Document:

Form of Note for Citigroup Funding Inc

 Exhibit 4.01 
  
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO A NOMINEE
OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO CITIGROUP FUNDING INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  

			
	No. R-1	  	INITIAL PRINCIPAL AMOUNT
	CUSIP: 17308 C 502	  	REPRESENTED $65,000,000
	ISIN: US17308C5022	  	representing 6,500,000 Notes
	 	  	($10 per Note)

  
 CITIGROUP FUNDING INC.

 Principal-Protected Notes Based Upon a Group of Asian Currencies Due June 30, 2008 
  
 Citigroup Funding Inc., a Delaware corporation (hereinafter referred to as
the “Company,” which term includes any successor corporation under the Indenture herein referred to), for value received and on condition that this Note is not redeemed by the Company prior to June 30, 2008 (the “Stated
Maturity Date”), hereby promises to pay to CEDE & CO., or its registered assigns, the Maturity Payment (as defined below), on the Stated Maturity Date. This Note will not bear any interest, is not subject to any sinking fund, is not
subject to redemption at the option of the holder thereof prior to the Stated Maturity Date, and is not subject to the defeasance provisions of the Indenture. The payments on this note are fully and unconditionally guaranteed by Citigroup Inc., a
Delaware corporation (the “Guarantor”). 
  
 Payment of the Maturity Payment with respect to this Note shall be made upon presentation and surrender of this Note at the corporate trust office of the Trustee in the Borough of Manhattan, The City and State of New York, in such coin or
currency of the United States as at the time of payment is legal tender for payment of public and private debts. 
  
 This Note is one of the series of 6,500,000 Principal-Protected Notes Based Upon a Group of Asian Currencies (the “Currencies Group”) Due
June 30, 2008 (the “Notes”). 

 INTEREST 
  
 The Notes do not bear interest. No payments on the Notes will be made until the Stated Maturity Date. 
  
 PAYMENT AT MATURITY 
  
 On the Stated Maturity Date, holders of the Notes will receive for each Note
the Maturity Payment described below. 
  
 DETERMINATION OF THE MATURITY PAYMENT 
  
 The Maturity
Payment for each Note equals the sum of the initial principal amount of $10 per Note plus the Supplemental Return Amount. 
  
 The “Supplemental Return Amount” is calculated as follows: 
  

	 	•	 	If the Supplemental Return Percentage is less than or equal to zero, the Supplemental Return Amount will equal zero. 

  

	 	•	 	If the Supplemental Return Percentage is greater than zero, the Supplemental Return Amount will equal the product of: 

  
 $10 * Supplemental Return Percentage * Participation Rate

  
 The Group of Asian Currencies includes the lawful currency of
South Korea (currently the South Korean won), the lawful currency of Thailand (currently the Thai baht), the lawful currency of India (currently the Indian rupee), the lawful currency of Taiwan (currently the Taiwanese dollar), and the lawful
currency of Singapore (currently the Singaporean dollar). 
  
 The
“Participation Rate” equals 100%. 
  
 The
“Supplemental Return Percentage” will equal the sum of the Currency Return Percentages for each currency in the Currencies Group. 
  
 The “Currency Return Percentage” for each currency in the Currencies Group will equal the following fraction: 
  

			
	Ending Value – Starting Value	  	x Allocation Percentage
	Starting Value	  

  
 The “Allocation
Percentage” for each currency in the Currencies Group will equal 20%. 
  
 The “Starting Value” for one South Korean won in U.S. dollars equals $0.00097780, for one Thai baht in U.S. dollars equals $0.02419550, for one Indian rupee in U.S. dollars equals $0.02299316, for one
Taiwanese dollar in U.S. dollars equals $0.03153182, for one Singaporean 
  

 2 

 dollar in U.S. dollars equals $0.60280909, the exchange rate into U.S. dollars for one unit of each currency on July 25,
2005, the date on which the Notes were priced for initial sale to the public. 
  
 The “Ending Value” for each currency in the Currencies Group will equal the exchange rate of one unit of that currency in U.S. dollars on the Valuation Date. 
  
 The “Valuation Date” will be June 25, 2008. 
  
 The exchange rate for the currency of South Korea on any Business Day will be
the U.S. dollar/South Korean won exchange rate in the interbank market, expressed as the amount of U.S. dollars per one South Korean won, as reported by Bloomberg, L.P. (“Bloomberg”) on page TKC7, or any substitute page, at
approximately 3:00 p.m., Tokyo time. 
  
 The exchange rate for the
currency of Thailand on any Business Day will be the U.S. dollar/Thai baht exchange rate in the interbank market, expressed as the amount of U.S. dollars per one Thai baht, as reported by Bloomberg on page TKC7, or any substitute page, at
approximately 3:00 p.m., Tokyo time. 
  
 The exchange rate for the
currency of India on any Business Day will be the U.S. dollar/Indian rupee exchange rate in the interbank market, expressed as the amount of U.S. dollars per one Indian rupee, as reported by Bloomberg on page TKC7, or any substitute page, at
approximately 3:00 p.m., Tokyo time. 
  
 The exchange rate for the
currency of Taiwan on any Business Day will be the U.S. dollar/Taiwanese dollar exchange rate in the interbank market, expressed as the amount of U.S. dollars per one Taiwanese dollar, as reported by Bloomberg on page TKC7, or any substitute page,
at approximately 3:00 p.m., Tokyo time. 
  
 The exchange rate for
the currency of Singapore on any Business Day will be the U.S. dollar/Singaporean dollar exchange rate in the interbank market, expressed as the amount of U.S. dollars per one Singaporean dollar, as reported by Bloomberg on page TKC7, or any
substitute page, at approximately 3:00 p.m., Tokyo time. 
  
 If
the Ending Value for any currency in the Currencies Group is less than the Starting Value used for the computation of the Currency Return Percentage, then the Currency Return Percentage will be negative. However, the Supplemental Return Amount
cannot be less than zero. 
  
