Document:

EX-10.3

 Exhibit 10.3 

EXECUTION VERSION 

FOURTH AMENDMENT 
 This
Fourth Amendment (this “Agreement”), dated as of August 4, 2015, is entered into by and among ANIXTER INC., a Delaware corporation (“Anixter”), the Borrowing Subsidiaries (as defined in and party to the Credit
Agreement and identified on the signature pages hereto, and together with Anixter, the “Borrowers”), the Guarantors (as defined in the Credit Agreement and identified on the signature pages hereto, and together with the Borrowers,
the “Loan Parties”), the Lenders (as defined below) and WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent (the “Administrative Agent”). 

STATEMENT OF PURPOSE: 
 WHEREAS,
the Borrowers, the lenders from time to time party thereto (the “Lenders”) and the Administrative Agent are parties to that certain Five-Year Revolving Credit Agreement dated as of April 8, 2011 (as amended, supplemented or
otherwise modified as of the date hereof, the “Credit Agreement”). 
 WHEREAS, Anixter has requested, and subject to the
terms and conditions set forth herein, the Administrative Agent and the Lenders have agreed, to amend the Credit Agreement as more specifically set forth herein. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby
agree as follows: 
 1. Capitalized Terms. All capitalized undefined terms used in this Agreement (including, without limitation, in
the introductory paragraph and the statement of purpose hereto) shall have the meanings assigned thereto in the Credit Agreement. 
 2.
Amendments to Credit Agreement. Subject to the terms and conditions of this Agreement, including without limitation the fulfillment of the conditions to effectiveness specified in Section 3 below, the Credit Agreement is hereby
amended as follows: 
 (a) The definition of “Consolidated EBITDA” in Section 1.01 of the Credit
Agreement is hereby amended and restated in its entirety as follows: 
 “  ‘Consolidated EBITDA’ means, for any
period, for the Consolidated Group calculated in accordance with Agreement Accounting Principles, (a) Consolidated Net Income for such period taken as a single accounting period plus (b) the sum of the following, without
duplication, to the extent deducted in determining Consolidated Net Income for such period: (i) the provision for depreciation and amortization expense of the Consolidated Group for such period, (ii) income taxes of the Consolidated Group
for such period, (iii) net interest expense of the Consolidated Group for such period and (iv) reasonable and documented transaction costs and expenses related to an acquisition permitted hereunder; provided that there shall be
excluded from Consolidated EBITDA any non-cash gains or losses during such period and any non-operating gains or losses (including, without limitation, extraordinary or unusual gains or losses, gains or losses arising from the sale of capital assets
or the sale of owned buildings and properties and other non-recurring gains or losses) during such period.” 

 (b) The definition of “Consolidated Funded Indebtedness” in
Section 1.01 of the Credit Agreement is hereby amended by adding the following proviso at the end of such definition: 

“provided further that, for purposes of calculating the Consolidated Funded Indebtedness, during the period commencing on the
date the Permitted 2015 Senior Indebtedness is incurred and continuing through and including the earliest of (i) the date that such Indebtedness is repaid in full, (ii) the date that the Permitted 2015 Senior Indebtedness is used to fund
the Permitted 2015 Acquisition and (iii) January 15, 2016, Consolidated Funded Indebtedness will not include the Permitted 2015 Senior Indebtedness.” 

(c) The definition of “Eurocurrency Rate” in Section 1.01 of the Credit Agreement is hereby amended by
adding the following sentence at the end of such definition: 
 “Notwithstanding the foregoing, if the Eurocurrency Rate shall be less
than zero, such rate shall be deemed to be zero for purposes of this Agreement.” 
 (d) The following new definitions
are hereby inserted into Section 1.01 of the Credit Agreement in proper alphabetical order: 
 “  ‘Permitted
2015 Acquisition’ means the acquisition (which shall include any fees and expenses related thereto) by Anixter of the “Power Solutions” segment of HD Supply, Inc. pursuant to the terms of that certain Purchase Agreement (including
all schedules and exhibits thereto), dated as of July 15, 2015, by and among HD Supply, Inc., HD Supply Holdings, LLC, HD Supply GP & Management, Inc., HD Supply Power Solutions Group, Inc. and Brafasco Holdings II, Inc., as sellers,
and Anixter, as buyer, which such acquisition is funded by, or prior to the consummation thereof is intended to be funded by, the Permitted 2015 Senior Indebtedness. 

‘Permitted 2015 Senior Indebtedness’ means any unsecured Indebtedness incurred by Anixter pursuant to
Section 7.01(f) the net cash proceeds of which shall be used solely to fund the Permitted 2015 Acquisition.” 

(e) Article VI of the Credit Agreement is hereby amended by adding the following new Section 6.14: 

“6.14 Permitted 2015 Senior Indebtedness. 

