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<P align="center" style="font-size: 10pt"><B>As Filed with the
Securities and Exchange Commission on July 14, 2004</B>



<P align="right" style="font-size: 10pt"><B>Registration No.&nbsp;333-______</B>


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<P align="center" style="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>Washington, DC 20549<BR>
____________</B>
</DIV>

<P align="center" style="font-size: 18pt"><B>FORM S-8</B>


<P align="center" style="font-size: 10pt"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B>


<DIV align="center" style="font-size: 12pt"><B>____________</B>
</DIV>

<P align="center" style="font-size: 24pt"><B>CALLAWAY GOLF COMPANY</B>

<DIV align="center" style="font-size: 10pt"><B>(Exact name of Registrant as specified in its charter)</B></DIV>


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    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>95-3797580</B></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><B>(State or other jurisdiction of<BR>
incorporation or organization)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(IRS Employer Identification No.)</B></TD>
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<P align="center" style="font-size: 10pt"><B>2180 Rutherford Road<BR>
Carlsbad, California 92008-7328<BR>
(Address of principal executive offices)</B>



<P align="center" style="font-size: 10pt"><B>CALLAWAY GOLF COMPANY 2004 EQUITY INCENTIVE PLAN</B>



<P align="center" style="font-size: 10pt"><B>CALLAWAY GOLF COMPANY EMPLOYEE STOCK PURCHASE PLAN<BR>
(Full title of the plan)</B>



<P align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="100%">



<P align="center" style="font-size: 10pt"><B>Ronald A. Drapeau<BR>
Chairman and Chief Executive Officer<BR>
2180 Rutherford Road<BR>
Carlsbad, California 92008-7328<BR>
(760)&nbsp;931-1771<BR>
(Name, address, and telephone number, including area code, of agent for service)</B>



<P align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="100%">



<P align="center" style="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B>


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    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD width="1%">&nbsp;</TD>
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    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
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    <TD nowrap align="center"><B>Maximum</B></TD>
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    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Maximum</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD width="1%">&nbsp;</TD>
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    <TD nowrap align="center"><B>Title of</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Offering</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Aggregate</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount of</B></TD>
    <TD width="1%">&nbsp;</TD>
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<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Securities</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>to be</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Price Per</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Offering</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Registration</B></TD>
    <TD width="1%">&nbsp;</TD>
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<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>to be Registered</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Registered (1)(2)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Share (3)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Price (3)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Fee</B></TD>
    <TD width="1%">&nbsp;</TD>
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                    <TD align="center" valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Common Stock,<br>
$.01 par value
</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">12,000,000<br>
shares
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000"><br>$10.95
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000"><br>$131,400,000
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000"><br>$16,648.38</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-top: 3px solid #000000">&nbsp;</TD>
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<TR valign="top">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the
&#147;Securities Act&#148;), this registration statement also covers, in addition to
the number of shares of Common Stock stated above, such indeterminate
number of additional shares of Common Stock as may be issued under such
plan as a result of adjustment provisions thereunder.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Represents 8,000,000 shares of the Registrant&#146;s Common Stock issuable
under the Callaway Golf Company 2004 Equity Incentive Plan and 4,000,000
additional shares of the Registrant&#146;s Common Stock issuable under the
Callaway Golf Company Employee Stock Purchase Plan.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(3)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Estimated solely for purposes of determining the registration fee
pursuant to Rule&nbsp;457(h), based on the average of the high and low prices
of the Registrant&#146;s Common Stock as reported on July&nbsp;12, 2004 on the New
York Stock Exchange.</TD>
</TR>

</TABLE>



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<P align="center" style="font-size: 10pt">&nbsp;
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<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

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<TR><TD colspan="9"><A HREF="#000">PART I</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">ITEM 1. PLAN INFORMATION.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">ITEM 2. REGISTRANT INFORMATION AND EMPLOYEE PLAN ANNUAL INFORMATION.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">ITEM 4. DESCRIPTION OF SECURITIES.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#009">ITEM 8. EXHIBITS.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#010">ITEM 9. UNDERTAKINGS.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#011">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="a00141exv5w1.txt">EXHIBIT 5.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="a00141exv23w1.txt">EXHIBIT 23.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="a00141exv24w1.txt">EXHIBIT 24.1</A></TD></TR>
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<P align="center" style="font-size: 10pt"><B>INTRODUCTION</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Registration Statement on Form S-8 is filed by Callaway Golf Company,
a Delaware corporation (the &#147;Company&#148;), to register 8,000,000 shares of the
Company&#146;s common stock, par value $.01 per share (the &#147;Common Stock&#148;), issuable
to employees of the Company under the Callaway Golf Company 2004 Equity
Incentive Plan and 4,000,000 additional shares of Common Stock issuable under
the Callaway Golf Company Employee Stock Purchase Plan (2,000,000 shares of
Common Stock remaining available for issuance under the Callaway Golf Employee
Stock Purchase Plan having previously been registered under file no.
333-95603).

