X0202 4 2008-05-29 0 0001024126 GOLF TRUST OF AMERICA INC GTA 0001218021 GOTTLIEB JAY 27 MISTY BROOKE LANE NEW FAIRFIELD 06812 1 0 0 0 Common Stock 2008-05-29 4 P 0 12500 1.54 A 618250 D Options 1.82 2009-01-01 4 J 0 13333 1.82 A 2009-01-01 2012-01-01 Common Stock 13333 618250 D Options 1.82 2010-01-01 4 J 0 13333 1.82 A 2010-01-01 2013-01-01 Common Stock 13333 618250 D Options 1.82 2011-01-01 4 J 0 13334 1.82 A 2011-01-01 2014-01-01 Common Stock 13334 618250 D 40,000 stock options for each independent director to vest, unless the director earlier leaves the Board, at the rate of 13,333 in 2009 and 2010 and 13,334 in 2011 for three years from the anniversary date of issuance respectively on January 2009, 2010 and 2011. /s/ Jay Gottlieb 2008-06-03