Document:

EX-10.1

 Exhibit 10.1 

Execution Version 
 THIRD
AMENDMENT TO FOURTH AMENDED AND RESTATED 
 LOAN AND SECURITY AGREEMENT 

This THIRD AMENDMENT TO FOURTH AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this “Amendment”), dated as of
April 28, 2020, is entered into by and among the Lenders (as defined below) signatory hereto, BANK OF AMERICA, N.A., as administrative agent and as security trustee for the Lenders (in such capacity, “Agent”),
CALLAWAY GOLF COMPANY, a Delaware corporation (“Parent”), CALLAWAY GOLF SALES COMPANY, a California corporation (“Callaway Sales”), CALLAWAY GOLF BALL OPERATIONS, INC.,
a Delaware corporation (“Callaway Operations”), OGIO INTERNATIONAL, INC., a Utah corporation, (“Ogio”), TRAVISMATHEW, LLC, a California limited liability company
(“travisMathew”), JACK WOLFSKIN NORTH AMERICA, INC., a Delaware corporation (“Wolfskin” and together with Parent, Callaway Sales, Callaway Operations, Ogio and travisMathew, collectively, “U.S.
Borrowers”), CALLAWAY GOLF CANADA LTD., a Canada corporation (“Canadian Borrower”), JACK WOLFSKIN AUSRÜSTUNG FÜR DRAUSSEN GMBH & CO. KGAA, a partnership limited by
shares (Kommanditgesellschaft auf Aktien) under the laws of the Federal Republic of Germany (“German Borrower”), CALLAWAY GOLF EUROPE LTD., a company organized under the laws of England (registered number
02756321) (“U.K. Borrower” and together with the U.S. Borrowers, German Borrower, and Canadian Borrower, each individually a “Borrower” and individually and collectively, jointly and severally, the
“Borrowers”), and the other Obligors party hereto. 
 RECITALS 

A.    Borrowers, the other Obligors party thereto, Agent, and the financial institutions signatory thereto from time to
time (each a “Lender” and collectively the “Lenders”) have previously entered into that certain Fourth Amended and Restated Loan and Security Agreement dated as of May 17, 2019 (as amended, supplemented,
restated and modified from time to time, the “Loan Agreement”), pursuant to which the Lenders have made certain loans and financial accommodations available to Borrowers. Terms used herein without definition shall have the meanings
ascribed to them in the Loan Agreement. 
 B.    Obligors have requested that Agent and the Required Lenders amend the
Loan Agreement, which Agent and the Required Lenders are willing to do pursuant to the terms and conditions set forth herein. 

C.    Obligors are entering into this Amendment with the understanding and agreement that, except as specifically provided
herein, none of Agent’s or any Lender’s rights or remedies as set forth in the Loan Agreement or any of the other Loan Documents are being waived or modified by the terms of this Amendment. 

 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 

1.    Amendments to Loan Agreement. 

(a)    In the definition of “Distribution” in Section 1.1 of the Loan Agreement, the text “.” at
the end of the definition is hereby replaced with the following: 
 “, in each case, other than (a) the purchase of a customary
capped call transaction in connection with convertible debt securities of Parent otherwise permitted to be incurred under this Agreement and (b) payments of interest with respect to convertible debt securities of Parent otherwise permitted to
be incurred under this Agreement.” 
 (b)    The definition of “Term Loan Commitment” in Section 1.1
of the Loan Agreement is hereby amended and restated in their respective entirety to read as follow: 
 “Term Loan Commitment:
for any U.S. Lender, the obligation of such U.S. Lender to make a Term Loan hereunder, up to the principal amount shown on Schedule 1.1, or as hereafter determined pursuant to each Assignment and Acceptance to which it is a party.
“Term Loan Commitments” means the aggregate amount of such commitments of all Lenders.” 