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<DIV align="left"><A NAME="000"></A></DIV>

<P align="center" style="font-size: 10pt"><B>PART I</B>



<P align="center" style="font-size: 10pt"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>


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<DIV align="left"><A NAME="001"></A></DIV>

<P align="left" style="font-size: 10pt">ITEM 1. PLAN INFORMATION.

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<DIV align="left"><A NAME="002"></A></DIV>

<P align="left" style="font-size: 10pt">ITEM 2. REGISTRANT INFORMATION AND EMPLOYEE PLAN ANNUAL INFORMATION.



<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">*</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Information required by Part&nbsp;I of Form S-8 constituting the requirements
of a Section 10(a) prospectus is omitted from this Registration Statement
in accordance with Rule&nbsp;428 under the Securities Act, and the Note to Part
I of Form S-8. Such information is not being filed with the Securities
and Exchange Commission (the &#147;Commission&#148;) either as part of this
Registration Statement or as prospectuses or prospectus supplements
pursuant to Rule&nbsp;424 under the Securities Act.</TD>
</TR>

</TABLE>

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<DIV align="left"><A NAME="003"></A></DIV>

<P align="center" style="font-size: 10pt"><B>PART II</B>



<P align="center" style="font-size: 10pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>


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<DIV align="left"><A NAME="004"></A></DIV>

<P align="left" style="font-size: 10pt">ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents, which have previously been filed by the Company
with the Commission, are hereby incorporated into this Registration Statement:


<P>

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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company&#146;s Annual Report on Form 10-K for the year ended
December&nbsp;31, 2003;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company&#146;s Quarterly Report on Form 10-Q for the quarter
ended March&nbsp;31, 2004;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company&#146;s Current Report on Form 8-K dated March&nbsp;15,
2004;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company&#146;s Current Report on Form 8-K dated April&nbsp;7, 2004;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company&#146;s Definitive Proxy Statement on Schedule&nbsp;14A
filed April&nbsp;20, 2004;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">2
</DIV>

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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of the Company&#146;s Common Stock contained in
the Company&#146;s Registration Statement on Form S-1 filed December&nbsp;16,
1991 (Registration No.&nbsp;33-44556), including any amendment or report
filed for the purpose of updating such description; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of the Company&#146;s Rights contained in the
Company&#146;s Registration Statement on Form 8-A filed on June&nbsp;27, 1995,
including any amendment or report filed for the purpose of updating
such description.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All reports and other documents subsequently filed by the Registrant after
the date of this Registration Statement pursuant to Sections&nbsp;13(a), 13(c), 14
and 15(d) of the Securities Exchange Act of 1934, as amended (the &#147;Exchange
Act&#148;), prior to the filing of a post-effective amendment hereto which indicates
that all securities offered hereby have been sold, or which deregisters all
securities remaining unsold, shall be deemed incorporated by reference into
this Registration Statement and shall be a part hereof from the date of filing
such documents.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Registration Statement, any document or any statement
contained in a document incorporated or deemed to be incorporated herein by
reference shall be deemed to be modified or superseded to the extent that a
subsequently filed document or a statement contained herein or in any other
subsequently filed document which also is or is deemed to be incorporated
herein by reference modifies or supersedes such document or such statement in
such document. Any statement so modified or superseded shall not be deemed,
except as so modified or superseded, to constitute a part of this Registration
Statement.

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<DIV align="left"><A NAME="005"></A></DIV>

<P align="left" style="font-size: 10pt">ITEM 4. DESCRIPTION OF SECURITIES.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable

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<DIV align="left"><A NAME="006"></A></DIV>

<P align="left" style="font-size: 10pt">ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brian P. Lynch, who has rendered an opinion as to the validity of the
Common Stock being registered under this Registration Statement, is an employee
of the Company.

