Document:

EX-10.10

 Exhibit 10.10 

TOPGOLF INTERNATIONAL, INC. 

NONQUALIFIED STOCK OPTION 

GRANT NOTICE 
 Topgolf International, Inc.
(the “Company”), hereby grants to the Participant named below a nonqualified stock option (the “Option”) to purchase any part or all of the number of shares of its Common Stock that are covered by this Option, as
specified below, at the exercise price per share specified below and upon the terms and subject to the conditions set forth in this Grant Notice and the Standard Terms and Conditions (the “Standard Terms and Conditions”) attached
hereto. This Option is not being granted pursuant to the Topgolf International, Inc. 2016 Stock Incentive Plan (the “Plan”), but rather is being granted outside the Plan. Nevertheless, the Option shall otherwise be treated as
if it had been granted pursuant to the Plan and is subject to and qualified in its entirety by the Standard Terms and Conditions and the Plan. Capitalized terms not otherwise defined herein shall have the meaning set forth in the Plan. 

 

			
	Name of Participant:	  	WestRiver Management, LLC
		
	Grant Date:	  	October 18, 2016
		
	Number of Shares of Common Stock covered by Option:	  	350,000
		
	Exercise Price Per Share:	  	$9.00
		
	Expiration Date:	  	August 31, 2025
		
	Vesting Schedule:	  	87,500 shares subject to the Option are vested at grant. An additional 87,500 shares subject to the Option will vest on each of September 1, 2017, 2018 and 2019.

 This Option is not intended to qualify as an incentive stock option under Section 422 of the Code. By accepting this
Grant Notice, Participant acknowledges that he, she or it has received and read, and agrees that this Option shall be subject to, the terms of this Grant Notice, the Standard Terms and Conditions and (although not grant pursuant to the Plan), the
Plan. 
  

							
	TOPGOLF INTERNATIONAL, INC.	 		 	 /s/ Authorized Signatory

		 		 	For WestRiver Management, LLC

							
	By:	 	 /s/ William Davenport
	 		 	
	Name:	 	 William Davenport
	 		 	Address (please print):
	Title:	 	 CFO
	 		 	3720 Carillon Point, Kirkland WA 98033
		 		 		 	  

		 		 		 	  

 TOPGOLF INTERNATIONAL, INC. 

STANDARD TERMS AND CONDITIONS FOR 

NONQUALIFIED STOCK OPTIONS 
 These Standard
Terms and Conditions apply to the Options granted pursuant to the Topgolf International, Inc. 2016 Stock Incentive Plan (the “Plan”), which are identified as nonqualified stock options and are evidenced by a Grant Notice or an
action of the Committee that specifically refers to these Standard Terms and Conditions. The Standard Terms and Conditions apply even though the Option is granted outside of the Plan. In addition to these Terms and Conditions, the Option shall be
subject to the terms of the Plan, which are incorporated into these Standard Terms and Conditions by reference as if the Option had been granted pursuant to the Plan. Capitalized terms not otherwise defined herein shall have the meaning set forth in
the Plan. 
  

	1.	 Terms of Option 

Topgolf International, Inc. (the “Company”), has granted to the Participant named in the Grant Notice provided to said
Participant herewith (the “Grant Notice”) a nonqualified stock option (the “Option”) to purchase up to the number of shares of Common Stock set forth in the Grant Notice. The exercise price per share and the other terms
and conditions of the Option are set forth in the Grant Notice, these Standard Terms and Conditions (as amended from time to time), and the Plan. For purposes of these Standard Terms and Conditions and the Grant Notice, any reference to the Company
shall include a reference to any Subsidiary. 
  

	2.	 Nonqualified Stock Option 

The Option is not intended to be an incentive stock option under Section 422 of the Code and will be interpreted accordingly. 

 

	3.	 Exercise of Option 

The Option shall not be exercisable as of the Grant Date set forth in the Grant Notice. After the Grant Date, to the extent not previously
exercised, and subject to termination or acceleration as provided in these Standard Terms and Conditions and the Plan, the Option shall be exercisable only to the extent it becomes vested, as described in the Grant Notice, to purchase up to that
number of shares of Common Stock as set forth in the Grant Notice, provided that (except as set forth in Section 4 below) the Participant continues providing services to the Company and does not experience a separation from
service. 
 To exercise the Option (or any part thereof), the Participant shall deliver to the Company a “Notice of
Exercise” in a form specified by the Committee, specifying the number of whole shares of Common Stock the Participant wishes to purchase and how the Participant’s shares of Common Stock should be registered. 

