Exhibit 10.52
FIRST AMENDMENT TO EXECUTIVE OFFICER EMPLOYMENT AGREEMENT
This First Amendment to Executive Officer Employment Agreement ("First
Amendment") is made effective as of March 1, 2003 by and between CALLAWAY GOLF
COMPANY, a Delaware corporation (the "Company") and XXXXXXX XXXXX ("Employee").
A. The Company and Employee are parties to that certain Executive
Officer Employment Agreement entered into as of November 6, 2002 (the
"Agreement").
B. The Company and Employee desire to amend the Agreement pursuant to
Section 15 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. Section 5(c)(ii) of the Agreement is amended
to read as follows:
"(ii) receive, if Employee is insurable under usual underwriting
standards, term life insurance coverage on Employee's life, payable to whomever
Employee directs, in an amount equal to three (3) times Employee's base salary,
not to exceed a maximum of $1,500,000.00 in coverage, provided that Employee
completes the required health statement and application and that Employee's
physical condition does not prevent Employee from qualifying for such insurance
coverage under reasonable terms and conditions;"
2. Termination. Section 8(e), "Termination Due to Death," of the
Agreement is deleted, and Sections 8(f) and 8(g) are re-numbered to 8(e) and
8(f).
3. But for the amendments contained herein, and any other written
amendments properly executed by the parties, the Agreement shall otherwise
remain unchanged.
IN WITNESS WHEREOF, the parties have executed this First Amendment on the
dates set forth below, to be effective as of the date first written above.
EMPLOYEE COMPANY
Callaway Golf Company,
a Delaware corporation
/s/ XXXXXXX XXXXX By: /s/ XXXXXX X. XXXXXXX
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Xxxxxxx Xxxxx Xxxxxx X. Xxxxxxx
Chairman of the Board, President
and Chief Executive Officer
Dated: Dated:
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