Topgolf Callaway Brands Corp. — Director's Dealing 2017

May 4, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CALLAWAY GOLF CO (ELY)
CIK: 0000837465
Period of Report: 2017-05-02

Reporting Person: ARMACOST SAMUEL H (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-05-02	Restricted Stock Units	$	A	8621	Acquired	2018-05-02	Common Stock (8621)	Direct

Footnotes

F1: Each restricted stock unit represents a contingent right to receive one share of common stock.

F2: Represents only the restricted stock units granted on May 2, 2017 and does not include restricted stock units with different vesting terms.