The exercise price (the “Exercise Price”) of the Option is set forth in the Grant Notice. The Company shall not be obligated
to issue any shares of Common Stock until the Participant shall have paid the total Exercise Price for that number of shares of Common Stock. The Exercise Price may be paid in Common Stock, cash or a combination thereof, including the delivery of
previously owned Common Stock, withholding of shares of Common Stock deliverable upon exercise of the Option (but only to the extent share withholding is made available to the Participant by the Company), or in such other manner as may be permitted
by the Committee. 
 Fractional shares may not be exercised. Shares of Common Stock will be issued as soon as practical after exercise.
Notwithstanding the above, the Company shall not be obligated to deliver any shares of Common Stock during any period when the Company determines that the exercisability of the Option or the delivery of shares of Common Stock hereunder would violate
any federal, state or other applicable laws. 

	4.	 Expiration of Option 

The Option shall expire and cease to be exercisable as of the earlier of (i) the Expiration Date set forth in the Grant Notice or
(ii) three (3) months following the Participant’s separation from service (provided, however, that if the Participant’s separation from service is by the Company for Cause, the entire Option, whether or not then vested and
exercisable, shall be immediately forfeited and canceled as of the date of such separation from service). 
  

	5.	 Restrictions on Resales of Shares Acquired Pursuant to Option Exercise 

 

	 	(a)	 The Company may impose such restrictions, conditions or limitations as it determines appropriate as to the
timing and manner of any resales by the Participant or other subsequent transfers by the Participant of any shares of Common Stock issued as a result of the exercise of the Option, including without limitation (i) restrictions under an insider
trading policy or pursuant to applicable law, (ii) restrictions designed to delay and/or coordinate the timing and manner of sales by the Participant and holders of other Company equity compensation arrangements, (iii) restrictions as to
the use of a specified brokerage firm for such resales or other transfers, (iv) provisions requiring Common Stock be sold on the open market or to the Company in order to satisfy tax withholding or other obligations and/or (v) mandatory
holding periods. 

  

	 	(b)	 Market Stand-Off. The Participant shall not, without the prior
written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the registration by the Company of shares of its Common Stock or any other equity securities under the Securities Act of 1933,
as amended (the “Securities Act”), on a registration statement on Form S-1 or Form S-3 and ending on the date specified by the Company and the managing
underwriter (such period not to exceed (i) one hundred eighty (180) days in the case of the Company’s first underwritten public offering of its Common Stock under the Securities Act (“IPO”), which period may be
extended upon the request of the managing underwriter, to the extent required by any FINRA rules, for an additional period of up to fifteen (15) days if the Company issues or proposes to issue an earnings or other public release within fifteen
(15) days of the expiration of the 180-day lockup period, or (ii) ninety (90) days in the case of any registration other than the IPO, which period may be extended upon the request of the managing
underwriter, to the extent required by any FINRA rules, for an additional period of up to fifteen (15) days if the Company issues or proposes to issue an earnings or other public release within fifteen (15) days of the expiration of the 90-day lockup period), (1) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase; or otherwise
transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Common Stock, including the Option, which is held immediately before the
effective date of the registration statement for such offering or (2) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, whether any such
transaction described in clause (1) or (2) above is to be settled by delivery of Common Stock or other securities, in cash, or otherwise. The Participant further agrees to execute such agreements as may be reasonably requested by the
underwriters in connection with such registration that are consistent with this Section 5(b) or that are necessary to give further effect thereto. In order to enforce the foregoing, the Participant agrees that the Company
may impose stop-transfer instructions with respect to any shares of Common Stock of the Participant (and transferees and assignees thereof) until the end of such restricted period. 