(a) If (i) Anixter does not use the net cash proceeds of the Permitted 2015 Senior Indebtedness to fund the Permitted 2015
Acquisition by January 15, 2016 or (ii) the purchase agreement executed in connection with the Permitted 2015 Acquisition is terminated for any reason prior to January 15, 2016, immediately upon the earlier of such dates Anixter shall
prepay in full, by mandatory redemption or otherwise, the Permitted 2015 Senior Indebtedness. 
 (b) At all times during the
period commencing on the date the Permitted 2015 Senior Indebtedness is incurred and continuing through and including the earlier of (i) the date that such Indebtedness is repaid in full or (ii) the date that such Indebtedness is used to
fund the Permitted 2015 Acquisition, Anixter shall maintain, individually or through a combination of the following, unrestricted domestic cash and Cash Equivalents, as reflected on its balance sheet, in an amount equal to or greater than the amount
necessary to fully repay all outstanding obligations on the Permitted 2015 Senior Indebtedness (including, without limitation, the outstanding principal of, premium, if any, interest and fees).” 

  
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 (f) Section 8.01(b) of the Credit Agreement is hereby amended by
inserting “, 6.14” immediately after the reference to “6.12” in such Section. 
 3. Conditions to
Effectiveness. This Agreement shall be deemed to be effective upon the Administrative Agent’s receipt of counterparts of this Agreement executed by the Administrative Agent, the Required Lenders and each of the Loan Parties. 

4. Effect of this Agreement. Except as expressly provided herein, the Credit Agreement and the other Loan Documents shall remain
unmodified and in full force and effect. Except as expressly set forth herein, this Agreement shall not be deemed (a) to be a waiver of, or consent to, a modification or amendment of, any other term or condition of the Credit Agreement or any
other Loan Document, (b) to prejudice any other right or rights which the Administrative Agent or the Lenders may now have or may have in the future under or in connection with the Credit Agreement or the other Loan Documents or any of the
instruments or agreements referred to therein, as the same may be amended, restated, supplemented or otherwise modified from time to time, (c) to be a commitment or any other undertaking or expression of any willingness to engage in any further
discussion with any Loan Party or any other Person with respect to any waiver, amendment, modification or any other change to the Credit Agreement or the Loan Documents or any rights or remedies arising in favor of the Lenders or the Administrative
Agent, or any of them, under or with respect to any such documents or (d) to be a waiver of, or consent to or a modification or amendment of, any other term or condition of any other agreement by and among the Loan Parties, on the one hand, and
the Administrative Agent or any other Lender, on the other hand. References in the Credit Agreement to “this Agreement” (and indirect references such as “hereunder”, “hereby”, “herein”, and “hereof”)
and in any Loan Document to the “Credit Agreement” shall be deemed to be references to the Credit Agreement as modified hereby. 

5. Representations and Warranties/No Default. By its execution hereof, each Loan Party hereby certifies, represents and warrants to the
Administrative Agent and the Lenders that: 
 (a) each of the representations and warranties set forth in the Credit
Agreement and the other Loan Documents that are subject to materiality or Material Adverse Effect qualifications are true, correct and complete and that all representations and warranties of the Loan Parties contained in this Agreement and the other
Loan Documents that are not subject to materiality or Material Adverse Effect qualifications are true, correct and complete in all material respects; 

(b) no Default or Event of Default has occurred or is continuing or would result after giving effect to this Agreement and the
transactions contemplated hereby; 
 (c) it has the right, power and authority and has taken all necessary corporate and
other action to authorize the execution, delivery and performance of this Agreement and each other document executed in connection herewith to which it is a party in accordance with their respective terms and the transactions contemplated hereby;
and 
 (d) this Agreement and each other document executed in connection herewith has been duly executed and delivered by
the duly authorized officers of each Loan Party, and each such document constitutes the legal, valid and binding obligation of each such Loan Party, enforceable in accordance with its terms, except as may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar state or federal debtor relief laws from time to time in effect which affect the enforcement of creditors’ rights in general and the availability of equitable remedies. 

  
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 6. Reaffirmations. Each Loan Party (a) consents to this Agreement and agrees that the
transactions contemplated by this Agreement shall not limit or diminish the obligations of such Person, or release such Person from any obligations, under any of the Loan Documents to which it is a party, (b) confirms and reaffirms its
obligations under each of the Loan Documents to which it is a party and (c) agrees that each of the Loan Documents to which it is a party remain in full force and effect and are hereby ratified and confirmed. 