(c)    In Section 9.1.23 of the Loan Agreement, the text “Loan Party” is hereby deleted and replaced with
the text “Obligor”. 
 (d)    In Section 10.2.3(d) of the Loan Agreement, the text “;” at the
end of the definition is hereby replaced with the following: 
 “or constitutes a customary capped call transaction in connection with
convertible debt securities of Parent otherwise permitted to be incurred under this Agreement;” 
 (e)    Section
10.2.3(r) of the Loan Agreement is hereby amended and restated in its entirety to read as follows: 
 “Debt pursuant to equipment
financing and/or leases entered into by one or more Obligors, in an aggregate amount not to exceed $50,000,000 at any time outstanding;” 

(f)    In Section 10.2.3 of the Loan Agreement, (i) the text “.” at the end of clause (s) thereof
is hereby and replaced with the text “; and”, and (ii) a new clause (t) is hereby inserted immediately following clause (s) to read as follows: 

“(t)    (x) any loan or other financial assistance received by any Borrower or any of its Subsidiaries from any
federal, state, local or foreign government program enacted in response to the COVID-19 outbreak in an aggregate principal amount not to exceed $50,000,000; and (y) any refinancings, refundings, renewals
or extensions of Debt permitted pursuant to clause (x) above; provided, that the amount of such Debt is not increased at the time of such refinancing, refunding, renewal or extension except by an amount equal to a reasonable premium or
other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing and by an amount equal to any existing commitments unutilized thereunder.” 

2.    Effectiveness of this Amendment. The following shall have occurred before this Amendment is effective: 

(a)    Amendment. Agent shall have received this Amendment, executed by Agent, each Obligor and the Required
Lenders in a sufficient number of counterparts for distribution to all parties. 

  
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 (b)    Representations and Warranties. The representations and
warranties set forth herein must be true and correct. 
 (c)    No Default. No event has occurred and is
continuing that constitutes an Event of Default. 
 (d)    Other Required Documentation. All other documents and
legal matters in connection with the transactions contemplated by this Amendment shall have been delivered or executed or recorded and shall be in form and substance satisfactory to Agent. 

3.    Representations and Warranties. Each Obligor represents and warrants as follows: 

(a)    Authority. Each Obligor has the requisite corporate power and authority to execute and deliver this
Amendment, and to perform its obligations hereunder and under the Loan Documents (as amended or modified hereby) to which it is a party. The execution, delivery and performance by each Obligor of this Amendment have been duly approved by all
necessary corporate action and no other corporate proceedings are necessary to consummate such transactions. 

(b)    Enforceability. This Amendment has been duly executed and delivered by each Obligor. This Amendment and each
Loan Document to which any Obligor is a party (as amended or modified hereby) is a legal, valid and binding obligation of such Obligor, enforceable against such Obligor in accordance with its terms, except as enforceability may be limited by
bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability, and is in full force and effect. 

(c)    Representations and Warranties. The representations and warranties contained in each Loan Document to which
any Obligor is a party (other than any such representations or warranties that, by their terms, are specifically made as of a date other than the date hereof) are correct on and as of the date hereof as though made on and as of the date hereof. 

(d)    Due Execution. The execution, delivery and performance of this Amendment are within the power of each
Obligor, have been duly authorized by all necessary corporate action, have received all necessary governmental approval, if any, and do not contravene any law or any contractual restrictions binding on any Obligor. 

(e)    No Default. No event has occurred and is continuing that constitutes an Event of Default. 

4.    Choice of Law. The validity of this Amendment, its construction, interpretation and enforcement, the rights
of the parties hereunder, shall be determined under, governed by, and construed in accordance with the internal laws of the State of New York, without giving effect to any conflict of law principles (but giving effect to Section 5-1401 of the New York General Obligation Law and Federal laws relating to national banks). The consent to forum and judicial reference provisions set forth in Section 14.15 of the Loan Agreement
are hereby incorporated in this Amendment by reference. 
 5.    Counterparts. This Amendment may be executed in
any number of counterparts and by different parties and separate counterparts, each of which when so executed and delivered, shall be deemed an original, and all of which, when taken together, shall constitute one and the same instrument. Delivery
of an executed counterpart of a signature page to this Amendment by telefacsimile or a substantially similar electronic transmission shall have the same force and effect as the delivery of an original executed counterpart of this Amendment. Any
party delivering an executed counterpart of this 

  
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Amendment by telefacsimile or a substantially similar electronic transmission shall also deliver an original executed counterpart, but the failure to do so shall not affect the validity,
enforceability or binding effect of such agreement. 
 6.    Reference to and Effect on the Loan Documents. 

