SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit 10.29
SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
This Second Amendment is entered into by and between ClubCorp USA, Inc. (“ClubCorp”) and Xxxx Xxxxxxx (“Xxxxxxx”) to be effective as of August 27, 2002.
RECITALS
WHEREAS, by the terms of an Employment Agreement (“Agreement”), ClubCorp employed Xxxxxxx in the positions of President and Chief Operating Officer of ClubCorp and its parent ClubCorp, Inc.; and
WHEREAS, the Employment Agreement was first amended to correct paragraph 3 of the Agreement; and
WHEREAS, by signing this Amendment, the parties intend to clarify paragraph 13 (II) to accurately reflect the agreed upon terms.
NOW, THEREFORE, for adequate consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
1. The following sentence is hereby added to paragraph 13 (II) of the Agreement:
“In the event Section 5.3 of the Omnibus Stock Plan applies to you resulting in a reduction of a “parachute payment” you are otherwise entitled to receive, ClubCorp will pay you a Gross Up amount as defined herein.”
2. The parties ratify and confirm all other terms of the Agreement, as amended.
Xxxx Xxxxxxx |
/s/ Xxxx Xxxxxxx |
Signature |
CLUBCORP USA, INC. |
/s/ Xxxxxx X. Xxxxxx |
Signature
Chief Executive Officer Title |