<!-- link2 "ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS." -->
<DIV align="left"><A NAME="007"></A></DIV>

<P align="left" style="font-size: 10pt">ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;145 of the Delaware General Corporation Law of the State of
Delaware empowers a Delaware corporation to indemnify present and former
directors, officers, employees and agents of the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s Certificate of Incorporation provides that, to the fullest
extent permitted by the Delaware General Corporation Law, a director of the
Company shall not be liable to the Company or its shareholders for monetary
damages for breach of the director&#146;s fiduciary duty as a director. Delaware
law provides that this provision in the Company&#146;s Certificate of Incorporation
shall not limit the liability of a director (i)&nbsp;for any breach of the
director&#146;s duty of loyalty to the Company or its stockholders, (ii)&nbsp;for acts or
omissions not in good faith or that involve intentional misconduct or knowing
violation of law, (iii)&nbsp;for unlawful payments of dividends or unlawful stock
repurchases or redemptions as provided in Section&nbsp;174 of the


<P align="center" style="font-size: 10pt">3
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<P align="left" style="font-size: 10pt">Delaware General Corporation Law, or (iv)&nbsp;for any transaction from which
the director derived an improper personal benefit.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s Bylaws provide that the Company, to the maximum extent
permitted by the Delaware General Corporation Law, shall indemnify any person
against expenses (including attorneys&#146; fees), judgments, fines, and amounts
paid in settlements actually and reasonably incurred in connection with any
threatened, pending or completed action, suit or proceeding in which such
person is or was a party or is threatened to be made a party by reason of the
fact that such person is or was a director or officer of the Company, or is or
was serving at the request of the Board of Directors of the Company as a
director or officer of another corporation, partnership, joint venture, trust
or other enterprise, or was a director or officer of a corporation which was a
predecessor corporation of the Company or of another enterprise at the request
of such predecessor corporation. The Company is required to indemnify a
director or officer in connection with an action, suit or proceeding (or part
thereof) initiated by such director or officer only if the initiation of such
action, suit or proceeding (or part thereof) by the director or officer was
authorized by the Board of Directors of the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s Bylaws further provide that the Company shall pay the
expenses (including attorneys&#146; fees) incurred by a director or officer of the
Company entitled to indemnification in defending any such action, suit or
proceeding in advance of its final disposition provided such director or
officer undertakes to repay all amounts advanced if it should ultimately be
determined that the director or officer is not entitled to such
indemnification.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s Bylaws provide that the foregoing indemnification rights
shall not be deemed exclusive of any other rights to which the indemnified
party may be entitled.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has entered into Indemnification Agreements with its outside
directors. These Indemnification Agreements require the Company to indemnify
each outside director if he or she is or was a party or other participant in
any suit or proceeding individually or in the right of the Company or any
subsidiary of the Company, by reason of (a)&nbsp;the fact that such outside director
is or was a director of the Company or any subsidiary, (b)&nbsp;any action or
inaction on the part of such outside director while a director of the Company
or any subsidiary, and/or (c)&nbsp;the fact that such outside director is or was
serving at the request of the Company as a director, officer, employee or agent
of another corporation or other enterprise. The indemnification extends to all
expenses, liabilities, judgments, fines and amounts paid in settlement actually
and reasonably incurred by the outside director in connection with such action,
suit or proceeding if the outside director acted in good faith and in a manner
he or she reasonably believed to be in or not opposed to the best interests of
the Company and, with respect to any criminal action or proceeding, had no
reasonable cause to believe that his or her conduct was unlawful. The
Indemnification Agreements require that, to the extent that the outside
director has been successful on the merits or otherwise in defense of any such
action, suit or proceeding, the Company indemnify such outside director against
expenses actually and reasonably incurred by him or her in connection
therewith. The Company must further advance, within 30&nbsp;days of a written
request, all expenses incurred by the outside director in connection with the
investigation, defense, settlement or appeal of any such action or proceeding;
provided, however, that the outside director must repay such amounts advanced
if it is ultimately determined that he or she is


