Document:

EX-10.1

 Exhibit 10.1 

WAIVER AGREEMENT 

This waiver agreement (this “Agreement”) is entered into, and shall be effective, as of September 6, 2019, by and
among (i) Ceridian HCM Holding Inc., a Delaware corporation (the “Company”), (ii) Thomas H. Lee Equity Fund VI, L.P., a Delaware limited partnership, Thomas H. Lee Parallel Fund VI, L.P., a Delaware limited partnership,
Thomas H. Lee Parallel (DT) Fund VI, L.P., a Delaware limited partnership, Great-West Investors, L.P., a Delaware limited partnership, Putnam Investments Employees’ Securities Company III, LLC, a Delaware limited liability company, THL
Coinvestment Partners, L.P., a Delaware limited partnership, THL Operating Partners, L.P., a Delaware limited partnership, THL Equity Fund VI Investors (Ceridian), L.P., a Delaware limited partnership, THL Equity Fund VI Investors (Ceridian) II,
L.P., a Delaware limited partnership, THL Equity Fund VI Investors (Ceridian) III, LLC, a Delaware limited liability company, THL Equity Fund VI Investors (Ceridian) IV, LLC, a Delaware limited liability company, THL Equity Fund VI Investors
(Ceridian) V, LLC, a Delaware limited liability company (together with the THL Affiliates (as defined below), “THL”), and (iii) Cannae Holdings, LLC, a Delaware limited liability company (together with the Cannae
Affiliates (as defined below), “Cannae”). THL and Cannae are collectively referred to herein as the “Sponsor Stockholders”. Reference is hereby made to that certain Voting Agreement of the Company,
dated as of April 30, 2019 (the “Voting Agreement”). Capitalized terms used but not defined herein shall have the meanings set forth in the Voting Agreement. 

WHEREAS, the Company and the Sponsor Stockholders are parties to the Voting Agreement; 

WHEREAS, pursuant to Section 2.01(f) of the Voting Agreement, (x) for so long as a Sponsor Stockholder
holds at least twenty percent (20%) but less than thirty percent (30%) in voting power of all the outstanding Voting Securities, such Sponsor Stockholder is entitled to designate a total of two (2) Sponsor Director Designees, and (y) for
so long as a Sponsor Stockholder holds at least ten percent (10%) but less than twenty percent (20%) in voting power of all the outstanding Voting Securities, such Sponsor Stockholder is entitled to designate one (1) Sponsor Director Designee;

 WHEREAS, if the number of Sponsor Director Designees that a Sponsor Stockholder has the right to individually designate to the
Board is decreased, then the corresponding number of Sponsor Director Designees of such Sponsor Shareholder shall resign from the Board pursuant to Section 2.01(g)(ii) of the Voting Agreement, and the Company and the
Sponsor Stockholders shall be promptly required to take any and all actions necessary or appropriate to cooperate in ensuring the removal of such Sponsor Director Designee; 

WHEREAS, as of the date hereof each of the Sponsor Stockholders holds in excess of twenty percent (20%) in voting power of all the
outstanding Voting Securities; 
 WHEREAS, the Sponsor Stockholders are proposing to effect a corporate transaction which will result
in each Sponsor Stockholders holding less than twenty percent (20%) in voting power of all the outstanding Voting Securities (the “Transaction”); 

 WHEREAS, the Company and each Sponsor Stockholder (in respect of the other Sponsor
Stockholder) wish to release each Sponsor Stockholder from its obligations under, and waive their respective rights pursuant to, Section 2.01(g)(ii) of the Voting Agreement, solely to the extent arising from and in
connection with the Transaction; 
 WHEREAS, the Company and each Sponsor Stockholder intend that no Sponsor Director Designee be
required to resign, solely to the extent that but for this Agreement such requirement would arise from and in connection with the Transaction; and 

WHEREAS, Section 4.02 of the Voting Agreement provides that the parties to the Voting Agreement can waive any
of the provisions thereof by explicitly setting forth the waiver in writing and having such waiver executed by the party so waiving. 

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 
 1. Waiver. 

(a) The (i) Company and each Sponsor Stockholder (in respect of the other Sponsor Stockholder) hereby release each Sponsor Stockholder,
from its obligations under, and waives their respective rights pursuant to, Section 2.01(g)(ii) of the Voting Agreement, and (ii) each Sponsor Stockholder hereby releases the Company from its obligations under, and
waives their respective rights pursuant to, Section 2.01(g)(ii) of the Voting Agreement, solely to the extent they arise from and in connection with the Transaction (collectively, the “Waiver”). 

