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                                                                   EXHIBIT 10.23

                             THIRD AMENDMENT TO THE
                     CLUBCORP EMPLOYEE STOCK OWNERSHIP PLAN

         WHEREAS, ClubCorp, Inc., formerly Club Corporation International, (the
"Company") previously maintained the ClubCorp Stock Investment Plan ("SIP");

         WHEREAS, the Company amended and restated the SIP effective January 1,
1999 into the ClubCorp Employee Stock Ownership Plan ("CCESOP");

         WHEREAS, the Company now desires to amend the CCESOP to: (i) allow
employees of the Operations Company for Homestead, Inc. who are ineligible to
participate in the Homestead Retirement Plan to participate in the CCESOP; and
(ii) amend the provisions regarding the method of payment of benefits under the
CCESOP to clarify that participants may take distribution of their CCESOP
account balance in either cash or ClubCorp stock (to the extent invested
therein) but not in both; (iii) specify the order by which accounts with company
stock will be affected by diversification elections of eligible participants;
and (iv) make technical changes in response to a request by the Internal Revenue
Service; and

         WHEREAS, the Plan may be amended by the Company pursuant to the
provisions of Article XV of the Plan, and the Company desires to amend the Plan.

         NOW, THEREFORE, the CCESOP is amended as follows, effective January 1,
1999:

         1.       Existing Section 4.01 is deleted in its entirety, and the
                  following is substituted in its place:

                  "4.01 Employer Contributions. Subject to SECTION 4.07
         and SECTIONS 5.06 through 5.09, each Employer's Contribution
         shall consist of (i) a Matching Contribution attributable to
         its Employees, (ii) a Discretionary Contribution in such
         amount as the Board in its sole discretion may authorize for
         those Participants who are employed by an Employer on the last
         day of the Plan Year, (iii) any contribution required pursuant
         to SUBSECTION 10.05(2), and (iv) any Qualified Nonelective
         Contribution made to satisfy the ACP test. In no event,
         however, shall total Employer Contributions exceed the maximum
         deductible contribution under Code Section 404(a), including
         any amount which may be deductible by the Employer under the
         carryover provisions of the Code. All Employer Contributions
         shall be made in the form of cash or shares of Company Stock,
         as determined in the sole discretion of the Board.
         Notwithstanding the preceding, the Employees who are employed
         by Operations Company for Homestead, Inc. shall not be
         eligible to receive a Matching Contribution or a Discretionary
         Contribution under this Plan during any

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                  Plan Year in which such Employees are eligible to participate
                  in The Homestead Retirement Plan at any time during such Plan
                  Year."

         2.       The second paragraph of existing Subsection 4.05(3)(b)(i) is
                  deleted in its entirety, and the following is substituted in
                  its place:

                         "Excess Contributions are calculated by determining the
                  dollar value of the aggregate of the reductions in the Actual
                  Deferral Percentage for each Highly Compensated Employee that
                  would otherwise be necessary to meet the limitations of
                  SUBSECTIONS 4.05(1) AND 4.05(2). In calculating these Excess
                  Contributions, the following leveling method shall be used.
                  The Actual Deferral Percentage of the Highly Compensated
                  Employee with the highest Actual Deferral Percentage is
                  reduced to the extent required to (i) enable the Plan to
                  satisfy the limitations of SUBSECTIONS 4.05(1) and 4.05(2), or
                  (ii) cause such Highly Compensated Employee's Actual Deferral
                  Percentage to equal the Actual Deferral Percentage of the
                  Highly Compensated Employee with the next highest Actual
                  Deferral Percentage, whichever occurs first. This process must
                  be repeated (taking into consideration previous reductions
                  under this method) until the limitations of SUBSECTIONS
                  4.05(1) and 4.05(2) are met. The dollar value of the
                  reductions in the Actual Deferral Percentage for each Highly
                  Compensated Employee (rounded to the nearest one cent ($.01))
                  are then calculated and added together to arrive at the Excess
                  Contributions.

                         The amount of Excess Contributions to be distributed to
                  individual Highly Compensated Employees is determined by
                  applying Excess Contributions to reduce the dollar amount of
                  Pre-Tax Contributions elected by Highly Compensated Employees.
                  In distributing Excess Contributions, the following leveling
                  method shall be used. The Pre-Tax Contributions of the Highly
                  Compensated Employee with the highest dollar amount of Pre-Tax
                  Contributions are reduced to the extent required (i) for the
                  reduction, when added to all previous reductions under this
                  method, to equal the Excess Contributions, or (ii) to cause
                  the dollar value of such Highly Compensated Employee's Pre-Tax
                  Contributions to equal the dollar value of the Highly
                  Compensated Employee with the next highest dollar value of
                  Pre-Tax Contributions, which ever occurs first. This process
                  must be repeated (taking into consideration previous
                  reductions under this method) until the total of all
                  reductions equals the Excess Contribution. The amount of
                  Excess Contributions to be distributed to each affected Highly
                  Compensated Employee is equal to the Pre-Tax Contributions
                  made on behalf of such Employee prior to reduction of the
                  Excess Contributions under the above method, less the Pre-Tax
                  Contributions on behalf of such Employee after reductions made
                  under the above method."

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         3.       Existing Section 6.07 is amended by adding the following
                  sentence to the end of the first paragraph:

                  "When an Eligible Age 55 Participant has made such an
                  election, the Eligible Assets to be converted and transferred
                  shall be so converted and transferred from the Eligible Age 55
                  Participant's Accounts in the following order, bringing each
                  Account balance to zero before converting and transferring the
                  next Account's balance: (1) After-Tax Contribution Account,
                  (2) Pre-Tax Contribution Account, (3) Employer Divestiture
                  Account, and (4) Employer Contribution Account."

