SEC Contract Filing

Filing Date: 2017-02-27

Document Content:
<DOCUMENT>
<TYPE>EX-10.14
<SEQUENCE>3
<FILENAME>ex-1014q416.htm
<DESCRIPTION>EXECUTIVE ENTRUSTMENT AGREEMENT
<TEXT>
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<div><a name="s3e2a8d7b29f741099adf822a41477994"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit 10.14</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">SECOND AMENDMENT TO AMENDED &amp; RESTATED</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">EXECUTIVE ENTRUSTMENT AGREEMENT</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">This Second Amendment to Amended &amp; Restated Executive Entrustment Agreement ("Second Amendment") is entered into effective March 22, 2016, by and between </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Callaway Golf K.K.</font><font style="font-family:inherit;font-size:10pt;">, a company organized and existing under the laws of Japan</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:10pt;">(the "Company") and </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Alex Boezeman </font><font style="font-family:inherit;font-size:10pt;">("Director").</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">A.&#160;&#160;&#160;&#160;The Company and Director are parties to that certain Amended &amp; Restated Executive Entrustment Agreement entered into as of March 24, 2014, as amended March 24, 2015 (collectively the "Agreement").</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">B.&#160;&#160;&#160;&#160;The Company and Director desire to amend the Agreement pursuant to Section 14 of the Agreement.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">NOW, THEREFORE, in consideration of the foregoing and other consideration, the value and sufficiency of which are acknowledged, the Company and Director agree as follows:</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Term</font><font style="font-family:inherit;font-size:10pt;">. Section 2 of the Agreement is amended to read:</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:72px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8220;2. TERM. The term of the Engagement under this Agreement originally commenced on March 24, 2014, was extended by appointment of the shareholder through March 2016, and now by appointment of the shareholder of the Company in March 2016, shall be extended through the date of the ordinary general meeting of shareholders of the Company to be held in March 2017. Thereafter it may be renewed as agreed between the parties and subject to reappointment as a director by the Company&#8217;s shareholder.&#8221; </font></div><div style="line-height:120%;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">2.</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Compensation</font><font style="font-family:inherit;font-size:10pt;">. Section 3.1 of the Agreement is amended to read: </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:72px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8220;3.1 </font><font style="font-family:inherit;font-size:10pt;text-decoration:underl