<P align="center" style="font-size: 10pt">4
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">not entitled to be indemnified by the Company. Under the Indemnification
Agreements, the outside directors are permitted to petition the court to seek
recovery of amounts due under the Indemnification Agreements and to recover the
expenses of seeking such recovery if he or she is successful.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indemnification Agreements also provide that the Company will
indemnify the outside directors to the fullest extent permitted by law. Absent
the Indemnification Agreements, indemnification that might be made available to
outside directors could be changed by amendments to the Company&#146;s Certificate
of Incorporation or Bylaws. Benefits under the Indemnification Agreements are
not available, however, to indemnify an outside director (a)&nbsp;with respect to
proceedings or claims initiated by the outside director that are not by way of
defense (unless authorized by the Board of Directors), (b)&nbsp;with respect to
liability for transactions from which the outside director derived an improper
personal benefit, (c)&nbsp;if the outside director is determined to have committed
acts of active and deliberate dishonesty, (d)&nbsp;for expenses or liabilities that
have been paid to the outside director under an insurance policy maintained by
the Company or otherwise by any other means, or (e)&nbsp;for an accounting of
profits realized from the purchase and sale of securities within the meaning of
Section 16(b) of the Exchange Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the foregoing, the Company&#146;s Bylaws provide that the
Company shall have the power, to the maximum extent permitted by the Delaware
General Corporation Law, to indemnify any person (other than directors and
officers) who is or was an employee or agent of the Company, who is or was
serving at the request of the Company as an employee or agent of another
corporation, partnership, joint venture, trust or other enterprise, or who was
an employee or agent of a corporation which was a predecessor corporation of
the Company or of another enterprise at the request of such predecessor
corporation, against expenses (including attorneys&#146; fees), judgments, fines,
amounts paid in settlement actually and reasonably incurred in connection with
any threatened, pending or completed action, suit, or proceeding, in which such
person was or is a party or is threatened to be made a party by reason of the
fact that such person is or was an employee or agent of the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company maintains directors and officers liability insurance covering
the directors and officers of the Company against claims arising out of the
performance of their duties as such.

<!-- link2 "ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED." -->
<DIV align="left"><A NAME="008"></A></DIV>

<P align="left" style="font-size: 10pt">ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.

<!-- link2 "ITEM 8. EXHIBITS." -->
<DIV align="left"><A NAME="009"></A></DIV>

<P align="left" style="font-size: 10pt">ITEM 8. EXHIBITS.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Exhibits to this Registration Statement are listed in the Index to
Exhibits immediately following the signature pages.

<!-- link2 "ITEM 9. UNDERTAKINGS." -->
<DIV align="left"><A NAME="010"></A></DIV>

<P align="left" style="font-size: 10pt">ITEM 9. UNDERTAKINGS.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement (unless the information
required by paragraphs (i)&nbsp;and


<P align="center" style="font-size: 10pt">5
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">(ii)&nbsp;below is contained in periodic reports filed by the Registrant
pursuant to Section&nbsp;13 or Section 15(d) of the Exchange Act that are
incorporated by reference in this Registration Statement):


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To include any prospectus required by Section&nbsp;10(a)(3) of the
Securities Act;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To reflect in the prospectus any facts or events arising after the
effective date of this Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate,
represent a fundamental change in the information set forth in this
Registration Statement. Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any
deviation from the low or high end of the estimated maximum offering range may
be reflected in the form of prospectus filed with the Commission pursuant to
Rule 424(b) if, in the aggregate, the changes in volume and price represent no
more than 20&nbsp;percent change in the maximum aggregate offering price set forth
in the &#147;Calculation of Registration Fee&#148; table in the effective Registration
Statement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To include any material information with respect to the plan of
distribution not previously disclosed in the Registration Statement or any
material change to such information in the Registration Statement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at the time shall be deemed to be the initial bona
fide offering thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of
the offering.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act, each filing of the
Registrant&#146;s annual report pursuant to Section 13(a) or Section 15(d) of the
Exchange Act (and, where applicable, each filing of an employee benefit plan&#146;s
annual report pursuant to Section 15(d) of the Exchange Act) that is
incorporated by reference in the Registration Statement shall be deemed to be a
new registration statement relating to the securities offered therein, and the
offering of such securities at the time shall be deemed to be the initial bona
fide offering thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities
Act may be permitted to directors, officers and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise, the Registrant
has been advised that in the opinion of the Commission such indemnification is
against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the Registrant of expenses incurred or
paid by a director, officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the
matter has been settled by controlling


<P align="center" style="font-size: 10pt">6
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">precedent, submit to a court of appropriate jurisdiction the question
whether such indemnification by it is against public policy as expressed in the
Securities Act and will be governed by the final adjudication of such issue.


