Document:

Director's Service Agreement

 Exhibit 10.2 
 Dated 1 December 2002 
 as revised effective 1 March 2008

 CALLAWAY GOLF EUROPE LTD. 
 (as the “Company”) 
 NEIL HOWIE 

(as “Executive”) 
 DIRECTOR’S SERVICE AGREEMENT 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 Definitions
	  	 	1	  
	 Appointment
	  	 	2	  
	 Duties
	  	 	3	  
	 Other Interests
	  	 	4	  
	 Remuneration
	  	 	5	  
	 Expenses
	  	 	6	  
	 Deductions
	  	 	6	  
	 Pension and Other Benefits
	  	 	6	  
	 Sickness Benefit
	  	 	7	  
	 Holidays
	  	 	7	  
	 Reasonableness of Restrictions
	  	 	8	  
	 Confidentiality
	  	 	8	  
	 Copyright, Inventions and Patents
	  	 	9	  
	 Post-Termination Covenants
	  	 	10	  
	 Termination
	  	 	11	  
	 Directorships
	  	 	13	  
	 Waiver of Rights
	  	 	14	  
	 Rights Upon a Change in Control
	  	 	14	  
	 Dismissal, Disciplinary and Grievance Procedures
	  	 	14	  
	 Data Protection
	  	 	15	  
	 Miscellaneous
	  	 	15	  
	 Construction
	  	 	15	  
	 Prior Agreements
	  	 	16	  
	 Governing Law and Jurisdiction
	  	 	16	  
	 SCHEDULE 1 – POST TERMINATION COVENANTS
	  	 	17	  
	 SCHEDULE 2 – CHANGE IN CONTROL
	  	 	21	  

  
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 THIS AGREEMENT is made on the day of 1 December 2002 and revised effective 1 March 2008

 BETWEEN: 
  

	(1)	Callaway Golf Europe Ltd., a company incorporated in the United Kingdom, whose registered office is at Unit A27, Barwell Business Park, Leatherhead Road,
Chessington, Surrey KT9 2NY, Great Britain (registered no. 2756321), (the “Company”), a wholly owned subsidiary of Callaway Golf Company, a Delaware corporation (“Callaway Golf”); 

 

	(2)	Neil Howie, of 3 The Curnicks, Chiseldon, Wiltshire, SN4 OLE (the “Executive”); 

IT IS AGREED THAT: 
  

	1.	Definitions 

 In this Agreement,
the following expressions shall have the following meanings: 
  

					
	 “Board”
	  	the board of directors of the Company or a duly constituted committee of the board of directors;
		
	 “Compensation Payment”
	  	means a sum calculated as follows:
		  		  	 A x £B
     365    

		  	 “A”  is (i) the number of days of the Executive’s
notice of termination of employment to which he is entitled under Clause 2.1 below, OR (ii) where the notice period has already commenced, the number of days of such notice period which remain outstanding;

 
 “B”  is the
Executive’s annual base salary referred to in Clause 5.1 below on the date when he is notified in writing by the Company that it will be making him a Compensation Payment. For the avoidance of doubt, this shall not include the value of any
benefits, bonus/incentive, commission, sickness or holiday entitlement which would have accrued to the Executive had he been employed until the expiry of his notice entitlement under Clause 2.1 below;

		
	 “Control”
	  	 has the meaning ascribed by Section 416 Taxes Act 1988 (as amended);

  
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	“Effective Date”	  	means 1 December 2002, as revised effective 1 March 2008;
		
	“Employment”	  	means the Executive’s employment in accordance with the terms and conditions of this Agreement;
		
	“Group Company”	  	means the Company, Callaway Golf Company, any holding company of the Company and any subsidiary of the Company or Callaway Golf or of any such holding company (with holding
company and subsidiary having the meanings ascribed to them by section 736 of the Companies Act 1985);
		
	“Immediate Relatives”	  	shall include husband, wife, common law spouse, children, brothers, sisters, cousins, aunts, uncles, parents, grandparents, and the aforesaid relatives by
marriage;
		
	“Model Code”	  	the Model Code for Securities Transactions by Directors of Listed Companies issued from time to time by the London Stock Exchange and any other code or guidelines issued
governing the conduct of directors, including, but not limited to, Callaway Golf’s Code of Conduct and Ethics Policy, in that regard as the Company may from time to time adopt or issue;
		
	“Securities”	  	any shares, debentures (whether or not secured), warrants or options to purchase any shares or debentures;
		
	 “Recognised Investment

Exchange”
	  	has the meaning given to it by section 207 of the Financial Services Act 1986;
		
	“Termination Date”	  	shall mean the date upon which the Executive’s employment with the Company terminates;
		
	“Policy on Avoiding Insider Trading”	  	Callaway Golf’s Policy on Avoiding Insider Trading, as may be amended from time to time.

  

	2.	Appointment 

 The
Company shall employ the Executive and the Executive shall serve the Company as Managing Director on and subject to the terms and conditions specified herein or in such capacity to which he may be lawfully assigned by the Board from time to time.

  
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 The Company agrees that the Board of Directors of the Company shall appoint Executive as a Director of the
Company, with the title “Managing Director.” It is anticipated that the above steps shall be completed and that Executive shall begin his tenure as a member of the Board of Directors and Managing Director of the Company on 1 January
2003. 
  

	2.1	Either party may terminate the Employment by giving to the other twelve (12) months’ notice in writing, subject to earlier termination under Clause 15 below.

  

	2.2	On 31 December 2008, and on each 31 December thereafter, the term of this Agreement shall be automatically extended one (1) year through 31 December
of the following year, so long as (i) Executive is still employed by the Company pursuant to this Agreement; (ii) this Agreement is in full force and effect; (iii) Executive is not in breach of this Agreement and (iv) neither
party has given twelve (12) months’ notice of termination of employment in writing pursuant to Clause 2.1. 

  

	2.3	The Executive’s period of continuous employment began on July 23, 1998. 

 

	2.4	The Company’s normal retirement age is 65. When the Executive reaches age 65 the Company’s Retirement Policy set out in the Company’s Handbook, shall
apply to the Executive. 

  

	3.	Duties 

  

	3.1	The Executive shall be employed in the post of Managing Director in which capacity he shall devote all his time, attention and skill to his duties hereunder, and shall
at all times act in the interests of the Company and its Group Companies, and shall faithfully and diligently perform such duties and exercise such powers consistent therewith as may from time to time be assigned to or vested in him by the Board or
the Company. 

  

	3.2	The Company reserves the right to assign to the Executive (i) duties of a different nature either additional to or instead of those referred to in Clause 3.1
above, it being understood that he will not be assigned duties which he cannot reasonably perform; and (ii) a title other than Managing Director. The Company reserves the right to require that the Executive shares his responsibilities with
another employee of the Company of similar status to him. 

  

	3.3	The Executive shall report directly to the Senior Vice President, International, Callaway Golf, and member of the Board, or to such person as the Chairman of the
Company shall designate, and obey the reasonable and lawful orders of the Senior Vice President, International, Callaway Golf, and/or the Board, given by or with the authority of the Board, and shall comply with all the Company’s rules,
regulations, policies and procedures from time to time in force. 

  

	3.4	The Executive shall promptly provide the Board with all such information as it may require in connection with the business or affairs of the Company and of any other
Group Company for which he is required to perform duties. 

  

	3.5	 The Executive may be required in pursuance of his duties to perform services not only for the Company but also for any Group Company and, without
further remuneration (except as otherwise agreed), to accept any such office or position with the Company, as the Board or the Company may from time to time 

  
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reasonably require. The Company may at its sole discretion assign the Executive’s employment to any Group Company on the same terms and conditions as set out herein.

  

	3.6	The Executive’s working hours at the office shall be 8.00 am to 5.30 pm Monday to Friday, and such additional hours (without further remuneration) as are necessary
for the proper performance of his duties of employment. 

  

	3.7	The Executive’s normal place of work shall be the Company’s principal United Kingdom office or such other location at which the Company may from time to time
require the Executive to base himself. The Executive agrees to travel (both within and outside of the United Kingdom) as may be required for the proper performance of his duties and of the Employment. 

 

	3.8	The Executive shall not without the prior written consent of the Board either 

 

	 	3.8.1	incur on behalf of the Company or any Group Company any capital expenditure in excess of such sum as may be authorised from time to time; or 

 

	 	3.8.2	enter into, on behalf of the Company or any Group Company, any commitment, agreement, arrangement which (a) is outside its or their normal course of business, or
(b) is outside his normal duties, or (c) contains unusual or onerous terms. 

  

	4.	Other Interests 

  

	4.1	During the period of the Employment the Executive shall devote his full time and attention to his duties hereunder and shall not (without the prior written consent of
the Board) directly or indirectly either on his own account or on behalf of any other person, company, business entity or other organisation: 

  

	 	4.1.1	(i) engage in, or (ii) be concerned with, or (iii) provide services to, (whether as an employee, officer, director, agent, partner, consultant or otherwise),
or (iv) have any financial or other interest in, any other business; or 

  

	 	4.1.2	accept any other engagement or public office; 

 PROVIDED THAT the Executive may hold for investment purposes an interest (as defined be Schedule 13 of the Companies Act 1985) of up to 5% in nominal value or (in the case of securities not having
any nominal value) in number or class of securities, in any class of securities in a company which is quoted on any Recognised Investment Exchange provided that the company which issued the Securities does not carry on a business which is similar to
or competitive with any business for the time being carried on by any Company within the Group. 
  

	4.2	 Subject to any written regulations issued by the Company which are applicable to him, neither the Executive nor his Immediate Relatives, nor any
company or business entity in which he or they are interested, shall be entitled to receive or 

  
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obtain directly or indirectly any discount, rebate, or other benefit in respect of any business transacted (whether or not by the Executive) by or on behalf of the Company or any Group Company.
If the Executive, he or they did directly or indirectly obtain any such discount, rebate, or other benefit the Executive shall forthwith account to the Company or the applicable Group Company for the amount received or value of the benefit so
obtained. 

  

	4.3	The Executive confirms that he has disclosed fully to the Company all circumstances in respect of which there is, or there might be, a conflict of interest between the
Company or any Group Company, and the Executive or his Immediate Relatives, and he agrees to disclose fully and in writing to the Company any such circumstances which may arise during the Employment. 

 

	4.4	For the purposes of Clauses 4.1, 4.3 and 4.5, the provisions of S.324-328 Companies Act 1985 (as amended) shall apply for determining whether the Executive has an
interest in any Securities. 

  

	4.5	The Executive undertakes that he will: 

  

	 	4.5.1	at all times comply with the Model Code and the Policy on Avoiding Insider Trading; 

 

	 	4.5.2	immediately inform the Company Secretary of any dealings in the Company’s shares which the Executive, or any person connected with the Executive (within the
meaning of s.346 Companies Act 1985) has or proposes to have. 

  

	5.	Remuneration 

  

	5.1	Effective 1 December 2002, the Company agreed to pay Executive a base salary of £160,000 per annum; effective 1 March 2004, Executive’s base
salary increased to £180,000; effective 1 January 2005, Executive’s base salary increased to £189,000; effective 1 March 2006, Executive’s base salary increased to £196,000; effective 1 March 2007,
Executive’s base salary increased to £201,500; effective 1 March 2008, Executive’s base salary increased to £208,553. Base salary is payable monthly in arrears by equal installments. For subsequent years, the Board will
review the Executive’s salary annually without any undertaking by the Company that the Executive’s salary shall be automatically increased. There will be no salary review after notice of termination of employment has been given in
accordance with Clause 2.1. 

  

	5.2	The Executive may also be eligible to be considered for a discretionary bonus payable in accordance with the Company’s general policies and practices regarding
executive bonuses as they may exist from time to time. Executive will not be paid any bonus unless he is an employee of the Company and has not given or received notice as at the date of payment of such bonus. 

