<SEC-DOCUMENT>0001140361-21-008895.txt : 20210317
<SEC-HEADER>0001140361-21-008895.hdr.sgml : 20210317
<ACCEPTANCE-DATETIME>20210317163103
ACCESSION NUMBER:		0001140361-21-008895
CONFORMED SUBMISSION TYPE:	SC 13D
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20210317
DATE AS OF CHANGE:		20210317
GROUP MEMBERS:		MICHAEL DOMINGUEZ
GROUP MEMBERS:		PEP TG INVESTMENTS GP LLC

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CALLAWAY GOLF CO
		CENTRAL INDEX KEY:			0000837465
		STANDARD INDUSTRIAL CLASSIFICATION:	 [3949]
		IRS NUMBER:				953797580
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-43131
		FILM NUMBER:		21750969

	BUSINESS ADDRESS:	
		STREET 1:		2180 RUTHERFORD RD
		CITY:			CARLSBAD
		STATE:			CA
		ZIP:			92008-8815
		BUSINESS PHONE:		7609311771

	MAIL ADDRESS:	
		STREET 1:		2180 RUTHERFORD ROAD
		CITY:			CARLSBAD
		STATE:			CA
		ZIP:			92008

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CALLAWAY GOLF
		DATE OF NAME CHANGE:	20070604

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CALLAWAY GOLF CO
		DATE OF NAME CHANGE:	20070604

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CALLAWAY GOLF CO /CA
		DATE OF NAME CHANGE:	19940222

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PEP TG Investments LP
		CENTRAL INDEX KEY:			0001849588
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D

	BUSINESS ADDRESS:	
		STREET 1:		C/O PROVIDENCE EQUITY PARTNERS L.L.C.
		STREET 2:		50 KENNEDY PLAZA, 18TH FLOOR
		CITY:			PROVIDENCE
		STATE:			RI
		ZIP:			02903
		BUSINESS PHONE:		(401) 751-1700

	MAIL ADDRESS:	
		STREET 1:		C/O PROVIDENCE EQUITY PARTNERS L.L.C.
		STREET 2:		50 KENNEDY PLAZA, 18TH FLOOR
		CITY:			PROVIDENCE
		STATE:			RI
		ZIP:			02903
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D
<SEQUENCE>1
<FILENAME>brhc10021885_sc13d.htm
<DESCRIPTION>SC 13D
<TEXT>
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    <div>
      <div style="text-align: center; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
      <div style="font-weight: 400;"> <br>
      </div>
      <div style="text-align: center; font-size: 18pt; font-weight: bold;">SCHEDULE 13D</div>
      <div>&#160;</div>
      <div style="text-align: center;">Under the Securities Exchange Act of 1934</div>
      <div style="text-align: center;"> <br>
      </div>
      <div style="text-align: center; font-size: 24pt; font-weight: bold;"><u>Callaway Golf Company</u></div>
      <div style="text-align: center;">&#160;(Name of Issuer)</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;"><u>Common Stock, par value $0.01 per share</u></div>
      <div style="text-align: center;">(Titles of Class of Securities)</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;"><u>131193104</u></div>
      <div style="text-align: center;">(CUSIP Number)</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">Providence Equity Partners L.L.C.</div>
      <div style="text-align: center; font-weight: bold;">50 Kennedy Plaza, 18th Floor</div>
      <div style="text-align: center; font-weight: bold;">Providence, Rhode Island 02903</div>
      <div style="text-align: center; font-weight: bold;">(401) 751-1700</div>
      <div><br>
      </div>
      <div style="text-align: center; font-style: italic; font-weight: bold;">with a copy to:</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">Kevin J. Sullivan</div>
      <div style="text-align: center; font-weight: bold;">Weil, Gotshal &amp; Manges LLP</div>
      <div style="text-align: center; font-weight: bold;">100 Federal Street, 34th Floor</div>
      <div style="text-align: center; font-weight: bold;">Boston, MA 02110-1800</div>
      <div style="text-align: center; font-weight: bold;">(617) 772-8300</div>
      <div><br>
      </div>
      <div style="text-align: center;">(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)</div>
      <div> <br>
      </div>
      <div style="text-align: center; font-weight: bold;"><u>March 8, 2021</u></div>
      <div style="text-align: center;">(Date of Event which Requires Filing of this Statement)</div>
      <div>&#160;</div>
      <div style="text-align: justify;">If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Statement, and is filing this schedule because of &#167;&#167;240.13d-1(e), 240.13d-1(f) or
        240.13d-1(g), check the following box. &#9744;</div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Note:</font> Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See &#167;240.13d-7(b) for other parties to whom
        copies are to be sent.</div>
      <div>&#160;
        <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
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            <td style="width: 33%; vertical-align: top;">
              <div style="font-weight: bold;">CUSIP No. 131193104</div>
            </td>
            <td style="width: 33.65%; vertical-align: top;">
              <div style="text-align: center; font-weight: bold;">13D</div>
            </td>
            <td style="width: 32.69%; vertical-align: bottom;">
              <div style="text-align: right; font-weight: bold;">Page 2 of 11<br>
              </div>
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              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">1</div>
            </td>
            <td style="BORDER-TOP: #000000 1pt solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">NAMES OF REPORTING PERSONS</div>
            </td>
            <td style="BORDER-TOP: #000000 1pt solid; VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-TOP: #000000 1pt solid; BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
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            <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">
              <div style="text-align: left;">PEP TG INVESTMENTS LP</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
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            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr style="HEIGHT: 13px">
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">2</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: right">(a)</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: middle; PADDING-RIGHT: 2px; WIDTH: 5.01%">
              <div style="FONT-FAMILY: ''Times New Roman''; TEXT-ALIGN: left">&#9744;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" rowspan="2" colspan="3">&#160;</td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: right">(b)</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: middle; PADDING-RIGHT: 2px; WIDTH: 5.01%">
              <div style="FONT-FAMILY: ''Times New Roman''; TEXT-ALIGN: left">&#9746;</div>
            </td>
          </tr>
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            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
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            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">3</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%; BACKGROUND-COLOR: #bfbfbf" colspan="3">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">SEC USE ONLY</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%; BACKGROUND-COLOR: #bfbfbf">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%; BACKGROUND-COLOR: #bfbfbf">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr style="BACKGROUND-COLOR: #bfbfbf">
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" rowspan="2" colspan="3">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr style="BACKGROUND-COLOR: #bfbfbf">
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
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            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">4</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">SOURCE OF FUNDS (SEE INSTRUCTIONS)</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
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            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" rowspan="2" colspan="3">
              <div style="text-align: left;">OO (see Item 3)</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
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            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">5</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: middle; PADDING-RIGHT: 2px; WIDTH: 5.01%">
              <div style="FONT-FAMILY: ''Times New Roman''; TEXT-ALIGN: left">&#9744;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" rowspan="2" colspan="3">&#160;</td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">6</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">CITIZENSHIP OR PLACE OF ORGANIZATION</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">
              <div style="text-align: left;">DELAWARE</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; FONT-WEIGHT: bold; BORDER-LEFT: #000000 1pt solid; WIDTH: 12.71%" rowspan="12" colspan="2">
              <div style="TEXT-ALIGN: center">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">7</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">SOLE VOTING POWER</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%" rowspan="2">
              <div style="text-align: left;">0</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">8</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">SHARED VOTING POWER</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 76.38%;" rowspan="2">
              <div style="text-align: left;">28,905,290 (see Item 5)</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">9</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">SOLE DISPOSITIVE POWER</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 76.38%;" rowspan="2">
              <div style="text-align: left;">0</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">10</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">SHARED DISPOSITIVE POWER</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%" rowspan="2">
              <div style="text-align: left;">28,905,290 (see Item 5)</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">11</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">
              <div style="text-align: left;">28,905,290 (see Item 5)</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">12</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: middle; PADDING-RIGHT: 2px; WIDTH: 5.01%">
              <div style="FONT-FAMILY: ''Times New Roman''; TEXT-ALIGN: left">&#9744;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3"><br>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">13</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">
              <div style="text-align: left;">15.68%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">*</sup></div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">14</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">
              <div style="text-align: left;">PN</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <div><br>
      </div>
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za03efe507cea4fc1a349b1dca6bb29c4">

          <tr>
            <td style="width: 18pt; vertical-align: top;">*</td>
            <td style="width: auto; vertical-align: top;">
              <div>The ownership percentage set forth herein for PEP TG Investments LP is calculated assuming a total of approximately 184,000,000 shares of Common Stock, par value $0.01 per share (the &#8220;<u>Common Stock</u>&#8221;), of Callaway Golf Company (the
                &#8220;<u>Issuer</u>&#8221;), deemed issued and outstanding, which includes (i) 94,241,747 shares of Common Stock outstanding as of January 31, 2021, as set forth in the Issuer&#8217;s Annual Report on Form 10-K for the fiscal year ended December 31, 2020
                (the &#8220;<u>Form 10-K</u>&#8221;), (ii) <font style="color: rgb(0, 0, 0);">approximately 90,000,000</font> shares of Common Stock issued as merger consideration in connection with the merger of 51 Steps, Inc., a Delaware corporation (&#8220;<u>Merger Sub</u>&#8221;),





                with and into Topgolf International, Inc. (&#8220;<u>Topgolf</u>&#8221;), with Topgolf surviving the merger as a wholly owned subsidiary of Issuer (the &#8220;<u>Merger</u>&#8221;), pursuant to the terms of that certain Agreement and Plan of Merger (the &#8220;<u>Merger
                  Agreement</u>&#8221;), dated October 27, 2020, by and among the Issuer, Topgolf and Merger Sub and as set forth in the Issuer&#8217;s Current Report on Form 8-K dated March 8, 2021 (the &#8220;<u>Form 8-K</u>&#8221;) and (iii) 130,064 shares of Common Stock
                issuable upon the exercise in full of the Warrant (as defined herein).</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><font style="font-weight: bold;"> </font>
        <table cellspacing="0" cellpadding="0" border="0" id="zeeebe2a184714bc9b2efbfa4b3af4384" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

            <tr>
              <td style="width: 33.33%;"><font style="font-weight: bold;">CUSIP No. 131193104</font></td>
              <td style="width: 34%; text-align: center;"><font style="font-weight: bold;">13D</font></td>
              <td style="width: 33.33%;">
                <div style="text-align: right;"><font style="font-weight: bold;">Page 3 of 11<br>
                  </font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><font style="font-weight: bold;"> <br>
        </font></div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="2" border="0" style="border-collapse: collapse; width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

              <tr>
                <td style="BORDER-TOP: #000000 1pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
                  <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">1</div>
                </td>
                <td style="BORDER-TOP: #000000 1pt solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
                  <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">NAMES OF REPORTING PERSONS</div>
                </td>
                <td style="BORDER-TOP: #000000 1pt solid; VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-TOP: #000000 1pt solid; BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">
                  <div style="text-align: left;">PEP TG INVESTMENTS GP LLC</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr style="HEIGHT: 13px">
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
                  <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">2</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
                  <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: right">(a)</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: middle; PADDING-RIGHT: 2px; WIDTH: 5.01%">
                  <div style="FONT-FAMILY: ''Times New Roman''; TEXT-ALIGN: left">&#9744;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" rowspan="2" colspan="3">&#160;</td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: right">(b)</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: middle; PADDING-RIGHT: 2px; WIDTH: 5.01%">
                  <div style="FONT-FAMILY: ''Times New Roman''; TEXT-ALIGN: left">&#9746;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
                  <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">3</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%; BACKGROUND-COLOR: #bfbfbf" colspan="3">
                  <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">SEC USE ONLY</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%; BACKGROUND-COLOR: #bfbfbf">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%; BACKGROUND-COLOR: #bfbfbf">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr style="BACKGROUND-COLOR: #bfbfbf">
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" rowspan="2" colspan="3">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr style="BACKGROUND-COLOR: #bfbfbf">
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
                  <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">4</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
                  <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">SOURCE OF FUNDS (SEE INSTRUCTIONS)</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" rowspan="2" colspan="3">
                  <div style="text-align: left;">OO (see Item 3)</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
                  <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">5</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
                  <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: middle; PADDING-RIGHT: 2px; WIDTH: 5.01%">
                  <div style="FONT-FAMILY: ''Times New Roman''; TEXT-ALIGN: left">&#9744;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" rowspan="2" colspan="3">&#160;</td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
                  <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">6</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
                  <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">CITIZENSHIP OR PLACE OF ORGANIZATION</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">
                  <div style="text-align: left;">DELAWARE</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; FONT-WEIGHT: bold; BORDER-LEFT: #000000 1pt solid; WIDTH: 12.71%" rowspan="12" colspan="2">
                  <div style="TEXT-ALIGN: center">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
                  <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">7</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%">
                  <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">SOLE VOTING POWER</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 76.38%;" rowspan="2">
                  <div style="text-align: left;">0</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
                  <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">8</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%">
                  <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">SHARED VOTING POWER</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 76.38%;" rowspan="2">
                  <div style="text-align: left;">28,905,290 (see Item 5)</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
                  <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">9</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%">
                  <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">SOLE DISPOSITIVE POWER</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 76.38%;" rowspan="2">
                  <div style="text-align: left;">0</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
                  <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">10</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%">
                  <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">SHARED DISPOSITIVE POWER</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 76.38%;" rowspan="2">
                  <div style="text-align: left;">28,905,290 (see Item 5)</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
                  <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">11</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
                  <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">
                  <div style="text-align: left;">28,905,290 (see Item 5)</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
                  <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">12</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
                  <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: middle; PADDING-RIGHT: 2px; WIDTH: 5.01%">
                  <div style="FONT-FAMILY: ''Times New Roman''; TEXT-ALIGN: left">&#9744;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" rowspan="2" colspan="3">&#160;</td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
                  <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">13</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
                  <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">
                  <div style="text-align: left;">15.68%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">*</sup></div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
                  <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">14</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
                  <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">
                  <div style="text-align: left;">OO</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>

