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Exhibit 10.2    
    

 
 

EMPLOYMENT AGREEMENT

        This
Employment Agreement ("Agreement") is made and entered into as of November 8, 2007 by and between Golf Trust of America, Inc., a Maryland corporation (the "Company"),
and Michael Pearce (the "Employee"). 

        WHEREAS, the parties desire that the Employee become the Chief Executive Officer and President of the Company, subject to the terms and
conditions of this Agreement. 

        NOW, THEREFORE, the parties, intending to be legally bound and in consideration of the promises and mutual covenants and agreements
contained herein, hereby stipulate and agree as follows: 

        1.     Term of Employment.    The Company hereby employs the Employee, and the Employee hereby accepts employment from
the Company, for the period commencing as of November 8, 2007. 

        2.     Duties of Employee. 

        (a)   The
Employee shall be employed by the Company as its Chief Executive Officer and President. Employee's duties shall include, but not be limited to, those duties and
responsibilities set forth in the Company's Second Amended and Restated Articles of Incorporation and the Company's Bylaws, as either may be amended from time to time (the "Duties"). In addition to
these services, the Duties will include such other services and duties commensurate with the Employee's position with the Company as the Board of Directors of the Company (the "Board) may, from time
to time, assign to the Employee. 

        (b)   The
Employee shall at all times discharge the Employee's responsibilities and duties in compliance with the rules and regulations of the Company and in accordance with
the policies and directives of the Company adopted from time to time. 

        (c)   The
Employee shall serve the Company faithfully in the performance of the Employee's Duties and shall devote the Employee's time and best efforts to the Employee's
employment, including the requirements of the Company and the performance of the Employee's Duties. The Employee shall not during the term of this Agreement be engaged in any other business activity
which interferes with the Employee's obligations under this Agreement, whether or not such business activity is pursued for gain, profit, or other pecuniary advantage, without the prior written
approval of the Board. 

        3.     Compensation.    For all services rendered by Employee under this Agreement, the
Employee shall be entitled to compensation in accordance with the following: 

        (a)   Base Salary.    From the commencement of employment, the Employee shall be paid an annual salary ("Annual Base
Salary") of $144,000. The Employee shall be paid according to the Company's normal payroll practices, less normal and appropriate withholdings. This Annual Base Salary shall be adjusted by the Company
on an annual basis to account for cost of living changes (as determined by the Company in its reasonable discretion), and may also be increased based on merit at the Company's discretion. 

        (b)   Stock Options.    In the event that the Golf Trust of America, Inc. 2007 Stock Option Plan (the "2007
Plan") is approved by the Company's stockholders at the 2007 Annual Meeting of Stockholders to be held on December 14, 2007 (the "2007 Annual Meeting"), the Employee will receive, on
December 14, 2007, a grant of 275,000 options to purchase the Company's common stock at an exercise price equal to the closing price of the Company's common stock on the American Stock Exchange
(the "Closing Price") on the date of grant (the "Stock Options"). The Stock Options will vest on each of the first three anniversaries of the grant date in the following amounts: 91,667 on
December 14, 2008; 91,667 on December 14, 2009 and 91,666 on December 14, 2010; provided, that all unvested Stock Options will automatically vest upon a termination Without Cause
(as defined below), the Employee's death or Disability (as defined 

 

below)
or a change of control of the Company or other similar fundamental corporate transaction. The Stock Options will be granted in accordance with the terms and conditions of the 2007 Plan and any
grant agreement entered into by and between the Company and the Employee. 

        (c)   Stock Appreciation Rights.    The Company hereby grants to the Employee 275,000 Stock Appreciation Rights (the
"SARs") at an exercise base price equal to the Closing Price on the date hereof (the "Exercise Base Price"). The SARs will vest on each of the first three anniversaries of the grant date in the
following amounts: 91,667 on November 8, 2008; 91,667 on November 8, 2009 and 91,666 on November 8, 2010; provided, that all unvested SARs will automatically vest upon a
termination Without Cause (as defined below), the Employee's death or Disability (as defined below) or a change of control of the Company or other similar fundamental corporate transaction. Once
vested, the SARs will provide the Employee the right to receive a cash payment for each exercised SAR equal to the Closing Price on the date of exercise minus the Exercise Base Price. The SARs will be
granted in accordance with the terms and conditions of a Stock Appreciation Rights Grant Agreement entered into by and between the Company and the Employee. If the 2007 Plan is approved by the
Company's stockholders at the 2007 Annual Meeting, the SARs granted hereunder will automatically terminate upon the grant of the Stock Options pursuant to Section 3(b) above without any payment
to the Employee. 

