Document:

Form of Indemnity Agreement between the Registrant & its directors and officers

 Exhibit 10.21 
  
 INDEMNIFICATION AGREEMENT 
  
 INDEMNIFICATION AGREEMENT, effective as of
[            ][            ], 200[    ], by and between AngioDynamics, Inc., a Delaware corporation (the
“Company”), and [            ] (the “Indemnitee”). 
  
 WHEREAS, it is essential to the Company to retain and attract as directors and officers the most capable persons available; and 
  
 WHEREAS, the Indemnitee is a director or officer of the Company; and

  
 WHEREAS, both the Company and the Indemnitee recognize
the increased risk of litigation and other claims being asserted against directors and officers of public companies in today’s environment; and 
  
 WHEREAS, the Certificate of Incorporation and By-laws of the Company require the Company to indemnify and advance expenses to its directors and
officers to the fullest extent permitted by law and the Indemnitee has been serving and continues to serve as a director or officer of the Company in part in reliance on such provisions of the Certificate of Incorporation and By-laws of the Company;
and 
  
 WHEREAS, in recognition of Indemnitee’s need
for substantial protection against personal liability in order to enhance Indemnitee’s continued service to the Company in an effective manner and Indemnitee’s reliance on the aforesaid provisions of the Certificate of Incorporation and
By-laws of the Company, and in part to provide Indemnitee with specific contractual assurance that the protection promised by such provisions of the Certificate of Incorporation and By-laws of the Company will be available to Indemnitee (regardless
of, among other things, any amendment to or revocation of such provisions or any change in the composition of the Company’s Board of Directors or acquisition transaction relating to the Company), the Company wishes to provide in this Agreement
for the indemnification of and the advancing of expenses to Indemnitee to the fullest extent (whether partial or complete) permitted by law and as set forth in this Agreement and for the continued coverage of Indemnitee under the Company’s
directors’ and officers’ liability insurance policies. 
  
 NOW, THEREFORE, in consideration of the premises and of the Indemnitee continuing to serve the Company directly or, at its request, another enterprise, and intending to be legally bound hereby, the parties hereto agree as follows:

 1. Certain Definitions: 
  

	 	(a)	Change in Control: shall be deemed to have occurred if (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”)), other than a trustee or other fiduciary holding securities under an employee benefit plan of the Company or a corporation owned directly or indirectly by the stockholders of the Company in substantially the
same proportions as their ownership of stock of the Company, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 20% or more of the total
voting power represented by the Company’s then outstanding Voting Securities, or (ii) during any period of two consecutive years, individuals who at the beginning of such period constitute the Board of Directors of the Company and any new
director whose election by the Board of Directors or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of
the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof, or (iii) the stockholders of the Company approve a merger or consolidation of the Company with any other
corporation, other than a merger or consolidation which would result in the Voting Securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into Voting Securities
of the surviving entity) at least 80% of the total voting power represented by the Voting Securities of the Company or such surviving entity outstanding immediately after such merger or consolidation, or the stockholders of the Company approve a
plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of (in one transaction or a series of transactions) all or substantially all the Company’s assets. 

  

	 	(b)	Claim: any threatened, pending or completed action, suit or proceeding, or any inquiry or investigation, whether instituted by the Company or any other party, that Indemnitee
in good faith believes might lead to the institution of any such action, suit or proceeding, whether civil, criminal, administrative, investigative or other. 

  

	 	(c)	Expenses: include attorneys’ fees and all other costs, expenses and obligations paid or incurred in connection with investigating, defending, being a witness in or
participating in (including on appeal), or preparing to defend, be a witness in or participate in, any Claim relating to any Indemnifiable Event. 

  

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	 	(d)	Indemnifiable Event: any event or occurrence related to the fact that Indemnitee is or was a director, officer, employee, agent or fiduciary of the Company, or is or was
serving at the request of the Company as a director, officer, employee, trustee, agent or fiduciary of another corporation, partnership, joint venture, employee benefit plan, trust or other enterprise, or by reason of anything done or not done by
Indemnitee in any such capacity. 

  

	 	(e)	Independent Legal Counsel: an attorney or firm of attorneys, selected in accordance with the provisions of Section 3, who shall not have otherwise performed services for the
Company or Indemnitee within the last five years (other than with respect to matters concerning the rights of Indemnitee under this Agreement, or of other indemnitees under similar indemnity agreements). 

  

	 	(f)	Reviewing Party: any appropriate person or body consisting of a member or members of the Company’s Board of Directors or any other person or body appointed by the Board
who is not a party to the particular Claim for which Indemnitee is seeking indemnification, or Independent Legal Counsel. 

  

	 	(g)	Voting Securities: any securities of the Company which vote generally in the election of directors. 