          </table>
        </div>
        <div>&#160;</div>
        <div>
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfbade6b1d1f9497d9f055569cfc0de7d">

          <tr>
            <td style="width: 18pt; vertical-align: top;">*</td>
            <td style="width: auto; vertical-align: top;">
              <div>The ownership percentage set forth herein for PEP TG Investments GP LLC is calculated assuming a total of approximately 184,000,000 shares of Common Stock deemed issued and outstanding, which includes (i) 94,241,747 shares of Common
                Stock outstanding as of January 31, 2021, as set forth in the Form 10-K, (ii) <font style="color: rgb(0, 0, 0);">approximately 90,000,000</font> shares of Common Stock issued as merger consideration in connection with the Merger and as set
                forth in Form 8-K and (iii) 130,064 shares of Common Stock issuable upon the exercise in full of the Warrant (as defined herein).</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z398e897146d34dbdad832ec45469bac7">

          <tr>
            <td style="width: 33%; vertical-align: top;">
              <div style="font-weight: bold;">CUSIP No. 131193104</div>
            </td>
            <td style="width: 33.65%; vertical-align: top;">
              <div style="text-align: center; font-weight: bold;">13D</div>
            </td>
            <td style="width: 32.69%; vertical-align: bottom;">
              <div style="text-align: right; font-weight: bold;">Page 4 of 11<br>
              </div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="2" border="0" style="border-collapse: collapse; width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

          <tr>
            <td style="BORDER-TOP: #000000 1pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">1</div>
            </td>
            <td style="BORDER-TOP: #000000 1pt solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">NAMES OF REPORTING PERSONS</div>
            </td>
            <td style="BORDER-TOP: #000000 1pt solid; VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-TOP: #000000 1pt solid; BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">
              <div style="text-align: left;">MICHAEL DOMINGUEZ</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr style="HEIGHT: 13px">
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">2</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: right">(a)</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: middle; PADDING-RIGHT: 2px; WIDTH: 5.01%">
              <div style="FONT-FAMILY: ''Times New Roman''; TEXT-ALIGN: left">&#9744;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" rowspan="2" colspan="3">&#160;</td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: right">(b)</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: middle; PADDING-RIGHT: 2px; WIDTH: 5.01%">
              <div style="FONT-FAMILY: ''Times New Roman''; TEXT-ALIGN: left">&#9746;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">3</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%; BACKGROUND-COLOR: #bfbfbf" colspan="3">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">SEC USE ONLY</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%; BACKGROUND-COLOR: #bfbfbf">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%; BACKGROUND-COLOR: #bfbfbf">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr style="BACKGROUND-COLOR: #bfbfbf">
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" rowspan="2" colspan="3">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr style="BACKGROUND-COLOR: #bfbfbf">
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">4</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">SOURCE OF FUNDS (SEE INSTRUCTIONS)</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">
              <div style="text-align: left;">OO (see Item 3)</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">5</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: middle; PADDING-RIGHT: 2px; WIDTH: 5.01%">
              <div style="FONT-FAMILY: ''Times New Roman''; TEXT-ALIGN: left">&#9744;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" rowspan="2" colspan="3">&#160;</td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">6</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">CITIZENSHIP OR PLACE OF ORGANIZATION</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">
              <div style="text-align: left;">U.S.A.</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; FONT-WEIGHT: bold; BORDER-LEFT: #000000 1pt solid; WIDTH: 12.71%" rowspan="12" colspan="2">
              <div style="TEXT-ALIGN: center">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">7</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">SOLE VOTING POWER</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 76.38%;" rowspan="2">
              <div style="text-align: left;">0</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">8</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">SHARED VOTING POWER</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 76.38%;" rowspan="2">
              <div style="text-align: left;">28,905,290 (see Item 5)</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">9</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">SOLE DISPOSITIVE POWER</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 76.38%;" rowspan="2">
              <div style="text-align: left;">0</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">10</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">SHARED DISPOSITIVE POWER</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 76.38%;" rowspan="2">
              <div style="text-align: left;">28,905,290 (see Item 5)</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">11</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">
              <div style="text-align: left;">28,905,290 (see Item 5)</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">12</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: middle; PADDING-RIGHT: 2px; WIDTH: 5.01%">
              <div style="FONT-FAMILY: ''Times New Roman''; TEXT-ALIGN: left">&#9744;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" rowspan="2" colspan="3">&#160;</td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">13</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">
              <div style="text-align: left;">15.68%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">*</sup></div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%" rowspan="3">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">14</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%" colspan="3">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;" rowspan="2" colspan="3">
              <div style="text-align: left;">IN</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z25fb42ff25d745e38cd98189b58cdd96">

          <tr>
            <td style="width: 18pt; vertical-align: top;">*</td>
            <td style="width: auto; vertical-align: top;">
              <div>The ownership percentage set forth herein for Michael Dominguez is calculated assuming a total of approximately 184,000,000 shares of Common Stock deemed issued and outstanding, which includes (i) 94,241,747 shares of Common Stock
                outstanding as of January 31, 2021, as set forth in the Form 10-K, (ii) <font style="color: rgb(0, 0, 0);">approximately 90,000,000</font> shares of Common Stock issued as merger consideration in connection with the Merger and as set forth
                in Form 8-K and (iii) 130,064 shares of Common Stock issuable upon the exercise in full of the Warrant (as defined herein).</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
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      </div>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 33%; vertical-align: top;">
                <div style="font-weight: bold;">CUSIP No. 131193104</div>
              </td>
              <td style="width: 33.65%; vertical-align: top;">
                <div style="text-align: center; font-weight: bold;">13D</div>
              </td>
              <td style="width: 32.69%; vertical-align: bottom;">
                <div style="text-align: right; font-weight: bold;">Page 5 of 11<br>
                </div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze6f4e86fc06848e4b8c6c6fb249ba12d">

          <tr>
            <td style="width: 45pt; vertical-align: top; align: right; font-weight: bold;">Item 1.</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Security and Issuer</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">This statement on Schedule 13D (this &#8220;<u>Statement</u>&#8221;) relates to the shares of Common Stock, par value $0.01 per share (the &#8220;<u>Common Stock</u>&#8221;), of Callaway Golf Company, a Delaware
        corporation (the &#8220;<u>Issuer</u>&#8221;). The Common Stock is listed on the New York Stock Exchange under the ticker symbol &#8220;ELY.&#8221; The principal executive offices of the Issuer are located at 2180 Rutherford Road, Carlsbad, California 92008.</div>
      <div> <br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z55060b921d1342d6900d0ebfea101ab5">

          <tr>
            <td style="width: 45pt; vertical-align: top; font-weight: bold;">Item 2.</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Identity and Background</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The names and locations of organization of the persons jointly filing this Statement (collectively, the &#8220;<u>Reporting Persons</u>&#8221;) are:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z17054ea95508456f843e5ea4ee77bf93">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>PEP TG Investments LP, a Delaware limited partnership;</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6b3e62f95fe54768b980f9a394cbe758">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>PEP TG Investments GP LLC, a Delaware limited liability company, and sole general partner of PEP TG Investments LP; and</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1eccab4f939848f69579ff98e1ba1929">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Michael Dominguez, a natural person, United States citizen and the sole member of PEP TG Investments GP LLC.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">The Reporting Persons have entered into a Joint Filing Agreement dated the date of this Statement. A copy of the Joint Filing Agreement is filed as Exhibit 99.1 hereto and is incorporated by
        reference in its entirety herein.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">PEP TG Investments GP LLC is the sole general partner of PEP TG Investments LP.&#160; Michael Dominguez is the sole member of PEP TG Investments GP LLC. As a result of the receipt by PEP TG Investments
        LP of the shares of Common Stock pursuant to the Merger (as defined in Item 3) and by PEP TG Investments LP&#8217;s ownership of the Warrant (as defined in Item 3), the Reporting Persons may be deemed to be a &#8220;group&#8221; within the meaning of Section
        13(d)(3) of the Act, and may deemed to be the beneficial owner of all of the shares of Common Stock held directly by PEP TG Investments LP. However, neither the fact of this filing nor anything contained herein shall be deemed to be an admission by
        the Reporting Persons that such a group exists.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">The principal business of each of the Reporting Persons is investments. The principal office of each of the Reporting Persons is located at 50 Kennedy Plaza, 18th Floor, Providence, Rhode Island
        02903.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">During the last five years, none of the Reporting Persons has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). During the last five years, none of the
        Reporting Persons was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or
        prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7cd28761ca3c40d09b22c7877b565755">

          <tr>
            <td style="width: 45pt; vertical-align: top; font-weight: bold;">Item 3.</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Source and Amount of Funds or Other Consideration</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">This Statement relates to shares of Common Stock received by PEP TG Investments LP in connection with the Merger (as defined below).</div>
      <br>
      <div style="text-align: justify; color: #000000;">
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 33%; vertical-align: top;">
                <div style="font-weight: bold;">CUSIP No. 131193104</div>
              </td>
              <td style="width: 33.65%; vertical-align: top;">
                <div style="text-align: center; font-weight: bold;">13D</div>
              </td>
              <td style="width: 32.69%; vertical-align: bottom;">
                <div style="text-align: right; font-weight: bold;">Page 6 of 11<br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; color: #000000;"><u> <br>
        </u></div>
      <div style="text-align: justify; color: #000000;"><u>Merger Agreement</u></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">On October 27, 2020, the Issuer entered into an Agreement and Plan of Merger (the &#8220;<u>Merger Agreement</u>&#8221;) with Topgolf International, Inc., a Delaware corporation (&#8220;<u>Topgolf</u>&#8221;),




        pursuant to which a direct, wholly owned subsidiary of the Issuer, 51 Steps, Inc., a Delaware corporation (&#8220;<u>Merger Sub</u>&#8221;), merged with and into Topgolf, with Topgolf surviving the merger as a wholly owned subsidiary of the Issuer (the &#8220;<u>Merger</u>&#8221;).




