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Exhibit 10.1.3    
    

 
 

TERMINATION OF EMPLOYMENT AGREEMENT    
    

        This Termination of Employment (the "Agreement") is made and entered into by and between Golf Trust of America, Inc. ("GTA") and W. Bradley Blair, II
("WBB"). 

        WHEREAS,
WBB has been employed by GTA as its President and Chief Executive Officer since 1997, and 

        WHEREAS,
GTA and WBB have reached a mutual agreement regarding (i) the termination of WBB's employment effective upon (A) the approval of the termination of GTA's Plan of
Liquidation and Dissolution by its stockholders at the Special Meeting of Stockholders to be held on November 8, 2007 (the "Special Meeting"), and (B) the adjournment of the Special
Meeting (together, the "Termination Trigger"), and (ii) GTA's retention of WBB as a consultant post-employment, and 

        WHEREAS,
this Agreement is intended to set forth the terms and conditions of WBB's termination of employment, and to resolve all issues between the parties as to their mutual
obligations. 

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

        1.     Termination of Employment.    GTA shall continue to employ WBB in his current capacity and at his current base
salary and compensation plan until the Termination Trigger. Following the Termination Trigger, WBB shall be retained as a consultant to GTA in accordance with the terms and conditions of the
Consulting Agreement attached hereto as Exhibit A (the "Consulting Agreement"), such Consulting Agreement to be executed by the parties thereto immediately following the Termination Trigger. 

        2.     Compensation.    WBB shall be paid all salary and benefits through and including November 8, 2007, plus a
lump sum for accrued and unused vacation time, to be paid in accordance with GTA's customary payroll practices. 

        3.     Waiver of Notice.    GTA and WBB each waive the notice requirements with respect to termination of employment
set forth in that certain Second Amended and Restated Employment Agreement, dated February 25, 2001, as amended as of March 22, 2004, by and between GTA and WBB. 

        4.     D&O Insurance.    GTA 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, GTA 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 GTA hereby agrees, or agrees to cause any successor, to exercise such option to purchase additional coverage in the event of a "change of control."
In the event that GTA is liquidated, dissolved or otherwise ceases to exist as a valid entity, GTA will purchase a D&O Policy to afford tail coverage for WBB effective through the date that is ten
years from the date of this Agreement. GTA further agrees to defend, indemnify and exculpate WBB 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 GTA of the covenants set forth in this paragraph 4. GTA acknowledges that Article X of its Bylaws, as currently
constituted, will continue to apply to WBB. GTA acknowledges and agrees that the rights set forth in this paragraph 4 are in addition to any rights that WBB may have under the Policy or GTA's
Bylaws or otherwise with respect to indemnification for actions undertaken during his service to GTA. 

 

        5.     Releases.

	(a)
	GTA,
intending to be legally bound, and for and in consideration of the release given and obligations undertaken pursuant to this Agreement, does for itself, and any of its
successors, predecessors, parent, subsidiaries, affiliates, assigns, directors, officers, shareholders, agents, employees and attorneys acting on its behalf, hereby remise, release and forever
discharge WBB, his heirs, executors, administrators, successors and assigns (the "WBB Parties") from any and all actions and causes of action, claims and demands, suits, damages, judgments, attorneys'
fees, expenses, debts, contracts, agreements and any and all other claims of any nature whatsoever ("Claims") against the WBB Parties, whether known or unknown, asserted or unasserted, past, present
or future, which GTA might have or could claim against the WBB Parties; provided, however, this release by GTA is not intended to cover any Claims for nonperformance by WBB of his obligations under
this Agreement or the Consulting Agreement; and provided, further, that this release by GTA is not intended to cover any Claims resulting from fraud, willful misconduct or criminal misconduct of any
WBB Party. Nothing in this paragraph shall be read to waive or release the rights of GTA to enforce the terms of this Agreement.

	(b)
	WBB,
intending to be legally bound, and for and in consideration of the release given and obligations undertaken pursuant to this Agreement, does for himself, and for any of his
heirs, executors, administrators, successors and assigns acting on his behalf, hereby remise, release and forever discharge GTA, its successors, predecessors, parent, subsidiaries, affiliates,
assigns, directors, officers, shareholders, agents and employees (the "GTA Parties") from any and all Claims against the GTA Parties, whether known or unknown, asserted or unasserted, past, present or
future, which WBB might have or could claim against the GTA Parties; provided, however, this release by WBB is not intended to cover any Claims for nonperformance by GTA of its obligations under this
Agreement or the Consulting Agreement; and provided, further, that this release by WBB is not intended to cover any Claims resulting from fraud, willful misconduct or criminal misconduct of any GTA
Party. Nothing in this paragraph shall be read to waive or release the rights of WBB to enforce the terms of this Agreement, including but not limited to the rights set forth in paragraph 4
hereof. 

        6.     Confidentiality.    WBB agrees to maintain the terms of this Agreement as confidential and neither WBB nor any
person or entity acting on his behalf shall disclose (except to his spouse, and to his legal, business, and financial advisors) any such terms of this Agreement to any third party, without the written
consent of GTA, unless and only to the extent that such disclosure is required by law. 