  
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	 	(c)	 Right of First Refusal. At all times prior to the Company’s IPO, before any shares of Common Stock
acquired by exercise of the Options (the “Option Shares”) held by the Participant or any permitted transferee (each, a “Holder”) may be sold, pledged, assigned, hypothecated, transferred, or otherwise disposed of
(including transfer by gift or operation of law and, collectively, “Transfer” or “Transferred”), the Company or its assignee(s) shall have a right of first refusal to purchase the Option Shares on the terms and
conditions set forth in this Section (the “Right of First Refusal”). 

  

	 	1.	 The Holder of the Option Shares shall deliver to the Company a written notice (the “Notice”)
stating: (i) the Holder’s bona fide intention to sell or otherwise Transfer such the Option Shares; (ii) the name of each proposed purchaser or other transferee (“Proposed Transferee”); (iii) the number of the Option
Shares to be Transferred to each Proposed Transferee; and (iv) the bona fide cash price or other consideration for which the Holder proposes to Transfer the Option Shares (the “Offered Price”), and the Holder shall offer the
Option Shares at the Offered Price to the Company or its assignee(s). 

  

	 	2.	 Within fifteen (15) days after receipt of the Notice, the Company and/or its assignee(s) may elect in
writing to purchase all, but not less than all, of the Option Shares proposed to be Transferred to any one or more of the Proposed Transferees. The purchase price will be determined in accordance with subsection 5.C.3 below. 

 

	 	3.	 The purchase price (the “Purchase Price”) for the Option Shares repurchased under this Section
shall be the Offered Price. If the Offered Price includes consideration other than cash, the cash equivalent value of the non-cash consideration shall be determined by the Board or the Committee in good faith.

  

	 	4.	 Payment of the Purchase Price shall be made, at the option of the Company or its assignee(s), in cash (by
check), by cancellation of all or a portion of any outstanding indebtedness of the Holder to the Company (or, in the case of repurchase by an assignee, to the assignee), or by any combination thereof. 

 

	 	5.	 If all of the Option Shares proposed in the Notice to be transferred to a given Proposed Transferee are not
purchased by the Company and/or its assignee(s) as provided in this Section, then the Holder may, if and only as permitted under the Plan, sell or otherwise Transfer such Option Shares to that Proposed Transferee at the Offered Price or at a higher
price, provided that such sale or other Transfer is consummated within forty-five (45) days after the date of the Notice (or if later, the date of the proposed Transfer as set forth in the Notice) and provided further that any such sale or
other Transfer is effected in accordance with any applicable securities laws and the Proposed Transferee agrees in writing that the provisions of this Section shall continue to apply to the Option Shares in the hands of such Proposed Transferee. If
the Option Shares described in the Notice are not Transferred to the Proposed Transferee within such period, a new Notice shall be given to the Company, and the Company and/or its assignees shall again be offered the Right of First Refusal as
provided herein before any Option Shares held by the Holder may be sold or otherwise Transferred. 

  

	 	6.	 Anything to the contrary contained in this Section notwithstanding, the Transfer of any or all of the Option
Shares during Participant’s lifetime or on Participant’s death by will or intestacy to Participant’s Immediate Family (as defined below) or a trust for the benefit of Participant’s Immediate Family shall be exempt from the Right
of First Refusal. As used herein, “Immediate Family” shall mean spouse, lineal descendant or antecedent, father, mother, brother or sister or stepchild (whether or not adopted). In such case, the transferee or other recipient shall
receive and hold the Option Shares so Transferred subject to the provisions of this Section (including the Right of First Refusal), and there shall be no further Transfer of such Option Shares except in accordance with the terms of this Section.

  
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	 	(d)	 Voting Agreement. In the event that the grant of the Option causes the Participant to hold capital stock
of the Company constituting one percent (1%) or more of the Company’s then outstanding capital stock (treating for this purpose all shares of Common Stock issuable upon the exercise of or conversion of outstanding options, warrants, or
convertible securities, as if exercised and/or converted or exchanged), then as of the Grant Date, the Participant shall execute and agree to be bound by the terms of that certain Third Amended and Restated Voting Agreement dated February 19,
2016, as amended from time to time (the “Voting Agreement”), by executing an Adoption Agreement in the form attached to the Voting Agreement as Exhibit A. 

