<SEC-DOCUMENT>0001193125-21-015008.txt : 20210304
<SEC-HEADER>0001193125-21-015008.hdr.sgml : 20210304
<ACCEPTANCE-DATETIME>20210122194828
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-21-015008
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20210122

FILER:

	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:		CORRESP

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="63%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">12670 High Bluff Drive</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">San Diego, California 92130</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">Tel: +1.858.523.5400 Fax: +1.858.523.5450</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">www.lw.com</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ROWSPAN="2">


<IMG SRC="g116610dsp1.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">FIRM / AFFILIATE OFFICES</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Beijing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Moscow</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Boston</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Munich</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Brussels</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">New York</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Century City</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Orange County</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chicago</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Paris</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">January&nbsp;22, 2021</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Dubai</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Riyadh</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">D&uuml;sseldorf</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">San Diego</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Frankfurt</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">San Francisco</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Hamburg</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Seoul</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Hong Kong</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Shanghai</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><B><U>VIA EDGAR</U></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Houston</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Silicon Valley</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">London</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Singapore</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Los Angeles</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Tokyo</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">United States Securities and Exchange Commission</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Madrid</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Washington, D.C.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Division of Corporation Finance</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Milan</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington,
D.C. 20549 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Andrew Blume </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Martin
James </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geoff
Kruczek </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jay
Ingram </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callaway</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Golf Company </B></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Amendment No.&nbsp;1 to Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT>
</B></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Filed January&nbsp;5, 2021 </B></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;333-250903</FONT> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Sirs: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are in receipt of the comment
letter dated January&nbsp;19, 2021 from the staff of the Division of Corporation Finance (the &#147;<B><I>Staff</I></B>&#148;) of the Securities and Exchange Commission with respect to the above-referenced Amendment No.&nbsp;1 (&#147;<B><I>Amendment
No.</I></B><B><I></I></B><B><I>&nbsp;1</I></B>&#148;) to Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> (the &#147;<B><I>Registration Statement</I></B>&#148;). We are responding to the Staff&#146;s comments on behalf of
Callaway Golf Company (&#147;<B><I>Callaway</I></B>&#148; or the &#147;<B><I>Company</I></B>&#148;) as set forth below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
Company&#146;s responses set forth in this letter are numbered to correspond to the numbered comments in the Staff&#146;s letter. All terms used but not defined herein have the meanings assigned to such terms in the Registration Statement. For ease
of reference, we have set forth the Staff&#146;s comments and the Company&#146;s response for each item below. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Amendment No.&nbsp;1 to Registration
Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> filed January&nbsp;5, 2021 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Exclusive Forum . . . ,, page 255 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Please expand your revisions in response to prior comment 10 to disclose that investors cannot waive
compliance with federal securities laws and the rules and regulations thereunder. </I></P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January&nbsp;22, 2021 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g116610dsp2.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: In response to the Staff&#146;s comment, the Company proposes to insert the
following underlined disclosure in both columns on page 256 of Amendment No.&nbsp;1: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;This exclusive forum provision will not apply to claims under
the Exchange Act, but will apply to other state and federal law claims including actions arising under the Securities Act. Section&nbsp;22 of the Securities Act, however, creates concurrent jurisdiction for federal and state courts over all suits
brought to enforce any duty or liability created by the Securities Act or the rules and regulations thereunder. Accordingly, there is uncertainty as to whether a court would enforce such a forum selection provision as written in connection with
claims arising under the Securities Act<U>, and investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder</U>.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Note 10. Leases . . . ,, page <FONT STYLE="white-space:nowrap">F-21</FONT> </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>2.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We have read your response to comment 14 and note that Topgolf defers and amortizes over the lease term the
gains or losses related to sale and leaseback transactions that qualify as sales. Please tell us why you do not immediately recognize such gains or losses upon same. See BC360 of ASU 2016.02. Tell us the amounts of deferred gross gains and gross