        On March 8, 2021 (the &#8220;<u>Closing Date</u>&#8221;), the Issuer, Merger Sub and Topgolf consummated the Merger.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">In connection with the Merger, the Issuer issued approximately 90,000,000 shares of Common Stock to the stockholders of Topgolf (excluding the Issuer) for 100% of the outstanding
        equity of Topgolf.&#160; The number of shares of Common Stock issued to Topgolf stockholders pursuant to the Merger Agreement (the &#8220;<u>Merger Consideration</u>&#8221;) was calculated using an exchange ratio based on (i) an equity value of Topgolf of
        approximately $1.987 billion and (ii) a price per share of Common Stock fixed at $19.40. No fractional shares of Common Stock were issued in the Merger, and Topgolf stockholders received cash in lieu of any fractional shares.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">At the effective time of the Merger (the &#8220;<u>Effective Time</u>&#8221;), each share of Topgolf preferred stock and each share of Topgolf common stock that was issued and outstanding
        immediately prior to the Effective Time (other than shares held by the Issuer and shares held by Topgolf in treasury (if any), which were canceled for no consideration and other than dissenting shares (if any), holders of which are not entitled to
        the Merger Consideration and are only be entitled to such rights as may be granted under the General Corporation Law of the State of Delaware) was converted into the right to receive a number of shares of the Common Stock equal to its pro rata
        portion of the Merger Consideration (such number of shares of Common Stock received for each share of Topgolf common stock, the &#8220;<u>per share common stock consideration</u>&#8221;), after taking into account the applicable liquidation preferences set
        forth in Topgolf&#8217;s organizational documents.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">Furthermore, (i) at the Effective Time, each outstanding Topgolf stock option that had not been exercised and that was held by an employee or independent contractor of Topgolf who
        was providing services to Topgolf at the Effective Time, or a Topgolf director appointed to the Board following the consummation of the Merger (each, a &#8220;<u>Rollover Option</u>&#8221;), was automatically converted into an option to purchase a number of
        shares of Common Stock determined by multiplying the number of shares of Topgolf common stock subject to such Rollover Option by an exchange ratio (the &#8220;<u>Equity Award Exchange Ratio</u>&#8221;) calculated by dividing (x) the cash value of the per share
        common stock consideration paid to Topgolf common stockholders assuming a per share price for Callaway common stock of $19.40 (the &#8220;<u>cash equivalent per share common stock consideration</u>&#8221;) by (y) $19.40, with such Rollover Option having a per
        share exercise price equal to the per share exercise price of the underlying Topgolf stock option divided by the Equity Award Exchange Ratio, (ii) immediately prior to the Effective Time, each outstanding Topgolf stock option that had not been
        exercised and that was not a Rollover Option (each, a &#8220;<u>Settled Stock Option</u>&#8221;), were deemed to be net exercised for a number of shares of Common Stock equal to (a) the excess, if any, of the per share common stock consideration over the
        exercise price of the Settled Stock Option and applicable taxes to be withheld as a result of the deemed exercise, multiplied by the total number of shares of Topgolf common stock subject to such Settled Stock Option immediately prior to the
        Effective Time, divided by (b) the cash equivalent per share common stock consideration, and (iii) at the Effective Time, each outstanding share of Topgolf restricted stock, to the extent then unvested, received the per share common stock
        consideration, subject to the same terms and conditions as were applicable to such share of Topgolf restricted stock immediately prior to the Effective Time, including applicable vesting conditions.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">Immediately following the Effective Time, stockholders of the Issuer as of immediately prior to the Effective Time owned approximately 51.3% of the outstanding shares of the
        combined company and former Topgolf stockholders, other than the Issuer, owned approximately 48.7% of the outstanding shares of the combined company. Pursuant to the terms of the Merger Agreement, PEP TG Investments LP received, in exchange for
        shares of Topgolf preferred stock and Topgolf common stock held by PEP TG Investments LP, 28,775,226 shares of Common Stock as Merger Consideration.</div>
      <br>
      <div style="text-align: justify; color: #000000;">
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 33%; vertical-align: top;">
                <div style="font-weight: bold;">CUSIP No. 131193104</div>
              </td>
              <td style="width: 33.65%; vertical-align: top;">
                <div style="text-align: center; font-weight: bold;">13D</div>
              </td>
              <td style="width: 32.69%; vertical-align: bottom;">
                <div style="text-align: right; font-weight: bold;">Page 7 of 11<br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; color: #000000;"><u> <br>
        </u></div>
      <div style="text-align: justify; color: #000000;"><u>Warrant</u></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">In connection with the Merger and pursuant to an Assignment, Assumption and Amendment Agreement (the &#8220;<u>Warrant Assumption Agreement</u>&#8221;), dated as of October 27, 2020, by and
        among the Issuer, Topgolf and PEP TG Investments LP, at the Effective Time, the Issuer assumed that certain issued and outstanding Warrant to Purchase Shares of Series E Preferred Stock (the &#8220;<u>Original Warrant</u>&#8221;), dated July 6, 2016, between
        Topgolf and PEP TG Investments LP. At the Effective Time and pursuant to the Warrant Assumption Agreement, the Original Warrant was converted into the right to receive shares of Common Stock (such warrant as amended by the Warrant Assumption
        Agreement, the &#8220;<u>Warrant</u>&#8221;). The Warrant is exercisable to purchase up to 130,064 shares of Common Stock, at an exercise price of $25.98 per share, at any time or from time to time after the Effective Time, and prior to 5:00 p.m. Eastern
        Standard Time on July 6, 2026, subject to adjustment pursuant to the terms of the Warrant.</div>
      <div>&#160;</div>
      <div style="text-align: justify; color: #000000;"><u>Stockholders Agreement</u></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Concurrently with the execution and delivery of the Merger Agreement, the Issuer and each of DDFS Partnership, LP, Dundon 2009 Gift Trust (together with DDFS Partnership, LP, &#8220;<u>Dundon</u>&#8221;), TGP
        Investors, LLC, TGP Investors II, LLC, TGP Advisors, LLC (together with TGP Investors, LLC and TGP Investors II, LLC, &#8220;<u>WestRiver</u>&#8221;) and PEP TG Investments LP (together with Dundon and WestRiver, the &#8220;<u>Support Stockholders</u>&#8221;) entered into
        a Stockholders Agreement (the &#8220;<u>Stockholders Agreement</u>&#8221;), pursuant to which (i) PEP TG Investments LP (together with its successors and permitted transferees) has the right to designate one person to be appointed or nominated, as the case may
        be, for election to the Board (including any successor, the &#8220;<u>Providence Nominee</u>&#8221;) for so long as PEP TG Investments LP and its successors and permitted transferees collectively maintain beneficial ownership of 50% or more of the shares of
        Common Stock owned by them on the Closing Date; (ii) Dundon (together with their successors and permitted transferees) has the right to designate one person to be appointed or nominated, as the case may be, for election to the Board (including any
        successor, the &#8220;<u>Dundon Nominee</u>&#8221;) for so long as Dundon and their successors and permitted transferees collectively maintain beneficial ownership of 50% or more of the shares of Common Stock owned by them on the Closing Date; and (iii)
        WestRiver (together with their respective successors and permitted transferees) has the right to designate one person to be appointed or nominated, as the case may be, for election to the Board (including any successor, the &#8220;<u>WestRiver Nominee</u>&#8221;,




        and together with the Providence Nominee and the Dundon Nominee, each a &#8220;<u>Nominee</u>&#8221;) for so long as WestRiver and their successors and permitted transferees collectively maintain beneficial ownership of 50% or more of the shares of Common
        Stock owned by them on the Closing Date. At the Effective Time of the Merger, Scott M. Marimow, a Managing Director of Providence Equity Partners L.L.C., was appointed to the Issuer&#8217;s board of directors (the &#8220;<u>Issuer Board</u>&#8221;) as the Providence
        Nominee, pursuant to the Stockholders Agreement.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#160;</sup>Pursuant to the Stockholders Agreement, each of the Support Stockholders has agreed with the Issuer to vote all shares of Common Stock (or securities convertible into shares of Common
        Stock) held of record by such Support Stockholder to cause the Issuer to elect as directors those individuals included in the slate of nominees proposed by the Issuer Board. In addition, each of the Support Stockholders has agreed it shall not
        grant any proxy or enter into or agree to be bound by any voting trust with respect to shares of Common Stock (or securities convertible into shares of Common Stock).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">The Stockholders Agreement became effective at the closing of the Merger, and will terminate when the stockholders party to the agreement no longer have the right to nominate any Nominees under the
        agreement, or if earlier terminated by written agreement of the Issuer and such stockholders.</div>
      <div>&#160;</div>
      <div style="text-align: justify; color: #000000;"><u>Registration Rights Agreement</u></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Concurrently with the execution and delivery of the Merger Agreement, the Issuer and each of the Support Stockholders entered into a Registration Rights Agreement (the &#8220;<u>Registration Rights
          Agreement</u>,&#8221; and, together with the Merger Agreement, the Original Warrant, the Warrant Assumption Agreement and the Stockholders Agreement, the &#8220;<u>Transaction Agreements</u>&#8221;), pursuant to which, after 180 days from the consummation of the
        Merger, the Support Stockholders, together with their successors and permitted assigns, have certain demand, &#8220;piggy-back&#8221; and shelf registration rights with respect to all shares of Common Stock received by such persons in connection with the
        consummation of the Merger and any shares of Common Stock issued in exchange of any warrant right or other security that is issued in exchange for or in replacement of shares of Common Stock (the &#8220;<u>registrable securities</u>&#8221;).</div>
      <div style="text-align: justify; text-indent: 36pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify;">
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 33%; vertical-align: top;">
                <div style="font-weight: bold;">CUSIP No. 131193104</div>
              </td>
              <td style="width: 33.65%; vertical-align: top;">
                <div style="text-align: center; font-weight: bold;">13D</div>
              </td>
              <td style="width: 32.69%; vertical-align: bottom;">
                <div style="text-align: right; font-weight: bold;">Page 8 of 11<br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Under the Registration Rights Agreement, each of the Support Stockholders, subject to certain limited exceptions, has agreed for a period of two years from the Closing Date (the &#8220;<u>coordination
          period</u>&#8221;) to coordinate transfers or sales of its shares of Common Stock received in connection with the consummation of the Merger among the other coordinating stockholders. The coordination provisions apply to all registrable securities held
        by the Support Stockholders, excluding shares of Common Stock received in exchange for Series F preferred stock, Series G preferred stock or Series H preferred stock of Topgolf (collectively, the &#8220;<u>excluded stock</u>&#8221;). During the coordination
        period, each of the Support Stockholders has agreed not to transfer or sell in a given one-year period (with the first such one-year period commencing on the Closing Date) more than 50% of its shares of the total registrable securities, other than
        the excluded stock, owned by such Support Stockholder on the first day of such one-year period.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">The Registration Rights Agreement became effective upon the closing of the Merger, and will terminate at such time that all registrable securities under the agreement have been sold, transferred,
        disposed of or exchanged pursuant to a registration statement, or the later of (i) the date upon which there are no registrable securities outstanding and (ii) the expiration of the coordination period.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">The foregoing descriptions of the Transaction Agreements do not purport to be complete and are qualified in their entirety by reference to such agreements. Copies of the Merger Agreement, the Original Warrant, the
        Warrant Assumption Agreement, the Stockholders Agreement and the Registration Rights Agreement, which are attached as Exhibits 2.1, 2.2, 2.3, 2.4 and 2.5 to this Statement, are incorporated herein by reference.</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zebbb95331c4448c79ca3836905293245">

          <tr>
            <td style="width: 45pt; vertical-align: top; align: right; font-weight: bold;">Item 4.</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Purpose of Transaction</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The information set forth or incorporated by reference in Items 3, 5 and 6 of this Statement is incorporated by reference in this Item 4.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The Reporting Persons have acquired (or have been deemed to acquire) beneficial ownership in the shares of Common Stock reported herein for investment purposes. The Reporting Persons intend to
        review their investment in the Issuer continually.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Although the Reporting Persons do not currently have any specific plan or proposal to sell or transfer the Common Stock, except as described herein, each Reporting Person may, and reserves the
        right (in each case, subject to any applicable restrictions under law and/or the Transaction Agreements), at any time and from time to time to (i) purchase or otherwise acquire additional shares of Common Stock or other securities of the Issuer or
        of subsidiaries of the Issuer, or instruments convertible into or exercisable for any such securities (collectively, &#8220;<u>Issuer Securities</u>&#8221;), in the open market, in privately negotiated transactions, or otherwise, (ii) sell, transfer or
        otherwise dispose of Issuer Securities in public or private transactions, (iii) cause Issuer Securities to be distributed in kind to its investors, members, limited partners or other equityholders, (iv) pledge, hypothecate, impose a lien on, use as
        a security interest or otherwise encumber the Issuer Securities, and/or (v) engage in discussions and communications, in its capacity as a holder of Issuer Securities or through the Providence Nominee on the Board, with the Issuer, members of
        management and the Board, other existing or prospective security holders, industry analysts, existing or potential strategic partners or competitors, investment and financing professionals, sources of credit and other investors to consider
        exploring (A) extraordinary corporate transactions, such as a merger or sales or acquisitions of assets or businesses, (B) changes to the Issuer&#8217;s capitalization or dividend policy, (C) other changes to the Issuer&#8217;s business or structure or (D) one
        or more of the other actions described in paragraphs &#8220;(a)&#8221; through &#8220;(j)&#8221; of Item 4 of Schedule 13D under the Exchange Act.</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z898d752b102741a596a924f0546c9840">

          <tr>
            <td style="width: 45pt; vertical-align: top; align: right; font-weight: bold;">Item 5.</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Interest in Securities of the Issuer</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">The information set forth or incorporated by reference in Items 2, 3, 4 and 6 of this Statement is incorporated by reference in this Item 5.</div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-weight: bold;">(a)</font> and <font style="font-weight: bold;">(b)</font>&#160; Pursuant to Rule 13d-3(d)(1)(i) under the Exchange Act, the beneficial ownership, with respect to each Reporting Person,
        disclosed on this Statement includes shares of Common Stock that are issuable upon exercise of the Warrant. The applicable ownership percentages are calculated, with respect to each Reporting Person, as a percentage of the sum of (i) 94,241,747
        shares of Common Stock outstanding as of January 31, 2021, as set forth in the Issuer&#8217;s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, (ii) approximately 90,000,000 shares of Common Stock issued as Merger Consideration and
        (iii) 130,064 shares of Common Stock subject to the Warrant (such sum, the &#8220;<u>Outstanding Common Stock</u>&#8221;).</div>
      <div style="text-align: justify;"> <br>
      </div>
    </div>
    <div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 33%; vertical-align: top;">
              <div style="font-weight: bold;">CUSIP No. 131193104</div>
            </td>
            <td style="width: 33.65%; vertical-align: top;">
              <div style="text-align: center; font-weight: bold;">13D</div>
            </td>
            <td style="width: 32.69%; vertical-align: bottom;">
              <div style="text-align: right; font-weight: bold;">Page 9 of 11<br>
              </div>
            </td>
          </tr>

      </table>
      <br>
      <div style="text-align: justify; text-indent: 36pt;"> </div>
      <div style="text-align: justify; text-indent: 36pt;">As a result of the Merger and the Transaction Agreements:</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1497b7a1674d4c809d3b3006f78a6744">

          <tr>
            <td style="width: 45pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>PEP TG Investments LP directly holds 28,905,290 shares of Common Stock or approximately 15.68% of the Outstanding Common Stock;</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3c6a1b75676b411f916b7032fc83ecbf">