 A “Business Day” means any
day that is not a Saturday, a Sunday or a day on which the securities exchanges or banking institutions or trust companies in the City of New York are authorized or obliged by law or executive order to close. 
  
 If quotes for the exchange rate on the valuation date for any currency in the
Currencies Group are not available as described in the preceding paragraphs, the Exchange Rate used to determine the Ending Value for such currency in the Currencies Group will equal the noon buying rate in New York on the Valuation Date for cable
transfers in foreign currencies as 
  

 3 

 announced by the Federal Reserve Bank of New York for customs purposes (the “Noon Buying Rate”). If the
Noon Buying Rate is not announced on that date, then the exchange rate for such currency in the Currencies Group will be calculated on the basis of the arithmetic mean of the applicable spot quotations received by the calculation agent at
approximately 10:00 a.m., New York City time, on the date following the Valuation Date for the purchase or sale for deposit in the relevant currency by the London offices of three leading banks engaged in the interbank market (selected in the sole
discretion of the calculation agent) (the “Reference Banks”). If fewer than three Reference Banks provide spot quotations on that date, then the exchange rate for such currency in the Currencies Group will be calculated on the basis
of the arithmetic mean of the applicable spot quotations received by the calculation agent at approximately 10:00 a.m., New York City time, on the same date from two leading commercial banks in New York (selected in the sole discretion of the
calculation agent), for the purchase or sale for deposits in the relevant currencies. If those spot quotations are available from only one bank, then the calculation agent, in its sole discretion, will determine which quotation is available and
reasonable to be used. If no spot quotation is available, then the exchange rate for such currency in the Currencies Group will be the rate that would be used by the calculation agent in making valuation determinations for Citigroup Global Markets
Inc.’s financial reporting purposes on the date following the Valuation Date. 
  
 GENERAL 
  
 This Note is one of a duly authorized issue of Debt Securities of the Company, issued and to be issued in one or more series under a Senior Debt
Indenture, dated as of June 1, 2005 (the “Indenture”), among the Company, the Guarantor, and The Bank of New York, as trustee (the “Trustee,” which term includes any successor trustee under the Indenture), to which
Indenture reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantor, the Trustee and the holders of the Notes, and the terms upon which the Notes are, and
are to be, authenticated and delivered. 
  
 In case an Event of
Default with respect to the Notes shall have occurred and be continuing, the principal of the Notes may be declared due and payable in the manner and with the effect provided in the Indenture. In such case, the amount declared due and payable upon
any acceleration permitted by the Indenture will be determined by the calculation agent and will be equal to, with respect to this Note, the Maturity Payment calculated as though the Stated Maturity Date of this Note were the date of early
repayment. In case of default at Maturity of this Note, this Note shall bear interest, payable upon demand of the beneficial owners of this Note in accordance with the terms hereof, from and after Maturity through the date when payment of such
amount has been made or duly provided for, at the rate of 5% per annum on the unpaid amount due. 
  
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the
Company, the Guarantor and the rights of the holders of the Debt Securities of each series to be affected under the Indenture at any time by the Company, the Guarantor and a majority in aggregate principal amount of the Debt Securities at the time
Outstanding of each series affected thereby. The Indenture also contains provisions permitting the holders of specified percentages in aggregate principal amount 
  

 4 

 of the Debt Securities of any series at the time Outstanding, on behalf of the holders of all Debt Securities of such
series, to waive compliance by the Company and the Guarantor with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the holder of this Note shall be conclusive and
binding upon such holder and upon all future holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

  
 The holder of this Note may not enforce such holder’s
rights pursuant to the Indenture or the Notes except as provided in the Indenture. No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, or, failing which, the
Guarantor to pay the Maturity Payment with respect to this Note, and to pay any interest on any overdue amount thereof at the time, place and rate, and in the coin or currency, herein prescribed. 
  
 All terms used in this Note which are defined in the Indenture but not in
this Note shall have the meanings assigned to them in the Indenture. 
  
 Unless the certificate of authentication hereon has been executed by the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purposes. 
  

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 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal.

  

			
	CITIGROUP FUNDING INC.
		
	By:	 	 /s/ Scott Freidenrich

	Name:	 	Scott Freidenrich
	Title:	 	Executive Vice President

  
 Corporate Seal 
 Attest: 
  

			
	By:	 	 /s/ Douglas C. Turnbull

	Name:	 	Douglas C. Turnbull
	Title:	 	Assistant Secretary
	
	Dated July 28, 2005
	
	CERTIFICATE OF AUTHENTICATION
	 This is one of the Notes referred to in the within-mentioned Indenture.

	
	The Bank of New York,
	as Trustee
		
	By:	 	 /s/ Geovanni Barris

	 	 	Authorized Signatory

  

 6ClubCorp, Inc. Deferred Compensation Plan

 Exhibit 10.35 
  
 CLUBCORP, INC. DEFERRED COMPENSATION PLAN 
  
 Effective as of July 1, 2005 

 TABLE OF CONTENTS 
  

							
	 	  	Page No.

	ARTICLE 1 - TITLE AND DEFINITIONS	  	2
				
	 	  	1.1	  	Title.	  	2
	 	  	1.2	  	Definitions.	  	2
		
	ARTICLE 2 - PARTICIPATION	  	6
		
	ARTICLE 3 - DEFERRAL ELECTIONS	  	7
				
	 	  	3.1	  	Elections to Defer Bonus Compensation.	  	7
	 	  	3.2	  	Deferral Elections.	  	9
	 	  	3.3	  	Investment Elections.	  	10
	 	  	3.4	  	Elections to Postpone Distribution or Change form of Distribution.	  	12
		