 

	5.3	The remuneration specified in Clauses 5.1 and 5.2 above shall be inclusive of all fees and other remuneration to which the Executive may be entitled as an officer of
the Company or of any Group Company. 

  
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	6.	Expenses 

 The Company shall
reimburse (or procure the reimbursement of) to the Executive (against receipts or other satisfactory evidence) all reasonable business expenses properly and reasonably incurred and defrayed by him in the course of the Employment, subject to the
Company’s rules and policies relating to expenses. 
  

	7.	Deductions 

 The Company shall be
entitled at any time during the Employment, or in any event on its termination, to deduct from the Executive’s remuneration hereunder any monies due from him to the Company including but not limited to any outstanding loans, advances,
relocation expenses, the cost of repairing any damage or loss to the Company’s property caused by him (and of recovering the same), excess holiday, any sums due from him under Clause 9.5 below and any other monies owed by him to the Company.

  

	8.	Pension and Other Benefits 

  

	8.1	The Executive shall be eligible to participate in the Company’s Group Personal Pension Scheme (“the “Scheme”) subject to the terms and conditions of
the trust deed and rules governing the Scheme from time to time in force and to any Inland Revenue or other applicable limits. Details of the Scheme can be obtained from the Human Resources Department. The Company reserves the right to terminate, or
substitute another pension scheme for, the Scheme. There is no contracting-out certificate in force for the Employment in relation to the State Earnings Related Pension Scheme. 

 

	8.2	The Executive shall be eligible to participate in any private health insurance scheme obtained by the Company subject to the terms and conditions of such scheme from
time to time in force. Details of the scheme can be obtained from the Human Resources Department. The Company reserves the right to terminate or substitute another scheme for such scheme or to amend the scale of benefits of the scheme including the
level of benefits. If any scheme provider (including but not limited to any insurance company) refuses for any reason (whether based on its own interpretation of the terms of the insurance policy or otherwise) to provide any benefits to the
Executive, the Company shall not be liable to provide any such benefits itself or any compensation in lieu thereof. 

  

	8.3	Any actual or prospective loss of entitlement to private medical insurance benefits shall not limit or prevent the Company from exercising its right to terminate the
Employment in accordance with Clauses 2 or 15 hereof. 

  

	8.4	With effect from 25 July 2006, the Company will provide the Executive with a car allowance in the amount of £875.00 per month, less all deductions the
Company is required by law to make, in order that the Executive can lease a car. The car shall be maintained in accordance with the Company’s established policy on leased automobiles. In the event of termination of the Executive’s
Employment, either voluntarily or involuntarily, the Company shall assume the Executive’s liability under the lease as of the effective date of termination. The Executive shall ensure that any automobile lease he may enter into allows for the
assignment of the lease to a third party. 

  
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	9.	Sickness Benefit 

  

	9.1	In case of sickness or other incapacity for work, the Executive must comply with the Company’s rules, from time to time in force, regarding sickness notification
and doctor’s certificates, details of which can be obtained from the Human Resources Department. 

  

	9.2	The Company reserves the right to require the Executive to undergo a medical examination by a doctor or consultant nominated by it, in which event the costs of such
examination will be paid by the Company. 

  

	9.3	The Executive shall be entitled to such Company Sick Pay as is prescribed from time to time in the Company’s Handbook, and subject to the Company’s rules and
policies relating to sickness absence from time to time in force. 

  

	9.4	Any outstanding or prospective entitlement to Company Sick Pay or private medical insurance cover shall not prevent the Company from exercising its right to terminate
the Employment in accordance with Clauses 2 or 15 hereof. 

  

	9.5	If the illness, accident or other incapacity shall be, or appear to be, caused by actionable negligence of a third party in respect of which damages are or may be
recoverable, the Executive shall immediately notify the Board of that fact and of any claim compromise, settlement or judgment made or awarded in connection with it. The Executive shall also give to the Board all particulars the Board may reasonably
require and shall, if required by the Board, refund all or such part of the sums paid to or for the benefit of him by way of salary, bonus or benefits during the relevant period as the Board may reasonably determine. The amount to be refunded shall
not, however, exceed the amount of damages or compensation and interest thereon recovered by the Executive, less any unrecovered costs borne by him in connection with the recovery of such damages or compensation, and shall not exceed the total
remuneration paid to him by way of salary, bonus and benefits in respect of the period of such illness, accident or other incapacity. 

  

	10.	Holidays 

  

	10.1	The Executive shall be entitled to receive his normal remuneration for all Bank and Public holidays normally observed in England and a further 25 working days’
holiday in each holiday year (the period from 1 January to 31 December). The Executive may only take his holiday at such times as are agreed with the Senior Vice President, International, Callaway Golf. 

 

	10.2	The right to paid holiday will accrue pro-rata during each holiday year of the Employment. In the holiday years in which the Employment commences or terminates the
entitlement to holiday shall accrue on a pro rata basis for each complete month of service. 

  

	10.3	The Company reserves the right, at its sole discretion, to require the Executive to take all or part of any outstanding holiday during any notice period or to make
payment in lieu thereof although the Executive will have no right to a payment in lieu if the Employment is terminated under Clause 15. 

  
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	10.4	Up to five (5) days holiday entitlement for one holiday year may be taken in the subsequent holiday year if taken in full before 31 March. Failure to take holiday
entitlement before 31 March in the subsequent holiday year will lead to forfeiture of any accrued holiday not taken without any right to payment in lieu thereof. 

 

	11.	Reasonableness of Restrictions 

The Executive recognises that, whilst performing his duties for the Company, he will have access to and come into contact with trade secrets and
confidential information belonging to the Company or to Group Companies and will obtain personal knowledge of and influence over its or their customers and/or employees. The Executive therefore agrees that the restrictions contained or referred to
in Clauses 12 and 14 and Schedule 1 are reasonable and necessary to protect the legitimate business interests of the Company and its Group Companies both during and after the termination of his employment. 

 

	12.	Confidentiality 

  

	12.1	The Executive shall neither during the Employment (except in the proper performance of his duties or if authorised by the Board or required by law) nor at any time
(without limit) after the termination thereof, directly or indirectly: 

  

	 	12.1.1	use for his own purposes or those of any other person, company, business entity or other organisation whatsoever; or 

 

	 	12.1.2	disclose to any person, company, business entity or other organisation whatsoever; 

any trade secrets or confidential information relating or belonging to the Company or its Group Companies including but not limited to any
such information relating to customers, customer lists or requirements, price lists or pricing structures, sales and marketing information, business plans or dealings, employees or officers, source codes and computer systems, software, financial
information and plans, designs, formulae, prototypes, product lines, services, research activities, any document marked ‘Confidential’ (or with a similar expression), or any information which the Executive has been told is confidential or
which he might reasonably expect the Company would regard as confidential, or any information which has been given to the Company or Group Company in confidence by customers, suppliers or other persons. 

 

	12.2	The Executive shall not at any time during the continuance of his employment with the Company make any notes or memoranda relating to any matter within the scope of the
Company’s business, dealings or affairs otherwise than for the benefit of the Company or any Group Company. 

  

	12.3	The obligations contained in Clause 12.1 and 12.2 shall cease to apply to any information or knowledge which: 

 

	 	12.3.1	may subsequently come into the public domain after the termination of employment other than by way of unauthorised disclosure (whether or not by the Executive);

  
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	 	12.3.2	the Executive is entitled to disclose under the Public Interest Disclosure Act 1998 provided the Executive has first fully complied with the Company’s procedures
relating to such external disclosures. 

  

	12.4	The Executive shall not make or communicate any statement (whether written or oral) to any representative of the press, television, radio, or other media and shall not
write any article for the press or otherwise for publication on any matter connected with or relating to the business of the Company without obtaining the prior approval through the Senior Vice President, International, Callaway Golf. The Executive
understands that it is the policy of Callaway Golf that only the Chief Executive Officer, President, Senior Vice President, Global Press and Public Relations of Callaway Golf and their specific designees may speak to the press or media about
Callaway Golf or its business, and agrees not to interfere with Callaway Golf’s press and public relations by violating this policy. 

  

	12.5	The Company may at any time during the Employment require the Executive to deliver up to it immediately all documents (including all notes, original documents, extracts
and summaries thereof), discs and other information storing medium relating to the business or affairs of the Company or any Group Company which he obtained or made whilst an employee of the Company. This obligation shall include all copies and
reproductions of the same, however made. 

  

	13.	Copyright, Inventions and Patents 

  

	13.1	All records, documents, papers (including copies and summaries thereof) and other copyright protected works made or acquired by the Executive in the course of the
Employment shall, together with all the worldwide copyright and design rights in all such works, be and at all times remain the absolute property of the Company or a Group Company. 

 

	13.2	The Executive hereby irrevocably and unconditionally waives all rights granted by Chapter IV of Part I of the Copyright, Designs and Patents Act 1988 that vest in him
(whether before, on or after the date hereof) in connection with his authorship of any copyright works in the course of his employment with the Company, wherever in the world enforceable, including without limitation the right to be identified as
the author of any such works and the right not to have any such works subjected to derogatory treatment. 

  

	13.3	The Company and the Executive acknowledge and accept the provisions of Sections 39 to 42 of the Patents Act 1977 (“the Act”) relating to the ownership of
employees’ inventions and the compensation of employees for certain inventions respectively. 

  

	13.4	The Executive acknowledges and agrees that, by virtue of the nature of his duties and the responsibility arising, he has a special obligation to further the interests
of the Company within the meaning of Section 39(1)(b) of the Act. 

  

	13.5	Any invention, development, process, plan, design, formula, specification, program or other matter or work whatsoever (collectively “the Inventions”) made,
developed or discovered by the Executive, either alone or in concert, during the course of the Executive’s duties of employment for the Company shall forthwith be disclosed to the Company and, subject to Section 39 of the Act, shall belong
to and be the absolute property of the Company or a Group Company. 

  
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	13.6	With respect to those rights in the Inventions which do not belong to the Company or any Group Company pursuant to Clause 13.5 but which were made (wholly or partly,
either alone or in concert) using the Company’s or any Group Company’s equipment, or (wholly or partly, either alone or in concert) using information obtained during the course of the Executive’s employment, or else are Inventions
which are or may be relevant to or related to the Company’s or a Group Company’s existing or future business (collectively “Executive Rights”), the Executive at the request and cost of the Company (and notwithstanding the
termination of his employment) shall forthwith license or assign (as determined by the Company) to the Company or a Group Company the Executive Rights and shall deliver to the Company all documents and other materials relating to the Inventions. The
Company shall pay to the Executive such compensation for the licence or assignment as the Company shall determine in its absolute discretion, subject to Section 40 of the Act. 

 

	13.7	The Executive shall at the request and cost of the Company (and notwithstanding the termination of his employment) sign and execute all such documents and do all such
acts as the Company may reasonably require: 

  

	 	13.7.1	to apply for and obtain in the sole name of the Company or a Group Company alone (unless the Company otherwise directs) patent, registered design, or other protection
of any nature whatsoever in respect of the Inventions in any country throughout the world and, when so obtained or vested, to renew and maintain the same; 

  

	 	13.7.2	to resist any objection or opposition to obtaining, and any petitions or applications for revocation of, any such patent, registered design or other protection;

  

	 	13.7.3	to bring any proceedings for infringement of any such patent, registered design or other protection; and 

 

	 	13.7.4	otherwise to give effect to the assignments, waivers and licences contemplated under this Clause 13. 

 

	13.8	The Company or a Group Company shall decide, in its sole discretion, whenever to apply for patent, registered design or other protection in respect of the Inventions
and reserves the right to work any of the Inventions as a secret process in which event the Executive shall observe the obligations relating to confidential information which are contained in Clause 12 of this Agreement. 

