Document:

‌Exhibit 4.9
‌Execution Version

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TRANSFER AGREEMENT
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by and between

ARDAGH GROUP S.A.
and
ARDAGH METAL PACKAGING S.A.

Dated as of February 22, 2021
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​

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Table of Contents
Page
Article I DEFINITIONS‌2

Section 1.1Certain Defined Terms‌2

Section 1.2Other Defined Terms‌5

Section 1.3Interpretation and Rules of Construction‌6

Article II AMP TRANSFER‌7

Section 2.1AMP Transfer‌7

Section 2.2Transfer of Assets and Liabilities; Delayed Transfers‌7

Section 2.3Wrong Pockets‌9

Article III INDEMNIFICATION‌10

Section 3.1Indemnification by AGSA‌10

Section 3.2Indemnification by AMPSA‌11

Section 3.3Limitations on Indemnification‌11

Section 3.4Procedures for Indemnification‌12

Section 3.5Taxes‌13

Article IV EMPLOYEE MATTERS‌13

Section 4.1Transfer of Employment or Engagement; Collective Bargaining Agreements‌13

Section 4.2Transfer of Plans‌14

Section 4.3Transfer of Liabilities‌15

Section 4.4Terms and Conditions of Employment‌15

Section 4.5No Third Party Beneficiaries; No Amendment‌16

Article V CERTAIN OTHER MATTERS‌16

Section 5.1Access to Information‌16

Section 5.2Privileged Matters‌17

Section 5.3EAPA and Cross-License Assignment and Assumption‌17

Section 5.4Litigation Cooperation‌18

Section 5.5Insurance Matters‌18

Section 5.6Intercompany Accounts‌18

Section 5.7Hedging Arrangements‌19

Section 5.8Credit and Performance Support Obligations‌19

Section 5.9Further Actions‌20

Section 5.10Non-Competition; Non-Solicitation‌20

Section 5.11No Right to SetOff‌21

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Article VI DISCLAIMER‌21

Section 6.1Disclaimer‌21

Section 6.2Limitation of Liability‌22

Article VII GENERAL PROVISIONS.‌22

Section 7.1Expenses‌22

Section 7.2Notices‌22

Section 7.3Severability‌23

Section 7.4Entire Agreement‌23

Section 7.5Assignment‌23

Section 7.6Amendment‌23

Section 7.7Waiver‌23

Section 7.8No ThirdParty Beneficiaries‌23

Section 7.9Specific Performance‌24

Section 7.10Governing Law‌24

Section 7.11Termination‌24

Section 7.12Counterparts‌24

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EXHIBIT
AAMP Entities
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TRANSFER AGREEMENT
TRANSFER AGREEMENT, dated as of February 22, 2021, by and between Ardagh Group S.A., a public limited liability company (société anonyme) organized under the laws of the Grand Duchy of Luxembourg with its registered office at 56, Rue Charles Martel, L-2134 Luxembourg, Luxembourg and registered with the Luxembourg Trade and Companies Register under registration number B160804 (“AGSA”), and Ardagh Metal Packaging S.A., a public limited liability company (société anonyme) organized under the laws of the Grand Duchy of Luxembourg with its registered office at 56, Rue Charles Martel, L-2134 Luxembourg, Luxembourg and registered with the Luxembourg Trade and Companies Register under registration number B251465 (“AMPSA”). 
WHEREAS, as of the date hereof, AGSA, indirectly through the AMP Entities (other than AMPSA), is engaged in the business of developing, manufacturing, marketing and selling metal beverage cans and ends and providing related technical and customer services (the “AMP Business”);
WHEREAS, AMPSA is a newly formed wholly-owned subsidiary of AGSA;
WHEREAS, AGSA, AMPSA, Gores Holdings V, Inc., a Delaware corporation (“GHV”), and Ardagh MP MergeCo Inc., a Delaware corporation and a wholly owned subsidiary of AMPSA, have entered into a Business Combination Agreement, dated as of the date hereof (the “BCA”), which, among other things, provides that, as a condition to GHV’s obligations to close the transactions contemplated by the BCA, the AMP Transfer and the other transactions contemplated by this Agreement shall have been completed; 
WHEREAS, upon the terms and subject to the conditions set forth in this Agreement, AGSA and its Subsidiaries will effect the AMP Transfer through a series of transactions in accordance with the Steps Plan (as defined in the BCA), that will result in all of the AMP Equity Interests being directly or indirectly owned by AMPSA in exchange for aggregate consideration consisting of (a) $2,315,000,000, payable in cash (in USD or the EUR equivalent thereof (based on an exchange rate as of a date to be agreed by the parties hereto) or both) in a series of transactions, including contributions for shares and the repayment of intercompany payables, (b) 484,956,250 shares, each with a par value of EUR 0.01, of AMPSA to be issued against contributions in kind made by AGSA to AMPSA (“Shares”), (c) a promissory note issued by a Subsidiary of AMPSA in the amount of $1,085,000,000, and (d) if the transactions contemplated by the BCA are consummated, a contingent right to receive an additional 60,730,000 Shares in accordance with the terms and subject to the conditions set forth in Section 3.6 of the BCA or if the transactions contemplated by the BCA are not consummated, such other consideration in form and amount as agreed by the parties hereto (the consideration set forth in clauses (a), (b), (c) and (d), the “AGSA Consideration”); and
WHEREAS, in connection with the AMP Transfer, AGSA will cause (a) the AGSA Retained Subsidiaries to transfer to one or more AMP Entities any assets and Liabilities held by the AGSA Retained Subsidiaries that are primarily related to the conduct of the AMP Business or that will be used by the AMP Entities to provide services to the AGSA Entities following the AMP Closing Date under the Services Agreement, and (b) the AMP Entities to transfer to one or more 

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AGSA Retained Subsidiaries any assets and Liabilities held by the AMP Entities that are primarily related to the conduct of the AGSA Retained Business or that will be used by the AGSA Entities to provide services to the AMP Entities following the AMP Closing Date under the Services Agreement.   
NOW, THEREFORE, in consideration of the foregoing premises and the covenants and agreements contained in this Agreement, and intending to be legally bound hereby, the parties hereto hereby agree as follows.  
Article I​
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DEFINITIONS
Section 1.1Certain Defined Terms.  Capitalized terms used in this Agreement have the meanings set forth below:
“Action” means any action, suit, proceeding, arbitration, claim, demand, litigation, prosecution, contest, investigation, inquiry, hearing, inquest, audit, complaint, dispute or other legal recourse, in each case, by or before a Governmental Authority or arbitration tribunal, whether civil, criminal, administrative, disciplinary or otherwise.
“Affiliate” means, with respect to any specified Person, any other Person directly or indirectly controlling or controlled by, or under common control with, such specified Person; provided, that, for the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by Contract or otherwise.
“Agreement” means this Transfer Agreement between the parties hereto and all amendments hereto made in accordance with the provisions of Section 7.6.
“AMP Employee” means each employee or service provider (who is a natural person) of any AMP Entity, other than any Specified Employee.
“AMP Employee Liabilities” means all Liabilities of any AGSA Entity or AMP Entity with respect to any current or former AMP Employee and his or her dependents and beneficiaries deriving from the AMP Employee’s employment with any AGSA Entity or AMP Entity, whether or not such Liabilities arose pursuant to a Plan, applicable Law or otherwise, including any such Liabilities under any AGSA Retained Plan or any Plan sponsored or maintained by any third parties.
“AMP Entities” means the Persons set forth on Exhibit A and any other Subsidiaries of AMPSA, from time to time.
“AMP Equity Interests” means all of the equity and other ownership interests in the Persons set forth on Exhibit A, other than AMPSA.

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“AMP Plan” means a Plan sponsored or maintained by an AMP Entity (and not sponsored or maintained by an AGSA Entity), other than any Specified Plan.
“AGSA Entities” means, for purposes of this Agreement, AGSA and its Affiliates, other than any AMP Entity.
“AGSA Retained Business” means the businesses of AGSA (other than the AMP Business).
“AGSA Retained Employee” means (i) each employee or service provider (who is a natural person) of any AGSA Entity and (ii) each Specified Employee.
“AGSA Retained Employee Liabilities” means all Liabilities of any AGSA Entity or AMP Entity with respect to any current or former AGSA Retained Employee and his or her dependents and beneficiaries deriving from the AGSA Retained Employee’s employment with any AGSA Entity or AMP Entity, whether or not such Liabilities arose pursuant to a Plan, applicable Law or otherwise, including any such Liabilities under any AMP Plan or any Plan sponsored or maintained by any third parties.
“AGSA Retained Plan” means (i) each Plan that is sponsored or maintained by any AGSA Entity and (ii) each Specified Plan.
“AGSA Retained Subsidiaries” means the Subsidiaries of AGSA, other than the AMP Entities.
“Applicable Transfer Regulations” means the European Communities (Protection of Employees on Transfer of Undertakings) Regulations 2003 of Ireland (or any similar legislation governing the automatic transfer of employment in other jurisdictions). 
“BCA Closing Date” shall have the meaning ascribed to “Closing Date” in the BCA.
“Business Day” means a day other than (i) a Saturday or Sunday or (ii) any other day on which banks located in Luxembourg City, Luxembourg are required or authorized by Law to be closed for business.
“Collective Bargaining Agreement” means any written agreement with an Employee Representative Body impacting the terms, conditions or liabilities of, to or in connection with, the AMP Employees.
“Contract” means any legally-binding contract, agreement, indenture, note, bond, loan or credit agreement, instrument, lease, commitment, mortgage, deed of trust, license, power of attorney, guaranty or other arrangement or obligation, whether written or oral, in each case, as amended and supplemented from time to time and including all schedules, annexes and exhibits thereto.
“Employee Representative Body” means any works’ council, labor union, trade union or similar employee representative body in any jurisdiction.

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“Encumbrance” means any encumbrance, mortgage, fixed or floating charge, pledge, lien, restriction, guarantee, trust, right to acquire, option or right of pre-emption or first refusal, assignment, hypothecation, security interest, title retention, legal or equitable third party right or interest, including any assignment by way of security or trust arrangement for the purpose of providing security, encroachment, deed of trust or deed to secure debt, recorded or unrecorded easement, right of way, covenant, condition, license, reservation, subdivision and other defects of title of any kind or rights of others for rights of way, utilities and similar purposes that adversely affect real property, or, in any case, any agreement to create any of the foregoing.
“ERISA” means the United States Employee Retirement Income Security Act of 1974, as amended.
“Governmental Authority” means any national, federal, state, local, supranational, regional, or provincial government or any court of competent jurisdiction, administrative or regulatory agency, board, bureau, arbitrator, tribunal, or arbitral body or commission or other national, state, local, supranational, regional or provincial governmental authority or instrumentality entitled to exercise any administrative, executive, judicial, legislative, police, regulatory or taxing authority or power.
“Governmental Order” means any order, judgment, injunction, decree, writ, stipulation, determination or award, in each case, entered by any Governmental Authority.
“Group” means the AGSA Entities, on the one hand, or the AMP Entities, on the other hand, as the case may be.
“Indemnified Party” means an AGSA Indemnified Party or an AMPSA Indemnified Party, as the case may be.
“Indemnifying Party” means AGSA pursuant to Section 3.1 or AMPSA pursuant to Section 3.2, as the case may be.
“Law” means any national, federal, state, provincial, local or supranational law (including common law), statute, code, Governmental Order, consent decree, doctrine, ordinance, rule, regulation, treaty or other legal requirement of any Governmental Authority.
“Liabilities” means any and all debts, liabilities and obligations, whether accrued or unaccrued, fixed or variable, known or unknown, absolute or contingent, matured or unmatured or determined or determinable, including those arising under any Law, Action or Governmental Order and those arising under any contract, lease, agreement, arrangement, commitment or undertaking.
“Local Conveyances” means the sale and purchase agreements, share transfer agreements, bills of sale, deeds, assignment and assumption agreements and other documents between AGSA (or the applicable AGSA Retained Subsidiaries), on the one hand, and AMPSA (or its designated Subsidiary), on the other hand, pursuant to which the applicable AMP Equity Interests will be transferred to, or assumed by, AMPSA or its designated Subsidiary.