        7.     Nondisparagement.    WBB agrees that neither he nor anyone acting on his behalf shall make any derogatory or
disparaging statement about GTA, its affiliates, or any of their respective officers, directors, employees, agents, successors or assigns of the business or any of the services, activities, operations
or programs of GTA or its affiliates. GTA agrees that no one acting on its behalf shall make any derogatory or disparaging statement about WBB or his affiliates. 

        8.     Review Period.    A copy of this Agreement was delivered to WBB on November 7,
2006. WBB acknowledges that he has been given a period of twenty-one (21) days within which to consider this Agreement, that he has been given an opportunity
to consult with an attorney of his own choosing in deciding to execute this Agreement, and that he enters into this Agreement knowingly, voluntarily, free of duress or coercion, and with a full
understanding of all terms and conditions contained therein. If WBB elects to sign this Agreement before the twenty-one (21) day period elapses, he does so knowingly, voluntarily,
free of duress or coercion, and with a full understanding of his right to have such time to review this Agreement. 

        9.     Revocation Period.    WBB understands that he has a period of seven calendar days from the date he signs this
Agreement to revoke this Agreement. WBB agrees that he must provide written 

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notice
of revocation of this Agreement, by letter, facsimile, or e-mail correspondence, should he wish to exercise his right to revoke this Agreement. 

        10.   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 GTA:	 	Golf Trust of America, Inc.

10 North Adger's Wharf

Charleston, SC 29401

Attn: President
	 	
 To WBB:	
 	

W. Bradley Blair, II
	 	 	At the address currently on record with GTA

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

        11.   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. 

        12.   Entire Agreement.    This Agreement contains the entire understanding and agreement between the parties with
respect to the matters set forth herein, supersedes any other agreements between the parties hereto concerning the subject matter hereof, and may not be amended, supplemented, changed, or modified in
any manner, orally, or otherwise, except by an instrument in writing, executed by all parties hereto. 

        13.   Governing Law.    This Agreement and all questions relating to its validity, interpretation, performance or
enforcement, shall be governed by and construed in accordance with the laws of the State of South Carolina, 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. 

        14.   Successors.    This Agreement is binding on the parties hereto, and their respective heirs, representatives,
successors and assigns except that no party may assign or transfer such party's rights or obligations under this Agreement without the prior written consent of the other party. 

        15.   Counterparts.    This Agreement may be executed in counterparts, each of which shall be deemed an original, but
all of which together will constitute one and the same instrument. 

        16.   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 GTA or WBB. 

*
* * * * 

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	 	Golf Trust of America, Inc.
	

 	

/s/  TRACY S. CLIFFORD      
 By: Tracy S. Clifford

Title: Secretary

Date: 11-8-07
	

 	

/s/  W. BRADLEY BLAIR, II      
 W. Bradley Blair, II

Date: 11-8-07

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Exhibit 10.1.3

TERMINATION OF EMPLOYMENT AGREEMENTQuickLinks
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Exhibit 10.1.4    
    

 
 

[Golf Trust Letterhead]    

 
 

November 8, 2007    

The
Blair Group, LLC

Charleston, South Carolina

Attention: W. Bradley Blair, II 

        Re: Consulting Agreement

Dear
Brad: 

        This
letter is intended to constitute the consulting agreement (the "Consulting Agreement") between The Blair Group, LLC (the "Firm") and Golf Trust of America, Inc.
("GTA"). 

        1.     Consultant's Duties.    GTA hereby engages the Firm to provide W. Bradley Blair II as a consultant and general
advisor to GTA (the "Consultant"), and the Firm hereby accepts such engagement, upon the terms and subject to the conditions of this Consulting Agreement. During the Term (as defined below),
Consultant shall be reasonably available upon request to provide assistance and advice with respect to the following matters (the "Consulting Services"): post-closing matters related to
the sale of the Innisbrook Resort; strategic considerations in the sale of GTA's properties known as Stonehenge; litigation support; and general consultation with senior management of GTA. Requests
for, and coordination of, Consulting Services will be made by the Chief Executive Officer of GTA (the "CEO"). During the Term, Consultant is entitled to work for other companies or persons subject to
the limitations of this Consulting Agreement, but the Firm agrees that the Consultant will be able to perform the above described Consulting Services and that the Firm may not substitute any other
person to provide the Consulting Services. 

        2.     Compensation.    As compensation for Consulting Services during the Term, GTA agrees to pay the Firm an hourly
fee at the rate of $400 per hour the ("Fees"). In addition, GTA agrees to reimburse the Firm for reasonable expenses incurred by the Consultant in conjunction with the provision of Consulting
Services. GTA agrees to pay the Fees and reimbursable expenses within 15 days after receiving an invoice, in reasonable detail, from the Firm. 