<P align="center" style="font-size: 10pt"><B>&#091;The remainder of this page is blank&#093;</B>



<P align="center" style="font-size: 10pt">7
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<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="011"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in Carlsbad, California, as of July&nbsp;14, 2004.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="bottom">&nbsp;</TD>
    <TD colspan="3">CALLAWAY GOLF COMPANY<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:</TD>
    <TD colspan="2">&nbsp;&nbsp;/s/&nbsp;Ronald A. Drapeau<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">Ronald A. Drapeau&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">Chairman and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, this Registration
Statement has been signed by the following persons in the capacities and as of
the date indicated.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="33%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Signature</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Title</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Dated as of</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<TR><TD>&nbsp;</TD></TR>

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" nowrap valign="bottom">/s/ Ronald A. Drapeau<BR>
<HR size="1" noshade>
Ronald A. Drapeau</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
Chairman and<BR>
Chief Executive Officer<BR>
(Principal Executive Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">July&nbsp;14, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="bottom">/s/&nbsp;Bradley J.
Holiday<BR>
<HR size="1" noshade>
Bradley J. Holiday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
Senior Executive Vice President<BR>
and Chief Financial Officer<BR>
(Principal Financial Officer and<BR>
Principal Accounting Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">July&nbsp;14, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="bottom">*<BR>
<HR size="1" noshade>
Samuel H. Armacost</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">July&nbsp;14, 2004</TD>
</TR>


<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="bottom">*<BR>
<HR size="1" noshade>
Ronald S. Beard</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">July 14, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="bottom">*<BR>
<HR size="1" noshade>
John C. Cushman, III</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">July&nbsp;14, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="bottom">*<BR>
<HR size="1" noshade>
Yotaro Kobayashi</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">July&nbsp;14, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="bottom">*<BR>
<HR size="1" noshade>
Richard L. Rosenfield</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">July&nbsp;14, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="bottom">*<BR>
<HR size="1" noshade>
Anthony S. Thornley</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">July&nbsp;14, 2004</TD>
</TR>





<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="bottom">*
By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ BRADLEY J.
HOLIDAY<br>

<HR size="1" noshade>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bradley J. Holiday, Attorney-in-Fact


<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">8
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">INDEX TO EXHIBITS

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="65%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit No.</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Description</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Brian P. Lynch, Esq., Senior Corporate Counsel of
Callaway Golf Company, as to the legality of the securities being
registered.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deloitte &#038; Touche LLP, Independent Accountants.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Brian P. Lynch, Esq. (included in Exhibit&nbsp;5.1).</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Power of Attorney.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Callaway Golf Company 2004 Equity Incentive Plan, included as
Exhibit&nbsp;B to the Company&#146;s annual proxy statement on Schedule&nbsp;14A filed
with the Securities and Exchange Commission on April&nbsp;20, 2004 is
incorporated herein by this reference.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Callaway Golf Company Employee Stock Purchase Plan, included as
Exhibit&nbsp;C to the Company&#146;s annual proxy statement on Schedule&nbsp;14A filed
with the Securities and Exchange Commission on April&nbsp;20, 2004 is
incorporated herein by this reference.</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">9
</DIV>


