Thomas G. Dundon - May 25, 2023 Form 4 Insider Report for Topgolf Callaway Brands Corp. (MODG)

Role: Director
Signature: /s/ Clinton Foss Attorney-in-Fact for Thomas G. Dundon under a Limited Power of Attorney dated December 9, 2022.
Stock symbol: MODG
Transactions as of: May 25, 2023
Transactions value $: $0
Form type: 4
Date filed: 5/25/2023, 05:32 PM
Previous filing: Mar 15, 2023
Next filing: Jun 15, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MODG	Common Stock	Options Exercise	$0	+5.98K	+10.89%	$0.00	60.9K	May 25, 2023	Direct	F1, F2
holding	MODG	Common Stock						18.6M	May 25, 2023	By DDFS Partnership LP	F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	MODG	Restricted Stock Units	Options Exercise	$0	-5.98K	-100%	$0.00^*	0	May 25, 2023	Common Stock	5.98K		Direct	F1, F2, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Represents the number of shares of common stock issued upon the vesting of restricted stock units ("RSUs").
F2	RSUs convert into common stock on a one-for-one basis.
F3	Mr. Dundon is the sole member of DDFS Management Company LLC, which is the sole general partner of DDFS Partnership LP. As a result, each of Mr. Dundon and DDFS Management Company LLC may be deemed to beneficially own the securities reported herein, but each disclaims such beneficial ownership except to the extent of his or its pecuniary interest therein. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or otherwise, the reporting persons are the beneficial owners of any securities reported herein.
F4	The RSUs were granted on May 25, 2022 and vested on the first anniversary of the grant date.