losses resulting from these transactions during Topgolf&#146;s most recent annual and interim period presented and the periods over which they are being amortized. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Company respectfully acknowledges the Staff&#146;s comment. As an incentive for Topgolf to enter into a lease, the
landlord provides certain incentives to Topgolf (the &#147;<B><I>Lease Incentive</I></B>&#148;), including an allowed amount for construction costs and leasehold improvements. In certain circumstances, amounts funded by the landlord exceed the
actual construction costs and leasehold improvements (&#147;<B><I>Savings</I></B>&#148;). Under the terms of the Lease Incentives, Topgolf is permitted to reallocate those Savings for other project expenses. Topgolf has accounted for these
reallocated Savings as lease incentives in accordance with ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">842-10-55-30a,</FONT></FONT></FONT> &#147;Payments made to or on behalf of the
lessee.&#148; This accounting is consistent with Section&nbsp;3.3.4.2 of PwC&#146;s Lease Accounting guide (dated October 2020), which states that &#147;lessor reimbursement for some (or all) of the costs a lessee incurs to complete leasehold
improvements is a common example of a lease incentive.&#148;&nbsp;Therefore, Topgolf has treated the Lease Incentive Savings as an adjustment to its <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> asset
and recognizes these savings on a straight-line basis over the life of the lease, in accordance with ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">842-20-25-6.</FONT></FONT></FONT> The Lease
Incentive Savings included in Topgolf&#146;s <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> asset balance were approximately 1% of their total <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">right-of-use</FONT></FONT> asset balance as of both December&nbsp;29, 2019 and September&nbsp;27, 2020. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In
response to the Staff&#146;s comment, the Company proposes to revise the disclosure on page <FONT STYLE="white-space:nowrap">F-23</FONT> of Amendment No.&nbsp;1 as follows, to clarify that the Lease Incentive Savings are not gains on a
sale-leaseback transaction but rather lease incentive payments made by the landlord to or on behalf of Topgolf: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<I>Deemed landlord financing.
</I>In certain leasing arrangements, due to our involvement in the construction of leased assets, we are considered the owner of the leased assets for accounting purposes. In such cases, in addition to capitalizing the Company&#146;s construction
costs, the Company capitalizes the construction costs funded by the landlord related to its leased premises, and also </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 22, 2021 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 3
 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g116610dsp2.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
recognizes a corresponding liability for those costs as construction advances during the construction period. At the end of the construction period, the company applies sale and leaseback
guidance to determine whether the underlying asset should be derecognized. When the application of the sale and leaseback guidance results in a sale, the asset <U>and liability </U>on our balance sheet <U>are derecognized. Any amounts funded by the
landlord in excess of the actual construction costs and leasehold improvements are treated as lease incentives which reduce the related right of use asset and are recognized on a straight-line basis over the lease term</U><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>the corresponding liability are derecognized with the resulting gain or loss deferred and amortized over the lease term</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman">.&nbsp;When the application of the sale and leaseback guidance results in a failed sale, the asset remains on the Company&#146;s balance sheet, and the liability is accounted for as a deemed landlord financing
obligation. During the fiscal year ended December&nbsp;29, 2019, 3 venues were accounted for as sales upon completion of construction, 3 venues were accounted for as failed sales upon completion of construction and 1 venue was accounted for as a
sale post-opening in accordance with ASC 842. We have determined that we were the accounting owner of 4 landlord buildings under deemed landlord financing as of December&nbsp;29, 2019 and 13 landlord buildings as of December&nbsp;30, 2018. In
conjunction with the adoption of the new accounting leases standard, we derecognized all deemed landlord financing obligations as of December&nbsp;31, 2018.&#148; </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Please do not hesitate to contact me at (858) <FONT STYLE="white-space:nowrap">523-5407</FONT> with any questions regarding this
correspondence. Thank you in advance for your cooperation in connection with this matter. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">/s/ Craig M. Garner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Craig M. Garner</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">of LATHAM&nbsp;&amp; WATKINS LLP</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Brian P. Lynch, <I>Callaway Golf Company</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">William Davenport, <I>Topgolf International, Inc.</I> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Kevin C. Reyes, <I>Latham</I><I></I><I>&nbsp;&amp; Watkins LLP</I> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">James R. Griffin, <I>Weil, Gotshal</I><I></I><I>&nbsp;&amp; Manges LLP</I> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">David B. Gail, <I>Weil, Gotshal</I><I></I><I>&nbsp;&amp; Manges LLP</I> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Kevin J. Sullivan, <I>Weil, Gotshal</I><I></I><I>&nbsp;&amp; Manges LLP</I> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g116610dsp1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g116610dsp1.jpg
M_]C_X  02D9)1@ !  $ 8 !@  #__@ ?3$5!1"!496-H;F]L;V=I97,@26YC
M+B!6,2XP,0#_VP"$  @&!@<&!0@'!P<*"0@*#18.#0P,#1L3%! 6(!PB(1\<
M'QXC*#,K(R8P)AX?+#TM,#4V.3HY(BL_0SXX0S,X.3<!"0H*#0L-&@X.&C<D
M'R0W-S<W-S<W-S<W-S<W-S<W-S<W-S<W-S<W-S<W-S<W-S<W-S<W-S<W-S<W
M-S<W-S<W-__$ :(   $% 0$! 0$!           ! @,$!08'" D*"P$  P$!
M 0$! 0$! 0        $" P0%!@<("0H+$  " 0,# @0#!04$!    7T! @,
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-RB[ .@ HVV =3 __V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g116610dsp2.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g116610dsp2.jpg
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M 0$! 0$! 0        $" P0%!@<("0H+$  " 0,# @0#!04$!    7T! @,
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=IUE;VD3?,4@B5 3ZX H2L:2G*;O)W+],@* /_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
