Sec Form 4 Filing - ANDERSON ERIK J @ Topgolf Callaway Brands Corp. - 2024-02-15

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person ANDERSON ERIK J 2. Issuer Name and Ticker or Trading Symbol Topgolf Callaway Brands Corp. [ MODG] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 2180 RUTHERFORD ROAD 3. Date of Earliest Transaction (MM/DD/YY) 02/15/2024 (Street) CARLSBAD, CA92008 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 02/15/2024 S 10,000 D $ 15.12 782,959 I By WestRiver Management, LLC ( 1 ) Common Stock 02/16/2024 M 4,270 A $ 6.91 4,270 I By TGP Advisors, LLC ( 1 ) Common Stock 02/16/2024 S 2,028 D $ 14.79 2,242 I By TGP Advisors, LLC ( 1 ) Common Stock 02/16/2024 J( 2 ) 2,242 D $ 0 0 I By TGP Advisors, LLC ( 1 ) Common Stock 02/20/2024 S 5,000 D $ 14.55 777,959 I By WestRiver Management, LLC ( 1 ) Common Stock 31,227 D Common Stock 40,476 I By Anderson Family Investments, LLC ( 1 )

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Non-Qualified Stock Option (Right to Buy) $ 6.91 02/16/2024 M 4,270 ( 3 ) 04/16/2024 Common Stock 4,270 $ 0 0 I TGP Advisors, LLC ( 1 )

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other ANDERSON ERIK J 2180 RUTHERFORD ROAD CARLSBAD, CA92008 X Signatures /s/ Erik J Anderson 02/20/2024 Signature of Reporting Person Date

Explanation of Responses:

( 1 )WestRiver Management LLC ("WestRiver Management") is the sole managing member of TGP Advisors, LLC ("TGP Advisors"). The Reporting Person is the sole member and sole manager of WestRiver Management and the sole manager of Anderson Family Investments, LLC ("AFI"). As a result, the Reporting Person may be deemed to beneficially own the securities held of record by WestRiver Management, TGP Advisors and AFI. The Reporting Person disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein. ( 2 )Represents in-kind distribution of shares of the Issuer's common stock for no consideration to members of TGP Advisors in accordance with its organizational documents. ( 3 )The stock option is currently exercisable.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

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