(a)    Upon and after the effectiveness of this Amendment, each reference in the Loan Agreement or any other Loan Document
to this “Agreement”, “hereunder”, “herein”, “hereof”, “thereunder”, “therein”, “thereof”, or words of like import referring to the Loan Agreement or any other Loan Document shall
mean and refer to such agreement as supplemented by this Amendment. 
 (b)    Except as specifically amended above, the
Loan Agreement and all other Loan Documents are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed and shall constitute the legal, valid, binding and enforceable obligations of Obligors to Agent
and the Lenders. 
 (c)    The execution, delivery and effectiveness of this Amendment shall not, except as expressly
provided herein, operate as a waiver of any right, power or remedy of Agent or any Lender under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. 

(d)    To the extent that any terms and conditions in any of the Loan Documents shall contradict or be in conflict with
any terms or conditions of the Loan Agreement, after giving effect to this Amendment, such terms and conditions are hereby deemed modified or amended accordingly to reflect the terms and conditions of the Loan Agreement as modified or amended
hereby. 
 7.    Ratification. Each Obligor hereby restates, ratifies and reaffirms each and every term and
condition set forth in the Loan Agreement, as amended hereby, and the Loan Documents effective as of the date hereof. Subject to and without limiting the foregoing, all security interests, pledges, assignments and other Liens and Guarantees
previously granted by any Obligor pursuant to the Loan Documents are hereby reaffirmed, ratified, renewed and continued, and all such security interests, pledges, assignments and other Liens and Guarantees shall remain in full force and effect as
security for the Obligations on and after the date hereof. 
 8.    Estoppel. To induce Lenders to enter into
this Amendment and to continue to make advances to Borrowers under the Loan Agreement, each Obligor hereby acknowledges and agrees that, as of the date hereof, there exists no right of offset, defense, counterclaim or objection in favor of any
Obligor as against Agent or any Lender with respect to the Obligations. 
 9.    Integration. This Amendment,
together with the other Loan Documents, incorporates all negotiations of the parties hereto with respect to the subject matter hereof and is the final expression and agreement of the parties hereto with respect to the subject matter hereof. 

10.    Severability. In case any provision in this Amendment shall be invalid, illegal or unenforceable, such
provision shall be severable from the remainder of this Amendment and the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

[Remainder of Page Left Intentionally Blank] 

  
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 IN WITNESS WHEREOF, the parties have entered into this Amendment as of the date first above
written. 
  

			
	 OBLIGORS:
  

CALLAWAY GOLF COMPANY, 

 a Delaware
corporation

		
	By:	 	 /s/ Brian P. Lynch

	Name:	 	Brian P. Lynch
	Title:	 	Executive Vice President and Chief Financial Officer
	
	Address for Borrower Agent:
		
		 	 Callaway Golf Company
 2180 Rutherford Road

Carlsbad, CA 92008
 Attention: Brian P. Lynch

Telephone: (760) 804-4056

Email: Brian.Lynch@callawaygolf.com

	
	With a copy to:
		
		 	 Gibson, Dunn & Crutcher LLP
 200 Park
Avenue
 New York, NY 10166-0193
 Attention: Aaron F. Adams

Facsimile: (212) 351-2494

Email: AFAdams@gibsondunn.com

	
	 CALLAWAY GOLF SALES COMPANY, 

a California corporation

		
	By:	 	 /s/ Jennifer L. Thomas

	Name:	 	Jennifer L. Thomas
	Title:	 	Chief Financial Officer and Treasurer

 [Signature Page to Third Amendment to Fourth Amended and Restated Loan and Security Agreement] 

 
			
