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                                                                   Exhibit 10.49

            FIRST AMENDMENT TO EXECUTIVE OFFICER EMPLOYMENT AGREEMENT

      This First Amendment to Executive Officer Employment Agreement ("First
Amendment") between CALLAWAY GOLF COMPANY, a Delaware corporation (the
"Company") and RICHARD C. HELMSTETTER ("Employee") is made effective as of April
1, 2003.

      A.    The Company and Employee are parties to that certain Executive
Officer Employment Agreement entered into as of January 1, 1998 (the
"Agreement").

      B.    The Company and Employee desire to amend the Agreement pursuant to
Section 16 of the Agreement, in the manner set forth herein.

      NOW, THEREFORE, in consideration of the foregoing and other consideration,
the value and sufficiency of which are hereby acknowledged, the Company and
Employee hereby agree as follows:

      1.    Expenses and Benefits. The Company and Employee wish to incorporate
into the Agreement written documentation of the existing oral agreement between
the Company and Employee regarding personal air travel. As a result, a new
Section 5(h) is added to the Agreement as follows:

            "(h)  Personal Air Travel. The Company hereby agrees to reimburse
            Employee up to $100,000 per calendar year for the actual costs
            incurred for personal travel in private airplanes. Employee shall
            make all arrangements for personal air travel, and Employee agrees
            that it is his responsibility to purchase additional life insurance
            while traveling, if he so desires. No payment shall be made to
            Employee of any unused balance of the $100,000 reimbursement
            provision at year-end, nor shall there be a carry over of any unused
            balance from year to year. Employee shall be responsible for any and
            all taxes due on such reimbursement."

It is understood and agreed that this written agreement regarding reimbursement
for personal air travel replaces and extinguishes any and all prior oral
agreements on this subject, and is the only agreement, oral or written between
the Company and employee on this subject matter as of the effective date of this
amendment.

      2.    But for the amendment contained herein, and any other written
amendments properly executed by the parties, the Agreement shall otherwise
remain unchanged.

      IN WITNESS WHEREOF, the Company and Employee have caused this First
Amendment to be executed effective as of the date set forth above.

EMPLOYEE                           COMPANY
                                   Callaway Golf Company,
                                   a Delaware corporation

/s/ RICHARD C. HELMSTETTER         By:     /s/ RONALD A. DRAPEAU
---------------------------            ----------------------------------------
Richard C. Helmstetter             Ronald A. Drapeau
                                   Chairman, President & Chief Executive Officer<PAGE>
                                                                   Exhibit 10.50

                               FIRST AMENDMENT TO
              FIRST AMENDED EXECUTIVE OFFICER EMPLOYMENT AGREEMENT

      This First Amendment to First Amended Executive Officer Employment
Agreement ("First Amendment") is made effective as of March 1, 2003 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 First Amended
Executive Officer Employment Agreement entered into as of June 1, 2002 (the
"First Amended Agreement").

      B.    The Company and Employee desire to amend the First Amended Agreement
pursuant to Section 15 of the First Amended Agreement, in the manner set forth
herein.

      NOW, THEREFORE, in consideration of the foregoing and other consideration,
the value and sufficiency of which are hereby acknowledged, the Company and
Employee hereby agree as follows:

      1.    Expenses and Benefits. Section 5(c)(ii) of the First Amended
Agreement is amended to read as follows:

            "(ii) receive, if Employee is insurable under usual underwriting
standards, term life insurance coverage on Employee's life, payable to whomever
Employee directs, in an amount equal to three (3) times Employee's base salary,
not to exceed a maximum of $1,500,000.00 in coverage, provided that Employee
completes the required health statement and application and that Employee's
physical condition does not prevent Employee from qualifying for such insurance
coverage under reasonable terms and conditions;"

      2.    Termination. Sections 8(a) and 8(c) of the First Amended Agreement
are amended as set forth below. Section 8(e), "Termination Due to Death," is
deleted, and Sections 8(f) and 8(g) are re-numbered to 8(e) and 8(f).

            "(a)  Termination at the Company's Convenience. Employee's
employment under this First Amended Agreement may be terminated by the Company
at its convenience at any time. In the event of a termination by the Company for
its convenience, Employee shall be entitled to receive (i) any compensation
accrued and unpaid as of the date of termination; and (ii) the immediate vesting
of all unvested stock options held by Employee as of the date of such
termination. In addition to the foregoing and subject to the provisions thereof,
Employee shall be entitled to Special Severance as described in Section 19 and
Incentive Payments as described in Section 20."