          <tr>
            <td style="width: 45pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>PEP TG Investments GP LLC is the sole general partner of PEP TG Investments LP. PEP TG Investments GP LLC may be deemed to beneficially own 28,905,290 shares of Common Stock or 15.68% of the Outstanding Common Stock by virtue of its
                position as sole general partner of PEP TG Investments LP; and</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfad454dbda8a4625bf592866413f1378">

          <tr>
            <td style="width: 45pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Michael Dominguez is the sole member of PEP TG Investments GP LLC. Michael Dominguez may be deemed to beneficially own 28,905,290 shares of Common Stock or 15.68% of the Outstanding Common Stock by virtue of his position as the sole
                member of PEP TG Investments GP LLC.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">PEP TG Investments GP LLC disclaims beneficial ownership of the securities referred to in this Statement, and the filing of this Statement should not be construed as an admission that PEP TG
        Investments GP LLC is, for the purpose of Schedule 13D or 13G of the Exchange Act, the beneficial owner of any securities covered by this Statement.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Michael Dominguez disclaims beneficial ownership of the securities referred to in this Statement, and the filing of this Statement should not be construed as an admission that Michael Dominguez is,
        for the purpose of Schedule 13D or 13G of the Exchange Act, the beneficial owner of any securities covered by this Statement.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Except as set forth in this Item 5(a), none of the Reporting Persons beneficially own any shares of Common Stock.</div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-weight: bold;">(c)</font> Except for the Transaction Agreements described above, no transactions in the class of securities reported have been effected during the past 60 days by any person named in
        Item 5(a).</div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-weight: bold;">(d)</font> To the knowledge of the Reporting Persons, no other person has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of,
        the securities of the Issuer reported herein.</div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-weight: bold;">(e)</font> Inapplicable.</div>
      <div> <br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6af01b0a42bf48fea16e5ee3a37b7ac2">

          <tr>
            <td style="width: 45pt; vertical-align: top; align: right; font-weight: bold;">Item 6.</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">The information set forth or incorporated by reference in Items 3, 4 and 5 of this Statement is incorporated by reference in this Item 6.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Except for the Transaction Agreements described above, to the knowledge of the Reporting Persons, there are no contracts, arrangements, understandings or relationships (legal or otherwise),
        including, but not limited to, transfer or voting of any of the securities, finder&#8217;s fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies,
        among the persons named in Item 2 or between such persons and any other person, with respect to any securities of Issuer, including any securities pledged or otherwise subject to a contingency the occurrence of which would give another person
        voting power or investment power over such securities.</div>
      <div style="text-align: justify; text-indent: 36pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 33%; vertical-align: top;">
                <div style="font-weight: bold;">CUSIP No. 131193104</div>
              </td>
              <td style="width: 33.65%; vertical-align: top;">
                <div style="text-align: center; font-weight: bold;">13D</div>
              </td>
              <td style="width: 32.69%; vertical-align: bottom;">
                <div style="text-align: right; font-weight: bold;">Page 10 of 11<br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div> <br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0c36162ccc19474fb3a498a643db0224">

          <tr>
            <td style="width: 45pt; vertical-align: top; align: right; font-weight: bold;">Item 7.</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Material to Be Filed as Exhibits</div>
            </td>
          </tr>

      </table>
      <div> <br>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="za68303c2c1804faea6db95b5c740faec">

            <tr>
              <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div><a href="https://www.sec.gov/Archives/edgar/data/837465/000119312520278438/d48303dex21.htm">2.1</a></div>
              </td>
              <td style="width: 95%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Merger Agreement, dated as of October 27, 2020, by and among Callaway Golf Company, 51 Steps, Inc., and Topgolf International, Inc.**</div>
              </td>
            </tr>
            <tr>
              <td style="width: 5%; vertical-align: top;">
                <div><a href="brhc10021885_ex2-2.htm">2.2</a></div>
              </td>
              <td style="width: 95%; vertical-align: top;">
                <div>Warrant to Purchase Shares of Series E Preferred Stock, dated as of July 6, 2016, by and between PEP TG Investments LP and Topgolf International, Inc.*</div>
              </td>
            </tr>
            <tr>
              <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div><a href="brhc10021885_ex2-3.htm">2.3</a></div>
              </td>
              <td style="width: 95%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Assignment, Assumption and Amendment Agreement, dated as of October 27, 2020, by and among Callaway Golf Company, Topgolf International, Inc. and PEP TG Investments LP*</div>
              </td>
            </tr>
            <tr>
              <td style="width: 5%; vertical-align: top;">
                <div><a href="https://www.sec.gov/Archives/edgar/data/837465/000119312520278438/d48303dex102.htm">2.4</a></div>
              </td>
              <td style="width: 95%; vertical-align: top;">
                <div>Stockholders Agreement, dated as of October 27, 2020, by and among Callaway Golf Company and certain stockholders of Topgolf International, Inc.**</div>
              </td>
            </tr>
            <tr>
              <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div><a href="https://www.sec.gov/Archives/edgar/data/837465/000119312520278438/d48303dex103.htm">2.5</a></div>
              </td>
              <td style="width: 95%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Registration Rights Agreement, dated as of October 27, 2020, by and among Callaway Golf Company, Topgolf International, Inc. and certain stockholders of Topgolf International, Inc.**</div>
              </td>
            </tr>
            <tr>
              <td style="width: 5%; vertical-align: top;">
                <div><a href="brhc10021885_ex99-1.htm">99.1</a></div>
              </td>
              <td style="width: 95%; vertical-align: top;">
                <div>Joint Filing Agreement, dated as of March 17, 2021, by and among PEP TG Investments LP, PEP TG Investments GP LLC, and Michael Dominguez*</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za604e63a86cb446fb94bdaae709746af">

          <tr>
            <td style="vertical-align: top; width: 18pt;">*</td>
            <td style="width: auto; vertical-align: top;">
              <div>Filed herewith.</div>
            </td>
          </tr>

      </table>
      <div>
        <div>
          <div>
            <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z33cba10d0859437d90873c33b80091c6" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

                <tr style="vertical-align: top;">
                  <td style="vertical-align: top; width: 18pt;">
                    <div>**</div>
                  </td>
                  <td style="align: left; vertical-align: top; width: auto;">
                    <div>Previously filed.</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div> <br>
        </div>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: center; font-weight: bold;">
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 33%; vertical-align: top;">
                <div style="font-weight: bold;">CUSIP No. 131193104</div>
              </td>
              <td style="width: 33.65%; vertical-align: top;">
                <div style="text-align: center; font-weight: bold;">13D</div>
              </td>
              <td style="width: 32.69%; vertical-align: bottom;">
                <div style="text-align: right; font-weight: bold;">Page 11 of 11<br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: center; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; font-weight: bold;">Signature</div>
      <div>&#160;</div>
      <div>After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</div>
      <div> <br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z60dea91696ed40c7a90277fb9cc7dcfa">

