EX-10.1



 Exhibit 10.1 

FOURTH AMENDMENT TO SECOND AMENDED AND RESTATED 

LOAN AND SECURITY AGREEMENT 

THIS FOURTH AMENDMENT TO SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this “Amendment”), dated as of
May 27, 2015, is entered into by and among the Lenders (as defined below) signatory hereto, BANK OF AMERICA, N.A., as administrative agent and as security trustee for the Lenders (in such capacity, “Agent”), CALLAWAY
GOLF COMPANY, a Delaware corporation (“Parent”), CALLAWAY GOLF SALES COMPANY, a California corporation (“Callaway Sales”), CALLAWAY GOLF BALL OPERATIONS, INC., a Delaware corporation
(“Callaway Operations”, and together with Parent and Callaway Sales, collectively, “U.S. Borrowers”), CALLAWAY GOLF CANADA LTD., a Canada corporation (“Canadian Borrower”), CALLAWAY GOLF
EUROPE LTD., a company organized under the laws of England (registered number 02756321) (“U.K. Borrower” and together with the U.S. Borrowers and the Canadian Borrower, collectively, “Borrowers”), and the other
Obligors party hereto. 
 RECITALS 

A. Borrowers, the other Obligors party thereto, Agent, and the financial institutions signatory thereto from time to time (each a
“Lender” and collectively the “Lenders”) have previously entered into that certain Second Amended and Restated Loan and Security Agreement dated as of December 22, 2011 (as amended, supplemented, restated and
modified from time to time, the “Loan Agreement”), pursuant to which the Lenders have made certain loans and financial accommodations available to Borrowers. Terms used herein without definition shall have the meanings ascribed to
them in the Loan Agreement. 
 B. Obligors have requested that Agent and the Required Lenders amend the Loan Agreement, which Agent and the
Required Lenders are willing to do pursuant to the terms and conditions set forth herein. 
 C. Obligors are entering into this Amendment
with the understanding and agreement that, except as specifically provided herein, none of Agent’s or any Lender’s rights or remedies as set forth in the Loan Agreement or any of the other Loan Documents are being waived or modified by the
terms of this Amendment. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
 1. Amendments to Loan
Agreement. 
 (a) The definition of “Change of Control” in Section 1.1 of the Loan Agreement is hereby amended and
restated in its entirety as follows: 
 “Change of Control: (a) any “person” or “group” (as such terms
are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan of Parent or its Subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator
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such plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have
“beneficial ownership” of all securities that such person or group has the right to acquire (such right, an “option right”), whether such right is exercisable immediately or only after the passage of time), directly or
indirectly, of 35% or more of the Equity Interests of Parent entitled to vote for members of the board of directors or equivalent governing body of Parent on a fully-diluted basis (and taking into account all such securities that such person or
group has the right to acquire pursuant to any option right); or (b) Parent ceases to own and control, beneficially and of record, directly or indirectly, all Equity Interests in all other Obligors.” 

2. Effectiveness of this Amendment. The following shall have occurred before this Amendment is effective: 

(a) Amendment. Agent shall have received this Amendment, executed by Agent, each Obligor and the Required Lenders in a sufficient
number of counterparts for distribution to all parties. 
 (b) Representations and Warranties. The representations and warranties set
forth herein must be true and correct. 
 (c) No Default. No event has occurred and is continuing that constitutes an Event of
Default. 
 (d) Other Required Documentation. All other documents and legal matters in connection with the transactions contemplated
by this Amendment shall have been delivered or executed or recorded and shall be in form and substance satisfactory to Agent. 
 3.
Representations and Warranties. Each Obligor represents and warrants as follows: 
 (a) Authority. Each Obligor has the
requisite corporate power and authority to execute and deliver this Amendment, and to perform its obligations hereunder and under the Loan Documents (as amended or modified hereby) to which it is a party. The execution, delivery and performance by
each Obligor of this Amendment have been duly approved by all necessary corporate action and no other corporate proceedings are necessary to consummate such transactions. 