  
 2. Basic Indemnification Arrangement. (a) In the event Indemnitee was,
is or becomes a party to or witness or other participant in, or is threatened to be made a party to or witness or other participant in, a Claim by reason of (or arising in part out of) an Indemnifiable Event, the Company shall indemnify Indemnitee
to the fullest extent permitted by law as soon as practicable but in any event no later than thirty days after written demand is presented to the Company, against any and all Expenses, judgments, fines, penalties and amounts paid in settlement
(including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties or amounts paid in settlement) of such Claim. If so requested by Indemnitee, the Company shall
advance (within two business days of such request) any and all Expenses to Indemnitee (an “Expense Advance”). Notwithstanding anything in this Agreement to the contrary, Indemnitee shall not be entitled to indemnification pursuant to this
Agreement in connection with any Claim initiated by Indemnitee unless the Board of Directors has authorized or consented to the initiation of such Claim. 
  
 (b) Notwithstanding the foregoing, (i) the obligations of the Company under Section 2(a) shall be subject to the condition that the Reviewing Party shall
not have determined (in a written opinion, in any case in which the Independent Legal Counsel referred to in Section 3 hereof is involved) that Indemnitee would not be 
  

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 permitted to be indemnified under applicable law, and (ii) the obligation of the Company to make an Expense Advance
pursuant to Section 2(a) shall be subject to the condition that, if, when and to the extent that the Reviewing Party determines that Indemnitee would not be permitted to be so indemnified under applicable law, the Company shall be entitled to be
reimbursed by Indemnitee (who hereby agrees to reimburse the Company) for all such amounts theretofore paid; provided, however, that if Indemnitee has commenced or thereafter commences legal proceedings in a court of competent jurisdiction to secure
a determination that Indemnitee should be indemnified under applicable law, any determination made by the Reviewing Party that Indemnitee would not be permitted to be indemnified under applicable law shall not be binding and Indemnitee shall not be
required to reimburse the Company for any Expense Advance until a final judicial determination is made with respect thereto (as to which all rights of appeal therefrom have been exhausted or lapsed). If there has not been a Change in Control, the
Reviewing Party shall be selected by the Board of Directors, and if there has been such a Change in Control (other than a Change in Control which has been approved by a majority of the Company’s Board of Directors who were directors immediately
prior to such Change in Control), the Reviewing Party shall be the Independent Legal Counsel referred to in Section 3 hereof. If there has been no determination by the Reviewing Party or if the Reviewing Party determines that Indemnitee
substantively would not be permitted to be indemnified in whole or in part under applicable law, Indemnitee shall have the right to commence litigation in any court in the States of New York or Delaware having subject matter jurisdiction thereof and
in which venue is proper seeking an initial determination by the court or challenging any such determination by the Reviewing Party or any aspect thereof, including the legal or factual bases therefor, and the Company hereby consents to service of
process and to appear in any such proceeding. Any determination by the Reviewing Party otherwise shall be conclusive and binding on the Company and Indemnitee. 
  

3. Change in Control. The Company agrees that if there is a Change in Control of the Company (other than a Change in Control which has been
approved by a majority of the Company’s Board of Directors who were directors immediately prior to such Change in Control) then with respect to all matters thereafter arising concerning the rights of Indemnitee to indemnity payments and Expense
Advances under this Agreement or any other agreement or provision of the Company’s Certificate of Incorporation or By-Laws now or hereafter in effect relating to Claims for Indemnifiable Events, the Company shall seek legal advice only from
Independent Legal Counsel selected by Indemnitee and approved by the Company (which approval shall not be unreasonably withheld). Such counsel, among other things, shall render its written opinion to the Company and Indemnitee as to whether and to
what extent the Indemnitee would be permitted to be indemnified under applicable law. The Company agrees to pay the reasonable fees of the Independent Legal Counsel referred to above and to indemnify fully such counsel against any and all expenses
(including attorneys’ fees), claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto. 
  

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 4. Indemnification for Additional Expenses. The Company shall indemnify Indemnitee against any and
all expenses (including attorneys’ fees) and, if requested by Indemnitee, shall (within two business days of such request) advance such expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee
for (i) indemnification or advance payment of Expenses by the Company under this Agreement or any other agreement or provision of the Company’s Certificate of Incorporation or By-Laws now or hereafter in effect relating to Claims for
Indemnifiable Events and/or (ii) recovery under any directors’ and officers’ liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advance
expense payment or insurance recovery, as the case may be. 
  
 5.
Partial Indemnity, Etc. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the Expenses, judgments, fines, penalties and amounts paid in settlement of a Claim but not,
however, for all of the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled. Moreover, notwithstanding any other provision of this Agreement, to the extent that Indemnitee
has been successful on the merits or otherwise in defense of any or all Claims relating in whole or in part to an Indemnifiable Event or in defense of any issue or matter therein, including dismissal without prejudice, Indemnitee shall be
indemnified against all Expenses incurred in connection therewith. 
  