	ARTICLE 4 - ACCOUNTS	  	12
				
	 	  	4.1	  	Bonus Deferrals.	  	12
	 	  	4.2	  	Company Contribution.	  	13
	 	  	4.3	  	Investment Return.	  	14
		
	ARTICLE 5 - VESTING	  	14
				
	 	  	5.1	  	Bonus Deferral.	  	14
	 	  	5.2	  	Company Contribution.	  	14
		
	ARTICLE 6 - DISTRIBUTIONS	  	15
				
	 	  	6.1	  	Form and Timing of Distribution.	  	15
	 	  	6.2	  	Payout.	  	15
	 	  	6.3	  	Financial Hardship of Participant.	  	16
	 	  	6.4	  	Permissible Distribution Event.	  	17
	 	  	6.5	  	Payment by Trust.	  	17
	 	  	6.6	  	Inability to Locate Participant.	  	17
		
	ARTICLE 7 - CHANGE IN CONTROL	  	18
		
	ARTICLE 8 - DEATH AND DISABILITY BENEFITS	  	18
		
	ARTICLE 9 - CLAIMS PROCEDURES	  	18
				
	 	  	9.1	  	Claims.	  	18
	 	  	9.2	  	Appeal.	  	19
	 	  	9.3	  	Authority.	  	20
		
	ARTICLE 10 - ADMINISTRATION	  	21
				
	 	  	10.1	  	Powers and Duties of the Administrator.	  	21
	 	  	10.2	  	Construction and Interpretation.	  	22
	 	  	10.3	  	Information.	  	22
	 	  	10.4	  	Compensation, Expenses and Indemnity.	  	23
	 	  	10.5	  	Quarterly Statements.	  	23
	 	  	10.6	  	Administrative Fees.	  	23
		
	ARTICLE 11 - MISCELLANEOUS	  	24
				
	 	  	11.1	  	Unsecured General Creditor.	  	24

  

 i 

 TABLE OF CONTENTS 
  

							
	 	  	 	  	 	  	Page No.

	 	  	11.2	  	Restriction Against Assignment.	  	24
	 	  	11.3	  	Withholding.	  	25
	 	  	11.4	  	Amendment, Modification, Suspension or Termination.	  	25
	 	  	11.5	  	Governing Law.	  	26
	 	  	11.6	  	Receipt or Release.	  	26
	 	  	11.7	  	Payments on Behalf of Persons Under Incapacity.	  	26
	 	  	11.8	  	Headings.	  	27

  

 ii 

 CLUBCORP, INC. DEFERRED COMPENSATION PLAN 
  
 WHEREAS, ClubCorp, Inc. (the “Company”), has decided to establish a
deferred compensation plan (the “Plan”), effective as of July 1, 2005 for deferrals with respect to Bonus Compensation (as defined below) to be earned or to be otherwise paid on or after July 1, 2005, to provide supplemental retirement
income benefits for a select group of management and highly compensated employees through deferrals of Bonus Compensation and Company Contributions. 
  

 1 

 NOW, THEREFORE, the Plan is hereby established, on the terms and conditions hereinafter set forth:

  
 ARTICLE 1 
  
 TITLE AND DEFINITIONS 
  
 1.1 Title. 
  
 This Plan shall be known as the ClubCorp, Inc. Deferred Compensation Plan. 
  
 1.2 Definitions.  
  
 Whenever the following words and phrases are used in this Plan, with the
first letter capitalized, they shall have the meanings specified below. 
  
 “Beneficiary” or “Beneficiaries” shall mean the person or persons, including a trustee, personal representative or other fiduciary, last designated in writing by a Participant in accordance with procedures established by
the Administrator to receive all of the benefits specified hereunder in the event of the Participant’s death. No Beneficiary designation shall become effective until it is filed with the Administrator. If there is no Beneficiary designation in
effect, or if there is no surviving designated Beneficiary, then the Participant’s surviving spouse shall be the Beneficiary. If there is no surviving spouse to receive any benefits payable in accordance with the preceding sentence, the duly
appointed and currently acting personal representative of the Participant’s estate (which shall include either the Participant’s probate estate or living trust) shall be the Beneficiary. In any case where there is no such personal
representative of the Participant’s estate duly appointed and acting in that capacity within 90 days after the Participant’s death (or such extended period as the Administrator determines is reasonably necessary to allow such personal
representative to be appointed, but not to exceed 180 days after the Participant’s death), then Beneficiary shall mean the person or persons who can verify by affidavit or court order to the satisfaction of the Administrator 

  

 2 

 
that they are legally entitled to receive the benefits specified hereunder. In the event any amount is payable under the Plan to a minor, payment shall not
be made to the minor, but instead be paid (i) to that person’s living parent(s) to act as custodian, (ii) if that person’s parents are then divorced, and one parent is the sole custodial parent, to such custodial parent, or (iii) if no
parent of that person is then living, to a custodian selected by the Administrator to hold the funds for the minor under the Uniform Transfers or Gifts to Minors Act in effect in the jurisdiction in which the minor resides. If no parent is living
and the Administrator decides not to select another custodian to hold the funds for the minor, then payment shall be made to the duly appointed and currently acting guardian of the estate for the minor or, if no guardian of the estate for the minor
is duly appointed and currently acting within 60 days after the date the amount becomes payable, payment shall be deposited with the court having jurisdiction over the estate of the minor. 
  
 “Accounts” shall mean, with respect to a Participant, the account
established on the books of the Company for each Participant. 
  
 “Administrator” shall mean the Company that shall administer the Plan in accordance with Article X. 
  
 “Board” shall mean the Board of Directors of ClubCorp, Inc. 
  
 “Bonus Compensation” shall mean the amount of any cash incentive to be paid to an Eligible Employee based on (i)
the Participant’s individual performance which is paid semi-annually and (ii) the Participant’s Financial Unit’s performance which is paid annually. 
  

 3 

 “Bonus Compensation Deferral” shall mean that portion of Bonus Compensation as to which an
Eligible Employee has made an irrevocable election to defer receipt of until the date specified in the Enrollment Form. 
  
 “Change in Control” shall have the same meaning ascribed to the term “change in control” under the Treasury regulations to be issued
under Code section 409A. 
  