 

	 	(e)	 Right of First Refusal and Co-Sale Agreement. Upon any exercise
of this Option, the Participant shall execute and agree to be bound by the terms of that certain Second Amended and Restated Right of First Refusal and Co-Sale Agreement dated February 19 2016, as amended
from time to time, by executing a counterpart signature page thereto as an Investor (as defined thereunder). 

  

	6.	 Non-Transferability of Option 

Except as permitted by the Committee or as permitted under the Plan, the Participant may not assign or transfer the Option. The Company may
cancel the Participant’s Option if the Participant attempts to assign or transfer it in a manner inconsistent with this Section 6. 
  

	7.	 Other Agreements Superseded 

The Grant Notice, these Standard Terms and Conditions and the terms of the Plan incorporated herein constitute the entire understanding between
the Participant and the Company regarding the Option. Any other prior agreements, commitments or negotiations concerning the Option are superseded. 
  

	8.	 Limitation of Interest in Shares Subject to Option 

Neither the Participant (individually or as a member of a group) nor any beneficiary or other person claiming under or through the Participant
shall have any right, title, interest, or privilege in or to any shares of Common Stock allocated or reserved hereunder or subject to the Grant Notice or these Standard Terms and Conditions except as to such shares of Common Stock, if any, as shall
have been issued to such person upon exercise of the Option or any part of it. Nothing in the Grant Notice, these Standard Terms and Conditions or any other instrument shall confer upon the Participant any right to continue in the Company’s
service nor limit in any way the Company’s right to terminate the Participant’s service at any time for any reason. 
  

	9.	 No Liability of Company 

The Company, any Subsidiary or Affiliate which is in existence or hereafter comes into existence, the Board and the Committee shall not be
liable to a Participant or any other person as to: (a) the non-issuance or sale of shares of Common Stock as to which the Company has been unable to obtain from any regulatory body having jurisdiction the
authority deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any shares of Common Stock hereunder; and (b) any tax consequence expected, but not realized, by any Participant or other person due to the
receipt, exercise or settlement of any Award granted hereunder. 

  
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	10.	 Accredited Investor 

The Participant represents that he, she or it is an “Accredited Investor” as that term is defined in Regulation D under the
Securities Act of 1933, and that the Participant is an experienced andsophisticated investor and has such knowledge and experience in financial and business matters as are necessary to evaluate the merits and risks of receiving the Option. The
Participant acknowledges and understands that the Option involves substantial risks and that the Participant is able to bear the economic risks of receiving the Option pursuant to the terms hereof, including the risk of the Option being or becoming
worthless. 
  

	11.	 General 

  

	 	(a)	 In the event that any provision of these Standard Terms and Conditions is declared to be illegal, invalid or
otherwise unenforceable by a court of competent jurisdiction, such provision shall be reformed, if possible, to the extent necessary to render it legal, valid and enforceable, or otherwise deleted, and the remainder of these Standard Terms and
Conditions shall not be affected except to the extent necessary to reform or delete such illegal, invalid or unenforceable provision. 

  

	 	(b)	 The headings preceding the text of the sections hereof are inserted solely for convenience of reference, and
shall not constitute a part of these Standard Terms and Conditions, nor shall they affect its meaning, construction or effect. 

  

	 	(c)	 These Standard Terms and Conditions shall inure to the benefit of and be binding upon the parties hereto and
their respective permitted heirs, beneficiaries, successors and assigns. 

  

	 	(d)	 These Standard Terms and Conditions shall be construed in accordance with and governed by the laws of the State
of Delaware, without regard to principles of conflicts of law. 

  

	 	(e)	 In the event of any conflict between the Grant Notice, these Standard Terms and Conditions and the Plan, the
Grant Notice and these Standard Terms and Conditions shall control. In the event of any conflict between the Grant Notice and these Standard Terms and Conditions, the Grant Notice shall control. 

 

	 	(f)	 All questions arising under these Standard Terms and Conditions shall be decided by the Committee in its total
and absolute discretion. 

  

	12.	 Electronic Delivery 

By executing the Grant Notice, the Participant hereby consents to the delivery of information (including, without limitation, information
required to be delivered to the Participant pursuant to applicable securities laws) regarding the Company and the Subsidiaries, the Plan, the Option and the Common Stock via Company web site or other electronic delivery. 

