherwise misappropriate any of the following information or property of Western Brands or its clients: 

	(a)
	Trade
secrets and other confidential information;

	(b)
	Customer
lists or referral sources;

	(c)
	Sales
volumes and profit margins;

	(d)
	Advertising
or marketing strategy;

	(e)
	Financing
sources or techniques;

	(f)
	Employment
manuals and personnel policies;

	(g)
	Estimating
procedures and billing practices;

	(h)
	Product
development practices;

	(i)
	Production
levels;

	(j)
	Tax
information; and

	(k)
	Computer
programs or software. 

In
addition, Snyder will not disclose any other confidential information concerning the business and affairs of Western Brands, which would cause Western Brands or its clients to operate at a
competitive disadvantage, if not otherwise disclosed. 

        12.   Snyder understands that he is an independent contractor, and not an employee of Western Brands. Snyder understands that he is not entitled to
workers' compensation benefits or other employee benefits of Western Brands, and Snyder must pay his own income taxes on any compensation earned pursuant to this Agreement.

        13.   No
waiver, alteration or modification of any provision of this Agreement shall be binding unless it is in writing and signed by both parties. 

        14.   This
Agreement shall be governed by the laws of the state of Colorado. 

	 	 	WESTERN BRANDS, LLC
	

 	
 	

By:	
 	

/s/ GEORGE BOEDECKER
 George Boedecker, Manager
	

 	
 	

/s/ RONALD SNYDER
 Ronald Snyder

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Exhibit 10.24

INDEPENDENT CONTRACTOR AGREEMENTQuickLinks
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Exhibit 10.1.4  

 
 

Exhibit A
  SCHEDULE OF PARTNERS,
  ALLOCATION OF PARTNERSHIP UNITS, PERCENTAGE INTERESTS
  AND THE AGREED UPON VALUE OF NON-CASH CAPITAL CONTRIBUTIONS    
    

	Date Admitted
 
	 	Name and address of partners
	 	Value of

non-cash capital

contribution
	 	Partnership

units issued
	 	Approx.

Percentage

Interests
	 	Federal ID #

	05/22/1998(1)	 	Eagle Ridge Resort LLC

37 West 57th Street, 12th Floor

New York, NY 10019	 	$	1,198,750	 	35,794	 	0.49	%	52-2099405
	02/04/1997	 	GTA LP, Inc.

14 North Adger's Wharf

Charleston, SC 29401	 	$	—	 	7,302,479	 	99.31	%	58-2290326
	02/04/1997	 	GTA GP, Inc.

14 North Adger's Wharf

Charleston, SC 29401	 	$	—	 	14,684	 	0.20	%	58-2290217
	Total Common OP Units	 	 	 	 	 	 	7,352,957	 	100.00	%	 
	 	 	GTA LP, Inc.

10 North Adger's Wharf

Charleston, SC 29401	 	$	20,000,000	 	800,000	 	100	%	 

	(1)
	transferred from
Eagle Ridge Lease Company, LLC to current holder effective April 1, 2004. 

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Exhibit A SCHEDULE OF PARTNERS, ALLOCATION OF PARTNERSHIP UNITS, PERCENTAGE INTERESTS AND THE AGREED UPON VALUE OF NON-CASH CAPITAL CONTRIBUTIONSExhibit 10.30.2  

Prepared by and return to:

Lee E. Nelson, Esq.

P. O. Box 380

Tampa FL 33601 

FIRST AMENDMENT TO PARCEL F DEVELOPMENT AGREEMENT  

        THIS FIRST AMENDMENT TO PARCEL F DEVELOPMENT AGREEMENT (this "First Amendment") is made as of the 11th day of March, 2005, by and among,  PARCEL F,
LLC, a Florida limited liability company, formerly known as Innisbrook F, LLC ("Parcel F Purchaser") and GOLF HOST
RESORTS, INC., a Colorado corporation ("Golf Host") and is consented to by GOLF TRUST OF AMERICA, L.P., a Delaware
limited partnership ("GTA"). 

        THE
PARTIES ENTER THIS AGREEMENT on the basis of the following facts, 

	A.
	The
parties entered into the Parcel F Development Agreement recorded in OR Book 13469, Page 480 of the Public Records of Pinellas County, Florida (the "Development Agreement").

