GOLF TRUST OF AMERICA, INC.
EMPLOYEE STOCK PURCHASE PLAN
SUBSCRIPTION AGREEMENT
Attached to this Subscription Agreement as Exhibits A and B
are copies of the Golf Trust of America, Inc. Employee Stock
Purchase Plan (the "Plan") and related Prospectus. The Plan is
voluntary and provides Eligible Employees the opportunity to
purchase shares of the Corporation's Common Stock at a discount.
You should complete this form if you want to participate in the
Plan commencing with the ___________________ to _______________
Offering Period. IN ORDER TO BE VALID, THIS SUBSCRIPTION AGREEMENT
MUST BE PROPERLY EXECUTED AND RECEIVED BY THE CORPORATION ON OR
BEFORE ______________. THIS SUBSCRIPTION AGREEMENT WILL REMAIN IN
EFFECT FOR SUBSEQUENT OFFERING PERIODS UNLESS YOUR PLAN
PARTICIPATION TERMINATES OR UNTIL YOU FILE A WITHDRAWAL FORM OR A
NEW SUBSCRIPTION AGREEMENT WITH THE CORPORATION PURSUANT TO THE
TERMS OF THE PLAN.
DEFERRAL ELECTION. If you are an Eligible Employee (as defined in
the Plan) as of _________________, you may commence participation
in the Plan with the ________________ to _______________ Offering
Period. To commence participation in the Plan, initial the box
below and indicate the level of your Contributions.
I hereby authorize the Company to deduct from my paycheck each
pay period __________% (designate a whole number from 1% to
10%) of my Compensation (as such term is defined in the Plan),
for the purchase of Common Stock under the Plan. My
Contributions will be deducted from each one of my paychecks
beginning with the first full pay period commencing on
_____________ and will continue for this and subsequent
Offering Periods unless my Plan participation terminates or
until I file a Withdrawal Form or a new Subscription Agreement
with the Corporation pursuant to the terms of the Plan. My
Contributions are subject to certain limits under the Plan and
any of my Contributions in excess of such limits will be
refunded to me.
BENEFICIARY DESIGNATION. (Please initial the following box if you
have attached a Designation of Beneficiary form. If you have
already filed a Designation of Beneficiary form under the Plan, you
do not need to file a new form unless you wish to change your
beneficiary.)
I hereby acknowledge that I have read and completed the
Designation of Beneficiary attached hereto as Exhibit C.
SIGNATURE. I hereby agree to be bound by the terms of the Plan,
acknowledge receipt of a copy of the Plan and Prospectus, and
authorize the election, payroll deductions, and beneficiary
designation (if applicable) specified above.
Signature Date
Print Name Social Security Number
Street Address City, State, Zip Code
EXHIBIT A
GOLF TRUST OF AMERICA, INC.
EMPLOYEE STOCK PURCHASE PLAN
PLAN DOCUMENT
EXHIBIT B
GOLF TRUST OF AMERICA, INC.
EMPLOYEE STOCK PURCHASE PLAN
PROSPECTUS
EXHIBIT C
GOLF TRUST OF AMERICA, INC.
EMPLOYEE STOCK PURCHASE PLAN
DESIGNATION OF BENEFICIARY