 

	14.	Post-Termination Covenants 

  

	14.1	The Executive agrees that he will observe the post-termination obligations set out in Schedule 1 hereto. 

 

	14.2	 The Executive agrees that in the event of receiving from any person, company, business entity or other organisation an offer of employment either
during the 

  
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continuance of the Agreement or during the continuance in force of any of the restrictions set out in Schedule 1 annexed hereto, he will forthwith provide to such person, company, business entity
or other organisation making such an offer of employment a full and accurate copy of the restrictions set out in Clauses 12 and 14 hereof, and Schedule 1 annexed hereto. 

 

	15.	Termination 

  

	15.1	Notwithstanding Clause 2, the Company may terminate the Employment at any time with immediate effect, with or without notice, if the Executive shall at any time:

  

	 	15.1.1	be guilty of dishonesty, or other gross misconduct, or gross incompetence or wilful neglect of duty, or commit any other serious breach of this Agreement; or

  

	 	15.1.2	act in any manner (whether in the course of his duties or otherwise) which is likely to bring him, the Company or any Group Company into disrepute or prejudice the
interests of the Company or any Group Company; or 

  

	 	15.1.3	be declared bankrupt, apply for or have made against him a receiving order under Section 286 Insolvency Act 1986, or have any order made against him to reach a
voluntary arrangement as defined by Section 253 of that Act; or 

  

	 	15.1.4	resign as a director of the Company or any Group Company (without the Board’s written consent); or 

 

	 	15.1.5	be or become of unsound mind; or 

  

	 	15.1.6	for an aggregate period of 120 days or more in any period of twelve (12) consecutive months be incapable of performing his duties hereunder by reason of ill health
or other incapacity (whether accidental or otherwise); or 

  

	 	15.1.7	be guilty of continuing unsatisfactory conduct or poor performance of his duties, after having received a written warning from the Company relating to the same; or

  

	 	15.1.8	be convicted of an indictable offence; or 

  

	 	15.1.9	be or become prohibited by law from being a director; or 

  

	 	15.1.10	directly or indirectly advise or participate or act in concert (within the meaning of the City Code on Take-Overs and Mergers) with any person who makes or is
considering making any offer for the issued share capital of the Company or any Group Company; or 

  

	 	15.1.11	break any part of the Model Code or Policy on Avoiding Insider Trading. 

  
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	 	Any delay by the Company in exercising such right to termination shall not constitute a waiver thereof. This Clause 15.1 shall not restrict any other right the Company
may have (whether at common law or otherwise) to terminate the Employment summarily. 

  

	15.2	On termination of the Employment, the Executive shall forthwith return to the Company in accordance with its instructions all equipment, correspondence, records,
specifications, software, models, notes, reports and other documents and any copies thereof and any other property belonging to the Company or its Group Companies (including but not limited to the Company car, keys, credit cards, samples, equipment
and passes) which are in his possession or under his control. The Executive shall, if so required by the Company, confirm in writing his compliance with his obligations under this Clause 15.2. 

 

	15.3	The Executive agrees that the Company may at its absolute discretion: 

  

	 	15.3.1	give to the Executive a Compensation Payment in lieu of all or any part of any notice of termination of employment (whether given by the Executive or the Company) (to
which, for the avoidance of doubt, the Executive shall have no entitlement unless and until the Company notifies the Executive in writing of its decision to make the Compensation Payment to him) which may, at the Company’s discretion, be paid
on a monthly basis and will be subject to such deductions of income tax and national insurance as the Company is required by law to make. No further payment under Clause 15.3.1 will be made to the Executive if (i) the Company has reasonable
grounds to believe that the Executive has breached any of the terms of this Agreement which survive the termination of employment, including but not limited to Schedule 1; or (ii) the Executive has commenced alternative employment or the
provision of services without being in breach of any of the restrictions in Schedule 1 of this Agreement. The Executive shall inform the Company as soon as he becomes aware that he will, or may, breach the provisions of Schedule 1 or commence such
employment or the provision of such services; and/or 

  

	 	15.3.2	require the Executive not to attend work and/or not to undertake all or any of his duties hereunder during all or any part of either any period of notice (whether given
by the Executive or the Company), PROVIDED ALWAYS that the Company shall continue to pay the Executive’s salary and provide private health insurance and make contributions to pension in accordance with the rules of any scheme. The Executive
will remain an employee during any such period and will remain bound by: 

  

	 	15.3.2.1	the Executive’s duty to act in the best interests of the Company; 

  

	 	15.3.2.2	the mutual obligation of trust and confidence; 

  

	 	15.3.2.3	the Executive’s implied duties of good faith and fidelity; 

  

	 	15.3.2.4	the Executive’s obligations under clauses 4,12,13,14,16 and Schedule 1 of this Agreement; 

  
 12 

	 	15.3.2.5	the Executive’s duty to comply with the lawful and reasonable instructions of the Company. 

The Executive must not undertake any other work or business activities of any kind without the prior written consent of the Company. The
Executive must remain available or be contactable during normal business hours to provide such assistance to the Company as it may reasonably need from time to time. 
  

	15.4	The Company shall have the right to suspend the Executive on full pay pending any investigation into any potential dishonesty, gross misconduct or any other
circumstances which may give rise to a right to the Company to terminate pursuant to Clause 15.1 above. 

  

	15.5	The termination of the Employment shall be without prejudice to any right the Company may have in respect of any breach by the Executive of any of the provisions of
this Agreement which may have occurred prior to such termination. 

  

	15.6	The Executive agrees that he will not at any time after the termination of the Employment represent himself as still having any connection with the Company or any Group
Company, save as a former employee for the purpose of communicating with prospective employers or complying with any applicable statutory requirements. 

  

	16.	Directorships 

  

	16.1	The Executive’s duties as a director of the Company or any other Group Company are subject to the Articles of Association or comparable governing documents of the
relevant company for the time being. 

  

	16.2	At a time agreed with the Company, the Executive shall resign in writing from all directorships, trusteeships and other offices he may hold from time to time with the
Company or any Group Company without compensation for loss of office in the event of: 

  

	 	16.2.1	the termination of his employment; or 

  

	 	16.2.2	either the Company or the Executive serving on the other notice of termination of the Employment; or 

 

	 	16.2.3	the Company exercising its rights under Clause 15.4 above. 

  

	16.3	In the event of the Executive failing to comply with his obligations under Clause 16.2 above, he hereby irrevocably and unconditionally authorises the Company to
appoint some person in his name and on his behalf to sign or execute any documents and/or do all things necessary requisite to give effect to such resignations as referred to in Clause 16.2 above. 

  
 13 

	17.	Waiver of Rights 

 It is
acknowledged that the Executive may, during the Employment, be granted rights upon the terms and subject to the conditions of the rules from time to time of the Company’s Group Personal Pension Scheme or any other profit sharing, share
incentive, share option, bonus or phantom option scheme operated by the Company or any Group Company with respect to shares in the Company or any Group Company. If, on termination of the Employment, whether lawfully or in breach of contract, the
Executive loses any of the rights or benefits under such scheme (including rights or benefits which the Executive would not have lost had the Employment not been terminated) the Executive shall not be entitled, by way of compensation for unlawful
termination of employment, loss of office or otherwise, to any compensation for the loss of any rights or loss of profits under any such scheme. 
  

	18.	Rights Upon a Change in Control 

  

	18.1	The Executive may terminate the Employment by giving one (1) month’s notice in writing, such notice to be given within twelve (12) months after any
Change in Control (as defined in Schedule 2) if, in his reasonable opinion, his employment is materially and adversely affected during the twelve (12) month period after the Change in Control and the Company is unable to offer the Executive
alternative employment on terms and conditions which, taken as a whole, are “at least equal to” the terms of this Agreement. 

  

	18.2	If the Executive gives notice pursuant to this Clause 18 or if the Executive’s employment is terminated by the Company without “good reason” during the
twelve (12) month period after any Change in Control, then he will be entitled to receive from the Company a sum equal to salary (as at the Change in Control) (excluding bonus, commission or the value of any benefits) that the Executive would
have received for twelve (12) months (the “Severance Payment”). 

  

	18.3	Entitlement to receive the Severance Payment is conditional upon the Executive signing (and his legal adviser countersigning) an effective compromise agreement, which
confirms that all contractual and statutory claims that the Executive may have against the Company (and/or any Group Company) are compromised, on terms to be proposed by the Company. 

 

	18.4	For the purpose of this clause, “good reason” shall mean where the Executive ceases to be an employee of the Company by reason of:

  

	 	18.4.1	termination by the Company in accordance with Clause 15 hereof; 

  

	 	18.4.2	unsatisfactory conduct or poor performance; or 

  

	 	18.4.3	injury, disability or ill health (as determined by the Board). 

  

	19.	Dismissal, Disciplinary and Grievance Procedures 

 The Dismissal, Disciplinary and Grievance Procedures set out in the Company’s Handbook shall apply to the Executive. 

  
 14 

	20.	Data Protection 

 The
Company’s Data Protection policy shall apply to the Executive. 
  

	21.	Miscellaneous 

  

	21.1	The various provisions and sub-provisions of this Agreement and the Schedules attached hereto are severable and if any provision or sub-provision is held to be
unenforceable by any court of competent jurisdiction then such unenforceability shall not affect the enforceability of the remaining provisions or sub-provisions in this Agreement or Schedules. 

 

	21.2	The Executive represents and warrants that he is not prevented by any agreement, arrangement, contract, understanding, Court Order or otherwise, which in any way
directly or indirectly restricts or prohibits him from fully performing the duties of the Employment, or any of them, in accordance with the terms and conditions of this Agreement. 

 

	21.3	Any notice to be given hereunder may be delivered (a) in the case of the Company by first class post addressed to its Registered Office for the time being and
(b) in the case of the Executive, either to him personally or by first class post to his last known address. 

  

	21.4	Notices served by post shall be deemed served on the fifth business day after the date of posting. For the purposes of this Clause 21.4, “business day” means
a day on which banks are open for business in the place of both the posting and the address of the notice. 

  

	21.5	Executive agrees to permit the Company and/or its affiliates, and persons or any Group Company authorized by the Company and/or any Group Company, to use, publish and
distribute advertising or sales promotional literature concerning the products of the Company and/or any Group Company, or the machinery and equipment used in the manufacture thereof, in which Executive’s name and/or pictures of Executive taken
in the course of Executive’s provision of services to the Company and/or any Group Company, appear. Executive hereby waives and releases any claim or right Executive may otherwise have arising out of such use, publication or distribution.

  

	22.	Construction 

  

	22.1	The provisions of Schedules 1 and 2 hereto and any additional terms endorsed in writing by or on behalf of the parties hereto shall be read and construed as part of
this Agreement and shall be enforceable accordingly. 

  

	22.2	The benefit of each agreement and obligation of the Executive under Clauses 12, 14 and Schedule 1 hereto of this Agreement may be assigned to and enforced by all
successors and assignees for the time being of the Company and its Group Companies and such agreements and obligations shall operate and remain binding notwithstanding the termination of this Agreement. Executive may not assign his rights, benefits,
obligations or other interests in this Agreement, it being understood that this Agreement and the Employment are personal to the Executive. 

  
 15 

	22.3	Any reference in this Agreement to an Act of Parliament shall be deemed to include any statutory modification or re-enactment thereof. 

 

	22.4	A person who is not a party to this Agreement shall not have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement.

  

	23.	Prior Agreements 

 This Agreement
cancels and is in substitution for all previous letters of engagement, agreements and arrangements (whether oral or in writing) relating to the subject-matter hereof between the Company and the Executive, specifically, the Statement of Terms and
Conditions of Employment entered into 1 September 2002 between the Executive and the Company, all of which shall be deemed to have been terminated by mutual consent. This Agreement made between the Executive and the Company constitutes the
entire terms and conditions of the Executive’s employment and no waiver or modification thereof shall be valid unless in writing, signed by the parties and only to the extent therein set forth. 