	CALLAWAY GOLF BALL OPERATIONS, INC., 
a Delaware corporation
		
	By:	 	 /s/ Jennifer L. Thomas

	Name:	 	Jennifer L. Thomas
	Title:	 	Treasurer
	
	OGIO INTERNATIONAL, INC., 
a Utah corporation
		
	By:	 	 /s/ Patrick S. Burke

	Name:	 	Patrick S. Burke
	Title:	 	Vice President and Treasurer
	
	TRAVISMATHEW, LLC, 
a California limited liability company
		
	By:	 	 /s/ Patrick S. Burke

	Name:	 	Patrick S. Burke
	Title:	 	Treasurer
	
	JACK WOLFSKIN NORTH AMERICA, INC., 
a Delaware corporation
		
	By:	 	 /s/ Brian P. Lynch

	Name:	 	Brian P. Lynch
	Title:	 	President and Chief Executive Officer
	
	CALLAWAY GOLF INTERACTIVE, INC. 
a Texas corporation
		
	By:	 	 /s/ Jennifer L. Thomas

	Name:	 	Jennifer L. Thomas
	Title:	 	Chief Financial Officer

 [Signature Page to Third Amendment to Fourth Amended and Restated Loan and Security Agreement] 

 
			
	CALLAWAY GOLF INTERNATIONAL SALES COMPANY, 
a California corporation
		
	By:	 	 /s/ Patrick S. Burke

	Name:	 	Patrick S. Burke
	Title:	 	President
	
	 CALLAWAY GOLF CANADA LTD.,
 a
Canada corporation

		
	By:	 	 /s/ Patrick S. Burke

	Name:	 	Patrick S. Burke
	Title:	 	Director
	
	 CALLAWAY GOLF EUROPE LTD.,
 a
company organized under the laws of England and Wales

		
	By:	 	 /s/ Patrick S. Burke

	Name:	 	Patrick S. Burke
	Title:	 	Director
		
	By:	 	 /s/ Neil Howie

	Name:	 	Neil Howie
	Title:	 	Director
	
	 CALLAWAY GOLF EUROPEAN HOLDING COMPANY LIMITED,

a company limited by shares incorporated under the laws of England and Wales

		
	By:	 	 /s/ Neil Howie

	Name:	 	Neil Howie
	Title:	 	Director
		
	By:	 	 /s/ Steven Gluyas

	Name:	 	Steven Gluyas
	Title:	 	Director

 [Signature Page to Third Amendment to Fourth Amended and Restated Loan and Security Agreement] 

 
			
	CALLAWAY GERMANY HOLDCO GMBH, 
a limited liability company (Gesellschaft mit beschränkter Haftung) under the laws of the Federal Republic of Germany
		
	By:	 	 /s/ Patrick S. Burke

	Name:	 	Patrick S. Burke
	Title:	 	Managing Director
		
	By:	 	 /s/ Melody Harris-Jensbach

	Name:	 	Melody Harris-Jensbach
	Title:	 	Managing Director
	
	JW STARGAZER HOLDING GMBH, 
a limited liability company (Gesellschaft mit beschränkter Haftung) under the laws of the Federal Republic of Germany
		
	By:	 	 /s/ Melody Harris-Jensbach

	Name:	 	Melody Harris-Jensbach
	Title:	 	Managing Director
		
	By:	 	 /s/ Ante Franicevic

	Name:	 	Ante Franicevic
	Title:	 	Managing Director
	
	SKYRAGER GMBH, 
a limited liability company (Gesellschaft mit beschränkter Haftung) under the laws of the Federal Republic of Germany
		
	By:	 	 /s/ Melody Harris-Jensbach

	Name:	 	Melody Harris-Jensbach
	Title:	 	Managing Director
		
	By:	 	 /s/ Ante Franicevic

	Name:	 	Ante Franicevic
	Title:	 	Managing Director

 [Signature Page to Third Amendment to Fourth Amended and Restated Loan and Security Agreement] 

 
			
	JACK WOLFSKIN AUSRÜSTUNG FÜR DRAUSSEN GMBH & CO. KGAA, 
a partnership limited by shares (Kommanditgesellschaft auf Aktien) under the laws of the Federal Republic of
Germany, acting through its managing partner, SKYRAGER GMBH
		