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“Person” means any individual, corporation, partnership, limited partnership, limited liability company, syndicate, person, trust, association or entity or Governmental Authority or any political subdivision, agency or instrumentality thereof.
“Plan” means each employment, compensation, benefits, severance or termination, consulting, bonus, deferred compensation, equity, phantom-equity, or equity-based award, retention, relocation, vacation, change in control, transaction bonus, salary continuation,  hospitalization, medical, dental, vision, life insurance, disability or sick leave benefit, profit-sharing, pension or retirement or other fringe benefit or compensatory plan, program, agreement or arrangement, whether or not in writing and whether or not funded, including any “employee benefit plan” (within the meaning of Section 3(3) of ERISA, whether or not subject to ERISA).
“Services Agreement” means the Services Agreement to be entered into by AGSA and AMPSA on or prior to the AMP Closing Date pursuant to which the AGSA Entities and the AMP Entities will provide services to each other after the AMP Closing.
“Specified Employee” means any employee or other service provider of an AMP Entity who is primarily employed or engaged in the conduct of the AGSA Retained Business and who is identified by the parties hereto as an employee or service provider whose employment or engagement, as applicable, will be transferred (or novated) to an AGSA Retained Subsidiary in connection with the AMP Transfer.
“Specified Plan” means any Plan identified by the parties hereto as a Plan that will be transferred to an AGSA Retained Subsidiary in connection with the AMP Transfer.
“Subsidiary” of any Person means another Person, of which at least a majority of the outstanding securities or ownership interests having, by their terms, ordinary voting power to elect (or direct the election of) a majority of the board of directors or other persons performing similar functions is owned or controlled directly or indirectly by such first Person or by one or more of its Subsidiaries. 
Section 1.2Other Defined Terms.  The following terms have the meanings set forth in the Sections set forth below:
	Defined Term
	Location of Definition

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	AGSA‌
	Preamble

	AGSA Consideration‌
	Recitals

	AGSA Hedging Arrangements‌
	§ 5.7(a)

	AGSA Indemnified Parties‌
	§ 3.2

	AGSA Retained Actions‌
	§ 5.4(b)

	AGSA US DB Plan‌
	§ 4.2(c)(i)

	AMP Actions‌
	§ 5.4(a)

	AMP Business‌
	Recitals

	AMP Closing‌
	§ 2.1(a)

	AMP Closing Date‌
	§ 2.1(a)

	AMP Transfer‌
	§ 2.1(a)

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	Defined Term
	Location of Definition

	AMP US DB Plan‌
	§ 4.2(c)

	AMPSA‌
	Preamble

	AMPSA Indemnified Parties‌
	§ 3.1

	AMP US DB Plan‌
	§ 4.2(c)(i)

	BCA‌
	Recitals

	Claim Notice‌
	§ 3.4

	Cross-License‌
	§ 5.3

	Defense Notice‌
	§ 3.4(b)(i)

	Delayed Transfer Assets‌
	§ 2.2(c)

	EAPA‌
	§ 5.3

	Excluded Guarantees‌
	§ 5.8(b)

	GHV‌
	Recitals

	Indemnity Claim‌
	§ 3.4

	Losses‌
	§ 3.1

	Non-Compete Period‌
	§ 5.10(a)

	Non-Solicit Period‌
	§ 5.10(a)

	Shares‌
	Recitals

	Third Party Claim‌
	§ 3.4(a) 

	Transferred Guarantees‌
	§ 5.8(a)

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Section 1.3Interpretation and Rules of Construction.  In this Agreement, except to the extent otherwise provided or that the context otherwise requires:
(a)when a reference is made in this Agreement to an Article, Section or Exhibit, such reference is to an Article or Section of, or an Exhibit to, this Agreement;
(b)the table of contents and headings for this Agreement are for reference purposes only and do not affect in any way the meaning or interpretation of this Agreement;
(c)whenever the words “include,” “includes” or “including” are used in this Agreement, they are deemed to be followed by the words “without limitation”;
(d)the word “or” is not exclusive and is deemed to have the meaning “and/or”;
(e)the words “hereof,” “herein” and “hereunder” and words of similar import, when used in this Agreement, refer to this Agreement as a whole and not to any particular provision of this Agreement;
(f)all terms defined in this Agreement have the defined meanings when used in any certificate or other document delivered or made available pursuant hereto, unless otherwise defined therein;
(g)where used with respect to information, the phrases “delivered” or “made available” shall mean that the information referred to has been physically or electronically delivered to the relevant parties or their respective Representatives;

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(h)the definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms;
(i)references to a Person are also to its successors and permitted assigns; and
(j)references to sums of money are expressed in Euros or in U.S. Dollars, as applicable, and “EUR” or “€” refers to Euros, and “USD” or “$” refers to U.S. dollars.
Article II​
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AMP TRANSFER
Section 2.1AMP Transfer.
(a)Transfer of AMP Equity Interests.  Subject to the terms and conditions of this Agreement, including the delivery of the reports contemplated by Section 2.1(c), on or prior to April 1, 2021, or such other date as is agreed by AGSA and AMPSA, AGSA shall, and shall cause the applicable AGSA Retained Subsidiaries and AMP Entities to, take actions substantially as described in the Steps Plan to cause the AMP Equity Interests to be, and with the result that the AMP Equity Interests will be, owned, directly or indirectly, by AMPSA, free and clear of all Encumbrances other than those (i) incurred in connection with any debt financings of the AMP Entities or (ii) imposed by applicable securities Laws (such actions, the “AMP Transfer,” the time at which all of the AMP Equity Interests become owned by AMPSA, the “AMP Closing” and such date, the “AMP Closing Date”).  As consideration for the AMP Transfer, AMPSA shall deliver, or cause to be delivered, to AGSA the AGSA Consideration. 
(b)Local Conveyances.  In furtherance of the assignment, transfer, conveyance and delivery of the AMP Equity Interests, each of AGSA and AMPSA shall cause their respective Subsidiaries to execute and deliver Local Conveyances as and to the extent necessary to evidence the assignment, transfer, conveyance and delivery of such equity interests to the applicable AMP Entity.
(c)AMPSA Auditor Report.  In connection with clause (b) of the definition of “AGSA Consideration,” a Luxembourg independent statutory auditor (réviseur d’entreprises agréé) of AMPSA shall have issued a report on the contribution in kind relating to the Shares to be issued to AGSA on or before the AMP Closing Date in accordance with this Agreement, prepared in accordance with and at the times required under article 420-10 or article 1010-1 (2), 2° of the Luxembourg Law of 10 August 1915 on commercial companies, as amended.
Section 2.2Transfer of Assets and Liabilities; Delayed Transfers. 
(a)Transfer of Assets and Liabilities.  The parties hereto agree that prior to, on or as promptly as practicable following the AMP Closing (but in any event, prior to the BCA Closing Date, subject only to the terms of this Agreement), the AGSA Entities will hold the assets and Liabilities primarily related to or used in the conduct of the AGSA Retained Business, and the AMP Entities will hold the assets and Liabilities primarily related to or used in the conduct of the AMP Business, together with, in each case, the assets that the members of each Group will use to provide services to the members of the other Group pursuant to the Services Agreement.  In 

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furtherance of the foregoing, and subject to this Section 2.2(a) and Section 2.3, (i) AGSA hereby conveys, transfers, contributes and assigns, and shall cause the applicable AGSA Retained Subsidiaries to, effective as of the AMP Closing Date, convey, transfer, contribute and assign to the applicable AMP Entities (and shall cause such Persons to accept) all of AGSA’s and the AGSA Retained Subsidiaries’ respective rights, title and interest in, to and under all assets owned, held, leased or licensed by AGSA or any of the AGSA Retained Subsidiaries (as applicable) and used in or related to the conduct of the AMP Business or that will be used by any of the AMP Entities to provide any services to the AGSA Entities under the Services Agreement following the AMP Transfer, (ii) AGSA shall cause the applicable AMP Entities, effective as of the AMP Closing Date, to convey, transfer, contribute, and assign to the applicable AGSA Retained Subsidiaries (and shall cause such Persons to accept), all of the AMP Entities’ respective rights, title and interest in, to and under any assets owned, held, leased or licensed by any of the AMP Entities and used in or related to the conduct of the AGSA Retained Business or that will be used by any of the AGSA Retained Subsidiaries to provide any services to the AMP Entities under the Services Agreement following the AMP Transfer, and (iii) in connection with the transfers described in the foregoing clauses (i) and (ii), AGSA shall cause the applicable AGSA Retained Subsidiaries and AMP Entities to assume the respective Liabilities related to or arising from such assets transferred to such AGSA Retained Subsidiaries or such AMP Entities, as the case may be.  The assets transferred pursuant to this Section 2.2(a) shall be transferred free and clear of all Encumbrances, other than Permitted Encumbrances (as defined in the BCA) or those imposed, with respect to assets transferred to an AMP Entity, in connection with any indebtedness of any AMP Entity, and with respect to assets transferred to an AGSA Retained Subsidiary, in connection with any indebtedness of any AGSA Retained Subsidiary.  In furtherance of the assignment, transfer, contribution, conveyance and delivery of the assets and Liabilities pursuant to this Section 2.2(a), each of AGSA and AMPSA shall cause their respective Subsidiaries to execute and deliver Local Conveyances as and to the extent necessary to evidence the assignment, transfer, contribution, conveyance and delivery of such assets and Liabilities to the applicable transferee.
(b)Approvals and Consents.  Prior to the AMP Closing Date, AGSA shall, and shall cause the AGSA Retained Subsidiaries and AMP Entities to, use commercially reasonable efforts to promptly give all notices to, and obtain all consents, authorizations, approvals and waivers from, all third parties whose consent, authorization, approval or waiver is required in connection with the conveyance, transfer, contribution or assignment of any asset contemplated by Section 2.2(a) to be transferred to an AMP Entity or an AGSA Retained Subsidiary.  To the extent not obtained prior to the AMP Closing Date, following the AMP Closing Date, AGSA shall, and shall cause the AGSA Retained Subsidiaries to, and AMPSA shall, and shall cause the other AMP Entities to, use commercially reasonable efforts to promptly give all notices to, and obtain all consents, authorizations, approvals and waivers from, all third parties whose consent, authorization, approval or waiver is required in connection with the conveyance, transfer, contribution or assignment of any asset contemplated by Section 2.2(a) to be transferred to an AMP Entity or an AGSA Retained Subsidiary, as applicable.  AGSA shall not, and shall cause the AGSA Retained Subsidiaries not to, and AMPSA shall not, and shall cause the other AMP Entities not to, intentionally take any action that will have the effect of delaying, impairing or impeding the receipt of any required consents, authorizations, approvals or waivers.
(c)Delayed Transfers.  In the event that any consent, authorization, approval or waiver or amendment is required from any unaffiliated third party in order to convey, transfer, 

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contribute or assign (as the case may be) any asset contemplated by Section 2.2(a) to be transferred to an AMP Entity or to an AGSA Retained Subsidiary and such consent, approval, waiver or amendment is not obtained prior to the AMP Closing (such assets, “Delayed Transfer Assets”), then, following the AMP Closing, to the extent not specifically addressed in the Services Agreement, (i) AGSA shall cause the applicable AGSA Retained Subsidiaries to use their reasonable best efforts to (A) continue to hold in trust for the applicable AMP Entities, and to the extent required by the terms applicable to such Delayed Transfer Assets, operate such Delayed Transfer Assets in all material respects in the ordinary course of business consistent with past practice (subject to the terms of the Services Agreement) and (B) cooperate in any arrangement, reasonable and lawful as to the applicable Persons, designed to provide to the applicable AMP Entities the benefits arising under such Delayed Transfer Assets, and (ii) AMPSA shall cause the applicable AMP Entities to use their commercially reasonable efforts to (A) continue to hold in trust for the applicable AGSA Retained Subsidiaries, and to the extent required by the terms applicable to such Delayed Transfer Assets, operate such Delayed Transfer Assets in all material respects in the ordinary course of business consistent with past practice (taking into account the terms of the Services Agreement) and (B) cooperate in any arrangement, reasonable and lawful as to the applicable Persons, designed to provide to the applicable AGSA Retained Subsidiaries the benefits arising under such Delayed Transfer Assets.  In furtherance of clause (i) of this Section 2.2(c), AGSA shall cause the applicable AGSA Retained Subsidiaries to, without further consideration therefor, pay and remit to AMPSA (or its designees) promptly all monies, rights and other consideration received by them, net of any reasonable and documented out-of-pocket costs payable to a third party, in respect of such performance, and in furtherance of clause (ii) of this Section 2.2(c), AMPSA shall cause the applicable AMP Entities to, without further consideration therefor, pay and remit to AGSA (or its designees) promptly all monies, rights and other consideration received by them, net of any reasonable and documented out-of-pocket costs payable to a third party, in respect of such performance.
(d)Shared Contracts.  If an AGSA Retained Subsidiary or an AMP Entity is a party to any Contract that is related to both the AGSA Retained Business and the AMP Business, AGSA and AMPSA shall cooperate with each other to determine the optimal treatment of such Contract, including whether such Contract should be (i) split so that the portion of such Contract that relates to the AGSA Retained Business is assigned to or retained by, as applicable, an AGSA Retained Subsidiary, and the portion of such Contract that relates to the AMP Business is assigned to retained by, as applicable, an AMP Entity, (ii) the subject of an agency, subcontracting or similar arrangement so that the applicable Person receives the benefits and bears the burden of the portion of such Contract applicable to its business, or (iii) addressed under the Services Agreement. AGSA and AMPSA shall, and shall cause their applicable Subsidiaries to use, their commercial reasonable efforts to cause the agreed upon treatment of such Contract to be implemented.
Section 2.3Wrong Pockets.
(a)If, following the AMP Closing (including following the completion of the conveyance, transfer, contribution or assignment of a Delayed Transfer Asset), any right, property, asset or Liability is found to have been transferred to an AMP Entity in error, AMPSA shall cause the applicable AMP Entity to transfer, at AGSA’s cost, such right, property, asset (and any related Liability) or Liability as soon as reasonably practicable to the AGSA Retained Subsidiary designated by AGSA, and AGSA shall cause the applicable AGSA Retained Subsidiary to accept 

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such right, property, asset (and any related Liability) or Liability, as applicable.  If, following the AMP Closing (including following the completion of the conveyance, transfer, contribution or assignment of a Delayed Transfer Asset), any right, property, asset or Liability is found to have been retained by any AGSA Retained Subsidiary in error, AGSA shall, or shall cause the applicable AGSA Retained Subsidiary to, transfer, at AGSA’s cost, such right, property, asset (and any related Liability) or Liability as soon as reasonably practicable to the AMP Entity designated by AMPSA, and AMPSA shall cause the applicable AMP Entity to accept such right, property, asset (and any related Liability) or Liability, as applicable.  Each party hereto shall give prompt written notice to the other party hereto if any AGSA Retained Subsidiary, on the one hand, or any AMP Entity, on the other hand, discovers that any such right, property or Liability has been transferred to an AMP Entity in error or retained by an AGSA Retained Subsidiary in error. 
(b)If, following the AMP Closing (including following the completion of the conveyance, transfer, contribution or assignment of a Delayed Transfer Asset), any right, property, asset or Liability is found to have been transferred to an AGSA Retained Subsidiary in error, AGSA shall cause the applicable AGSA Retained Subsidiary to transfer, at AGSA’s cost, such right, property, asset (and any related Liability) or Liability as soon as reasonably practicable to the AMP Entity designated by AMPSA, and AMPSA shall cause the applicable AMP Entity to accept such right, property, asset (and any related Liability) or Liability, as applicable.  If, following the AMP Closing (including following the completion of the conveyance, transfer, contribution or assignment of a Delayed Transfer Asset), any right, property, asset or Liability is found to have been retained by any AMP Entity in error, AMPSA shall, or shall cause the applicable AMP Entity to, transfer, at AGSA’s cost, such right, property, asset (and any related Liability) or Liability as soon as reasonably practicable to the AGSA Retained Subsidiary designated by AGSA, and AGSA shall cause the applicable AGSA Retained Subsidiary to accept such right, property, asset (and any related Liability) or Liability, as applicable.  Each party hereto shall give prompt written notice to the other party hereto if any AMP Entity, on the one hand, or any AGSA Retained Subsidiary, on the other hand, discovers that any such right, property or Liability has been transferred to an AGSA Entity in error or retained by an AMP Entity in error.
(c)Following the AMP Closing (including following the completion of the conveyance, transfer, contribution or assignment of a Delayed Transfer Asset), unless otherwise provided in the Services Agreement, each of AGSA and AMPSA shall cause the AGSA Retained Subsidiaries or the AMP Entities, respectively, to promptly pay or deliver to the other party hereto (or its designees) any monies, deposits, checks or other receivables that are received by such party (or the AGSA Retained Subsidiaries or AMP Entities, as applicable) to the extent they are (or represent the proceeds of) the AMP Business (to the extent received by an AGSA Retained Subsidiary) or the AGSA Retained Business (to the extent received by an AMP Entity). 
Article III​
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INDEMNIFICATION
Section 3.1Indemnification by AGSA.  From and after the AMP Closing Date, AGSA shall indemnify and hold harmless each AMP Entity and each of their respective equityholders, directors, managers, officers, employees, agents, successors and assigns (other than any AGSA Entity) (collectively, the “AMPSA Indemnified Parties”) from and against any and all 