 6. Burden of Proof. In connection with any determination by the Reviewing Party or otherwise as to whether Indemnitee is entitled to be indemnified hereunder the burden of proof shall be on the Company to establish that Indemnitee is
not so entitled. 
  
 7. No Presumptions. For purposes of
this Agreement, the termination of any claim, action, suit or proceeding, by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere, or its equivalent, shall not create a presumption
that Indemnitee did not meet any particular standard of conduct or have any particular belief or that a court has determined that indemnification is not permitted by applicable law. In addition, neither the failure of the Reviewing Party to have
made a determination as to whether Indemnitee has met any particular standard of conduct or had any particular belief, nor an actual determination by the Reviewing Party that Indemnitee has not met such standard of conduct or did not have such
belief, prior to the commencement of legal proceedings by Indemnitee to secure a judicial determination that Indemnitee should be indemnified under applicable law shall be a defense to Indemnitee’s claim or create a presumption that Indemnitee
has not met any particular standard of conduct or did not have any particular belief. 
  
 8. Nonexclusivity, Etc. The rights of the Indemnitee hereunder shall be in addition to any other rights Indemnitee may have under or provision of the Company’s Certificate of Incorporation or By-Laws or
the General Corporation Law of the State of Delaware (the “DGCL”) or otherwise. To the extent that a change in the DGCL (whether by statute or judicial decision) permits greater indemnification by agreement than would 
  

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 be afforded currently under the provisions of the Company’s Certificate of Incorporation and By-Laws and this
Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. 
  
 9. Liability Insurance. To the extent the Company maintains an insurance policy or policies providing directors’ and officers’ liability
insurance, Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any Company director or officer. 
  
 10. Period of Limitations. No legal action shall be brought and no
cause of action shall be asserted by or in the right of the Company against Indemnitee, Indemnitee’s spouse, heirs, executors or personal or legal representatives after the expiration of two years from the date of accrual of such cause of
action, and any claim or cause of action of the Company shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such two-year period; provided, however, that if any shorter period of limitations is
otherwise applicable to any such cause of action such shorter period shall govern. 
  
 11. Amendments, Etc. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement
shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. 
  
 12. Subrogation. In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such
rights. 
  
 13. No Duplication of Payments. The Company
shall not be liable under this Agreement to make any payment in connection with any Claim made against Indemnitee to the extent Indemnitee has otherwise actually received payment (under any insurance policy, By-law or otherwise) of the amounts
otherwise indemnifiable hereunder. 
  
 14. Binding Effect,
Etc. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors, assigns, including any direct or indirect successor by purchase, merger, consolidation or otherwise
to all or substantially all of the business and/or assets of the Company, spouses, heirs, executors and personal and legal representatives. This Agreement shall continue in effect regardless of whether Indemnitee continues to serve as an officer or
director of the Company or of any other enterprise at the Company’s request. 
  
 15. Severability. The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any provision within a single section, paragraph or sentence) are held by a court
of competent jurisdiction to be invalid, void or 
  

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 otherwise unenforceable in any respect, and the validity and enforceability of any such provision in every other respect
and of the remaining provisions hereof shall not be in any way impaired and shall remain enforceable to the fullest extent permitted by law. 
  
 16. Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware applicable
to contracts made and to be performed in such state without giving effect to the principles of conflicts of laws. 
  
  
  
  
  
 [SIGNATURE PAGE FOLLOWS] 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of this [    ]
day of [            ], 200[    ]. 
  
  

			
	ANGIODYNAMICS, INC.
		
	By:	 	 
	 	 	

	 	 	 Name:
 Title:

  
  
  

			
	 
		
	 	 	 
	 	 	

	 	 	[Indemnitee]

  

 8Employment Agreement between ClubCorp, Inc. and John A. Beckert

 Exhibit 10.27 
  
 EMPLOYMENT AGREEMENT 
  

	1.	Parties, positions and employment status. 

  
 By the terms of this employment agreement (“Agreement”), ClubCorp USA, Inc. (“ClubCorp”) agrees to employ you, John Beckert, in the
positions of President and Chief Operating Officer of ClubCorp and its parent ClubCorp, Inc., and in such other senior executive positions with ClubCorp or its Affiliates that the Chairman (“Chairman”) of the Board of Directors of ClubCorp
(“Board”) or the Chief Executive Officer (“CEO”) of ClubCorp may designate for you from time to time. You will report directly to the Chairman and/or CEO. Your first day of employment will be August 27, 2002 (“Start
Date”). At all times you will be an employee at will, which means that either you or ClubCorp may terminate your employment at any time, with or without cause. (Definitions of most capitalized terms appear in the final section of this
Agreement.) 
  