7. Other Interpretive Provisions. Each Loan Party, each Lender and the Administrative Agent agrees that any definition of or reference
to any agreement, instrument or other document in the Credit Agreement or other Loan Document shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject
to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document). 
 8. Governing
Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO THE CONFLICTS OF LAW PRINCIPLES THEREOF THAT WOULD REQUIRE THE APPLICATION OF ANOTHER STATE’S LAW. 

9. Counterparts. This Agreement may be executed by one or more of the parties hereto in any number of separate counterparts and all of
said counterparts taken together shall be deemed to constitute one and the same instrument. 
 10. Electronic Transmission. A
facsimile, telecopy, pdf or other reproduction of this Agreement may be executed by one or more parties hereto, and an executed copy of this Agreement may be delivered by one or more parties hereto by facsimile or similar instantaneous electronic
transmission device pursuant to which the signature of or on behalf of such party can be seen, and such execution and delivery shall be considered valid, binding and effective for all purposes. At the request of any party hereto, all parties hereto
agree to execute an original of this Agreement as well as any facsimile, telecopy, pdf or other reproduction hereof. 
 [Signature Pages
Follow] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the
date and year first above written. 
  

			
	BORROWERS AND GUARANTORS:
	
	ANIXTER INC.,
as a Borrower and a Guarantor
		
	By:	 	/s/ Rodney Shoemaker
	Name:	 	Rodney Shoemaker
	Title:	 	Senior Vice President
	
	ANIXTER INTERNATIONAL LTD.,
as a Borrower
		
	By:	 	/s/ Theodore Dosch
	Name:	 	Theodore Dosch
	Title:	 	Director
	
	ANIXTER CANADA INC.,
as a Borrower
		
	By:	 	/s/ Rodney Shoemaker
	Name:	 	Rodney Shoemaker
	Title:	 	Treasurer
	
	EURINVEST B.V.,
as a Borrower
		
	By:	 	/s/ Rodney Shoemaker
	Name:	 	Rodney Shoemaker
	Title:	 	by Power of Attorney
	
	ANIXTER EUROTWO HOLDINGS B.V.,
as a Borrower
		
	By:	 	/s/ Rodney Shoemaker
	Name:	 	Rodney Shoemaker
	Title:	 	by Power of Attorney

 Anixter Inc. 

Fourth Amendment 
 Signature Page

 
			
	ANIXTER BELGIUM B.V.B.A.,
as a Borrower
		
	By:	 	/s/ Philippe Walpot
	Name:	 	Philippe Walpot
	Title:	 	by Power of Attorney
	Executed outside of Belgium
	
	ANIXTER INTERNATIONAL INC.,
as a Guarantor
		
	By:	 	/s/ Rodney Shoemaker
	Name:	 	Rodney Shoemaker
	Title:	 	Senior Vice President – Treasurer
	
	ANIXTER-REAL ESTATE, INC.,
as a Guarantor
		
	By:	 	/s/ Rodney Shoemaker
	Name:	 	Rodney Shoemaker
	Title:	 	Vice President – Treasurer
	
	ANIXTER INFORMATION SYSTEMS CORPORATION,
as a Guarantor
		
	By:	 	/s/ Rodney Shoemaker
	Name:	 	Rodney Shoemaker
	Title:	 	Vice President – Treasurer
	
	ANIXTER FINANCIAL INC.,
as a Guarantor
		
	By:	 	/s/ Rodney Shoemaker
	Name:	 	Rodney Shoemaker
	Title:	 	Vice President – Treasurer

 Anixter Inc. 

Fourth Amendment 
 Signature Page

 
			
	ANIXTER PROCUREMENT CORPORATION,
as a Guarantor
		
	By:	 	/s/ Rodney Shoemaker
	Name:	 	Rodney Shoemaker
	Title:	 	Treasurer

 Anixter Inc. 

Fourth Amendment 
 Signature Page

 
			
	ADMINISTRATIVE AGENT AND LENDERS:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Administrative Agent, a Lender, the Swing Line Lender and the L/C Issuer
		
	By:	 	/s/ Mark Halldorson
	Name:	 	Mark H. Halldorson
	Title:	 	Director

 Anixter Inc. 

Fourth Amendment 
 Signature Page

 
			
	BANK OF AMERICA, N.A.,
as a Lender
		
	By:	 	/s/ Stuart Bonomo
	Name:	 	Stuart Bonomo
	Title:	 	Director

 Anixter Inc. 

Fourth Amendment 
 Signature Page

 
			
	JPMORGAN CHASE BANK, N.A.,
as a Lender
		
	By:	 	/s/ Erik Barragan
	Name:	 	Erik Barragan
	Title:	 	Associate

 Anixter Inc. 