</BODY>
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{"company-data": {"conformed-name": "CALLAWAY GOLF CO /CA", "cik": "0000837465", "assigned-sic": "3949", "irs-number": "953797580", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-117368", "film-number": "04914472"}, "business-address": {"street1": "2180 RUTHERFORD RD", "city": "CARLSBAD", "state": "CA", "zip": "92008-8815", "phone": "7609311771"}, "mail-address": {"street1": "2180 RUTHERFORD ROAD", "city": "CARLSBAD", "state": "CA", "zip": "92008"}}
Callaway Golf Company
Table of Contents
As Filed with the
Securities and Exchange Commission on July 14, 2004
Registration No. 333-______
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
____________
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
____________
CALLAWAY GOLF COMPANY
(Exact name of Registrant as specified in its charter)
Delaware
95-3797580
(State or other jurisdiction of
incorporation or organization)
(IRS Employer Identification No.)
2180 Rutherford Road
Carlsbad, California 92008-7328
(Address of principal executive offices)
CALLAWAY GOLF COMPANY 2004 EQUITY INCENTIVE PLAN
CALLAWAY GOLF COMPANY EMPLOYEE STOCK PURCHASE PLAN
(Full title of the plan)
Ronald A. Drapeau
Chairman and Chief Executive Officer
2180 Rutherford Road
Carlsbad, California 92008-7328
(760) 931-1771
(Name, address, and telephone number, including area code, of agent for service)
CALCULATION OF REGISTRATION FEE
Proposed
Proposed
Maximum
Maximum
Title of
Amount
Offering
Aggregate
Amount of
Securities
to be
Price Per
Offering
Registration
to be Registered
Registered (1)(2)
Share (3)
Price (3)
Fee
Common Stock,
$.01 par value
12,000,000
shares
$10.95
$131,400,000
$16,648.38
(1)
Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the
"Securities Act"), this registration statement also covers, in addition to
the number of shares of Common Stock stated above, such indeterminate
number of additional shares of Common Stock as may be issued under such
plan as a result of adjustment provisions thereunder.
(2)
Represents 8,000,000 shares of the Registrant's Common Stock issuable
under the Callaway Golf Company 2004 Equity Incentive Plan and 4,000,000
additional shares of the Registrant's Common Stock issuable under the
Callaway Golf Company Employee Stock Purchase Plan.
(3)
Estimated solely for purposes of determining the registration fee
pursuant to Rule 457(h), based on the average of the high and low prices
of the Registrant's Common Stock as reported on July 12, 2004 on the New
York Stock Exchange.
TABLE OF CONTENTS
PART I
ITEM 1. PLAN INFORMATION.
ITEM 2. REGISTRANT INFORMATION AND EMPLOYEE PLAN ANNUAL INFORMATION.
PART II
ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.
ITEM 4. DESCRIPTION OF SECURITIES.
ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.
ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.
ITEM 8. EXHIBITS.
ITEM 9. UNDERTAKINGS.
SIGNATURES
EXHIBIT 5.1
EXHIBIT 23.1
EXHIBIT 24.1
Table of Contents
INTRODUCTION
This Registration Statement on Form S-8 is filed by Callaway Golf Company,
a Delaware corporation (the "Company"), to register 8,000,000 shares of the
Company's common stock, par value $.01 per share (the "Common Stock"), issuable
to employees of the Company under the Callaway Golf Company 2004 Equity
Incentive Plan and 4,000,000 additional shares of Common Stock issuable under
the Callaway Golf Company Employee Stock Purchase Plan (2,000,000 shares of
Common Stock remaining available for issuance under the Callaway Golf Employee
Stock Purchase Plan having previously been registered under file no.
333-95603).
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
ITEM 1. PLAN INFORMATION.
ITEM 2. REGISTRANT INFORMATION AND EMPLOYEE PLAN ANNUAL INFORMATION.
*
Information required by Part I of Form S-8 constituting the requirements
of a Section 10(a) prospectus is omitted from this Registration Statement
in accordance with Rule 428 under the Securities Act, and the Note to Part
I of Form S-8. Such information is not being filed with the Securities
and Exchange Commission (the "Commission") either as part of this
Registration Statement or as prospectuses or prospectus supplements
pursuant to Rule 424 under the Securities Act.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.
The following documents, which have previously been filed by the Company
with the Commission, are hereby incorporated into this Registration Statement:
(a)
The Company's Annual Report on Form 10-K for the year ended
December 31, 2003;
(b)
The Company's Quarterly Report on Form 10-Q for the quarter
ended March 31, 2004;
(c)
The Company's Current Report on Form 8-K dated March 15,
2004;
(d)
The Company's Current Report on Form 8-K dated April 7, 2004;
(e)
The Company's Definitive Proxy Statement on Schedule 14A
filed April 20, 2004;
2
Table of Contents
(f)
The description of the Company's Common Stock contained in
the Company's Registration Statement on Form S-1 filed December 16,
1991 (Registration No. 33-44556), including any amendment or report
filed for the purpose of updating such description; and
(g)
The description of the Company's Rights contained in the
Company's Registration Statement on Form 8-A filed on June 27, 1995,
including any amendment or report filed for the purpose of updating
such description.
All reports and other documents subsequently filed by the Registrant after
the date of this Registration Statement pursuant to Sections 13(a), 13(c), 14
and 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), prior to the filing of a post-effective amendment hereto which indicates
that all securities offered hereby have been sold, or which deregisters all
securities remaining unsold, shall be deemed incorporated by reference into
this Registration Statement and shall be a part hereof from the date of filing
such documents.
For purposes of this Registration Statement, any document or any statement
contained in a document incorporated or deemed to be incorporated herein by
