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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)	 	Loeb Partners Realty, LLC

521 Fifth Avenue, 23rd Floor

New York, NY 10175	 	$	1,198,750	 	35,794	 	0.49	%	52-2099405
	

02/04/1997	
 	

GTA LP, Inc.

14 North Adger's Wharf

Charleston, SC 29401	
 	
$	

—	
 	

7,357,604	
 	

99.31	
%	

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	
%	

 

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

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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 CONTRIBUTIONSQuickLinks
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Exhibit 10.33    
    

         

  

March 30,
2005 

Mr. Scott
D. Peters

c/o Golf Trust of America, Inc.

10 N. Adger's Wharf

Charleston, SC 29401 

RE:
Golf Trust of America, Inc.: Amendment to Employment Agreement 

Dear
Scott: 

        With
reference to that certain (i) Fourth Amended and Restated Employment Agreement (the "Employment Agreement") dated August 29, 2003, by and between you and Golf Trust of
America, Inc. (the "Company"), executed by you for the benefit of the Company, (ii) Master Pledge Agreement dated February 26, 2001, by and between you and the Company (the
"Pledge Agreement"), and (iii) the non-recourse Master Promissory Note dated February 26, 2001 executed by you for the benefit of the Company (the "Note" and together with
the Employment Agreement and Pledge Agreement, the "Agreements"), and in consideration of the modified obligations of the respective parties hereto, you (the "Executive") and the Company hereby agree
as follows: 

	1.
	Term of the Modified Schedule. To extend the Term of the Modified Schedule, as defined in the Employment Agreement, for an
additional twelve (12) month period expiring March 31, 2006.

	2.
	Loan
and Pledged Shares

	2.1
	Representation regarding Pledge Shares. The Executive hereby represents that the Executive has full right, title and
interest in and to the Pledged Shares (as defined in the Pledge Agreement) and the Executive has not transferred, pledged or hypothecated such Pledged Shares other than pursuant to the Pledge
Agreement.

	2.2
	Assignment of the Pledged Shares. In consideration for the Company's agreements in this letter agreement, as of the
Effective Date, the Executive hereby (i) assigns to the Company good and marketable title to the Pledged Shares, together with any and all proceeds of the Pledged Shares, including, without
limitation, any and all dividends, income, interest and distributions earned from or attributable to the investment or deposit of the Pledged Shares, and (ii) executes and delivers to the
Company the attached stock power certificate (and such other documents as may be necessary to cause such transfer of the Pledged Shares to the Company).

	2.3
	Forgiveness of Loan and Interest. Provided that the Company shall have received good and marketable title to the Pledged
Shares, as aforesaid, as of the Effective Date, the Company hereby

	2.3.1
	forgives
(i) the Company's original non-recourse loan to the Executive pursuant to the Note in the amount of $444,995.76 (which amount is defined as
the "Original Principal Amount" under the Note and the "Initial Funds" under the Pledge Agreement), (ii) all Additional Advances (as defined in the Note), and (iii) all accrued interest
on items (i) and (ii) above; and

	2.3.2
	cancels
the Note. 

	3.
	Pledge Agreement. Upon the parties' performance of their respective obligations under this letter agreement, the Pledge
Agreement shall automatically terminate.

	4.
	Milestone Payment. The Company acknowledges and agrees that (i) the Executive is entitled to the balance of the
performance milestone payment described in Section 4.A.(a) of the Employment Agreement in the amount of $165,230, plus accrued interest, and (ii) no outstanding conditions to the
Company's payment of such performance milestone exists.

	5.
	Employment Agreement. Except as expressly amended and/or restated by this letter agreement, the Employment Agreement shall
remain in full force and effect and unmodified. 

        If
the foregoing correctly reflects our understandings, please execute this letter agreement and return a duly executed copy thereof to the undersigned. 

        Thank
you. 

Sincerely,

W.
Bradley Blair, II

Chief Executive Officer 

	AGREED TO AND APPROVED BY:	 	 
	

 	
 	

 
	
 Scott D. Peters Date: March 30, 2005 ("Effective Date")	 	 

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Exhibit 10.33QuickLinks
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Exhibit 10.34    
    

March 24,
2005 

Mr. Robert
G. Gifford

AEW Capital Management, L.P.

AEW Targeted Securities Fund, L.P.