 

	13.	 Confidentiality of Agreement 

By executing the Grant Notice, the Participant agrees that he, she or it shall keep confidential all of the terms and conditions, including
amounts, in the Grant Notice and these Standard Terms and Conditions and shall not disclose them to any person other than the Participant’s spouse, the Participant’s legal or financial advisor, or governmental officials who seek such
information in the course of their official duties, unless compelled by law to do so. 

  
 6EX-10.1

 Exhibit 10.1 

INDEMNIFICATION AGREEMENT 

THIS INDEMNIFICATION AGREEMENT is made as of the 8th day of March 2021, by and between Callaway Golf Company, a Delaware corporation (the
“Company”), and Erik Anderson (“Indemnitee”), a director of the Company. 
 WHEREAS, the Company and Indemnitee
recognize the increasing difficulty in obtaining liability insurance covering directors, the significant increases in the cost of such insurance and the general reductions in the coverage of such insurance; 

WHEREAS, although the Company currently has directors liability insurance, the coverage of such insurance is such that many claims which may
be brought against Indemnitee may not be covered, or may not be fully covered, and the Company may be unable to maintain such insurance; 

WHEREAS, the Company and the Indemnitee further recognize the substantial increase in corporate litigation subjecting directors to expensive
litigation risks at the same time that liability insurance has been severely limited; 
 WHEREAS, the current protection available may not
be adequate given the present circumstances, and Indemnitee may not be willing to serve as a director without adequate protection; 

WHEREAS, the Company desires to attract and retain the services of highly qualified individuals, such as Indemnitee, to serve as directors of
the Company and to indemnify its directors so as to provide them with the maximum protection permitted by law; 
 NOW, THEREFORE, the
Company and Indemnitee hereby agree as follows: 
  

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

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

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

 1.3 DGCL. “DGCL” shall mean the Delaware General Corporation Law, as
amended. 
 1.4 Person. “Person” shall mean any individual, partnership, corporation, joint venture, trust, estate, or
other entity. 
 1.5 Subsidiary. “Subsidiary” shall mean any corporation of which the Company owns, directly or indirectly,
through one or more subsidiaries, securities having more than 50% of the voting power of such corporation. 
  

	 	2.	 INDEMNIFICATION 

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

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

  
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liability and loss (including attorneys’ fees) and amounts paid in settlement (if such settlement is court-approved) actually and reasonably incurred by Indemnitee in connection with the
defense or settlement of such action or suit if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and its shareholders and provided, further, that the Company
has determined that such indemnification is otherwise permitted by applicable law. No indemnification shall be made in respect of any claim, issue or matter as to which Indemnitee shall have been adjudged to be liable to the Company in the
performance of Indemnitee’s duties to the Company and its shareholders, unless and only to the extent that the court in which such proceeding is or was pending shall determine upon application that, in view of all the circumstances of the case,
Indemnitee is fairly and reasonably entitled to indemnity for expenses and then only to the extent that the court shall determine. 
 2.3
Mandatory Payment of Expenses. To the extent that Indemnitee has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in Section 2.1 or 2.2 or the defense of any claim, issue or matter
therein, Indemnitee shall be indemnified against expenses (including attorneys’ fees) actually and reasonably incurred by Indemnitee in connection therewith. 

2.4 Enforcing the Agreement. If Indemnitee properly makes a claim for indemnification or an advance of expenses which is payable
pursuant to the terms of this Agreement, and that claim is not paid by the Company, or on its behalf, within ninety days after a written claim has been received by the Company, the Indemnitee may at any time thereafter bring suit against the Company
to recover the unpaid amount of the claim and if successful in whole or in part, the Indemnitee shall be entitled to be paid also all expenses actually and reasonably incurred in connection with prosecuting such claim. 

2.5 Subrogation. In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of
the rights of recovery of the Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit
to enforce such rights. 
  