 

	24.	Governing Law and Jurisdiction 

This Agreement is governed by and construed in accordance with the laws of England. The parties hereto submit to the exclusive jurisdiction of the English
Courts. 
  

					
	EXECUTED by the parties as a deed	  	 	  	 
			
	Executed as a Deed
by                                	  	)	  	  

	CALLAWAY GOLF EUROPE LTD.,       	  	)	  	Thomas T. Yang, Director
	a United Kingdom corporation                  	  	)	  	
			
		  		  	  

		  		  	Bradley J. Holiday, Director
			
	Executed as a
Deed                                      	  	)	  	
	 NEIL HOWIE
                                         
    
	  	)	  	  

	in the presence
of:                                       	  	)	  	Neil Howie
			
	  
	  		  	Signature of witness
			
	  
	  		  	Name of witness
			
	  
	  		  	Address of witness
			
	  
	  		  	
			
	  
	  		  	Occupation of witness

  
 16 

 SCHEDULE 1 – POST TERMINATION COVENANTS 

 

	1.	Definitions 

 For the purposes of
this Schedule 1, the following words and cognate expressions shall have the meanings set out below: 
  

	1.1	“Board” shall have the meaning set out in the Agreement attached hereto, and shall include its successors in title and assigns (as applicable).

  

	1.2	“Company” shall have the meaning set out in the Agreement attached hereto, and shall include their successors in title and assigns (as applicable).

  

	1.3	“Restricted Employee” means any person who was employed by (i) the Company or (ii) any Group Company, for at least three months prior to and on the
Termination Date and: 

  

	 	1.3.1	with whom the Executive had material contact or dealings in performing his duties of his employment; or 

 

	 	1.3.2	who had material contact with customers or suppliers of the Company in performing his or her duties of employment with the Company or any Group Company (as applicable);
and 

  

	 	1.3.3	who was a member of the management team of the Company or any Group Company (as applicable); 

 

	1.4	“Customer” shall mean any person, firm, company or other organisation whatsoever to whom the Company has supplied goods or services. 

 

	1.5	“Group Company” shall have the meaning set out in the Agreement attached hereto, and shall include its successors in title and assigns (as applicable).

  

	1.6	“Prohibited Area” means: 

  

	 	1.6.1	the United Kingdom; and 

  

	 	1.6.2	any other country in the world where, on the Termination Date, the Company develops, sells, supplies, manufactures or researches its products or services or where the
Company is intending, within three months following the Termination Date to develop, sell, supply or manufacture its products or services and in respect of which the Executive has been responsible (whether alone or jointly with others),
concerned or active on behalf of the Company during any part of the twelve (12) months immediately preceding the Termination Date. 

  

	1.7	“Prospective Customer” shall mean any person, firm, company or other organisation with whom the Company has had any negotiations or material discussions
regarding the possible supply of goods or services by the Company. 

  
 17 

	1.8	The “Relevant Period” shall mean the lesser of: 

  

	 	1.8.1	The six (6) months, in relation to Clause 2 of Schedule 1, and the twelve (12) months, in relation to Clauses 3, 4 and 5 of Schedule 1, immediately following
the Termination Date; 

  

	 	1.8.2	the period specified in sub-clause 1.8.1 above less the number of days on which the Executive has been required by the Company (pursuant to Clause 15.3.2 of the
Agreement) both not to attend at work and not to perform any duties of employment. 

  

	1.9	“Supplier” means any person, company, business entity or other organisation whatsoever who: 

 

	 	1.9.1	has supplied goods or services to the Company during any part of the twelve (12) months immediately preceding the Termination Date; or 

 

	 	1.9.2	has agreed prior to the Termination Date to supply goods or services to the Company to commence at any time in the twelve (12) months following the Termination
Date; or 

  

	 	1.9.3	as at the Termination Date, supplies goods or services to the Company under an exclusive contract or arrangement between that Supplier and the Company.

  

	1.10	“Termination Date” shall have the meaning set out in the Agreement hereto. 

 

	2.	Non-Competition 

 The Executive
hereby agrees that he shall not (without the consent in writing of the Board) for the Relevant Period within the Prohibited Area and whether on his own behalf or in conjunction with or on behalf or any other person, firm, company or other
organisation (and whether as an employee, director, principal, agent, consultant or in any other capacity whatsoever,) in competition with the Company be directly or indirectly (i) employed or engaged in, or (ii) perform services in
respect of, or (iii) have any financial interest in, or (iv) be otherwise concerned with: 
  

	2.1	the research into, development, manufacture, supply or marketing of any product which is of the same or similar type to any product researched, or developed, or
manufactured, or supplied, or marketed by the Company during the twelve (12) months immediately preceding the Termination Date; 

  

	2.2	the research into, development, manufacture, supply or marketing of any product which is to the same or a similar type to any product which the Company was (as at the
Termination Date) proposed to launch within twelve (12) months of the Termination Date; 

  

	2.3	the development or provision of any services (including but not limited to technical and product support, or consultancy or customer services) which are of the same or
similar type to any services provided by the Company during the twelve (12) months immediately preceding the Termination Date; 

  
 18 

	2.4	the development or provision of any services (including but not limited to technical and product support or consultancy or customer services) which are of the same or
similar type to any services which the Company was (as at the Termination Date) proposing to launch within twelve (12) months of the Termination Date. 

 PROVIDED ALWAYS that the provision of this Clause 2 shall apply only in respect of products or services with which the Executive was either personally concerned or for which he was responsible
whilst employed by the Company during the twelve (12) months immediately preceding the Termination Date. 
 The provisions of this Clause 2
shall not, at any time following the Termination Date, prevent the Executive (i) from holding shares or other capital not amounting to more than 5% of the total issued share capital of any company, listed on a Recognised Share Exchange or
(ii) from being employed in, or providing services to, any part of a business (which does not fall within the scope of paragraphs 2.1 to 2.4 above) being operated by another company, firm of other business entity, even though another part of
the business of such company, firm or other business entity (with which the Executive is not directly or indirectly concerned or employed) does fall within the scope of paragraphs 2.1 to 2.4 above. 

 

	3.	Non-Solicitation of Customers 

 The
Executive hereby agrees that he shall not for the Relevant Period whether on his own behalf or in conjunction with or on behalf of any person, company, business entity or other organisation (and whether as an employee, director, principal, agent,
consultant or in any other capacity whatsoever), directly or indirectly (i) solicit or, (ii) assist in soliciting, or (iii) accept, or (iv) facilitate the acceptance of, or (v) deal with, in competition with the Company, the
custom or business of any Customer or Prospective Customer: 
  

	3.1	with whom the Executive has had material contact or dealings on behalf of the Company during the twelve (12) months immediately preceding the Termination Date; or

  

	3.2	for whom the Executive was, in a client management capacity on behalf of the Company, directly responsible (on his own or in conjunction with other individuals) during
the twelve (12) months immediately preceding the Termination Date. 

  

	4.	Non-Solicitation of Restricted Employees 

 The Executive hereby agrees that he will not for the Relevant Period either on his own behalf or in conjunction with or on behalf of any other person, company, business entity, or other organisation (and
whether as an employee, principal, agent, consultant or in any other capacity whatsoever), directly or indirectly: 
  

	4.1	(i) induce, or (ii) solicit, or (iii) entice or (iv) procure, any person who is a Restricted Employee to leave the Company’s or any Group
Company’s employment (as applicable) where that person is a Restricted Employee on the Termination Date; 

  
 19 

	4.2	be personally involved to a material extent in (i) accepting into employment or (ii) otherwise engaging or using the services of, any person who is a
Restricted Employee on the Termination Date. 

  

	5.	Interference with Suppliers 

 The
Executive hereby agrees that he shall not for the Relevant Period, in relation to any contract or arrangement which the Company has with any Supplier for the exclusive or preferential supply of goods or services to the Company and/or to its Group
Companies, for the duration of such contract or arrangement, whether on his own behalf or in conjunction with or on behalf of any person, company, business entity or other organisation, (and whether as an employee, director, agent, principal,
consultant or in any other capacity whatsoever), directly or indirectly: 
  

	5.1	interfere with the supply of goods or services to the Company from any Supplier; 

 

	5.2	induce any Supplier of goods or services to the Company to cease or decline to supply such goods or services in the future. 

 

	6.	Group Companies 

  

	6.1	The provisions of Clauses 6.2 and 6.3 below shall only apply in respect of those Group Companies (i) to whom the Executive gave his services, or (ii) for whom
he was responsible, or (iii) with whom he was otherwise concerned, in the twelve (12) months immediately preceding the Termination Date. 

  

	6.2	Clauses 1, 2, 3, 4 and 5 in this Schedule 1 shall apply as though references to the “Group Company” were substituted for references to the
“Company”. The obligations undertaken by the Executive pursuant to this Schedule 1 shall, with respect to each Group Company, constitute a separate and distinct covenant and the invalidity or unenforceability of any such covenant shall not
affect the validity or enforceability of the covenants in favour of the Company or any other Group Company. 

  

	6.3	In relation to each Group Company referred to in Clauses 6.1 and 6.2 above, the Company contracts as trustee and agent for the benefit of each such Group Company. The
Executive agrees that, if required to do so by the Company, he will enter into covenants in the same terms as those set out in Clauses 1, 2, 3, 4 and 5 hereof directly with all or any of such Group Companies, mutatis mutandis. If the Executive
fails, within seven days of receiving such a request from the Company, to sign the necessary documents to give effect to the foregoing, the Company shall be entitled, and is hereby irrevocably and unconditionally authorised by the Executive, to
execute all such documents as are required to give effect to the foregoing, on his behalf. 

  
 20 

 SCHEDULE 2 – CHANGE IN CONTROL 

A “Change in Control” means the following and shall be deemed to occur if any of the following events occurs: 

 

	1.	Any person, entity or group, but excluding Callaway Golf Company and its affiliates and any employee benefit or stock ownership plan of Callaway Golf Company or its
affiliates, and also excluding an underwriter or underwriting syndicate that has acquired Callaway Golf Company’s securities solely in connection with a public offering thereof (such person, entity or group being referred to herein as a
“Person”) becomes the beneficial owner of 30% or more of either the then outstanding shares of Common Stock or the combined voting power of Callaway Golf Company’s then outstanding securities entitled to vote generally in the election
of directors; or 

  

	2.	Individuals who, as of the effective date hereof, constitute the Board of Directors of Callaway Golf Company (the “Incumbent Board”) cease for any reason to
constitute at least a majority of the Board of Directors of Callaway Golf Company, provided that any individual who becomes a director after the effective date hereof whose election, or nomination for election by Callaway Golf Company’s
shareholders, is approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered to be a member of the Incumbent Board unless that individual was nominated or elected by any Person having the power
to exercise, through beneficial ownership, voting agreement and/or proxy, 20% or more of either the outstanding shares of Common Stock or the combined voting power of Callaway Golf Company’s then outstanding voting securities entitled to vote
generally in the election of directors, in which case that individual shall not be considered to be a member of the Incumbent Board unless such individual’s election or nomination for election by Callaway Golf Company’s shareholders is
approved by a vote of at least two-thirds of the directors then comprising the Incumbent Board; or 

  

	3.	Consummation by Callaway Golf Company of the sale or other disposition by Callaway Golf Company of all or substantially all of Callaway Golf Company’s assets or a
reorganization or merger or consolidation of Callaway Golf Company with any other person, entity or corporation, other than 

  

	 	(a)	a reorganization or merger or consolidation that would result in the voting securities of Callaway Golf Company outstanding immediately prior thereto (or, in the case
of a reorganization or merger or consolidation that is preceded or accomplished by an acquisition or series of related acquisitions by any Person, by tender or exchange offer or otherwise, of voting securities representing 5% or more of the combined
voting power of all securities of Callaway Golf Company, immediately prior to such acquisition or the first acquisition in such series of acquisitions) continuing to represent, either by remaining outstanding or by being converted into voting
securities of another entity, more than 50% of the combined voting power of the voting securities of Callaway Golf Company or such other entity outstanding immediately after such reorganization or merger or consolidation (or series of related
transactions involving such a reorganization or merger or consolidation), or 

  
 21 

	 	(b)	a reorganization or merger or consolidation effected to implement a recapitalization or reincorporation of Callaway Golf Company (or similar transaction) that does not
result in a material change in beneficial ownership of the voting securities of Callaway Golf Company or its successor; or 

  

	4.	Approval by the shareholders of Callaway Golf Company or an order by a court of competent jurisdiction of a plan of liquidation of Callaway Golf Company.

