Document:

Letter Agreement, between the Company and Charles A. Portwood

 Exhibit 10.71 
 December 19, 2008 
 Mr. Charles A. Portwood 
 Executive Vice President 
 TO&PS Operational Excellence 
 Wyeth 
 500 Arcola Road 
 Collegeville, PA 19426 
 Dear Charlie: 
 We are
pleased to confirm your new position with Wyeth as Executive Vice President, TO&PS Operational Excellence, effective November 20, 2008. We would also like to take this opportunity to confirm that you are still entitled to severance of two
years’ base salary in the event that your employment is terminated by Wyeth for reasons other than gross misconduct, theft, or conviction of a felony, as set forth in your offer letter dated October 5, 2001, subject to the changes set forth
below (any severance to be paid in connection with a change of control shall be governed by the Change of Control Agreement entered into by and between you and Wyeth). 
 In the event that your employment is terminated by Wyeth for reasons other than gross misconduct, theft, or conviction of a felony then, in exchange for executing a general release of all claims (in substantially the
form prescribed by the Company) within forty-five days following your separation from service from Wyeth and not revoking such release, you will be eligible for severance equal to two years’ base salary. The severance will be paid to you in
twenty-four equal monthly installments commencing on the first regularly scheduled payroll date of the third full month following the month in which you separated from service (e.g., if you terminate on September 15, payments will begin with the
first payroll date in December). However, if you are a “Specified Employee” (as determined by the Company in accordance with Treasury Regulation 1.409A-1(i)), no severance payments will be made until the first regularly scheduled payroll
date of the seventh month following your separation from service and on such payroll date you will receive a payment equal to 7/24ths of your severance. The balance of your severance will be paid in equal portions monthly thereafter. 
 Please indicate your agreement with the above terms by signing and dating this letter in the space provided below, and returning this document to me by no later than 5
p.m. EST on December 31, 2008. 
 Sincerely, 
  
 /s/ Denise M.
Peppard                                        
          
 Denise M. Peppard 
 Senior Vice President 
 Human Resources 
  
  

			
	Accepted: /s/ Charles A.
Portwood                            	 	Date: December 22,
2008                                        

 Charles A. PortwoodFirst Amendment to the First Amended and Restated CEO Employment Agreement

 Exhibit 10.2 
 FIRST AMENDMENT TO 
 FIRST AMENDED AND RESTATED CHIEF EXECUTIVE OFFICER EMPLOYMENT AGREEMENT 

 This First Amendment to the First Amended and Restated Chief Executive Officer Employment Agreement (“First Amendment”) is
entered into effective January 26, 2009, by and between Callaway Golf Company, a Delaware corporation (the “Company”) and George Fellows (“Employee”). 
 A. The Company and Employee are parties to that certain First Amended and Restated Chief Executive Officer Employment Agreement entered into as of
September 3, 2008, (the “Agreement”). 
 B. The Company and Employee desire to amend the Agreement pursuant to
Section 10(b) of the Agreement. 
 NOW, THEREFORE, in consideration of the foregoing and other consideration, the value and sufficiency
of which are acknowledged, the Company and Employee agree as follows: 
 1. Expenses and Benefits. 
 5(b) Paid Time Off. Employee acknowledges that, effective February 2, 2009, or as soon thereafter as reasonably practicable, the
Company’s Paid Time Off Program, as applied to officers, has been temporarily modified for 2009 to reduce the rate of Paid Time Off accrual for Employee by ten (10) days on an annualized basis and prorated for the remainder of 2009.

 5(d) Retirement. Employee acknowledges that the Company’s 401(k) retirement investment plan has been amended for 2009 to
eliminate the Company matching of 401(k) contributions for all employees, including officers. 
 Employee acknowledges that these temporary
changes do not constitute a breach of the terms and conditions of the Agreement, and that these changes shall remain in effect during 2009 or until further written notice from the Company without the need for further amendment to the Agreement.

 2. But for the amendments contained herein, and any other written amendments properly executed by the parties, the Agreement shall
otherwise remain unchanged. 
 IN WITNESS WHEREOF, the parties have executed this First Amendment on the dates set forth below, to be
effective as of the date first set forth above. 
  

