Topgolf Callaway Brands Corp. - Director's Dealing 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CALLAWAY GOLF CO (ELY)
CIK: 0000837465
Period of Report: 2010-10-01

Reporting Person: ARMACOST SAMUEL H (Director)

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-10-01	Common Stock	M	6836	$0.00	Acquired	26836	Direct

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-10-01	Deferred Stock Units	$	M	6836.77	Disposed		Common Stock (6836.77)	Direct

F1: Reflects the acquisition of common stock upon the settlement of the deferred stock units reported in Table II.

F2: Reflects a deduction for cash paid in lieu of fractional shares upon the conversion of the deferred stock units to shares of common stock.

F3: Each deferred stock unit represents a contingent right to receive one share of common stock.

F4: The deferred stock units, including accrued dividends, are being released on October 1, 2010 pursuant to applicable regulations.