Fourth Amendment 
 Signature Page

 
			
	FIFTH THIRD BANK,
as a Lender
		
	By:	 	/s/ Daniel J. Clarke, Jr.
	Name:	 	Daniel J. Clarke, Jr.
	Title:	 	Managing Director
	
	FIFTH THIRD BANK, operating through its Canadian Branch, as its Applicable Designee
		
	By:	 	/s/ Ramin Ganjavi
	Name:	 	Ramin Ganjavi
	Title:	 	Director

 Anixter Inc. 

Fourth Amendment 
 Signature Page

 
			
	 PNC BANK, NATIONAL ASSOCIATION,
 as
a Lender

		
	By:	 	/s/ Patrick Flaherty
	Name:	 	Patrick Flaherty
	Title:	 	Vice President

 Anixter Inc. 

Fourth Amendment 
 Signature Page

 
			
	SUNTRUST BANK,
as a Lender
		
	By:	 	/s/ Chris Hursey
	Name:	 	Chris Hursey
	Title:	 	Director

 Anixter Inc. 

Fourth Amendment 
 Signature Page

 
			
	 U.S. BANK NATIONAL ASSOCIATION,
 as
a Lender

		
	By:	 	/s/ Jerrod Clements
	Name:	 	Jerrod Clements
	Title:	 	Assistant Vice President

 Anixter Inc. 

Fourth Amendment 
 Signature PageEX-10.1

 Exhibit 10.1 
  

INDEMNIFICATION AGREEMENT 

THIS INDEMNIFICATION AGREEMENT is made as of the 4th day of August 2015, by and
between Callaway Golf Company, a Delaware corporation (the “Company”), and Linda B. Segre (“Indemnitee”), a director of the Company. 

WHEREAS, the Company and Indemnitee recognize the increasing difficulty in obtaining liability insurance covering directors, the
significant increases in the cost of such insurance and the general reductions in the coverage of such insurance; 
 WHEREAS,
although the Company currently has directors liability insurance, the coverage of such insurance is such that many claims which may be brought against Indemnitee may not be covered, or may not be fully covered, and the Company may be unable to
maintain such insurance; 
 WHEREAS, the Company and the Indemnitee further recognize the substantial increase in corporate
litigation subjecting directors to expensive litigation risks at the same time that liability insurance has been severely limited; 

WHEREAS, the current protection available may not be adequate given the present circumstances, and Indemnitee may not be willing to
serve as a director without adequate protection; 
 WHEREAS, the Company desires to attract and retain the services of highly
qualified individuals, such as Indemnitee, to serve as directors of the Company and to indemnify its directors so as to provide them with the maximum protection permitted by law; 

NOW, THEREFORE, the Company and Indemnitee hereby agree as follows: 

1.          DEFINITIONS.   The following terms, as used
herein, have the following meaning: 

1.1      Affiliate.   “Affiliate” means, (i) with respect to any
corporation, any officer, director or 10% or more shareholder of such corporation, or (ii) with respect to any individual, any partner or immediate family member of such individual or the estate of such individual, or (iii) with respect to
any partnership, trust or joint venture, any partner, co-venturer or trustee of such partnership, trust of joint venture, or any beneficiary or owner having 10% or more interest in the equity, property or profits of such partnership, trust or joint
venture, or (iv) with respect to any Person, any other Person which, directly or indirectly, controls, is controlled by, or is under common control with such Person or any Affiliate of such Person. 

1.2      Agreement.        “Agreement” shall mean
this Indemnification Agreement, as the same may be amended from time to time hereafter. 

1.3      DGCL.    “DGCL” shall mean the Delaware General Corporation
Law, as amended. 

1.4      Person.        “Person” shall mean any
individual, partnership, corporation, joint venture, trust, estate, or other entity. 

1.5      Subsidiary.   “Subsidiary” shall mean any corporation of which
the Company owns, directly or indirectly, through one or more subsidiaries, securities having more than 50% of the voting power of such corporation. 
  

	 	2.	 INDEMNIFICATION 

2.1      Third Party Proceedings.  The Company shall indemnify Indemnitee if Indemnitee
is or was a party or witness or other participant in, or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than action by or in the
right of the Company) by reason of the fact that Indemnitee is or was a director of the Company or any subsidiary of the Company, by reason of any action or inaction on the part of Indemnitee while a director of the Company or any Subsidiary, and/or
by reason of the fact that Indemnitee is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against all expense, liability and loss
(including attorneys’ fees), judgments, fines and amounts paid in settlement (if such settlement is approved in advance by the Company, which approval shall not be unreasonably withheld) actually and reasonably incurred by Indemnitee in
connection with such action, suit or proceeding if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal action or proceeding,
had no reasonable cause to believe Indemnitee’s conduct was unlawful and provided, further, that the Company has determined that such indemnification is otherwise permitted by applicable law. 

