CALLAWAY GOLF COMPANY (NYSE:ELY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
Effective April 25, 2017, Robert K. Julian departed from his position as Senior Vice President and Chief Financial Officer of Callaway Golf Company (the “Company”), as previously reported by the Company.
In addition to any compensation accrued and unpaid as of the date his employment terminated and a payment equal to the annual incentive payment he would have received in 2017 in light of the Company’s actual performance, prorated based upon the number of days employed in 2017, Mr. Julian’s separation benefits include: (1) the vesting of all equity-based long-term incentive awards held by him that would have vested within 12.5 months following the date of termination, (2) severance equal to (a) payment of an amount equal to one-half of the sum of his annual base salary and his annual target incentive, payable over 12 months; (b) Company-paid COBRA benefits, financial planning and outplacement services for a period of 12 months; and (c) accelerated vesting of certain additional long-term incentive compensation awards, and the conditional extension of severance payments and COBRA payments; and (3) so long as he does not engage in any activities that compete with the Company Mr. Julian would be entitled to an amount equal to one-half of the sum of his annual base salary and his annual target incentive, payable over 12 months. Mr. Julian’s right to the foregoing severance is subject to his compliance with certain requirements of his Officer Employment Agreement. Mr. Julian executed a Release of Claims in favor of the Company with an effective date of May 4, 2017.
About CALLAWAY GOLF COMPANY (NYSE:ELY)
Callaway Golf Company designs, manufactures and sells golf clubs, golf balls, golf bags and other golf-related accessories. The Company has two segments: the golf clubs segment and golf balls segment. The golf clubs segment consists of its woods, hybrids, irons and wedges and Odyssey putters. This segment also includes other golf-related accessories, royalties from licensing of the Company’s trademarks and service marks and sales of pre-owned golf clubs. The golf balls segment consists of the Company’s balls that are designed, manufactured and sold by the Company. The Company sells its products to retailers, directly and through its wholly owned subsidiaries, and to third-party distributors. The Company sells pre-owned golf products through its Website, www.callawaygolfpreowned.com. In addition, the Company sells Odyssey and its products direct to consumers through its Websites www.callawaygolf.com and www.odysseygolf.com. CALLAWAY GOLF COMPANY (NYSE:ELY) Recent Trading Information
CALLAWAY GOLF COMPANY (NYSE:ELY) closed its last trading session up +0.06 at 12.79 with 1,556,448 shares trading hands.