	B.
	The
exhibit attached as Exhibit E to the Development Agreement depicting Mill Ridge Road was a temporary exhibit and the parties desire to substitute a corrected
Exhibit E.

	C.
	The
legal description for the Parcel F Access Road attached as Exhibit F to the Development Agreement contained a scrivener's error and the parties desire to correct the
scrivener's error. 

        NOW,
THEREFORE, in consideration of Ten Dollars ($10.00) and other good and valuable consideration the receipt of which and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows: 

        1.    Mill Ridge Road.    Exhibit E to the Development Agreement is deleted in its entirety and
Exhibit E to this Amendment [U.S. Surveyor dated November 18, 2004] is inserted as Exhibit E to the Development Agreement. The parties agree that the legal
description contained in revised Exhibit E is a general description of Mill Ridge Road and in the event of any discrepancy between the legal description contained in Exhibit E and the
actual physical location of Mill Ridge Road, the physical location of Mill Ridge Road controls. 

        2.    Parcel F Access Road Legal Description.    Exhibit F to the Development Agreement is deleted in its
entirety and Exhibit F to this Amendment [King Engineering dated March 11, 2005] is inserted as Exhibit F to the Development Agreement. 

        3.    Full Force and Effect.    Except as expressly provided herein, all other terms and conditions of the Development
Agreement remain the same and in full force and effect. 

 

        IN
WITNESS WHEREOF, the undersigned have executed this Agreement the day and year first above written. 

	SIGNED, SEALED AND DELIVERED

in the Presence of:	 	PARCEL F, LLC, a Florida limited liability corporation, formerly known as Innisbrook F, LLC
	

 
	
 	

By:	

/s/  STEVE SAMAHA      

	Print Name:	 
	 	Name: Steve Samaha

Its: Member
	

 
	
 	

 	

 
	Print Name:	 
	 	 	 
	

 	

 	
 	
GOLF HOST RESORTS, LLC, a Colorado corporation, formerly Golf Host Resorts, Inc.
	

          
	
 	

By:	

/s/  ROBERT GEIMER      

	Print Name:	 
	 	Name: Robert Geimer

Its: Vice President
	

 
	
 	

 	

 
	Print Name:	 
	 	 	 

2

 

        The
undersigned hereby consents to this Agreement, subject to and in accordance with, the terms of this First Amendment and all of the exhibits thereto. 

	 	 	 	GOLF TRUST OF AMERICA, L.P., a Delaware limited partnership
	

SIGNED, SEALED AND DELIVERED

in the Presence of:	
 	

By:	

GTA GP, INC., a Maryland corporation
	

 
	

 	

By:	

/s/  W. BRADLEY BLAIR, II      

	Print Name:	 
	 	Name: W. Bradley Blair, II

Its: President and CEO
	

 
	
 	

 	

 
	Print Name:	 
	 	 	 

3

 

STATE
OF FLORIDA

COUNTY OF HILLSBOROUGH 

        The
foregoing instrument was acknowledged before me this 5th day of April, 2005, by Steven M. Samaha, as member of PARCEL F, LLC, formerly
known as Innisbrook F, LLC, a Florida limited liability corporation, on behalf of the company. He/she is personally known to me. 

	

 	

	 	Print Name:	 
 Notary Public

	 	My Commission Expires:	 

	

 	

(NOTARY SEAL)

	

 

4

 

STATE
OF Georgia

COUNTY OF Cobb 

        The
foregoing instrument was acknowledged before me this 13th day of April, 2005, by Robert Geimer, as Vice President of GOLF HOST RESORTS,
LLC, a Colorado corporation, on behalf of the corporation. He/she is personally known to me. 

	

 	

	 	Print Name:	 
 Notary Public

	 	My Commission Expires:	 

	

 	

(NOTARY SEAL)

	

 

5

 

STATE
OF SOUTH CAROLINA

COUNTY OF CHARLESTON 

        The
foregoing instrument was acknowledged before me this 11th day of March, 2005, by W. Bradley Blair, II, as President and CEO of GTA
GP, INC., the general partner of GOLF TRUST OF AMERICA, L.P., a Delaware limited partnership, on behalf of the
partnership. He/she is personally known to me. 

	

 	

	 	Print Name:	 
 Notary Public

	 	My Commission Expires:	 

	

 	

(NOTARY SEAL)

	

 

6

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