							
	EMPLOYEE	 		 		 	COMPANY
				
		 		 		 	Callaway Golf Company, a Delaware corporation
				
	/s/ George Fellows	 		 	By: 	 	/s/ Samuel H. Armacost
	George Fellows	 		 		 	 Samuel H. Armacost, Chair
 Compensation and Management

 Succession Committee
  

				
	 Dated:     February 3,
2009                                         
            
	 		 		 	 Dated:     January 29,
2009First Amendment to the Officer Employment Agreement - Steven C. McCracken

 Exhibit 10.4 
 FIRST AMENDMENT TO 
 OFFICER EMPLOYMENT AGREEMENT 
 This First Amendment to Officer Employment Agreement (“First Amendment”) is entered into effective January 26, 2009, by and between
Callaway Golf Company, a Delaware corporation (the “Company”) and Steven C. McCracken (“Employee”). 
 A.
The Company and Employee are parties to that certain Officer Employment Agreement entered into as of May 1, 2008, (the “Agreement”). 
 B. The Company and Employee desire to amend the Agreement pursuant to Section 10(b) of the Agreement. 
 NOW, THEREFORE, in
consideration of the foregoing and other consideration, the value and sufficiency of which are acknowledged, the Company and Employee agree as follows: 
 1. Term. Section 1 of the Agreement is amended to extend the termination date of the Agreement to April 30, 2010. 
 2. Expenses and Benefits. 
 5(b) Paid Time Off. Employee acknowledges that, effective
February 2, 2009, or as soon thereafter as reasonably practicable, the Company’s Paid Time Off Program, as applied to officers, has been temporarily modified for 2009 to reduce the rate of Paid Time Off accrual for Employee by ten
(10) days on an annualized basis and prorated for the remainder of 2009. 
 5(d) Retirement. Employee acknowledges that the
Company’s 401(k) retirement investment plan has been amended for 2009 to eliminate the Company matching of 401(k) contributions for all employees, including officers. 
 Employee acknowledges that these temporary changes do not constitute a breach of the terms and conditions of the Agreement, and that these changes shall
remain in effect during 2009 or until further written notice from the Company without the need for further amendment to the Agreement. 
 3.
But for the amendments contained herein, and any other written amendments properly executed by the parties, the Agreement shall otherwise remain unchanged. 
 IN WITNESS WHEREOF, the parties have executed this First Amendment on the dates set forth below, to be effective as of the date first set forth above. 
  

							
	EMPLOYEE	 		 	COMPANY
			
		 		 	Callaway Golf Company, a Delaware corporation
				
	/s/ Steven C. McCracken	 		 	By: 	 	/s/ Chris Carroll
	Steven C. McCracken	 		 		 	 Chris Carroll
 Senior Vice President, Human Resources

				
	Dated:     February 3,
2009                                         
            	 		 		 	Dated:     February 3,
2009First Amendment to the Officer Employment Agreement - Bradley J. Holiday

 Exhibit 10.6 
 FIRST AMENDMENT TO 
 OFFICER EMPLOYMENT AGREEMENT 
 This First Amendment to Officer Employment Agreement (“First Amendment”) is entered into effective January 26, 2009, by and between
Callaway Golf Company, a Delaware corporation (the “Company”) and Bradley J. Holiday (“Employee”). 
 A.
The Company and Employee are parties to that certain Officer Employment Agreement entered into as of May 1, 2008, (the “Agreement”). 
 B. The Company and Employee desire to amend the Agreement pursuant to Section 10(b) of the Agreement. 
 NOW, THEREFORE, in
consideration of the foregoing and other consideration, the value and sufficiency of which are acknowledged, the Company and Employee agree as follows: 
 1. Term. Section 1 of the Agreement is amended to extend the termination date of the Agreement to April 30, 2010. 
 2. Expenses and Benefits. 
 5(b) Paid Time Off. Employee acknowledges that, effective
February 2, 2009, or as soon thereafter as reasonably practicable, the Company’s Paid Time Off Program, as applied to officers, has been temporarily modified for 2009 to reduce the rate of Paid Time Off accrual for Employee by ten
(10) days on an annualized basis and prorated for the remainder of 2009. 
 5(d) Retirement. Employee acknowledges that the
Company’s 401(k) retirement investment plan has been amended for 2009 to eliminate the Company matching of 401(k) contributions for all employees, including officers. 
 Employee acknowledges that these temporary changes do not constitute a breach of the terms and conditions of the Agreement, and that these changes shall
remain in effect during 2009 or until further written notice from the Company without the need for further amendment to the Agreement. 
 3.
But for the amendments contained herein, and any other written amendments properly executed by the parties, the Agreement shall otherwise remain unchanged. 
 IN WITNESS WHEREOF, the parties have executed this First Amendment on the dates set forth below, to be effective as of the date first set forth above. 
  

							
	EMPLOYEE	 		 	COMPANY
			
		 		 	Callaway Golf Company, a Delaware corporation
				
	/s/ Bradley J. Holiday	 		 	By: 	 	/s/ Chris Carroll
	Bradley J. Holiday	 		 		 	 Chris Carroll
 Senior Vice President, Human Resources

				
	Dated:     January 28,
2009                                         
            	 		 		 	Dated:     February 3,
2009

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