(b) The Company and each Sponsor Stockholder hereby agree that (i) no Sponsor Director Designee shall be required to resign from their
position as a director on the Board of the Company, and (ii) no Sponsor Director Designee shall have any liability to the Company or any Sponsor Stockholder as a result of the failure of such person or their Sponsor Stockholder to take any
steps that, in the absence of the Waiver, the Sponsor Director Designee or the corresponding Sponsor Stockholder would otherwise be required to take in connection with Section 2.01(g) of the Voting Agreement, in each case,
solely as a result of and limited to the Transaction; provided, however, that following the Transaction, each of Thomas M. Hagerty and Ronald F. Clarke shall cease to be a Sponsor Director Designee, and shall instead continue to serve
on the Board in the capacity of an ordinary member of the Board. Each Sponsor Director Designee is intended to be an express third party beneficiary of Section 1(a) and Section 1(b) of this
Agreement. 
 (c) All other provisions of the Voting Agreement (including, for the avoidance of doubt and without limitation,
Section 2.01(f)), and all rights thereunder, that are not specifically waived pursuant to the Waiver, shall remain unchanged and in full force and effect. The Waiver shall be deemed a contract made under the domestic laws
of the State of Delaware. The Waiver shall be binding upon and inure to the benefit of the Company, the Stockholder Sponsors and their respective successors and assigns. For the avoidance of doubt, following the Transaction, each Sponsor Shareholder
shall continue to have the right to designate a Sponsor Director Designee in accordance with, and subject to the terms and limitations of, Section 2.01(f) of the Voting Agreement. 

 2. Further Assurances. The parties hereto will sign such further documents,
cause such meetings to be held, resolutions passed, exercise their votes and do and perform and cause to be done such further acts and things necessary, proper or advisable in order to give full effect to this Agreement and every provision hereof.

 3. Governing Law. This Agreement shall be governed by and construed in accordance with, the Laws of the State of Delaware
without giving effect to any choice of Law or conflict of Law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the Law of any jurisdiction other than the State of Delaware. 

4. Jurisdiction; WAIVER OF JURY TRIAL. In any judicial proceeding involving any dispute, controversy or claim arising out of or
relating to this Agreement, each of the parties hereto unconditionally accepts the non-exclusive jurisdiction and venue of the Court of Chancery located in the State of Delaware or the United States District
Court for the District of Delaware, and the appellate courts to which orders and judgments thereof may be appealed. In any such judicial proceeding, the parties hereto agree that in addition to any method for the service of process permitted or
required by such courts, to the fullest extent permitted by Law, service of process may be made by delivery provided pursuant to the directions in Section 4.01. EACH OF THE PARTIES HERETO HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING
INVOLVING ANY DISPUTE, CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR RELATING TO THE COMPANY OR ITS OPERATIONS. 
 5.
Counterparts. This Agreement and any amendment hereto may be signed in any number of separate counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one Agreement (or amendment, as
applicable). Any signature page delivered electronically or by facsimile (including without limitation transmission by Portable Document Format or other fixed image form) shall be binding to the same extent as an original signature page. 

[Signature Pages Follow] 

 IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, have duly
executed this Agreement as of the date first written above. 
  

					
	COMPANY:
	
	CERIDIAN HCM HOLDING INC.

 
					
		
	By:	 	/s/ Scott A. Kitching
		 	Name: Scott A. Kitching
		 	Title: Executive Vice President, General Counsel and Assistant Secretary

 [SIGNATURE PAGE TO WAIVER AGREEMENT] 

 
			
	THL:
	
	THOMAS H. LEE EQUITY FUND VI, L.P.
	
	By: THL Equity Advisors VI, LLC, its general partner
	By: Thomas H. Lee Partners, L.P., its sole member
	By: Thomas H. Lee Advisors, LLC, its general partner
	By: THL Holdco, LLC, its managing member

 
			
		
	By:	 	/s/ Charles P. Holden
		 	Name: Charles P. Holden
		 	Title: Managing Director

  

			
	THOMAS H. LEE PARALLEL FUND VI, L.P.
	