(b) Enforceability. This Amendment has been duly executed and delivered by each Obligor. This Amendment and each Loan Document to which
any Obligor is a party (as amended or modified hereby) is a legal, valid and binding obligation of such Obligor, enforceable against such Obligor in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency or
similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability, and is in full force and effect. 

(c) Representations and Warranties. The representations and warranties contained in each Loan Document to which any Obligor is a party
(other than any such representations or warranties that, by their terms, are specifically made as of a date other than the date hereof) are correct on and as of the date hereof as though made on and as of the date hereof. 

  
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 (d) Due Execution. The execution, delivery and performance of this Amendment are within
the power of each Obligor, have been duly authorized by all necessary corporate action, have received all necessary governmental approval, if any, and do not contravene any law or any contractual restrictions binding on any Obligor. 

(e) No Default. No event has occurred and is continuing that constitutes an Event of Default. 

4. Choice of Law. The validity of this Amendment, its construction, interpretation and enforcement, the rights of the parties
hereunder, shall be determined under, governed by, and construed in accordance with the internal laws of the State of New York, without giving effect to any conflict of law principles (but giving effect to Section 5-1401 of the New York General
Obligation Law and Federal laws relating to national banks). The consent to forum and judicial reference provisions set forth in Section 14.15 of the Loan Agreement are hereby incorporated in this Amendment by reference. 

5. Counterparts. This Amendment may be executed in any number of counterparts and by different parties and separate counterparts, each
of which when so executed and delivered, shall be deemed an original, and all of which, when taken together, shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment by telefacsimile or
a substantially similar electronic transmission shall have the same force and effect as the delivery of an original executed counterpart of this Amendment. Any party delivering an executed counterpart of this Amendment by telefacsimile or a
substantially similar electronic transmission shall also deliver an original executed counterpart, but the failure to do so shall not affect the validity, enforceability or binding effect of such agreement. 

6. Reference to and Effect on the Loan Documents. 

(a) Upon and after the effectiveness of this Amendment, each reference in the Loan Agreement to “this Agreement”,
“hereunder”, “hereof” or words of like import referring to the Loan Agreement, and each reference in the other Loan Documents to “the Loan Agreement”, “thereof” or words of like import referring to the Loan
Agreement, shall mean and be a reference to the Loan Agreement as modified and amended hereby. 
 (b) Except as specifically amended above,
the Loan Agreement and all other Loan Documents are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed and shall constitute the legal, valid, binding and enforceable obligations of Obligors to
Agent and the Lenders. 
 (c) The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein,
operate as a waiver of any right, power or remedy of Agent or any Lender under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. 

(d) To the extent that any terms and conditions in any of the Loan Documents shall contradict or be in conflict with any terms or conditions
of the Loan Agreement, after giving effect to this Amendment, such terms and conditions are hereby deemed modified or amended accordingly to reflect the terms and conditions of the Loan Agreement as modified or amended hereby. 

7. Ratification. Each Obligor hereby restates, ratifies and reaffirms each and every term and condition set forth in the Loan
Agreement, as amended hereby, and the Loan Documents effective as of the date hereof. Subject to and without limiting the foregoing, all security interests, pledges, assignments 

  
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and other Liens and Guarantees previously granted by any Obligor pursuant to the Loan Documents are hereby reaffirmed, ratified, renewed and continued, and all such security interests, pledges,
assignments and other Liens and Guarantees shall remain in full force and effect as security for the Obligations on and after the date hereof. 

8. Estoppel. To induce Lenders to enter into this Amendment and to continue to make advances to Borrowers under the Loan Agreement,
each Obligor hereby acknowledges and agrees that, as of the date hereof, there exists no right of offset, defense, counterclaim or objection in favor of any Obligor as against Agent or any Lender with respect to the Obligations. 

9. Integration. This Amendment, together with the other Loan Documents, incorporates all negotiations of the parties hereto with
respect to the subject matter hereof and is the final expression and agreement of the parties hereto with respect to the subject matter hereof. 

