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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB/A
(Mark One)
[X] Amendment No. 1 to quarterly report under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the Quarterly Period Ended March 31, 1998
[ ] Transition report under Section 13 or 15(d) of the Securities
Exchange Act of 1934 (No fee required)
For the transitional period from ____________- to ____________
Commission File No. 1-13362
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SENIOR TOUR PLAYERS DEVELOPMENT, INC.
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(Name of Small Business Issuer as Specified in its Charter)
Nevada 04-3226365
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(State or other jurisdiction (I.R.S. Employer Identification Number)
incorporation or organization)
822 Boylston Street, Suite 300, Chestnut Hill, MA 02167
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(Address of principal executive offices) (Zip Code)
(617) 266-3600
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(Issuer's Telephone Number, Including Area Code)
Check whether the issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the issuer was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.
Yes X No
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APPLICABLE ONLY TO CORPORATE REGISTRANTS
State the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest practicable date:
4,220,791 Shares of Common Stock, as of June 30, 1998
Transitional Small Business Issuer Format (check one):
Yes No X
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ITEM 6. EXHIBITS AND REPORTS OF FORM 8-K
(a) EXHIBITS
By this amendment, the following documents are filed as Exhibits to the
Registrant's Report on Form 10-QSB for the Quarterly Period Ended March 31,
1998.
Exhibit 10.30 - Merger Agreement with Golf Club Partners L.L.C.
[incorporated by reference to the registrant's definitive proxy statement dated
July 1, 1998 filed on July 2, 1998, under the Securities Exchange Act of 1934,
as amended (File No. 1 - 13362)].
Exhibit 10.31 - 1998 Key Employee Bonus Plan [filed herewith].
SIGNATURES
In accordance with the requirements of the Securities Exchange Act of
1934, as amended, the Registrant has caused this Amendment to its Report on Form
10-QSB to be signed on its behalf by the undersigned, thereunto duly authorized.
SENIOR TOUR PLAYERS DEVELOPMENT, INC.
By: /s/Brendan Kissane
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Brendan Kissane, Controller
(Principal accounting officer)
Dated: August 7, 1998
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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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