	By: THL Equity Advisors VI, LLC, its general partner
	By: Thomas H. Lee Partners, L.P., its sole member
	By: Thomas H. Lee Advisors, LLC, its general partner
	By: THL Holdco, LLC, its managing member

 
			
		
	By:	 	/s/ Charles P. Holden
		 	Name: Charles P. Holden
		 	Title: Managing Director

  

			
	THOMAS H. LEE PARALLEL (DT) FUND VI, L.P.
	
	By: THL Equity Advisors VI, LLC, its general partner
	By: Thomas H. Lee Partners, L.P., its sole member
	By: Thomas H. Lee Advisors, LLC, its general partner
	By: THL Holdco, LLC, its managing member

 
			
		
	By:	 	/s/ Charles P. Holden
		 	Name: Charles P. Holden
		 	Title: Managing Director

 [SIGNATURE PAGE TO WAIVER AGREEMENT] 

 
			
	GREAT-WEST INVESTORS, LP
	
	By: Thomas H. Lee Advisors, LLC, its attorney-in-fact
	By: THL Holdco, LLC, its managing member
		
	By:	 	 /s/ Charles P. Holden

		 	Name: Charles P. Holden
		 	Title: Managing Director

  

			
	PUTNAM INVESTMENTS EMPLOYEES’ SECURITIES COMPANY III LLC
	
	 By:  Putnam Investment Holdings, LLC, its managing member

	By: Putnam Investments, LLC, its managing member
	By: Thomas H. Lee Advisors, LLC, its attorney-in-fact
	By: THL Holdco, LLC, its managing member
		
	By:	 	 /s/ Charles P. Holden

		 	Name: Charles P. Holden
		 	Title: Managing Director

  

			
	THL COINVESTMENT PARTNERS, L.P.
	
	By: Thomas H. Lee Partners, L.P., its general partner
	By: Thomas H. Lee Advisors, LLC, its general partner
	By: THL Holdco, LLC, its managing member
		
	By:	 	 /s/ Charles P. Holden

		 	Name: Charles P. Holden
		 	Title: Managing Director

 [SIGNATURE PAGE TO WAIVER AGREEMENT] 

 
			
	THL OPERATING PARTNERS, L.P.
	
	By: Thomas H. Lee Partners, L.P., its general partner
	By: Thomas H. Lee Advisors, LLC, its general partner
	By: THL Holdco, LLC, its managing member
		
	By:	 	/s/ Charles P. Holden
		 	Name: Charles P. Holden
		 	Title: Managing Director
	
	THL EQUITY FUND VI INVESTORS (CERIDIAN), L.P.
	
	By: THL Equity Advisors VI, LLC, its general partner
	By: Thomas H. Lee Partners, L.P., its sole member
	By: Thomas H. Lee Advisors, LLC, its general partner
	By: THL Holdco, LLC, its managing member
		
	By:	 	/s/ Charles P. Holden
		 	Name: Charles P. Holden
		 	Title: Managing Director
	
	THL EQUITY FUND VI INVESTORS (CERIDIAN) II, L.P.
	
	By: THL Equity Advisors VI, LLC, its general partner
	By: Thomas H. Lee Partners, L.P., its sole member
	By: Thomas H. Lee Advisors, LLC, its general partner
	By: THL Holdco, LLC, its managing member
		
	By:	 	 /s/ Charles P. Holden

		 	Name: Charles P. Holden
		 	Title: Managing Director

 [SIGNATURE PAGE TO WAIVER
AGREEMENT] 

 
			
	THL EQUITY FUND VI INVESTORS (CERIDIAN) III, LLC
	
	 By: THL Equity Advisors VI, LLC, its manager

	 By: Thomas H. Lee Partners, L.P., its sole member

	By: Thomas H. Lee Advisors, LLC, its general partner
	By: THL Holdco, LLC, its managing member
		
	By:	 	/s/ Charles P. Holden
		 	Name: Charles P. Holden
		 	Title: Managing Director
	
	THL EQUITY FUND VI INVESTORS (CERIDIAN) IV, LLC
	
	By: THL Equity Advisors VI, LLC, its manager
	By: Thomas H. Lee Partners, L.P., its sole member
	By: Thomas H. Lee Advisors, LLC, its general partner
	By: THL Holdco, LLC, its managing member
		
	By:	 	/s/ Charles P. Holden
		 	Name: Charles P. Holden
		 	Title: Managing Director
	
	THL EQUITY FUND VI INVESTORS (CERIDIAN) V, LLC
	
	By: THL Equity Advisors VI, LLC, its manager
	By: Thomas H. Lee Partners, L.P., its sole member
	By: Thomas H. Lee Advisors, LLC, its general partner
	By: THL Holdco, LLC, its managing member
		
	By:	 	/s/ Charles P. Holden
		 	Name: Charles P. Holden
		 	Title: Managing Director

 [SIGNATURE PAGE TO WAIVER AGREEMENT] 

 
			
	THL EQUITY FUND VI INVESTORS (CERIDIAN) VI, L.P.
	
