EXHIBIT 10.17
SEVENTH AMENDMENT TO THE
CLUBCORP STOCK INVESTMENT PLAN
Amendment made this 5th day of January, 1998, by Club Corporation
International (the "Company").
W I T N E S S E T H:
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WHEREAS, the Company maintains the ClubCorp Stock Investment Plan (the
"Plan"); and
WHEREAS, the Company amended and restated the Plan effective January 1, 1995
and subsequently amended the Plan to make certain technical qualification
changes in response to a request from the Internal Revenue Service; and
WHEREAS, the Company subsequently amended the Plan on several occasions to
make other changes desired by the Company; and
WHEREAS, the Company now desires to amend the Plan in accordance with the
Taxpayer Relief Act of 1997 to allow for the involuntary cashout of the vested
accounts of terminated participants that do not exceed $5,000; and
WHEREAS, the Plan may be amended by the Company pursuant to the provisions of
Article XV of the Plan, and the Company desires to amend the Plan.
NOW, THEREFORE, the Plan is amended as follows, effective as of January
1, 1998, for distributions occurring after December 31, 1997:
1. Existing Section 11.02(3) is deleted in its entirety, and the following is
substituted in its place:
"11.02(3) Notwithstanding the provisions of Subsection 11.02(1), and
subject to Section 11.03, if a Participant has a Termination of Employment or
retires due to Disability and his vested Account at such time exceeds Five
Thousand Dollars ($5,000), the amounts owing to such Participant shall be
distributed in a single lump sum as soon as administratively possible after
such Participant attains age sixtyfive (65) or dies, unless such Participant
has delivered to the Plan Administrator his consent, in such form as
prescribed by the Plan Administrator, to a distribution at an earlier time."
2. Existing Section 11.02(4) is deleted in its entirety, and the following is
substituted in its place:
"11.02(4) If, upon Termination of Employment for any reason, or, when
distributions are required to commence to a Participant pursuant to Subsection
11.03(1), the value of the vested portion of a Participant's Account is Five
Thousand Dollars ($5,000) or less, then his Account shall be paid to or for
the benefit of the Participant, or in the case of his death, to or for the
benefit of his Beneficiary or Beneficiaries, as a lump sum payment as soon as
administratively feasible.
3. The first paragraph of existing Section 11.05 is deleted in its entirety,
and the following is substituted in its place:
"11.05 BENEFITS PAYABLE PURSUANT TO A QUALIFIED DOMESTIC RELATIONS ORDER.
Notwithstanding any other provision of the Plan to the contrary, immediate
distribution of benefits payable to an Alternate Payee pursuant to a Qualified
Domestic Relations Order shall be permitted even though the Participant whose
benefits have been assigned to the Alternate Payee would not be entitled to
receive a distribution at such time, if all of the following requirements are
met: (i) the Participant's Account is one hundred percent (100%) vested, (ii)
the entire amount payable to the Alternate Payee does not exceed Five Thousand
Dollars ($5,000), or the Alternate Payee has requested immediate distribution
in such form as prescribed by the Plan Administrator, (iii) allocation
pursuant to Section 6.04 of all amounts required to be paid to the Alternate
Payee has been completed, (iv) the Qualified Domestic Relations order requires
or permits immediate distribution, and (v) the conditions of 11.01(1) as to
form of payment are met.
4. Existing Section 12.06(3) is deleted in its entirety, and the following is
substituted in its place:
"12.06(3) In the event of Plan termination, amounts that were forfeited
pursuant to the provisions of Section 12.06(2) which exceeded $5,000 or were
otherwise distributable without Participant consent, shall be considered lost.
If the period of time since forfeiture for such lost benefits exceeds the
applicable state escheat period, the forfeiture shall become permanent upon
Plan termination. All other amounts forfeited pursuant to Section 12.06(2)
shall be reinstated as of the Plan's termination date."
IN WITNESS WHEREOF, this Amendment has been executed the day and year first
above written.
CLUB CORPORATION INTERNATIONAL
By: /s/ Kim S. Besse
Its: Vice President Human Resources