            "(c)  Termination by Employee for Substantial Cause. Employee's
employment under this First Amended Agreement may be terminated immediately by
Employee for substantial cause at any time. In the event of a termination by
Employee for substantial cause, Employee shall be entitled to receive (i) any
compensation accrued and unpaid as of the date of termination; and (ii) the
immediate vesting of all unvested stock options held by Employee as of the date
of such termination. In addition to the foregoing, and subject to the provisions
thereof, Employee shall be entitled to Special Severance as described in Section
19 and Incentive Payments as described in Section 20. "Substantial cause" shall
mean for
<PAGE>
purposes of this subsection a material breach of this First Amended Agreement by
the Company."

      3.    But for the amendments contained herein, and any other written
amendments properly executed by the parties, the First Amended 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 written above.

EMPLOYEE                                       COMPANY

                                               Callaway Golf Company,
                                               a Delaware corporation

/s/ STEVEN C. MCCRACKEN                    By:   /s/ RONALD A. DRAPEAU
---------------------------                    ---------------------------------
Steven C. McCracken                            Ronald A. Drapeau
                                               Chairman of the Board, President
                                               and Chief Executive Officer

Dated:                                         Dated:
        ------------------------                       -----------------------

                                       2                     Steven C. McCracken<PAGE>
                                                                   Exhibit 10.51

                               FIRST AMENDMENT TO
              FIRST AMENDED EXECUTIVE OFFICER EMPLOYMENT AGREEMENT

      This First Amendment to First Amended Executive Officer Employment
Agreement ("First Amendment") is made effective as of March 1, 2003 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 First Amended
Executive Officer Employment Agreement entered into as of June 1, 2002 (the
"First Amended Agreement").

      B.    The Company and Employee desire to amend the First Amended Agreement
pursuant to Section 15 of the First Amended Agreement, in the manner set forth
herein.

      NOW, THEREFORE, in consideration of the foregoing and other consideration,
the value and sufficiency of which are hereby acknowledged, the Company and
Employee hereby agree as follows:

      1.    Expenses and Benefits. Section 5(c)(ii) of the First Amended
Agreement is amended to read as follows:

            "(ii) receive, if Employee is insurable under usual underwriting
standards, term life insurance coverage on Employee's life, payable to whomever
Employee directs, in an amount equal to the greater of three (3) times
Employee's base salary or $1,240,000.00, not to exceed a maximum of
$1,500,000.00 in coverage, provided that Employee completes the required health
statement and application and that Employee's physical condition does not
prevent Employee from qualifying for such insurance coverage under reasonable
terms and conditions;"

      2.    Termination. Sections 8(a) and 8(c) of the First Amended Agreement
are amended as set forth below. Section 8(e), "Termination Due to Death," is
deleted, and Sections 8(f) and 8(g) are re-numbered to 8(e) and 8(f).

            "(a)  Termination at the Company's Convenience. Employee's
employment under this First Amended Agreement may be terminated by the Company
at its convenience at any time. In the event of a termination by the Company for
its convenience, Employee shall be entitled to receive (i) any compensation
accrued and unpaid as of the date of termination; and (ii) the immediate vesting
of all unvested stock options held by Employee as of the date of such
termination. In addition to the foregoing and subject to the provisions thereof,
Employee shall be entitled to Special Severance as described in Section 19 and
Incentive Payments as described in Section 20."

            "(c)  Termination by Employee for Substantial Cause. Employee's
employment under this First Amended Agreement may be terminated immediately by
Employee for substantial cause at any time. In the event of a termination by
Employee for substantial cause, Employee shall be entitled to receive (i) any
compensation accrued and unpaid as of the date of termination; and (ii) the
immediate vesting of all unvested stock options held by Employee as of the date
of such termination. In addition to the foregoing, and subject to the provisions
thereof, Employee shall be entitled to Special Severance as described in Section
19
<PAGE>
and Incentive Payments as described in Section 20. "Substantial cause" shall
mean for purposes of this subsection a material breach of this First Amended
Agreement by the Company."

      3.    But for the amendments contained herein, and any other written
amendments properly executed by the parties, the First Amended 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 written above.

EMPLOYEE                                        COMPANY

                                                Callaway Golf Company,
                                                a Delaware corporation

/s/ BRADLEY J. HOLIDAY                    By:   /s/ RONALD A. DRAPEAU
------------------------------------          ----------------------------------
Bradley J. Holiday                              Ronald A. Drapeau
                                                Chairman of the Board, President
                                                and Chief Executive Officer

Dated:                                          Dated:
        ------------------------                        -----------------------

                                       2                      Bradley J. Holiday

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