# EDGAR Filing Document

**Accession Number:** 0001548051
**File Stem:** 0001209191-23-009151
**Filing Date:** 2023-2
**Character Count:** 13427
**Document Hash:** 67a1215daa0235af20ceb6c0ac8e2b67
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001209191-23-009151.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001209191-23-009151

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230212

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Leposky Mark F
- **CENTRAL INDEX KEY:** 0001548051

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-10962
- **FILM NUMBER:** 23630445

**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

## Ex-24

```

LIMITED POWER OF ATTORNEY

     KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned hereby
constitutes, designates and appoints each of Brian P. Lynch, Clinton Foss and
Hina M.D. Patel, as the undersigneds true and lawful attorneys-in-fact, with
full power to act without the others on behalf of and as attorney for the
undersigned, for the following purposes:

     1. to execute for and on behalf of the undersigned, in the undersigned's
capacity as an officer and/or director of Topgolf Callaway Brands Corp. (the
"Company"), any forms or documents required or permitted in accordance with
Section 16(a) of the Securities Exchange Act of 1934 and the rules thereunder,
as the same may now exist or hereafter be amended, including Securities and
Exchange Commission Forms 3, 4 and 5;

    2. to do and perform any and all acts for and on behalf of the undersigned
which may be necessary or desirable to complete and execute any such forms or
documents or any amendment or amendments thereto, and to file such forms or
documents with the Securities and Exchange Commission and any stock exchange or
similar authority; and

    3. to take any other action of any type whatsoever in connection with the
foregoing which, in the opinion of such attorney-in-fact, may be of benefit to,
in the best interest of, or legally required by, the undersigned, it being
understood that the forms or documents executed by such attorney-in-fact on
behalf of the undersigned pursuant to this Limited Power of Attorney shall be in
such form and shall contain such terms and conditions as such attorney-in-fact
may approve in such attorney-in-fact's discretion.

    The undersigned hereby grants to each such attorney-in-fact full power and
authority to do and perform any and every act and thing whatsoever requisite,
necessary, or proper to be done in the exercise of any of the rights and powers
herein granted, as fully as the undersigned might or could do if personally
present, with full power of substitution or revocation, hereby ratifying and
confirming all that such attorney-in-fact, or such attorney-in-fact's substitute
or substitutes, shall lawfully do or cause to be done by virtue of this Limited
Power of Attorney and the rights and powers herein granted. The undersigned
acknowledges that the foregoing attorneys-in-fact, in serving in such capacity
at the request of the undersigned, are not assuming, nor is the Company
assuming, any of the undersigned's responsibilities to comply with Section 16 of
the Securities Exchange Act of 1934.

    Unless earlier revoked by the undersigned in a signed writing delivered to
the foregoing attorneys-in-fact, this Limited Power of Attorney shall remain in
full force and effect until the undersigned is no longer required to file such
forms or documents with respect to the undersigned's holdings of and
transactions in securities issued by the Company.

    IN WITNESS WHEREOF, the undersigned has caused this Limited Power of
Attorney to be executed effective as of November 22, 2022.

                                                                 /s/ Mark F.
Leposky

```

### 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>Leposky Mark F<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, Global Operations_ |
| **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 |  | 12708<sup>(1)</sup> | A | 0.00<sup>(2)</sup> | 268552 | D |  |
| Common Stock | 2023-02-12 |  | A |  | 6710<sup>(1)(3)</sup> | A | 0.00<sup>(2)</sup> | 275262 | D |  |
| Common Stock | 2023-02-12 |  | F |  | 6716<sup>(4)</sup> | D | $23.17 | 268546 | D |  |
| Common Stock | 2023-02-12 |  | M |  | 3469<sup>(5)</sup> | A | 0.00<sup>(2)</sup> | 272015 | D |  |
| Common Stock | 2023-02-12 |  | F |  | 1415<sup>(4)</sup> | D | $23.17 | 270600 | D |  |
| Common Stock | 2023-02-12 |  | M |  | 2734 | A | 0.00<sup>(2)</sup> | 273334 | D |  |
| Common Stock | 2023-02-12 |  | F |  | 985<sup>(4)</sup> | D | $23.17 | 272349 | D |  |

---

## 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 |  | 8324 |  | <sup>(7)</sup> | <sup>(7)</sup> | Common Stock | 8324 | $0.00 | 12708<sup>(8)</sup> | D |  |
| Performance Stock Unit | <sup>(2)</sup> | 2023-02-12 |  | M |  |  | 12708 | <sup>(8)</sup> | <sup>(8)</sup> | Common Stock | 12708 | $0.00 | 0 | D |  |
| Performance Stock Unit | <sup>(6)</sup> | 2023-02-12<sup>(9)</sup> |  | A |  | 1503 |  | <sup>(9)</sup> | <sup>(9)</sup> | Common Stock | 1503 | $0.00 | 4010<sup>(10)</sup> | D |  |
| Restricted Stock Units | <sup>(2)</sup> | 2023-02-12 |  | M |  |  | 3469.26<sup>(5)</sup> | <sup>(11)</sup> | <sup>(11)</sup> | Common Stock | 3469.26 | $0.00 | 0<sup>(12)</sup> | D |  |
| Restricted Stock Units | <sup>(2)</sup> | 2023-02-12 |  | M |  |  | 2734 | <sup>(13)</sup> | <sup>(13)</sup> | Common Stock | 2734 | $0.00 | 2734<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 Mark F. Leposky under a Limited Power of Attorney dated November 22, 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.**