	2.	Compensation. 

  
 (I) ClubCorp will pay you a net signing bonus of fifty thousand dollars ($50,000.00), plus a net amount, after taxes, equivalent to the increased cost
(over what you were paying just prior to employment with ClubCorp) to you of continuing your previous health benefits on behalf of yourself and your family through such time as you qualify for coverage under ClubCorp benefit plans. 
  
 (II) ClubCorp will pay you a base salary at the gross biweekly rate of
nineteen thousand, two hundred-thirty dollars and seventy-seven cents ($19,230.77), subject to normal withholding, so that, if annualized, your gross base salary would be five hundred thousand dollars ($500,000.00). 
  
 (III) Additionally, you will have the potential to earn an annual variable
compensation payment (“Variable Compensation”) of up to five hundred thousand dollars ($500,000.00), gross, subject to normal withholding, depending on your performance against Variable Compensation plan parameters. (Your Variable
Compensation could potentially exceed $500,000.00 if you exceed certain goals set in whatever plan is in effect from time to time.) The compensation worksheet, attached as Exhibit A, describes the details of the Variable Compensation plan currently
in effect. All Variable Compensation plan terms and parameters are subject to change at the discretion of the Compensation Committee of the Board, provided that such changes will be communicated to you in advance of their effective date and will
take effect no earlier than the start of a next compensation year. During the 2002 plan year, exclusively, you will be eligible for a prorated portion of Variable Compensation, based on your Start Date. Exclusively for the plan year 2002, ClubCorp
guarantees you a minimum Variable Compensation payment of seventy-five percent (75%) of your prorated portion of the possible $500,000.00 under the 2002 Variable Compensation plan, unless you are terminated prior to December 31, 2002. Thus, since
the period from August 27 through December 31, 2002 is 34.8% of the full year, your prorated Variable Compensation payment for 2002, based on the $500,000.00 plan goal, will be no less than $500,000 x 34.8% x 75% or $130,500 and no more than
$500,000 x 34.8% x 100% or $174,000. 
  

	3.	Stock options. 

  
 (I) As soon after your Start Date as options are granted under the Plan, you will receive non-qualified stock options under the Stock Plan for six hundred
seventy-five thousand (675,000) shares of ClubCorp, Inc. stock, with an Exercise Price of the lesser of the Fair Market Value of ClubCorp, Inc. stock as of either June 30, 2002 or December 31, 2002. The right to exercise the foregoing options shall
vest in increments of 20% of the total original grant on each anniversary of your Start Date. You will receive a minimum of one hundred and fifty thousand (150,000) additional stock options on each of January 1, 2003 (with an Exercise Price of the
Fair Market Value of ClubCorp, Inc. stock as of January 1, 2003) and January 1, 2004 (with an Exercise Price of the Fair Market Value of ClubCorp, Inc. stock as of January 1, 2004). Based upon your performance, these grants may exceed one hundred
and fifty thousand (150,000) stock options in each year, and you may be eligible to the same extent as other senior executives of ClubCorp for additional awards of options. 
  
 (II) If the Board should approve a restricted stock plan, you will be eligible to convert up to one-third (1/3) of your
stock options into restricted stock with economic and vesting terms and tax consequences no less favorable than those applicable to the underlying stock options so converted. A copy of the prospectus, which incorporates the Stock Plan document and
sample stock option agreement is attached as Exhibit B. 
  

	4.	Vacation. 

  
 Upon your start date you will immediately accrue twenty (20) days’ vacation. You will thereafter accrue twenty (20) days’ vacation each calendar
year of your employment. The terms of your use and retention of accrued vacation time will be governed by ClubCorp policies in effect from time to time. 
  

	5.	Benefits. 

  
 (I) Upon the completion of six (6) full months of employment, you will be eligible to participate in all health, life, dental and long-term disability
benefits programs that ClubCorp may offer from time to time to its other senior executives, including any medical and dental coverage available for dependants. The length of time any Preexisting Condition is not covered under the Plan (up to the
maximum period of twelve months) will be reduced, day for day, for each day that you and your dependents can show proof of Creditable Coverage under another plan, unless there was a significant break (63 or more consecutive days) in you or your
dependents’ coverage. Beginning January 1, 2004 (or sooner if the Board, in its discretion, amends the applicable waiting period) you will also be eligible to participate in whatever ClubCorp investment plans are in effect from time to time for
other senior executives. 
  
 (II) You will receive, at no charge,
a Board Level Associate Clubs and Resorts membership as well as the opportunity to join the local ClubCorp club of your choice without a requirement for the payment of an initiation fee and without the requirement for the payment of dues during the
time of your employment. 
  
 (III) You will receive free parking
at ClubCorp’s headquarters facility. 
  

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 (IV) During your employment, subject to eligibility requirements and Evidence of Insurability approval by
the carrier, ClubCorp will provide, at its sole expense, a supplemental term life insurance policy in a benefit amount of no less than $500,000 payable to such beneficiary or beneficiaries as you may designate. 
  

