[Form 4] Topgolf Callaway Brands Corp. Insider Trading Activity

Rhea-AI Filing Summary

Artie Starrs, identified as CEO of Topgolf Callaway Brands Corp., reported two separate sales of the issuer's common stock on 08/12/2025. The Form 4 shows a sale of 60,201 shares at a weighted average price of $8.6253 (sale prices ranged $8.62–$8.67) with 152,356 shares beneficially owned following that transaction. It also reports a sale of 46,533 shares at a weighted average price of $8.6516 (sale prices ranged $8.65–$8.67) with 105,823 shares beneficially owned following that transaction.

The filing is signed by Clinton Foss, Attorney-in-Fact, under a limited power of attorney. The Form discloses sale quantities, weighted average prices and resulting ownership levels, providing a clear record of these insider dispositions.

Positive

• Clear disclosure of trade details: the Form 4 lists share amounts, weighted average prices and resulting beneficial ownership for each transaction
• Signed under power of attorney, showing an authorized filing was submitted

Negative

• Insider sales by the CEO are reported (60,201 and 46,533 shares), which may be viewed negatively by some investors
• Sale price ranges ($8.62–$8.67 and $8.65–$8.67) indicate transactions occurred at relatively low single-digit dollar levels

Insights

Securities Analyst

TL;DR: CEO Artie Starrs reported two sales totaling 60,201 and 46,533 shares at weighted averages near $8.63; ownership levels were disclosed.

The Form 4 reports two non-derivative sales executed on 08/12/2025 with weighted average sale prices and the resulting beneficial ownership amounts. The filing documents transaction price ranges and includes a signature by an attorney-in-fact. Without additional context on timing, plan status or proportion of total holdings, the disclosure itself is factual and does not indicate intent or broader company performance.

Corporate Governance Expert

TL;DR: The filing documents clear insider sales and an attorney-in-fact signature; it provides governance transparency but no explanatory context.

The report identifies the reporting person as an officer (CEO) and shows two discrete stock dispositions with weighted average prices and post-transaction holdings. The signature by an attorney-in-fact is explicitly recorded. The filing meets Section 16 disclosure requirements but contains no information on whether the trades were part of a pre-established plan or routine liquidity actions.

SEC Form 4

FORM 4

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
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Starrs Artie

(Last) (First) (Middle)

2180 RUTHERFORD ROAD

(Street)

CARLSBAD CA 92008

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Topgolf Callaway Brands Corp. [ MODG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CEO, Topgolf

3. Date of Earliest Transaction (Month/Day/Year)
08/12/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	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	08/12/2025		S		60,201	D	$8.6253(1)	152,356	D
Common Stock	08/12/2025		S		46,533	D	$8.6516(2)	105,823	D

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 (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	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 (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (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: 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

Explanation of Responses:

1. The price shown is a weighted average sale price for shares sold in multiple transactions; the sale prices ranged from $8.62 to $8.67 per share. The Reporting Person will provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range.

2. The price shown is a weighted average sale price for shares sold in multiple transactions; the sale prices ranged from $8.65 to $8.67 per share. The Reporting Person will provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range.

Remarks:

	/s/ Clinton Foss Attorney-in-Fact for Artie Starrs under a Limited Power of Attorney dated November 30, 2023.	08/12/2025
	** Signature of Reporting Person	Date
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).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions does the Form 4 for MODG report?

The filing reports two separate sales on 08/12/2025: 60,201 shares at a weighted average price of $8.6253 and 46,533 shares at a weighted average price of $8.6516.

Who is the reporting person on this Form 4 for MODG?

The reporting person is Artie Starrs, identified as an officer (CEO) of Topgolf Callaway Brands Corp.

What were the post-transaction beneficial ownership amounts reported?

After the reported transactions the Form lists beneficial ownership amounts of 152,356 shares and 105,823 shares following each respective sale.

At what prices were the shares sold according to the filing?

The filing shows weighted average sale prices of $8.6253 (range $8.62–$8.67) and $8.6516 (range $8.65–$8.67).

Who signed the Form 4 for Artie Starrs?

The signature on the Form 4 is /s/ Clinton Foss, identified as Attorney-in-Fact for Artie Starrs under a limited power of attorney.