The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its
equivalent shall not, of itself, create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in the best interests of the Company or that Indemnitee had reasonable cause to believe that
Indemnitee’s conduct was unlawful. 
 2.2      Proceedings by or in the Right of the
Company.    The Company shall indemnify Indemnitee if Indemnitee was or is a party or a witness or other participant in or is threatened to be made a party to any threatened, pending or completed action or suit by or in the
right of the Company or any Subsidiary to procure a judgment in its favor by reason of the fact that Indemnitee is or was a director of the Company or any Subsidiary, by reason of any action or inaction on the part of

  
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Indemnitee while a director of the Company or a Subsidiary or by reason of the fact that Indemnitee is or was serving at the request of the Company as a director, officer, employee or agent of
another corporation, partnership, joint venture, trust or other enterprise, against all expense, liability and loss (including attorneys’ fees) and amounts paid in settlement (if such settlement is court-approved) actually and reasonably
incurred by Indemnitee in connection with the defense or settlement of such action or suit if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and its
shareholders and provided, further, that the Company has determined that such indemnification is otherwise permitted by applicable law. No indemnification shall be made in respect of any claim, issue or matter as to which Indemnitee shall have been
adjudged to be liable to the Company in the performance of Indemnitee’s duties to the Company and its shareholders, unless and only to the extent that the court in which such proceeding is or was pending shall determine upon application that,
in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnity for expenses and then only to the extent that the court shall determine. 

2.3      Mandatory Payment of Expenses.   To the extent that Indemnitee has been
successful on the merits or otherwise in defense of any action, suit or proceeding referred to in Section 2.1 or 2.2 or the defense of any claim, issue or matter therein, Indemnitee shall be indemnified against expenses (including
attorneys’ fees) actually and reasonably incurred by Indemnitee in connection therewith. 

2.4      Enforcing the Agreement. If Indemnitee properly makes a claim for indemnification or an
advance of expenses which is payable pursuant to the terms of this Agreement, and that claim is not paid by the Company, or on its behalf, within ninety days after a written claim has been received by the Company, the Indemnitee may at any time
thereafter bring suit against the Company to recover the unpaid amount of the claim and if successful in whole or in part, the Indemnitee shall be entitled to be paid also all expenses actually and reasonably incurred in connection with prosecuting
such claim. 
 2.5      Subrogation.   In the event of payment under this
Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the
execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights. 
  

	 	3.	 EXPENSES; INDEMNIFICATION PROCEDURE 

3.1      Advancement of Expenses.     The Company shall advance all
expenses incurred by Indemnitee in connection with the investigation, defense, settlement or appeal of any civil or criminal action, suit or proceeding referenced in Section 2.1 or 2.2 hereof. Indemnitee hereby undertakes to repay such amounts
advanced only if, and to the extent that, it shall ultimately be determined that Indemnitee 

  
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is not entitled to be indemnified by the Company as authorized hereby or that such indemnification is not otherwise permitted by applicable law. The advances to be made hereunder shall be paid by
the Company to Indemnitee within thirty (30) days following delivery of a written request therefor or by Indemnitee to the Company. 

3.2      Determination of Conduct.  Any indemnification (unless ordered by a court)
shall be made by the Company only as authorized in the specified case upon a determination that indemnification of Indemnitee is proper under the circumstances because Indemnitee has met the applicable standard of conduct set forth in Sections 2.1
or 2.2 of this Agreement. Such determination shall be made by any of the following: (1) the Board of Directors (or by an executive committee thereof) by a majority vote of directors (or committee members) who are not parties to such action,
suit or proceeding, even though less than a quorum, (2) if there are no such disinterested directors, or if such disinterested directors so direct, by independent legal counsel in a written opinion, (3) by the shareholders, with the shares
owned by Indemnitee not being entitled to vote thereon, or (4) the court in which such proceeding is or was pending upon application made by the Company or Indemnitee or the attorney or other person rendering services in connection with the
defense, whether or not such application by Indemnitee, the attorney or the other person is opposed by the Company. 

3.3      Notice/Cooperation by Indemnitee.  Indemnitee shall, as a condition precedent
to Indemnitee’s right to be indemnified under this Agreement, give the Company notice in writing as soon as practicable of any claim made against Indemnitee for which indemnification will or could be sought under this Agreement. Notice to the
Company shall be given in the manner set forth in Section 10.3 hereof and to the address stated therein, or such other address as the Company shall designate in writing to Indemnitee. In addition, Indemnitee shall give the Company such
information and cooperation as it may reasonably require and as shall be within Indemnitee’s power. 

3.4      Notice to Insurers.  If, at the time of the receipt of a notice of a claim
pursuant to Section 3.3 hereof, the Company has director liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the respective
policies. The Company shall thereafter take all necessary or desirable actions to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies. 