  
 22 

 FIRST AMENDMENT TO DIRECTOR’S SERVICE AGREEMENT 

This First Amendment to Director’s Service Agreement (“First Amendment”) is made effective as of 30 April 2010 by and
between Callaway Golf Europe Ltd., a company incorporated in the United Kingdom (the “Company”), and Neil Howie (“Executive”). 
 A. The Company and the Executive are parties to that certain Director’s Service Agreement with an effective date of 1 December 2002 as revised effective 1 March 2008 (the
“Agreement”). 
 B. The Company and the Executive desire to amend the Agreement in the manner set forth herein.

 C. The Company is prepared to grant, and the Executive is prepared to receive, a new benefit, as described in Clause 3 below,
as consideration for such amendment. 
 NOW, THEREFORE, in consideration of the foregoing and other consideration, the value and
sufficiency of which are hereby acknowledged, the Company and the Executive hereby agree as follows: 
 1. Clause 2 –
Appointment. Clause 2, paragraph 1 of the Agreement shall reflect that the Executive shall serve the Company as “Managing Director and President.” 
 2. Clause 5 – Remuneration. By way of confirmation, Clause 5.1 of the Agreement reflects that the Executive’s current salary is £208,553. 

3. Clause 8 – Pension and Other Benefits. Clause 8 of the Agreement is amended to add a new sub-section 8.5, as follows:

 “8.5 In the event of the Executive’s death, all outstanding unvested service-based full value long-term incentive
awards (e.g., restricted stock units and phantom stock units) held by the Executive shall immediately vest.” 

 4. But for the amendments contained herein, and any other written amendments properly
executed by the parties, the Agreement shall otherwise remain unchanged. 
 IN WITNESS WHEREOF, the Company and the Executive
have caused this First Amendment to be executed effective as of the date set forth above. 
 EXECUTED by the parties as a deed 

 

					
	Executed as a Deed by	  	)	  	 
	CALLAWAY GOLF EUROPE LTD.,	  	)	  	  

	a United Kingdom corporation	  	)	  	Thomas T. Yang, Director
			
		  		  	  

		  		  	Bradley J. Holiday, Director
			
	Executed as a Deed	  	)	  	
	NEIL HOWIE	  	)	  	  

	in the presence of:	  	)	  	Neil Howie
			
	  
	  		  	Signature of witness
			
	  
	  		  	Name of witness
			
	  
	  		  	Address of witness
			
	  
	  		  	
			
	  
	  		  	
			
	  
	  		  	
			
	  
	  		  	Occupation of witness

  
 2 

 SECOND AMENDMENT TO DIRECTOR’S SERVICE AGREEMENT 

This Second Amendment to Director’s Service Agreement (“Second Amendment”) is entered into as of 15 March 2011 by and
between Callaway Golf Europe Ltd., a company incorporated in the United Kingdom (the “Company”), and Neil Howie (“Executive”). 
 A. The Company and the Executive are parties to that certain Director’s Service Agreement with an effective date of 1 December 2002 as revised effective 1 March 2008, as amended
30 April 2010 (collectively the “Agreement”). 
 B. The Company and the Executive desire to amend the Agreement
in the manner set forth herein. 
 C. The Company is prepared to grant, and the Executive is prepared to receive, an increase in
remuneration, as described below, as consideration for such amendment. 
 NOW, THEREFORE, the Company and the Executive agree as
follows: 
 1. Clause 5.1 – Remuneration. Clause 5.1 of the Agreement is amended to state that, effective
1 March 2011, the Company agrees to pay Executive an annual base salary of £211,681 (prorated for any partial years of employment), payable monthly in arrears by equal installments. 

2. But for the amendments contained herein, and any other written amendments properly executed by the parties, the Agreement shall
otherwise remain unchanged. 
 IN WITNESS WHEREOF, the Company and the Executive have caused this Second Amendment to be
executed effective as of the date set forth above. 
 EXECUTED by the parties as a deed 

 

					
	Executed as a Deed by	  	)	  	
	CALLAWAY GOLF EUROPE LTD.	  	)	  	  

	a United Kingdom corporation )	  	)	  	Thomas T. Yang, Director
			
		  		  	  

		  		  	Bradley J. Holiday, Director
			
	Executed as a Deed	  	)	  	
	NEIL HOWIE	  	)	  	  

	in the presence of:	  	)	  	Neil Howie
			
	  
	  		  	Signature of witness
			
	  
	  		  	Name of witness
			
	  
	  		  	Address of witness
			
	  
	  		  	
			
	  
	  		  	
			
	  
	  		  	Occupation of witnessExecutive Entrustment Agreement

 Exhibit 10.3 
 EXECUTIVE ENTRUSTMENT AGREEMENT 
 THIS EXECUTIVE ENTRUSTMENT AGREEMENT (this
“Agreement”) is made as of the March 1, 2008, 
 BY AND BETWEEN 
 Callaway Golf K.K., a company organized and existing under the laws of Japan with its registered head office located at Shin-Onarimon, Building 1F, 6-17-19 Shinbashi, Minato-ku, Tokyo, 105-0004,
Japan (the “Company”), a wholly-owned subsidiary of Callaway Golf Company, a Delaware USA corporation (“Callaway Golf Company”); 
 and 
 Alex Boezeman, an individual residing at 4-5-7 Akasaka, Minato-ku, Tokyo 107-0052,
Japan (the “Director”). 
 WHEREAS 
  

	A.	The Company wishes to engage the Director to perform certain services on its behalf pursuant to the terms and conditions of this Agreement. 

 

	B.	The Director desires to be engaged by the Company to perform such services pursuant to the terms and conditions of this Agreement. 

NOW, THEREFORE, the parties hereto agree as follows: 
  

	1.	ACCEPTANCE AND NATURE OF POSITION 

  

	1.1	Engagement 

 The Company hereby engages the
Director to serve as its Director and Representative Director pursuant to the terms and conditions of this Agreement (the “Engagement”). 
 The Director shall perform all the duties and work associated with the foregoing position, together with such other responsibilities in Japan and greater Asia as may be reasonably requested by the Board
of Directors. Director agrees, as a condition to the performance by the Company of each and all of its obligations hereunder, that during his Engagement, Director will not directly or indirectly render services of any nature to, otherwise become
employed by, or otherwise participate or engage in any other business without the Company's prior written consent. Nothing herein contained shall be deemed to preclude Director from having outside personal investments and involvement with
appropriate community or charitable activities, or from devoting a reasonable amount of time to such matters, provided that this shall in no manner interfere with or derogate from Director’s work for the Company. 

 

	1.2	Scope of Authority 

 As a Director of the
Company, the Director shall generally perform his duties and deal with third parties in accordance with the written guidelines and instructions of the Company. 

  
 - 1 -

	2.	TERM 

 The term of the Engagement under
this Agreement shall commence on March 1, 2008 and run through the current elected term as a Director, March 20, 2009. Thereafter it may be renewed as agreed between the parties. 

 

	3.	COMPENSATION 

  

	3.1	Salary 

 The Company shall pay to the Director
an annual gross salary of JPY 35,535,000, subject to the approval of a general meeting of shareholders of the Company. 
  

	3.2	Annual Bonus 

 The Company shall provide the
Director an opportunity to earn an annual bonus based upon participation in the Company’s applicable bonus plan as it may or may not exist from time to time, subject to the approval of a general meeting of shareholders of the Company. The
Director’s bonus target percentage is forty percent (40%) of the Director’s annual base salary. Any annual bonus earned pursuant to an applicable bonus plan shall be payable in the first quarter of the following year. 

 

	3.3	Withholding 

 The Company may, in accordance
with applicable Japanese laws and regulations, withhold any required amounts from the Director's remuneration and remit such amounts to the applicable authorities or agencies with respect to national income tax and local income/inhabitants tax.

  

	3.4	Legal and Other Professional Fees 

 The Company
shall bear legal fees and other professional fees reasonably incurred by the Director to the extent such fees are necessitated by cause attributable to the Company, if such specific fees are authorized by the Company prior to being incurred.

  

	4.	EXPENSES AND BENEFITS 

  

	4.1	Reasonable and Necessary Expenses 

 In addition
to the compensation provided for in Article 3 hereof, the Company shall reimburse the Director for all reasonable, customary, and necessary expenses incurred in the performance of the Director's duties hereunder. The Director shall first account for
such expenses by submitting a signed statement itemizing such expenses prepared in accordance with the policy set by the Company for reimbursement of such expenses. The amount, nature, and extent of such expenses shall always be subject to the
control, supervision, and direction of the Company’s Board of Directors. 
  

	4.2	Benefits 

 The Director shall be entitled to
participate in the Company’s standard health insurance, life insurance and disability insurance plans, and other social benefits generally available to the Company’s Directors, as the same may be modified from time to time. 

 

	5.	ANNUAL VACATION 

 The Director shall be
entitled to twenty (20) days of paid vacation each year. The vacation may be taken any time during the year subject to prior approval by either the Company’s Board of Directors or its designee, such approval to be granted or denied in the
sole discretion of either 

  
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the Company’s Board of Directors or its designee, as applicable. Unused days of annual vacation may be carried over to the next year only, after which they will lapse if not used. No
compensation will be paid to the Director for any days of accrued, unused vacation upon retirement or termination of his Engagement under this Agreement. 
  

	6.	DILIGENT PERFORMANCE 

 During his
Engagement, the Director shall faithfully and diligently perform such duties and exercise such powers in relation to the Company as are specified herein and as may from time to time be duly vested in him by the Company. The Director shall perform
his duties with a good manager’s care so as to embody and enhance the Company’s reputation for excellence. 
  

	7.	OTHER DUTIES AND OBLIGATIONS 

  

	7.1	Other Business 

 To the fullest extent permitted
by law, the Director agrees that, during the term of the Engagement, the Director will not, directly or indirectly (whether as agent, consultant, holder of a beneficial interest, creditor, or in any other capacity), engage in any business or venture
which conflicts with the Director’s duties under this Agreement, including services that are directly or indirectly in competition with the business of the Company or any of its affiliates, or have any interest in any person, firm, corporation,
or venture which engages directly or indirectly in competition with the business of the Company or any of its affiliates. For purposes of this section, the ownership of interests in a broadly based mutual fund shall not constitute ownership of the
stocks held by the fund. 
  

	7.2	Company Employees 

 Except as may be required in
the performance of his duties hereunder, the Director shall not cause or induce, or attempt to cause or induce, any person now or hereafter employed by the Company or any of its affiliates to terminate such employment during the term of the
Engagement and for a period of one (1) year thereafter. 
  

	7.3	Suppliers 

 During the term of the Engagement,
and for one (1) year thereafter, the Director shall not cause or induce, or attempt to cause or induce, any person or firm supplying goods, services or credit to the Company or any of its affiliates to diminish or cease furnishing such goods,
services or credit. 
  

	7.4	Conflict of Interest 

 During the term of the
Engagement, the Director shall not engage in any conduct or enterprise that shall constitute an actual or apparent conflict of interest with respect to the Director's duties and obligations to the Company. 