        4.     Fringe Benefits.    The Employee shall receive with other similarly situated employees
of the Company, all of the fringe benefits to be established by the Company, together with the following additional fringe benefits, provided that the Employee is otherwise eligible and desires to
participate. 

        (a)   Reimbursement
for all business expenses which are ordinary, necessary and reasonable, including, without limitation, travel expenses, incurred by the Employee in
accordance with the policies, practices and procedures of the Company that may be in effect from time to time and in connection with the performance of the Employee's Duties; provided that the
Employee presents appropriate substantiation for such expenses in a form acceptable to the Internal Revenue Services and in compliance with the Company's then applicable policy. 

        (b)   The
Employee shall be entitled to participate in all Company sponsored group insurance policies and programs or elect to have the Company remit premiums on his behalf
for third-party health coverage if such coverage is less costly than the Company-provided programs. 

        (c)   During
each full calendar year of employment, the Employee shall be entitled to four weeks of paid vacation time. The Employee shall also be paid for observed Company
holidays. 

        5.     Termination of Employment.    This Agreement shall terminate as follows: 

        (a)   Death or Disability.    The Employee's employment shall terminate automatically upon the Employee's death. For
purposes of this Agreement, the Employee shall be deemed to be "Disabled" (the defined term including "Disability") if the Employee suffers an illness or disability resulting in the Employee's
inability to perform the essential functions of the Employee's Duties hereunder, with or without reasonable accommodation, for a period of one-hundred eighty (180) consecutive days.
If the Employee is Disabled, then the Company shall give to the Employee written notice of its intention to terminate the Employee's employment. In such event, the Employee's employment with the
Company shall terminate effective on the thirtieth (30th) day after receipt of such notice by the Employee provided that, within the thirty (30) days after such receipt, the Employee shall not
have returned to full time performance of Employee's Duties. 

        (b)   Cause.    The Company may terminate the Employee's employment at any time, without notice and with immediate
effect, for Cause. For purposes of this Agreement, "Cause" shall mean: 

	(i)
	a
material breach by the Employee of the Employee's Duties and obligations as set forth in this Agreement (other than due to Disability), which material breach is not 

2

 

remedied
within five (5) business days after receipt of written notice from the Company specifying such a breach; 

	(ii)
	the
conviction of the Employee of a felony;

	(iii)
	actions
by the Employee involving moral turpitude;

	(iv)
	any
willful or material misconduct of the Employee, including, without limitation, misconduct involving fraud or dishonesty in the performance of the Employee's Duties or obligations
under this Agreement or conduct which is deemed, in the sole judgment of the Company, to be injurious to the Company; or

	(v)
	the
Employee's illegal use of controlled substances. 

        (c)   Without Cause.    Either the Employee or the Company may terminate this Agreement "Without Cause" upon thirty
(30) days written notice. 

        6.     Obligations of Employee and the Company Upon Termination.    The parties agree as follows: 

        (a)   Death or Disability.    If the Employee's employment is terminated by reason of the Employee's death or
Disability, the Employee or the Employee's estate shall be paid the Employee's salary described in Paragraph 3 of this Agreement, together with those fringe benefits described in
Paragraph 4 above, through the end of the month during which the Employee's death occurs or during which the Disability effective date falls. 

        (b)   Cause.    If the Employee's employment is terminated for Cause, such termination for Cause shall constitute an
immediate termination of the Company's obligations pursuant to Paragraphs 3 and 4 of this Agreement. The Employee shall not be entitled to any compensation or benefits beyond the effective date
of such termination for Cause. 

        (c)   Without Cause. 

	(i)
	By the Company.    If the Employee's employment is terminated by the Company Without Cause, then the Company shall pay to the
Employee his Annual Base Salary for three months following such termination of employment, payable on regular Company paydays.

	(ii)
	By Employee.    If the Employee resigns from employment, such resignation shall constitute an immediate termination of the
Company's obligations pursuant to Paragraphs 3 and 4 of this Agreement and the Employee shall not be entitled to any compensation or benefits beyond the effective date of such resignation.
However, the Company may waive such notice, and pay to the Employee his remaining Annual Base Salary in lieu of his completing the notice period. Notwithstanding the above, if the Employee's
resignation is the result of a material breach by the Company of its obligations hereunder or as a result of a material diminution in the Employee's Duties, then the Company shall pay to the Employee
his Annual Base Salary for three months following such termination of employment, payable on regular Company paydays. 