	6.	Expense reimbursement. 

  
 ClubCorp will reimburse all reasonable and necessary expenses incurred by you on behalf of ClubCorp and the Affiliates, so long as you incur and submit
the expenses in compliance with applicable ClubCorp policies and procedures. 
  

	7.	Board position. 

  
 Within seven (7) days of your commencement of employment, you will become a member of the Board. You will remain a Board member for the duration of your
employment as President/Chief Operating Officer. Upon the termination of your employment, whether voluntary or involuntary, your membership on the Board will automatically terminate unless otherwise agreed in writing with ClubCorp. 
  

	8.	Rules, policies and procedures. 

  
 You agree to comply in all material respects with all reasonable rules, policies and procedures of ClubCorp, the Affiliates and any club of which you
become a member as reflected in the ClubCorp Employee Partner Handbook and similar written employee guidelines applicable to your position. 
  

	9.	Termination by ClubCorp other than for Cause or Resignation with Good Reason. 

  
 If ClubCorp or any successor terminates your employment other than for Cause, death or disability or if you resign your
employment with Good Reason, then: 
  
 (I) You will receive your
base salary for all days worked up to and including your last date of employment and payment for any accrued but unused vacation days pursuant to ClubCorp Policies; 
  
 (II) all of your unvested stock options will be automatically vested effective on the day immediately preceding the
termination date; 
  
 (III) contingent on your signing and
delivering a general release and waiver of claims in a form reasonably acceptable to ClubCorp and its Affiliates you will also receive: 
  
 (a) if you are terminated with or without cause on or before December 31, 2002: no severance benefit; 
  
 (b) if you are terminated after December 31, 2002 and have
been employed one full calendar year or less: nine (9) months of base salary; 
  
 (c) if you have been employed more than one full year, but two (2) full years or less: twelve (12) months of base salary and six (6) months of Variable Compensation; 
  

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 (d) if you have been employed more than two (2) full years; twenty-four (24) months of
base salary and twelve (12) months of Variable Compensation. 
  
 (IV) you will not be entitled to any other payments, compensation or benefits of any sort under this Agreement or otherwise except as may be vested under the terms of a controlling benefit plan or program. Amounts payable under this Section
9 will be paid in the form of income continuation payments. Continuation of base salary will be paid at your biweekly base salary rate in effect at the time of your termination. Base salary and Variable Compensation continuation payments will be
made at such times and in such manner as consistent with ClubCorp’s normal payroll practices and will be subject to standard withholdings. 
  
 For purposes of this Section 9, the amount of Variable Compensation paid shall be determined by multiplying the Variable Compensation paid (if any) during
the last calendar year by: (a) one half (.5) if c is the applicable subsection; and (b) one (1.00) if d is the applicable subsection. 
  

	10.	Termination by ClubCorp for Cause. 

  
 If ClubCorp terminates your employment with Cause, you will be entitled to receive your base salary for all days worked up to and including your last date
of employment and payment for any accrued but unused vacation days according to ClubCorp policy. You will not, however, be entitled to any prorated portion of the Variable Compensation or any other payments, compensation or benefits of any sort
under this Agreement or otherwise except as may be vested under the terms of a controlling benefit plan or program. All of your vested and unvested stock options will be governed by the Stock Plan. Except as otherwise provided, all of
ClubCorp’s obligations under this Agreement will immediately cease. 
  

	11.	Death or disability. 

  
 If you die or become disabled your employment will immediately cease. Disability for purposes of this section shall mean that you qualify for benefits
under ClubCorp’s current disability benefit plan or any successor plan. Upon termination for death or disability, you will be entitled to receive your base salary for all days worked up to and including your last date of employment and payment
for any accrued but unused vacation days. In accordance with whatever Variable Compensation plan may be in effect at the time of your termination, you will also receive a prorated portion of any Variable Compensation that you have earned through the
date of termination. Except as may be vested under the terms of a controlling benefit plan or program and as otherwise provided herein, you will not be entitled to any other payments, compensation or benefits of any sort under this Agreement or
otherwise and all of ClubCorp’s obligations under this Agreement will immediately cease. All of your vested and unvested stock options will be governed by the Stock Plan. 
  

	12.	Resignation Absent Good Reason. 

  
 If you voluntarily resign without Good Reason, you will be entitled to receive your base salary for all days worked up to and including your last date of
employment and payment for any accrued but unused vacation days. You will not, however, be entitled to any prorated portion of the Variable Compensation or any other payments, compensation or benefits of any sort under this Agreement or otherwise
except as may be vested under the terms of a controlling benefit plan or program. Except as otherwise provided, all of ClubCorp’s obligations under this 

  

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Agreement will immediately cease. All of your vested and unvested stock options will be governed by the Stock Plan. If such voluntary resignation is
effective prior to December 31, 2002, you agree to repay immediately the entire signing bonus that you received at the beginning of your employment. In addition to any other remedies that ClubCorp may have to recover such amount, you authorize
ClubCorp and its Affiliates to withhold all or any portion of such amount from any paychecks, reimbursements or other amounts owed by ClubCorp or its Affiliates to you. 
  