World Trade Center East

Two Seaport Lane

Boston, MA 02210-2021 

 Re:    Golf Trust of America, Inc.—AEW Series A  

Dear
Mr. Gifford: 

        As
you know, we have engaged Houlihan Lokey Howard & Zukin ("Houlihan") to assist us in our implementation of the shareholder approved plan of liquidation or a recapitalization
(the "Transaction"). In that regard, Houlihan has commenced its marketing process early this week. 

        In
the foregoing context, and in consideration of a more expeditious completion of our liquidation process, which we expect will allow us to maximize the value received by all of our
shareholders, please confirm by countersigning below that you will execute for the benefit of Golf Trust of America, Inc. (the "Company") an option (the "Option") to purchase, on or before, but
not later than November 30, 2005 (the "Option Termination Date"), all 800,000 shares of the Company's Series A Cumulative Convertible Redeemable Preferred Stock (the "Series A
Shares") held by AEW Targeted Securities Fund, L.P. ("AEW") including, without limitation, all of AEW's rights to due and unpaid principal, accrued and unpaid dividends and liquidation preferences
payable in respect of such Series A Shares as of the Company's exercise of the Option, for a price equal to $24,913,888.89. 

        Your
countersignature below also confirms that (i) AEW holds all of the Series A Shares free and clear of all liens or other encumbrances; and (ii) AEW agrees not to
transfer any or all of the Series A Shares unless each transferee receiving the Series A Shares enters into a written agreement with the 

Company
providing that such transferee agrees to be bound by the obligations of AEW under this letter. 

	 	
 Thank you.	
 	

 
	

 	
 	

 	
 	

Very truly yours,
	

 	
 	

 	
 	

/s/  W. BRADLEY BLAIR, II      
 W. Bradley Blair, II
 Chief Executive Officer, President and Chairman of the
Board of Directors of Golf Trust of America, Inc.
	

AGREED TO AND APPROVED BY:	
 	

 
	

AEW Capital Management, L.P.	
 	

 
	

By:	
 	

/s/  ROBERT G. GIFFORD      
	
 	

 
	Printed Name: Robert G. Gifford

Title: Principal	 	 
	

AEW Targeted Securities Fund, L.P.	
 	

 
	

By:	
 	

/s/  ROBERT G. GIFFORD      
	
 	

 
	Printed Name: Robert G. Gifford

Title: President, AEW TSF, Inc.	 	 

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Exhibit 10.34Exhibit 10.2(a)

 

PENN
NATIONAL GAMING, INC.

 

NON-QUALIFIED STOCK OPTION CERTIFICATE

 

This certifies
that an option to purchase shares of Common Stock of Penn National Gaming, Inc.
has been granted pursuant to the Penn National Gaming, Inc. 2003 Long Term Incentive
Compensation Plan, as follows:

 

	
  Name and
  Address

  of Optionee:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date of
  Grant:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Type of
  Option:

  	
   

  	
  Non-Qualified
  Stock Option

  
	
   

  	
   

  	
   

  
	
  Number of
  shares

  subject to Option:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Option
  Price:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Vesting
  Date(s):

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Expiration
  Date:

  	
   

  	
   

  

 

The option is
subject to all the terms and conditions of the Penn National Gaming, Inc. 2003
Long Term Incentive Compensation Plan, a copy of which is available upon
request.

 

 

	
  Date: 

  	
   

  	
   

  	
  PENN NATIONAL GAMING, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  
	
   

  	
  Title:

  

 

 

PENN NATIONAL GAMING, INC.

STOCK OPTION TERMS

 

All
Stock Options are subject to the provisions of the 2003 Long Term Incentive
Compensation Plan and any rules and regulations established by the Compensation
Committee of the Board of Directors of Penn National Gaming, Inc.  A copy of the Plan is available upon
request.  Words used herein with initial
capitalized letters are defined in the attached Non-Qualified Stock Option
Certificate or the Plan.

 

The
terms provided here are applicable to the Stock Option specified in the
attached certificate.  Different terms
may apply to any prior or future stock option grants.

 

I.                                         OPTION PERIOD

 

You may
exercise your Stock Options during the Option Period, which begins on the
Vesting Dates and ends on the Expiration Date. 
The Stock Options vest in 25% installments on each Vesting Date.  The Vesting Dates are the first, second,
third and fourth anniversaries of the Date of Grant.  Thus, you may exercise up to 25% of your
Stock Options on the first Vesting Date, up to another 25% of your Stock
Options on the second Vesting Date, and so on. 
The Expiration Date is seven (7) years from the Date of Grant.  However, the Option Period may end sooner if
your employment is terminated under certain circumstances.