          <tr>
            <td style="width: 45%; vertical-align: top;">
              <div>Date: March 17, 2021</div>
            </td>
            <td colspan="2" style="vertical-align: bottom;">
              <div>PEP TG INVESTMENTS LP</div>
            </td>
          </tr>
          <tr>
            <td style="width: 45%; vertical-align: middle;">&#160;</td>
            <td colspan="2" style="vertical-align: middle;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 45%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>
                <div>/s/ Michael Dominguez</div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 45%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: bottom;">
              <div>Name:</div>
            </td>
            <td style="width: 50%; vertical-align: bottom;">
              <div>Michael Dominguez</div>
            </td>
          </tr>
          <tr>
            <td style="width: 45%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: bottom;">
              <div>Title:</div>
            </td>
            <td style="width: 50%; vertical-align: bottom;">
              <div>Authorized Signatory</div>
            </td>
          </tr>
          <tr>
            <td style="width: 45%; vertical-align: middle;">&#160;</td>
            <td style="width: 5%; vertical-align: middle;">&#160;</td>
            <td style="width: 50%; vertical-align: middle;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 45%; vertical-align: top;">
              <div>
                <div>Date: March 17, 2021</div>
              </div>
            </td>
            <td colspan="2" style="vertical-align: bottom;">
              <div>PEP TG INVESTMENTS GP LLC</div>
            </td>
          </tr>
          <tr>
            <td style="width: 45%; vertical-align: middle;">&#160;</td>
            <td colspan="2" style="vertical-align: middle;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 45%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>
                <div>/s/ Michael Dominguez</div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 45%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: bottom;">
              <div>Name:</div>
            </td>
            <td style="width: 50%; vertical-align: bottom;">
              <div>Michael Dominguez</div>
            </td>
          </tr>
          <tr>
            <td style="width: 45%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: bottom;">
              <div>Title:</div>
            </td>
            <td style="width: 50%; vertical-align: bottom;">
              <div>Authorized Signatory</div>
            </td>
          </tr>
          <tr>
            <td style="width: 45%; vertical-align: middle;">&#160;</td>
            <td colspan="2" style="vertical-align: middle;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 45%; vertical-align: top;">
              <div>
                <div>Date: March 17, 2021</div>
              </div>
            </td>
            <td colspan="2" style="vertical-align: bottom;">
              <div>MICHAEL DOMINGUEZ</div>
            </td>
          </tr>
          <tr>
            <td style="width: 45%; vertical-align: middle;">&#160;</td>
            <td colspan="2" style="vertical-align: middle;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 45%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>
                <div>/s/ Michael Dominguez</div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 45%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: bottom;">
              <div>Name:</div>
            </td>
            <td style="width: 50%; vertical-align: bottom;">
              <div>Michael Dominguez</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.2
<SEQUENCE>2
<FILENAME>brhc10021885_ex2-2.htm
<DESCRIPTION>EXHIBIT 2.2
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 2.2</font><br>
  </div>
  <div>
    <div><br>
    </div>
    <div style="text-align: right; font-style: italic;">Execution Version</div>
    <div>&#160; <br>
    </div>
    <div style="text-align: center; font-weight: bold;"><u>Warrant</u></div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#8220;<font style="font-weight: bold;">SECURITIES ACT</font>&#8221;), OR QUALIFIED
      UNDER ANY STATE OR FOREIGN SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, ASSIGNED, PLEDGED, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO
      AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE ACT OR SUCH LAWS AND, IF REQUESTED BY THE COMPANY, UPON DELIVERY OF AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT THE PROPOSED TRANSFER IS EXEMPT FROM THE ACT OR SUCH LAWS.</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">TOPGOLF INTERNATIONAL, INC.</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">WARRANT TO PURCHASE SHARES OF SERIES E PREFERRED STOCK</div>
    <div>&#160;</div>
    <div>304,621 Shares of Series E Preferred Stock </div>
    <div> <br>
    </div>
    <div>July 6, 2016</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">THIS CERTIFIES THAT, for value received, PEP TG Investments LP (including any successors or assignees, the &#8220;<font style="font-weight: bold;">Purchaser</font>&#8221;), is entitled to subscribe for and purchase at the Exercise
      Price (as defined below) from Topgolf International, Inc. (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;), up to 304,621 Shares (as defined below), subject to adjustment as provided herein.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">This Warrant (this &#8220;<font style="font-weight: bold;">Warrant</font>&#8221;) is issued pursuant to the terms of the Series E Preferred Stock Purchase Agreement, dated as of February 9, 2016, by and among the Company and the
      Purchaser (the &#8220;<font style="font-weight: bold;">Purchase Agreement</font>&#8221;). Unless otherwise indicated, capitalized terms used herein but not defined herein shall have the respective meanings ascribed to such terms in the Purchase Agreement.</div>
    <div><br>
    </div>
    <div>1.&#160;&#160;&#160; &#160; &#160; &#160; &#160; <u>Definitions</u>. As used in this Warrant, the following terms have the respective meanings set forth below:</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Board</font>&#8221; shall mean the Board of Directors of the Company.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Business Day</font>&#8221; means any day other than a Saturday, Sunday or other day on which commercial banks located in New York City are authorized or required to be closed.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Exercise Date</font>&#8221; means the day on which this warrant is exercised, in whole or in part, pursuant to <u>Section 3</u> or <u>Section 4(c)</u>.</div>
    <div>&#160;</div>
    <div></div>
    <div style="text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Exercise Price</font>&#8221; means $11.09 per Share.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Exercise Shares</font>&#8221; means the Shares issued or issuable upon exercise of this Warrant, subject to adjustment pursuant to the terms herein. The Series E Original Issue Price (as
      defined in the Restated Certificate) of all Exercise Shares shall be deemed to be $11.09, and the Series E Conversion Price (as defined in the Restated Certificate) of all Exercise Shares shall be calculated as if the Exercise Shares were issued on
      the date of this Warrant and adjusted from time to time (if applicable) as provided in the Restated Certificate.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <!--PROfilePageNumberReset%Num%2%%%-->
    <div style="text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Fair Market Value</font>&#8221; has the following respective meanings: (i) for Shares or other securities traded or quoted on a Trading Market, the Fair Market Value will be the average of the
      closing prices of such security on such Trading Market over a ten (10) consecutive Trading Day period, ending on the Trading Day immediately prior to the date of determination; (ii) for Shares or other securities not traded or quoted on a Trading
      Market, Fair Market Value shall be determined in the manner set forth in Section 4.2(a) of the Voting Agreement for determining Fair Market Value thereunder, provided that (a) except as otherwise provided herein, the FMV Negotiation Period (as
      defined the in the Voting Agreement) shall commence on the date of the Notice of Exercise hereunder and (b) the Purchaser shall be deemed to be the Representative (as defined in the Voting Agreement); or (iii) for any other property, the Fair Market
      Value shall be determined by the Board in good faith assuming a willing buyer and a willing seller in an arms-length transaction.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Investors&#8217; Rights Agreement</font>&#8221; means that certain Second Amended and Restated Investors&#8217; Rights Agreement, dated February 19, 2016, by and among the Company and each investor party
      thereto, as amended, restated, or amended and restated from time to time.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Original Issue Date</font>&#8221; means July 6, 2016.</div>
    <div style="text-indent: 36pt;">&#160;</div>
    <div style="text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Restated Certificate</font>&#8221; means that certain Second Amended and Restated Certificate of Incorporation of the Company, as amended, restated, or amended and restated from time to time.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Shares</font>&#8221; means the shares of Series E Preferred Stock of the Company, par value $.00001 per share, and any capital stock or other securities into which such Shares shall have been
      converted, exchanged or reclassified following the date hereof.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Trading Day</font>&#8221; shall mean (i) a day on which the Shares are traded on a Trading Market (other than the OTC Bulletin Board), or (ii) if the Shares are not listed on a Trading Market
      (other than the OTC Bulletin Board), a day on which the Shares are traded in the over-the-counter market, as reported by the OTC Bulletin Board, or (iii) if the Shares are not quoted on any Trading Market, a day on which the Shares are quoted in the
      over-the-counter market as reported by the National Quotation Bureau Incorporated (or any similar organization or agency succeeding to its functions of reporting prices); <font style="font-style: italic;">provided </font>that in the event that the
      Shares are not listed or quoted as set forth in (i), (ii) and (iii) hereof, then Trading Day shall mean a Business Day.</div>
    <div style="text-indent: 36pt;">&#160;</div>
    <div style="text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Trading Market</font>&#8221; means The NASDAQ Global Market, The NASDAQ Global Select Market, The NASDAQ Capital Market, The NYSE Amex Equities, or The New York Stock Exchange, Inc.</div>
    <div style="text-indent: 36pt;">&#160;</div>
    <div style="text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Voting Agreement</font>&#8221; means that certain Third Amended and Restated Voting Agreement, dated February 19, 2016, by and among the Company, the Purchaser and the other investors party
      thereto, as amended, restated, or amended and restated from time to time.</div>
    <div>&#160;</div>
    <div>
      <div>2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Term of Warrant</u>. Subject to the terms and conditions hereof, at any time or from time to time after the date hereof and prior to 5:00 p.m. Eastern Standard Time, on the tenth (10<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) anniversary of the date hereof
        or, if such day is not a Business Day, on the next succeeding Business Day (the &#8220;<font style="font-weight: bold;">Exercise Period</font>&#8221;), the Purchaser may exercise this Warrant for all or any part of the Exercise Shares purchasable hereunder
        (subject to adjustment as provided herein).</div>
      <div> <br>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div>
      <div>3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Exercise of Warrant</u>.</div>
    </div>
    <div>&#160;</div>
    <div></div>
    <div style="text-indent: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Method of Exercise</u>. The rights represented by this Warrant may be exercised in whole or in part at any time during the Exercise Period by delivery of the following to the Company at its address set
      forth in <u>Section 13</u> hereof (or at such other address as it may designate by notice in writing to the Purchaser):</div>
    <div>&#160;</div>
    <div>
      <div style="text-indent: 72pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; An executed Notice of Exercise in the form attached hereto (a &#8220;<font style="font-weight: bold;">Notice of</font>&#160; <font style="font-weight: bold;">Exercise</font>&#8221;); and </div>
    </div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Payment of the Exercise Price either (at the option of the Purchaser) (A) in cash or wire transfer of immediately available funds or by cashier&#8217;s check drawn down on a United States bank made payable to the
      order of the Company, (B) by surrendering other Shares or securities of the Company having a Fair Market Value as of the Exercise Date equal to the Exercise Price; (C) pursuant to a cashless exercise as described in <u>Section 3(b)</u> or (D) any
      combination of the foregoing.</div>
    <div>&#160;</div>
    <div>
      <div style="text-indent: 36pt;">(b) &#160; &#160; &#160; &#160;&#160; <u>Cashless Exercise</u>.</div>
    </div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; Notwithstanding any provisions herein to the contrary, at any time during the Exercise Period, in lieu of exercising this Warrant by payment of cash, the Purchaser may exercise this Warrant by a cashless
      exercise by surrender of this Warrant at the principal office of the Company together with the properly endorsed Notice of Exercise, and the Company shall issue to the Purchaser a number of Exercise Shares calculated using the following formula:</div>
    <div>&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" id="zb7f96f953cbd4ba69ebc7ea308181806" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 90%; vertical-align: top;">
              <div>X = (Y*(B-A))/B</div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 90%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">
              <div>Where:</div>
            </td>
            <td style="width: 90%; vertical-align: top;">
              <div>X = the number of Exercise Shares to be issued to the Purchaser</div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 90%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 90%; vertical-align: top;">
              <div style="text-indent: -18pt; margin-left: 18pt;">Y = the number of Shares purchasable upon exercise of all of the Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being exercised.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 90%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 90%; vertical-align: top;">
              <div>A = the Exercise Price</div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 90%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 90%; vertical-align: top;">
              <div>B = the Fair Market Value of a Share</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-indent: 72pt;">(ii)&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; For purposes of Rule 144 promulgated under the Act, it is intended, understood and acknowledged that the Exercise Shares issued in a cashless exercise transaction shall be deemed to have been acquired by
      the Purchaser, and the holding period for the Exercise Shares shall be deemed to have commenced, on the Original Issue Date.</div>
    <div>&#160;</div>
    <div></div>
    <div style="text-indent: 36pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Partial Exercise</u>. If this Warrant is exercised in part only, the Company shall, upon surrender of this Warrant, execute and deliver, within five (5) Business Days of the date of exercise, a new
      Warrant (with the same terms) evidencing the rights of the Purchaser, or such other person as shall be designated in the Notice of Exercise, to purchase the balance of the Exercise Shares purchasable hereunder. In no event shall this Warrant be
      exercised for a fractional Exercise Share, and the Company shall not distribute a Warrant exercisable for a fractional Exercise Share. Fractional shares shall be treated as provided in <u>Section 9</u> hereof.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="text-indent: 36pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Payment of Expenses and Taxes</u>. The Company shall pay all expenses in connection with, and all taxes and other governmental charges that may be imposed with respect to, the issue or delivery thereof,
      unless such tax or charge is imposed by law upon the Purchaser. The Company shall not, however, be required to pay any tax or governmental charge which may be payable in respect of any transfer involved in the issue and delivery of Exercise Shares in
      a name other than that of the Purchaser of the Warrants to be exercised.</div>
    <div style="text-indent: 36pt;">&#160;</div>
    <div style="text-indent: 36pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; <u>Delivery of Exercise Shares</u>. Exercise Shares acquired hereunder shall be delivered to the Purchaser within five (5) Business Days after any date on which this Warrant shall have been validly
      exercised in full or in part. Such Exercise Shares shall be in certificated form and bear an appropriate restrictive legend. The Person in whose name any Exercise Shares are to be issued upon exercise of this Warrant shall be deemed to have become
      the holder of record of such shares on the date on which this Warrant was validly exercised, irrespective of the date of issuance of the Shares, except that, if the date of such valid exercise is a date when the stock transfer books of the Company
      are closed, such person shall be deemed to have become the holder of such shares at the close of business on the next succeeding date on which the stock transfer books are open.</div>
    <div><br>
    </div>
    <div>
      <div>4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Covenants of the Company</u>.</div>
    </div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Covenants as to Exercise Shares</u>. The Company covenants and agrees that it will at all times during the Exercise Period, have authorized and reserved a sufficient number of Shares to provide for the
      exercise of the rights represented by this Warrant. All Exercise Shares will, upon issuance, be validly issued and outstanding, fully paid and nonassessable, and free from all taxes, liens and charges with respect to the issuance thereof. If at any
      time during the Exercise Period the number of authorized but unissued Shares shall not be sufficient to permit exercise of this Warrant, the Company will take such actions as may, in the opinion of its counsel, be necessary to increase its authorized
      but unissued Shares to such number of shares as shall be sufficient for such purposes.</div>
    <div style="text-indent: 36pt;">&#160;</div>
    <div style="text-indent: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>No Impairment</u>. Except and to the extent as waived or consented to by the Purchaser, the Company will not, by amendment of its Restated Certificate or Bylaws (as such may be amended from time to time),
      or through any means, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Company, but will at all times in good faith assist in the carrying out of all the provisions of this Warrant
      and in the taking of all such action as may be necessary or appropriate in order to protect the exercise rights of the Purchaser against impairment.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Automatic Exercise</u>. Notwithstanding anything herein to the contrary, to the extent this Warrant remains exercisable and is exercisable pursuant to <u>Section 3(b)</u>, this Warrant shall be deemed to
      be fully exercised pursuant to <u>Section 3(b)</u>, without the need for any action by the Purchaser or the Company, immediately prior to the end of the Exercise Period; <font style="font-style: italic;">provided</font>, <font style="font-style: italic;">however</font>, that notwithstanding any other provision hereof or in the Purchase Agreement, the Company may delay the delivery of Exercise Shares pursuant to such an automatic exercise until (i) the Purchaser delivers to the Company a
      certification substantially in the form of Section 4 of the Notice of Exercise, and (ii) the Fair Market Value of such Exercise Shares is determined, the determination of which shall be deemed to have commenced upon receipt of the certification
      described in the foregoing clause (i).</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="text-indent: 36pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>No Redemption</u>. This Warrant is not redeemable by the Company, and neither the Company nor any successor thereto will seek to redeem this Warrant.</div>
    <div style="text-indent: 36pt;">&#160;</div>
    <div style="text-indent: 36pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Recapitalization Treatment</u>. Except as otherwise required by applicable law as a result of a change in law after the date hereof, the Company covenants and agrees to treat any exercise pursuant to <u>Section