 

	7.5	Non-Interference 

 During the term of the
Engagement, and for one (1) year thereafter, the Director shall not in any way undertake to harm, injure or disparage the Company and/or its affiliates, their officers, directors, employees, agents, affiliates, vendors, products, or customers,
or their successors, or in any other way exhibit an attitude of hostility toward them. The Director understands that it is the policy of the Company that only the Chief Executive Officer and the Vice President, Public Relations of Callaway Golf
Company, and their specific designees, may speak to the press or media about the Company or its business, and agrees not to interfere with the Company’s press and public relations by violating this policy. 

  
 - 3 -

	8.	NON-DISCLOSURE 

  

	8.1	Non-Disclosure 

 The Director shall not disclose
to any third party or use for any purpose, except as authorized hereunder or by the Company, or for the benefit of any person or entity other than the Company any information with respect to the Company or any of its related companies which has been
confidentially communicated to him or which has become known to him during the Engagement. This secrecy obligation shall survive the termination of this Agreement and shall remain in effect with respect to each item of confidential information known
to the Director until (i) that information becomes generally known to the public or (ii) expiration of a five (5) year period after the termination of this Agreement, whichever is earlier. 

 

	8.2	Business Information 

 Business information of
any kind and in whatever form, including personal notes relating to business activities, shall be treated as confidential information. The Director shall not be permitted to make any copies or extracts of any customer and/or transaction related
documents, programs, data, drawings, calculations or statistics, nor to use those or any other business information of the Company other than in the best interests of the Company. 

 

	8.3	Return of Business Information 

 Upon
termination of the Engagement, the Director shall immediately return to the Company all business information relating to the Company or its related companies, and any copies or other reproductions thereof, then in the Director’s possession.

  

	9.	DIRECTOR INDEMNIFICATION 

 The Director
shall defend, indemnify and hold the Company, its related companies and the respective officers, directors, employees and agents of the Company and its related companies harmless against any and all claims, actions, suits, proceedings, losses,
damages, liabilities, costs and expenses arising from or attributable to any of the following: 

9.1        Any allegation that the Director's execution, delivery and performance of this Agreement conflicts
with, or constitutes a breach or default of, any obligation of the Director to any other person, firm or entity; 

9.2        Any breach or default by the Director of any of the provisions of this Agreement or of any of the
Director's fiduciary obligations to the Company; or 
 9.3        Any willful misconduct or negligence
of the Director in the performance of his/her obligations under this Agreement, and any and all personal liabilities of the Director; 
 The
Director’s obligations under this Article 9 shall survive the termination of this Agreement for any reason whatsoever. 
  

	10.	COMPANY INDEMNIFICATION 

 The Company
shall indemnify the Director and hold the Director harmless from and against any and all claims, threats, suits (whether instituted by the Company or any other person or entity), damages, penalties, liabilities, costs and expenses incurred, suffered
or expended by or threatened against the Director with respect to any action or inaction taken in the course of the Director’s duties as a Director of the Company based upon the instructions or guidelines of the Board of Directors, except
(i) where there is any breach or default by the Director of any of the provisions of this Agreement or of any of the Director's fiduciary obligations to the Company; (ii) where due to the willful misconduct or negligence of the Director,
and (iii) for any and all personal liabilities of the Director. 

  
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	11.	TERMINATION 

  

	11.1	Termination at the Company’s Convenience 

The Director’s Engagement under this Agreement may be terminated immediately by the Company at its convenience at any time. In the event of a
termination by the Company for its convenience, the Director shall be entitled to receive the immediate vesting of all unvested long-term incentive compensation awards held by the Director that would have vested had the Director remained engaged
pursuant to this Agreement for a period of twelve (12) months from the date of such termination1. In addition to the foregoing and subject to the provisions thereof, the Director shall be entitled to Special Severance as described in
Section 11.11 and Incentive Payments as described in Section 11.12. 
 11.2 Termination by the Director by Resignation 

The Director may voluntarily resign from the Engagement by providing six (6) months’ notice of his intention to do so, in writing and in
advance. In the event of a voluntary termination by the Director, the Director shall be entitled to (i) any compensation accrued and unpaid as of the date of termination; and (ii) no other severance. The Company, at its exclusive and
absolute discretion, may unilaterally waive all or part of such notice of resignation. In the event of exercising such waiver, the Company shall not be responsible to Director for any payments, severance, notice, or pay in lieu of notice to the date
of the six (6) month notice period. 
 11.3 Termination by the Director for Good Reason 

The Director may terminate his Engagement immediately for good reason at any time. In the event of a termination for good reason, the Director shall be
entitled to receive the immediate vesting of all unvested long-term incentive compensation awards held by the Director that would have vested had he remained engaged pursuant to this Agreement for a period of twelve (12) months from the date of
such termination1. In addition to the foregoing and subject to the provisions thereof, the Director shall be eligible to receive Special Severance as described in Section 11.11 and Incentive Payments as described in Section 11.12. "Good
Reason" shall mean a material breach of this Agreement by the Company. 
 11.4 Termination for Non-Renewal 

If this Agreement is not renewed pursuant to its terms, and provided that the Company has not offered the Director a new agreement (as director,
employee, contractor, or otherwise) on substantially the same or better terms, the Director’s Engagement is terminated, and the Director shall be entitled to receive the immediate vesting of all unvested long-term incentive compensation awards
held by the Director that would have vested had the Director remained engaged pursuant to this Agreement for a period of twelve (12) months from the date of such termination1. In addition to the foregoing and subject to the provisions thereof,
the Director shall 
  

	1	Note: Performance Cash Units that may vest pursuant to this section will not be paid unless, and then only to the extent that, the performance criteria underlying such
awards has been satisfied. As a result, any potential payment related to the accelerated vesting of such Performance Cash Units will be paid following the completion of the relevant performance period and the evaluation of whether the
performance criteria have been met, and any such payment will be made to the Director at the same time other participants receive payment. 

	1	Note: Performance Cash Units that may vest pursuant to this section will not be paid unless, and then only to the extent that, the performance criteria underlying such
awards has been satisfied. As a result, any potential payment related to the accelerated vesting of such Performance Cash Units will be paid following the completion of the relevant performance period and the evaluation of whether the
performance criteria have been met, and any such payment will be made to the Director at the same time other participants receive payment. 

  
 - 5 -

 be eligible to receive Special Severance as described in Section 11.11 and Incentive Payments as
described in Section 11.12. It is expressly understood that if the Director and the Company enter into a new written agreement (for the provision of services as a director, employee, contractor, or otherwise) on substantially the same or better
terms, then the provisions of this section are not applicable. For clarification, this section does not apply should the Director be terminated by the Company for good reason, due to permanent disability, or in the event of the Director’s
death. 
  

	11.5	Termination by the Company for Good Reason 

 The
Company may, by a written notice, immediately terminate the Engagement under this Agreement at any time for any of the following reasons: 
  

	 	(a)	if there has been significant negligence in the performance of the Director's duties, or if the Company is subject to significant damage due to negligence or
dereliction of the Director's duties; 

  

	 	(b)	if the Director uses the Company's information or assets for purposes not approved by the Company; 

 

	 	(c)	if the Director intentionally interferes with the performance or efficiency of the Company's business; 

 

	 	(d)	if the Director breaches any of the terms of this Agreement, abuses his position for personal gain or breaches his duties to the Company and its shareholders;

  

	 	(e)	if the Director acts illegally or violates generally accepted ethical and moral standards in Japan; or 

 

	 	(f)	if the Director performs any other act analogous to any of the foregoing. 

 If the Agreement is terminated for any of the reasons set forth in this Section 11.5, then the Director shall receive regular salary payment through the date of termination and no additional payment.
For clarification, the Director shall not be entitled to receive accelerated vesting of unvested long-term incentive compensation awards or any severance or incentive payments. 

 

	11.6	Termination Due to Permanent Disability 

 Subject to all applicable laws, the Director’s Engagement under this Agreement may be terminated immediately by the Company in the event the Director becomes permanently disabled. “Permanent
disability” shall be defined as the Director’s failure to perform or being unable to perform all or substantially all of the Director’s duties under this Agreement for a continuous period of more than six (6) months on account of
any physical or mental disability, either as mutually agreed to by the parties or as reflected in the opinions of three qualified physicians, one of which has been selected by the Company, one of which has been selected by the Director, and one of
which has been selected by the two other physicians jointly. In the event of a termination by the Company due to the Director’s permanent disability, in exchange for Director’s execution of a release in the form attached hereto as Exhibit
B, the Director shall be entitled to (i) severance payments equal to the Director’s then current salary at the same rate and on the same schedule as in effect at the time of termination for a period of nine (9) months from the date of
termination; (ii) payment of premiums owed for insurance benefits at the same level held by the Director at the time of termination for a period of nine (9) months from the date of termination; (iii) the immediate vesting of all
unvested long-term incentive compensation awards held by the Director that would have vested had he remained engaged pursuant to this Agreement for a period of nine (9) months from the date of Director’s termination1; and; (iv) no 

 

	1	Note: Performance Cash Units that may vest pursuant to this section will not be paid unless, and then only to the extent that, the performance criteria underlying such
awards has been satisfied. As a result, any potential payment related to the accelerated vesting of such Performance Cash Units will be paid following the completion of the relevant performance period and the evaluation of whether the
performance criteria have been met, and any such payment will be made to the Director at the same time other participants receive payment. 

  
 - 6 -

 
other severance. The Company shall be entitled to take, as an offset against any amounts due pursuant to subsection (i) above, any amounts received by Director pursuant to disability or
other insurance, or similar sources, provided by the Company. 
  

	11.7	Termination Due to Death 

Director’s Engagement shall end immediately in the event of his death. In the event of the Director’s death, in
exchange for execution of a release in the form attached hereto as Exhibit B by an authorized representative of the Director’s estate, Director’s estate shall be entitled to (i) severance payments equal to Director’s then current
base salary at the same rate and on the same schedule as in effect at the time of death for a period of nine (9) months from the date of death; (ii) the immediate vesting of all unvested long-term incentive compensation awards held by the
Director that would have vested had he remained engaged pursuant to this Agreement for a period of nine (9) months from the date of Director’s death1; and (iii) no other severance. 

 

	11.8	Termination by Mutual Agreement of the Parties 

The Director’s Engagement pursuant to this Agreement may be terminated at any time upon the mutual agreement in writing of the Director and the
Company. Any such termination of the Engagement shall have the consequences specified in such agreement. 
  

	11.9	Pre-Termination Rights 

 The Company shall have
the right, at its option, to require the Director to vacate the Director’s office or otherwise remain off the Company's premises and to cease any and all activities on the Company's behalf without such action constituting a termination of the
Engagement or a breach of this Agreement. 
  

	11.10	Effect of Termination 

 Upon termination of the
Engagement under this Agreement due to whatever cause(s), the Director shall return all of the Company's property forthwith, including, but not limited to, cell phone, laptop computer, keys, credit cards, Company seal or other seals, and Company
equipment, and whether or not his term as Director has expired, he shall sign all documents necessary for his immediate resignation of all positions held at the Company or its affiliates, as requested by the Company. 

 

	11.11	Special Severance 

  

	 	(a)	Amount. Special Severance shall consist of (i) severance payments equal to one-half of Director’s then current annual base salary at the same rate and
on the same payment schedule as in effect at the time of termination for twelve (12) months from the date of termination; (ii) payment of premiums owed for insurance benefits at the same level held by Director at the time of termination
for a period of twelve (12) months from the date of termination; and (iii) no other severance. 

  

	 	(b)	Conditions on Receiving Special Severance. Notwithstanding anything else to the contrary, it is expressly understood that any obligation of the Company to pay
Special Severance pursuant to this Agreement shall be subject to: (i) Director’s continued compliance with the terms and conditions of Sections 7.2, 7.3, and 7.5, Articles 8, 24 and 25; (ii) Director’s continued forbearance
from directly, indirectly or in any other way, disparaging the Company, its officers, directors or 

  
 - 7 -

 
employees, vendors, customers, products or activities, or otherwise interfering with the Company's press, public and media relations; and (iii) Director’s execution, prior to receiving
any Special Severance, of a release in the form attached hereto as Exhibit B within sixty (60) days after the date of termination of the Engagement. 
  