        3.     GTA Assistance.    In connection with the provision of Consulting Services by the Firm in accordance with the
procedures set forth in paragraph 1 above, GTA will provide the Consultant with the following during the Term: (i) parking at the corporate offices of GTA or reasonable reimbursement for
the same; (ii) continued use of the Consultant's GTA-provided Blackberry, access to GTA's business records and access to GTA's network server for offsite performance of the
Consulting Services; (iii) reasonable work space and use of office equipment and resources at GTA's corporate office for use in the provision of the Consulting Services; and (iv) access
to administrative support at GTA's corporate office. 

        4.     Authority.    The Consultant agrees that he will not represent himself as an officer, principal or employee of
GTA. The Consultant also agrees that he will not exceed the specific authority granted under this Consulting Agreement or cause anyone to believe that he has any authority to represent or bind GTA to
any matter beyond the scope of the described Consulting Services. 

        5.     Independent Contractor.    Both the Firm and GTA agree that this Consulting Agreement will not create any
employment, partnership or joint venture relationship between GTA and the Firm or the Consultant. The Firm and the Consultant each agrees to conduct itself at all times as an independent contractor,
and the Firm agrees to pay any wages, taxes, insurance or other obligations, including obligations for any persons retained to perform the Consulting Services. Also, nothing under this Consulting
Agreement shall create any joint or shared employment relationship between the parties. 

 

The
Firm will be solely responsible for payment of any taxes or other amounts resulting from compensation for the Consulting Services 

        6.     Confidentiality.    It is stipulated and agreed that the Firm and the Consultant have knowledge of, and may
become aware of additional, confidential and privileged information relating to GTA's business, including but not limited to business strategies, details of contracts and correspondence, budget and
financial information, selective personnel matters and other confidential material regarded by GTA as proprietary and confidential (the "Confidential Information"); provided, that any such information
that becomes available to the public through means other than disclosure by the Firm or the Consultant will not be deemed Confidential Information. The Firm and the Consultant agree that the
Confidential Information belongs to and is a key part of the assets and goodwill of GTA, and that the unauthorized use or disclosure of the Confidential Information would seriously damage GTA in its
business. The Firm and the Consultant agree that during the Term and thereafter, each of them will not directly or indirectly use, reveal, or allow to be revealed any Confidential Information except
as expressly authorized by GTA or as required by law. Upon the termination of this Consulting Agreement, the Firm and the Consultant agree to return any Confidential Information in their possession to
GTA. 

        7.     Term and Termination.    This Consulting Agreement shall commence on November 8, 2007 and shall continue
through June 8, 2008 (the "Term"). GTA may terminate this Consulting Agreement, upon 30 days notice, if such termination is based upon any material breach of this Consulting Agreement by
the Firm or the Consultant. The Firm may terminate this Consulting Agreement upon 30 days notice. If this Consulting Agreement is terminated pursuant to this paragraph 7, GTA will
continue to make the payments provided for in paragraph 2 through the date of termination. 

        8.     Indemnity.    GTA hereby agrees to indemnify and hold harmless the Firm and the Consultant and any of their
respective affiliates (the "Indemnified Persons") from and against all claims, liabilities, losses, damages and expenses (including reasonable legal fees and disbursements of counsel) (collectively,
the "Losses") in connection with, relating to or arising out of the Consulting Services; provided, that GTA shall not be required to provide such indemnification to the extent that any such Losses are
finally determined by a court of competent jurisdiction to have resulted primarily from the gross negligence, willful misconduct or bad faith of the Firm or the Consultant. 

        9.     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 GTA:	 	Golf Trust of America, Inc.

10 North Adger's Wharf

Charleston, SC 29401

Attn: President
	 	
 To the Firm:	
 	

The Blair Group LLC

At the address currently on record with GTA

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

        10.   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 Consulting Agreement. 

        11.   Entire Agreement.    This Consulting Agreement contains the entire understanding and agreement between the
parties with respect to the matters set forth herein, supersedes any other 

2

 

agreements
between the parties hereto concerning the subject matter hereof, and may not be amended, supplemented, changed, or modified in any manner, orally or otherwise, except by an instrument in
writing, executed by all parties hereto. 

        12.   Controlling Law.    This Consulting Agreement and all questions relating to its validity, interpretation,
performance or enforcement, shall be governed by and construed in accordance with the laws of the State of South Carolina, notwithstanding any South Carolina or other
conflict-of-interest provisions to the contrary. All judicial proceedings in connection with this Consulting 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. 

        13.   Successors.    This Consulting Agreement is binding on the parties hereto, and their respective heirs,
representatives, successors and assigns except that no party may assign or transfer such party's rights or obligations under this Agreement without the prior written consent of the other party. 

        14.   Counterparts.    This Consulting Agreement may be executed in counterparts, each of which shall be deemed an
original, but all of which together will constitute one and the same instrument. 

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

	 	Sincerely,
	

 	

Golf Trust of America, Inc.
	

 	

/s/  MICHAEL PEARCE      
 By: Michael Pearce

Title: Chief Executive Officer
	

Acknowledged and Agreed:	

 
	

The Blair Group LLC	

 
	

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

Title: Manager

Date: 11-8-07	

 

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QuickLinks

Exhibit 10.1.4

[Golf Trust Letterhead]

November 8, 2007

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