 “Code” shall mean the
Internal Revenue Code of 1986, as amended. 
  
 “Company”
shall mean ClubCorp, Inc., any successor corporation and each corporation which is a member of a controlled group of corporations (within the meaning of Code section 414(b)) of which ClubCorp, Inc. is a component member. 
  
 “Company Contribution” shall equal the amount described in Section
4.2 and such contribution shall be made in Company stock 
  
 “Disabled” or “Disability” shall mean that a Participant (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result
in death or can be expected to last for a continuous period of not less than 12 months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a
continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under an accident and health plan covering employees of the participant’s employer. 
  
 “Distribution Option” shall mean the two distribution options which
are available under the Plan. 
  

 4 

 “Effective Date” shall mean July 1, 2005. 
  
 “Eligible Employee” shall mean those individuals selected by the
Administrator to participate in the Plan pursuant to Section 2.1. Generally, Eligible Employees that are selected by the Administrators include most Employees designated as level 10 and above and most club managers. 
  
 “Enrollment Form” shall mean the authorization form, which an
Eligible Employee files with the Administrator to participate in the Plan. 
  
 “Fund” or “Funds” shall mean one or more of the investments selected by the Administrator pursuant to Section 3.3(a). 
  
 “Incentive Performance Period” shall mean the period for which a Participant receives Bonus Compensation.

  
 “Participant” shall mean any Eligible Employee who
elects to defer Bonus Compensation in accordance with Section 3.1. 
  
 “Participant’s Financial Unit” shall mean the club, section, office or other unit determined by the Administrator in which such Participant is responsible for ensuring financial performance. 
  
 “Plan” shall mean the ClubCorp, Inc. Deferred Compensation Plan set
forth herein, in effect as of the Effective Date, or as amended from time to time. 
  
 “Plan Year” shall mean the 12 consecutive month period beginning on a January 1. 
  
 “Separation Date” shall mean the date a Participant incurs a Separation from Service. 
  
 “Separation from Service” shall mean a Participant’s
separation from service with the Company within the meaning of Code section 409A and the regulations issued thereunder. 
  

 5 

 “Year of Participation” shall mean each Plan Year or partial Plan Year (including the first
short Plan Year) that an individual is eligible to participate in the Plan regardless of whether the individual actually participates in the Plan for a specific year. 
  
 ARTICLE 2 
  
 PARTICIPATION 
  
 Prior to December 31 of each Plan Year, the Administrator shall designate which club managers and which highly compensated employees shall become Eligible
Employees for the following Plan Year. An Eligible Employee designated as a Participant shall for so long as he or she is employed by the Company in such position unless otherwise determined by the Administrator, be eligible to make a Bonus Deferral
for each Plan Year. Participation in the Plan shall be made conditional upon an Eligible Employee’s acknowledgement, in writing or by making a Bonus Deferral under the Plan, that all decisions and determinations of the Administrator shall be
final and binding on the Participant, his or her Beneficiaries and any other person having or claiming an interest under the Plan. 
  
 An employee that is rehired by the Company and was an Eligible Employee at the time he or she terminated from the Company shall be immediately eligible to
participate in the Plan if such individual at the time of rehire meets the requirements as an Eligible Employee. Any years of participation accumulated under the Plan prior to the individual’s Separation from Service will be counted for
purposes of vesting in Section 5.2(a). 
  

 6 

 ARTICLE 3 
  

DEFERRAL ELECTIONS 
  
 3.1 Elections to Defer Bonus Compensation. 
  
 (a) Each Eligible Employee may elect to make a Bonus Deferral by filing an Enrollment Form with the Administrator that conforms to the requirements set
forth in this Article 3, no later than June 30 of the initial Plan Year specifying the percentage of Bonus Compensation to be deferred, the form and the timing of distribution under the Plan and such other information as the Administrator shall
require. 
  
 (i) The Eligible Employee shall
elect to make a Bonus Deferral in whole percentage increments. 
  
 (ii) The Administrator may establish minimum or maximum amounts that may be deferred under this Section and may change such standards from time to time. Any such limits shall be communicated by the Administrator to
the Participants prior to the commencement of a Plan Year. 
  
 (b)
Notwithstanding anything herein to the contrary, no Eligible Employee shall be permitted to defer Bonus Compensation which the Administrator reasonably determines is required to pay the Eligible Employee’s portion of payroll taxes and
contributions towards benefits (including, but not limited to, medical, life, dental and disability) provided to the Eligible Employee and his or her dependents. 
  

 7 

 (c) Any Bonus Deferral made under Section 3.1(a) above shall remain in effect and be irrevocable,
notwithstanding any change in a Participant’s Bonus Compensation, for the entire Plan Year for which it is effective and for all subsequent years unless the Participant files a new Enrollment Form with the Administrator prior to December 31 of
the year preceding the year for which the change to the Bonus Deferral is to be effective for the first six months incentive period (individual performance only) and prior to June 30 for the balance of the year. Such subsequent election will only
affect the amounts earned in the Plan Year after the election has been made unless the subsequent election meets the requirements under Section 3.4. 
  
 (d) The Administrator may, in its discretion, permit Employees who first become Eligible Employees after the beginning of a Plan Year, including Employees
who become Eligible Employees because they are promoted or hired by the Company on or after January 1 of a Plan Year to a position designated by the Administrator as an Eligible Employee, to enroll in the Plan for that Plan Year by filing a
completed Enrollment Form as soon as practicable following the date the Employee becomes an Eligible Employee but not later than, 30 days after such date. Notwithstanding the foregoing, however, any Enrollment Form executed by an Eligible Employee,
pursuant to this Section, to make a Bonus Deferral shall apply only to Bonus Compensation earned by the Eligible Employee after the date on which such Enrollment Form is filed. 
  

 8 

 (e) If an Eligible Employee has never filed an Enrollment Form with the Administrator to participate in
the Plan, the Eligible Employee must file an Enrollment Form with the Administrator prior to December 31 of the year in which the compensation will be earned for such election or June 30, depending on the incentive period applicable. 
  