	13.	Change of Control. 

  
 (I) If there is a Change of Control of ClubCorp, all of your vested and unvested stock options will be deemed to have automatically vested on the date
immediately prior to the date of such Change of Control. 
  
 (II)
If any payments under this Agreement or under other plans, programs, or agreements with ClubCorp are subject to excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended from time to time, or any successor provision (the
“Code”), ClubCorp will pay you an additional amount (the “Gross Up”), calculated and payable as described in Exhibit C, such that the net amount retained by you after deductions of any such excise tax and any income and
employment taxes, social security tax, excise tax, interest or penalties imposed on such amounts paid under this section shall be equal to the full amount of the intended payment or benefit. 
  

	14.	Employee non-solicitation. 

  
 Our employees are our most important asset. As the result, for one year after your last date of employment, regardless of the reason for the ending of
your employment, you agree not to, on behalf of yourself or any other person or entity, solicit for hire or retain any person who was, at any time during the last twelve months of your employment with ClubCorp or its Affiliates, employed by ClubCorp
or any Affiliate in a position at or above the level of club manager or level nine at ClubCorp headquarters. 
  

	15.	Confidentiality. 

  
 On your Start Date ClubCorp will provide you with substantial Confidential Information and, thereafter, will continue to provide you with Confidential
Information. ClubCorp has invested much time, money and effort in developing this Confidential Information, and it has helped ClubCorp become the leader in the private club and golf resort business. Our competitors would like to be able to obtain
this information without having to invest the same time, money and effort to develop it. For that reason, it is critical that the Confidential Information remain confidential. All Confidential Information is the sole property of ClubCorp and its
Affiliates. While employed and after you leave your employment, you agree not to disclose or use the Confidential Information. You also agree to return to ClubCorp immediately upon the ending of your employment, regardless of the reason for the
ending of your employment, all of the written or recorded Confidential Information that is within your possession or control, including all copies of it. 
  

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	16.	Inventions and works for hire. 

  
 You hereby irrevocably assign to ClubCorp all of your right, title and interest in and to any and all inventions and intellectual property, of any sort
that relate in any way to ClubCorp’s or its Affiliate’s business, whether tangible or intangible, that you may discover, develop, invent, compile or write while you are employed by ClubCorp or its Affiliates. This provision applies
regardless of whether you discover, develop, invent, compile or write it during business hours or on or off of ClubCorp’s or its Affiliates’ premises. You agree to take any actions, including the execution of documents or instruments, that
ClubCorp may reasonably require to give effect to this assignment. You represent that you currently have no rights in any inventions or intellectual property that relate in any way to ClubCorp’s or its Affiliates’ business. 
  

	17.	Covenant not to compete. 

  
 ClubCorp must protect the interests set out in the Confidentiality section of this Agreement. In addition, ClubCorp has a significant interest in, among
other things, ensuring that you do not acquire a valuable ownership interest in ClubCorp as the result of ClubCorp’s Stock Plan and then act in a fashion that would assist ClubCorp’s or its Affiliates’ competitors in efforts to weaken
ClubCorp’s competitive position and, thereby, decrease the value of ownership for other, loyal employees and former employees. As the result, in return for ClubCorp’s providing you with the Confidential Information, and as a precondition
to your eligibility to acquire stock ownership in ClubCorp or any Affiliate, you agree that while you are employed and for two years from your last date of employment with ClubCorp or any Affiliate due to resignation without Good Reason or
termination for Cause, you will not, anywhere in the United States, Europe, Asia or Australia: 
  
 (I) perform executive management services, in any capacity, or serve on the board of directors for any Competitor; 
  
 (II) solicit or accept business from any Customer to the extent such business is substantially similar to business solicited or accepted by ClubCorp or
any Affiliate with respect to such Customer; or 
  
 (III) own any
interest in any Competitor, except that, when you are no longer employed by ClubCorp or any Affiliate, you may own less than five (5) percent of the publicly traded stock of a Competitor. 
  
 Notwithstanding the above, in the event that you are terminated without Cause or resign with Good Reason, then the time
period for the Non-Compete will be the length of time during which you receive income continuation severance payments under Section 9. 
  

	18.	Non-disparagement. 

  
 You agree that you will not, at any time during your employment or while receiving income continuation severance payments under Section 9, say, publish or
cause to be published anything that casts ClubCorp or the Affiliates in an unfavorable light, or that disparages or injures their good will or business reputation; provided, however, that nothing in this Agreement will limit your ability to make
statements with respect to ClubCorp or the Affiliates in the context of litigation to preserve or enforce your rights with respect hereto or as may be required by process of law. 
  