        7.     Covenant Not to Disclose Confidential Information.

        (a)   It
is stipulated and agreed that as a result of Employee's employment by the Company, and as a result of Employee's continued employment hereunder, Employee has and will
have access to valuable, highly confidential, privileged and proprietary information not generally available in the public domain relating to the Company's business (the "Confidential Information").
For purposes of this Agreement, "Confidential Information" means customer lists, customer requirements and specifications, financial data, sales figures, costs and pricing figures, 

3

 

marketing
and other business plans, product development information, product design information, computer programs and listings, marketing concepts, personnel matters, drawings, specifications,
instructions, methods, processes, techniques, shop practices, formulae or any other information relating to the Company's sales, technology, research data, and all other know-how, trade
secrets or proprietary information, or any copies, elaborations, modifications and adaptations thereof, which are in the possession of the Company and which have not been published or disclosed to,
and are not otherwise known to, the public. It is further acknowledged that the unauthorized use or disclosure by Employee of any of the Confidential Information would seriously damage the Company in
its Business. 

        (b)   As
a consequence of the above, with respect to any Confidential Information which is obtained by Employee during or as the result of Employee's performance of services
for the Company and/or its customers, vendors, suppliers and distributors and which is not generally available to the public, whatever its nature and form and whether obtained orally, by observation,
from written materials or otherwise, Employee agrees as follows. During the term of this Agreement and after its termination or expiration for any reason: 

	(i)
	Employee
will hold all such Confidential Information in strict confidence and will not use, publish, divulge or otherwise reveal or allow to be revealed any portion thereof to any
third person, company or other entity, except to or with the prior written consent of the President of the Company;

	(ii)
	Employee
will use all reasonable precautions to assure that all such Confidential Information is properly protected and kept from unauthorized persons or entities, and will
immediately report to the President of the Company any misuse of such Confidential Information that Employee may encounter by another person or entity;

	(iii)
	Employee
will make no use of any such Confidential Information except such use as is required in the performance of Employee's services for the Company or its customers; and

	(iv)
	Upon
termination of Employee's employment with the Company for any reason, or upon the Company's request, Employee will immediately deliver to the Company all documents, software,
hardware, written materials and other items which contain such Confidential Information. After the termination of Employee's employment with the Company for any reason, Employee will not, without the
President's prior written consent, use, divulge, disclose, furnish or make accessible to any third person, company or other entity, any aspect of the Confidential Information. 

        8.     Remedies.    It is stipulated that a breach by the Employee of the provisions of Paragraph 7 would cause
irreparable damage to the Company. The Company, in addition to any other rights or remedies which the Company may have, shall be entitled to an injunction restraining the Employee from violating or
continuing any violation of the provisions of Paragraph 7. Such right to obtain injunctive relief may be exercised at the option of the Company, concurrently with, prior to, after or in lieu
of, the exercise of any other rights or remedies which the Company may have as a result of any such breach or threatened breach. 

        9.     Acknowledgment of Reasonableness.    The Employee has carefully read and considered the
provisions of this Agreement, has had the opportunity for consultation with an attorney of the Employee's choice and agrees that the restrictions set forth herein are fair and reasonably required for
the protection of the Company. 

        10.   Other Agreements/Warranties.    The Employee warrants that Employee is not bound by the
terms of a confidentiality agreement or non-competition agreement or any other agreement with a former employer or other third party which would preclude the Employee from accepting
employment 

4

 

with
the Company or which would preclude the Employee from effectively performing the Employee's Duties. 

        11.   Surrender of Books and Records.    The Employee acknowledges that all files, computer
disks, records, lists, designs, specifications, books, products, plans and other materials or property owned or used by the Company in connection with the conduct of its business shall at all times
remain the property of the Company, and that upon termination or expiration of this Agreement for any reason or upon the request of the Company, the Employee will immediately surrender to the Company
all such materials. 

        12.   Entire Agreement.    This Agreement contains the entire agreement of the parties hereto
and supersedes and replaces all prior agreements, arrangements and understandings, whether written or oral. Moreover, this Agreement shall not be modified or changed in any respect except by a writing
executed by both parties hereto. 