3.5      Selection of Counsel.  In the event the Company shall be obligated under
Section 3.1 hereof to pay the expenses of any proceeding against Indemnitee, the Company shall be entitled to assume the defense of such proceeding, with counsel approved by Indemnitee, upon the delivery to Indemnitee of written notice of its
election so to do. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees of counsel subsequently
incurred by Indemnitee with respect to the same proceeding, provided that (a) Indemnitee shall have the right to 

  
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employ separate counsel in any such proceeding at Indemnitee’s expense; and (b) if (i) the employment of counsel by Indemnitee has been previously authorized by the Company,
(ii) Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and Indemnitee in the conduct of any such defense, or (iii) the Company shall not, in fact, have employed counsel to assume the
defense of such proceeding, then the fees and expenses of Indemnitee’s counsel shall be at the expense of the Company (subject to the provisions of this Agreement). 
  

	 	4.	 ADDITIONAL INDEMNIFICATION RIGHTS; NON-EXCLUSIVITY 

4.1      Application.    The provisions of this Agreement shall be deemed
applicable to all actual or alleged actions or omissions by Indemnitee during any and all periods of time that Indemnitee was, is, or shall be serving as a director of the Company or a Subsidiary. 

4.2      Scope.   The Company hereby agrees to indemnify Indemnitee to the fullest
extent permitted by law (except as set forth in Section 8 hereof), notwithstanding that such indemnification is not specifically authorized by the other provisions of this Agreement, the Company’s Certificate of Incorporation, the
Company’s Bylaws or by statute. In the event of any changes, after the date of this Agreement, in any applicable law, statute, or rule which expands the right of a Delaware corporation to indemnify a member of its board of directors, such
changes shall be, ipso facto, within the purview of Indemnitee’s rights and the Company’s obligations under this Agreement. In the event of any change in any applicable law, statute, or rule which narrows the right of a Delaware
corporation to indemnify a member of its board of directors, such changes, except to the extent otherwise required by such law, statute or rule to be applied to this Agreement shall have no effect on this Agreement or the parties’ rights and
obligations hereunder. 
 4.3      Non-Exclusivity.    The indemnification
provided by this Agreement shall not be deemed exclusive of any rights to which an Indemnitee may be entitled under the Company’s Certificate of Incorporation, its Bylaws, any agreement, any vote of shareholders or disinterested directors, the
DGCL, or otherwise, both as to action in Indemnitee’s official capacity and as to action in another capacity while holding such office. The indemnification provided under this Agreement shall continue as to Indemnitee for an action taken or not
taken while serving in an indemnified capacity even though he may have ceased to serve in such capacity at the time of any action, suit or other covered proceeding. 
  

	 	5.	 PARTIAL INDEMNIFICATION 

If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the
expenses, judgments, fines or penalties actually or reasonably incurred by Indemnitee in the investigation, defense, appeal or settlement of any civil or criminal action, suit or proceedings but not, however,

  
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for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for that portion to which Indemnitee is entitled. 

 

	 	6.	 MUTUAL ACKNOWLEDGMENT 

Both the Company and Indemnitee acknowledge that in certain instances, federal law or public policy may override applicable state law
and prohibit the Company from indemnifying its directors under this Agreement or otherwise. For example, the Company and Indemnitee acknowledge that the Securities and Exchange Commission (the “SEC”) has taken the position that
indemnification is not permissible for liabilities arising under certain federal securities laws, and federal legislation prohibits indemnification for certain ERISA violations. Indemnitee understands and acknowledges that the Company has undertaken
or may be required in the future to undertake with the SEC to submit the question of indemnification to a court in certain circumstances for a determination of the Company’s right under public policy to indemnify Indemnitee. 

 

	 	7.	 LIABILITY INSURANCE 

The Company shall, from time to time, make the good faith determination whether or not it is practicable for the Company to obtain and
maintain a policy or policies of insurance with reputable, insurance companies providing the directors with coverage for losses from wrongful acts, or to ensure the Company’s performance of its indemnification obligations under this Agreement.
Among other considerations, the Company will weigh the costs of obtaining such insurance coverage against the protection afforded by such coverage. In all such policies of liability insurance, Indemnitee shall be named as an insured in such a manner
as to provide Indemnitee the same rights and benefits as are accorded to the most favorably insured of the Company’s directors. Notwithstanding the foregoing, the Company shall have no obligation, to obtain or maintain such insurance if the
Company determines in good faith that such insurance is not reasonably available, if the premium costs for such insurance are disproportionate to the amount of coverage provided, if the coverage provided by such insurance is limited by exclusions so
as to provide an insufficient benefit, or if Indemnitee is covered by similar insurance maintained by a parent or Subsidiary of the Company. 
  

