Document:

QuickLinks
 -- Click here to rapidly navigate through this document

 
 

EXHIBIT 10.02    
    

        2005 ELECTIVE DEFERRAL AGREEMENT
  VALERO ENERGY CORPORATION

DEFERRED COMPENSATION PLAN

Pursuant
to the Valero Energy Corporation Deferred Compensation Plan (the "Plan"): 

	o	 	I elect not to participate in the Plan during 2005.
	

o	
 	
I hereby elect to defer a portion of my compensation for the period commencing January 1, 2005 and ending December 31, 2005 as follows:
	

 	
 	
Salary (elect either 1 or 2)
	

 	
 	

 	
 	

1.	
 	

      % (in even 1% increments not to exceed 30%) of the regular salary to which I may become entitled;
	

 	
 	

 	
 	

2.	
 	

$                   per pay period of the regular salary to which I may become entitled with respect to (check either (a) or (b) below)
:
	

 	
 	

 	
 	

 	
 	

(a)                 all pay periods during the Plan Year

(b)                 the following pay periods (specify):
	

 	

 	

 	

 	

 	

 	

	

 	
 	

 	
 	

 	
 	

	

 	
 	

 	
 	

 	
 	

	

 	

 	

 Bonus (elect either 3 or 4 for bonus earned in 2005 and possibly payable in 2006)
	

 	
 	

 	
 	

3.	
 	

      % (in even 1% increments not to exceed 50%) of any cash bonuses to which I may become entitled;
	

 	
 	

 	
 	

4.	
 	

$                   of any cash bonuses to which I may become entitled.

NOTE: The Company has taken measures to design the Plan in a manner that conforms to current tax law. However, it is possible
that new legislation could affect your 2005 Plan Year deferral elections. Your 2005 Plan Year deferral elections are irrevocable, and such deferral elections are governed by the terms and conditions
of the Plan; however, in order to comply with federal legislation, the Company may modify the Plan or implement a new plan for 2005. Your selections will be subject to any such modifications or such
new Plan. The Committee may reduce the amount you have elected to defer above, or such deferral elections may be rendered null and void if necessary to comply with federal income tax law (including
applicable regulations) regarding nonqualified deferred compensation plans. 

ACKNOWLEDGED
AND AGREED: 

I
hereby authorize the above amounts to be deducted and deferred through payroll deduction/reduction by the Company. 

	
 Participant's Signature	 	
 Date
	
«First Name» «Last Name»
 Participant's Name	
 	
«Emplid»
 Participant's Employee ID Number

QuickLinks

EXHIBIT 10.02QuickLinks
 -- Click here to rapidly navigate through this document

 
 

EXHIBIT 10.03    
    

INVESTMENT ELECTION FORM
VALERO ENERGY CORPORATION

DEFERRED COMPENSATION PLAN  

Direction of Investments  

The
undersigned Participant hereby directs that the measurement of the Participant's account be determined as if it were invested in the fund options as indicated below. 

DEFERRALS OF SALARY AND/OR BONUSES BEGINNING 1/1/2005

WILL BE TREATED AS IF INVESTED AS INDICATED BELOW.  

Enter your investment elections: 5% minimum/increments of 5%.

The total of the percentages must equal 100%.

You may invest in any one or more (including all) of the fund options.  

	

	      % Dreyfus Appreciation	 	      % T. Rowe Price Mid-Cap Growth
	

      % Fidelity Intermediate Gov't	
 	

      % Vanguard Asset Allocation
	

      % Janus Worldwide	
 	

      % Vanguard Growth and Income
	

      % Liberty—Columbia Income	
 	

      % Vanguard Index 500
	

      % Oakmark	
 	

      % Vanguard Index Extended Market
	

 	
 	

      % AASelect Funds Money Market Select Fund
	

I understand that the elections I have chosen on this form shall remain in effect until I make a directive to change. 

	
 Participant's Signature	 	
 Date
	
«First Name» «Last Name»
 Participant's Name	
 	
«Emplid»
 Participant's Employee ID Number

QuickLinks

EXHIBIT 10.03QuickLinks
 -- Click here to rapidly navigate through this document

 
 

EXHIBIT 10.04    
    

2005 DISTRIBUTION ELECTION FORM
VALERO ENERGY CORPORATION

DEFERRED COMPENSATION PLAN

	

	Optional Payment Election

Upon Retirement	 	DEFAULT PAYMENT IF NO ELECTION IS MADE:
 Fifteen annual installments commencing at date of retirement
	

I elect that upon retirement, the value of my Plan account will be paid as soon as administratively possible. I execute this election of my own free will and
with the full understanding of its effect. This election pertains to the existing account balance as well as all future contributions and account activity. It will remain in effect until retirement or
a new election is made. I elect to receive payment(s) at the following time (choose one): 

	o
	As
soon as administratively possible following retirement

	o
	January
1 after the year of retirement 

AND

I
elect to receive payment(s) in the following manner (choose one): 

	o
	Lump
sum

	o
	Five
annual installments

	o
	Ten
annual installments

	o
	Fifteen
annual installments (default payment option if no election is made) 