        3(b)</u>(including any deemed <u>Section 3(b)</u> exercise by virtue of an automatic exercise pursuant to <u>Section 4(c)</u>) as a &#8220;recapitalization&#8221; within the meaning of Section 368(a)(1)(E) of the Internal Revenue Code of 1986, as amended,
      and not to take any tax position inconsistent with such treatment.</div>
    <div style="text-indent: 36pt;">&#160;</div>
    <div>5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; <u>Representations of Purchaser</u>. In connection with the issuance of this Warrant, the Purchaser represents, as of the date of issuance, to the Company by acceptance of this Warrant as follows:</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Investor Status</u>. Purchaser is an &#8220;accredited investor&#8221; as defined in Rule 501 of Regulation D promulgated under the Act.</div>
    <div style="text-indent: 36pt;">&#160;</div>
    <div style="text-indent: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Purchase Entirely for Own Account</u>. Purchaser is acquiring this Warrant and Exercise Shares for its own account, own account, not as a nominee or agent, and not with a view to the resale or
      distribution of any part thereof, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same. Purchaser further represents that the Purchaser does not presently have any contract,
      undertaking, agreement or arrangement with any Person to sell, transfer or grant participations to such Person or to any third Person, with respect to this Warrant and Exercise Shares.</div>
    <div style="text-indent: 36pt;">&#160;</div>
    <div style="text-indent: 36pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Restricted Securities</u>. The Purchaser understands that this Warrant and the Exercise Shares have not been, and will not be, registered under the Securities Act, by reason of a specific exemption from
      the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser&#8217;s representations as expressed herein. The Purchaser understands that the
      Exercise Shares are &#8220;restricted securities&#8221; under applicable U.S. federal and state securities Laws and that, pursuant to these Laws, the Purchaser must hold the Exercise Shares indefinitely unless they are registered with the Securities and Exchange
      Commission and qualified by state authorities, or an exemption from such registration and qualification requirements is available. The Purchaser acknowledges that the Company has no obligation to register or qualify the Exercise Shares, or the Common
      Stock into which they may be converted, for resale except as set forth in the Investors&#8217; Rights Agreement. The Purchaser further acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various
      requirements including, but not limited to, the time and manner of sale, the holding period for the Exercise Shares, and on requirements relating to the Company which are outside of the Purchaser&#8217;s control, and which the Company is under no
      obligation and may not be able to satisfy.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Legends</u>. The Purchaser understands that the Shares and any securities issued in respect of or exchange for the Shares, may be notated with one or all of the following legends:</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="text-indent: 72pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#8220;THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION
      THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.&#8221;</div>
    <div>&#160;</div>
    <div>
      <div style="text-indent: 72pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any legend set forth in, or required by, the other Transaction Agreements.</div>
    </div>
    <div style="text-indent: 72pt;">&#160;</div>
    <div style="text-indent: 72pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any legend required by the securities Laws of any state to the extent such Laws are applicable to the Shares represented by the certificate, instrument, or book entry so legended.</div>
    <div>&#160;</div>
    <div>
      <div>6. &#160; &#160; &#160; &#160; &#160; <u>Certain Adjustments</u>.</div>
    </div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Dividends of Securities; Subdivisions; Stock Splits</u>. If the Company, at any time while this Warrant is outstanding, (i) makes or declares, or fixes a record date for, any dividend or any other
      distribution upon any Shares payable in Shares or other equity securities of the Company, or (ii) subdivides (by any stock split, recapitalization or otherwise) outstanding Shares into a greater number of shares, then in each such case the number of
      Exercise Shares issuable upon the exercise of this Warrant shall be proportionately increased in order to prevent any dilution of the rights of Purchaser contained in this Warrant. If the Company at any time combines (by combination, reverse stock
      split or otherwise) its outstanding Shares into a smaller number of shares, the number of Exercise Shares issuable upon the exercise of this Warrant shall be proportionately decreased. Any adjustment under this <u>Section 6</u> shall become
      effective at the close of business on the date the dividend, subdivision or combination becomes effective.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Other Dividends</u>. If the Company, at any time while this Warrant is outstanding, makes or declares, or fixes a record date for, any dividend or any other distribution payable in cash or other property
      (other than Shares or other equity securities of the Company) (each such dividend or distribution, a &#8220;<font style="font-weight: bold;">Specified Warrant Period Dividend</font>&#8221;), then, provision shall be made so that the Purchaser shall receive upon
      exercise of the Warrant, in addition to the number of Exercise Shares received thereupon (the &#8220;<font style="font-weight: bold;">Applicable Exercise Shares</font>&#8221;), the Specified Warrant Period Dividend which the Purchaser would have been entitled to
      receive had the Applicable Exercise Shares been issued immediately prior to the record date for each such Specified Warrant Period Dividend and, with respect to a Specified Warrant Period Dividend of any property other than cash, had the Purchaser
      thereafter, during the period from the date of such event to and including the Exercise Date, retained such property receivable by it as aforesaid during such period, taking into account any adjustments provided for during such period under this
      Warrant with respect to the rights of the Purchaser. Upon the making of any Specified Warrant Period Dividend, the Company shall set aside a sufficient amount of cash or other property to pay the Specified Warrant Period Dividend on the maximum
      number of Exercise Shares issuable pursuant to the Warrant (the &#8220;<font style="font-weight: bold;">Set-Aside Amount</font>&#8221;). With respect to any Specified Warrant Period Dividend paid in cash, the Company shall invest the Set-Aside Amount as directed
      by Purchaser (the &#8220;<font style="font-weight: bold;">Set-Aside Investment</font>&#8221;), and upon exercise of the Warrant, in addition to the Special Warrant Period Dividend, Purchaser shall be entitled to receive any earnings that accrue on the Set-Aside
      Investment, provided that in the event that the value of the Set-Aside Investment decreases below the Set-Aside Amount (the amount of such decrease, if any, the &#8220;<font style="font-weight: bold;">Set-Aside Investment Loss</font>&#8221;), the amount payable
      to Purchaser upon exercise of the Warrant shall be decreased by the amount of the Set-Aside Investment Loss.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-indent: 36pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Reorganizations</u>. In the event of any (i) capital reorganization of the Company, (ii) reclassification of the stock of the Company (other than a change in par value or from par value to no par value or
      from no par value to par value or as a result of a stock dividend or subdivision, split-up or combination of shares covered by <u>Section 6(a)</u>), (iii) consolidation or merger of the Company with or into another Person, (iv) sale of all or
      substantially all of the Company&#8217;s assets to another Person or (v) other similar transaction (other than any such transaction covered by <u>Section 6(a)</u>), in each case which entitles the holders of Shares to receive (either directly or upon
      subsequent liquidation) stock, securities or assets with respect to or in exchange for Shares, the Warrant shall, immediately after such reorganization, reclassification, consolidation, merger, sale or similar transaction, remain outstanding and
      shall thereafter, in lieu of or in addition to (as the case may be) the number of Exercise Shares then exercisable hereunder, be exercisable for the kind and number of shares of stock or other securities or assets of the Company or of the successor
      Person resulting from such transaction to which the Purchaser would have been entitled upon such reorganization, reclassification, consolidation, merger, sale or similar transaction if the Purchaser had exercised this Warrant in full immediately
      prior to the time of such reorganization, reclassification, consolidation, merger, sale or similar transaction and acquired the applicable number of Exercise Shares then issuable hereunder as a result of such exercise (without taking into account any
      limitations or restrictions on the exercisability of this Warrant); and, in such case, appropriate adjustment (in form and substance satisfactory to the Purchaser) shall be made with respect to the Purchaser&#8217;s rights under this Warrant to insure that
      the provisions of this <u>Section 6</u> shall thereafter be applicable, as nearly as possible, to this Warrant in relation to any shares of stock, securities or assets thereafter acquirable upon exercise of this Warrant (including, in the case of
      any consolidation, merger, sale or similar transaction in which the successor or purchasing Person is other than the Company, an immediate adjustment in the Exercise Price reflected by the terms of such consolidation, merger, sale or similar
      transaction, and a corresponding immediate adjustment to the number of Exercise Shares acquirable upon exercise of this Warrant without regard to any limitations or restrictions on exercise, if the value so reflected is less than the Exercise Price
      in effect immediately prior to such consolidation, merger, sale or similar transaction). The provisions of this <u>Section 6(c)</u> shall similarly apply to successive reorganizations, reclassifications, consolidations, mergers, sales or similar
      transactions. The Company shall not effect any such reorganization, reclassification, consolidation, merger, sale or similar transaction unless, prior to the consummation thereof, the successor Person (if other than the Company) resulting from such
      reorganization, reclassification, consolidation, merger, sale or similar transaction, shall assume, by written instrument substantially similar in form and substance to this Warrant and satisfactory to the Purchaser, the obligation to deliver to the
      Purchaser such shares of stock, securities or assets which, in accordance with the foregoing provisions, such Purchaser shall be entitled to receive upon exercise of this Warrant. Notwithstanding anything to the contrary contained herein, with
      respect to any corporate event or other transaction contemplated by the provisions of this <u>Section 6(c)</u> the Purchaser shall have the right to elect prior to the consummation of such event or transaction, to give effect to the exercise or sale
      rights contained in this Warrant instead of giving effect to the provisions contained in this <u>Section 6(c)</u> with respect to this Warrant.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div>7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; <u>Conditional Exercise upon IPO or Deemed Liquidation Event</u>. Any Notice of Exercise delivered hereto may be conditioned upon the occurrence of an IPO or Deemed Liquidation Event (as used in this Warrant, the terms &#8220;IPO&#8221; and
      &#8220;Deemed Liquidation Event&#8221; have the meanings provided in the Restated Certificate).</div>
    <div>&#160;</div>
    <div>8.&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; <u>Sale of Warrant upon a Deemed Liquidation Event</u>. In lieu of exercising this Warrant, the Purchaser shall be entitled to sell this Warrant to the acquiring person in a Deemed Liquidation Event at a price per Share equal to the
      consideration received per share of Series E Preferred Stock in such Deemed Liquidation Event, as determined in writing by the Purchaser and the Board in good faith, minus the Exercise Price.</div>
    <div>&#160;</div>
    <div>9.&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#160; <u>Fractional Shares</u>. No fractional shares shall be issued upon the exercise of this Warrant. All Exercise Shares (including fractions) issuable upon exercise of this Warrant may be aggregated for purposes of determining whether
      the exercise would result in the issuance of any fractional share. If, after aggregation, the exercise would result in the issuance of a fractional share, the Company shall, in lieu of issuance of any fractional share, pay the Purchaser otherwise
      entitled to such fraction a sum in cash equal to the product resulting from multiplying the then current Fair Market Value of a Share.</div>
    <div>&#160;</div>
    <div></div>
    <div>10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Transfer of Warrant</u>. Subject to the transfer conditions referred to in the legend endorsed hereon and any transfer restrictions applicable to the Warrant under the Right of First Refusal and Co-Sale Agreement (which shall apply
      <font style="font-style: italic;">mutatis mutandis </font>to this Warrant) this Warrant and all rights hereunder are transferable, in whole or in part, by the Purchaser without charge to the Purchaser, upon surrender of this Warrant to the Company
      at its then principal executive offices with a properly completed and duly executed assignment in a form reasonably satisfactory to the Company, together with funds sufficient to pay any transfer taxes in connection with the making of such transfer.
      Upon such compliance, surrender and delivery and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees and in the denominations specified in such instrument of assignment,
      and shall issue to the assignor a new Warrant evidencing the portion of this Warrant, if any, not so assigned and this Warrant shall promptly be cancelled.</div>
    <div>&#160;</div>
    <div>11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Lost, Stolen, Mutilated or Destroyed Warrant</u>. If this Warrant is lost, stolen, mutilated or destroyed, the Company shall issue a new Warrant of like denomination and tenor as the Warrant so lost, stolen, mutilated or destroyed
      upon the making of an affidavit, in form and substance reasonably acceptable to the Company, of that fact by the Purchaser (or any duly assigned successor) claiming such Warrant to be lost, stolen, mutilated or destroyed and, if required by the
      Company, delivery of an indemnity reasonably satisfactory to it (it being understood that an affidavit of loss of the holder shall be a sufficient indemnity and that the posting of a bond by such holder shall not be required). Any such new Warrant
      shall constitute an original contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated or destroyed Warrant shall be at any time enforceable by anyone.</div>
    <div><br>
    </div>
    <div>12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Modifications and Waiver</u>. This Warrant and any provision hereof may be waived, modified or amended only by an instrument in writing signed by the Company and the Purchaser.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">8</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div>13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Notices</u>. Any notices or other communications required or permitted to be given hereunder shall be in writing and shall be deemed to be given (a) when delivered by hand (with written confirmation of receipt);</div>
    <br>
    <div>
      <div>(b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested);</div>
    </div>
    <div>&#160;</div>
    <div>(c) on the date sent by facsimile or e-mail of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next business day if sent after normal business hours of the recipient or (d) on
      the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the following addresses (or at such other address for a party as shall be
      specified in a notice given in accordance with this section):</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z11e8e448f4f74abf8d568dfb33ae8d0b">

        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: top;">
            <div>If to the Company:</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div>TopGolf International, Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">
            <div>8750 N. Central Expressway, Suite 1200</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">
            <div>Dallas, Texas 75231</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 8%; vertical-align: top;">
            <div>Attention:</div>
          </td>
          <td style="width: 67%; vertical-align: top;">
            <div>William Davenport, Chief Financial Officer</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 8%; vertical-align: top;">
            <div>Email:</div>
          </td>
          <td style="width: 67%; vertical-align: top;">
            <div>William.davenport@topgolf.com</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z6ac4d63c123d4b959e85d467c636035a">

        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: top;">
            <div>with a copy to:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div>Gibson, Dunn &amp; Crutcher LLP</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">
            <div>2100 McKinney Avenue, Suite 1100</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">
            <div>Dallas, Texas 75201</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">
            <div>Attention: Robert B. Little</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">
            <div>Email: <u>rlittle@gibsondunn.com</u></div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zd13aff6f0e194077a5213dfcdcfd1794">

        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: top;">
            <div>If to Purchaser:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div>c/o Providence Equity Partners LLC<br>
            </div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 75%; vertical-align: top;">50 Kennedy Plaza, 18th Floor</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 75%; vertical-align: top;">Providence, Rhode Island 02903</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">
            <div>Attention: Scott Marimow</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">
            <div>Email: <u>s.marimow@provequity.com</u></div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7ce93f89875c4f80baff1437df74ebc6">

        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: top;">
            <div>with a copy to:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div>Weil, Gotshal &amp; Manges LLP<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 20%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 75%; vertical-align: top;" rowspan="1">100 Federal St., 34th Floor</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 20%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 75%; vertical-align: top;" rowspan="1">Boston, Massachusetts 02110</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 20%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 75%; vertical-align: top;" rowspan="1">Attention: Kevin J. Sullivan</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 20%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 75%; vertical-align: top;" rowspan="1">Email: <u>kevin.sullivan@weil.com</u><br>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 20%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 75%; vertical-align: top;" rowspan="1">Fax: (617) 772-8333</td>
        </tr>