        13.   Successors and Assigns.    The rights and obligations of the Employee under this
Agreement, including but not limited to the provisions of Paragraph 7 herein, shall inure to the benefit of the Company, its successors and assigns, and shall be binding upon the Employee and
the Employee's respective successors, heirs and assigns. The Company shall have the right to assign, transfer or convey this Agreement to its affiliated companies, successor entities, or assignees or
transferees of substantially all of the Company's business activities. This Agreement, being personal in nature to the Employee, may not be assigned by the Employee without the Company's prior written
consent. 

        14.   Notice.    All notices required and permitted to be given under this Agreement shall be
in writing and shall be deemed to have been given when mailed by certified or registered mail, return receipt requested, addressed to the intended recipient as follows, or at such other address as is
provided by either party to the other: 

	 	If to the Company:	 	Golf Trust of America, Inc.

10 North Adger's Wharf

Charleston, South Carolina 29401

Attn: Chairman of the Board
	 	
 If to the Employee:	
 	

Michael Pearce
	 	 	213 Rhododendron Drive

Chapel Hill, North Carolina 27517

        15.   Governing Law.    This Agreement shall, in all respects, be governed by and construed
according to the laws of the State of South Carolina, notwithstanding any South Carolina or other conflict-of-interest provisions to the contrary. 

        16.   General Provisions.

        (a)   This
Agreement may be executed in any number of counterparts, and each such counterpart hereof shall be deemed to be an original instrument, but all such counterparts
together shall constitute but one agreement. 

        (b)   The
parties may waive in writing any breach or non-fulfillment by the other party of any provision of this Agreement. Any waiver of a breach of any provision
of this Agreement shall not operate or be construed as a waiver of, or estoppel with respect to, any subsequent breach. 

        (c)   The
paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 

        (d)   The
provisions of Paragraph 7 of this Agreement shall survive the termination of the Employee's employment with the Company for any reason. 

5

 

        IN
WITNESS WHEREOF, the parties hereto have executed this Agreement to be effective as of the date first above written. 

	 	Employee:
	

 	
/s/  MICHAEL PEARCE      11-8-08
 Michael Pearce
	

 	
Golf Trust of America, Inc.
	

 	

Electronic Consent of the Board of Directors 11-8-08
 By: Board of Directors

Its:

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Exhibit 10.2

EMPLOYMENT AGREEMENTQuickLinks
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Exhibit 10.3    
    

 
 

SEVERANCE AND CONSULTING AGREEMENT    
    

        This Severance and Consulting Agreement (the "Agreement") is made and entered into by and between Golf Trust of America, Inc. (the "Company") and Tracy S.
Clifford (the "Employee"). 

        WHEREAS, the Employee is currently employed by the Company as its Principal Accounting Officer and Secretary; 

        WHEREAS, the Company and the Employee have previously entered into a severance arrangement pursuant to that certain letter agreement,
dated February 9, 2001, as amended as of January 1, 2005 (as amended, the "Severance Letter"); and 

        WHEREAS, the Company and the Employee acknowledge that the Company's circumstances have changed significantly since the Severance Letter
became effective and desire to establish a new severance and consulting arrangement that reflects the Company's current circumstances and ensures that the services of the Employee will continue to be
available to the Company; 

        NOW, THEREFORE, for and in consideration of the mutual promises set forth below, it is hereby agreed by and between the Company and the
Employee as follows: 

	I.
	Severance

        1.     Employment.    Unless terminated earlier by either party, Employee's employment with the Company will continue
through December 31, 2007 under the terms and with the duties and responsibilities as in effect on the date hereof, and Employee will receive her regular compensation and employee benefits
through that date in accordance with the Company's regular payroll practices, plus a lump sum payment for any accrued but unused vacation time as soon as practicable after the date of termination of
employment. For purposes of clarity, the Company and the Employee acknowledge and agree that the Employee's duties and responsibilities prior to December 31, 2007 will primarily involve the
tasks previously performed by the Employee under the Company's Plan of Liquidation and Dissolution (the "POL") and not include new duties and responsibilities related to the Company's
new strategic direction should the POL be terminated by the Company's stockholders at the Special Meeting of Stockholders to be held on November 8, 2007 (other than the transition from
liquidation accounting to going concern accounting). If the POL is not terminated, the Employee's employment with the Company will continue on an at-will basis after December 31
2007 until terminated by either party. The Company will give the Employee 30 days prior written notice of any termination of employment by the Company. 