	By: THL Equity Advisors VI, LLC, its general partner
	By: Thomas H. Lee Partners, L.P., its sole member
	By: Thomas H. Lee Advisors, LLC, its general partner
	By: THL Holdco, LLC, its managing member
		
	By:	 	/s/ Charles P. Holden
		 	Name: Charles P. Holden
		 	Title: Managing Director

 [SIGNATURE PAGE TO WAIVER AGREEMENT] 

 
			
	CANNAE:
	
	CANNAE HOLDINGS, LLC
		
	By:	 	/s/ Richard L. Cox
		 	Name: Richard L. Cox
		 	Title: Managing Director and Chief Financial Officer

 [SIGNATURE PAGE TO WAIVER AGREEMENT]EX-10.1

 Exhibit 10.1 

ORIGINAL 
 RELEASE OF
CLAIMS – GENERAL RELEASE 
 This Release of Claims – General Release (“Release”) is effective as of the date
provided for in Section 13 below, and is made by and between Richard Harrison Arnett (“Employee”) and Callaway Golf Company, a Delaware corporation (the “Company”), pursuant to the Officer Employment
Agreement entered into as of June 18, 2012 between the parties (the “Agreement”). This Release is entered into in light of the fact that Employee’s employment with the Company will end on August 30, 2019 in accordance with Section
7(f) of the Agreement (mutual agreement), and Employee will be eligible to receive agreed-upon severance. 

1.    Separation Payments. In exchange for Employee’s performance in accordance with the terms of this
Release, the Company agrees to provide the following (collectively the “Separation Payments”): 
  

	 	(a)	 Employee may keep the MacBook Pro Laptop provided to him for use during his employment, as well as the golf
clubs provided to Employee through the Officer Club Program. All Company information shall be wiped from the laptop prior to release to Employee. In addition, the Company cell phone number used by Employee while employed at the Company will be
transferred to Employee following his final date of employment. If a cell phone (Company or personal) utilized by Employee has any Company information on it, all Company information shall be wiped from the phone on the final date of employment.
These items are referred to herein collectively as the “Release Payment”. 

  

	 	(b)	 Annual incentive payment for calendar year 2019, pro-rated for the
period January 1, 2019 through August 30, 2019, at the incentive target percentage rate of 55% of Employee’s 2019 annual base salary, should an annual incentive payment be made to all other then-current officers of the Company. Actual incentive
payout will be calculated and adjusted based upon final calendar year corporate financial results relative to pre-determined performance metrics and associated payout modifiers at each level of performance,
and may result in the final amount being lower or higher than the stated target amount. Payment, if any, shall be made when all other incentive payments are made, generally, in the first quarter of 2020 (“Annual Incentive
Payment”). 

  

	 	(c)	 Vesting of PSU’s granted to Employee on February 6, 2017 (Grant No. 02061703), which are scheduled to vest
on February 6, 2020 (“Vested PSU’s”). The payment of any performance-based long-term incentive compensation awards shall be paid after the completion of the relevant performance period and the
evaluation of whether, and the degree to which, the performance criteria have been met. 

 Except as otherwise expressly
provided in Sections 4 and 5, the parties agree that each of their mutual promises and obligations under this Release shall suffice as full and adequate consideration for their obligations under this Release. 