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Liabilities, claims, losses, damages, costs, expenses, interest, awards, judgments and penalties (including reasonable attorneys’ and consultants’ fees and expenses) actually suffered or incurred by them (collectively, “Losses”) (other than any Transaction Expenses (as defined in the BCA)) to the extent arising out of or resulting from (a) any of the AGSA Retained Business, the AGSA Retained Employees, the AGSA Retained Plans (except any AMP Employee Liabilities) or the AGSA Retained Employee Liabilities, whether arising before, on or following the AMP Closing Date, and including any Losses arising out of or resulting from any failure by AGSA, AMPSA or any AGSA Entity (including any AGSA Retained Subsidiary) or AMP Entity to comply with the requirements of the Applicable Transfer Regulations in relation to the transfer of the Specified Employees under Section 4.1(a) or (b) a Third Party Claim to the extent that the facts of such Action arise out of or are based upon the actions of any AGSA Entity with respect to the AGSA Retained Business, but, in each case, excluding any Losses to the extent arising out of or resulting from any action taken by any AMP Entity with respect to the AGSA Retained Business following the AMP Closing, other than pursuant to a Contract between an AMP Entity and any AGSA Entity or with the written consent of an AGSA Entity.
Section 3.2Indemnification by AMPSA.  From and after the AMP Closing Date, AMPSA shall indemnify and hold harmless each AGSA Entity and each of their respective equityholders, directors, managers, officers, employees, agents, successor and assigns (collectively, the “AGSA Indemnified Parties”) from and against any and all Losses to the extent arising out of or resulting from (a) any of the AMP Business, the AMP Employees, the AMP Plans (except any AGSA Retained Employee Liabilities) or the AMP Employee Liabilities, whether arising before, on or following the AMP Closing Date, or (b) a Third Party Claim to the extent that the facts of such Action arise out of or are based upon the actions of any AMP Entity (including any of their predecessors) with respect to the AMP Business, but, in each case, excluding any Losses to the extent arising out of or resulting from any action taken by any AGSA Entity with respect to the AMP Business following the AMP Closing, other than pursuant to a Contract between an AGSA Entity and any AMP Entity or with the written consent of an AMP Entity.
Section 3.3Limitations on Indemnification.
(a)For all purposes of this Article III, “Losses” shall be net of (i) any recovery or benefit (including insurance and indemnification, but not including taxes) actually received by the Indemnified Party or any member of its Group, net of reasonable expenses incurred in obtaining such recovery or benefit, in connection with such Losses and, if the Indemnified Party or any member of its Group receives such recovery or benefit after receipt of payment from the Indemnifying Party, then the amount of such recovery or benefit, net of reasonable expenses incurred in obtaining such recovery or benefit, shall be promptly paid to the Indemnifying Party; and (ii) any tax benefit actually realized by the Indemnified Party or any member of its Group arising as a result of the accrual, incurrence or payment of any such Losses, reduced by any tax detriment resulting from the receipt or accrual of the related indemnification payment hereunder.
(b)Each party hereto shall, and shall cause any member of its Group that is an Indemnified Party to, take commercially reasonable steps to mitigate its Losses upon and after becoming aware of any event that could reasonably be expected to give rise to any Losses, and indemnification shall not be available with respect to any portion of any Loss to the extent such portion of such Loss is attributable to a failure by a party to take (or cause its Representatives to 

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take) commercially reasonable steps to mitigate such Loss after becoming aware of such event that could reasonably be expected to give rise to such Loss.  Neither party hereto shall be entitled to any payment, adjustment or indemnification more than once with respect to the same matter.
(c)The indemnification provisions in this Article III will not require any party hereto to indemnify the other for Losses arising out of or resulting from the performance (or non-performance) of any other Contract between an AGSA Entity, on the one hand and an AMP Entity, on the other, which matters will be addressed in the applicable Contract. 
Section 3.4Procedures for Indemnification.
(a)Any Person seeking any indemnification under this Article III (an “Indemnified Party”), acting through AGSA or AMPSA, as applicable, shall give the Party from which indemnification is being sought (an “Indemnifying Party”) prompt notice (a “Claim Notice”) of any matter which such Indemnified Party has determined has given or could give rise to a right of indemnification under this Article III; provided, however, that if an Indemnified Party shall receive written notice of any third party claim (a “Third Party Claim”), the Indemnified Party shall give the Indemnifying Party a Claim Notice within twenty (20) days after receipt by the Indemnified Party of such notice.  The Claim Notice shall (i) indicate whether the matter for which indemnification is sought (an “Indemnity Claim”) results from or arises out of a Third Party Claim or a direct claim, (ii) describe with reasonable specificity the nature of the Indemnity Claim and (iii) state the amount of Losses sought pursuant to such Indemnity Claim to the extent then known.  The failure to deliver or timely deliver the Claim Notice shall not affect the rights of the Indemnified Party to indemnification under this Article III, except and only to the extent that the Indemnifying Party shall have been actually and materially prejudiced by reason of such failure. 
(b)Third Party Claims.
(i)The Indemnifying Party shall have the right to conduct, at its sole cost and expense, the defense of a Third Party Claim, upon delivery of written notice to the Indemnified Party (the “Defense Notice”) within twenty (20) days after the Indemnifying Party’s receipt of the Claim Notice (or sooner if the nature of the Third Party Claim so requires); provided that the Defense Notice shall specify the counsel the Indemnifying Party will appoint to defend such Third Party Claim (such counsel to be reasonably satisfactory to the Indemnified Party).  The Indemnified Party shall be entitled to be indemnified in accordance with the terms of this Agreement for the reasonable fees and expenses of counsel for any period during which the Indemnifying Party has not assumed the defense of any such Third Party Claim in accordance herewith.  If the Indemnifying Party timely delivers a Defense Notice and thereby elects to conduct the defense of the Third Party Claim, (A) the Indemnifying Party shall keep the Indemnified Party apprised of all material developments with respect to such Third Party Claim and (B) the Indemnified Party will cooperate with and make available to the Indemnifying Party such assistance and materials as the Indemnifying Party may reasonably request, all at the sole expense of the Indemnifying Party, and the Indemnified Party shall have the right at its expense to participate in the defense assisted by counsel of its own choosing.

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(ii)The Indemnifying Party shall not be entitled to control the defense of any Third Party Claim if (A) such Third Party Claim is with respect to a criminal proceeding, action, indictment, allegation or investigation, (B) it fails to actively and diligently conduct its defense of such Third Party Claim, (C) the Indemnified Party has been advised by counsel that a reasonable likelihood exists of a material conflict of interest between the Indemnifying Party and the Indemnified Party with respect to such Third Party Claim or (D) such Third Party Claim seeks an injunction or other equitable relief against the Indemnified Party.  In the event of any of the foregoing circumstances and the Indemnified Party has nonetheless permitted the Indemnifying Party to control the defense of such Third Party Claim, and the Indemnifying Party desires to so control such defense, the Indemnified Party shall be entitled to retain its own counsel, and the Indemnifying Party shall pay the reasonable and documented fees and expenses of one counsel (in addition to any required local counsel) of the Indemnified Party.
(iii)The Indemnifying Party shall not, without the prior written consent of the Indemnified Party, (A) settle or compromise a Third Party Claim or consent to the entry of any order which does not include an unconditional written release by the claimant or plaintiff of the Indemnified Party from all liability in respect of the Third Party Claim, (B) settle or compromise any Third Party Claim if the settlement imposes equitable or other non-monetary remedies or other obligations on the Indemnified Party or (C) settle or compromise any Third Party Claim if the result is to admit civil or criminal liability or culpability on the part of the Indemnified Party that gives rise to criminal liability with respect to the Indemnified Party.  No Third Party Claim which is being defended by the Indemnifying Party in accordance with the terms of this Agreement shall be settled or compromised by the Indemnified Party without the prior written consent of the Indemnifying Party (such consent not to be unreasonably conditioned, withheld or delayed).
Section 3.5Taxes.  For the avoidance of doubt, this Article III does not apply to taxes, the indemnification for which shall be governed by the terms of the BCA.
Article IV​
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EMPLOYEE MATTERS
Section 4.1Transfer of Employment or Engagement; Collective Bargaining Agreements.
(a)Transfer of Employment or Engagement.  On or prior to the AMP Closing Date, AGSA and AMPSA will take all actions required to be taken by them to effect the transfer of the employment or novation of the engagement, as applicable (save for any Specified Employee who submits a valid objection to such transfer in accordance with and subject to the Applicable Transfer Regulations), of each Specified Employee to an AGSA Retained Subsidiary designated by AGSA.  
(b)Collective Bargaining Agreements.  AGSA shall cause the AMP Entities to assume or retain, as the case may be, each Collective Bargaining Agreement and, to the extent 

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applicable, recognize (to the extent not yet recognized) each Employee Representative Body covering AMP Employees.
Section 4.2Transfer of Plans.
(a)General.  Effective as of the AMP Closing, AGSA and AMPSA shall cause (i) the AMP Entities to, assume or retain, as the case may be, all obligations with respect to each AMP Plan and honor and discharge all obligations under each AMP Plan and (ii) the AGSA Entities to, assume or retain, as the case may be, all obligations with respect to each AGSA Retained Plan and honor and discharge all obligations under each AGSA Retained Plan.
(b)Certain Incentive Compensation.  AGSA’s Annual Incentive Bonus Plan and the Long Term Incentive Plan (which, for the avoidance of doubt, is in effect prior to the date hereof and is not the Executive Long Term Incentive Plan) shall be AGSA Retained Plans; provided that (i) the amount of any payments due to current or former AMP Employees under the Annual Incentive Bonus Plan and the AGSA Long Term Incentive Plan shall be determined under the plans, and in the ordinary course of business, consistent with past practice, and in consultation with AMPSA and (ii) the cost of any payments due to current or former AMP Employees under the Annual Incentive Bonus Plan and the AGSA Long Term Incentive Plan shall be borne by an AMP Entity.
(c)Defined Benefit Pension Plans.  
(i)In the event AGSA and AMPSA mutually determine or are otherwise required by applicable Law to separate the AGSA North America Retirement Plan (the “AGSA US DB Plan”), AMPSA and AGSA shall cooperate and use their respective reasonable best efforts to cause their applicable Subsidiaries to transfer all of the AGSA US DB Plan assets and Liabilities, including any related funding obligations, related to current or former AMP Employees out of the AGSA US DB Plan into another appropriate arrangement established by an AMP Entity designated by AMPSA and separate from the AGSA US DB Plan (the “AMP US DB Plan”).  Any transfer of assets and Liabilities from the AGSA US DB Plan to the AMP US DB Plan shall be in accordance with applicable accounting standards and ERISA and other applicable Law, and AGSA and AMPSA shall cooperate to make such transfer tax efficient, to the extent reasonably possible.  To the extent any assets are transferred from the AGSA US DB Plan to the AMP US DB Plan in excess of assets contributed to the AGSA US DB Plan on behalf of current or former AMP Employees, AMPSA will or will cause an AMP Entity to promptly reimburse AGSA in an amount equal to such excess on a tax-effected basis (such that the excess will be reduced by any tax benefit in respect of contribution of such assets to the AGSA US DB Plan).  The AMP US DB Plan, if established, shall be an AMP Plan. AMPSA or an AMP Entity shall make the required minimum funding contributions to the AMP US DB Plan in relation to the separation from the AGSA US DB Plan.  The AGSA US DB Plan will be operated in good faith with respect to AMPSA.  No AMP Employee shall accrue any additional benefits under the AGSA US DB Plan following the time of the separation of the AMP US DB Plan; instead, AMP Employees, if eligible, shall accrue benefits under the AMP US DB Plan to the extent provided in the AMP US DB Plan. AGSA and AMPSA, as applicable, shall timely provide notices, if any, required under Law 

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to the affected AMP Employees, and to the Pension Benefit Guaranty Corporation.  AGSA’s actuary shall provide all certifications required for the transfers of assets and Liabilities contemplated under this Section 4.2(c).
(ii)Determinations under Section 4.2(c)(i) shall be made using reasonable assumptions that are consistent with past practice, to the extent applicable, and agreed upon by certified actuaries retained by each of AGSA and AMPSA. All calculations of assets and Liabilities, and methodologies related thereto, shall be proposed by AGSA’s certified actuary and shall be subject to review and approval by AMPSA’s certified actuary. In the event of a dispute regarding the calculation or allocation of assets and Liabilities or funding obligations, or the methodologies or assumptions used for such calculations or allocations, in each case under this Section 4.2(c), such dispute shall be exclusively and finally determined, at the request of either party, by an independent certified actuary at a nationally recognized actuarial or accounting firm.  Such independent actuary shall be selected by mutual agreement of the parties, and all fees of such independent actuary shall be shared equally by AGSA and AMPSA. The parties agree to comply with any determination made by such independent actuary.
Section 4.3Transfer of Liabilities.  Without limiting the generality of Section 3.2, effective as of the AMP Closing, AGSA and AMPSA shall cause (i) the AMP Entities to, assume or retain, as the case may be, and be responsible for all obligations with respect to (and indemnify, defend and hold harmless the AGSA Entities from and against) any and all AMP Employee Liabilities, whether arising before, on or after the AMP Closing, and (ii) the AGSA Entities to, assume or retain, as the case may be, and be responsible for all obligations with respect to (and indemnify, defend and hold harmless the AMP Entities from and against) any and all AGSA Retained Employee Liabilities, whether arising before, on or after AMP Closing.  Upon request by AMPSA, AGSA shall promptly provide financial and other reasonable information regarding AMP Employee Liabilities to AMPSA.
Section 4.4Terms and Conditions of Employment.  
(a)AMPSA will cause the other AMP Entities to undertake commercially reasonable efforts to (i) comply with any obligations or standards arising under applicable Laws governing the terms and conditions of the employment of AMP Employees and (ii) provide terms and conditions of employment in a manner that does not unreasonably result in any obligation, contingent or otherwise, of any AGSA Entity to pay any severance, vacation payout, termination indemnity, termination related payment or other similar benefit (including such benefits required under applicable Laws) to any AMP Employee.
(b)AGSA will cause the other AGSA Entities to undertake commercially reasonable efforts to (i) comply with any obligations or standards arising under applicable Laws governing the terms and conditions of the employment of AGSA Retained Employees and (ii) provide terms and conditions of employment in a manner that does not unreasonably result in any obligation, contingent or otherwise, of any AMP Entity to pay any severance, vacation payout, termination indemnity, termination related payment or other similar benefit (including such benefits required under applicable Laws) to any AGSA Retained Employee.

