Document:

Exhibit 10.1

 

[ClubCorp Logo]

 

	
 
    	
March 1, 2011
    

 

Dear Eric:

 

This letter restates the terms of your employment with ClubCorp USA, Inc. (“ClubCorp”), a wholly-owned subsidiary of ClubCorp Club Operations, Inc. (the “Company”), and supersedes any prior offer letter or employment agreement between you and ClubCorp or any predecessor employer relating to your employment with us.

 

As President and Chief Executive Officer of the Company, you will report directly to the Chairman of the Board of Directors of the Company (the “Board”).

 

Cash Compensation

 

You will be paid an annual base salary of $500,000, payable in accordance with our normal payroll practices.  You also will be eligible to earn an annual bonus of up to 100% of your base salary, payable in our discretion, based upon the performance of the Company, and your achievement of individual goals and objectives as set annually by the Board.  Such bonus, if any, will be paid subsequent to each fiscal year end, subject to the issuance of the financial audit for the Company’s prior fiscal year, in accordance with our normal practice of paying bonuses.  You must be in the employ of ClubCorp at the time bonuses are paid to receive any applicable bonus for the preceding fiscal year.

 

Equity

 

In connection with the commencement of your employment, you were admitted as a Management Member of Fillmore CCA Investment, LLC (the “Fillmore”) pursuant to the terms of the Fillmore Amended and Restated Limited Liability Agreement, as amended from time to time, and any units which were granted to you at that time will be retained by you, subject to the original terms of grant and all applicable amendments thereto.  In addition, you will be eligible to participate in any further management incentive program implemented for ClubCorp employees.

 

ClubCorp Health Benefit Plans, Investment Plan and Vacation Time

 

You will continue to be eligible for health, life, dental, vision, flexible spending accounts and long-term disability benefits commensurate with such benefits provided to other ClubCorp employees in positions comparable to yours, and, in the case of health insurance, subject to required employee contributions, deductibles, exclusions, co-payments, and waiting periods.  Additionally, you will continue to be eligible to participate in our Investment Plan.

 

 

You will be entitled to earn four (4) weeks of vacation each year (pro-rated for partial years).  The vacation earned is subject to the policies stated in our employee handbook.

 

Club Membership

 

During your employment, you will continue to receive club membership privileges at the local ClubCorp club of your choice, including a waiver of the monthly dues and executive-level Associate Clubs privileges.  This membership is non-transferable.

 

Additional Acknowledgement and Agreement

 

This letter is not a contract of employment for any specified period of time. You understand that your employment is at-will, regardless of any oral or written statements to the contrary, and may be terminated at any time for any reason by either you or ClubCorp.

 

Please sign two copies, retaining one (1) copy for your records and returning the additional copy to me on or before March 31, 2011.  If you have any questions, please do not hesitate to call.

 

 

	
Sincerely,
    	
 
    
	
 
    	
 
    
	
Ingrid J. Keiser
    	
 
    
	
 
    	
 
    
	
Ingrid J. Keiser
    	
 
    
	
EVP - People Strategy & General Counsel
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Agreed   to this 1st day of March, 2011
    	
 
    
	
 
    	
 
    
	
/s/   Eric Affeldt
    	
 
    
	
Eric Affeldt
    	
 
    

 

2Exhibit 10.2

 

[ClubCorp Logo]

 

October 30, 2008

 

Curt McClellan

Dallas, Texas

 

Dear Curt:

 

This letter outlines the terms of our conversation regarding your offer of employment with ClubCorp as Chief Financial Officer reporting directly to me.  You will also be a member of the Executive Committee.  This offer of employment is contingent upon the successful completion of a background check according to ClubCorp’s Background Check Policy.

 

You will be paid at the biweekly base rate of $10,769.23 (annualized rate $280,000.00).  You will begin work at ClubCorp on or before November 24, 2008.

 

Signing Bonus

 

You will receive a signing bonus of $40,000.00 (less applicable withholdings) payable with your first payroll cycle.

 

Incentive Compensation

 

You will have an additional incentive potential of 50% of actual eligible earnings for 2009. This bonus will be based on your eligible earnings during the 2009 fiscal year.  Your 2009 Incentive Worksheet and Plan Document will be sent at a later date.

 

ClubCorp Health Benefit Plans and Investment Plans

 

You will be eligible for health, life, dental, vision, flexible spending accounts and long-term disability benefits on your six-month anniversary. To enroll, you will need to call/or complete the necessary paperwork, if applicable, prior to your six-month anniversary. Your elections will be effective on the day you complete six- months of continuous service.  Dependent medical and dental coverage will also be available.  Additionally, you will be eligible to participate in the ClubCorp’s Individual Investment Plan (401k) six months from your date of employment.

 

COBRA Reimbursement

 

You will be reimbursed for COBRA payments for six months equal to the difference between what you would normally pay for ClubCorp health benefits and your out-of-pocket costs for COBRA.  The reimbursement will be paid in lum sum once you evidence your COBRA election and associated payments.

 

1

 

MPI and Equity

 

You will be eligible to participate in ClubCorp’s parent company managements profits interest program (MPI), and will be awarded 500 class B Units (which as of the date of award constitutes 5% of the B Units).  Your awarded B Units will be based on the valuation as of December 31, 2008, and provide you the ability to benefit from further appreciation in the value of such B Units.  Such B Units are subject to vesting, forefeiture, repurchase and other terms as set forth in the operative documents for the MPI.

 

In consideration of the award of the B Units, you will purchase 98.77 class A Units based on the valuation of such A Units as of December 31, 2008.  To the extent you desire, we will finance 80% of the purchase of such A Units at the lowest applaicable federal rate.