10. Severability. In case any provision in this Amendment shall be invalid, illegal or unenforceable, such provision shall be severable
from the remainder of this Amendment and the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

[Remainder of Page Left Intentionally Blank] 

  
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 IN WITNESS WHEREOF, the parties have entered into this Amendment as of the date first above
written. 
  

							
					OBLIGORS:
			
					 CALLAWAY GOLF COMPANY,
 a
Delaware corporation

				
					By:		 /s/ Chip Brewer

					Name:		Chip Brewer
					Title:		President and Chief Executive Officer
			
					 CALLAWAY GOLF SALES COMPANY,

a California corporation

				
					By:		 /s/ Patrick S. Burke

					Name:		Patrick S. Burke
					Title:		Director
			
					 CALLAWAY GOLF BALL OPERATIONS, INC.,

a Delaware corporation

				
					By:		 /s/ Patrick S. Burke

					Name:		Patrick S. Burke
					Title:		Director
			
					 CALLAWAY GOLF CANADA LTD.,

a Canada corporation

				
					By:		 /s/ Patrick S. Burke

					Name:		Patrick S. Burke
					Title:		Director
			
					 CALLAWAY GOLF EUROPE LTD.,

a company organized under the laws of England and Wales

				
					By:		 /s/ Patrick S. Burke

					Name:		Patrick S. Burke
					Title:		Director









							
					CALLAWAY GOLF INTERACTIVE, INC.
					a Texas corporation
				
					By:		 /s/ Patrick S. Burke

					Name:		Patrick S. Burke
					Title:		Director
			
					 CALLAWAY GOLF INTERNATIONAL SALES COMPANY,

a California corporation

				
					By:		 /s/ Patrick S. Burke

					Name:		Patrick S. Burke
					Title:		Director
			
					 CALLAWAY GOLF EUROPEAN HOLDING COMPANY LIMITED,

a company limited by shares incorporated under the laws of England and Wales

				
					By:		 /s/ Brian P. Lynch

					Name:		Brian P. Lynch
					Title:		Secretary
			
					AGENT AND LENDERS
			
					BANK OF AMERICA, N.A., as Agent and as a U.S. Lender
				
					By:		 /s/ Stephen King

					Name:		Stephen King
					Title:		Senior Vice President
			
					BANK OF AMERICA, N.A.
					(acting through its Canada branch), as a Canadian Lender
				
					By:		 /s/ Sylwia Durkiewicz

					Name:		 Sylwia Durkiewicz

					Title:		 Vice President










							
					BANK OF AMERICA, N.A.
					(acting through its London branch), as a U.K. Lender
				
					By:		 /s/ Stephen King

					Name:		Stephen King
					Title:		Senior Vice President
			
					 MUFG UNION BANK N.A.,
 as
a U.S. Lender and a U.K. Lender

				
					By:		 /s/ Todd Eggertsen

					Name:		Todd Eggertsen
					Title:		Vice President
				
					By:		  

					Name:		  

					Title:		  

			
					 UNION BANK, CANADA BRANCH,

as a Canadian Lender

				
					By:		 /s/ Anne Collins

					Name:		Anne Collins
					Title:		Vice President
				
					By:		  

					Name:		  

					Title:		  

			
					 WELLS FARGO BANK, N.A.,

as a U.S. Lender

				
					By:		 /s/ Rina Shinoda

					Name:		 Rina Shinoda

					Title:		 Vice President










							
					WELLS FARGO CAPITAL FINANCE CORPORATION CANADA, as a Canadian Lender
				
					By:		 /s/ David G. Phillips

					Name:		 David G. Phillips

					Title:		 Senior Vice President

			
					WELLS FARGO BANK, N.A.
					(London Branch), as a U.K. Lender
				
					By:		 /s/ Tania Saldanha

					Name:		 Tania Saldanha

					Title:		 Authorized Signatory

			
					 SUNTRUST BANK,
 as a U.S.
Lender, a Canadian Lender and a U.K. Lender

				
					By:		 /s/ Leena Stover

					Name:		Leena Stover
					Title:		Vice President