	 	8.	 SEVERABILITY 

Nothing in this Agreement is intended to require or shall be construed as requiring the Company to do or fail to do any act in
violation of applicable law. The Company’s inability, pursuant to court order, to perform its obligations under this Agreement shall not constitute a breach of this Agreement. The provisions of this Agreement shall be severable as provided in
this Section 8. If this Agreement or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, the Company shall nevertheless indemnify Indemnitee to the full extent permitted by any applicable portion of
this Agreement that shall not have been invalidated, and the 

  
 6 

 
balance of this Agreement not so invalidated shall be enforceable in accordance with its terms. 
  

	 	9.	 EXCEPTIONS 

9.1        Exceptions to Company’s Obligations.   Any other
provision to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement for the following: 

(a)        Claims Initiated by Indemnitee.   To indemnify or advance
expenses to Indemnitee with respect to proceedings or claims initiated or brought voluntarily by Indemnitee and not by way of defense, unless said proceedings or claims were authorized by the board of directors of the Company. 

(b)        Improper Personal Benefit.  To indemnify Indemnitee against
liability for any transactions from which Indemnitee, or any Affiliate of Indemnitee, derived an improper personal benefit, including, but not limited to, self-dealing or usurpation of a corporate opportunity. 

(c)        Dishonesty.  To indemnify Indemnitee if a judgment or other final
adjudication adverse to Indemnitee established that Indemnitee committed acts of active and deliberate dishonesty, with actual dishonest purpose and intent, which acts were material to the cause of action so adjudicated. 

(d)        Insured Claims; Paid Claims.   To indemnify Indemnitee for
expenses or liabilities of any type whatsoever (including but not limited to, judgments, fines, ERISA excise taxes or penalties, and amounts paid in settlement) which have been paid directly to Indemnitee (i) by an insurance carrier under a
policy of liability insurance maintained by the Company, or (ii) otherwise by any other means. 

(e)        Claims Under Section 16(b).  To indemnify Indemnitee for an
accounting of profits in fact realized from the purchase and sale of securities within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or any similar successor statute. 

 

	 	10.	 MISCELLANEOUS 

10.1      Construction of Certain Phrases. 

(a)        For purposes of this Agreement, references to the “Company” shall include
any resulting or surviving corporation in any merger or consolidation in which the Company (as then constituted) is not the resulting or surviving corporation so that Indemnitee will continue to have the full benefits of this Agreement. 

  
 7 

 (b)        For purposes of this Agreement,
references to “other enterprises” shall include employee benefit plans; references to “fines” shall include any excise taxes assessed on Indemnitee with respect to an employee benefit plan; and references to “serving at the
request of the Company” shall include any service as a director, officer, employee or agent of the Company which impose duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its
participants, or beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan, Indemnitee shall be deemed to have
acted in a manner “reasonably believed to be in the best interests of the Company and its shareholders” as referred to in this Agreement. 

10.2      Successors and Assigns.    This Agreement shall be binding upon the
Company and its successors and assigns, and shall inure to the benefit of Indemnitee and Indemnitee’s estate, heirs, legal representatives and assigns. Notwithstanding the foregoing, the Indemnitee shall have no right or power to voluntarily
assign or transfer any rights granted to Indemnitee, or obligations imposed upon the Company, by or pursuant to this Agreement. Further, the rights of the Indemnitee hereunder shall in no event accrue to the benefit of, or be enforceable by, any
judgment creditor or other involuntary transferee of the Indemnitee. 

10.3      Notice.   All notices, requests, demands and other communications under
this Agreement shall be in writing and shall be deemed duly given (i) if mailed by domestic certified or registered mail with postage prepaid, properly addressed to the parties at the addresses set forth below, or to such other address as may
be furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be, on the third business day after the date postmarked, or (ii) otherwise notice shall be deemed received when such notice is actually received by the
party to whom it is directed. 
  

			
	 If to Indemnitee:
	  	 Linda B. Segre

		  	 Executive Vice President,

		  	 Chief Strategy and People Officer

		  	 Diamond Foods, Inc.

		  	 600 Montgomery St., 13th Floor

		  	 San Francisco, CA 94111

		
	 If to Company:
	  	 Callaway Golf Company

		  	 2180 Rutherford Road

		  	 Carlsbad, CA 92008

		  	 Attention: Corporate Secretary

 10.4      Consent to
Jurisdiction.     The Company and Indemnitee each hereby irrevocably consent to the jurisdiction of the courts of the State of California for all purposes in connection with any action or proceeding which arises out of
or related 

  
 8 

 
to this Agreement and agree that any action instituted under this Agreement shall be brought only in the state courts of the State of California. 