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Section 4.5No Third Party Beneficiaries; No Amendment.  Without limiting the generality of Section 7.8, all provisions contained in this Article IV are included for the sole benefit of the parties hereto, and nothing in this Agreement, whether express or implied, shall create any third party beneficiary or other rights (a) in any other Person, including any employees, former employees, any participant in any Plan or any dependent or beneficiary thereof (including any AMP Employee or AGSA Retained Employee), or (b) to continued employment with any AGSA Retained Subsidiary or any AMP Entity.  Nothing contained herein, whether express or implied, shall be treated as an amendment or other modification or adoption of any Plan or Collective Bargaining Agreement, or shall limit the right of any AGSA Entity or any AMP Entity to amend, terminate or otherwise modify any Plan or Collective Bargaining Agreement following the AMP Closing in accordance with its terms.  In the event that (i) a party other than the parties hereto makes a claim or takes other action to enforce any provision in this Agreement as an amendment to any Plan or Collective Bargaining Agreement, and (ii) such provision is deemed in any judicial proceeding to be an amendment to such Plan or Collective Bargaining Agreement even though not explicitly designated as such in this Agreement, then such provision, to the extent covered by such deemed amendment, shall lapse retroactively and shall have no amendatory effect.
Article V​
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CERTAIN OTHER MATTERS
Section 5.1Access to Information.
(a)In order to facilitate the resolution of any claims made against, or incurred by, any AGSA Entity relating to the AMP Business and for purposes of compliance with securities, environmental, employment and other Laws, until the later of the seventh (7th) anniversary of the AMP Closing Date or the expiration of the relevant period of the applicable statute of limitations (including any extension thereof), AMPSA shall, and shall cause the other AMP Entities to (i) retain the books and records and financial and operational data relating to the AMP Business for periods prior to the AMP Closing Date (to the extent in AMPSA’s or the other AMP Entities’ possession); and (ii) upon reasonable advance notice, afford the Representatives of the AGSA Entities reasonable access (including the right to make, at AGSA’s expense, copies), during normal business hours, to such books and records.  After the expiration of such period, AMPSA shall offer to turn over possession of such books and records to AGSA at least sixty (60) days prior to disposing of or destroying any of such books and records. 
(b)In order to facilitate the resolution of any claims made against, or incurred by, any AMP Entity relating to the AMP Business and for purposes of compliance with securities, environmental, employment and other Laws, until the later of the seventh (7th) anniversary of the AMP Closing Date or the expiration of the relevant period of the applicable statute of limitations (including any extension thereof), AGSA shall, and shall cause the AGSA Retained Subsidiaries to (i) retain the books and records and financial and operational data relating to the AMP Business for periods prior to the AMP Closing Date, to the extent such books, records and other data and information were in the possession or control of the AGSA Retained Subsidiaries prior to the AMP Closing and have not been delivered to the AMP Entities; and (ii) upon reasonable notice, afford the Representatives of the AMP Entities reasonable access (including the right to make, at AMPSA’s expense, copies), during normal business hours, to such books and records.  After the 

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expiration of such period, AGSA shall offer to turn over possession of such books and records to AMPSA at least sixty (60) days prior to disposing of or destroying any of such books and records.
Section 5.2Privileged Matters.
(a)The parties hereto acknowledge and agree that the AGSA Entities’ and the AMP Entities’ attorney-client privilege, attorney work-product protection and expectation of client confidence with respect to any communications concerning any proposed transfer of the AMP Business or any other transaction contemplated by this Agreement, the BCA, the Services Agreement or any Local Conveyance document, and all information and documents covered by such privilege, protection or expectation shall be retained and controlled by AGSA, and may be waived only by AGSA.  AGSA and AMPSA acknowledge and agree that (i) the foregoing attorney-client privilege, work product protection and expectation of client confidence shall not be controlled, owned, used, waived or claimed by the AMP Entities upon consummation of the AMP Closing; and (ii) in the event of a dispute between an AMP Entity, on the one hand, and a third party, on the other hand, or any other circumstance in which a third party requests or demands that an AMP Entity produce privileged materials or attorney work-product of AGSA or another AGSA Entity (including the privileged communications and attorney work-product covered by this Section 5.2(a)), AMPSA shall, and shall cause such AMP Entity to assert such attorney-client privilege on behalf of AGSA or the applicable AGSA Entity to prevent disclosure of privileged communications or attorney work-product to such third party.
(b)Notwithstanding anything to the contrary set forth in this Agreement, the parties hereto acknowledge and agree that the attorney-client privilege, attorney work-product protection and expectation of client confidence with respect to any communications concerning general business matters related to the AMP Business and the AMP Entities and arising prior to the AMP Closing Date for the benefit of both the AGSA Entities and the AMP Entities shall be subject to a joint privilege and protection between AGSA, on the one hand, and AMPSA, on the other hand, and AGSA and AMPSA shall, on behalf of their applicable Group members, have equal right to assert such joint privilege and protection and no such joint privilege or protection may be waived by (i) any AGSA Entity without the prior written consent of AMPSA; or (ii)  any AMP Entity without the prior written consent of AGSA; provided that any such privileged communications or attorney-work product, whether arising prior to, or after the AMP Closing Date, with respect to any matter for which a party hereto has an indemnification obligation hereunder, shall be subject to the sole control of such party with respect to such matter giving rise to such indemnification obligation, which shall be solely entitled to control the assertion or waiver of the privilege or protection in connection with such matter, whether or not such communications or work product is in the possession of or under the control of such party.
Section 5.3EAPA and Cross-License Assignment and Assumption.  Effective as of the AMP Closing (a) AGSA hereby assigns and transfers to AMPSA, and AMPSA hereby accepts and assumes, all of AGSA’s rights and obligations under (i) that certain Equity and Asset Purchase Agreement, dated as of April 22, 2016, by and among AGSA, Ball Corporation and Rexam PLC (the “EAPA”) and (ii) that certain Intellectual Property Cross-License Agreement, dated October 31, 2019, by and between AGSA and Trivium Packaging B.V. (the “Cross-License”), in each case, without any representation, warranty, recourse or covenant of any kind or nature whatsoever, each of which is expressly disclaimed by each of the parties hereto, and (b) without limiting the generality of 

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Section 3.2, AMPSA hereby agrees to indemnify and hold harmless AGSA and each other AGSA Entity from any and all Losses arising from the EAPA or the Cross-License, whether arising before, on or after the AMP Closing.
Section 5.4Litigation Cooperation. 
(a)Effective as of the AMP Closing Date, the applicable AMP Entities shall assume and thereafter be responsible for all Liabilities that may result from any Actions to the extent related to the AMP Business (the “AMP Actions”) and, subject to Section 3.4, all fees and costs relating to the defense of the AMP Actions, including attorneys,’ accountants,’ consultants’ and other professionals’ fees and expenses that have been incurred prior to the AMP Closing Date and are unpaid as of the AMP Closing Date, or that are incurred on or after the AMP Closing Date. 
(b)Effective as of the AMP Closing Date, the applicable AGSA Retained Subsidiaries shall assume and thereafter be responsible for all Liabilities that may result from any Actions to the extent related to the AGSA Retained Business (the “AGSA Retained Actions”) and, subject to Section 3.4, all fees and costs relating to the defense of the AGSA Retained Actions, including attorneys,’ accountants,’ consultants’ and other professionals’ fees and expenses that have been incurred prior to the AMP Closing Date and are unpaid as of or after the AMP Closing Date, or that are incurred on or after the AMP Closing Date.
(c)The parties hereto agree that at all times from and after the AMP Closing Date, if an Action relates to the AMP Business and the AGSA Retained Business or is commenced by a third party naming an AMP Entity (with respect to any Action related to the AGSA Retained Business) or an AGSA Entity (with respect to any Action related to the AMP Business) as a defendant thereto, then the parties hereto shall cooperate and consult to the extent necessary or advisable with respect to the defense of such Action.
(d)Each party hereto shall use reasonable efforts to make available to the other party hereto and its attorneys, accountants, consultants and other designated representatives, upon written request, its directors, managers, officers, employees and representatives as witnesses, and shall otherwise cooperate with the other party hereto, to the extent reasonably requested in connection with any Action, the facts of which arise prior to the AMP Closing Date in which the requesting party hereto may from time to time be involved.
Section 5.5Insurance Matters.  Unless otherwise agreed by the parties or provided in the Services Agreement the AMP Business shall, pursuant to and in accordance with the terms of the Services Agreement, continue to be insured by insurance policies held by the AGSA Entities or by any of their self-insured programs.
Section 5.6Intercompany Accounts.  All intercompany receivables, payables and loans between any AGSA Retained Subsidiary, on the one hand, and any AMP Entity, on the other hand, other than the AGSA Hedging Arrangements or receivables or payables in respect of ordinary course of business transactions on arms’ length terms, shall, prior to the AMP Closing or as promptly as reasonably practicable thereafter, be settled, paid, capitalized, contributed to the capital of the applicable Person, distributed or otherwise terminated, in each case, as determined by AGSA, and AGSA and, if applicable, AMPSA, shall cause the applicable AGSA Retained Subsidiaries and 

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AMP Entities to make all payments, capital contributions, transfers or distributions necessary or appropriate to effectuate such settlement, payment, capitalization, contribution, distribution or other termination of such intercompany receivables, payables and loans with the result that there shall not be any material intercompany receivables, payables and loans between any AGSA Retained Subsidiary, on the one hand, and any AMP Entity, on the other hand, after the AMP Closing Date.  Notwithstanding the foregoing, the parties hereto agree that certain payments in respect of intercompany payables arising in connection with the AMP Transfer will be made following the BCA Closing Date or, if applicable, at such other times contemplated by the Steps Plan.
Section 5.7Hedging Arrangements.
(a)From and after AMP Closing, AGSA shall cause each applicable AGSA Retained Subsidiary to maintain all currency and commodity hedging that such Person has entered into for the benefit of an AMP Entity for purposes of such AMP Entity receiving the economic benefits, and being subject to the economic risks, of such hedging arrangements (such arrangements the “AGSA Hedging Arrangements”) at the direction of AMPSA pursuant to and in accordance with the Services Agreement, and AGSA and AMPSA shall implement arrangements reasonably acceptable to each of them to both (i) provide the applicable AMP Entity, to the fullest extent practicable, with all claims, rights and benefits under the AGSA Hedging Arrangements, including, for the avoidance of doubt, the mark-to-market position existing on the AMP Closing Date and (ii) cause the applicable AMP Entity to bear all Liabilities thereunder, including, for the avoidance of doubt, the mark-to-market position existing on the AMP Closing Date.  Upon maturity of any AGSA Hedging Arrangements (or earlier crystallization of a hedge position), AGSA shall remit funds to AMPSA (or its designee) in respect of any such hedging arrangements that are in-the-money and AMPSA will remit funds to AGSA (or its designee) in respect of any such hedging arrangements that are out-of-the money, in each case, on the relevant date of settlement in accordance with market convention.
(b)Either AGSA or AMPSA may request cash collateral in respect of open trades where the net mark to market position across all open trades is greater than a $10,000,000 margin call tolerance limit.  The amount of such cash collateral to be paid shall be any amount above the margin call tolerance limit.  Any such cash collateral paid may be netted against future settlements of trades as agreed between AGSA and AMPSA.
Section 5.8Credit and Performance Support Obligations.
(a)AGSA and AMPSA shall cooperate and use their commercially reasonable efforts to cause each AGSA Retained Subsidiary to be, prior to the AMP Closing Date, replaced or removed as a guarantor or obligor under, and released or relieved from any Liability arising out of, any letters of credit, performance bonds, corporate guarantees, statutory guarantees or obligations and other similar obligations outstanding in favor of a third party in connection with the AMP Business (together the “Transferred Guarantees”).  Without limiting the generality of Section 3.3, from and after the AMP Closing, AMPSA shall indemnify each AGSA Entity against any Losses arising from or relating to any Transferred Guarantees.  AGSA and AMPSA shall cooperate and use their commercially reasonable efforts after the AMP Transfer to relieve, remove, release or replace each AGSA Retained Subsidiary from any remaining Transferred Guarantees.