 2.    Employee’s Commitments. 

(a)    Release. In exchange for the Release Payment, Employee agrees to the following: 

(i)    Employee hereby irrevocably and unconditionally releases and forever discharges the Company, its predecessors,
successors, subsidiaries, affiliates and benefit plans, and each and every past, present and future officer, director, employee, representative and attorney of the Company, its, predecessors, successors, subsidiaries, affiliates and benefit plans,
and their successors and assigns (collectively referred to herein as the “Releasees”), from any, every, and all charges, complaints, claims, causes of action, and lawsuits of any kind whatsoever, including, to the extent permitted under
the law, all claims which Employee has against the Releasees, or any of them, arising from or in any way related to circumstances or events arising out of Employee’s employment by the Company, including, but not limited to, harassment,
discrimination, retaliation, failure to progressively discipline Employee, termination of employment, violation of state and/or federal wage and hour laws, violations of any notice requirement, violations of the California Labor Code, or breach of
any employment agreement, together with any and all other claims Employee now has or may have against the Releasees through and including Employee’s date of termination from the Company, provided, however, that Employee does not waive or
release the right to enforce the Agreement, the right to enforce any stock option, restricted stock, retirement, welfare or other benefit plan, agreement or arrangement, or any rights to indemnification or reimbursement, whether pursuant to charter
and by-laws of the Company or its affiliates, applicable state laws, D&O insurance policies, or otherwise. EMPLOYEE ALSO SPECIFICALLY AGREES AND ACKNOWLEDGES THAT EMPLOYEE IS WAIVING ANY RIGHT TO RECOVERY AGAINST RELEASEES BASED ON STATE OR
FEDERAL AGE, SEX, PREGNANCY, RACE, COLOR, NATIONAL ORIGIN, MARITAL STATUS, RELIGION, VETERAN STATUS, DISABILITY, SEXUAL ORIENTATION, MEDICAL CONDITION OR OTHER ANTI-DISCRIMINATION LAWS, INCLUDING, WITHOUT LIMITATION, TITLE VII, THE AMERICANS WITH
DISABILITIES ACT, THE CALIFORNIA FAIR HOUSING AND EMPLOYMENT ACT, THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, THE FAMILY MEDICAL RIGHTS ACT, THE CALIFORNIA FAMILY RIGHTS ACT OR BASED ON THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OR THE WORKER
ADJUSTMENT AND RETRAINING NOTIFICATION ACT, ALL AS AMENDED, WHETHER SUCH CLAIM BE BASED UPON AN ACTION FILED BY EMPLOYEE OR A GOVERNMENTAL AGENCY. 

(ii)    Employee understands that rights or claims under the Age Discrimination in Employment Act of 1967 (29 U.S.C.
§ 621, et seq.) that may arise after the date this Release is executed are not waived. Nothing in this Release shall be construed to prohibit Employee from exercising Employee’s right to file a charge with the Equal
Employment Opportunity Commission or from participating in any investigation or proceeding conducted by the Equal Employment Opportunity Commission. 

(iii)    Employee understands and agrees that if Employee files such a charge, the Company has the right to raise the
defense that the charge is barred by this Release. 
 (b)    Section 1542 Waiver. Employee also waives all
rights under Section 1542 of the Civil Code of the State of California. Section 1542 provides as follows: 
 A
general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her
settlement with the debtor or released party. 
 (c)    Covenant Not to Contest Restrictions. Employee agrees
that the restrictions contained in Sections 3 and 4 below are reasonable and necessary for the protection of the Company’s legitimate business interests, waives and releases any and all claims to the contrary, and further agrees not to sue or
pursue any legal action or defense contesting the enforceability of the restrictions contained in Sections 3 and 4 as written. 

(d)    Representation and Warranty. Employee represents and warrants that, as of the date of execution of this
Release, he is not aware of any known claims against the Company. 

  
 2 

Richard Harrison Arnett 

 3.    Non-Interference /
Trade Secret Protection. In exchange for receipt of the Annual Incentive Payment from the Company, Employee agrees as follows: 

(a)    Other Employees. For the period August 30, 2019 through December 31, 2020, Employee shall not cause or
induce, or attempt to cause or induce, any person now or hereafter employed by the Company or any of its affiliates to terminate such employment. Any exceptions to this Section 3(a) must be approved in writing, on a case-by-case basis, in advance by the Company’s Chief Executive Officer, in his sole discretion. Any consent so provided shall not be deemed a continuing consent for
future approvals or a waiver of any other provision of this Release. 
 (b)    Suppliers. For the period August
30, 2019 through December 31, 2020, Employee shall not cause or induce, or attempt to cause or induce, any person or firm supplying goods, services or credit to the Company or any of its affiliates to diminish or cease furnishing such goods,
services or credit. 
 (c)    Non-Disparagement. For the period August
30, 2019 through December 31, 2020, Employee shall not in any way undertake to harm, injure or disparage the Company, its officers, directors, employees, agents, affiliates, vendors, products, or customers, or their successors, or in any other way
exhibit an attitude of hostility toward them. 
 (d)    Trade Secrets / Confidentiality. Employee agrees
to comply with his ongoing obligations to maintain the confidentiality of the Company’s trade secrets and proprietary information, as further described in the Employee Invention and Confidentiality Agreement signed at the outset of employment.