	 	3.	 EXPENSES; INDEMNIFICATION PROCEDURE 

3.1 Advancement of Expenses. The Company shall advance all expenses incurred by Indemnitee in connection with the investigation,
defense, settlement or appeal of any civil or criminal action, suit or proceeding referenced in Section 2.1 or 2.2 hereof. Indemnitee hereby undertakes to repay such amounts advanced only if, and to the extent that, it shall ultimately be
determined that Indemnitee is not entitled to be indemnified by the Company as authorized hereby or that such indemnification is not otherwise permitted by applicable law. The advances to be made hereunder shall be paid by the Company to Indemnitee
within thirty (30) days following delivery of a written request therefor or by Indemnitee to the Company. 

  
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 3.2 Determination of Conduct. Any indemnification (unless ordered by a court) shall
be made by the Company only as authorized in the specified case upon a determination that indemnification of Indemnitee is proper under the circumstances because Indemnitee has met the applicable standard of conduct set forth in Sections 2.1 or 2.2
of this Agreement. Such determination shall be made by any of the following: (1) the Board of Directors (or by an executive committee thereof) by a majority vote of directors (or committee members) who are not parties to such action, suit or
proceeding, even though less than a quorum, (2) if there are no such disinterested directors, or if such disinterested directors so direct, by independent legal counsel in a written opinion, (3) by the shareholders, with the shares owned
by Indemnitee not being entitled to vote thereon, or (4) the court in which such proceeding is or was pending upon application made by the Company or Indemnitee or the attorney or other person rendering services in connection with the defense,
whether or not such application by Indemnitee, the attorney or the other person is opposed by the Company. 
 3.3 Notice/Cooperation by
Indemnitee. Indemnitee shall, as a condition precedent to Indemnitee’s right to be indemnified under this Agreement, give the Company notice in writing as soon as practicable of any claim made against Indemnitee for which indemnification
will or could be sought under this Agreement. Notice to the Company shall be given in the manner set forth in Section 10.3 hereof and to the address stated therein, or such other address as the Company shall designate in writing to Indemnitee.
In addition, Indemnitee shall give the Company such information and cooperation as it may reasonably require and as shall be within Indemnitee’s power. 

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

3.5 Selection of Counsel. In the event the Company shall be obligated under Section 3.1 hereof to pay the expenses of any
proceeding against Indemnitee, the Company shall be entitled to assume the defense of such proceeding, with counsel approved by Indemnitee, upon the delivery to Indemnitee of written notice of its election so to do. After delivery of such notice,
approval of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred by Indemnitee with respect to the same
proceeding, provided that (a) Indemnitee shall have the right to employ separate counsel in any such proceeding at Indemnitee’s expense; and (b) if (i) the employment of counsel by Indemnitee has been previously authorized by the
Company, (ii) Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and Indemnitee in the conduct of any such defense, or (iii) the Company shall not, in fact, have employed counsel to
assume the defense of such 

  
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proceeding, then the fees and expenses of Indemnitee’s counsel shall be at the expense of the Company (subject to the provisions of this Agreement). 

 

	 	4.	 ADDITIONAL INDEMNIFICATION RIGHTS; NON-EXCLUSIVITY

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

4.2 Scope. The Company hereby agrees to indemnify Indemnitee to the fullest extent permitted by law (except as set forth in
Section 8 hereof), notwithstanding that such indemnification is not specifically authorized by the other provisions of this Agreement, the Company’s Certificate of Incorporation, the Company’s Bylaws or by statute. In the event of any
changes, after the date of this Agreement, in any applicable law, statute, or rule which expands the right of a Delaware corporation to indemnify a member of its board of directors, such changes shall be, ipso facto, within the purview of
Indemnitee’s rights and the Company’s obligations under this Agreement. In the event of any change in any applicable law, statute, or rule which narrows the right of a Delaware corporation to indemnify a member of its board of directors,
such changes, except to the extent otherwise required by such law, statute or rule to be applied to this Agreement shall have no effect on this Agreement or the parties’ rights and obligations hereunder. 

4.3 Non-Exclusivity. The indemnification provided by this Agreement shall not be deemed
exclusive of any rights to which an Indemnitee may be entitled under the Company’s Certificate of Incorporation, its Bylaws, any agreement, any vote of shareholders or disinterested directors, the DGCL, or otherwise, both as to action in
Indemnitee’s official capacity and as to action in another capacity while holding such office. The indemnification provided under this Agreement shall continue as to Indemnitee for an action taken or not taken while serving in an indemnified
capacity even though he may have ceased to serve in such capacity at the time of any action, suit or other covered proceeding. 
  