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(b)AGSA shall use its commercially reasonable efforts to cause each AMP Entity to be, prior to the AMP Closing Date, replaced or removed as a guarantor or obligor under, and released or relieved from any Liability arising out of, any letters of credit, performance bonds, corporate guarantees, statutory guarantees or obligations, collateral or security agreements or arrangements and other similar obligations in favor of a third party in connection with the AGSA Retained Business (together, the “Excluded Guarantees”); provided, that notwithstanding the foregoing, prior to, or substantially concurrently with, the AMP Closing Date, AGSA shall cause (i) each AMP Entity to be released from all guarantees of the Ardagh Existing Indebtedness (as defined in the BCA) and all other obligations and liabilities of the AMP Entities in respect of the Ardagh Existing Indebtedness, to be terminated and released and (ii) all Encumbrances granted by the AMP Entities, or otherwise existing with respect to the assets of the AMP Entities or the AMP Business, securing any Ardagh Existing Indebtedness or guarantees or other obligations or liabilities with respect to Ardagh Existing Indebtedness, to be released, in the case of each of the foregoing (i) and (ii), pursuant to documentation in form and substance reasonably satisfactory to GHV as set forth in the BCA.  Without limiting the generality of Section 3.1, from and after the AMP Transfer, AGSA shall indemnify and hold harmless each AMP Entity against any Losses arising from or relating to the Excluded Guarantees.  AGSA and AMPSA shall use their commercially reasonable efforts after the AMP Transfer to relieve, remove, release or replace each AMP Entity from any remaining Excluded Guarantees.
Section 5.9Further Actions.  From time to time after the AMP Closing, without additional consideration, each party hereto shall, and shall cause its Subsidiaries to, execute and deliver such further instruments and take such other action as may be necessary or is reasonably requested by another party hereto to make effective the transactions contemplated by this Agreement. Without limiting the foregoing, reasonably promptly following the AMP Closing, AGSA shall, and shall cause the AGSA Retained Subsidiaries to, take all action necessary, including by filing all necessary documentation with the applicable Governmental Authority (or Internet domain name registrar, in the case of Internet domain names), to cause AMPSA or one of the other AMP Entities designated by AMPSA to be the legal, beneficial and record owner of each item of Registered Owned Intellectual Property (as defined in the BCA) set forth or required to be set forth on Section 4.14(b) of the AGSA Disclosure Schedule, and AGSA shall reasonably promptly deliver evidence of the foregoing to GHV.
Section 5.10Non-Competition; Non-Solicitation.
(a)For a period from the BCA Closing Date until the earlier of (i) the fifth (5th) anniversary of the BCA Closing Date or (ii) the date on which AGSA no longer, directly or indirectly, is the beneficial owner of more than fifty percent (50%) of the voting stock of AMPSA (such period, the “Non-Compete Period”), none of AGSA or its Subsidiaries (excluding any AMP Entity) shall, directly or indirectly, and except with respect to the AMP Entities, engage in the development, manufacture, marketing or sale of metal beverage cans and ends (excluding, in each case, kegs and aluminum bottles) or the provision of related technical and customer services, in each case, as developed, manufactured, marketed, sold or provided by the AMP Business on the date hereof.  Except as otherwise contemplated by Section 3.3 of the Services Agreement, for a period from the BCA Closing Date until the earlier of (A) the second (2nd) anniversary of the BCA Closing Date, or (B) the date on which AGSA no longer, directly or indirectly, is the beneficial owner of more than fifty percent (50%) of the voting stock of AMPSA (such period, the 

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“Non-Solicit Period”), none of AGSA or its Subsidiaries (excluding any AMP Entity) shall, directly or indirectly, solicit for employment or hire, or cause to be solicited or hired, any AMP Employee with an annual base salary or wages greater than €150,000; provided that this Agreement shall not prohibit any (1) advertisement, general solicitation or search firm engagement (or hiring as a result thereof) that is not specifically targeted at such persons or (2) direct solicitation of any AMP Employee whose employment by or term in office with any AMP Entity is terminated prior to the date of the applicable solicitation. 
(b)For the duration of the Non-Compete Period, no AMP Entity shall, directly or indirectly (but excluding any services provided to the AGSA Entities pursuant to the Services Agreement), engage in the AGSA Retained Business as it is conducted by the AGSA Entities on the date hereof.  Except for AMP Employees and except as otherwise contemplated by Section 3.3 of the Services Agreement, for the duration of the Non-Solicit Period, the AMP Entities shall not, directly or indirectly, solicit for employment or hire, or cause to be solicited or hired, any AGSA Retained Employee with an annual base salary or wages greater than €150,000, provided that this Agreement shall not prohibit any (i) advertisement, general solicitation or search firm engagement (or hiring as a result thereof) that is not specifically targeted at such persons or (ii) direct solicitation of any AGSA Retained Employee whose employment by or term in office with any AGSA Entity is terminated prior to the date of the applicable solicitation.
(c)The covenants and undertakings in this Section 5.10 relate to matters which are of a special, unique and extraordinary character and a violation of any of the terms of this Section 5.10 will cause irreparable injury to the AGSA Entities or the AMP Entities, as applicable, the amount of which will be impossible to estimate or determine and which cannot be adequately compensated. Accordingly, the remedy at law for any breach of this Section 5.10 will be inadequate.  Therefore, AGSA and AMPSA, as applicable, will be entitled to seek a temporary and permanent injunction, restraining order or other equitable relief from any court of competent jurisdiction in the event of any breach of this Section 5.10 without the necessity of proving actual damage or posting any bond whatsoever.  The rights and remedies provided by this Section 5.10(c) are cumulative and in addition to any other rights and remedies which AGSA or AMPSA, as applicable, may have hereunder at law or in equity.
Section 5.11No Right to Set-Off.  Neither party hereto shall have any right to set off any payments payable to the other party under this Agreement (including any payments required to be made pursuant to Section 2.3(c) or Article III) against any payments to be made by such party pursuant to this Agreement or any other agreement between the parties hereto and no party hereto may withhold any such funds pursuant to this Agreement in the event there is a dispute regarding any other matter set forth in this Agreement or the Services Agreement.
Article VI​
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DISCLAIMER
Section 6.1Disclaimer.  EXCEPT AS MAY EXPRESSLY BE SET FORTH IN THIS AGREEMENT, THE SERVICES AGREEMENT OR ANY LOCAL CONVEYANCE, ALL INTERESTS AND ASSETS ARE BEING TRANSFERRED ON AN “AS IS,” “WHERE IS” BASIS.

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Section 6.2Limitation of Liability.  IN NO EVENT SHALL ANY PARTY BE LIABLE TO ANY OTHER PARTY FOR PUNITIVE, CONSEQUENTIAL, SPECIAL OR INDIRECT DAMAGES, INCLUDING LOSS OF FUTURE PROFITS, REVENUE OR INCOME, DIMINUTION IN VALUE OR LOSS OF BUSINESS REPUTATION OR OPPORTUNITY, HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY (INCLUDING NEGLIGENCE) ARISING IN ANY WAY OUT OF THIS AGREEMENT, REGARDLESS OF WHETHER SUCH DAMAGES WERE FORESEEABLE OR SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES EXCEPT TO THE EXTENT ACTUALLY AWARDED TO A THIRD PARTY BY A COURT OF COMPETENT JURISDICTION.
Article VII​
​
GENERAL PROVISIONS.
Section 7.1Expenses.  Except as otherwise specified in this Agreement, all costs and expenses, including fees and disbursements of counsel, financial and other advisors and accountants, incurred in connection with this Agreement and the transactions contemplated by this Agreement shall be borne by AMPSA.  For the avoidance of doubt, this Section 7.1 does not apply to taxes, the allocation of which shall be governed by the terms of the BCA.
Section 7.2Notices.  All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given or made by delivery in person, by e-mail or other means of electronic transmission, and by internationally recognized courier service, and shall become effective:  (a) on delivery if given in person; (b) on the date of transmission if sent by email, or other means of electronic transmission (provided that no “bounceback” or notice of non-delivery is received); or (c) two (2) Business Days after delivery to the courier service.  Notices shall be given to the respective parties hereto at the following addresses (or at such other address for a party hereto as shall be specified in a notice given in accordance with this Section 7.2):
If to AGSA to:
56, Rue Charles Martel
L-2134 Luxembourg
Luxembourg
Attention:  Hermanus Troskie
Torsten Schoen
Email: herman.troskie@maitlandgroup.com
torsten.schoen@ardaghgroup.com
If to AMPSA to:
56, Rue Charles Martel
L-2134 Luxembourg
Luxembourg

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Attention:Oliver Graham
David Bourne
Email:  oliver.graham@ardaghgroup.com
david.bourne@ardaghgroup.com
Section 7.3Severability.  If any term or other provision of this Agreement is declared invalid, illegal or incapable of being enforced by any Governmental Authority, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect for so long as the economic or legal substance of the transactions contemplated by this Agreement is not affected in any manner materially adverse to any party hereto.  Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties hereto as closely as possible in a mutually acceptable manner in order that the transactions contemplated by this Agreement are consummated as originally contemplated to the greatest extent possible.
Section 7.4Entire Agreement.  This Agreement, and, to the extent applicable hereto, the BCA, the Services Agreement and the Local Conveyances constitute the entire agreement of the parties hereto with respect to the subject matter hereof and thereof and supersede all prior agreements and undertakings, both written and oral, among the parties hereto with respect to the subject matter hereof and thereof.
Section 7.5Assignment.  This Agreement and the rights and obligations hereunder may not be assigned by operation of Law or otherwise without the express written consent of AGSA and AMPSA, as the case may be (which consent may be granted or withheld in the sole discretion of AGSA or AMPSA, as applicable), and any attempted assignment that is not in accordance with this Section 7.5 shall be null and void.
Section 7.6Amendment.  This Agreement may not be amended or modified except by an instrument in writing signed by, or on behalf of, each party hereto that expressly references the Section of this Agreement to be amended or by a waiver in accordance with Section 7.7.
Section 7.7Waiver.  Either party to this Agreement may (a) extend the time for the performance of any of the obligations or other acts of the other party; (b) waive any inaccuracies in the representations and warranties of the other party contained herein or in any document delivered by the other party pursuant to this Agreement; or (c) waive compliance with any of the agreements of the other party or conditions to such obligations contained herein.  Any such extension or waiver shall be valid only if set forth in an instrument in writing signed by the parties to be bound thereby.  Notwithstanding the foregoing, no failure or delay by any party hereto in exercising any right hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or future exercise of any other right hereunder.  Any waiver of any term or condition hereof shall not be construed as a waiver of any subsequent breach or as a subsequent waiver of the same term or condition, or a waiver of any other term or condition of this Agreement.
Section 7.8No Third-Party Beneficiaries.  This Agreement shall be binding upon and inure solely to the benefit of, and be enforceable by, only the parties hereto and their 

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respective successors and permitted assigns and nothing herein, express or implied, is intended to, or shall confer upon, any other Person any right, benefit or remedy of any nature whatsoever, including any rights of employment for any specified period, under or by reason of this Agreement; provided, that the other AMP Entities and the AGSA Retained Subsidiaries, as applicable, shall be intended third party beneficiaries of the terms of this Agreement applicable to such Persons.
Section 7.9Specific Performance.  The parties hereto acknowledge and agree that the parties hereto would be irreparably damaged if any of the provisions of this Agreement are not performed in accordance with their specific terms or are otherwise breached and that any non-performance or breach of this Agreement by either party hereto could not be adequately compensated by monetary damages alone and that the parties hereto would not have any adequate remedy at law.  Accordingly, in addition to any other right or remedy to which either party hereto may be entitled, at law or in equity (including monetary damages), such party shall be entitled to seek to enforce any provision of this Agreement by a decree of specific performance and to seek temporary, preliminary and permanent injunctive relief to prevent breaches or threatened breaches of any of the provisions of this Agreement, without posting any bond or other undertaking.  The parties hereto agree that they will not contest the appropriateness of specific performance as a remedy.
Section 7.10Governing Law.  This Agreement, and all claims or causes of action based upon, arising out of, or related to this Agreement shall be governed by, and construed in accordance with, the Laws of the Grand Duchy of Luxembourg.  Any Action arising in connection with this Agreement shall be submitted to the jurisdiction of the courts of Luxembourg City.
Section 7.11Termination.  This Agreement may be terminated at any time by the mutual written consent of AGSA and AMPSA.
Section 7.12Counterparts.  This Agreement may be executed in multiple counterparts, each of which when executed and delivered shall thereby be deemed to be an original and all of which taken together shall constitute one and the same instrument.  Any party hereto may execute and deliver signed counterparts of this Agreement to the other parties hereto by electronic mail or other electronic transmission in portable document format (.PDF).
[Signature page follows]
​
​

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IN WITNESS WHEREOF, each of the parties hereto have executed this Agreement as of the date first written above.
​
ARDAGH GROUP S.A.
		By:
	/s/ Hermanus Troskie
Name: Hermanus Troskie
Title: Director

ARDAGH METAL PACKAGING S.A.
		By:
	/s/ Yves Elsen
Name: Yves Elsen
Title: Director

​
​

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Exhibit A
AMP EntitiesEX-10.1

 Exhibit 10.1 

CALLAWAY GOLF COMPANY 

2021 EMPLOYMENT INDUCEMENT PLAN 

SECTION 1. PURPOSES OF THE PLAN 

The Callaway Golf Company 2021 Employment Inducement Plan (the “Plan”) is established to (a) promote the
long-term interests of Callaway Golf Company (the “Company”) and its shareholders by strengthening the Company’s ability to attract and retain Eligible Individuals who will provide valuable services to the Company,
(b) encourage such Eligible Individuals to hold an equity interest in the Company and (c) enhance the mutuality of interest between such Eligible Individuals and shareholders in improving the value of the Company’s common stock. The
Plan seeks to promote the highest level of performance by providing an economic interest in the long-term performance of the Company. Only Eligible Individuals may receive Awards under the Plan. 

SECTION 2. DEFINITIONS 

As used in the Plan: 

“Acquisition Price” means the fair market value of the securities, cash or other property, or any combination thereof,
receivable upon consummation of a Change in Control in respect of a share of Common Stock. 
 “Award” means any
Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Performance Share, Performance Unit, dividend equivalent, cash-based award or other incentive payable in cash or in shares of Common Stock as may be designated by the
Committee from time to time under the Plan. 
 “Board” means the Board of Directors of the Company. 