	

	Optional Payment Election

Upon Termination	 	DEFAULT PAYMENT IF NO ELECTION IS MADE:
 Immediate lump sum payable within 90 days after termination
	

I elect that upon termination, the value of my Plan account will be paid as soon as administratively possible. I execute this election of my own free will and
with the full understanding of its effect. This election pertains to the existing account balance as well as all future contributions and account activity. It will remain in effect until termination
or a new election is made. I elect to receive payment(s) at the following time (choose one): 

	o
	Immediately

	o
	January
1 after the year of termination 

AND

I
elect to receive payment(s) in the following manner (choose one): 

	o
	Lump
sum (default payment option if no election is made)

	o
	Five
annual installments 

	

	

	Distribution on Specified Date
	

In accordance with Section 6.5 of the Plan, I hereby elect to receive in one lump sum payment that portion of my Account derived from deferrals under the Plan (the "Account") to which I am entitled to withdraw, pursuant to the terms of the Plan, on
the date(s) specified below, or the balance of the Account, if less. Any amounts distributed pursuant to this election shall immediately reduce my Account accordingly.
	

Date of Specified Event	

 	

Amount of Elective Deferral or

Total Amount of the Account (Whichever is Less)
	

	
 	

	

	
 	

	

	
 	

	

NOTE: The Company has taken measures to design the Plan in a manner that conforms to current tax law. However, it is possible
that new legislation could affect your distribution elections. Generally, it is intended that distribution elections submitted pursuant to the Plan will be governed by the terms and conditions of the
Plan, and your elections will be subject to modifications made to the Plan to conform with federal legislation or to the terms of another plan if the Company chooses to implement a new plan to conform
to federal legislation. 

ACKNOWLEDGED
AND AGREED:     

	
 Participant's Signature	 	
 Date
	
«First Name» «Last Name»
 Participant's Name	
 	
«Emplid»
 Participant's Employee ID Number

QuickLinks

EXHIBIT 10.04Exhibit 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	 	Eagle Ridge Resort LLC

37 West 57th Street, 12th Floor

New York, NY 10019	 	$	1,198,750	 	35,794	 	0.48	%	52-2099405
	

02/04/1997	
 	

GTA LP, Inc. 14 North Adger's

Wharf Charleston, SC 29401	
 	
$	

—	
 	

7,357,604	
 	

99.32	
%	

58-2290326
	

02/04/1997	
 	

GTA GP, Inc. 14 North Adger's

Wharf Charleston, SC 29401	
 	
$	

—	
 	

15,184	
 	

0.20	
%	

58-2290217
	 	 	 	 	 	 	 	
	 	
	 	 
	

Total Common OP Units	
 	
 	

 	
 	

7,408,582	
 	

100.00	
%	

 
	 	 	 	 	 	 	 	
	 	
	 	 
	

 	
 	

GTA LP, Inc.

14 North Adger's Wharf

Charleston, SC 29401	
 	
$	

20,000,000	
 	

800,000	
 	

100	
%Exhibit 10.31  

AMENDMENT TO LOAN AGREEMENT  

        THIS AMENDMENT TO LOAN AGREEMENT (this "Amendment") is made
effective as of July 15, 2004, by and between GTA-IB, LLC, a Florida limited liability company
("GTA-IB"), and GOLF TRUST OF AMERICA, L.P., a Delaware limited partnership (the
"Lender"). 

R E C I T A L S  

        A.    Reference is made to that certain Loan Agreement (the "Agreement") dated
as of June 20, 1997, by and between the Lender and Golf Host Resorts, Inc., a Colorado corporation (the "Prior Borrower"). Capitalized
terms used without definition in this Amendment shall have the meanings assigned to such terms in the Agreement. 

        B.    Pursuant to that certain Settlement Agreement dated as of July 15, 2004 by and among (i) the Prior Borrower,
(ii) Golf Hosts, Inc., a Florida corporation, (iii) Golf Host Management, Inc., a Delaware corporation, (iv) Golf Host Condominium, Inc., a Delaware
corporation, (v) Golf Host Condominium, LLC, a Delaware limited liability company, (vi) GTA-IB and (vii) Lender (the "Settlement
Agreement"), the Prior Borrower has been released from its obligations under the Agreement and GTA-IB has agreed to undertake these obligations under the Agreement. 

        C.    GTA-IB and the Lender acknowledge and agree that the Borrower is in default of its obligations under the
Agreement, as described in the Settlement Agreement, and that such default shall not be deemed to be cured or waived under this Amendment. Nothing herein shall eliminate or restrict the Lender's right
to take all action under the Agreement and at law with respect to such default. 