 6 

	19.	Related stock agreements and plans. 

  
 In the event that you breach any of your obligations under the “Employee non- solicitation,” “Confidentiality,” “Inventions and
works for hire,” and “Covenant not to compete” provisions of this Agreement, you agree that, upon notice of such breach, you will retain all shares of ClubCorp stock that are then in your possession or control or, if such shares are
subsequently sold, the proceeds from such sale, until a final determination as to such breach. In the event of a final award of damages in ClubCorp’s favor, such award may be satisfied, at ClubCorp’s election, by return to ClubCorp of such
shares valued at the then current value thereof (or the proceeds of such shares) to the extent necessary to satisfy the award. Additionally, ClubCorp will be entitled to pursue any other remedies allowed by law or in equity. 
  

	20.	Supersedes any prior agreements. 

  
 This Agreement supersedes any and all other agreements or offers, either oral or in writing, between you and ClubCorp related to the subject matter
hereof. In the event of any conflict between the terms of this Agreement and any stock option agreement or plan, whenever entered into, the terms of this Agreement shall control. 
  

	21.	Amendments must be in writing. 

  
 Except as otherwise provided in this Agreement, no amendment or modification of this Agreement shall be deemed effective unless and until executed in
writing by all of the parties hereto. 
  

	22.	Texas law applies to this Agreement. 

  
 Because your employment could take you to any number of states or countries and because it is important to you and ClubCorp to be able to have some
certainty that this Agreement will be applied consistently wherever you may work, ClubCorp and you agree that the substantive law of Texas will govern this Agreement, without giving effect to any conflict of law principles that would require the law
of another jurisdiction to apply. 
  

	23.	Successors and Assigns. 

  
 This Agreement is intended to bind and inure to the benefit of and be enforceable by you and ClubCorp and each parties’ respective heirs,
representatives, executors, successors and assigns, except that you may not assign your duties hereunder without the consent of ClubCorp. 
  

 7 

	24.	Notices. 

  
 Any notices that either you or ClubCorp are required to give under the terms of this Agreement may be given in writing, either by personal delivery,
facsimile or by registered or certified mail, postage prepaid with return receipt requested. Mailed or faxed notices must be sent to the following addresses: 
  

			
	If to ClubCorp:	  	Mr. Robert H. Dedman, Jr.
	 	  	Chairman & CEO
	 	  	ClubCorp, Inc.
	 	  	3030 LBJ Freeway, Suite 700
	 	  	Dallas, Texas 75234
	 	  	Phone No.: (972) 888-7380
	 	  	Facsimile No.: (972) 888-7717
	 	  	 
	If to you:	  	Mr. John Beckert
	 	  	4950 Seneca Drive
	 	  	Dallas, Texas
	 	  	Phone No.: (214) 352-1601

  
 Any party may change
his or its address by written notice. Notices delivered personally or by facsimile will be deemed communicated as of actual receipt. Mailed notices will be deemed communicated as of three (3) days after proper mailing. 
  

	25.	Definitions used in this Agreement. 

  
 (I) “Affiliates”: Collectively, all ClubCorp subsidiaries and any entity in which ClubCorp or any ClubCorp subsidiary, directly or indirectly,
has a controlling ownership interest. 
  
 (II) “Cause”:

  
 (a) Your failure substantially to perform
your reasonable, material assigned duties hereunder, that remains uncured thirty (30) days’ after written notice of such failure by the Chairman, CEO or the Board identifying the performance deficiencies; or 
  
 (b) (i) fraud, embezzlement, or theft; (ii) conviction of a
felony; (iii) conduct that, in the reasonable judgment of the Board, subjects ClubCorp to material public embarrassment or disrepute; (iv) willful harassment or discrimination in violation of ClubCorp policies; or (v) any material violation of
ClubCorp policies or this Agreement; provided that, in the case of (iii) or (v), your conduct either subjects ClubCorp to immediate, substantive damage or, in the absence of such damage, continues after thirty (30) days’ written notice by the
Chairman or the Board identifying the violation. 
  
 (III)
“Change of Control”: This term will have the same meaning as in the Stock Plan. 
  
 (IV) “Competitor”: Any person or entity, the principal business of which is or is intended to become the ownership, management or provision of consulting services to three or more private clubs, golf
facilities or golf resorts anywhere in the United States, Europe, Asia or Australia in a substantially similar manner as such business is conducted by ClubCorp or its Affiliates. 
  