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

(a) Any person, entity or group, within the meaning of Section 13(d) or 14(d) of the Exchange Act, but excluding the Company and its
subsidiaries and any employee benefit or stock ownership plan of the Company or its subsidiaries and also excluding an underwriter or underwriting syndicate that has acquired the 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 the Company’s then outstanding securities entitled to vote generally in the election of directors; or 

(b) Individuals who, as of the Effective Date hereof, constitute the Board of Directors of the Company (the “Incumbent
Board”) cease for any reason to constitute at least a majority of the Board of Directors of the Company, provided that any individual who becomes a director after the Effective Date hereof whose election, or nomination for election by
the 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 the 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 the Company’s
shareholders is approved by a vote of at least two-thirds of the directors then comprising the Incumbent Board; or 

(c) Consummation by the Company of the sale or other disposition by the Company of all or substantially all of the Company’s assets or a
reorganization or merger or consolidation of the Company with any other person, entity or corporation, other than: 

  
 1 

 (i) a reorganization or merger or consolidation that would result in the voting securities
of the 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 50% or more of the combined voting power of all securities of the 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 the 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 

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

(d) Approval by the shareholders of the Company or an order by a court of competent jurisdiction of a plan of liquidation or dissolution of
the Company. 
 If required for purposes of compliance with Section 409A of the Code, in no event will a Change in Control be deemed to
have occurred if such transaction is not also a “change in the ownership or effective control of” the Company or “a change in the ownership of a substantial portion of the assets of” the Company as determined under Treasury
Regulation Section 1.409A-3(i)(5) (without regard to any alternative definition thereunder). The Board may, in its sole discretion and without a Participant’s consent, amend the definition of
“Change in Control” to conform to the definition of “Change in Control” under Section 409A and the regulations thereunder. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, including any applicable regulations and
guidance thereunder. 
 “Committee” has the meaning set forth in Section 3.1. 

“Common Stock” means the common stock, $0.01 par value, of the Company. 

“Company” means Callaway Golf Company, a Delaware corporation. 

“Effective Date” has the meaning set forth in Section 15.2. 

“Eligible Individual” means any prospective employee who is commencing employment with the Company or a Related
Company, or is being rehired following a bona fide period interruption of employment by the Company or a Related Company, if he or she is granted an Award in connection with his or her commencement of employment with the Company or a Related Company
and such grant is an inducement material to his or her entering into employment with the Company or a Related Company (within the meaning of New York Stock Exchange Rule 303A.08 or any successor rule, if the Company’s securities are traded on
the New York Stock Exchange, and/or the applicable requirements of any other established stock exchange on which the Company’s securities are traded, as applicable, as such rules and requirements may be amended from time to time).
Notwithstanding the foregoing, if the Company’s securities are traded on the Nasdaq Stock Market, an “Eligible Individual” shall not include any prospective employee who has previously been an employee or director of the Company
unless following a bona fide period of non-employment by the Company or a Related Company. The Committee may in its discretion adopt procedures from time to time to ensure that a prospective employee is
eligible to participate in the Plan prior to the granting of any Awards to such individual under the Plan (including without limitation a requirement that each such prospective employee certify to the Company prior to the receipt of an Award under
the Plan that he or she has had a bona fide period of interruption of employment, and that the grant of Awards under the Plan is an inducement material to his or her agreement to enter into employment with the Company or a Related Company). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time. 

  
 2 

 “Fair Market Value” means, as of any given date, the closing price
for the Common Stock on the New York Stock Exchange during regular session trading for a single trading day as reported for such day in The Wall Street Journal or other reliable source. If no reported price for the Common Stock exists for the
applicable trading day, then such price on the last preceding date for which such price exists shall be determinative of Fair Market Value for such date of determination. 

“Incentive Stock Option” means an Option that is intended to be, and that qualifies as, an “incentive stock
option” as that term is defined in Section 422 of the Code or any successor provision. 
 “Independent
Director” shall mean a director of the Company who is not an employee of the Company and who qualifies as “independent” within the meaning of New York Stock Exchange Rule 303A.02, or any successor rule, if the Company’s
securities are traded on the New York Stock Exchange, and/or the applicable requirements of any other established stock exchange on which the Company’s securities are traded, as applicable, as such rules and requirements may be amended from
time to time. 
 “Nonqualified Stock Option” means an Option that is not an Incentive Stock Option. 

“Option” means a right to purchase Common Stock granted under Section 7. Any Option granted under the Plan shall
be a Nonqualified Stock Option. 
 “Participant” means any Eligible Individual to whom an Award is granted. 

“Performance Share” has the meaning set forth in Section 10.1. 

“Performance Unit” has the meaning set forth in Section 10.2. 

“Plan” means this Callaway Golf Company 2021 Employment Inducement Plan, as amended from time to time. 

“Related Company” means (a) any entity that directly or indirectly controls, or is controlled by, or is under
common control with, the Company or (b) any entity in which the Company has a significant equity interest, as determined by the Committee. 

“Restricted Stock” means an Award of shares of Common Stock granted under Section 9, the rights of ownership of
which may be subject to restrictions prescribed by the Committee. 
 “Restricted Stock Unit” means an Award granted
under Section 9 denominated in units of Common Stock. 
 “Securities Act” means the Securities Act of 1933, as
amended from time to time. 
 “Stock Appreciation Right” has the meaning set forth in Section 8.1. 

“Successor Company” means the surviving company, the successor company or its parent, as applicable, in connection
with a Change in Control. 
 “Termination of Service” means a termination of employment or service relationship with
the Company or a Related Company for any reason, whether voluntary or involuntary, including by reason of death, disability or retirement. Any question as to whether and when there has been a Termination of Service for the purposes of an Award and
the cause of such Termination of Service shall be determined by the Committee, whose determinations shall be conclusive and binding. Transfer of a Participant’s employment or service relationship between Related Companies, or between the
Company and any Related Company, shall not be considered a Termination of Service for purposes of an Award. Unless the Committee determines otherwise, a Termination of Service shall be deemed to occur if the Participant’s employment or service
relationship is with an entity that has ceased to be a Related Company. 

  
 3 

 SECTION 3. ADMINISTRATION 

 

	 	3.1	 Administration of the Plan 

The Plan shall be administered by the Compensation and Management Succession Committee of the Board, or any successor thereto (the
“Committee”). Each member of the Committee shall be both an Independent Director and a “nonemployee director” (as defined in the regulations promulgated under Section 16 of the Exchange Act). The Committee
shall have full power and authority, subject to such resolutions not inconsistent with the provisions of the Plan or applicable law as may from time to time be adopted by the Board, to (a) interpret and administer the Plan and any instrument or
agreement entered into under the Plan, (b) establish such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan, and (c) make any determination and take any other action that
the Committee deems necessary or desirable for administration of the Plan. Decisions of the Committee shall be final, conclusive and binding. Notwithstanding anything to the contrary provided herein, Awards under the Plan shall be approved by
(i) the Committee, which shall be comprised solely of Independent Directors, or (ii) a majority of the Company’s Independent Directors. Members of the Committee shall serve for such term as the Board may determine, subject to
removal by the Board at any time. Additionally, each of the individuals constituting the “Committee” shall be an Independent Director. 
  

	 	3.2	 Administration and Interpretation by Committee 

Except for the terms and conditions explicitly set forth in the Plan, the Committee shall have full power and exclusive authority, subject to
such orders or resolutions not inconsistent with the provisions of the Plan as may from time to time be adopted by the Board or the Committee to (a) adopt procedures from time to time intended to ensure that an individual is an Eligible
Individual prior to the granting of any Awards to such individual under the Plan (including without limitation a requirement, if any, that each such individual certify to the Company prior to the receipt of an Award under the Plan that he or she has
not been previously employed by the Company or a Related Company, or if previously employed, has had a bona fide period of nonemployment, and that the grant of Awards under the Plan is an inducement material to his or her agreement to enter into
employment with the Company or a Related Company); (b) select the Eligible Individuals to whom Awards may from time to time be granted under the Plan; (c) determine the type or types of Award to be granted to each Participant under the Plan;
(d) determine the number of shares of Common Stock to be covered by each Award granted under the Plan; (e) determine the terms and conditions of any Award granted under the Plan; (f) approve the forms of agreements for use under the
Plan; (g) determine whether, to what extent and under what circumstances Awards may be settled in cash, shares of Common Stock or other property or canceled or suspended; (h) determine whether, to what extent and under what circumstances
cash, shares of Common Stock, other property and other amounts payable with respect to an Award shall be deferred either automatically or at the election of the Participant; (i) interpret and administer the Plan and any instrument or agreement
entered into under the Plan; (j) establish such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; and (k) make any other determination and take any other action that the
Committee deems necessary or desirable for administration of the Plan. Decisions of the Committee shall be final, conclusive and binding on all persons, including the Company, any Participant, any shareholder, and any Eligible Individual. 

 

	 	3.3	 Actions Required Upon Grant of Award 

Following the issuance of any Award under the Plan, the Company shall, in accordance with the listing requirements of the applicable securities
exchange, (a) promptly issue a press release disclosing the material terms of the grant, including the recipient(s) of the grant and the number of shares involved and (b) notify the applicable securities exchange of such grant no later
than the earlier to occur of (i) five (5) calendar days after entering into the agreement to issue the Award or (ii) the date of the public announcement of the Award. 

SECTION 4. STOCK SUBJECT TO THE PLAN 
  

	 	4.1	 Authorized Number of Shares 

Subject to adjustment from time to time as provided in Section 14, the maximum number of shares of Common Stock available for issuance
under the Plan shall be 1,300,000 shares (the “Share Limit”). 

  
 4 

	 	4.2	 Share Usage 

Shares of Common Stock covered by an Award shall be counted as used at the time the Award is granted to a Participant. If any Award lapses,
expires, terminates or is canceled (in whole or in part), the shares subject to such Award shall, to the extent of such lapsing, expiration, termination or cancellation, again be available for issuance under the Plan and shall be added back to the
Share Limit. Any shares subject to an Award that are forfeited by a Participant or repurchased by the Company at a price no greater than the price paid by the Participant as a result of a Participant’s failure to vest in such Award so that such
shares are returned to the Company will again be available for issuance under the Plan and shall be added back to the Share Limit. Notwithstanding anything to the contrary contained herein, the following shares shall not be added back to the Share
Limit and will not be available for future grants of Awards: (i) shares of Common Stock subject to an Option or Stock Appreciation Right that are not delivered to a Participant because the Option or Stock Appreciation Right is exercised through
a reduction of shares of Common Stock subject to such Award (i.e., “net exercised”) (including an appreciation distribution in respect of a Stock Appreciation Right that is paid in shares of Common Stock); (ii) shares of Common Stock
subject to an Award that are surrendered by a Participant or not delivered to a Participant because such shares are withheld by the Company, in either case in satisfaction of the withholding of taxes incurred in connection with such Award;
(iii) shares of Common Stock that are tendered to the Company (either by actual delivery or attestation) to pay the exercise price of any Option; or (iv) shares purchased on the open market by the Company with the cash proceeds received
from the exercise of Options. The following items shall not be counted against the total number of shares available for issuance under the Plan: (x) the payment in cash of dividends or dividend equivalents; and (y) any Award that is
settled in cash rather than by issuance of Common Stock. All shares issued under the Plan may be either authorized and unissued shares or treasury shares, or shares held in trust for issuance under the Plan. Notwithstanding the provisions of this
Section 4.2, no shares shall again be available for future grants of Awards under the Plan pursuant to this Section 4.2 to the extent that such return of shares would cause the Plan to constitute a “formula plan” or constitute a
“material revision” of the Plan subject to shareholder approval under the then-applicable rules of the New York Stock Exchange (or any other applicable exchange or quotation system). 

SECTION 5. ELIGIBILITY 

An Award may be granted to any Eligible Individual whom the Committee from time to time selects. 

SECTION 6. AWARDS 
  

	 	6.1	 Form and Grant of Awards 

The Committee shall have the authority, in its sole discretion, to determine the type or types of Awards to be granted under the Plan. Such
Awards may be granted either alone, in addition to or in tandem with any other type of Award. The provisions governing Awards need not be the same with respect to each recipient. 

 

	 	6.2	 Evidence of Awards 

Awards granted under the Plan shall be evidenced by a written instrument that shall contain such terms, conditions, limitations and
restrictions as the Committee shall deem advisable and are not inconsistent with the Plan or applicable law. 
  

	 	6.3	 Deferrals 

The Committee may permit or require a Participant to defer receipt of the payment of any Award. If any such deferral election is permitted or
required, the Committee, in its sole discretion, shall establish rules and procedures for such payment deferrals, which may include provisions for the payment or crediting of interest, or dividend equivalents, including converting such credits to
deferred stock unit equivalents. To the extent applicable, any such deferral shall either comply with, or be exempt from, the requirements of Section 409A of the Code. 

  
 5 

 SECTION 7. OPTIONS 

 

	 	7.1	 Grant of Options 

The Committee may grant Nonqualified Stock Options. Options shall vest and be fully exercisable as may be determined by the Committee;
provided, that in no event shall Options vest and be fully exercisable at any time earlier than one year from the grant date except as may be specifically provided as a result of acceleration upon a Change in Control, Termination of Service
or other event providing for accelerated vesting. 
  

	 	7.2	 Option Exercise Price 

The exercise price for shares purchased under an Option shall be as determined by the Committee, but shall not be less than the Fair Market
Value of the Common Stock on the grant date. 
  

	 	7.3	 Term of Options 

Subject to earlier termination in accordance with the terms of the Plan and the instrument evidencing the Option, the maximum term of an Option
shall be as established for that Option by the Committee but in no event shall any Option be exercisable more than ten (10) years after the grant date. 
  

	 	7.4	 Exercise of Options 

Subject to Section 7.1, the Committee shall establish and set forth in each instrument that evidences an Option the time at which, or the
installments in which, the Option shall vest and become exercisable, any of which provisions may be waived or modified by the Committee at any time. To the extent an Option has vested and become exercisable, the Option may be exercised in whole or
from time to time in part by delivery to the Company or its designee of a written stock option exercise agreement or notice, in a form and in accordance with procedures established by the Committee, setting forth the number of shares with respect to
which the Option is being exercised, the restrictions imposed on the shares purchased under such exercise agreement, if any, and such representations and agreements as may be required by the Committee, accompanied by payment in full as described in
Section 7.5. An Option may be exercised only for whole shares and may not be exercised for less than a reasonable number of shares at any one time, as determined by the Committee. 