        D.    In furtherance of the Settlement Agreement, GTA-IB and Lender have agreed to amend the Agreement on the terms
and conditions set forth herein. 

        NOW, THEREFORE, in consideration of the covenants and conditions herein contained, the parties hereto agree as follows: 

        1.     Defined Terms. In Section 1.1, the defined term below is hereby amended and restated as follows: 

        "Borrower" means GTA-IB, LLC, a Florida limited liability company, and any successor thereto, or assignee thereof, as
permitted by the terms of this Agreement." 

        2.     Interest on Additional Interest Amount. Section 2.1(d) of the Agreement is hereby deleted in its entirety. 

        3.     Section 2.3. Section 2.3 of the Agreement is hereby amended and restated as follows: 

        "2.3 Tranche I Loan Interest. Notwithstanding any other term of this Agreement, Borrower shall have no obligation to accrue
or pay Interest or any other interest to Borrower on or related to the Tranche I Loan at any time. 

        (a)   Base Interest. Borrower shall have no obligation to accrue or pay Base Interest at any time. 

        (b)   Deleted.

        (c)   Participating Interest. Borrower shall have no obligation to accrue or pay Participating Interest at any time. 

        (d)   Deleted.

        (e)   Record-keeping. Borrower shall utilize an accounting system for the Property in accordance with its usual and customary
practices and in accordance with GAAP which will accurately record all Gross Revenue. Borrower shall retain all accounting records for 

each
Fiscal Year conforming to such accounting system until at least five (5) years after the expiration of such Fiscal Year." 

        4.     Section 2.4. Section 2.4 of the Agreement is hereby amended and restated as follows: 

        "2.4  Tranche II Loan Interest. Notwithstanding any other term of this Agreement, Borrower shall have no obligation to accrue or pay
Interest or any other interest to Lender on or related to the Tranche II Loan at any time." 

        5.     Section 2.6. Section 2.6 of the Agreement is hereby deleted in its entirety. 

        6.     Section 6.1. Section 6.1 of the Agreement is hereby deleted in its entirety. 

        7.     Section 6.8. The second sentence of Section 6.8 of the Agreement is hereby deleted. 

        8.     Section 6.9(e). The first sentence of Section 6.9(e) of the Agreement is hereby deleted. 

        9.     Section 6.10(a). Section 6.10(a) of the Agreement is hereby amended and restated as follows: 

        "(a) Borrower
shall utilize, or cause to be utilized, an accounting system for the Property in accordance with its usual and customary practice, and in accordance with GAAP.
The books of account and all other records relating to or reflecting the operation of the Property shall be kept at either the Property or Borrower's offices. Such books and records shall be available
to Lender and its representatives for examination, audit, inspection and transcription." 

        10.   Section 6.10(b). Section 6.10(b) of the Agreement is hereby amended and restated as follows: 

        "(b) Borrower
shall furnish to Lender within thirty (30) days of the end of each Fiscal Quarter unaudited financial statements for the Fiscal Quarter and year to
date, together with the same information for the comparable prior Fiscal Quarter and year to date, including the following: results of operations, a balance sheet, statements of cash flows and
statement of changes in owner's equity. If Lender requests, Borrower shall provide reviewed financial statements for such Fiscal Quarter at Borrower's expense. Each quarterly report shall also include
a narrative explaining any deviation in any major revenue or expense category or operating expenses (by category) of more than ten percent (10%) from the amounts set forth on the Annual Budget,
together with, if appropriate a revised Annual Budget, which budget shall be subject to Lender's review and approval as provided in Section 6.9." 

        11.   Section 6.20. Section 6.20 of the Agreement is hereby deleted in its entirety. 

        12.   Section 16.17. Section 16.17 of the Agreement is hereby amended and restated as follows: 

        "16.17  Interest Rate Limitation. It is the intent of Borrower and Lender in the execution of this Agreement and the other Loan Documents
that the Loans be interest free on all amounts and at all times." 

        13.   Construction. Except as expressly amended by this Amendment, the Agreement shall remain in full force and effect. 

        14.   Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

        15.   Counterparts. This Amendment may be executed in counterparts, each of which shall be an original and all of which
counterparts taken together shall constitute one and the same agreement. 

[Signature
page attached] 

        IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered as of the date first above written. 

GTA-IB: 

GTA-IB, LLC,

a Florida limited liability company 

	By:	 	/s/  W. BRADLEY BLAIR, II      
	 	 
	Its:	 	President
	 	 
	
Lender:	
 	

 
	

GOLF TRUST OF AMERICA, L.P.,

a Delaware limited partnership	
 	

 
	

By: GTA GP, Inc., a Maryland corporation

Its: General Partner	
 	

 
	

By:	
 	

/s/  W. BRADLEY BLAIR, II      
	
 	

 
	Its:	 	President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00075-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00075-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00075-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00075-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00075-of-00352.parquet"}]]