 (f) All deferral elections under the Plan shall be made in accordance with
Code section 409A, and the regulations thereunder. 
  
 3.2 Deferral
Elections. 
  
 Subject to Section 3.4, in the Enrollment
Form, each Eligible Employee shall select the amount of Bonus Deferral in accordance with Section 3.01, the form and the timing of payment with respect to the Eligible Employee’s Bonus Deferral (and any Company Contributions that may be
credited with respect thereto). An Eligible Employee’s deferral election under this Article III shall not be effective unless and until the Eligible Employee makes the required payment elections under this Section 3.2. Each Eligible Employee
shall make the following form and timing of payment elections: 
  
 (a) Form of Distribution. An Eligible Employee shall elect the form of payment in which amounts shall be paid under the Plan. The Eligible Employee may elect a lump sum, or annual installments payable in no less than 2 and no more
than 10 years. In the event the Participant elects annual installments and the amount distributed would not exceed $5,000 per annual installment, the Administrator shall reduce (at the time of the first installment payment), the number of
installments to the greatest number of installments that would result in annual installments of at least $5,000. 

  

 9 

 
Subject to Article VIII and the previous sentence, annual installments shall be paid out in accordance with the Participant’s election even if such
Participant Separates from Service prior to the date payment begins or the date last payment has been made. 
  
 (b) Time of Distribution. An Eligible Employee shall elect the Plan Year in which such payment shall commence; provided that the Plan Year selected
may not be prior to the fifth Plan Year following the Plan Year in which the initial Bonus Deferral is made. 
  
 (c) Subsequent Deferral Elections. If a Participant is eligible to participate in a Plan during a Plan Year when distribution will begin under the
Plan, the Participant must submit a new Enrollment Form with the Administrator prior to the beginning of such Plan Year to continue making Bonus Deferrals under the Plan specifying the amount of Bonus Deferral in accordance with Section 3.01(a), the
form and time of distributions for subsequent Bonus Deferrals. If the Participant fails to file a new Enrollment Form in the time required by this Article 3, the Participant will be ineligible to make a Bonus Deferral during that or any subsequent
Plan Year. The Participant must elect the form and time of distributions in accordance with Section 3.2(a) and (b) except that the Plan Year selected for payments to begin may not be prior to the third Plan Year following the Plan Year for which the
subsequent Bonus Deferral is made. 
  
 3.3 Investment Elections.

  
 (a) At the time of making the deferral elections
described in Section 3.1 and the distribution elections described in Section 3.2, the Participant shall designate, in a manner prescribed by the Administrator, which Funds the Participant’s Accounts will be deemed to be invested in for 

  

 10 

 
purposes of determining the Investment Return to be credited to those Accounts. The Funds shall be as selected by the Administrator from time to time and the
Administrator may add, change, or delete Funds at any time. In making the designation pursuant to this Section 3.3, the Participant may specify that all or any whole percentage of his or her Accounts be deemed to be invested in one or more of the
Funds. A Participant may change the designation made under this Section 3.3, in a manner prescribed by the Administrator, on any business day. Such change shall be effective as soon as administratively feasible after it is received. 
  
 (b) If a Participant fails to elect a type of Fund under this Section 3.3, he
or she shall be deemed to have elected the Balance Fund (or, if no such Fund exists, the Fund designated by the Administrator). 
  
 (c) Although the Participant may designate the Funds according to Section 3.3(a) above, the Administrator may select from time to time, in its sole
discretion, for each of the Funds described in Section 3.3(a) above, a commercially available mutual fund or contract or an investment fund established with and administered by an investment manager selected by the Administrator. The Investment
Return of each such commercially available mutual fund, contract or investment fund shall be used to determine the amount of earnings to be credited to Participants’ Accounts under Article 4 although nothing set forth in this Plan shall require
an actual investment of monies in any such mutual fund or in any other Fund designated as a deemed investment vehicle for Bonus Deferrals. 
  

 11 

 3.4 Elections to Postpone Distribution or Change form of Distribution. 
  
 The Administrator may establish rules allowing a Participant to make a
subsequent election to postpone payment of Bonus Deferrals in accordance with the rules in this Section 3.4; provided that any such subsequent election shall be made in accordance with the requirements of Code section 409A and the regulations
thereunder and that no subsequent election may result in an impermissible acceleration of payment as described in Code section 409A and the regulations thereunder. The following rules shall apply to subsequent elections under the Plan: 

 
 A Participant may make a subsequent election to defer the payment to a
later Plan Year or to change the form of payment applicable to such Participant’s Account; provided that (i) the subsequent election must be made at least 12 months prior to the beginning of the Plan Year in which the first scheduled payment
was to occur, (ii) the subsequent election may not take effect until at least 12 months after the date on which the election is made, and (iii) except with respect to an election related to payment upon a financial hardship in accordance with
Section 6.3, the first payment with respect to which such election is made must be deferred for a period of not less than five years from the date such payment would otherwise have been made. 
  
 ARTICLE 4 
  
 ACCOUNTS 
  
 4.1 Bonus Deferrals. 
  
 The Administrator shall establish and maintain a separate Account with respect to each Participant. Each Participant’s Accounts may be further
divided into separate subaccounts 

  

 12 

 
(“subaccounts”), each of which corresponds to a Fund elected by the Participant pursuant to Section 3.3(a). A Participant’s Account shall be
credited as follows: 
  
 As soon as practicable after the end of
each Incentive Performance Period, the Administrator shall credit the Participant’s Account with an amount equal to the Bonus Compensation that would otherwise have been paid in accordance with the Bonus Compensation Deferral irrevocably
elected by the Participant in the Enrollment Form and in accordance with the Participant’s investment elections under Section 3.3(a). Any amount once taken into account as Bonus Compensation for purposes of this Plan shall not be taken into
account thereafter. The Participant’s Account shall be reduced by the amount of payments made by the Company to the Participant or the Participant’s Beneficiary pursuant to this Plan. 
  
