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EXHIBIT 10.31
SENIOR TOUR PLAYERS DEVELOPMENT, INC.
1998 KEY EMPLOYEE BONUS PLAN
MARCH 15, 1998
Senior Tour Players Development, Inc. (the "Company") has established
this 1998 Key Employee Bonus Plan (the "Plan").
1. Under the Plan, five (5) employees (the "Participants") may receive
cash bonuses ("Bonuses") in amounts as set forth on SCHEDULE A hereto.
2. The Bonuses shall be paid only if the conditions expressed in paragraph
3, below are satisfied.
3. Each Bonus shall be paid to the respective Participant within thirty
(30) days following the closing of the Transaction, subject to the
following conditions:
(a) the proposed transaction between the Company and Golf Club
Partners L.L.C. (the "Transaction") is consummated on terms no
less favorable than those set forth set forth in the Summary
of Indicative Terms attached to the Plan as EXHIBIT A.
(b) each Participant provides full and complete cooperation to the
Company to consummate the Transaction as soon as practicable.
(c) each Participant remains employed by the Company until the
earlier of (i) the date he or she is discharged by the Board
of Directors, or (ii) thirty (30) days following the closing
of the Transaction.
4. The Bonus plan will terminate immediately following payment of the
Bonuses.
5. The Board of Directors shall determine whether each Participant has
satisfied the condition specified in 3(b), above, no later than
immediately prior to the closing of the Transaction. Such determination
shall be final and conclusive on the Company and the Participants.
6. The Company's existing Board of Directors will cause the obligations
hereunder to be satisfied by the Company in connection with the
Transaction, or be assumed by a successor entity.
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SCHEDULE A
SENIOR TOUR PLAYERS DEVELOPMENT, INC.
1998 KEY EMPLOYEE BONUS PLAN
Participant Bonus
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Stanton V. Abrams $250,000
Michael Meluskey $125,000
Brendan Kissane $ 50,000
Joann Parks $ 40,000
Denise O'Farrell $ 10,000
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TOTAL $475,000
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