 (e)    Material Breach. Employee understands that Employee’s breach of any of the sub-sections listed above shall be a material breach of this Release and may result in the immediate termination of the Company’s obligation to pay the Annual Incentive Payment, in addition to and not in lieu
of injunctive relief to enforce the Release provision breached. 
 4.    Conditions of Vested PSU’s. The
Company’s agreement to provide the Vested PSU’s and Employee’s agreement to abide by the terms of this Section 4, are mutually dependent items of consideration. Employee shall receive the Vested PSU’s only so long as
Employee chooses not to engage (whether as an owner, employee, agent, consultant, or in any other capacity) in any business or venture that competes with the business of the Company or any of its affiliates during the period August 30, 2019 through
December 31, 2020. For purposes of this Release, a competing business shall mean any business or venture engaged in manufacturing, designing, selling, licensing, marketing, promoting, distributing and/or otherwise offering (i) golf products and
services, including but not limited to golf equipment, golf clubs, putters, golf balls, golf accessories, golf bags, golf components, golf training aids, golf customization tools, golf experiences, golf media and production services, etc.; (ii) golf
apparel and outdoor apparel, including but not limited to clothing, headwear, footwear, gloves, accessories, etc.; (iii) travel gear, including but not limited to luggage, backpacks, travel accessories, etc.; and/or (iv) outdoor lifestyle
products, including but not limited to camping and hiking equipment, etc. Notwithstanding the foregoing, a competing business shall not include a business or venture whose sole business is the production and selling of fitness/exercise apparel
designed for non-golf workouts. If Employee chooses to engage in activities that do not comply with this limitation during the aforementioned period, then the Company shall have no obligation to provide the
Vested PSU’s to Employee. If the vesting of the Vested PSU’s has already occurred at the time Employee chooses to engage with a competitor, then this shall be deemed a failure of the consideration provided by Employee for the Vested
PSU’s and the Company shall be entitled to recoupment of the value of the Vested PSU’s from Employee. 

  
 3 

Richard Harrison Arnett 

 5.    Consequences of a Validity Challenge. In the event that the
restrictions in Section 4 are challenged in a legal proceeding by Employee and found unenforceable or invalid in any respect deemed material by the Company, for any reason, then this shall be deemed a failure of the mutually dependent items of
consideration and the Company’s obligation to provide the Vested PSU’s will be void and rescinded. In such event, the Company shall be entitled to recoupment of the value of the Vested PSU’s provided to Employee in exchange for the
unenforceable obligation, if any has been provided to Employee prior to the adverse finding of unenforceability or invalidity. The obligations and duties of Section 4 shall be separate and distinct from the other obligations and duties set
forth in this Release, and any finding of invalidity or unenforceability of Section 4 shall have no effect upon the validity or invalidity of the other provisions of this Release. 

6.    Cooperation Post-Termination. Employee agrees to timely cooperate with requests for information and
assistance made by the Company with respect to any issues or disputes that may arise regarding business that occurred during Employee’s tenure with the Company, including, but not limited to, any pending claims or litigations. 

7.    Company-Owned Property. Employee affirms that Employee has: 

(a)    returned to the Company all Company-owned property, including, but not limited to, the Employee Handbook and other
written policies and manuals, keys, credit cards, and badge (with the exception of the property described in Section 1(a) above); 

(b)    returned to the Company all proprietary property, including all paper or electronic files containing the
Company’s proprietary information, confidential business information, or trade secrets. Employee understands this obligation extends to electronic files on a home computer, personal email, USB flash drive, hard drive, or on a CD Rom; and 

(c)    affirmatively checked Employee’s home computer(s) and mobile devices and confirms they contain no files or
information proprietary to the Company. 
 As a result of the above efforts, Employee states with certainty that Employee does not now
possess any Company-owned property, or paper or electronic files containing Company proprietary information, confidential business information, or trade secrets. Should Employee later locate any such equipment or information, Employee agrees:
(i) to immediately contact the Company’s General Counsel for instructions on returning it to the Company, and (ii) not to share it with anyone, including competitors of the Company. 