 

II.                                     TERMINATION OF EMPLOYMENT

 

A.                                                            Unvested Options. 
If your employment is terminated for any reason, unvested Stock Options
will be forfeited on the termination date.

 

B.                                                            Vested Options.  If you voluntarily resign or your employment
is terminated for Cause before your Retirement, your vested Stock Options will
be forfeited on the 30th
day following the date of termination. 
If your employment terminates for any other reason, including
Retirement, Reduction in Force, your transfer to a Related Entity, your
Disability or your Death, your vested Stock Options will continue to be
exercisable until the Expiration Date.

 

III.                                 TRANSFERABILITY

 

In general,
Stock Options may be exercised during your lifetime only by you and may not be
assigned or otherwise transferred to anyone else.  However, Stock Options are transferable upon
your death by will or the laws of distribution and descent and are transferable
during your lifetime to Family Members under certain conditions with Penn
National Gaming’s approval.

 

IV.                                PAYMENT

 

When you exercise your Stock Options, you may pay the Option Price in
cash, by check, with previously issued shares of Penn National Gaming, Inc.
Common Stock (under certain circumstances), in accordance with a “cashless
exercise program” or with a combination of the foregoing.

 

 

Penn National Gaming, Inc.

Understanding How Stock Non-Qualified Stock Options Work

 

Congratulations
on receiving a Penn National Gaming, Inc. (“PNG”) Non-Qualified Stock
Option.  These Stock Options are designed
so that you may share in the Company’s success.

 

How Do Stock Options Work?

 

A stock option
is the right, subject to certain conditions, to purchase shares of PNG Common
Stock at a fixed price.  The per share
price at which Shares of Common Stock may be purchased when the Stock Option is
exercised is referred to as the Option Price. 
The Option Price is fixed on the Date of Grant and does not change for
the life of the Stock Option.  However,
the market price of PNG stock changes and will ultimately determine the gain,
if any, from your Stock Option.  If the
value of PNG stock increases, you will be able to buy PNG stock below the
market price at the time of exercise. 
For example, if you have been granted Stock Options to purchase 100
shares, at an Option Price of $25 and the price of PNG stock has grown to $40
on the date you choose to exercise, you would be able to purchase shares that
are worth $4,000 for only $2,500, a pre-tax gain of $15 per share.  You will be subject to Federal income tax
with respect to the Stock Option when you exercise your Stock Option.  THE TAX
RULES APPLICABLE TO NON-QUALIFIED STOCK OPTIONS ARE COMPLEX.  YOU SHOULD CONSULT WITH YOUR FINANCIAL
ADVISOR FOR MORE INFORMATION.

 

Stock Option Basics

 

The Option Price is set at the market price of
PNG stock on the date the Stock Option is awarded.

 

The vesting period is the waiting period from the
Date of Grant
to the Vesting Date during
which you cannot exercise your Stock Option.

 

The Option Period is the time from the Vesting Date until
the Expiration Date,
during which you can exercise your Stock Options, which means you can purchase
shares of PNG stock at the Option Price.

 

Your Stock
Option can no longer be exercised after the Expiration Date, which is seven (7)
years after the Date of Grant.  The Stock
Option will expire sooner if you leave PNG under certain circumstances.  For example, if you were granted a Stock
Option to purchase 100 shares of PNG Common Stock, and you remain employed by
PNG for ten years, the Stock Option is exercisable as follows:

 

	
  Number of Shares

  	
   

  	
  Vesting Period

  	
   

  	
  Option Period

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  25 shares

  	
   

  	
  Date of Grant -

  First Anniversary

  of Date of Grant

  	
   

  	
  First Anniversary of Date of Grant -

  Seventh Anniversary of Date of Grant

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  25 shares

  	
   

  	
  Date of Grant -

  Second Anniversary

  of Date of Grant

  	
   

  	
  Second Anniversary of Date of Grant -

  Seventh Anniversary of Date of Grant

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  25 shares

  	
   

  	
  Date of Grant -

  Third Anniversary

  of Date of Grant

  	
   

  	
  Third Anniversary of Date of Grant -

  Seventh Anniversary of Date of Grant

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  25 shares

  	
   

  	
  Date of Grant -

  Fourth Anniversary

  of Date of Grant

  	
   

  	
  Fourth Anniversary of Date of Grant -

  Seventh Anniversary of Date of Grant

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