	11.12	Incentive Payments 

  

	 	(a)	Terms and Conditions. Incentive Payments shall be equal to one-half of Director’s then current annual base salary, payable in equal increments over an
eighteen-month period on the same payment schedule in effect at the time of termination of the Engagement. Incentive Payments shall be conditioned upon Director choosing not to engage (whether as an owner, director, employee, agent, consultant or in
any other capacity) in any business or venture that competes with the business of the Company or any of its affiliates for a period of eighteen (18) months following termination of the Engagement. If Director chooses to engage in such
activities, then the Company shall have no obligation to make Incentive Payments for the period of time during which Director chooses to do so. 

  

	 	(b)	Sole Consideration. Director and the Company agree and acknowledge that the sole and exclusive consideration for the Incentive Payments is Director’s
agreement as described in subparagraph 11.12(a) above. Accordingly, in the event that subparagraph 11.12(a) is deemed unenforceable or invalid for any reason, then the Company will have no obligation to make Incentive Payments for the period of time
during which it has been deemed unenforceable or invalid. The obligations and duties of Section 11.12 shall be separate and distinct from the other obligations and duties set forth in this Agreement, and any finding of invalidity or
unenforceability of Section 11.12 shall have no effect upon the validity or invalidity of the other provisions of this Agreement. 

  

	11.13	Treatment of Special Severance and Incentive Payments 

 The Company may, in accordance with applicable Japanese laws and regulations, withhold any required amounts from the Director's Special Severance and Incentive Payments and remit such amounts to the
applicable authorities or agencies with respect to national income tax and local income/inhabitants tax. 
  

	11.14	Other 

 Except for the amounts specifically
provided in this Article 11, Director shall not be entitled to any further compensation, bonus, damages, restitution, relocation benefits, retirement payment, or other severance benefits upon termination of the Engagement. The amounts payable to
Director pursuant to Article 11 shall not be treated as damages, but as compensation to which Director may be entitled by reason of termination of the Engagement under the applicable circumstances. The Company shall not be entitled to set off
against the amounts payable to Director pursuant to Article 11 any amounts earned by Director in other engagements or employment after termination of his Engagement with the Company pursuant to this Agreement, or any amounts which might have been
earned by Director in other engagements or employment had Director sought such other engagements or employment. The provisions of Article 11 shall not limit Director’s rights under or pursuant to any other agreement or understanding with the
Company regarding any pension, profit sharing, insurance or other benefit plan of the Company to which Director is entitled pursuant to the terms of such plan. 
  

	12.	ASSIGNMENT OF RIGHTS 

 To the extent that
the Director designs or invents anything relating to the business of the Company, its parent, affiliates, or subsidiaries, either during the Engagement or during the time 

  
 - 8 -

 
prior to the Engagement in his capacity as an employee with the Company, which is patentable or otherwise protectable under applicable law, the parties agree that they will enter into a separate
written agreement governing the assignment of that design or invention to the Company. The Director agrees to cooperate with the Company with regard to any such assignment of rights. 

 

	13.	RIGHTS UPON A CHANGE IN CONTROL 

  

	 	(a)	Notwithstanding anything in this Agreement to the contrary, if upon or at any time during the term of this Agreement there is a Termination Event (as defined below)
that occurs within one (1) year following any Change in Control (as defined in Exhibit A), the Director shall be treated as if the Director had been terminated at the Company’s convenience pursuant to Section 11.1.

  

	 	(b)	A “Termination Event” shall mean the occurrence of any one or more of the following, and in the absence of any of the factors enumerated in Section 11.5
providing for termination by the Company for good reason, Section 11.6 regarding permanent disability of the Director, or Section 11.7 regarding death of the Director: 

 

	 	(i)	the termination or material breach of this Agreement by the Company; 

  

	 	(ii)	a failure by the Company to obtain the assumption of this Agreement by any successor to the Company or any assignee of all or substantially all of the Company’s
assets or business; 

  

	 	(iii)	any material diminishment in the title, position, duties, responsibilities or status that the Director had with the Company immediately prior to the Change in Control;

  

	 	(iv)	any reduction, limitation or failure to pay or provide any of the compensation, reimbursable expenses, long-term incentive compensation awards, incentive programs, or
other benefits or perquisites provided to the Director under the terms of this Agreement or any other agreement or understanding between the Company and the Director, or pursuant to the Company's policies and past practices as of the date
immediately prior to the Change in Control; or 

  

	 	(v)	any requirement that the Director relocate or any assignment to the Director of duties that would make it unreasonably difficult for the Director to maintain the
principal residence the Director had immediately prior to the Change in Control. 

  

	14.	ENTIRE AGREEMENT; AMENDMENT 

 This
Agreement constitutes the entire agreement and understanding of the parties with respect to the subject matter hereof and supersedes all previous agreements and understandings related to the Engagement of the Director except as expressly stated
herein. The terms and conditions of this Agreement may be amended only in writing, signed by both parties hereto. 
  

	15.	FIDUCIARY RELATIONSHIP 

 This Agreement
is a fiduciary service agreement and shall not be considered as an employment agreement under the Labor Standards Law in Japan. The Rules of Employment of the Company shall not be applicable to the Director. 

  
 - 9 -

	16.	ASSIGNMENT 

 This Agreement shall be
binding upon and shall inure to the benefit of the parties hereto and the successors and assigns of the Company. Director shall have no right to assign his rights, benefits, duties, obligations or other interests in this Agreement, it being
understood that this Agreement is personal to Director. 
  

	17.	ATTORNEYS’ FEES AND COSTS 

 If any
arbitration or other proceeding is brought for the enforcement of this Agreement, or because of an alleged dispute or default in connection with any of its provisions, the successful or prevailing party shall be entitled to recover reasonable
attorneys' fees incurred in such action or proceeding, in addition to any relief to which it or he may be deemed entitled. 
  

	18.	NOTICES 

 Any notice, request, demand, or
other communication required or permitted hereunder, shall be deemed properly given when actually received or within three (3) days of mailing by overnight mail, postage prepaid, to Director’s last known address and to the Company at:

  

			
	Company:	  	Callaway Golf K.K.
		  	Attn: Thomas Yang, Director
		  	c/o Callaway Golf Company
		  	2180 Rutherford Road
		  	Carlsbad, California 92008

 or to such other address as Director or the Company may from time to time furnish, in writing, to the other. 

 

	19.	WAIVER 

 Failure of either party at any
time to require performance by the other of any provision of this Agreement shall in no way affect that party's rights thereafter to enforce the same, nor shall the waiver by either party of any breach of any provision hereof be held to be a waiver
of any succeeding breach of any provision or a waiver of the provision itself. 
  

	20.	SEVERABILITY 

 In the event any provision
or provisions of this Agreement is or are held invalid, the remaining provisions of this Agreement shall not be affected thereby. 
  

	21.	ADVERTISING WAIVER 

 Director agrees to
permit the Company and/or its affiliates, and persons or other organizations authorized by the Company and/or its affiliates, to use, publish and distribute advertising or sales promotional literature concerning the products of the Company and/or
its affiliates, or the machinery and equipment used in the manufacture thereof, in which Director’s name and/or pictures of Director taken in the course of Director’s provision of services to the Company and/or its affiliates, appear.
Director hereby waives and releases any claim or right Director may otherwise have arising out of such use, publication or distribution. 
  

	22.	COUNTERPARTS 

 This Agreement may be
executed in one or more counterparts which, when fully executed by the parties, shall be treated as one agreement. 

  
 - 10 -

	23.	HEADINGS 

 Article and section headings
in this Agreement are included for convenience only and form no part of this Agreement. 
  

	24.	IRREVOCABLE ARBITRATION OF DISPUTES 

  

	 	(a)	Any controversy or claim arising out of or in relation to the Director’s Engagement, this Agreement or the breach hereof, will be finally settled by arbitration in
Tokyo, Japan. 

  

	 	(b)	The arbitration will be conducted before three arbitrators in accordance with the Commercial Arbitration Rules of the Japan Commercial Arbitration Association
(“JCAA”) then in effect. 

  

	 	(c)	Each party to the arbitration is entitled to notify JCAA of the appointment of one arbitrator, respectively, provided that if there is more than one party on either the
petitioner side or the opposing side, the plural parties on each such side shall jointly retain one arbitrator. If a party or parties fail to nominate an arbitrator within the time period specified by the applicable rules of JCAA, JCAA shall appoint
an arbitrator for that party or parties. The two arbitrators so designated by the parties hereto shall nominate the third arbitrator, who will act as the Chairman of the board of arbitrators. In the event of their being unable to agree upon the
third arbitrator within four (4) weeks after the notification to JCAA, the third arbitrator shall be nominated by JCAA. 

  

	 	(d)	All parties to the arbitration will be bound by the award rendered by the arbitrator, and judgment for the enforcement thereof may be entered in any court of competent
jurisdiction. 

  

	 	(e)	Notwithstanding any other provisions of this Agreement, either party will be entitled to seek preliminary injunctive relief from any court of competent jurisdiction
pending the final decision or award of the arbitrator. 

 THE PARTIES HAVE READ SECTION 24 AND IRREVOCABLY AGREE
TO ARBITRATE ANY DISPUTE IDENTIFIED ABOVE. 

                    
(Director)                     (Company) 
  

	25.	GOVERNING LAW 

 This Agreement shall be
governed by and construed in accordance with the laws of Japan. This Agreement is entered into solely in the English language, which language shall exclusively govern its meaning and interpretation. 

 

	26.	TERMINATION OF OFFICER APPOINTMENT AGREEMENT 

 The Director and the Company recognize that prior to the effective date of this Agreement they were parties to a certain Officer Appointment Agreement entered into September 10, 2001, as amended
January 1, 2002 and June 1, 2003 (collectively the “Officer Appointment Agreement”). It is the intent of the parties that as of the effective date of this Agreement, the Officer Appointment Agreement is terminated and that the
Officer Appointment Agreement shall no longer be of any force or effect. 
 In witness whereof, the parties have duly executed and entered into
this Agreement as of the date first set forth above. 

  
 - 11 -

					
	The Director:	    	The Company:
		
		    	Callaway Golf K.K.
			
	 	    	By	  	  

	Alex M. Boezeman	    		  	Thomas Yang, Director

  
 - 12 -

 EXHIBIT A 
 CHANGE IN CONTROL 
 A “Change in Control” means the following and
shall be deemed to occur if any of the following events occurs: 
 1. Any person, entity or group, within the meaning of
Section 13(d) or 14(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) but excluding Callaway Golf Company and its affiliates and any employee benefit or stock ownership plan of Callaway Golf Company or its affiliates and
also excluding an underwriter or underwriting syndicate that has acquired Callaway Golf Company’s securities solely in connection with a public offering thereof (such person, entity or group being referred to herein as a “Person”)
becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of either the then outstanding shares of Common Stock or the combined voting power of Callaway Golf Company's then outstanding
securities entitled to vote generally in the election of directors; or 
 2. Individuals who, as of the effective date hereof,
constitute the Board of Directors of Callaway Golf Company (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board of Directors of Callaway Golf Company, provided that any individual who becomes a
director after the effective date hereof whose election, or nomination for election by Callaway Golf Company’s shareholders, is approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered
to be a member of the Incumbent Board unless that individual was nominated or elected by any Person having the power to exercise, through beneficial ownership, voting agreement and/or proxy, 20% or more of either the outstanding shares of Common
Stock or the combined voting power of Callaway Golf Company’s then outstanding voting securities entitled to vote generally in the election of directors, in which case that individual shall not be considered to be a member of the Incumbent
Board unless such individual’s election or nomination for election by Callaway Golf Company's shareholders is approved by a vote of at least two-thirds of the directors then comprising the Incumbent Board; or 

3. Consummation by Callaway Golf Company of the sale, lease, exchange or other disposition, in one transaction or a series of
transactions, by Callaway Golf Company of all or substantially all of Callaway Golf Company's assets or a reorganization or merger or consolidation of Callaway Golf Company with any other person, entity or corporation, other than 

(a) a reorganization or merger or consolidation that would result in the voting securities of Callaway Golf Company outstanding
immediately prior thereto (or, in the case of a reorganization or merger or consolidation that is preceded or accomplished by an acquisition or series of related acquisitions by any Person, by tender or exchange offer or otherwise, of voting
securities representing 5% or more of the combined voting power of all securities of Callaway Golf Company, immediately prior to such acquisition or the first acquisition in such series of acquisitions) continuing to represent, either by remaining
outstanding or by being converted into voting securities of another entity, more than 50% of the combined voting power of the voting securities of Callaway Golf Company or such other entity outstanding immediately after such reorganization or merger
or consolidation (or series of related transactions involving such a reorganization or merger or consolidation), or 
 (b) a
reorganization or merger or consolidation effected to implement a recapitalization or reincorporation of Callaway Golf Company (or similar transaction) that does not result in a material change in beneficial ownership of the voting securities of
Callaway Golf Company or its successor; or 
 4. Approval by the shareholders of Callaway Golf Company or an order by a court of
competent jurisdiction of a plan of complete liquidation or dissolution of Callaway Golf Company. 