	By:	 	 /s/ Melody Harris Jensbach

	Name:	 	Melody Harris Jensbach
	Title:	 	Managing Director
		
	By:	 	 /s/ Ante Franicevic

	Name:	 	Ante Franicevic
	Title:	 	Managing Director
	
	JACK WOLFSKIN RETAIL GMBH, 
a limited liability company (Gesellschaft mit beschränkter Haftung) under the laws of the Federal Republic of Germany
		
	By:	 	 /s/ Melody Harris Jensbach

	Name:	 	Melody Harris Jensbach
	Title:	 	Managing Director
		
	By:	 	 /s/ Ante Franicevic

	Name:	 	Ante Franicevic
	Title:	 	Managing Director

 [Signature Page to Third Amendment to Fourth Amended and Restated Loan and Security Agreement] 

 
			
	AGENT AND LENDERS
	
	BANK OF AMERICA, N.A., as Agent
		
	By:	 	 /s/ James Fallahay

	Name:	 	James Fallahay
	Title:	 	Senior Vice President
	
	Address:
		
		 	 Bank of America, N.A.
 520 Newport Center Drive,
Ste. 900
 Newport Beach, CA 92660
 Attn: James Fallahay

E-Mail: james.fallahay@bofa.com

Telecopy: (415) 228-5278

	
	With a copy to:
		
		 	 Morgan, Lewis & Bockius LLP 
300 South Grand Avenue, 22nd Floor 
Los Angeles, California 90071-3132 
Attn: Marshall
Stoddard, Jr., Esq.
 E-Mail: mstoddard@morganlewis.com 
Telecopy: (213)
612-2501

 [Signature Page to Third Amendment to Fourth Amended and Restated Loan and Security Agreement] 

 
			
	 MUFG UNION BANK, N.A.,
 as a
U.S. Lender, a Canadian Lender,
 a U.K. Lender, and a German Lender

		
	By:	 	 /s/ Peter Ehlinger

	Name:	 	Peter Ehlinger
	Title:	 	Vice President
	
	Address: On File with Agent

 [Signature Page to Third Amendment to Fourth Amended and Restated Loan and Security Agreement] 

 
			
	 TRUIST BANK,
 as a U.S.
Lender, a Canadian Lender,
 a U.K. Lender, and a German Lender

		
	By:	 	 /s/ Mark Bohntinsky

	Name:	 	Mark Bohntinsky
	Title:	 	Managing Director
	
	Address: On File with Agent

 [Signature Page to Third Amendment to Fourth Amended and Restated Loan and Security Agreement] 

 
			
	 JPMORGAN CHASE BANK, N.A.,

as a U.S. Lender

		
	By:	 	 /s/ Anna C. Araya

	Name:	 	Anna C. Araya
	Title:	 	Executive Director
		
	Address:	 	
		
		 	 JPMorgan Chase Bank, N.A.,
 101 W. Broadway,
Suite 840
 San Diego, CA 92101
 Attn: Anna C. Araya

E-Mail: anna.c.araya@jpmorgan.com

Telecopy: (310) 975-1353

 [Signature Page to Third Amendment to Fourth Amended and Restated Loan and Security Agreement] 

 
			
	 JPMORGAN CHASE BANK, N.A.

LONDON BRANCH,
 as a U.K. Lender and a German
Lender

		
	By:	 	 /s/ Kennedy A. Capin

	Name:	 	Kennedy A. Capin
	Title:	 	Executive Director
		
	Address:	 	
		
		 	 JPMorgan Chase Bank, N.A., London
 Branch

25 Bank Street, 25th Floor
 London, UK E145JP

Attn: Kennedy A. Capin

E-Mail: kennedy.a.capin@jpmorgan.com

 [Signature Page to Third Amendment to Fourth Amended and Restated Loan and Security Agreement] 

 
			
	 JPMORGAN CHASE BANK, N.A.,

TORONTO BRANCH,
 as a Canadian Lender

		
	By:	 	 /s/ Michael Tam

	Name:	 	Michael Tam
	Title:	 	Authorized Officer
		
	Address:	 	
		
		 	 JPMorgan Chase Bank, N.A.,
 66 Wellington Street
West, 45th Floor
 Toronto, ON M5K 1E7
 Attn: Michael Tam