 

	 	7.5	 Payment of Exercise Price 

The exercise price for shares purchased under an Option shall be paid in full to the Company by delivery of consideration equal to the product
of the Option exercise price and the number of shares purchased, together with any amounts required to be withheld for tax purposes under Section 12 of this Plan. Such consideration must be paid before the Company will issue the shares being
purchased and must be in a form or a combination of forms acceptable to the Committee for that purchase, which forms may, in the discretion of the Committee, include: 

(a) cash; 
 (b) check or wire
transfer; 
 (c) tendering (either actually or by attestation) shares of Common Stock already owned by the Participant, provided that the
shares have been held for the minimum period, if any, required by applicable accounting rules to avoid a charge to the Company’s earnings for financial reporting purposes or were not acquired from the Company as compensation; 

(d) the withholding by the Company of shares of Common Stock issuable pursuant to the exercise of the Option; 

(e) to the extent permitted by applicable law, delivery of a properly executed exercise notice, together with irrevocable instructions to a
brokerage firm designated by the Company to deliver promptly to the Company the aggregate amount of sale proceeds to pay the Option exercise price; or 

  
 6 

 (f) such other consideration as the Committee may permit in its sole discretion. 

 

	 	7.6	 Post-Termination Exercises 

(a) The Committee shall establish and set forth in each instrument that evidences an Option whether the Option shall continue to be
exercisable, and the terms and conditions of such exercise, after a Termination of Service, any of which provisions may be waived or modified by the Committee at any time. 

(b) A Participant’s change in status from an employee to a consultant, board member, agent, advisor, independent contractor or other
person who renders bona fide services to the Company or any Related Company shall not be considered a Termination of Service for purposes of this Section 7. 

SECTION 8. STOCK APPRECIATION RIGHTS 
  

	 	8.1	 Grant of Stock Appreciation Rights 

The Committee may grant stock appreciation rights (“Stock Appreciation Rights” or “SARs”) to
Eligible Individuals. Subject to the other provisions of this Section 8, SARs shall generally be subject to the same terms and conditions that are applicable to Options pursuant to Section 7 of the Plan. The grant price of a SAR shall be
equal to the Fair Market Value of the Common Stock for the grant date. A SAR may be exercised upon such terms and conditions and for the term as the Committee may determine, in its sole discretion; provided, however, that, subject to
earlier termination in accordance with the terms of the Plan and the instrument evidencing the SAR, the term of a SAR shall be as established for that SAR by the Committee, but in no event shall such term exceed ten (10) years from the grant
date. 
  

	 	8.2	 Payment of SAR Amount 

Upon the exercise of a SAR, a Participant shall, subject to the provisions of Section 12, be entitled to receive payment from the Company
in an amount determined by multiplying: (a) the positive difference, if any, between the Fair Market Value of the Common Stock for the date of exercise over the grant price by (b) the number of shares with respect to which the SAR is
exercised. At the discretion of the Committee, the payment upon exercise of a SAR may be in cash, in shares of Common Stock of equivalent value, in some combination thereof or in any other manner approved by the Committee in its sole discretion.

 SECTION 9. RESTRICTED STOCK, RESTRICTED STOCK UNITS AND DIVIDEND EQUIVALENTS 

 

	 	9.1	 Grant of Restricted Stock and Restricted Stock Units 

The Committee may grant Restricted Stock and Restricted Stock Units on such terms and conditions and subject to such repurchase or forfeiture
restrictions, if any (which may be based on continuous service with the Company or a Related Company or the achievement of any performance goals), as the Committee shall determine in its sole discretion, which terms, conditions and restrictions
shall be set forth in the instrument evidencing the Award. 
 In no event shall an Award of Restricted Stock or Restricted Stock Units
payable in shares vest sooner than one year after the grant date. Notwithstanding the foregoing, the Committee may accelerate the vesting of any Award of Restricted Stock or Restricted Stock Units in the event of a Participant’s Termination of
Service, a Change in Control or other event providing for accelerated vesting. 
  

	 	9.2	 Issuance of Shares 

Upon the satisfaction of any terms, conditions and restrictions prescribed with respect to Restricted Stock or Restricted Stock Units, or upon
a Participant’s release from any terms, conditions and restrictions of Restricted Stock or Restricted Stock Units, as determined by the Committee, and subject to the provisions of Section 12, (a) the shares of Restricted Stock covered
by each Award of Restricted Stock shall become freely transferable by the Participant and (b) Restricted Stock Units shall be paid in cash, shares of Common Stock or a combination of cash and shares of Common Stock as the Committee shall
determine in its sole discretion. 

  
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	 	9.3	 Dividends and Distributions 

Participants holding Awards may, if the Committee so determines, be credited with dividends paid with respect to the underlying shares or
dividend equivalents while they are so held in a manner determined by the Committee in its sole discretion. The Committee may apply any restrictions to the dividends or dividend equivalents that the Committee deems appropriate. Such dividend
equivalents shall be converted to cash or additional shares by such formula and at such time and subject to such restrictions and limitations as may be determined by the Committee. Notwithstanding anything herein to the contrary, in no event will
dividends or dividend equivalents be paid during the vesting period with respect to unearned Awards. Dividends or dividend equivalents accrued on such shares or with respect to Awards shall become payable no earlier than the date the underlying
Award vests. The Committee, in its sole discretion, may determine the form of payment of dividends or dividend equivalents, including cash, shares of Common Stock, Restricted Stock or Restricted Stock Units. Notwithstanding the foregoing, no
dividend equivalents shall be payable with respect to Options or Stock Appreciation Rights. 
  

	 	9.4	 Waiver of Restrictions 

Notwithstanding any other provisions of the Plan, the Committee, in its sole discretion, may waive the repurchase or forfeiture period and any
other terms, conditions or restrictions on any Restricted Stock or Restricted Stock Unit under such circumstances and subject to such terms and conditions as the Committee shall deem appropriate. 

SECTION 10. PERFORMANCE SHARES AND PERFORMANCE UNITS 
  

	 	10.1	 Grant of Performance Shares 

The Committee may grant Awards of performance shares (“Performance Shares”) and designate the Participants to whom
Performance Shares are to be awarded and determine the number of Performance Shares, the length of the performance period and the other terms and conditions of each such Award. Each Award of Performance Shares shall, subject to the provisions of
Section 12, entitle the Participant to a payment in the form of shares of Common Stock upon the attainment of performance goals and other terms and conditions specified by the Committee. Notwithstanding satisfaction of any performance goals,
the number of shares issued under an Award of Performance Shares may be adjusted on the basis of such further consideration as the Committee shall determine, in its sole discretion. The Committee, in its discretion, may make a cash payment equal to
the Fair Market Value of the Common Stock otherwise required to be issued to a Participant pursuant to an Award of Performance Shares. 
  

	 	10.2	 Grant of Performance Units 

The Committee may grant Awards of performance units (“Performance Units”) and designate the Participants to whom
Performance Units are to be awarded and determine the number of Performance Units and the terms and conditions of each such Award. Performance Units shall, subject to the provisions of Section 12, entitle the Participant to a payment in cash or
shares of Common Stock upon the attainment of performance goals and other terms and conditions specified by the Committee. Notwithstanding the satisfaction of any performance goals, the amount to be paid under an Award of Performance Units may be
adjusted on the basis of such further consideration as the Committee shall determine, in its sole discretion. The Committee, in its discretion, may substitute actual shares of Common Stock for the cash payment otherwise required to be made to a
Participant pursuant to Performance Unit. 
 SECTION 11. OTHER STOCK OR CASH-BASED AWARDS 

In addition to the Awards described in Sections 7 through 10, and subject to the terms of the Plan, the Committee may grant other incentives
payable in cash or in shares of Common Stock under the Plan as it determines to be in the best interests of the Company and subject to such other terms and conditions as it deems appropriate. 

  
 8 

 The Committee may grant such other Awards and designate the Participants to whom such Awards
are to be awarded and determine the number of shares of Common Stock or the amount of cash payment subject to such Awards and the terms and conditions of each such Award. Such other Awards may, subject to the provisions of Section 12, entitle
the Participant to a payment in cash or Common Stock upon the attainment of performance goals or such other terms and conditions specified by the Committee. Notwithstanding the satisfaction of any performance goals, the amount to be paid under such
other Award may be adjusted on the basis of such further consideration as the Committee shall determine, in its sole discretion. 

SECTION 12. WITHHOLDING 
  

	 	12.1	 Payment of Taxes 

The Company may require the Participant to pay to the Company the amount of any taxes that the Company is required by applicable federal,
state, local or foreign law to withhold with respect to the grant, vesting or exercise of an Award. The Company shall not be required to issue any shares of Common Stock under the Plan until such obligations are satisfied. 

 

	 	12.2	 Form of Payment 

The Committee may permit or require a Participant to satisfy all or part of his or her tax withholding obligations by (a) paying cash to
the Company, (b) having the Company withhold an amount from any cash amounts otherwise due or to become due from the Company to the Participant, (c) having the Company withhold a number of shares of Common Stock that would otherwise be
issued to the Participant (or become vested in the case of Restricted Stock) pursuant to the Award, having a Fair Market Value equal to the tax withholding obligations, (d) surrendering a number of shares of Common Stock the Participant already
owns, having a Fair Market Value equal to the tax withholding obligations, or (e) entering into such other arrangement as is acceptable to the Committee in its discretion. The value of any shares withheld or surrendered may not exceed the
maximum individual statutory tax rate in the applicable jurisdiction at the time of such withholding (or such other rate as may be required to avoid the liability classification of the applicable award under generally accepted accounting principles
in the United States of America) and, to the extent such shares were acquired by the Participant from the Company as compensation, the shares must have been held for the minimum period required by applicable accounting rules to avoid a charge to the
Company’s earnings for financial reporting purposes; provided, that, such shares shall be rounded up to the nearest whole share of Common Stock to the extent rounding up to the nearest whole share does not result in the liability
classification of the applicable Award under generally accepted accounting principles in the United States of America. 
 SECTION 13.
ASSIGNABILITY 
 No Award or interest in an Award may be sold, assigned, pledged (as collateral for a loan or as security for the
performance of an obligation or for any other purpose) or transferred by the Participant or made subject to attachment or similar proceedings otherwise than by will or by the applicable laws of descent and distribution, except to the extent a
Participant designates one or more beneficiaries on a Company-approved form who may exercise the Award or receive payment under the Award after the Participant’s death. During a Participant’s lifetime, an Award may be exercised only by the
Participant. Notwithstanding the foregoing, the Committee, in its sole discretion, may permit a Participant to assign or transfer an Award; provided, however, that (a) any Award so assigned or transferred shall be subject to all
the terms and conditions of the Plan and the instrument evidencing the Award and (b) no Award may be sold or otherwise transferred by the Participant for consideration. Notwithstanding any other provision hereof, the Committee or its delegate
may honor a domestic relations order that requires transfer of an Award in connection with a Participant’s divorce. 
 SECTION 14.
ADJUSTMENTS 
  

	 	14.1	 Adjustment of Shares 

(a) In the event, at any time or from time to time, a stock dividend, stock split, spin-off,
combination or exchange of shares, recapitalization, merger, consolidation, distribution to shareholders other than a normal cash dividend, or other change in the Company’s corporate or capital structure results in (i) the outstanding
shares of Common Stock, or any securities exchanged therefor or received in their place, being exchanged for a different number or kind of securities of the Company or any other company or (ii) new, different or additional securities of the
Company or any other company being received by the holders of shares of Common Stock, then the Committee shall make proportional adjustments in (A) the maximum number and kind of securities available for issuance under the Plan; and
(B) the number and kind of securities that are subject to any outstanding Award and the per share price of such securities, without any change in the aggregate price to be paid therefor. 

  
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 (b) The determination by the Committee as to the terms of any of the foregoing adjustments
shall be conclusive and binding. 
 (c) Notwithstanding the foregoing, the issuance by the Company of shares of stock of any class, or
securities convertible into shares of stock of any class, for cash or property, or for labor or services rendered, either upon direct sale or upon the exercise of rights or warrants to subscribe therefor, or upon conversion of shares or obligations
of the Company convertible into such shares or other securities, shall not affect, and no adjustment by reason thereof shall be made with respect to, outstanding Awards. Also notwithstanding the foregoing, a dissolution or liquidation of the Company
or a Change in Control shall not be governed by this Section 14.1 but shall be governed by Sections 14.2 and 14.3, respectively. 
  

	 	14.2	 Dissolution or Liquidation 

To the extent not previously exercised or settled, and unless otherwise determined by the Committee in its sole discretion, Options and
Restricted Stock Units shall terminate immediately prior to the dissolution or liquidation of the Company. To the extent a forfeiture provision or repurchase right applicable to an Award has not been waived by the Committee, the Award shall be
forfeited immediately prior to the consummation of the dissolution or liquidation. 
  

	 	14.3	 Change in Control 

(a) In the event of a Change in Control, except as otherwise provided in the instrument evidencing an Option or in any other written agreement
between a Participant and the Company or a Related Company, the Board of Directors or Committee may provide that (i) each outstanding Option shall terminate; provided, that immediately prior to any such Change in Control, the vesting of
all Options held by a Participant shall accelerate and the Participant shall have the right to exercise his or her Options in whole or in part whether or not the vesting requirements set forth in the instrument evidencing the Option have been
satisfied; (ii) a Participant’s outstanding Options shall terminate upon consummation of such Change in Control and that each such Participant shall receive, in exchange therefor, a cash payment equal to the amount (if any) by which
(a) the Acquisition Price multiplied by the number of shares of Common Stock subject to such outstanding Options (whether or not then exercisable) exceeds (b) the aggregate exercise price for such Options; or (iii) outstanding Options
shall be assumed or that an equivalent option or right shall be substituted by a Successor Company, in which case the amount and price of such assumed or substituted options shall be determined by adjusting the amount and price of the Options in the
same proportion as used for determining the number of shares of stock of the Successor Company the holders of shares of Common Stock receive in such Change in Control, and the vesting schedule set forth in the instrument evidencing the Option shall
continue to apply to the assumed or substituted options. 
 (b) In the event of a Change in Control, except as otherwise provided in the
instrument evidencing the Award or in any other written agreement between a Participant and the Company or a Related Company, the Board of Directors or Committee may provide that either: (i) the outstanding Restricted Stock or Restricted Stock
Unit Awards will continue, or be assumed or replaced with an equivalent award by a Successor Company, which continuation, assumption or replacement will be binding on the Participant holding such Awards; (ii) the outstanding Restricted Stock or
Restricted Stock Unit Awards shall terminate upon consummation of such Change in Control and that each such Participant shall receive, in exchange therefor, a cash payment equal to the Acquisition Price multiplied by the number of shares of Common
Stock subject to such outstanding Awards; or (iii) if the outstanding Restricted Stock or Restricted Stock Unit Awards are not continued, assumed or replaced, then the restrictions on such Awards shall lapse and be removed and the Awards shall
be deemed to have vested immediately prior to the Change in Control. If the outstanding Restricted Stock or Restricted Stock Unit Awards are to be assumed or substituted by a Successor Company without acceleration upon the occurrence of a Change in
Control, the terms and conditions of the foregoing Awards shall continue with respect to shares of the Successor Company that may be issued in exchange or upon settlement of such Awards, and the number of shares subject to such assumed or
substituted restricted stock or restricted stock awards shall be adjusted in the same manner as provided in Section 14.3(a) for Options. 