    </table>
    <div>&#160;</div>
    <div>14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Acceptance</u>. Receipt of this Warrant by the Purchaser shall constitute acceptance of and agreement to all of the terms and conditions contained in this Warrant and the Purchase Agreement.</div>
    <div>&#160;</div>
    <div>15.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Governing Law</u>. This Warrant, and all disputes and controversies arising with respect hereto (whether at law, in equity, in contract, in tort or otherwise), shall be governed by the internal Law of the State of Delaware,
      including without limitation Delaware laws relating to applicable statutes of limitation and burdens of proof.</div>
    <div>&#160;</div>
    <div>
      <div>16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Submission to Jurisdiction; Waiver of Jury Trial</u>.</div>
    </div>
    <div>&#160;</div>
    <div></div>
    <div style="text-indent: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of Delaware and to the jurisdiction of the United States District Court for the District of Delaware for
      the purpose of any suit, action or other proceeding arising out of or based upon this Warrant, (b) agree not to commence any suit, action or other proceeding arising out of or based upon this Warrant except in the state courts of Delaware or the
      United States District Court for the District of Delaware, and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the
      jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that
      this Warrant or the subject matter hereof may not be enforced in or by such court.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">9</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-indent: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;EACH OF THE COMPANY AND THE PURCHASER HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS WARRANT.</div>
    <div>&#160;</div>
    <div>17.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Headings</u>. The headings in this Warrant are for reference only and shall not affect the interpretation of this Warrant.</div>
    <div>&#160;</div>
    <div>18.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Entire Agreement</u>. This Warrant and the other Transaction Agreements constitute the entire agreement between the parties pertaining to the subject matter hereof and supersede all prior agreements, negotiations, understandings,
      representations, and statements with respect to the subject matter hereof, whether written or oral.</div>
    <div>&#160;</div>
    <div>19.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Cumulative Remedies; Specific Enforcement</u>. The rights and remedies provided in this Warrant are cumulative and are not exclusive of, and are in addition to and not in substitution for, any other rights or remedies available at
      law, in equity or otherwise. In addition to being entitled to exercise its rights granted by law, including recovery of damages, the Purchaser shall be entitled to specific performance of its rights provided under this Warrant. The Company agrees
      that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees, in an action for specific performance, to waive the defense that a remedy at law would be
      adequate.</div>
    <div>&#160;</div>
    <div>20.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Severability</u>. If any provision hereof shall be held invalid or unenforceable by any court of competent jurisdiction or as a result of future legislative action, so long as the economic and legal substance of the transactions
      contemplated hereby are not affected in any manner materially adverse to any party, such holding or action shall be strictly construed and shall not affect the validity or effect of any other provision hereof, as long as the remaining provisions,
      taken together, are sufficient to carry out the overall intentions of the parties as evidenced hereby.</div>
    <div>&#160;</div>
    <div>21.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Counterparts</u>. This Warrant may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one and the same agreement. A signed copy of this Warrant delivered by
      facsimile, e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Warrant.</div>
    <div><br>
    </div>
    <div>22.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>No Strict Construction</u>. This Warrant shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted.</div>
    <div><br>
    </div>
    <div style="text-align: center; font-style: italic;">Signature page follows.</div>
    <div style="text-align: center; font-style: italic;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">10</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-indent: 36pt;">IN WITNESS WHEREOF, the Company has duly executed this Warrant on the Original Issue Date.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z02164e115ee84d048541feefc922da70">

        <tr>
          <td style="width: 45%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="vertical-align: top;">
            <div>TOPGOLF INTERNATIONAL, INC.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 45%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 45%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
            <div>By:</div>
          </td>
          <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">/s/ William Davenport</td>
          <td style="width: 22%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 45%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div>Name:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>William Davenport</div>
          </td>
        </tr>
        <tr>
          <td style="width: 45%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div>Title:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>Chief Financial Officer</div>
          </td>
        </tr>

    </table>
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    <div style="text-align: center;"><font style="font-size: 8pt; color: rgb(10, 10, 10);">[SIGNATURE PAGE </font><font style="font-size: 8pt; color: rgb(33, 33, 33);">TO </font><font style="font-size: 8pt; color: rgb(10, 10, 10);">SERI</font><font style="font-size: 8pt; color: rgb(47, 47, 47);">E</font><font style="font-size: 8pt; color: rgb(10, 10, 10);">S </font><font style="color: rgb(10, 10, 10);">E </font><font style="font-size: 8pt; color: rgb(10, 10, 10);">WARRANT]</font></div>
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    <div style="font-weight: bold; text-align: center;">NOTICE OF EXERCISE</div>
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    <div style="font-weight: bold;"> TO: TOPGOLF INTERNATIONAL, INC.</div>
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      <div style="text-indent: 36pt;"><font style="font-weight: bold;">(1)</font> The undersigned hereby elects to (check one box only):</div>
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    <div style="text-indent: 36pt;">&#9744;&#160; purchase the number of Shares of the Company by cashless exercise pursuant to the terms of the Warrant as shall be issuable upon cashless exercise of the portion of the Warrant relating to_____________Shares.</div>
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    <div style="text-indent: 36pt;"><font style="font-weight: bold;">(3)</font> Please issue a certificate or certificates representing said Shares in the name of the undersigned or in such other name as is specified below:</div>
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    <div style="text-indent: 36pt;"><font style="font-weight: bold;">(4)</font> The undersigned understands and represents that (i) it is an &#8220;accredited investor&#8221; as defined in Rule 501 of Regulation D promulgated under the Act; (ii) it is acquiring the
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      same. The undersigned further represents that it does not presently have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect to the Shares;
      (iii) the Shares have not been, and will not be, registered under the Securities Act, by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the
      investment intent and the accuracy of its representations as expressed herein. The undersigned further understands that the Shares are &#8220;restricted securities&#8221; under applicable U.S. federal and state securities Laws and that, pursuant to these Laws,
      it must hold the Shares indefinitely unless they are registered with the Securities and Exchange Commission and qualified by state authorities, or an exemption from such registration and qualification requirements is available. The undersigned
      acknowledges that the Company has no obligation to register or qualify the Shares, or the Common Stock into which they may be converted, for resale except as set forth in the Investors&#8217; Rights Agreement. The undersigned further acknowledges that if
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      which are outside of the undersigned&#8217;s control, and which the Company is under no obligation and may not be able to satisfy; and (iv) the Shares will be notated with the legends described in the Warrant</div>
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<DOCUMENT>
<TYPE>EX-2.3
<SEQUENCE>3
<FILENAME>brhc10021885_ex2-3.htm
<DESCRIPTION>EXHIBIT 2.3
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 2.3</font><br>
  </div>
  <div>
    <div><br>
    </div>
    <div style="text-align: right; font-weight: bold;">Execution Version</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">ASSIGNMENT, ASSUMPTION AND AMENDMENT AGREEMENT</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">This Assignment, Assumption and Amendment Agreement (this &#8220;<u>Agreement</u>&#8221;) is made and entered into as of October 27, 2020, by and among Callaway Golf Company, a Delaware corporation (the &#8220;<u>Company</u>&#8221;),