reference shall be deemed to be modified or superseded to the extent that a
subsequently filed document or a statement contained herein or in any other
subsequently filed document which also is or is deemed to be incorporated
herein by reference modifies or supersedes such document or such statement in
such document. Any statement so modified or superseded shall not be deemed,
except as so modified or superseded, to constitute a part of this Registration
Statement.
ITEM 4. DESCRIPTION OF SECURITIES.
Not Applicable
ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.
Brian P. Lynch, who has rendered an opinion as to the validity of the
Common Stock being registered under this Registration Statement, is an employee
of the Company.
ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
Section 145 of the Delaware General Corporation Law of the State of
Delaware empowers a Delaware corporation to indemnify present and former
directors, officers, employees and agents of the Company.
The Company's Certificate of Incorporation provides that, to the fullest
extent permitted by the Delaware General Corporation Law, a director of the
Company shall not be liable to the Company or its shareholders for monetary
damages for breach of the director's fiduciary duty as a director. Delaware
law provides that this provision in the Company's Certificate of Incorporation
shall not limit the liability of a director (i) for any breach of the
director's duty of loyalty to the Company or its stockholders, (ii) for acts or
omissions not in good faith or that involve intentional misconduct or knowing
violation of law, (iii) for unlawful payments of dividends or unlawful stock
repurchases or redemptions as provided in Section 174 of the
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Delaware General Corporation Law, or (iv) for any transaction from which
the director derived an improper personal benefit.
The Company's Bylaws provide that the Company, to the maximum extent
permitted by the Delaware General Corporation Law, shall indemnify any person
against expenses (including attorneys' fees), judgments, fines, and amounts
paid in settlements actually and reasonably incurred in connection with any
threatened, pending or completed action, suit or proceeding in which such
person is or was a party or is threatened to be made a party by reason of the
fact that such person is or was a director or officer of the Company, or is or
was serving at the request of the Board of Directors of the Company as a
director or officer of another corporation, partnership, joint venture, trust
or other enterprise, or was a director or officer of a corporation which was a
predecessor corporation of the Company or of another enterprise at the request
of such predecessor corporation. The Company is required to indemnify a
director or officer in connection with an action, suit or proceeding (or part
thereof) initiated by such director or officer only if the initiation of such
action, suit or proceeding (or part thereof) by the director or officer was
authorized by the Board of Directors of the Company.
The Company's Bylaws further provide that the Company shall pay the
expenses (including attorneys' fees) incurred by a director or officer of the
Company entitled to indemnification in defending any such action, suit or
proceeding in advance of its final disposition provided such director or
officer undertakes to repay all amounts advanced if it should ultimately be
determined that the director or officer is not entitled to such
indemnification.
The Company's Bylaws provide that the foregoing indemnification rights
shall not be deemed exclusive of any other rights to which the indemnified
party may be entitled.
The Company has entered into Indemnification Agreements with its outside
directors. These Indemnification Agreements require the Company to indemnify
each outside director if he or she is or was a party or other participant in
any suit or proceeding individually or in the right of the Company or any
subsidiary of the Company, by reason of (a) the fact that such outside director
is or was a director of the Company or any subsidiary, (b) any action or
inaction on the part of such outside director while a director of the Company
or any subsidiary, and/or (c) the fact that such outside director is or was
serving at the request of the Company as a director, officer, employee or agent
of another corporation or other enterprise. The indemnification extends to all
expenses, liabilities, judgments, fines and amounts paid in settlement actually
and reasonably incurred by the outside director in connection with such action,
suit or proceeding if the outside director acted in good faith and in a manner
he or she reasonably believed to be in or not opposed to the best interests of
the Company and, with respect to any criminal action or proceeding, had no
reasonable cause to believe that his or her conduct was unlawful. The
Indemnification Agreements require that, to the extent that the outside
director has been successful on the merits or otherwise in defense of any such
action, suit or proceeding, the Company indemnify such outside director against
expenses actually and reasonably incurred by him or her in connection
therewith. The Company must further advance, within 30 days of a written
request, all expenses incurred by the outside director in connection with the
investigation, defense, settlement or appeal of any such action or proceeding;
provided, however, that the outside director must repay such amounts advanced
if it is ultimately determined that he or she is
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not entitled to be indemnified by the Company. Under the Indemnification
Agreements, the outside directors are permitted to petition the court to seek
recovery of amounts due under the Indemnification Agreements and to recover the
expenses of seeking such recovery if he or she is successful.
The Indemnification Agreements also provide that the Company will