 

Class A Units represent purchased equity in ClubCorp’s parent company and class B Units represent the ability for senior management to earn additional profits in the parent company.  Further details will be addressed by separate cover.

 

Club Membership

 

You will receive club membership privileges at a local ClubCorp club of your choice with the intiation payment and monthly dues waived.  This membership is non-transferable.  You will also receive executive-level Associate Clubs privileges.

 

Vacation

 

You will earn four (4) weeks of vacation each year beginning on your hire date and each subsequesnt anniversary, subject otherwise to the policies stated in ClubCorp’s Benefits Guide.

 

Severance

 

Should your employment be terminated without cause (not to include your death or disability) within the first two years of your employment, you will receive severance pay in lump sum equal to two years of salary (i.e. $560,000.00 less applicable withholdings) if such termination occurs within the first six months of your employment and thereafter the severance will be equivalent to one year of your salary (i.e. $280,000.00 less applicable withholdings) if such termination occurs anytime during the subsequent eighteen months of your employment.

 

Additional Agreements Requiring Your Signature

 

Enclosed is a copy of a Confidentiality Agreement and Non-Solicitation Agreement for your signature.

 

If this is in agreement with our discussions, please print two copies of this letter then sign both copies, retaining one (1) copy for your records and returning the additional copy to me.

 

This letter is not a contract of employment for any specified period of time. You understand that your employment is at-will, regardless of any oral or written statements to the contrary, and may be terminated at any time for any reason by either you or ClubCorp.

 

2

 

We look forward to our mutual success.  If you have any questions, please do not hesitate to call.

 

Sincerely,

 

	
/s/   Eric Affeldt
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Eric Affeldt
    	
 
    	
 
    
	
President and CEO
    	
 
    	
 
    

 

 

Agreed to this 30th day of October, 2008

 

	
/s/   Curt McClellan
    	
 
    	
 
    
	
Curt   McClellan
    	
 
    	
 
    

 

3Exhibit 10.3

 

[ClubCorp Logo]

 

December 4, 2006

 

Mr. Mark Burnett

5137 Gagne Drive

Fairfax, Virginia 22030

 

Dear Mark:

 

On behalf of ClubCorp USA, Inc., I am pleased to extend to you an offer of employment as the Executive Vice President of Golf and Country Club Operations effective December 1, 2006. We look forward to working with you, and to the contributions you will make to our golf and Country Club operations.

 

This offer is subject to a satisfactory background check, and includes the following terms and conditions:

 

(1)                                You will be paid at the biweekly rate of $11,538.46 (annualized $300,000) and you will have an additional incentive potential of 100% of eligible wages guaranteed for the 2007 year.

 

A compensation worksheet, which provides detail regarding performance scales and earnings for the variable component of pay will be provided under separate cover.

 

(2)                                You will receive a $275,000 sign-on bonus to be paid in January 2007.

 

(3)                                You will be eligible for health, life, dental, vision, flexible spending accounts and long-term disability benefits on your six-month anniversary. To enroll, you will need to call/or complete the necessary paperwork, if applicable, prior to your six-month anniversary. Your elections will be effective on the day you complete six-months of continuous service. Dependent medical and dental coverage will also be available. Additionally, you will be eligible to participate in our Investment Plans six months from your date of employment.

 

(4)                                  You will be provided with a one-time payment, equivalent to six months of your COBRA monthly premiums, less corresponding premiums under a comparable ClubCorp plan. This payment will be made to assist you in covering the costs of your health continuation coverage (“COBRA”) for the first six months of your employment. Election of the continued medical coverage and payment of all of the cost of the continued medical coverage will be your responsibility.

 

CLUBCORP USA, INC.
 3030 LBJ Freeway, Suite 600 / Dallas, Texas 75234-7703 / Phone 972.243.6191 Fax 972.406.7953

 

 

(5)                                You will receive an Associate Club Membership approximately two weeks from receipt of your application. Guidelines outlining the use of the facilities and services will be provided to you.

 

(6)                                You have received a copy of Our Partnership and Our Benefits Guides covering policies, procedures, and privileges with which you will want to become familiar.

 

(7)                                The company is committed to a safe and healthful work environment free of substance abuse, for the protection and safety of our Employee Partners, Members and Guests. You will be asked to sign the certificate of Acknowledgment and the Consent for Drug and Alcohol Screening.

 

(8)                                Enclosed is a copy of a Confidentiality Agreement for your signature.

 

This letter supersedes any and all other agreements or offers, either verbal or in writing related to your employment.

 

Please sign and return one copy of this letter, indicating your acceptance of the offer. Also, please complete the paperwork previously provided to you and return it to Rita Felton, Employee Relations Manager, at your earliest convenience.

 

Mark, congratulations on your new responsibilities. We’re excited to have you as the newest addition to our team and look forward to our mutual success together.

 

If you have any questions or would like any assistance, please do not hesitate to call.

 

Sincerely,

 

	
/s/ Eric Affeldt
    	
 
    
	
Eric Affeldt
    	
 
    
	
President & CEO
    	
 
    

 

It is understood that nothing in this letter or in any previous or future communications is intended or should be construed to guarantee employment for any specified period of time. It is understood that this relationship may be terminated at any time, by either party, with or without cause. It is likewise understood that the employment-at-will nature of this relationship cannot be altered by any statements, oral or written, made, or which may be made, contrary to the above.

 

	
Agreed to this 4th day of December, 2006
    	
 
    
	
 
    	
 
    
	
/s/ Mark Burnett
    	
 
    
	
Mark Burnett

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00187-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00187-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00187-of-00352.parquet"}]]