      Topgolf International, Inc., a Delaware corporation (&#8220;<u>Assignor</u>&#8221;), and PEP TG Investments LP (including any successors or the assignees, &#8220;<u>Purchaser</u>&#8221;) and shall become effective upon the Effective Time (as defined in the Merger Agreement
      (as defined below)). Capitalized terms used but not defined in this Agreement have the respective meanings ascribed to such terms in the Warrant Agreement (as defined below).</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">WHEREAS, Purchaser and Assignor are party to that certain Warrant to Purchase Shares of Series E Preferred Stock, dated as of July 6, 2016 (the &#8220;<u>Warrant Agreement</u>&#8221;);</div>
    <div style="text-indent: 36pt; text-align: justify;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">WHEREAS, on October 27, 2020, the Company and Assignor entered into that certain Agreement and Plan of Merger (the &#8220;<u>Merger Agreement</u>&#8221;), pursuant to which a newly formed wholly-owned subsidiary
      of the Company will merge with and into Assignor, with Assignor continuing as the surviving corporation and a wholly-owned subsidiary of the Company; and</div>
    <div style="text-indent: 36pt; text-align: justify;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">WHEREAS, pursuant and subject to the terms and conditions of the Merger Agreement, at the Effective Time, the Company shall assume the obligations of Assignor under the Warrant Agreement in
      accordance with the terms of this Agreement.</div>
    <div style="text-indent: 36pt; text-align: justify;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">NOW, THEREFORE, in consideration of the foregoing and the agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
      parties agree as follows:</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Assignment and Assumption of Warrant Agreement</u>. Assignor hereby assigns, grants, conveys and transfers to the Company all of Assignor&#8217;s rights and obligations under the Warrant
      Agreement and the Company hereby accepts such assignment and agrees to assume all of Assignor&#8217;s duties and responsibilities under the Warrant Agreement, as amended by this Agreement, effective as of the Effective Time (the &#8220;<u>Assignment and
        Assumption</u>&#8221;).</div>
    <div style="text-indent: 36pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Amendment of Warrant Agreement</u>. In connection with the Assignment and Assumption and effective as of the Effective Time, and as permitted under Sections 6(c) and 12 of the Warrant
      Agreement, the Warrant Agreement is hereby amended as follows:</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">a.&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; All references to the &#8220;Company&#8221; shall be deemed to be references to Callaway Golf Company.</div>
    <div style="text-indent: 72pt;">&#160;</div>
    <div style="text-indent: 72pt;">b.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The following definition shall be added to Section 1 of the Warrant Agreement as follows:</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 108pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#8220;<u>Merger Agreement</u>&#8221; shall mean that certain Agreement and Plan of Merger, dated as of October 27, 2020, by and among Callaway Golf Company, a Delaware corporation, 51 Steps, Inc.,
      a Delaware corporation, and Topgolf International, Inc., a Delaware corporation, as amended, restated, or amended and restated from time to time.</div>
    <div>&#160;</div>
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    <div style="text-align: justify; text-indent: 72pt;">c.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The following definitions shall be deleted and replaced in their entirety in Section 1 of the Warrant Agreement as follows:</div>
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    <div>
      <div style="text-align: justify; text-indent: 108pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#8220;<u>Shares</u>&#8221; shall mean common stock, par value $0.01, of the Company.</div>
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    <div style="text-align: justify;">&#160;</div>
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      <div style="text-align: justify; text-indent: 108pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160; &#8220;<u>Exercise Price</u>&#8221; shall mean the amount determined by dividing $11.09 by the Company Equity Award Exchange Ratio (as defined in the Merger Agreement), rounded up to the nearest
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    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 108pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#8220;<u>Exercise Shares</u>&#8221; shall mean the Shares issued or issuable upon exercise of this Warrant, subject to adjustment pursuant to the terms herein.</div>
    <div style="text-indent: 108pt; text-align: justify;">&#160;</div>
    <div style="text-align: justify; text-indent: 108pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#8220;<u>Fair Market Value</u>&#8221; shall mean: (i) for Shares or other securities traded or quoted on a Trading Market, the Fair Market Value will be the average of the closing prices of such
      security on such Trading Market over a ten (10) consecutive Trading Day period, ending on the Trading Day immediately prior to the date of determination; or (ii) for Shares or other securities not traded or quoted on a Trading Market or any other
      property, Fair Market Value shall be determined by the Board in good faith assuming a willing buyer and a willing seller in an arms-length transaction.</div>
    <div style="text-indent: 108pt; text-align: justify;">&#160;</div>
    <div style="text-align: justify; text-indent: 108pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#8220;<u>Restated Certificate</u>&#8221; shall mean that certain Restated Certificate of Incorporation of the Company (as amended, restated, or amended and restated from time to time).</div>
    <div style="text-indent: 108pt; text-align: justify;">&#160;</div>
    <div style="text-align: justify; text-indent: 108pt;">(vi)&#160;&#160;&#160;&#160;&#160; The reference to &#8220;Investors&#8217; Rights Agreement&#8221; in the Notice of Exercise attached to the Warrant Agreement shall be amended to refer to the &#8220;Registration Rights Agreement (as defined in
      the Merger Agreement).&#8221; All other references to the &#8220;Investors&#8217; Rights Agreement&#8221; and all references to the &#8220;Voting Agreement&#8221; and the &#8220;Transaction Agreements&#8221; are hereby deleted.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">d.&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; Section 5(c) shall be deleted in its entirety and replaced with the following:</div>
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    <div style="text-align: justify; margin-left: 36pt;"><u>Restricted Securities</u>. The Purchaser understands that this Warrant and the Exercise Shares have not been, and will not be, registered under the Securities Act, by reason of a specific
      exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser&#8217;s representations as expressed herein. The Purchaser understands
      that the Exercise Shares are &#8220;restricted securities&#8221; under applicable U.S. federal and state securities Laws and that, pursuant to these Laws, the Purchaser must hold the Exercise Shares indefinitely unless they are registered with the Securities and
      Exchange Commission and qualified by state authorities, or an exemption from such registration and qualification requirements is available. The Purchaser acknowledges that the Company has no obligation to register or qualify the Exercise Shares, or
      the Common Stock into which they may be converted, for resale except as set forth in the Registration Rights Agreement (as defined in the Merger Agreement). The Purchaser further acknowledges that if an exemption from registration or qualification is
      available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for the Exercise Shares, and on requirements relating to the Company which are outside of the Purchaser&#8217;s control,
      and which the Company is under no obligation and may not be able to satisfy.</div>
    <div>&#160;</div>
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    <div style="text-align: justify; text-indent: 72pt;">e.&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; Section 6(a) shall be deleted in its entirety and replaced with the following:</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">If the Company, at any time while this Warrant is outstanding, (i) makes or declares, or fixes a record date for, any dividend or any other distribution upon any Shares payable in Shares or other
      equity securities of the Company, or (ii) subdivides (by any stock split, recapitalization or otherwise) outstanding Shares into a greater number of shares, then in each such case the number of Exercise Shares issuable upon the exercise of this
      Warrant shall be proportionately increased in order to prevent any dilution of the rights of Purchaser contained in this Warrant and the Exercise Price shall be proportionately decreased. If the Company at any time combines (by combination, reverse
      stock split or otherwise) its outstanding Shares into a smaller number of shares, the number of Exercise Shares issuable upon the exercise of this Warrant shall be proportionately decreased and the Exercise Price shall be proportionately increased.
      Any adjustment under this Section 6 shall become effective at the close of business on the date the dividend, subdivision or combination becomes effective.</div>
    <div>&#160;</div>
    <div>
      <div style="text-indent: 72pt; text-align: justify;">f.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Sections 7 and 8 are hereby deleted in their entirety.</div>
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    <div><br>
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    <div>
      <div style="text-indent: 72pt; text-align: justify;">g.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section 10 shall be deleted in its entirety and replaced with the following:</div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><u>Transfer of Warrant</u>. Subject to the transfer conditions referred to in the legend endorsed hereon, this Warrant and all rights hereunder are transferable, in whole or in part, by the Purchaser
      without charge to the Purchaser, upon surrender of this Warrant to the Company at its then principal executive offices with a properly completed and duly executed assignment in a form reasonably satisfactory to the Company, together with funds
      sufficient to pay any transfer taxes in connection with the making of such transfer. Upon such surrender and delivery and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or
      assignees and in the denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant, if any, not so assigned and this Warrant shall promptly be cancelled.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">h.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; Section 13 of the Warrant Agreement is hereby deleted in its entirety and replaced with the following:</div>
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    <div style="text-align: justify; margin-left: 36pt;"><u>Notices</u>. All notices and other communications hereunder shall be in writing and shall be deemed given (a) when delivered in person; (b) when delivered after posting in the United States mail
      having been sent registered or certified mail return receipt requested, postage prepaid; (c) when delivered by FedEx or other nationally recognized overnight delivery service; or (d) when e-mailed during normal business hours (and otherwise as of the
      immediately following Business Day), if the sender within one Business Day sends a confirming copy of such notice by FedEx or other nationally recognized overnight delivery service, addressed as follows:</div>
    <div>&#160;</div>
    <div style="margin-left: 36pt;">If to the Company:</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">Callaway Golf Company</div>
    <div style="text-indent: 72pt;"> 2180 Rutherford Road</div>
    <div style="text-indent: 72pt;">Carlsbad, CA 92008</div>
    <div style="text-indent: 72pt;"> Attn: Brian P. Lynch</div>
    <div style="text-indent: 72pt;">E-mail: brianl@callawaygolf.com</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">With a copy (which shall not constitute notice) to:</div>
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    <div style="margin-left: 72pt;"> Latham &amp; Watkins LLP</div>
    <div style="margin-left: 72pt;">12670 High Bluff Drive</div>
    <div style="margin-left: 72pt;"> San Diego, CA 92130<br>
      Attention: Craig M. Garner</div>
    <div style="margin-left: 72pt;">Email: craig.garner@lw.com</div>
    <div style="margin-left: 72pt;"> <br>
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    <div style="margin-left: 36pt;"> If to Purchaser:</div>
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    <div style="margin-left: 72pt;">c/o Providence Equity Partners LLC</div>
    <div style="margin-left: 72pt;"> 50 Kennedy Plaza, 18th Floor</div>
    <div style="margin-left: 72pt;"> Providence, Rhode Island 02903</div>
    <div style="margin-left: 72pt;"> Attention: Scott Marimow</div>
    <div style="margin-left: 72pt;">Email: s.marimow@provequity.com</div>
    <div style="text-indent: 36pt;">&#160;</div>
    <div style="text-indent: 36pt;">With a copy (which shall not constitute notice) to:</div>
    <div style="text-indent: 36pt;"> <br>
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    <div style="margin-left: 72pt;"> Weil, Gotshal &amp; Manges LLP</div>
    <div style="margin-left: 72pt;">100 Federal St., 34th Floor<br>
    </div>
    <div style="margin-left: 72pt;">&#160;Boston, Massachusetts 02110</div>
    <div style="margin-left: 72pt;"> Attention: Kevin J. Sullivan</div>
    <div style="margin-left: 72pt;"> Email: kevin.sullivan@weil.com</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">i.&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; Section (2) of the Notice of Exercise is hereby deleted in its entirety.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Adjustment to Shares Underlying the Warrant</u>. Upon the Effective Time, after giving effect to the amendments set forth in Section 2, the Warrant shall entitle the Purchaser to
      subscribe for and purchase a number of Shares equal to 304,621 multiplied by the Company Equity Award Exchange Ratio (as defined in the Merger Agreement), rounded down to the nearest whole Share, subject to adjustment from time to time after the
      Effective Time in accordance with Section 6(a) of the Warrant Agreement. Following the Effective Time, upon written request by the Purchaser, the Company shall deliver written notice to the Purchaser of the number of Exercise Shares underlying the
      Warrant and the Exercise Price with respect thereto.</div>
    <div style="text-align: justify; text-indent: 36pt;"> <br>
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    <div style="text-align: justify; text-indent: 36pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Governing Law</u>. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to the principles of conflicts of
      laws thereof. The parties irrevocably submit to (i) the exclusive jurisdiction of Delaware state courts and any federal court sitting in Delaware for purposes of any suit, action or other proceeding arising out of this letter agreement, or of the
      transactions contemplated hereby, that is brought by or against such party, and (ii) the exclusive venue of such suit, action or proceeding in Delaware.</div>
    <div style="text-indent: 36pt; text-align: justify;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Severability</u>. If any provision of this Agreement is invalid or unenforceable, such invalidity shall not invalidate or render unenforceable any other part of this Agreement, but it
      shall be construed as not containing the particular provision or provisions held to be invalid or unenforceable.</div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; <u>Binding Nature</u>. This Agreement shall be binding on the parties and their respective successors and permitted assigns.</div>
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    <div style="text-align: justify; text-indent: 36pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Counterparts</u>. This Agreement may be executed in counterparts, each of which shall be considered one and the same agreement and shall become effective when such counterparts have
      been signed by each of the parties and delivered to each other party (including by means of facsimile, email or other means of electronic transmission), it being understood that the parties need not sign the same counterpart. Signatures to this
      Agreement delivered by facsimile, email or other means of electronic transmission shall be deemed to have the same legal effect as physical delivery of the paper document bearing the original signature.</div>
    <div style="text-indent: 36pt; text-align: justify;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Further Assurances</u>. The parties hereby agree to take all such steps and to execute all such additional documents, instruments and certificates as may be necessary or appropriate in
      order to effect the Assignment and Assumption, and the other provisions hereof, in accordance with the terms hereof.</div>
    <div style="text-indent: 36pt; text-align: justify;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Termination of Merger Agreement</u>. If the Merger Agreement is validly terminated prior to the Effective Time, this Agreement shall automatically terminate with no further obligations
      on the part of any party hereto.</div>
    <div>&#160;</div>
    <div style="text-align: center;">[<font style="font-style: italic;">Signature page follows</font>]</div>
    <div style="text-align: center;"> <br>
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    <div style="color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); margin-left: 36pt;">The undersigned has signed this Agreement as of the date first set forth above.</div>
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        <tr>
          <td style="width: 45%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="vertical-align: top;" colspan="3">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">CALLAWAY GOLF COMPANY</div>
          </td>
        </tr>
        <tr>
          <td style="width: 45%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="vertical-align: top; color: rgb(0, 0, 0);" colspan="2">&#160;</td>
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        <tr>
          <td style="width: 45%; vertical-align: top; color: rgb(0, 0, 0); padding-bottom: 2px;">&#160;</td>
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            <div style="color: rgb(0, 0, 0);">By:</div>
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          <td style="width: 25%; vertical-align: top; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">/s/ Brian P. Lynch</td>
          <td style="width: 25%; vertical-align: top; color: rgb(0, 0, 0); padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 45%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Name:</div>
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            <div style="color: rgb(0, 0, 0);">Brian P. Lynch</div>
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          <td style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 45%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
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            <div style="color: rgb(0, 0, 0);">Title:</div>
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            <div style="color: rgb(0, 0, 0);">Executive Vice President,</div>
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          <td style="width: 45%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
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            <div style="color: rgb(0, 0, 0);">Chief Financial Officer and Chief Legal Officer</div>
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    <div>&#160;</div>
  </div>
  <div>
    <div style="text-align: center;"><font style="font-size: 8pt; color: rgb(0, 0, 0);">SIGNATURE </font><font style="font-size: 8pt; color: rgb(0, 0, 0);">PAGE TO ASSIGNMENT, ASSUMPTION AND AMENDMENT AGREEMENT</font></div>
    <div style="text-align: center; font-size: 8pt;"><font style="color: rgb(98, 98, 98);"> <br>
      </font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    <div style="margin-left: 36pt;">The undersigned has signed this Agreement as of the date first set forth above.</div>
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          <td style="width: 45%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="3">
            <div style="font-weight: bold;">TOPGOLF INTERNATIONAL, INC.</div>
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        </tr>
        <tr>
          <td style="width: 45%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;" colspan="2">&#160;</td>
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        <tr>
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          <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
            <div>By:</div>
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          <td style="width: 25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">/s/ William Davenport</td>
          <td style="width: 25%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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        <tr>
          <td style="width: 45%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div>Name:</div>
          </td>
          <td style="width: 25%; vertical-align: top;">
            <div>William Davenport</div>
          </td>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 45%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div>Title:</div>
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          <td style="width: 50%; vertical-align: top;" colspan="2">
            <div>Vice President &amp; Chief Financial Officer</div>
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    <div> <br>
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    <div>
      <div style="text-align: center;"><font style="font-size: 8pt; color: rgb(0, 0, 0);">SIGNATURE </font><font style="font-size: 8pt; color: rgb(0, 0, 0);">PAGE TO ASSIGNMENT, ASSUMPTION AND AMENDMENT AGREEMENT</font></div>
    </div>
    <br>
    <div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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      <div style="margin-left: 36pt;">The undersigned has signed this Agreement as of the date first set forth above.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="zf98eb268e4bd45c48dfe8f01e45d6c17" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

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            <td style="width: 45%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">
              <div style="font-weight: bold;">PEP TG INVESTMENTS LP</div>
            </td>
          </tr>
          <tr>
            <td style="width: 45%; vertical-align: top;">&#160;</td>
            <td style="width: 3%; vertical-align: top;">&#160;</td>
            <td style="width: 52%; vertical-align: top;">&#160;</td>
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          <tr>
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            <td style="width: 3%; vertical-align: top;">
              <div>By:</div>
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            <td style="width: 52%; vertical-align: top;">
              <div>PEP TG Investments GP LLC, its General Partner</div>
            </td>
          </tr>
          <tr>
            <td style="width: 45%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 3%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 52%; vertical-align: top;" rowspan="1">&#160;</td>
          </tr>

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            <td style="width: 45%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
              <div>By:</div>
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            <td style="width: 25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">/s/ Scott Marimow</td>
            <td style="width: 25%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 45%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div>Name:</div>
            </td>
            <td style="width: 25%; vertical-align: top;">
              <div>Scott Marimow</div>
            </td>
            <td style="width: 25%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 45%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div>Title:</div>
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              <div>Authorized Signatory</div>
            </td>
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      <div>&#160;</div>
    </div>
    <div>Address for notices:</div>
    <div><br>
    </div>
    <div>c/o Providence Equity Partners L.L.C.</div>
    <div> 50 Kennedy Plaza, 18th Floor</div>
    <div> Providence, Rhode Island 02903</div>
    <div> Attention: Scott Marimow</div>
    <div>Email: s.marimo@provequity.com</div>
    <div>&#160;</div>
    <div>
      <div style="text-align: justify;">With a copy (which shall not constitute notice) to:</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Weil, Gotshal &amp; Manges LLP</div>
      <div style="text-align: justify;"> 100 Federal Street, 34th Floor</div>
      <div style="text-align: justify;"> Boston, Massachusetts 02110</div>
      <div style="text-align: justify;">Attention: Kevin J. Sullivan</div>
      <div style="text-align: justify;">E-mail: kevin.sullivan@weil.com</div>
    </div>
  </div>
  <div><br>
  </div>
  <div>
    <div style="text-align: center;"><font style="font-size: 8pt; color: rgb(0, 0, 0);">SIGNATURE </font><font style="font-size: 8pt; color: rgb(0, 0, 0);">PAGE TO ASSIGNMENT, ASSUMPTION AND AMENDMENT AGREEMENT</font></div>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>brhc10021885_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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      <div style="text-align: right; font-weight: bold;">Exhibit 99.1</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">Joint Filing Agreement</div>
      <div>&#160;</div>
      <div>In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of a statement on Schedule 13D (including amendments thereto) with respect to
        the common stock, par value $0.01 per share, of Callaway Golf Company, a Delaware corporation, and further agree that this Joint Filing Agreement be included as an Exhibit to such joint filings. In evidence thereof, the undersigned, being duly
        authorized, have executed this Joint Filing Agreement this 17<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day of March, 2021.</div>
      <div>&#160;<br>
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          <tr>
            <td style="vertical-align: top; width: 40%;">
              <div>PEP TG INVESTMENTS LP</div>
            </td>
            <td style="width: 60%; vertical-align: top;" colspan="1">&#160;</td>
          </tr>
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                <div>/s/ Michael Dominguez</div>
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                <div>/s/ Michael Dominguez</div>
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