        2.     Severance Payment Initiation.    The Company will pay to the Employee a severance benefit of 18 months of
salary based on the Employee's salary level in effect on the date hereof, payable over the 9-month period beginning as of October 1, 2007 and ending on June 30, 2008 and in
accordance with the Company's regular payroll practices. In addition, the Company will pay to the Employee an amount equal to the Company's employer portion of the premiums and other payments for
individual and dependent medical, dental and other employee benefits, payable monthly for the 9-month period between October 1, 2007 and June 30, 2008 and in accordance with
the Company's regular payroll practices. 

        3.     Termination of Severance Payments.    The payments set forth in Section 2 above will continue in the
event that the Employee is terminated by the Company other than termination resulting from a material breach of this Agreement by the Employee. The payments set forth in Section 2 will
terminate upon the Employee's voluntary termination of her employment prior to December 31, 2007, other than any such termination resulting from a material change in the Employee's terms of
employment and duties and responsibilities as set forth in Section 1 above, or the Employee's voluntary termination of the Services (as defined below). For purposes of clarity, the Employee's
disability or death shall not be deemed to be a voluntary termination of employment by the Employee or a material breach of this Agreement by the Employee. 

 

        4.     Corporate Transaction.    If the Company consummates a merger, consolidation, sale of all or substantially all
of its assets or any similar transaction with an unaffiliated third party prior to June 30, 2008, the payments due under Section 2 hereof shall become immediately due and payable in full
and shall be paid in a lump sum to the Employee at or prior to the consummation of such transaction. 

        5.     Termination of Severance Letter.    The Company and the Employee hereby agree that the Severance Letter will
terminate upon the execution of this Agreement. 

        6.     D&O Insurance.    The Company hereby agrees to maintain in full force and effect, for a period of no less than
ten years from the date of this Agreement, a directors' and officers' insurance policy (a "D&O Policy") with terms and conditions no less favorable than, and with coverage limits no less than, GTA's
D&O Policy currently in effect, to wit, the Management Liability and Company Reimbursement Insurance Policy (with endorsements), issued by XL Specialty Insurance Company, Policy Number
ELU096268-07 (the "Policy"). In addition, the Company agrees that any such D&O Policy will continue to contain a provision allowing for the purchase of an additional six years of coverage
in the event of a "change of control" (as that term is defined in the Policy) and the Company hereby agrees to exercise such option to purchase additional coverage in the event of a "change of
control." In the event that the Company is liquidated, dissolved or otherwise ceases to exist as a valid entity, the Company will purchase a D&O Policy to afford tail coverage for the Employee
effective through the date that is ten years from the date of this Agreement. The Company further agrees to defend, indemnify and exculpate the Employee from causes of action, claims, demands, suits,
judgments, attorney's fees and money damages to the fullest extent permitted by applicable law in the event of a breach by the Company of the covenants set forth in this paragraph I.6. The
Company acknowledges that Article X of its Bylaws, as currently constituted, will continue to apply to the Employee. The Company acknowledges and agrees that the rights set forth in this
paragraph I.6. are in addition to any rights that the Employee may have under the Policy or the Company's Bylaws or otherwise with respect to indemnification for actions undertaken during her
service to the Company. 

	II.
	Consulting Services

        1.     Services.    The Company hereby engages the Employee to provide the following consulting services to the Company
during the Consulting Term in the event that the Company's POL is terminated: preparation and support for the annual audit of the Company's financial statements; preparation and coordination for the
2007 Annual Report on Form 10-K of the Company; coordination with tax accountants; oversight and review of operational accounting requirements for the Company with respect to its
corporate operations and the Stonehenge operations; cash management; litigation support; and support for the resolution of post-closing issues with respect to the sale of the Innisbrook
Resort (the "Services"). The Employee will report to, and perform services at the request of, the President of the Company upon reasonable notice. The Employee accepts such engagement and agrees to
perform such services for the Company. 