8.    Governing Law. All questions with respect to the construction of this Release, and the rights and liabilities
of the parties hereto, shall be governed by the laws of Delaware; and any action (including arbitration) to enforce or construe this Release shall be brought in Kent County. The undersigned agree that the State of Delaware shall have personal
jurisdiction over each of them. 
 9.    Binding Effect. This Release shall be binding upon and inure to the
benefit of the parties hereto and their respective heirs, personal representatives, successors and assigns. 

10.    Irrevocable Arbitration of Disputes. 

(a)    Employee and the Company agree that any dispute, controversy or claim arising hereunder or in any way related to
this Release, its interpretation, enforceability, or applicability, or relating to Employee’s employment, or the termination thereof, 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 based on any purported breach of duty arising in contract or tort, including breach of contract,

  
 4 

Richard Harrison Arnett 

 
breach of the covenant of good faith and fair dealing, violation of public policy, violation of any statutory, contractual or common law rights, but excluding workers’ compensation,
unemployment matters, or any matter falling within the jurisdiction of the state Labor Commissioner. 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)    Employee and the Company agree that the arbitrator shall have the authority to issue provisional relief.
Employee and the Company further agree that each has the right 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 administered by JAMS
pursuant to its Employment Arbitration Rules and Procedures. The arbitration shall be conducted in Wilmington, Delaware, by a former or retired judge or attorney with at least 10 years’ experience in employment-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 will be selected from JAMS pursuant to its Employment Arbitration Rules and Procedures. 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. 

(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 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 provisions of this Section shall survive the termination of the Release and shall be binding upon the
parties. 
 THE PARTIES HAVE READ SECTION 10 AND IRREVOCABLY AGREE TO ARBITRATE ANY DISPUTE IDENTIFIED ABOVE. 

 

			
	HA (Employee)	  	BL (Company)

 11.    Advice of Counsel. The Company hereby advises Employee in writing to discuss
this Release with an attorney before executing it. Employee further acknowledges that the Company will provide Employee twenty-one (21) days within which to review and consider this Release before signing

  
 5 

Richard Harrison Arnett 

 
it. Should Employee decide not to use the full twenty-one (21) days, then Employee knowingly and voluntarily waives any claims that he was not in fact
given that period of time or did not use the entire twenty-one (21) days to consult an attorney and/or consider this Release. 

12.    Right to Revoke. The parties acknowledge and agree that Employee may revoke this Release for up to seven
(7) calendar days following Employee’s execution of this Release and that it shall not become effective or enforceable until the revocation period has expired. The parties further acknowledge and agree that such revocation must be in
writing addressed to “General Counsel, Callaway Golf Company, 2180 Rutherford Road, Carlsbad, California 92008,” and received no later than midnight on the seventh day following the execution of this Release by Employee. If Employee
revokes this Release under this section, it shall not be effective or enforceable, and Employee will not receive the Separation Payments described in Section 1 above. 

13.    Effective Date. If Employee does not revoke this Release in the timeframe specified in Section 12
above, the Release shall become effective at 12:01 a.m. on the eighth day after it is fully executed by the parties. 

14.    Counterparts / Electronic Signature / Severability. This Release may be executed in one or
more counterparts which, when fully executed by the parties, shall be treated as one agreement. A facsimile or electronic signature shall be deemed to have the same force and effect as an original signature. In the event any provision or provisions
of this Release is or are held invalid, the remaining provisions of this Release shall not be affected. 

15.    Resignation of Positions. Effective August 30, 2019, Employee resigns from all positions held with the
Company, its affiliates and subsidiaries, including, but not limited to, officer and Board of Director positions. 
 IN WITNESS WHEREOF, the
parties hereto have executed this Release on the dates set forth below, to be effective as of the date set forth in Section 13 above. 
  

											
	Employee	 		 	Company	 	  
 

		 		 		 	  
 Callaway Golf Company,

a Delaware corporation

	 /s/ Richard Harrison Arnett
	 		 	By:	 	  
 /s/ Brian P. Lynch

	Richard Harrison Arnett	 		 		 	Brian P. Lynch, Executive Vice President,
Chief Financial Officer
	Dated:	 	 8/30/19
	 		 	Dated:	 	  
 August 30, 2019

		 		 		 		 	

  
 6 

Richard Harrison Arnett

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