Document:

Assignment and Assumption Agreement

 Exhibit 10.50 
  
 ASSIGNMENT AND ASSUMPTION AGREEMENT 
  
 This Assignment and Assumption Agreement is made effective as of January 1, 2006, by and among Callaway Golf Company, a
Delaware corporation (“Callaway Golf”), Union Bank of California, N.A., a California trust company (“Union Bank”) and Arrowhead Trust Incorporated, a California trust company (“Arrowhead”). 
  
 Background 
  
 A. On or about July 14, 1995, Callaway Golf and Sanwa Bank California
(“Sanwa”) entered into that certain Trust Agreement (as amended, the “Trust Agreement”) establishing the Callaway Golf Company Grantor Stock Trust. 
  
 B. On or about December 29, 1995, pursuant to a Stock Purchase Agreement dated December 21, 1995, Sanwa, as
trustee under the Trust Agreement, executed and delivered to Callaway Golf a Non-Recourse Promissory Note dated December 29, 1995, made payable to Callaway Golf in the original principal amount of $26,262,600 (the “Second Promissory
Note”), and in exchange therefor purchased 1,300,000 shares of Callaway Golf Common Stock, as evidenced by Stock Certificate No. NY 17213 (the “Second Stock Certificate). 
  
 C. On or about April 21, 2000, Sanwa sold to Arrowhead a portion of it’s trust business, including its rights and
obligations with respect to the Second Promissory Note, the shares of Callaway Golf Common Stock represented by the Second Stock Certificate, the Trust Agreement and the trust fund under the Trust Agreement (“Trust Fund”). 
  
 D. On or about July 10, 2001, pursuant to a Stock Purchase Agreement
dated July 5, 2001, Arrowhead, as trustee under the Trust Agreement, executed and delivered to Callaway Golf a Non-Recourse Promissory Note dated July 10, 2001, made payable to Callaway Golf in the original principal amount of
$90,281,862.51 (the “Third Promissory Note”), and in exchange therefor purchased 5,837,441 shares of Callaway Golf Common Stock. 
  
 E. Arrowhead has notified the Company that it is exiting the trust business and desires to resign as trustee under the Trust Agreement. 
  
 F. The Company has selected Union Bank as the successor trustee under the
Trust Agreement. 
  
 G. The parties hereto desire to enter into
this Assignment and Assumption Agreement to transfer Arrowhead’s rights and obligations as trustee under the Trust Agreement to Union Bank. 

 Agreement 
  
 1. Assignment. Arrowhead does hereby assign, transfer and convey to Union Bank all of its right, title and interest
in and to (i) the Trust Agreement, (ii) the Second Promissory Note and the Third Promissory Note, (iii) the shares represented by the Second Stock Certificate and the Third Stock Certificate, (iv) the Trust Fund, including all
amounts held in the Trust Fund, (v) all reports, documents and other records relating in any manner whatsoever to the Trust Agreement or the Trust Fund and (vi) any other rights, agreements or instruments relating to any of the items
referred to in items (i) through (v) of this sentence (collectively, the “Assigned Document and Assets”). 
  
 2. Assumption. Union Bank does hereby accept the assignment set forth in Section 1 and does hereby agree as successor Trustee (as such term is
used in the Trust Agreement) to pay, perform and discharge when due all of Arrowhead’s obligations under the Assigned Documents and Assets, including any obligation arising prior to the date hereof which has not been paid, performed or
discharged prior to the effectiveness of this Assignment and Assumption Agreement. 
  
 3. Consent. Callaway Golf does hereby consent to the assignment and assumption of the Assigned Documents and Assets as set forth above in Section 1 and Section 2. 
  
 4. Further Assurances. Arrowhead and Union Bank agree to execute and
deliver such other agreements, documents and instruments as Callaway Golf may reasonably request to further effect the transfer from Arrowhead to Union Bank of all rights and obligations being assigned and assumed hereunder and all other related
rights and obligations. 
  
 5. Notice. The address to where
notice may be given to Union Bank under any of the Assigned Documents and Assets, including but not limited to, any notice provisions thereunder, shall be as follows: 
  
 Pamela Uyehara, Vice President 
 Union Bank of California, N.A. 
 530 B Street 
 San Diego, CA 92101 
  
 6. Settlement of Accounts. Arrowhead Agrees to provide by January 1, 2006, or such later date as Arrowhead and Callaway Golf shall mutually
agree, the written account statement required by Section 10.2 of the Trust Agreement. 
  
