EXHIBIT 10.40
SECOND AMENDMENT TO
CHAIRMAN AND FOUNDER EMPLOYMENT AGREEMENT
This Second Amendment to Chairman and Founder Employment Agreement ("Second
Amendment") is effective as of March 29, 2000 by and between CALLAWAY GOLF
COMPANY, a Delaware corporation (the "Company") and XXX XXXXXXXX ("Xx.
Xxxxxxxx").
A. The Company and Xx. Xxxxxxxx are parties to a certain Chairman and
Founder Employment Agreement entered into as of January 1, 1997 (the
"Agreement") and a First Amendment to Chairman and Founder Employment Agreement
effective December 31, 1999 (the "First Amendment").
B. The Company and Xx. Xxxxxxxx are in negotiations regarding a new
employment agreement, and desire to keep the current Agreement in effect until
such time as a new employment agreement is finalized.
C. In light of the foregoing, the Company and Xx. Xxxxxxxx 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 Xx.
Xxxxxxxx hereby agree as follows:
1. Section 1 of the Agreement is hereby amended to read as follows:
"TERM. The Company hereby employs Xx. Xxxxxxxx and Xx. Xxxxxxxx
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hereby accepts employment pursuant to the terms and provisions of this
Agreement for the term commencing January 1, 1997 and terminating June
30, 2000, unless this Agreement is earlier terminated as hereinafter
provided. Unless such employment is earlier terminated, upon the
expiration of the term of this Agreement, Xx. Xxxxxxxx'x status shall
be one of at will employment."
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 Xx. Xxxxxxxx have caused this
Second Amendment to be executed effective as of the date set forth above.
XX. XXXXXXXX COMPANY
Callaway Golf Company,
a Delaware corporation
/s/ Xxx Xxxxxxxx By: /s/ Xxxxxxx X. Yash
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Xxx Xxxxxxxx Xxxxxxx X. Yash, President
Dated: March 29, 2000 Dated: March 29, 2000