         4.       Existing Subsection 11.01(1) is deleted in its entirety, and
                  the following is substituted in its place:

                           "11.01(1) Upon a Participant's: (i) retirement on or
                  after his Normal Retirement Date; (ii) retirement due to
                  Disability; (iii) death; or (iv) Termination of Employment
                  (subject to SECTION 4.09), he or his Beneficiary shall be
                  entitled to payment in an amount determined in accordance with
                  the provisions of ARTICLE 7, 8, 9, or 10. All distributions
                  shall be either solely in cash or solely in whole shares of
                  Company Stock to the extent such Participant's Account is
                  invested in Company Stock, (but not both) as elected by the
                  Participant or his Beneficiary. The amount to which a
                  Participant is entitled shall be paid to him or his
                  Beneficiary or to an Alternate Payee in: (i) a single lump sum
                  distribution; or (ii) installments subject to the limitations
                  set forth in SUBSECTION 11.01(2)."

         5.       Existing Section 11.03 is amended by adding the following new
                  Subsection 11.03(4):

                           "11.03(4) "In the event a Participant dies after
                  benefit payments to such Participant have commenced under the
                  Plan, the benefits, if any, to which such deceased
                  Participant's Beneficiary is entitled under the method of
                  payment in effect at the time of such Participant's death
                  shall be distributed at least as rapidly as under such method
                  of payment."

         6.       Existing Subsection 11 .07(2)(a) is deleted in its entirety,
                  and the following is substituted in its place:

                           "(a) Eligible Rollover Distribution. An `Eligible
                  Rollover Distribution' is any distribution of all or any
                  portion of the balance to the credit of the Distributee,
                  except that an Eligible Rollover Distribution does not
                  include: any distribution that is one of a series of
                  substantially equal periodic payments (not less frequently
                  than annually) made for the life (or life expectancy) of the
                  Distributee or

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                  the joint lives (or joint life expectancies) of the
                  Participant and the Distributee's designated beneficiary, or
                  for a specified period of ten years or more; any distribution
                  to the extent such distribution is required under Code Section
                  401(a)(9); the portion of any distribution that is not
                  includible in gross income (determined without regard to the
                  exclusion for net unrealized appreciation with respect to
                  employer securities); and, effective for distributions after
                  December 31, 1999, any hardship distribution described in
                  Section 401(k)(2)(B)(i)(IV) of the Code."

         7.       Existing Section 14.02 is deleted in its entirety, and the
                  following is substituted in its place:

                           "14.02 Rights and Obligations of the Company and
                  the Employers. Throughout this instrument, a distinction is
                  purposely drawn between rights and obligations of the Company
                  and rights and obligations of each other Employer. The rights
                  and obligations specified as belonging to the Company shall
                  belong only to the Company. Each Employer (other than
                  Operations Company for Homestead, Inc. with respect to its
                  Employees who are eligible to participate in The Homestead
                  Retirement Plan) shall have the obligation, as herein
                  provided, to make Matching Contributions and Discretionary
                  Contributions for its own Participants, and no Employer shall
                  have the obligation to make Matching Contributions or
                  Discretionary Contributions for the Participants of any other
                  Employer. Any failure by an Employer to fulfill its own
                  obligations under this Plan shall have no effect upon any
                  other Employer. An Employer may withdraw from this Plan
                  without affecting any other Employer."

                                                  CLUBCORP, INC.

                                                  By: /s/ KIM S. BESSE
                                                     ---------------------------
Date: 7-24-00
      -------                                        Its: Senior Vice President
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                                                                   EXHIBIT 10.24

                             FOURTH AMENDMENT TO THE
                     CLUBCORP EMPLOYEE STOCK OWNERSHIP PLAN

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

                                   WITNESSETH:

        WHEREAS, ClubCorp previously maintained the ClubCorp Stock Investment
Plan (the "Prior Plan");

        WHEREAS, ClubCorp amended and restated the Prior Plan, effective January
1, 1999, as the ClubCorp Employee Stock Ownership Plan ("CCESOP");

        WHEREAS, ClubCorp has subsequently amended the CCESOP with the most
recent amendment effective December 29, 1999;

        WHEREAS, ClubCorp now desires to amend the CCESOP to amend the valuation
procedures under the CCESOP to permit the Plan Administrator to select an
independent appraiser to value the ClubCorp stock held by the CCESOP; and

        WHEREAS, the CCESOP may be amended by ClubCorp pursuant to the
provisions of Article 15 of the CCESOP, and ClubCorp desires to amend the
CCESOP.

        NOW, THEREFORE, the CCESOP is amended as follows:

        1.   Existing Sections 6.01(2) and 6.01(3) of the CCESOP are deleted in
their entirety and the following is substituted in their place effective as of
October 1, 2000:

             "6.01(2) Notwithstanding anything to the contrary contained
        herein, Company Stock shall be valued by an independent appraiser
        selected and retained by the Plan Administrator; provided, however, that
        in the event Company Stock becomes publicly traded, the foregoing
        sentence shall not apply.

             6.01(3) The Trustee's (or, in the case of Company Stock, the
        appraiser's) determination of the Current Value of the assets in the
        Trust Fund and the Plan Administrator's charges or credits to the
        individual Accounts with respect to Participants, Beneficiaries, or
        Alternate Payees, as provided in Section 6.02, shall be final and
        conclusive on all persons ever interested hereunder."

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        IN WITNESS WHEREOF, ClubCorp, Inc., acting by and through its duly
authorized officer, has executed this Fourth Amendment on this 15th day of
December, 2000.

                                            CLUBCORP, INC.

                                            By: /s/ Kim Besse
                                                -----------------------------

                                            Title: Senior Vice President
                                                   --------------------------

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