 4.2 Company Contribution. 
  
 A Participant’s Account shall be further credited with the Company
Contribution for that Participant as follows: 
  
 (a) As soon as
practicable after the end of each Incentive Performance Period, the Administrator shall credit the Participant’s Account with an amount equal to the Company Contribution, if any. A Participant’s Company Contribution for any Plan Year shall
be equal to 10% of the Participant’s Bonus Deferral, but only to the extent Bonus Deferral does not exceed 50% of the Participant’s Bonus Compensation. The Company may also contribute as a Company Contribution an amount as determined
solely by the Administrator based on the performance of each Participant’s Financial Unit. 
  
 (b) As of the last day of each month, forfeitures that occur under Section 5.2 during such month shall be returned to the Company for its unrestricted
use. 
  

 13 

 4.3 Investment Return. 
  
 Each subaccount of a Participant’s Account shall, as of each business day, be increased with earnings and decreased
with losses in an amount equal to that determined by multiplying the balance credited to such subaccount as of the previous day by the Investment Return for the corresponding Fund pursuant to Section 3.3(a). 
  
 ARTICLE 5 
  
 VESTING 
  
 5.1 Bonus Deferral. 
  
 A Participant’s Bonus Deferral credited to his or her Account shall be 100% vested at all times. 
  
 5.2 Company Contribution. 
  
 (a) All Company Contributions credited to a Participant’s Account shall
become nonforfeitable in the following increments: (i) 20% upon the Participant’s completion of one Year of Participation, (ii) an additional 20% (40% total) upon completion of two Years of Participation, (iii) an additional 20% (60% total)
upon completion of three Years of Participation, (iv) an additional 20% (80% total) upon completion of four Years of Participation, and (v) the Account balance shall be fully nonforfeitable in its entirety on and after the Participant’s
completion of five Years of Participation. 
  

 14 

 (b) Notwithstanding Section 5.2(a) above, a Participant’s Account balance shall be fully
nonforfeitable in its entirety should: (i) the Participant die while providing service to the Company, (ii) the Participant become Disabled while providing service to the Company, or (iii) there occur a Change in Control. 
  
 (c) On a Participant’s Separation Date, the portion of the Company
Contribution credited to his or her Account which is not vested shall immediately be forever forfeited to the Company, and the Company shall have no obligation to the Participant (or Beneficiary) with respect to such forfeited amount. 
  
 ARTICLE 6 
  
 DISTRIBUTIONS 
  
 6.1 Form and Timing of Distribution. 
  
 (a) Subject to the installment limitations in Section 3.2(a). A Participant’s Account shall be distributed out at the time and manner elected by the
Participant in his or her Enrollment Forms. 
  
 6.2
Payout. 
  
 (a) Any lump sum benefit
payable under this Article 6 shall be paid as soon as administratively feasible after May 1 of the Plan Year elected by the Participant pursuant to Sections 3.2 and 3.4, as applicable, in an amount equal to the vested value of the portion of such
Account being distributed as of the business day the Funds are deemed to be liquidated to make the payment. 
  
 (b) Installment payments, if any, payable under this Article 6 shall commence as soon as administratively feasible after May 1 of the Plan Year elected by
the Participant pursuant to Sections 

  

 15 

 
3.2 and 3.4, as applicable, in an amount equal to (i) the vested value of such portion of such Account being distributed as of the business day the Funds are
deemed to be liquidated to make the payment, divided by (ii) the number of installment payments elected by the Participant in the Enrollment Form pursuant to which such Account was established. The remaining installments shall be paid in an amount
equal to (i) the vested value of such portion of the Account being distributed as of the business day the Funds are deemed to be liquidated to make the payment divided by (ii) the number of installments remaining. 
  
 6.3 Financial Hardship of Participant. 
  
 (a) At any time prior to commencement of payment pursuant to this Article 6,
a Participant may request payment to him or her of all or a portion of the amounts that the Participant has deferred under the Plan. The decision to approve or deny such a request shall be in the absolute discretion of the Administrator. However,
such a request shall be approved only upon a finding that the Participant has suffered a severe financial hardship which has resulted from an illness or accident of the Participant, the Participant’s spouse, or a dependent (as defined in Code
section 152(a)) of the Participant, loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the Participant’s control, and then only in an
amount necessary to eliminate such hardship plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution, after taking into account the extent to which such hardship is or may be relieved through reimbursement or
compensation by insurance or by liquidation of the Participant’s assets (to the extent the liquidation of such assets would not itself cause severe financial hardship). In the event such a request is approved, payment of all or a portion

  

 16 

 
of the amounts previously deferred by the Participant, with credited interest, to the extent approved by the Administrator, shall be made as soon as
practicable to the Participant. Amounts otherwise payable to a Participant hereunder shall be adjusted (as determined by the Administrator in its absolute discretion) to take into account such financial hardship payment. The Administrator shall
administer hardship distribution requests consistently with Code section 409A and the regulations thereunder. 
  
 6.4 Permissible Distribution Event. 
  
 Notwithstanding any provision of the Plan to the contrary, no distributions shall be made except upon a specified date or event as permitted pursuant to Code section 409A and the regulations thereunder. 
  
 6.5 Payment by Trust. 
  
 The Company may cause the payment of benefits under this Plan to be made in
whole or in part by the trustee of a trust designated by the Administrator (the “Trust”). The Administrator may direct the Trustee to pay the Participant’s or Beneficiary’s benefit at the time and in the amount described herein.
In the event the amounts allocated to the Participant under the Trust are not sufficient to provide the full amount of benefit payable to the Participant, the Company shall pay the remainder of such benefit. 
  
 6.6 Inability to Locate Participant. 
  
 In the event that the Administrator is unable to locate a Participant or
Beneficiary within two years following the date the Participant was to commence receiving payment, the entire amount allocated to the Participant’s Account shall be forfeited. If, after such forfeiture, the Participant or 

  

 17 

 
Beneficiary later claims such benefit, such benefit shall be reinstated without interest or earnings from the date payment was to commence pursuant to the
Participant’s elections under Sections 3.2 and 3.4, as applicable. 
  