	 	5.	 PARTIAL INDEMNIFICATION 

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

	 	6.	 MUTUAL ACKNOWLEDGMENT 

Both the Company and Indemnitee acknowledge that in certain instances, federal law or public policy may override applicable state law and
prohibit the Company 

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

	 	7.	 LIABILITY INSURANCE 

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

	 	8.	 SEVERABILITY 

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

  
 6 

	 	9.	 EXCEPTIONS 

9.1 Exceptions to Company’s Obligations. Any other provision to the contrary notwithstanding (other than Section 9.2), the
Company shall not be obligated pursuant to the terms of this Agreement for the following: 
 (a) Claims Initiated by Indemnitee. To
indemnify or advance expenses to Indemnitee with respect to proceedings or claims initiated or brought voluntarily by Indemnitee and not by way of defense, unless said proceedings or claims were authorized by the board of directors of the Company.

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

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

(d) Insured Claims; Paid Claims. To indemnify Indemnitee for expenses or liabilities of any type whatsoever (including but not limited
to, judgments, fines, ERISA excise taxes or penalties, and amounts paid in settlement) which have been paid directly to Indemnitee (i) by an insurance carrier under a policy of liability insurance maintained by the Company, or
(ii) otherwise by any other means. 
 (e) Claims Under Section 16(b). To indemnify Indemnitee for an
accounting of profits in fact realized from the purchase and sale of securities within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or any similar successor statute. 

  
 7 

 9.2 Notwithstanding Section 9.1(d) above or any other provision of this Agreement, the
Company acknowledges that certain persons entitled to indemnification from the Company have certain rights to indemnification, advancement of expenses and/or insurance provided by private equity firms and certain of their affiliates (collectively,
the “Fund Indemnitors”). The Company hereby agrees, with respect to any request for indemnification or advancement of expenses made pursuant to this Agreement, (i) that it is the indemnitor of first resort (i.e., its obligations to
such persons are primary and any obligation of the Fund Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such persons are secondary), (ii) that it shall be required to advance the full
amount of expenses incurred by such persons and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by this Agreement, the Company’s
Certificate of Incorporation, the Company’s Bylaws or by any other agreement between the Company and such person, without regard to any rights such person may have against the Fund Indemnitors, and (iii) that it irrevocably waives,
relinquishes and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the
Fund Indemnitors on behalf of such person with respect to any claim for which such person has sought indemnification from the Company pursuant to this Agreement shall affect the foregoing and the Fund Indemnitors shall have a right of contribution
and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company. The Company and such persons agree that the Fund Indemnitors are express third party beneficiaries of the terms of
this Section 9.2. 
  

	 	10.	 MISCELLANEOUS 

10.1 Construction of Certain Phrases. 

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

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

  
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 10.2 Successors and Assigns. This Agreement shall be binding upon the Company and its
successors and assigns, and shall inure to the benefit of Indemnitee and Indemnitee’s estate, heirs, legal representatives and assigns. Notwithstanding the foregoing, the Indemnitee shall have no right or power to voluntarily assign or transfer
any rights granted to Indemnitee, or obligations imposed upon the Company, by or pursuant to this Agreement. Further, the rights of the Indemnitee hereunder shall in no event accrue to the benefit of, or be enforceable by, any judgment creditor or
other involuntary transferee of the Indemnitee. 
 10.3 Notice. All notices, requests, demands and other communications under this
Agreement shall be in writing and shall be deemed duly given (i) if mailed by domestic certified or registered mail with postage prepaid, properly addressed to the parties at the addresses set forth below, or to such other address as may be
furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be, on the third business day after the date postmarked, or (ii) otherwise notice shall be deemed received when such notice is actually received by the
party to whom it is directed. 
  

