0001193125-09-039469 Sample Contracts

Callaway Golf Company Recipient: George Fellows Employee/Consultant Effective Grant Date: January 29, 2009 Stock Unit Grant Number of Stock Units/Equivalent Shares: 135,881 Plan: 2004 Incentive Plan
Callaway Golf Co • February 27th, 2009 • Sporting & athletic goods, nec • Delaware

CALLAWAY GOLF COMPANY, a Delaware corporation (the “Company”), has elected to grant to you, the Recipient named above, a Stock Unit award subject to the restrictions and on the terms and conditions set forth below, in consideration for your services to the Company. Terms not otherwise defined in this Stock Unit Grant Agreement (“Agreement”) will have the meanings ascribed to them in the Plan identified above (the “Plan”).

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FIRST AMENDMENT TO OFFICER EMPLOYMENT AGREEMENT
Officer Employment Agreement • February 27th, 2009 • Callaway Golf Co • Sporting & athletic goods, nec

This First Amendment to Officer Employment Agreement (“First Amendment”) is entered into effective January 26, 2009, by and between Callaway Golf Company, a Delaware corporation (the “Company”) and David A. Laverty (“Employee”).

FIRST AMENDMENT TO OFFICER EMPLOYMENT AGREEMENT
Officer Employment Agreement • February 27th, 2009 • Callaway Golf Co • Sporting & athletic goods, nec

This First Amendment to Officer Employment Agreement (“First Amendment”) is entered into effective January 26, 2009, by and between Callaway Golf Company, a Delaware corporation (the “Company”) and Bradley J. Holiday (“Employee”).

FIRST AMENDMENT TO OFFICER EMPLOYMENT AGREEMENT
Officer Employment Agreement • February 27th, 2009 • Callaway Golf Co • Sporting & athletic goods, nec

This First Amendment to Officer Employment Agreement (“First Amendment”) is entered into effective January 26, 2009, by and between Callaway Golf Company, a Delaware corporation (the “Company”) and Steven C. McCracken (“Employee”).

FIRST AMENDMENT TO OFFICER EMPLOYMENT AGREEMENT
Officer Employment Agreement • February 27th, 2009 • Callaway Golf Co • Sporting & athletic goods, nec

This First Amendment to Officer Employment Agreement (“First Amendment”) is entered into effective January 26, 2009, by and between Callaway Golf Company, a Delaware corporation (the “Company”) and Thomas Yang (“Employee”).

FIRST AMENDMENT TO FIRST AMENDED AND RESTATED CHIEF EXECUTIVE OFFICER EMPLOYMENT AGREEMENT
Employment Agreement • February 27th, 2009 • Callaway Golf Co • Sporting & athletic goods, nec

This First Amendment to the First Amended and Restated Chief Executive Officer Employment Agreement (“First Amendment”) is entered into effective January 26, 2009, by and between Callaway Golf Company, a Delaware corporation (the “Company”) and George Fellows (“Employee”).

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