 ARTICLE 7 
  
 CHANGE IN CONTROL 

 
 In the event of a Change in Control, any Participant shall receive a
distribution of 100% of the value of the Participant’s Accounts in a lump sum within 30 days following the date the Change in Control is consummated, in an amount equal to the value of such Accounts as of the business day the Funds are deemed
to be liquidated to make the payment. 
  
 ARTICLE 8

  
 DEATH AND DISABILITY BENEFITS 
  
 Upon the death or Disability of a Participant before his or her Account(s)
has been paid in full (either in a lump sum or installment payments), his or her Beneficiary shall receive the balance of the Participant’s vested Account as of the date of death, or Disability, as adjusted by subsequent gains or losses prior
to distribution, in the form of a lump sum payment as soon as reasonably practicable following the date of the Participant’s death. 
  
 ARTICLE 9 
  
 CLAIMS PROCEDURES 
  
 9.1 Claims. 
  
 A Participant or,
following the Participant’s death, a Beneficiary (collectively referred to in this section as “Claimant”) may submit a claim for benefits under the Plan. Any claim for benefits 

  

 18 

 
under this Plan shall be made in writing to the Administrator. If such claim for benefits is wholly or partially denied, the Administrator shall, within 90
days after receipt of the claim, notify the Claimant of the denial of the claim unless special circumstances require an extension of time for processing the claim, which extension shall not exceed 180 days from receipt of the claim. If such
extension is required, written notice of the extension shall be furnished to the Claimant prior to the termination of the initial 90-day period and shall indicate the special circumstances requiring an extension of time and the date by which the
Administrator expects to render a final decision. A notice of denial shall be in writing, shall be written in a manner calculated to be understood by the Claimant, and shall contain the specific reason or reasons for denial of the claim, a specific
reference to the pertinent Plan provisions upon which the denial is based, a description of the additional material or information (if any) necessary to perfect the claim, together with an explanation of why such material or information is
necessary, and an explanation of the claims review procedure set forth below, including a statement of the Claimant’s right to bring a civil action under section 502(a) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”) following an adverse benefit determination on review. 
  
 9.2 Appeal. 
  
 Within 60 days after the
receipt by a Claimant of a written notice of denial of a claim, the Claimant may file a written request with the Administrator that it conduct a full and fair review of the denial of the claim for benefits. The Claimant, or duly authorized
representative, shall receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other 

  

 19 

 
information relevant to the Claimant’s claim for benefits. The Claimant, or duly authorized representative may also submit written comments, documents,
records and other information relating to the claim for benefits, and the review will take into account such items whether or not they were considered in the initial benefit determination. 
  
 The Administrator shall deliver to the Claimant, or authorized
representative, a written decision on the claim within 60 days after the receipt of the request for review, except that if there are special circumstances that require an extension of time, the 60-day period may be extended to 120 days. If such
extension is required, written notice shall be furnished to the Claimant, or authorized representative, prior to the termination of the initial 60-day period and shall indicate the special circumstances requiring an extension of time and the date by
which the final decision will be rendered. The decision shall be written in a manner calculated to be understood by the Claimant, include the specific reason or reasons for the decision, include a statement that the Claimant is entitled to receive
upon request and free of charge, access to and copies of all documents and other information relevant to the claim, contain a specific reference to the pertinent Plan provisions upon which the decision is based, and include a statement describing
any voluntary appeal procedures offered by the Plan and a statement of the Claimant’s right to bring an action under section 502(a) of ERISA. 
  
 9.3 Authority. 
  
 The Administrator, in determining claims for benefits, shall have the complete discretion to review and determine related factual questions, to construe
the terms of the Plan, and to bind the Company with respect to the Plan. 
  

 20 

 ARTICLE 10 
  

ADMINISTRATION 
  
 10.1 Powers and Duties of the Administrator. 
  
 (a) The Administrator, on behalf of the Participants and their Beneficiaries, shall enforce the Plan in accordance with its terms, shall be charged with
the general administration of the Plan, and shall have all powers necessary to accomplish its purposes, including, but not by way of limitation, the following: 
  

(i) To select the mutual funds, contracts or investment funds to be the Funds in accordance with Section 3.3(b) hereof; 
  
 (ii) To construe and interpret the terms and provisions of
this Plan and to make factual determinations; 
  
 (iii) To compute and certify to the amount and kinds of benefits payable to Participants and their Beneficiaries; 
  
 (iv) To maintain all records that may be necessary for the administration of the Plan; 
  
 (v) To provide for the disclosure of all information and the
filing or provision of all reports and statements to Participants, Beneficiaries or governmental agencies as shall be required by law; 
  
 (vi) To make and publish such rules for the regulation of the Plan and procedures for the administration of the Plan as are not
inconsistent with the terms hereof; and 
  

 21 

 (vii) To appoint a plan administrator or any other agent, and to delegate to them such
powers and duties in connection with the administration of the Plan as the Administrator may from time to time prescribe. 
  
 (viii) On behalf of the Company, to determine who shall be Eligible Employees. 
  
 10.2 Construction and Interpretation. 
  
 (a) The Administrator shall have full discretion to construe and interpret
the terms and provisions of this Plan, which interpretation or construction shall be final and binding on all parties, including but not limited to, the Company and any Participant or Beneficiary. The Administrator shall administer such terms and
provisions in a uniform and nondiscriminatory manner and in full accordance with any and all laws applicable to the Plan. 
  
 (b) Nothing contained in the Plan shall be construed to prevent the Company from taking any action which is deemed by it to be appropriate or in its best
interest. No Participant, Beneficiary, or other person shall have any claim against the Company as a result of such action. Any decisions, actions or interpretations to be made under the Plan by the Company or the Board, or the Administrator acting
on behalf of the Company, shall be made in its respective sole discretion, not as a fiduciary, need not be uniformly applied to similarly situated individuals and shall be final, binding and conclusive on all persons interested in the Plan.