 7. Counterparts. This Assignment and Assumption Agreement may be executed in one or more counterparts all of which taken together shall constitute one and the same instrument. 
  

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 IN WITNESS WHEREOF, the undersigned have executed this Assignment and Assumption Agreement as of the date
first set forth above. 
  

			
	Arrowhead Trust Incorporated:
		
	 By:   
	 	 
	 Print Name: Charles Paolino

	 Print Title: Vice President

	
	Union Bank of California, N.A.:
		
	 By:   
	 	 
	 Print Name: Pamela Uyehara

	 Print Title: Vice President

	
	Callaway Golf Company:
		
	 By:   
	 	 
	 Print Name: Bradley J. Holiday

	 Print Title: Senior Executive Vice President
                   and Chief Financial OfficerStock Purchase Agreement

 Exhibit 10.1 
 STOCK PURCHASE AGREEMENT 
 THIS STOCK PURCHASE AGREEMENT, dated as of February 27, 2006 (this
“Agreement”), is by and between GE Financial Assurance Holdings, Inc., a Delaware corporation (“GEFAHI”), and Genworth Financial, Inc., a Delaware corporation (the “Company”). 
 WHEREAS, the Company has filed a Registration Statement on Form S-3 with the Securities and Exchange Commission (the “Registration
Statement”) with respect to the offer and sale of up to 243,216,559 shares of Class A Common Stock of the Company, par value $.001 per share (the “Class A Common Stock”), by GEFAHI; 
 WHEREAS, GEFAHI is the record and beneficial owner of 86,216,559 shares of Class B Common Stock of the Company, par value $.001 per share (the
“Class B Common Stock” and, together with the Class A Common Stock, the “Genworth Common Stock”); 
 WHEREAS, GEFAHI intends to divest some or all of its shares of Class B Common Stock through a secondary public offering (the “Offering”) registered pursuant to the Registration Statement; 
 WHEREAS, the Board of Directors of the Company has authorized the repurchase, by the Company, of up to an aggregate of $750 million of the Company’s
Class A Common Stock, par value $.001 per share, such purchases to be made over the 18-month period commencing December 2, 2005 from time to time in the open market, through block trades or otherwise, or in privately negotiated
transactions, subject to market conditions; 
 WHEREAS, simultaneously with, and contingent upon, the closing of the Offering, GEFAHI desires
to sell, and the Company desires to repurchase, certain shares of the Class B Common Stock held by GEFAHI, upon the terms and subject to the conditions of this Agreement; and 
 WHEREAS, the Audit Committee of the Board of Directors of the Company has authorized the Company to execute and deliver this Agreement, subject to the
commencement by GEFAHI of the Offering. 
 NOW, THEREFORE, in consideration of the premises and the representations, warranties and covenants
contained in this Agreement and other valuable consideration, the receipt of which hereby is acknowledged, the Company and GEFAHI hereby agree as follows: 
 ARTICLE I 
 PURCHASE AND SALE OF CLASS B COMMON STOCK 
 Section 1.01. Purchase and Sale. Upon the terms and subject to the conditions set forth herein and in reliance on the representations, warranties
and 

