# EDGAR Filing Document

**Accession Number:** 0001551277
**File Stem:** 0001209191-23-009141
**Filing Date:** 2023-2
**Character Count:** 10329
**Document Hash:** ba8c480655ac80e007dd59afe4a88e4f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001209191-23-009141.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001209191-23-009141

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230212

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Lynch Brian P.
- **CENTRAL INDEX KEY:** 0001551277

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-10962
- **FILM NUMBER:** 23630352

**MAIL ADDRESS:**
- **STREET 1:** 2180 RUTHERFORD ROAD
- **CITY:** CARLSBAD
- **STATE:** CA
- **ZIP:** 92008
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Topgolf Callaway Brands Corp.
- **CENTRAL INDEX KEY:** 0000837465
- **STANDARD INDUSTRIAL CLASSIFICATION:** [3949]
- **IRS NUMBER:** 953797580
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 2180 RUTHERFORD RD
- **CITY:** CARLSBAD
- **STATE:** CA
- **ZIP:** 92008-8815
- **BUSINESS PHONE:** 7609311771

**MAIL ADDRESS:**
- **STREET 1:** 2180 RUTHERFORD ROAD
- **CITY:** CARLSBAD
- **STATE:** CA
- **ZIP:** 92008

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CALLAWAY GOLF CO
- **DATE OF NAME CHANGE:** 20070612

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CALLAWAY GOLF
- **DATE OF NAME CHANGE:** 20070604

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CALLAWAY GOLF CO
- **DATE OF NAME CHANGE:** 20070604

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Lynch Brian P.<br><sub>(Last) (First) (Middle)</sub><br>2180 RUTHERFORD ROAD<br><sub>(Street)</sub><br>CARLSBAD, CA 92008<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-02-12 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_EVP, CFO_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Topgolf Callaway Brands Corp. [ MODG ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2023-02-12 |  | M |  | 19062<sup>(1)</sup> | A | 0.00<sup>(2)</sup> | 75767 | D |  |
| Common Stock | 2023-02-12 |  | A |  | 10065<sup>(1)(3)</sup> | A | 0.00<sup>(2)</sup> | 85832 | D |  |
| Common Stock | 2023-02-12 |  | F |  | 15724<sup>(4)</sup> | D | $23.17 | 70108 | D |  |
| Common Stock | 2023-02-12 |  | M |  | 5204<sup>(5)</sup> | A | 0.00<sup>(2)</sup> | 75312 | D |  |
| Common Stock | 2023-02-12 |  | F |  | 3032<sup>(4)</sup> | D | $23.17 | 72280 | D |  |
| Common Stock | 2023-02-12 |  | M |  | 4101 | A | 0.00<sup>(2)</sup> | 76381 | D |  |
| Common Stock | 2023-02-12 |  | F |  | 2211<sup>(4)</sup> | D | $23.17 | 74170 | D |  |
| Common Stock |  |  |  |  |  |  |  | 36575 | I | By Family Trust |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Performance Stock Unit | <sup>(6)</sup> | 2023-02-12<sup>(7)</sup> |  | A |  | 12486 |  | <sup>(7)</sup> | <sup>(7)</sup> | Common Stock | 12486 | $0.00 | 19062<sup>(8)</sup> | D |  |
| Performance Stock Unit | <sup>(2)</sup> | 2023-02-12 |  | M |  |  | 19062 | <sup>(8)</sup> | <sup>(8)</sup> | Common Stock | 19062 | $0.00 | 0 | D |  |
| Performance Stock Unit | <sup>(6)</sup> | 2023-02-12<sup>(9)</sup> |  | A |  | 2255 |  | <sup>(9)</sup> | <sup>(9)</sup> | Common Stock | 2255 | $0.00 | 6015<sup>(10)</sup> | D |  |
| Restricted Stock Units | <sup>(2)</sup> | 2023-02-12 |  | M |  |  | 5204.39<sup>(5)</sup> | <sup>(11)</sup> | <sup>(11)</sup> | Common Stock | 5204.39 | $0.00 | 0<sup>(12)</sup> | D |  |
| Restricted Stock Units | <sup>(2)</sup> | 2023-02-12 |  | M |  |  | 4101 | <sup>(13)</sup> | <sup>(13)</sup> | Common Stock | 4101 | $0.00 | 4101<sup>(14)</sup> | D |  |

---

### Footnotes:

(1) Represents the number of shares of common stock issued upon the vesting of a Performance Stock Units ("PSUs").

(2) PSUs/RSUs convert into common stock on a one-for-one basis.

(3) On February 12, 2020, the Reporting Person was granted PSUs, the vesting of which is subject to the achievement of certain rTSR performance criteria. The number of shares reported represents the number of PSUs that were earned as a result of the achievement of such performance criteria.

(4) Represents the number of shares of common stock withheld by the Company to satisfy tax withholding requirements in connection with the PSU/RSU vesting.

(5) Represents the number of shares of common stock issued upon the vesting of Restricted Stock Units ("RSUs") plus the number of shares of common stock accrued with respect to such vested portion of the RSUs as a result of dividend equivalent rights paid by the Company pursuant to the terms of the award. The number of shares reported on Table 1 does not include the fractional shares, which were paid in cash upon settlement.

(6) Each PSU represents a contingent right to receive one share of common stock, subject to the achievement of applicable performance criteria.

(7) On February 12, 2020, the Reporting Person was granted PSUs, the vesting of which is subject to the achievement of certain performance criteria. The number of shares reported in this line item represents the number of PSUs that were earned as a result of the achievement of such performance criteria.

(8) Represents the aggregate number of PSUs originally granted on February 12, 2020, the vesting of which was subject to the achievement of certain performance criteria, that have been earned as a result of the achievement of the applicable performance criteria. All of such shares have fully vested as of February 12, 2023.

(9) On February 12, 2021, the Reporting Person was granted PSUs, the vesting of which is subject to the achievement of certain performance criteria. The number of shares reported represents the number of PSUs that were earned as a result of the achievement of such performance criteria. Such PSUs converted to time-based units that will vest on the third anniversary of the grant date subject to continued employment through such date.

(10) Represents the aggregate number of PSUs originally granted on February 12, 2021 that have been earned as a result of the achievement of the applicable performance criteria.

(11) The RSUs were granted on February 12, 2020 and vest in three equal annual installments beginning on the first anniversary of the grant date. Therefore these RSUs have fully vested as of February 12, 2023.

(12) Represents only the RSUs granted on February 12, 2020 and does not include RSUs with different vesting terms.

(13) The RSUs were granted on February 12, 2021 and vest in three equal annual installments beginning on the first anniversary of the grant date.

(14) Represents only the unvested portion of the RSUs granted on February 12, 2021 and does not include other RSUs with different vesting terms.

**Signature:** /s/ Clinton Foss Attorney-in-Fact for Brian P. Lynch under a Limited Power of Attorney dated November 21, 2022.  
**Date:** 2023-02-14

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**