Exhibit 10.4
FIRST AMENDMENT TO
OFFICER EMPLOYMENT
AGREEMENT
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”).
A. The Company and Employee are
parties to that certain Officer Employment Agreement entered into
as of May 1, 2008, (the “Agreement”).
B. The Company and Employee desire
to amend the Agreement pursuant to Section 10(b) of the
Agreement.
NOW, THEREFORE, in consideration of
the foregoing and other consideration, the value and sufficiency of
which are acknowledged, the Company and Employee agree as
follows:
1. Term . Section 1 of
the Agreement is amended to extend the termination date of the
Agreement to April 30, 2010.
2. Expenses and Benefits
.
5(b) Paid Time Off . Employee
acknowledges that, effective February 2, 2009, or as soon
thereafter as reasonably practicable, the Company’s Paid Time
Off Program, as applied to officers, has been temporarily modified
for 2009 to reduce the rate of Paid Time Off accrual for Employee
by ten (10) days on an annualized basis and prorated for the
remainder of 2009.
5(d) Retirement . Employee
acknowledges that the Company’s 401(k) retirement investment
plan has been amended for 2009 to eliminate the Company matching of
401(k) contributions for all employees, including
officers.
Employee acknowledges that these
temporary changes do not constitute a breach of the terms and
conditions of