 covenants contained herein, GEFAHI agrees to sell and deliver to the Company, and the Company agrees to purchase and
accept from GEFAHI at the Closing (as hereinafter defined), 15,000,000 (fifteen million) shares of Class B Common Stock (the “Repurchase Shares”), for a purchase price per share (the “Purchase Price”) equal to the
proceeds per share of Class A Common Stock that GEFAHI will receive from the underwriters in the Offering (the “Net Offering Price”). 
 Section 1.02. Closing. The closing of the purchase and sale of the Repurchase Shares hereunder shall take place at the offices of Weil, Gotshal & Manges LLP, 767 Fifth Avenue, New York, NY 10153, on
the date of the closing of the Offering, after satisfaction or waiver of the conditions set forth in Article IV, or at such other place, time and date as the parties hereto shall mutually agree upon (the “Closing”). The date on
which the Closing shall be held is referred to in this Agreement as the “Closing Date.” 
 Section 1.03. GEFAHI Closing
Deliveries. At the Closing, GEFAHI shall deliver or cause to be delivered to the Company: 
 (a) stock certificates
representing the Repurchase Shares duly endorsed in blank, or accompanied by stock powers duly executed in blank, with all required documentary or transfer tax stamps, if any, affixed; and 
 (b) the certificate contemplated by Section 4.01(b). 
 Section 1.04. Company Closing Deliveries. At the Closing, the Company shall deliver or cause to be delivered to GEFAHI: 
 (a) an amount equal to the product of (i) the number of Repurchase Shares actually purchased by the Company and (ii) the
Purchase Price, by wire transfer in immediately available funds to an account designated by GEFAHI or by certified or cashier’s check payable to GEFAHI; and 
 (b) the certificate contemplated by Section 4.02(b). 
 ARTICLE II 
 REPRESENTATIONS AND WARRANTIES OF GEFAHI 
 GEFAHI represents and warrants to the Company as follows: 
 Section 2.01. Organization and Good Standing. GEFAHI is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware. GEFAHI has all the requisite power and
authority to execute and deliver this Agreement and to perform its obligations hereunder. 
 Section 2.02. Authorization. The
execution and delivery by GEFAHI of this Agreement and the performance of its obligations hereunder have been duly authorized by all necessary corporate or other action on the part of GEFAHI and no further consent or authorization is required of
GEFAHI’s board of directors, any 
  

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 committee thereof or its stockholders to authorize this Agreement or to consummate the transactions contemplated hereby.
This Agreement has been duly executed and delivered by GEFAHI and constitutes the valid, legal and binding obligation of GEFAHI, enforceable against GEFAHI in accordance with its terms, assuming the due execution and delivery by the Company, subject
to (i) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally and (ii) general equitable principles (whether considered in a
proceeding in equity or at law). 
 Section 2.03. No Conflicts; Consents. 
 (a) Neither the execution and delivery of this Agreement nor the consummation of the transactions contemplated hereby will conflict with or result in a
breach or violation of: (i) the organizational documents of GEFAHI, (ii) any provision of law applicable to GEFAHI or (iii) the terms of any material agreement to which GEFAHI is a party or by which GEFAHI is bound. 
 (b) No consent, approval or authorization of or filing with any governmental authority or other third party is required to be obtained or made by GEFAHI
in connection with the execution and delivery of this Agreement and the performance by GEFAHI of its obligations hereunder. 
 Section 2.04.
Title and Conveyance of Repurchase Shares. GEFAHI has, and on the Closing Date will have, good and valid title to the Repurchase Shares being sold pursuant to this Agreement, free and clear of all liens, security interests and encumbrances
and has the legal right and power to enter into this Agreement and to sell, transfer and deliver the Repurchase Shares; and upon sale and delivery of, and payment for, such Repurchase Shares as provided herein at the Closing, GEFAHI will convey to
the Company good and valid title to such Repurchase Shares free and clear of all liens, security interests and encumbrances. The Repurchase Shares are not subject to any preemptive rights or similar rights. 
 Section 2.05. Information. GEFAHI confirms that the Company has made available to GEFAHI and its representatives the opportunity to ask questions
of the officers and management employees of the Company and to acquire such additional information about the business and financial condition of the Company as GEFAHI has requested, and all such information has been received. 
 ARTICLE III  
 REPRESENTATIONS AND
WARRANTIES OF THE COMPANY 
 The Company represents and warrants to GEFAHI as follows: 
 Section 3.01. Organization and Good Standing. The Company is a corporation duly organized, validly existing and in good standing under the laws of
the State of Delaware. The Company has all the requisite power and authority to execute and deliver this Agreement and to perform its obligations hereunder. 
  

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 Section 3.02. Authorization. The execution and delivery by the Company of this Agreement and the
performance of its obligations hereunder have been duly authorized by all necessary corporate or other action on the part of the Company and no further consent or authorization is required of the Company’s board of directors, any committee
thereof or its stockholders to authorize this Agreement or to consummate the transactions contemplated hereby. This Agreement has been duly executed and delivered by the Company and constitutes the valid, legal and binding obligation of the Company,
enforceable against the Company in accordance with its terms, assuming the due execution and delivery by GEFAHI, subject to (i) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws
relating to or affecting creditors’ rights generally and (ii) general equitable principles (whether considered in a proceeding in equity or at law). 
 Section 3.03. No Conflicts; Consents. 
 (a) Neither the execution and delivery of this Agreement nor
the consummation of the transactions contemplated hereby will conflict with or result in a breach or violation of: (i) the organizational documents of the Company, (ii) any provision of law applicable to the Company or (iii) the terms
of any material agreement to which the Company is a party or by which the Company is bound. 
 (b) No consent, approval or authorization of
or filing with any governmental authority or other third party is required to be obtained or made by the Company in connection with the execution and delivery of this Agreement, and the performance by the Company of its obligations hereunder.