  
 10 

	 	14.4	 Further Adjustment of Awards 

Subject to Sections 14.2 and 14.3, the Committee shall have the discretion, exercisable at any time before a sale, merger, consolidation,
reorganization, liquidation, dissolution or Change in Control of the Company, as defined by the Committee, to take such further action as it determines to be necessary or advisable with respect to Awards. Such authorized action may include (but
shall not be limited to) establishing, amending or waiving the type, terms, conditions or duration of, or restrictions on, Awards so as to provide for earlier, later, extended or additional time for exercise, lifting restrictions and other
modifications, and the Committee may take such actions with respect to all Participants, to certain categories of Participants or only to individual Participants. The Committee may take such action before or after granting Awards to which the action
relates and before or after any public announcement with respect to such sale, merger, consolidation, reorganization, liquidation, dissolution or change in control that is the reason for such action. 

 

	 	14.5	 Limitations 

The grant of Awards shall in no way affect the Company’s right to adjust, reclassify, reorganize or otherwise change its capital or
business structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets. 
  

	 	14.6	 No Fractional Shares 

In the event of any adjustment in the number of shares covered by any Award, each such Award shall cover only the number of full shares
resulting from such adjustment. 
  

	 	14.7	 Limitation on Certain Adjustments 

Unless otherwise determined by the Committee, no adjustment or action described in this Section 14 or in any other provision of the Plan
shall be authorized to the extent it would (a) result in short-swing profits liability under Section 16 of the Exchange Act or violate the exemptive conditions of Rule 16b-3 of the Exchange Act, or
(b) cause an Award to fail to be exempt from or comply with Section 409A of the Code. 
 SECTION 15. AMENDMENT AND TERMINATION

  

	 	15.1	 Amendment, Suspension or Termination of the Plan 

(a) Except as otherwise provided in Section 15.1(b), the Board or the Committee may amend, suspend or terminate the Plan or any portion of
the Plan at any time and in such respects as it shall deem advisable; provided, however, that, to the extent required by applicable law, regulation or stock exchange rule, shareholder approval shall be obtained for any amendment to the
Plan. 
 (b) Notwithstanding Section 15.1(a), the Board or the Committee may not, except as provided in Section 15, take any
action prohibited under Section 15.4 without approval of the Company’s shareholders within twelve (12) months before or after such action. 
  

	 	15.2	 Effective Date and Term of the Plan 

(a) The Plan shall become effective immediately prior to the consummation of the transactions contemplated by that certain Agreement and Plan
of Merger entered into as of October 27, 2020 by and among the Company, 51 Steps, Inc., and Topgolf International, Inc., pursuant to which the Company will cause 51 Steps, Inc. to merge with and into Topgolf International, Inc., with Topgolf
International, Inc. continuing as the surviving entity and a wholly-owned subsidiary of the Company (the “Effective Date”) and will remain in effect until the tenth anniversary of the Effective Date. 

  
 11 

 (b) After the Plan is terminated, no future Awards may be granted, but Awards previously
granted shall remain outstanding in accordance with their applicable terms and conditions and the Plan’s terms and conditions. 
  

	 	15.3	 Consent of Participant 

Except as provided in Section 14 and Section 16.5, the amendment, suspension or termination of the Plan or a portion thereof or the
amendment of an outstanding Award shall not, without the Participant’s consent, materially adversely affect any rights under any Award theretofore granted to the Participant under the Plan. Notwithstanding the foregoing, any adjustments made
pursuant to Sections 14.1 through 14.4 shall not require a Participant’s consent. 
  

	 	15.4	 Prohibition on Repricing 

Subject to Section 14 hereof, neither the Board nor the Committee shall, without the approval of the shareholders of the Company,
(a) authorize the amendment of any outstanding Option or Stock Appreciation Right to reduce its price per share, or (b) cancel any Option or Stock Appreciation Right in exchange for cash or another Award when the Option or Stock
Appreciation Right price per share exceeds the Fair Market Value of the underlying shares. Subject to Section 14 hereof, the Committee shall have the authority, without the approval of the shareholders of the Company, to amend any outstanding
Award to increase the price per share or to cancel and replace an Award with the grant of an Award having a price per share that is greater than or equal to the price per share of the original Award. 

SECTION 16. GENERAL 
  

	 	16.1	 No Individual Rights 

(a) No individual or Participant shall have any claim to be granted any Award under the Plan, and the Company has no obligation for uniformity
of treatment of Participants under the Plan. 
 (b) Furthermore, nothing in the Plan or any Award granted under the Plan shall be deemed to
constitute an employment contract or confer or be deemed to confer on any Participant any right to continue in the employ of, or to continue any other service relationship with, the Company or any Related Company or limit in any way the right of the
Company or any Related Company to terminate a Participant’s employment or service at any time, with or without cause. 
  

	 	16.2	 Issuance of Shares 

(a) Notwithstanding any other provision of the Plan, the Company shall have no obligation to issue or deliver any shares of Common Stock under
the Plan or make any other distribution of benefits under the Plan unless, in the opinion of the Company’s counsel, such issuance, delivery or distribution would comply with all applicable laws (including, without limitation, the requirements
of the Securities Act or the laws of any state or foreign jurisdiction) and the applicable requirements of any securities exchange or similar entity. 

(b) The Company shall be under no obligation to any Participant to register for offering or resale or to qualify for exemption under the
Securities Act, or to register or qualify under the laws of any state or foreign jurisdiction, any shares of Common Stock, security or interest in a security paid or issued under, or created by, the Plan, or to continue in effect any such
registrations or qualifications if made. The Company may issue certificates for shares with such legends and subject to such restrictions on transfer and stop-transfer instructions as counsel for the Company deems necessary or desirable for
compliance by the Company with federal, state and foreign securities laws. The Company may also require such other action or agreement by the Participants as may from time to time be necessary to comply with applicable securities laws. 

  
 12 

 (c) To the extent the Plan or any instrument evidencing an Award provides for issuance of
stock certificates to reflect the issuance of shares of Common Stock, the issuance may be effected on a non-certificated basis, to the extent not prohibited by applicable law or the applicable rules of any
stock exchange. 
 (d) No fractional shares shall be issued and the Committee, in its sole discretion, shall determine whether cash shall be
given in lieu of fractional shares or whether such fractional shares shall be eliminated by rounding down. 
  

	 	16.3	 Indemnification 

(a) Each person who is or shall have been a member of the Board or the Committee shall be indemnified and held harmless by the Company against
and from any loss, cost, liability or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit or proceeding to which he or she may be a party or in which he or she may be
involved by reason of any action taken or failure to act under the Plan and against and from any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or paid by him or her in satisfaction of any judgment in any
such claim, action, suit or proceeding against him or her; provided, that he or she shall give the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own
behalf, unless such loss, cost, liability or expense is a result of his or her own willful misconduct or except as expressly provided by statute. 

(b) The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled
under the Company’s articles of incorporation or bylaws, as a matter of law, or otherwise, or of any power that the Company may have to indemnify them or hold them harmless. 

 

	 	16.4	 No Rights as a Shareholder 

Unless otherwise provided by the Committee or in the instrument evidencing the Award or in a written employment agreement, no Option or Award
denominated in units shall entitle the Participant to any cash dividend, voting or other right of a shareholder unless and until the date of issuance under the Plan of the shares that are the subject of such Award. 

 

	 	16.5	 Compliance With Laws and Regulations 

Notwithstanding anything in the Plan to the contrary, the Committee, in its sole discretion, may bifurcate the Plan so as to restrict, limit or
condition the use of any provision of the Plan to Participants who are officers subject to Section 16 of the Exchange Act without so restricting, limiting or conditioning the Plan with respect to other Participants. 

Unless otherwise expressly provided in an Award agreement, the Plan and any Award granted under the Plan will be interpreted to the greatest
extent possible in a manner that makes the Plan and the Awards granted under the Plan exempt from Section 409A of the Code, and, to the extent not so exempt, in compliance with Section 409A of the Code. If the Committee determines that any
Award granted under the Plan is not exempt from and is therefore subject to Section 409A of the Code, the agreement evidencing such Award will incorporate the terms and conditions necessary to avoid the consequences specified in
Section 409A(a)(1) of the Code, and to the extent an agreement evidencing an Award is silent on terms necessary for compliance, such terms are hereby incorporated by reference into the agreement evidencing such Award. Notwithstanding anything
to the contrary in the Plan (unless the Award agreement specifically provides otherwise), if the shares of Common Stock are publicly traded, and if a Participant holding an Award that constitutes “deferred compensation” under
Section 409A of the Code is a “specified employee” for purposes of Section 409A of the Code, no distribution or payment of any amount that is due because of a “separation from service” (as defined in Section 409A
of the Code without regard to alternative definitions thereunder) will be issued or paid before the date this six (6) months following the date of such Participant’s “separation from service” or, if earlier, the date of the
Participant’s death, unless such distribution or payment can be made in a manner that complies with Section 409A of the Code, and any amounts so deferred will be paid in a lump sum on the day after such six (6) month period elapses,
with the balance paid thereafter on the original schedule. 

  
 13 

	 	16.6	 Participants in Other Countries 

The Committee shall have the authority to adopt such modifications, procedures and subplans as may be necessary or desirable to comply with
provisions of the laws of other countries in which the Company or any Related Company may operate to ensure the viability of the benefits from Awards granted to Participants employed in such countries, to comply with applicable foreign laws and to
meet the objectives of the Plan. 
  

	 	16.7	 No Trust or Fund 

The Plan is intended to constitute an “unfunded” plan. Nothing contained herein shall require the Company to segregate any monies or
other property, or shares of Common Stock, or to create any trusts, or to make any special deposits for any immediate or deferred amounts payable to any Participant, and no Participant shall have any rights that are greater than those of a general
unsecured creditor of the Company. 
  

	 	16.8	 Successors 

All obligations of the Company under the Plan with respect to Awards shall be binding on any successor to the Company, whether the existence of
such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all the business and/or assets of the Company. 
  

	 	16.9	 Severability 

If any provision of the Plan or any Award is determined to be invalid, illegal or unenforceable in any jurisdiction, or as to any person, or
would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws, or, if it cannot be so construed or deemed amended without, in the
Committee’s determination, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, person or Award, and the remainder of the Plan and any such Award shall remain in full force and
effect. 
  

	 	16.10	 Choice of Law 

The Plan, all Awards granted thereunder and all determinations made and actions taken pursuant hereto, to the extent not otherwise governed by
the laws of the United States, shall be governed by the laws of the State of Delaware without giving effect to principles of conflicts of law. 
  

	 	16.11	 Claw-Back Provisions 

All Awards (including any proceeds, gains or other economic benefit actually or constructively received by a Participant upon any receipt or
exercise of any Award or upon the receipt or resale of any shares underlying the Award) shall be subject to the applicable provisions of any claw-back policy implemented by the Company, whether implemented prior to or after the grant of such Award,
including without limitation, any claw-back policy adopted to comply with the requirements of applicable law, including without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated
thereunder, to the extent set forth in such claw-back policy and/or in the applicable Award agreement. 
  

	 	16.11	 Paperless Administration 

In the event that the Company establishes, for itself or using the services of a third party, an automated system for the documentation,
granting or exercise of Awards, such as a system using an internet website or interactive voice response system, then the paperless documentation, granting or exercise of Awards by a Participant may be permitted through the use of such a system.

  
 14 

 SECTION 17. SHAREHOLDER APPROVAL 

It is expressly intended that approval of the Company’s shareholders not be required as a condition of the effectiveness of the Plan, and
the Plan’s provisions shall be interpreted in a manner consistent with such intent for all purposes. Specifically, (a) New York Stock Exchange Rule 303A.08 generally requires shareholder approval for equity-compensation plans adopted
by companies whose securities are listed on the New York Stock Exchange, and (b) Nasdaq Stock Market Rule 5635(c) generally requires shareholder approval for stock option plans or other equity compensation arrangements adopted by companies
whose securities are listed on the Nasdaq Stock Market pursuant to which stock awards or stock may be acquired by officers, directors, employees or consultants of such companies. New York Stock Exchange Rule 303A.08 and Nasdaq Stock Market Rule
5635(c)(4) each provides an exemption in certain circumstances for “employment inducement” awards (within the meaning of New York Stock Exchange Rule 303A.08 and Nasdaq Stock Market Rule 5635(c)(4)). Notwithstanding anything to the
contrary herein, (w) if the Company’s securities are traded on the New York Stock Exchange, then Awards under the Plan may only be made to employees who are being hired by the Company or a Related Company, or being rehired following a bona
fide period of interruption of employment by the Company or a Related Company and (x) if the Company’s securities are traded on the Nasdaq Stock Market, then Awards under the Plan may only be made to employees who have not previously been
an employee or director of the Company or a Related Company, or following a bona fide period of non-employment by the Company or a Related Company, in each case as an inducement material to the employee’s
entering into employment with the Company or a Related Company. Awards under the Plan will be approved by (y) the Committee, which shall be comprised solely of Independent Directors, or (z) a majority of the Company’s Independent
Directors. Accordingly, pursuant to New York Stock Exchange Rule 303A.08 and Nasdaq Stock Market Rule 5635(c)(4), the issuance of Awards and the shares of Common Stock issuable upon exercise or vesting of such Awards pursuant to the Plan are not
subject to the approval of the Company’s shareholders. 

  
 15

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