E-Mail: michael.n.tam@jpmorgan.com

 [Signature Page to Third Amendment to Fourth Amended and Restated Loan and Security Agreement]EX-10.2

 Exhibit 10.2 

Execution Version 

AMENDMENT NO. 1 TO CREDIT AGREEMENT 

AMENDMENT NO. 1 TO CREDIT AGREEMENT, dated as of April 28, 2020 (this “Amendment”), among Callaway Golf Company (the
“Borrower”), the Lenders party hereto (who constitute Required Lenders) and Bank of America, N.A., as administrative agent (the “Administrative Agent”). 

WHEREAS, reference is hereby made to the Credit Agreement dated as of January 4, 2019 (the “Credit Agreement”, and as
amended by this Amendment, the “Amended Credit Agreement”) among the Borrower, the Administrative Agent and the financial institutions party thereto. Capitalized terms used and not otherwise defined herein shall have the meanings
assigned to them in the Amended Credit Agreement; 
 WHEREAS, the Borrower has requested to amend the Credit Agreement on the terms set
forth herein; 
 WHEREAS, the Credit Agreement provides that this Amendment may become effective with the consent of the Borrower, the
Administrative Agent and Lenders constituting the Required Lenders; 
 WHEREAS, on the Amendment No. 1 Effective Date (as defined
below), each Lender (a “Consenting Lender”) that shall have delivered their signature to this Amendment No. 1 shall be deemed to have consented to the amendments and modifications to the Credit Agreement effected hereby; and

 NOW, THEREFORE, in consideration of the premises and covenants contained herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 

SECTION 1.    Amendments. Effective as of the Amendment No. 1 Effective Date, the Credit Agreement is
amended as follows: 
 (a)    Section 1.01 of the Credit Agreement is hereby amended by adding the
following parenthetical at the end of definition of “Restricted Payment”: 
 “(it being understood and agreed, for the
avoidance of doubt, none of the actions described in clauses (a) – (d) of the definition of Junior Debt Restricted Payment shall be considered a Restricted Payment with respect to an Equity Interest that also constitutes Junior Debt)” 

(b)    Section 7.02(d) of the Credit Agreement is hereby amended by deleting the following words in such
Section: 
 “arising in the ordinary course of business and”; 

(c)    Section 7.02(o) of the Credit Agreement is hereby amended by (i) replacing “among”
with “by” and (ii) deleting “and Banc of America Leasing & Capital, LLC”; 

 (d)    Section 7.02(p) of the Credit Agreement is hereby
amended by deleting the word “and” at the end of such Section and Section 7.02(q) is hereby amended by replacing the period “.” at the end of such section with a semi-colon “;”. Section 7.02 of the Credit
Agreement is hereby then amended by adding the following clauses as Section 7.02(r) and Section 7.02(s) thereof: 

“(r)    (x) Indebtedness in the form of senior unsecured convertible debt securities of the Borrower in an aggregate
principal amount not to exceed, together with any amounts incurred pursuant to Section 7.02(s), in the aggregate $275,000,000 and guarantees thereof by the Loan Parties; provided that such Indebtedness shall not mature earlier than the Latest
Maturity Date in effect at such time; and (y) any refinancings, refundings, renewals or extensions of Indebtedness permitted pursuant to Sections 7.02(r)(x); provided that the amount of such Indebtedness is not increased at the time of such
refinancing, refunding, renewal or extension except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing and by an amount equal to any existing
commitments unutilized thereunder; and 
 (s)     (x) any loan or other financial assistance received by any Borrower or
any of its Subsidiaries from any federal, state, local or foreign government program enacted in response to the COVID-19 outbreak in an aggregate principal amount not to exceed, together with any amounts
incurred pursuant to Section 7.02(r), in the aggregate $275,000,000; and (y) any refinancings, refundings, renewals or extensions of Indebtedness permitted pursuant to Sections 7.02(s)(x); provided that the amount of such Indebtedness is
not increased at the time of such refinancing, refunding, renewal or extension except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing and by
an amount equal to any existing commitments unutilized thereunder.”; 
 (e)    Section 7.06 of the
Credit Agreement is hereby amended by deleting “or issue or sell any Equity Interests or accept any capital contributions,” in the lead-in to such Section; and 