 Section 3.04. Solvency. Immediately before and after and giving effect to the Offering and the sale and purchase of the Repurchase
Shares, (i) the assets of the Company, at a fair valuation, will exceed its debts, including contingent and unliquidated debts; (ii) the present fair saleable value of the assets of the Company will exceed the amount required to pay its
liability on its debts, including contingent and unliquidated debts, as those debts become absolute and matured, (iii) the Company will have adequate capital with which to conduct its present and anticipated businesses; and (iv) the
Company does not intend to incur or believe or reasonably believe that it will incur debt beyond its ability to pay as those debts become due. The Company has sufficient surplus (as defined in the Delaware General Corporation Law) or net profits in
2005 to pay for the Repurchase Shares. 
 Section 3.05. Fairness Opinion. The Audit Committee of the Company has received a written
opinion from its financial advisor prior to the execution of this Agreement and dated as of February 24, 2006, to the effect that the Purchase Price hereunder, which is equal to the Net Offering Price, is fair to the Company from a financial
point of view. 
  

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 ARTICLE IV 
 CONDITIONS 
 Section 4.01. Conditions to Obligations of the Company. The obligation of the
Company to effect the transactions contemplated hereby shall be subject to the fulfillment, on or prior to the Closing, of each of the following conditions (any or all of which may be waived by the Company in whole or part to the extent permitted by
applicable law): 
 (a) the representations and warranties of GEFAHI set forth in Article II hereof shall be true and correct
in all material respects on and as of the Closing Date with the same force and effect as if such representations and warranties had been made on and as of the Closing Date; 
 (b) GEFAHI shall have performed in all material respects all obligations required to be performed by it at or prior to Closing, and the
Company shall have received a certificate from an executive officer of GEFAHI certifying the satisfaction of the conditions set forth in Sections 4.01(a) and (b); 
 (c) the Offering shall have been consummated; 
 (d) no temporary restraining order,
preliminary or permanent injunction or other judgment, decision or order issued by any governmental authority of competent jurisdiction shall be in effect preventing the consummation of the transactions contemplated hereby; and 
 (e) the Company shall have determined that the Company as of the Closing Date has sufficient surplus (as defined in the Delaware General
Corporation Law) or net profits in 2005 to pay for the Repurchase Shares. 
 Section 4.02. Conditions to Obligations of GEFAHI. The
obligation of GEFAHI to effect the transactions contemplated hereby shall be subject to the fulfillment, on or prior to the Closing, of each of the following conditions (any or all of which may be waived by GEFAHI in whole or part to the extent
permitted by applicable law): 
 (a) the representations and warranties of the Company set forth in Article III hereof shall
be true and correct in all material respects on and as of the Closing Date with the same force and effect as if such representations and warranties had been made on and as of the Closing Date (except with respect to the representation and warranty
set forth in Section 3.05); 
 (b) the Company shall have performed in all material respects all obligations required to
be performed by it at or prior to Closing, and GEFAHI shall have received a certificate from an executive officer of the Company certifying the satisfaction of the conditions set forth in Sections 4.02(a) and (b); 
  

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 (c) the Offering shall have been consummated; and 
 (d) no temporary restraining order, preliminary or permanent injunction or other judgment, decision or order issued by any governmental
authority of competent jurisdiction shall be in effect preventing the consummation of the transactions contemplated hereby. 
 ARTICLE V

 EXPENSES 
 Section
5.01. Expenses. GEFAHI shall pay its own expenses and costs, including, without limitation, all counsel fees and transfer taxes, and the Company shall pay its own expenses and costs in connection with this Agreement and the transactions
contemplated hereby. 
 ARTICLE VI 
 MISCELLANEOUS 
 Section 6.01. Termination. This Agreement may be terminated and the transactions contemplated hereby
may be abandoned at any time prior to the Closing: 
 (a) By the mutual written consent of the Company and GEFAHI; 