					
	 If to Indemnitee:
	  	 Erik Anderson
 920 5th Ave., Ste. 3450
 Seattle, WA 98104
	  	
			
	 If to Company:
	  	 Callaway Golf Company
 2180 Rutherford Road

Carlsbad, CA 92008
 Attention: Corporate Secretary
	  	

 10.4 Consent to Jurisdiction. The Company and Indemnitee each hereby irrevocably consent to the
jurisdiction of the courts of the State of California for all purposes in connection with any action or proceeding which arises out of or related to this Agreement and agree that any action instituted under this Agreement shall be brought only in
the state courts of the State of California. 
 10.5 Choice of Law. This Agreement shall be governed by and its provisions construed
in accordance with the internal laws of the State of Delaware, as applied to contracts between Delaware residents entered into and to be performed entirely within Delaware, and without regard to choice of law principles. 

10.6 IRREVOCABLE ARBITRATION OF DISPUTES. 

(a) Indemnitee and the Company agree that any dispute, controversy or claim arising hereunder or in any way related to this Agreement, its
interpretation, enforceability, or applicability that cannot be resolved by mutual agreement of the parties shall be submitted to binding arbitration. This includes, but is not limited to, alleged violations of federal, state and/or local statutes,
claims 

  
 9 

 
based on any purported breach of duty arising in contract or tort, including breach of contract, breach of the covenant of good faith and fair dealing, violation of public policy, and violation
of any statutory, contractual or common law rights. The parties agree that arbitration is the parties’ only recourse for such claims and hereby waive the right to pursue such claims in any other forum, unless otherwise provided by law. Any
court action involving a dispute which is not subject to arbitration shall be stayed pending arbitration of arbitrable disputes. 

(b) Indemnitee and the Company agree that the arbitrator shall have the authority to issue provisional relief. Indemnitee and the Company
further agree that each has the right, pursuant to California Code of Civil Procedure section 1281.8, to apply to a court for a provisional remedy in connection with an arbitrable dispute so as to prevent the arbitration from being rendered
ineffective. 
 (c) Any demand for arbitration shall be in writing and must be communicated to the other party prior to the
expiration of the applicable statute of limitations. 
 (d) The arbitration shall be conducted pursuant to the procedural rules
stated in the Commercial Rules of the American Arbitration Association (“AAA”) in San Diego. The arbitration shall be conducted in San Diego by a former or retired judge or attorney with at least 10 years experience in commercial-related
disputes, or a non-attorney with like experience in the area of dispute, who shall have the power to hear motions, control discovery, conduct hearings and otherwise do all that is necessary to resolve the
matter. The parties must mutually agree on the arbitrator. If the parties cannot agree on the arbitrator after their best efforts, an arbitrator from the American Arbitration Association will be selected pursuant to the American Arbitration
Association National Rules for Resolution of Commercial/Business Disputes. The Company shall pay the costs of the arbitrator’s fees. 

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

(f) It is expressly understood that the parties have chosen arbitration to avoid the burdens, costs and publicity of a court proceeding,
and the arbitrator is expected to handle all aspects of the matter, including discovery and any hearings, in such a way as to minimize the expense, time, burden and publicity of the process, while assuring a fair and just result. In particular, the
parties expect that the arbitrator will limit discovery by controlling the amount of discovery that 

  
 10 

 
may be taken (e.g., the number of depositions or interrogatories) and by restricting the scope of discovery only to those matters clearly relevant to the dispute. However, at a minimum, each
party will be entitled to at least one deposition and shall have access to essential documents and witnesses as determined by the arbitrator. 

(g) The prevailing party shall be entitled to an award by the arbitrator of reasonable attorneys’ fees and other costs reasonably
incurred in connection with the arbitration. 
 (h) The provisions of this Section shall survive the expiration or termination of
the Agreement, and shall be binding upon the parties. 
 I have read Section 10.6 and irrevocably agree to arbitrate any dispute identified
above. 
  

					
	 /s/ EA
	 		  	 /s/ SK

	(Indemnitee’s initials)	 		  	(Company’s initials)

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

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

  
 11 

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

	
	CALLAWAY GOLF COMPANY
	
	/s/ Sarah Kim
	Sarah Kim
	 Vice President, General Counsel,
 and
Corporate Secretary

	
	INDEMNITEE
	
	/s/ Erik Anderson
	Erik Anderson

  
 12

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