(f)    Section 8.01(e) of the Existing Credit Agreement is hereby amended by inserting the following
proviso at the end of clause (i) of such Section: 
 “; provided further that any conversion of, or trigger of conversion rights
with respect to, any convertible debt securities of the Borrower otherwise permitted to be incurred under this Agreement (whether or not such conversion is to be settled in cash or capital stock or a combination thereof) unless such conversion
results from any event of default thereunder or a “change of control”, “fundamental change” or similar occurrence thereunder, shall not constitute an Event of Default;”. 

SECTION 2.    Representations and Warranties. In order to induce the Lenders to consent to this Amendment,
the Borrower represents and warrants to each of the Lenders and the Administrative Agent that on and as of the date hereof both before and after giving effect to this Amendment (i) the representations and warranties of each Loan Party contained
in Article V of the Credit Agreement and each other Loan Document are true and correct in all material respects (except when qualified as to materiality or Material Adverse Effect, in which case they shall be true and correct in all respects) on and
as of the date hereof, except to the extent that such representations and warranties relate to an earlier date, in which case they shall be true and correct as of such earlier date in all material respects; (ii) no Default or Event of
Default exists as of the Amendment No. 1 Effective Date or will result from this Amendment; and (iii) the execution, delivery and performance by the Borrower of this 

  
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Amendment has been duly authorized by all necessary corporate action, and does not and will not contravene the terms of any of the Borrower’s Organization Documents; (b) conflict with
or result in any breach of or contravention of (x) any Contractual Obligation (including the ABL Loan Documents) to which the Borrower is a party or by which it is bound, the termination or adverse modification of which could reasonably be
expected to have a Material Adverse Effect or (y) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which the Borrower or its property is subject; or (c) result in the creation of any Lien (other
than Permitted Liens), or (d) violate any Applicable Law. 
 SECTION 3.    Effect of Amendment. On
and after the Amendment No. 1 Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in each
of the other Loan Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Amended Credit Agreement. The Amended Credit
Agreement and each of the other Loan Documents, as specifically amended by this Amendment, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed and shall not be impaired or limited by the
execution or effectiveness of this Amendment. The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as an amendment or waiver of any right, power or remedy of any Lender or any Agent
under any of the Loan Documents, nor constitute an amendment or waiver of any provision of any of the Loan Documents. 
 SECTION
4.    Conditions to Effectiveness. The effectiveness of Section 1 of this Amendment shall be subject solely to the satisfaction of the following conditions precedent (the first date upon
which such conditions precedent are satisfied, the “Amendment No. 1 Effective Date”): 

(a)    the Administrative Agent shall have received from the Borrower and Lenders constituting the Required Lenders either
(x) counterparts of this Amendment No. 1 signed on behalf of such parties or (y) written evidence reasonably satisfactory to the Administrative Agent (which may include delivery of an Electronic Record executed using Electronic
Signatures (each as defined below)) that such parties have signed counterparts of this Amendment No. 1; 
 (b) to the extent invoiced
at least three (3) Business Days prior to the date hereof and payable under and in accordance with Section 10.04 of the Credit Agreement, the Borrower shall have paid the reasonable out of pocket expenses of the Administrative Agent in
connection with this Amendment (including the reasonable fees and disbursements of Cahill Gordon & Reindel LLP, counsel for the Administrative Agent) incurred in connection with this Amendment; 

(c) the Borrower shall have delivered to the Administrative Agent a certificate from a Responsible Officer of the Borrower dated as of the
Amendment No. 1 Effective Date, to the effect set forth in Sections 2(i) and 2(ii) hereof; and 
 (d) the Administrative Agent shall
have received, for the account of the Consenting Lenders, consent fees in an amount equal to 0.125% of their Term Loans; this fee will be fully earned and due and payable on the Amendment No. 1 Effective Date. 

SECTION 5.    Acknowledgement and Affirmation. 