  
 - 13 -

 EXHIBIT B 
 RELEASE OF CLAIMS – GENERAL RELEASE 
 This Release of Claims –
General Release (“Release”) is effective as of the date signed by Callaway Golf K.K., and is made by and between Alex M. Boezeman (“Director”), pursuant to the Executive Entrustment Agreement (the “Agreement”) to
which this document is attached, and Callaway Golf K.K. (the “Company”), a Japanese corporation. This Release is entered into in light of the fact that Director’s Engagement with the Company will terminate and Director will be
eligible to receive Special Severance pursuant to Section 11.11 of the Agreement. 
 1. Consideration. In
consideration for the payment of Special Severance, Director agrees to the terms and provisions set forth in this Release. 
 2.
Release. Director hereby irrevocably and unconditionally releases and forever discharges the Company, its predecessors, successors, parent company, subsidiaries, affiliates and benefit plans, and each and every past, present and future
officer, director, employee, representative and attorney of the Company, its, predecessors, successors, parent company, subsidiaries, affiliates and benefit plans, and their successors and assigns (collectively referred to herein as the
“Releasees”), from any, every, and all charges, complaints, claims, causes of action, and lawsuits of any kind whatsoever, including, to the extent permitted under the law, all claims which Director has against the Releasees, or any of
them, arising from or in any way related to circumstances or events arising out of Director’s Engagement by the Company, including, but not limited to, harassment, discrimination, retaliation, failure to progressively discipline Director,
termination of the Engagement, violations of any notice requirement, or breach of any service agreement, together with any and all other claims Director now has or may have against the Releasees through and including Director’s date of
termination from the Company, provided, however, that Director does not waive or release the right to enforce the Agreement, the right to enforce any stock option, restricted stock, retirement, welfare or other benefit plan, agreement or
arrangement, or any rights to indemnification or reimbursement, whether pursuant to charter and by-laws of the Company or its affiliates, applicable state laws, Directors & Officers insurance policies, or otherwise. Director also
specifically agrees and acknowledges that Director is waiving any right to recovery against releasees based on age, sex, pregnancy, race, color, national origin, marital status, religion, veteran status, disability, sexual orientation, medical
condition or other anti-discrimination laws, whether such claim is based upon an action filed by Director or a governmental agency. 
 3. Binding Effect. This Release shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, personal representatives, successors and assigns. 

4. Governing Law. This Release shall be governed by and construed in accordance with the laws of Japan. This Release is entered
into solely in the English language, which language shall exclusively govern its meaning and interpretation. 
 5.
Irrevocable Arbitration of Disputes. 
 (a) Any controversy or claim arising out of or in relation to the Director’s
Engagement, this Release or the breach hereof, will be finally settled by arbitration in Tokyo, Japan. 
 (b) The arbitration
will be conducted before three arbitrators in accordance with the Commercial Arbitration Rules of the Japan Commercial Arbitration Association (“JCAA”) then in effect. 

(c) Each party to the arbitration is entitled to notify JCAA of the appointment of one arbitrator, respectively, provided that if there
is more than one party on either the petitioner side or the opposing side, the plural parties on each such side shall jointly retain one 

  
 - 14 -

 
arbitrator. If a party or parties fail to nominate an arbitrator within the time period specified by the applicable rules of JCAA, JCAA shall appoint an arbitrator for that party or parties. The
two arbitrators so designated by the parties hereto shall nominate the third arbitrator, who will act as the Chairman of the board of arbitrators. In the event of their being unable to agree upon the third arbitrator within four (4) weeks after
the notification to JCAA, the third arbitrator shall be nominated by JCAA. 
 (d) All parties to the arbitration will be bound
by the award rendered by the arbitrator, and judgment for the enforcement thereof may be entered in any court of competent jurisdiction. 
 (e) Notwithstanding any other provisions of this Release, either party will be entitled to seek preliminary injunctive relief from any court of competent jurisdiction pending the final decision or award
of the arbitrator. 
 THE PARTIES HAVE READ SECTION 5 AND IRREVOCABLY AGREE TO ARBITRATE ANY DISPUTE IDENTIFIED ABOVE. 

                    
(Director)                     (Company) 
 6. Counterparts. This Release may be executed in one or more counterparts which, when fully executed by the parties, shall be treated as one agreement. 

7. Advice of Counsel. The Company hereby advises Director in writing to discuss this Release with an attorney before
executing it.  
 8. Severability. In the event any provision or provisions of this Release is or are held
invalid, the remaining provisions of this Release shall not be affected thereby. 
 IN WITNESS WHEREOF, the parties hereto have
executed this Release on the dates set forth below, to be effective as of the date signed by the Company. 
  

					
		
	The Director	  	The Company
		
		  	Callaway Golf K.K.

  

									
	
	EXHIBIT ONLY – DO NOT SIGN AT THIS TIME
			
	 	  	By:	  	  

	Alex M. Boezeman	  		  	[authorized signature]
					
	Dated:	 	  
	  		  	Dated:	  	  

  
 - 15 -

 FIRST AMENDMENT TO 

EXECUTIVE ENTRUSTMENT AGREEMENT 
 This First Amendment to Executive Entrustment Agreement (“First Amendment”) is entered into effective March 20, 2009, by and between Callaway Golf K.K., a company organized and
existing under the laws of Japan (the “Company”) and Alex Boezeman (“Director”). 
 A. The Company
and Director are parties to that certain Executive Entrustment Agreement entered into as of March 1, 2008 (the “Agreement”). 
 B. The Company and Director desire to amend the Agreement pursuant to Section 14 of the Agreement. 
 NOW, THEREFORE, in consideration of the foregoing and other consideration, the value and sufficiency of which are acknowledged, the Company and Director agree as follows: 

1. Term. The Director has been elected by the Company’s Board of Directors to serve as a director and the representative
director through March 20, 2010. The term of the Engagement pursuant to the Agreement shall run through the current elected term of March 20, 2010. 
 2. But for the amendments contained herein, and any other written amendments properly executed by the parties, the Agreement shall otherwise remain unchanged. 

IN WITNESS WHEREOF, the parties have executed this First Amendment on the dates set forth below, to be effective as of the date first set
forth above. 
  

					
		
	DIRECTOR	  	COMPANY
		
		  	Callaway Golf K.K.

  

									
			
	 	  	By:	  	  

	 Alex Boezeman
	  		  	Thomas Yang, Director
					
	Dated:	 	  
	  		  	Dated:	  	  

  

 SECOND AMENDMENT TO 

EXECUTIVE ENTRUSTMENT AGREEMENT 
 This Second Amendment to Executive Entrustment Agreement (“Second Amendment”) is entered into effective March 20, 2010, by and between Callaway Golf K.K., a company organized and
existing under the laws of Japan (the “Company”) and Alex Boezeman ("Director"). 
 A. The Company and Director
are parties to that certain Executive Entrustment Agreement entered into as of March 1, 2008, as amended March 20, 2009 (collectively the "Agreement"). 
 B. The Company and Director desire to amend the Agreement pursuant to Section 14 of the Agreement. 
 NOW, THEREFORE, in consideration of the foregoing and other consideration, the value and sufficiency of which are acknowledged, the Company and Director agree as follows: 

1. Term. Section 2 of the Agreement is revised to reflect that the Director has been elected by the Company’s Board of
Directors to serve as a Director and the Representative Director through March 20, 2011 and that the term of the Director’s Engagement pursuant to this Agreement shall run through said elected term. 

2. Salary. Section 3.1 of the Agreement is revised to reflect that effective March 1, 2010, the Director’s annual
gross salary shall be JPY 36,245,000, prorated for any partial years of service, payable in equal installments on regularly scheduled Company pay dates. 
 3. Benefits. Section 4.2 of the Agreement is revised to add the following: “In the event of the Director’s death, all outstanding unvested service-based full value long-term
incentive awards (e.g., restricted stock units and phantom stock units) held by the Director shall immediately vest.” 
 4.
Annual Vacation. The Director acknowledges that as of January 1, 2010, the Company’s paid vacation program, as described in Section 5 of the Agreement, has been reinstated. The Director acknowledges that the temporary change to
the accrual of paid vacation, in effect in 2009, did not constitute a breach of the terms and conditions of the Agreement. 
 5.
But for the amendments contained herein, and any other written amendments properly executed by the parties, the Agreement shall otherwise remain unchanged. 
 IN WITNESS WHEREOF, the parties have executed this Second Amendment on the dates set forth below, to be effective as of the date first set forth above. 

 

					
		
	DIRECTOR	  	COMPANY
		
		  	Callaway Golf K.K.

  

									
			
	 	  	By:	  	  

	 Alex Boezeman
	  		  	Thomas Yang, Director
					
	Dated:	 	  
	  		  	Dated:	  	  

 THIRD AMENDMENT TO 

EXECUTIVE ENTRUSTMENT AGREEMENT 
 This Third Amendment to Executive Entrustment Agreement (“Third Amendment”) is entered into effective March 20, 2011, by and between Callaway Golf K.K., a company organized and
existing under the laws of Japan (the “Company”) and Alex Boezeman (“Director”). 
 A. The Company
and Director are parties to that certain Executive Entrustment Agreement entered into as of March 1, 2008, as amended March 20, 2009 and March 20, 2010 (collectively the “Agreement”). 

B. The Company and Director desire to amend the Agreement pursuant to Section 14 of the Agreement. 

NOW, THEREFORE, in consideration of the foregoing and other consideration, the value and sufficiency of which are acknowledged, the
Company and Director agree as follows: 
 1. Term. Section 2 of the Agreement is revised to reflect that the term of
the Engagement pursuant to the Agreement shall be extended through March 29, 2014. 
 2. Salary. Section 3.1 of
the Agreement is revised to reflect that effective March 1, 2011, the Director’s annual gross salary shall be JPY 36,825,631, prorated for any partial years of service, payable in equal installments on regularly scheduled Company pay
dates. 
 3. But for the amendments contained herein, and any other written amendments properly executed by the parties, the
Agreement shall otherwise remain unchanged. 
 IN WITNESS WHEREOF, the parties have executed this Third Amendment on the dates
set forth below, to be effective as of the date first set forth above. 
  

					
		
	DIRECTOR	  	COMPANY
		
		  	Callaway Golf K.K.

  

									
			
	 	  	By:	  	  

	 Alex Boezeman
	  		  	Thomas Yang, Director
					
	Dated:	 	  
	  		  	Dated:

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