(b) By either the Company or GEFAHI by written notice to the other party, if the Closing shall not have occurred prior to
March 31, 2006; provided, however, that such right shall not be available to any party whose failure to fulfill any obligation under this Agreement has been the cause of, or resulted in, the failure of such Closing to occur on or prior to such
date; 
 (c) By either the Company or GEFAHI if there shall be a material breach by the other party of its representations,
warranties, covenants or agreements contained in this Agreement; or 
 (d) By either the Company or GEFAHI, if there shall
have been issued, by a court of competent jurisdiction, a permanent or final order, decree or injunction prohibiting or restraining the consummation of the transactions contemplated hereby. 
 Section 6.02. Integration; Amendments; Waiver. This Agreement constitutes the entire agreement, and supersedes all prior agreements and
understandings, whether oral or written, between the parties hereto with respect to the subject matter hereof. Any term of this Agreement may be amended or modified only by the written agreement of the parties. No term or condition of this Agreement
may be waived, except by a writing executed by the party against whom enforcement of any such waiver is being sought. No waiver by either party hereto of any term or condition of this Agreement, in any one or more instances, shall operate as a
waiver of such term or condition at any other time. 
  

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 Section 6.03. Successors and Assigns. All of the terms and provisions of this Agreement shall
inure to the benefit of and be binding upon the parties hereto and their respective successors and assigns. 
 Section 6.04. Notices.
All notices and other communications under this Agreement shall be in writing and shall be deemed given (i) when delivered personally by hand (with written confirmation of receipt), (ii) when sent by facsimile (with written confirmation of
transmission) or (iii) one business day following the day sent by overnight courier (with written confirmation of receipt), in each case at the following addresses and facsimile numbers (or to such other address or facsimile number as a party
may have specified by notice given to the other party pursuant to this provision): 
 If to the Company, to: 
 Genworth Financial, Inc. 
 6620 West Broad Street 
 Richmond, VA 23230 
 Facsimile: 804-662-2414 
 Attention: General Counsel 
 If to GEFAHI, to: 
 GE Financial Assurance Holdings, Inc. 
 c/o General Electric Company 
 3135 Easton Turnpike 
 Fairfield, CT 06828 
 Facsimile: 203-373-3079 
 Attention: Chief Corporate and Securities Counsel 
 Section 6.05. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to
contracts made and performed in such State irrespective of the choice of Laws principles of the State of New York other than Section 5-1401 of the General Obligations Law of the State of New York. 
 Section 6.06. Severability. If any provision of this Agreement or the application of any such provision to any person or circumstances shall be
held invalid by a court of competent jurisdiction, the remainder of this Agreement, including the remainder of the provision held invalid, or the application of such provision to persons or circumstances other than those as to which it is held
invalid, shall not be affected thereby. 
  

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 Section 6.07. Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original, but all of which together shall constitute one and the same instrument. 
 Section 6.08.
Headings. All section headings herein are for convenience of reference only and are not part of this Agreement, and no construction or inference shall be derived therefrom. 
 Section 6.09. Remedies. The Company and GEFAHI shall be entitled to enforce their rights under this Agreement specifically, to recover damages by
reason of any breach of any provision of this Agreement and to exercise all other rights existing in their favor. The parties hereto agree and acknowledge that money damages would not be an adequate remedy for any breach of the provisions of this
Agreement and that the Company and GEFAHI, in their sole discretion, may apply to any court of law or equity of competent jurisdiction for specific performance and/or injunctive relief (without posting a bond or other security) in order to enforce
or prevent any violation of the provisions of this Agreement. 
 Section 6.10. Effect of Termination. A termination of this Agreement
as provided in Section 6.01 shall not release any party hereto from liability for a breach of this Agreement. 
 Section 6.11. Public
Announcements. The Company and GEFAHI agree that any press release regarding this Agreement or the transactions contemplated hereby shall be mutually acceptable. 
 Section 6.12. Survival. All representations, warranties and covenants shall survive the Closing. 
 [signatures appear on following page] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first set
forth above by their respective officers thereunto duly authorized. 
  

			
	GENWORTH FINANCIAL, INC.
		
	By:	 	 /s/ Richard P. McKenney

	Name:	 	Richard P. McKenney
	Title:	 	Senior Vice President –
		 	Chief Financial Officer
	
	GE FINANCIAL ASSURANCE HOLDINGS, INC.
		
	By:	 	 /s/ Kathryn A. Cassidy

	Name:	 	Kathryn A. Cassidy
	Title:	 	Senior Vice President

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