(a)    The Borrower hereby expressly acknowledges the terms of this Amendment and affirms or reaffirms, as applicable, as
of the date hereof the covenants and agreements contained in each Loan Document to which it is a party, including, in each case, such covenants and agreements as in effect immediately after giving effect to this Amendment and the transactions
contemplated hereby. 

  
 -3- 

 (b)    The Borrower, by its signature below, hereby affirms and confirms
(1) its obligations under each of the Loan Documents to which it is a party, and (2) the pledge of and/or grant of a security interest in its assets as Collateral to secure such Obligations, all as provided in the Collateral Documents as
originally executed, and acknowledges and agrees that such guarantee, pledge and/or grant continue in full force and effect in respect of, and to secure, such Obligations under the Credit Agreement and the other Loan Documents. 

SECTION 6.    Counterparts; eSignatures. 

(a)    This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of
which shall constitute an original, but all of which, when taken together, shall constitute a single contract. Delivery of an executed counterpart of this Amendment by facsimile or other electronic imaging means (i.e., “pdf” or
“tif”) shall be effective as delivery of a manually executed counterpart of this Amendment. 
 (b)    This
Amendment and any document, amendment, approval, consent, information, notice, certificate, request, statement, disclosure or authorization related to this Amendment (each a “Communication”), including Communications required to be
in writing, may be in the form of an Electronic Record (as defined below) and may be executed using Electronic Signatures (as defined below), including, without limitation, facsimile and/or .pdf. The Borrower agrees that any Electronic Signature
(including, without limitation, facsimile or .pdf) on or associated with any Communication shall be valid and binding on the Borrower to the same extent as a manual, original signature, and that any Communication entered into by Electronic
Signature, will constitute the legal, valid and binding obligation of the Borrower enforceable against the Borrower in accordance with the terms thereof to the same extent as if a manually executed original signature was delivered to the
Administrative Agent.    Any Communication may be executed in as many counterparts as necessary or convenient, including both paper and electronic counterparts, but all such counterparts are one and the same Communication. For
the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the Administrative Agent and each of the Lenders of a manually signed paper Communication which has been converted into electronic
form (such as scanned into PDF format), or an electronically signed Communication converted into another format, for transmission, delivery and/or retention. The Administrative Agent and each of the Lenders may, at its option, create one or more
copies of any Communication in the form of an imaged Electronic Record (“Electronic Copy”), which shall be deemed created in the ordinary course of such Person’s business, and destroy the original paper document. All
Communications in the form of an Electronic Record, including an Electronic Copy, shall be considered an original for all purposes, and shall have the same legal effect, validity and enforceability as a paper record. Notwithstanding anything
contained herein to the contrary, the Administrative Agent is under no obligation to accept an Electronic Signature in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it; provided,
further, without limiting the foregoing, (a) to the extent the Administrative Agent has agreed to accept such Electronic Signature, the Administrative Agent and the Lenders shall be entitled to rely on any such Electronic Signature purportedly
given by or on behalf of the Borrower without further verification and (b) upon the request of the Administrative Agent any Electronic Signature shall be promptly followed by a manually executed, original counterpart. For purposes hereof,
“Electronic Record” and “Electronic Signature” shall have the meanings assigned to them, respectively, by 15 USC §7006, as it may be amended from time to time. 

SECTION 7.    Applicable Law. THIS AMENDMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION
(WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AMENDMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

[signature pages follow] 

  
 -4- 

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

			
	 CALLAWAY GOLF COMPANY,
 as the
Borrower

		
	By:	 	 /s/ Brian P. Lynch

	Name:	 	Brian P. Lynch
	Title:	 	Executive Vice President and Chief Financial Officer

  
 [Callaway –
Signature Page to Amendment No. 1] 

 
			
	BANK OF AMERICA, N.A.,
	as Administrative Agent
		
	By:	 	 /s/ Jeremy L. Webb

	Name:	 	Jeremy L. Webb
	Title:	 	AVP

  
 [Callaway –
Signature Page to Amendment No. 1] 

 [Consenting Lender signatures on file with Administrative Agent] 

  
 [Callaway –
Signature Page to Amendment No. 1]

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