  
 10.3 Information. 
  
 To enable the Administrator to perform its functions, the Company shall
supply full and timely information to the Administrator on all matters relating to the Bonus Compensation of all Participants, their death, Disability, or other cause of termination, and such other pertinent facts as the Administrator may require.

  

 22 

 10.4 Compensation, Expenses and Indemnity. 
  
 (a) The Administrator is authorized at the expense of the Company to employ such legal counsel as it may deem advisable to
assist in the performance of its duties hereunder. Expenses and fees in connection with the administration of the Plan shall be paid by the Company. 
  
 (b) To the extent permitted by applicable state law, the Company shall indemnify and save harmless the Administrator and each member thereof, the Board
and any delegate of the Administrator who is an employee of the Company against any and all expenses, liabilities and claims, including legal fees to defend against such liabilities and claims arising out of their discharge in good faith of
responsibilities under or incident to the Plan, other than expenses and liabilities arising out of willful misconduct. This indemnity shall not preclude such further indemnities as may be available under insurance purchased by the Company or
provided by the Company under any bylaw, agreement or otherwise, as such indemnities are permitted under state law. 
  
 10.5 Quarterly Statements. 
  
 Under procedures established by the Administrator, a Participant shall receive a statement with respect to such Participant’s Accounts no less than
annually. 
  
 10.6 Administrative Fees. 
  
 While the Participant remains employed by the Company, the Company and the
Participant will share administrative fees in the Plan in a percentage determined by the Administrator. After a Participant’s Separation Date, the Participant’s will pay all of the administrative fees under the Plan. The fees that the
Participant is responsible for paying will be deducted from his or her Account. 
  

 23 

 ARTICLE 11 
  

MISCELLANEOUS 
  
 11.1 Unsecured General Creditor. 
  
 Participants and their Beneficiaries, heirs, successors, and assigns shall have no legal or equitable rights, claims, or interest in any specific property
or assets of the Company. No assets of the Company shall be held under any trust, or held in any way as collateral security for the fulfilling of the obligations of the Company under this Plan. Any and all of the Company’s assets shall be, and
remain, the general unpledged, unrestricted assets of the Company. The Company’s obligation under the Plan shall be merely that of an unfunded and unsecured promise of the Company to pay money in the future, and the rights of the Participants
and Beneficiaries shall be no greater than those of unsecured general creditors. 
  
 11.2 Restriction Against Assignment. 
  
 The Company shall pay all amounts payable hereunder only to the person or persons designated by the Plan and not to any other person or corporation. No part of a Participant’s Accounts shall be liable for the debts, contracts, or
engagements of any Participant, his or her Beneficiary, or successors in interest, nor shall a Participant’s Accounts be subject to execution by levy, attachment, or garnishment or by any other legal or equitable proceeding, nor shall any such
person have any right to alienate, anticipate, commute, pledge, encumber, or assign any benefits or payments hereunder in any manner whatsoever. If any Participant, Beneficiary or successor in interest is adjudicated bankrupt or purports to
anticipate, alienate, sell, transfer, assign, pledge, 

  

 24 

 
encumber or charge any distribution or payment from the Plan, voluntarily or involuntarily, the Administrator, in its discretion, may cancel such
distribution or payment (or any part thereof) to or for the benefit of such Participant, Beneficiary or successor in interest in such manner as the Administrator shall direct. 
  
 11.3 Withholding. 
  
 There shall be deducted from each payment made under the Plan or any other compensation payable to the Participant (or Beneficiary) all taxes which are
required to be withheld by the Company in respect to such payment or this Plan. The Company shall have the right to reduce any payment (or compensation) by the amount of cash sufficient to provide the amount of said taxes. 
  
 11.4 Amendment, Modification, Suspension or Termination. 
  
 It is the intention of the Company to continue the Plan and to distribute
benefits to Participants in accordance with Article 6 in the absence of the development of circumstances concerning construction or operation of the Plan which are materially adverse to the Company or the Participants. However, the Board may at any
time, or from time to time, in its sole discretion amend or terminate the Plan in any manner that the Board deems appropriate, including amending or terminating outstanding deferral elections, if necessary or appropriate to comply with changes to
applicable law, without the consent of any Participant. In the event the Board acts to terminate the Plan, distribution to Participant shall be made in accordance with Article 6, unless an alternative method of distribution is permitted under
applicable law. 
  

 25 

 11.5 Governing Law. 
  
 This Plan shall be construed, governed and administered in accordance with the laws of the State of Texas. 
  
 11.6 Receipt or Release. 
  
 Any payment to a Participant or the Participant’s Beneficiary in
accordance with the provisions of the Plan shall, to the extent thereof, be in full satisfaction of all claims against the Administrator, the Company and the Trustee. The Administrator may require such Participant or Beneficiary, as a condition
precedent to such payment, to execute a receipt and release to such effect. 
  
 11.7 Payments on Behalf of Persons Under Incapacity. 
  
 In the event that any amount becomes payable under the Plan to a person who, in the sole judgement of the Administrator, is considered by reason of physical or mental condition to be unable to give a valid receipt
therefore, the Administrator may direct that such payment be made to any person found by the Administrator, in its sole judgement, to have assumed the care of such person. Any payment made pursuant to such determination shall constitute a full
release and discharge of the Administrator and the Company. 
  

 26 

 11.8 Headings. 
  
 Headings and subheadings in this Plan are inserted for convenience of reference only and are not to be considered in the
construction of the provisions hereof. 
  
 IN WITNESS WHEREOF, the
Company has caused this document to be executed by its duly authorized officer on this 23rd day of May, 2005. 
  

			
	CLUBCORP, INC.
		
	 By:
	 	 /s/ John H. Longstreet

	 Its:
	 	SVP, People Strategy

  

 27

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