 (V) “Confidential Information”: All trade secrets of ClubCorp and the Affiliates and any information or item that
does not qualify under applicable law as a trade secret but to which ClubCorp or the Affiliates limit access, to any extent, either internally or externally, including but not limited to information and items related to plans, strategies,
inventions, devices, services, products, processes, properties, assets, customers, customer lists, customer preferences, markets, marketing strategies, management, employees, technology, know-how, financial 

  

 8 

 
conditions or prospects, employee compensation, fee information, cost information, pricing information, business development plans and strategies, marketing
plans and strategies, instructional methodology and techniques, computer software, specifications and code, sources of supply, products or services, designs, analyses, drawings, photographs and reports, computer operating systems, applications and
program listings, flow charts, manuals, documentation, databases, accounting and business methods, production procedures, or merchandising systems. Notwithstanding the foregoing, “Confidential Information” does not include (a) information
that is or becomes publicly available (except through disclosure by you in violation of this Agreement or through disclosure by any other person or entity in violation of a written agreement or common law duty, (b) information that was known to you
prior to the Start Date, and (c) information that may be required to be disclosed by law or legal process. 
  
 (VII) “Customer”: Any person or entity with whom ClubCorp or any Affiliate, with your assistance and within one year prior to your last date of
employment, had, was negotiating to have, or had taken substantial steps in furtherance of having a contractual relationship for the ownership or management of any private club, golf facility or golf resort. 
  
 (VIII) “Exercise Price”: This term will have the same meaning as in
the Stock Plan. 
  
 (VIII) “Fair Market Value”: This
term will have the same meaning as in the Stock Plan 
  
 (IX)
“Good Reason”: This term will mean the occurrence of any of the following: 
  
 (a) a failure of ClubCorp to perform any material obligation under this Agreement or any stock option or other agreement governing the
terms and conditions of your employment that remains uncured thirty (30) days after written notice by you identifying such failure; 
  
 (b) material diminution of your title, duties, responsibilities, authority, or base compensation, or; 
  
 (c) involuntary relocation of the site of your work to a
location outside a 50 mile radius from ClubCorp’s current offices at 3030 LBJ Freeway in Dallas, Texas. 
  
 (X) ”Stock Plan”: The ClubCorp, Inc. Omnibus Stock Plan, as amended. 
  
 [Signatures Appear on Following Page] 
  

 9 

			
	JOHN BECKERT
	
	/s/    JOHN A BECKERT      
	

	 Signature

	
	John A Beckert
	 Printed

  

					
	CLUBCORP USA, INC.
		
	By:	 	/s/    ROBERT H. DEDMAN, JR.         
	 	 	

	 	 	 Signature

		
	 	 	Robert H. Dedman, Jr.
	 	 	 Printed

		
	 	 	Chairman of the Board
	 	 	 Title

  

 10 

 EXHIBIT C 
  
 (1) For purposes of determining the Gross Up in Section 13 of this Agreement, you will be deemed to pay federal, state, and
local income tax at the highest marginal rate applicable in the calendar year in which the payment is made. The determination of whether excise tax is payable, including whether any exception may apply, and if so the amount thereof, will be made
upon the opinion of tax counsel selected by ClubCorp and reasonably acceptable to you, applying the following rules: (a) all payments will be treated as “parachute payments” within the meaning of Section 280G(b)(2) of the Code, and all
“excess parachute payments” within the meaning of Section 280G(b)(1) of the Code will be treated as subject to excise tax unless in the opinion of counsel such payments do not constitute parachute payments or such excess parachute payments
represent reasonable compensation for services actually rendered within the meaning of Section 280G(b)(4) of the Code in excess of the “base amount” within the meaning of Section 280G(b)(3) of the Code or are otherwise not subject to
excise tax; and (b) the value of any non-cash or deferred payments or benefits will be determined by an independent accounting firm selected by ClubCorp and reasonably acceptable to you in accordance with the principles of Section 280G(d)(3) and (4)
of the Code. All fees, costs, and expenses of tax counsel and any accounting firm or other advisor retained in accordance with this paragraph will be paid solely by ClubCorp. 
  
 (2) The Gross Up, if any, will be paid in a lump sum cash payment within 30 days after the date on which the amount thereof
has been determined or is reasonably determinable by tax counsel, and in any event not later than 45 days following a termination of your employment; provided, however, that if the amount of Gross Up cannot be finally determined at or before such
time, the amount paid will be the estimated full amount of the Gross Up as reasonably determined by tax counsel in good faith and in accordance with the principles of the preceding paragraph. If such an estimated Gross Up is paid, or if the opinion
of tax counsel is not finally accepted by the Internal Revenue Service, then appropriate adjustments will be computed (with additional Gross Up, if necessary) by tax counsel based upon the final amount of excise tax, and any additional amount due
you as a result of such adjustment (including any interest or penalties owed by you by reason of any underpayment) will be paid in cash and in a lump sum within 30 days of such computation. Any amount due ClubCorp as a result of such an adjustment
will be paid by you in cash in a lump sum within 30 days of such computation. 
  

 11

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