Exhibit 10.49
FIRST AMENDMENT TO EXECUTIVE OFFICER EMPLOYMENT AGREEMENT
This First Amendment to Executive Officer Employment Agreement ("First
Amendment") between CALLAWAY GOLF COMPANY, a Delaware corporation (the
"Company") and XXXXXXX X. XXXXXXXXXXX ("Employee") is made effective as of April
1, 2003.
A. The Company and Employee are parties to that certain Executive
Officer Employment Agreement entered into as of January 1, 1998 (the
"Agreement").
B. The Company and Employee desire to amend the Agreement pursuant to
Section 16 of the Agreement, in the manner set forth herein.
NOW, THEREFORE, in consideration of the foregoing and other consideration,
the value and sufficiency of which are hereby acknowledged, the Company and
Employee hereby agree as follows:
1. Expenses and Benefits. The Company and Employee wish to incorporate
into the Agreement written documentation of the existing oral agreement between
the Company and Employee regarding personal air travel. As a result, a new
Section 5(h) is added to the Agreement as follows:
"(h) Personal Air Travel. The Company hereby agrees to reimburse
Employee up to $100,000 per calendar year for the actual costs
incurred for personal travel in private airplanes. Employee shall
make all arrangements for personal air travel, and Employee agrees
that it is his responsibility to purchase additional life insurance
while traveling, if he so desires. No payment shall be made to
Employee of any unused balance of the $100,000 reimbursement
provision at year-end, nor shall there be a carry over of any unused
balance from year to year. Employee shall be responsible for any and
all taxes due on such reimbursement."
It is understood and agreed that this written agreement regarding reimbursement
for personal air travel replaces and extinguishes any and all prior oral
agreements on this subject, and is the only agreement, oral or written between
the Company and employee on this subject matter as of the effective date of this
amendment.
2. But for the amendment contained herein, and any other written
amendments properly executed by the parties, the Agreement shall otherwise
remain unchanged.
IN WITNESS WHEREOF, the Company and Employee have caused this First
Amendment to be executed effective as of the date set forth above.
EMPLOYEE COMPANY
Callaway Golf Company,
a Delaware corporation
/s/ XXXXXXX X. XXXXXXXXXXX By: /s/ XXXXXX X. XXXXXXX
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Xxxxxxx X. Xxxxxxxxxxx Xxxxxx X. Xxxxxxx
Chairman, President & Chief Executive Officer