10.5      Choice of Law.    This Agreement shall be governed by and its
provisions construed in accordance with the internal laws of the State of Delaware, as applied to contracts between Delaware residents entered into and to be performed entirely within Delaware, and without regard to choice of law principles. 

10.6      IRREVOCABLE ARBITRATION OF DISPUTES. 

(a)        Indemnitee and the Company agree that any dispute, controversy or claim arising
hereunder or in any way related to this Agreement, its interpretation, enforceability, or applicability that cannot be resolved by mutual agreement of the parties shall be submitted to binding arbitration. This includes, but is not limited to,
alleged violations of federal, state and/or local statutes, claims based on any purported breach of duty arising in contract or tort, including breach of contract, breach of the covenant of good faith and fair dealing, violation of public policy,
and violation of any statutory, contractual or common law rights. The parties agree that arbitration is the parties’ only recourse for such claims and hereby waive the right to pursue such claims in any other forum, unless otherwise provided by
law. Any court action involving a dispute which is not subject to arbitration shall be stayed pending arbitration of arbitrable disputes. 

(b)        Indemnitee and the Company agree that the arbitrator shall have the authority to
issue provisional relief. Indemnitee and the Company further agree that each has the right, pursuant to California Code of Civil Procedure section 1281.8, to apply to a court for a provisional remedy in connection with an arbitrable dispute so as to
prevent the arbitration from being rendered ineffective. 
 (c)        Any demand for
arbitration shall be in writing and must be communicated to the other party prior to the expiration of the applicable statute of limitations. 

(d)        The arbitration shall be conducted pursuant to the procedural rules stated in the
Commercial Rules of the American Arbitration Association (“AAA”) in San Diego. The arbitration shall be conducted in San Diego by a former or retired judge or attorney with at least 10 years experience in commercial-related disputes, or a
non-attorney with like experience in the area of dispute, who shall have the power to hear motions, control discovery, conduct hearings and otherwise do all that is necessary to resolve the matter. The parties must mutually agree on the arbitrator.
If the parties cannot agree on the arbitrator after their best efforts, an arbitrator from the American Arbitration Association will be selected pursuant to the American Arbitration Association 

  
 9 

 
National Rules for Resolution of Commercial/Business Disputes. The Company shall pay the costs of the arbitrator’s fees. 

(e)        The arbitration will be decided upon a written decision of the arbitrator stating
the essential findings and conclusions upon which the award is based. The arbitrator shall have the authority to award damages, if any, to the extent that they are available under applicable law(s). The arbitration award shall be final and binding,
and may be entered as a judgment in any court having competent jurisdiction. Either party may seek review pursuant to California Code of Civil Procedure section 1286, et seq. 

(f)         It is expressly understood that the parties have chosen arbitration to
avoid the burdens, costs and publicity of a court proceeding, and the arbitrator is expected to handle all aspects of the matter, including discovery and any hearings, in such a way as to minimize the expense, time, burden and publicity of the
process, while assuring a fair and just result. In particular, the parties expect that the arbitrator will limit discovery by controlling the amount of discovery that may be taken (e.g., the number of depositions or interrogatories) and by
restricting the scope of discovery only to those matters clearly relevant to the dispute. However, at a minimum, each party will be entitled to at least one deposition and shall have access to essential documents and witnesses as determined by the
arbitrator. 
 (g)        The prevailing party shall be entitled to an award by the
arbitrator of reasonable attorneys’ fees and other costs reasonably incurred in connection with the arbitration. 

(h)        The provisions of this Section shall survive the expiration or termination of the
Agreement, and shall be binding upon the parties. 
  

			
	 I have read Section 10.6 and irrevocably agree to arbitrate any dispute identified above.

		
	 /s/ LS        

(Indemnitee’s initials)
	  	         /s/ BPL

(Company’s initials)

 10.7      Entire Agreement.    The provisions
of this Agreement contain the entire agreement between the parties. This Agreement may not be released, discharged, abandoned, changed or modified in any manner except by an instrument in writing signed by the parties. 

10.8      Counterparts.    This Agreement may be executed in counterparts,
each of which shall constitute an original and all of which together shall constitute one and the same instrument. 

  
 10 

 IN WITNESS WHEREOF, the parties hereby have executed this Agreement to be effective as of
the date first above written. 
  

					
		 	 CALLAWAY GOLF COMPANY
	 	
			
		 	   /s/ Brian P. Lynch
	 	
		 	 Brian P. Lynch
	 	
		 	 Senior Vice President,
	 	
		 	General Counsel and Corporate Secretary
			
		 	 INDEMNITEE
	 	

 
			
		
	 /s/ Linda B. Segre
	 	
	 Linda B. Segre
	 	

  
 11

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