        2.     Independent Contractor.    The parties acknowledge and agree that the Employee will be acting as an independent
contractor and not as an employee of the Company during the Consulting Term and the terms and conditions of Article II of this Agreement shall be interpreted and construed accordingly. In no
event shall this Agreement be construed as establishing a partnership or joint venture or similar relationship between the parties hereto, and nothing herein contained shall be construed to authorize
either party to act as agent for the other after December 31, 2007. The Employee shall be liable for her own debts, obligations, acts and omissions, including the payment of all withholding,
Social Security and other taxes and benefits after December 31, 2007. As an independent contractor, the Employee is responsible for filing such tax returns and paying such
self-employment taxes as may be required by law or regulations. 

        3.     Term.    The term of this consulting arrangement shall commence on January 1, 2008 and shall be in effect
until June 30, 2008 (the "Consulting Term"). 

2

 

        4.     Compensation; Reimbursement.    The Company shall pay to the Employee a consulting fee in the amount of $100.00
per hour plus the reimbursement of reasonable expenses incurred in the performance of the Services. 

        5.     Company Assistance.    In support of the Employee's provision of Services hereunder, the Company will provide
the Employee with the following during the Consulting Term: (i) parking at the corporate offices of the Company or reasonable reimbursement for the same; (ii) continued use of the
Employee's Blackberry, access to the Company's business records and access to the Company's network server for offsite performance of the Services; (iii) reasonable work space and use of office
equipment and resources at the Company's corporate office for use in the provision of the Services; and (iv) access to administrative support at the Company's corporate office. 

	III.
	General Provisions

        1.     Confidentiality.    During the term of this Agreement and afterwards, the Employee shall not disclose the
confidential information of the Company, relating to the Services or otherwise, to any entity or individual without the Company's written consent. Confidential information shall be deemed to be any
business information of the Company not generally available to the public. 

        2.     Assignment.    Neither the Company nor the Employee may assign this Agreement or any of their respective rights,
benefits, obligations or duties hereunder to any other person, firm, corporation or other entity without the prior written consent of the other party. 

        3.     Notices.    All notices and other communications required or permitted hereunder shall be in writing and shall
be deemed to have been duly given when (i) personally delivered, (ii) delivered by a private delivery service such as Federal Express or (iii) placed in the United States mail by
certified mail, return receipt requested, postage prepaid, addressed to the parties hereto as follows (provided that notice of change of address shall be deemed given only when received): 

	 	To the Company:	 	Golf Trust of America, Inc.

10 North Adger's Wharf

Charleston, SC 29401

Attn: President
	 	
 To the Employee:	
 	

Tracy S. Clifford
	 	 	At the address currently on record with the Company

The
address of both the Company and the Employee may be changed from time to time by either party serving written notice upon the other. 

        4.     Non-Waiver.    No waiver by either party of any breach by the other party of any provision hereof
shall be deemed to be a waiver of any later or other breach thereof or as a waiver of any such or other provision of this Agreement. 

        5.     Governing Law.    This Agreement shall be deemed to have been made and entered into in the State of South
Carolina, and the construction, validity and enforceability of this Agreement shall be governed by the laws of such State, notwithstanding any South Carolina or other
conflict-of-interest provisions to the contrary. All judicial proceedings in connection with this Agreement will be brought in any federal or state court of competent
jurisdiction in Charleston County, South Carolina, and each party hereby accepts the exclusive jurisdiction and venue of such courts. 

        6.     Entire Agreement.    This Agreement constitutes the entire agreement between the parties with respect to the
subject matter hereof and supersedes and cancels all prior or contemporaneous oral or written agreements and understandings between them with respect to the subject matter hereof. This Agreement may
not be changed or modified orally but only by an instrument in writing signed by the parties hereto, which instrument states that it is an amendment to this Agreement. 

3

 

        7.     Severability.    Except as equity may require, should any provision of this Agreement or any part thereof be
held invalid or unenforceable, the same shall not affect or impair any other provision of this Agreement or any part thereof, and the invalidity or unenforceability of any provision of this Agreement
shall not have any effect on or impair the obligation of the Company or the Employee. 

        8.     Counterparts.    This Agreement may be executed in duplicate counterparts, each of which shall be deemed an
original hereof. 

        IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be signed as of November 7, 2007. 

	GOLF TRUST OF AMERICA, INC.	 	 	 
	

/s/  W. BRADLEY BLAIR II      
 By: W. Bradley Blair II

Title: President	
 	

 	

 
	

/s/  TRACY S. CLIFFORD      
 Tracy S. Clifford	
 	

 	

 

4

QuickLinks

Exhibit 10.3

SEVERANCE AND CONSULTING AGREEMENT

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