indemnify the outside directors to the fullest extent permitted by law. Absent
the Indemnification Agreements, indemnification that might be made available to
outside directors could be changed by amendments to the Company's Certificate
of Incorporation or Bylaws. Benefits under the Indemnification Agreements are
not available, however, to indemnify an outside director (a) with respect to
proceedings or claims initiated by the outside director that are not by way of
defense (unless authorized by the Board of Directors), (b) with respect to
liability for transactions from which the outside director derived an improper
personal benefit, (c) if the outside director is determined to have committed
acts of active and deliberate dishonesty, (d) for expenses or liabilities that
have been paid to the outside director under an insurance policy maintained by
the Company or otherwise by any other means, or (e) for an accounting of
profits realized from the purchase and sale of securities within the meaning of
Section 16(b) of the Exchange Act.
In addition to the foregoing, the Company's Bylaws provide that the
Company shall have the power, to the maximum extent permitted by the Delaware
General Corporation Law, to indemnify any person (other than directors and
officers) who is or was an employee or agent of the Company, who is or was
serving at the request of the Company as an employee or agent of another
corporation, partnership, joint venture, trust or other enterprise, or who was
an employee or agent of a corporation which was a predecessor corporation of
the Company or of another enterprise at the request of such predecessor
corporation, against expenses (including attorneys' fees), judgments, fines,
amounts paid in settlement actually and reasonably incurred in connection with
any threatened, pending or completed action, suit, or proceeding, in which such
person was or is a party or is threatened to be made a party by reason of the
fact that such person is or was an employee or agent of the Company.
The Company maintains directors and officers liability insurance covering
the directors and officers of the Company against claims arising out of the
performance of their duties as such.
ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.
Not Applicable.
ITEM 8. EXHIBITS.
The Exhibits to this Registration Statement are listed in the Index to
Exhibits immediately following the signature pages.
ITEM 9. UNDERTAKINGS.
The undersigned Registrant hereby undertakes:
(1)           To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement (unless the information
required by paragraphs (i) and
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(ii) below is contained in periodic reports filed by the Registrant
pursuant to Section 13 or Section 15(d) of the Exchange Act that are
incorporated by reference in this Registration Statement):
(i)           To include any prospectus required by Section 10(a)(3) of the
Securities Act;
(ii)           To reflect in the prospectus any facts or events arising after the
effective date of this Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate,
represent a fundamental change in the information set forth in this
Registration Statement. Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any
deviation from the low or high end of the estimated maximum offering range may
be reflected in the form of prospectus filed with the Commission pursuant to
Rule 424(b) if, in the aggregate, the changes in volume and price represent no
more than 20 percent change in the maximum aggregate offering price set forth
in the "Calculation of Registration Fee" table in the effective Registration
Statement.
(iii)           To include any material information with respect to the plan of
distribution not previously disclosed in the Registration Statement or any
material change to such information in the Registration Statement.
(2)           That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at the time shall be deemed to be the initial bona
fide offering thereof.
(3)           To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of
the offering.
The undersigned Registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act, each filing of the
Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Exchange Act (and, where applicable, each filing of an employee benefit plan's
annual report pursuant to Section 15(d) of the Exchange Act) that is
incorporated by reference in the Registration Statement shall be deemed to be a
new registration statement relating to the securities offered therein, and the
offering of such securities at the time shall be deemed to be the initial bona
fide offering thereof.
Insofar as indemnification for liabilities arising under the Securities
Act may be permitted to directors, officers and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise, the Registrant
has been advised that in the opinion of the Commission such indemnification is
against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the Registrant of expenses incurred or
paid by a director, officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the
matter has been settled by controlling
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precedent, submit to a court of appropriate jurisdiction the question
whether such indemnification by it is against public policy as expressed in the
Securities Act and will be governed by the final adjudication of such issue.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in Carlsbad, California, as of July 14, 2004.
CALLAWAY GOLF COMPANY
By:
/s/ Ronald A. Drapeau
Ronald A. Drapeau
Chairman and Chief Executive Officer
Pursuant to the requirements of the Securities Act, this Registration
Statement has been signed by the following persons in the capacities and as of
the date indicated.
Signature
Title
Dated as of
/s/ Ronald A. Drapeau
Ronald A. Drapeau
Chairman and
Chief Executive Officer
(Principal Executive Officer)
July 14, 2004
/s/ Bradley J.
Holiday
Bradley J. Holiday
Senior Executive Vice President
and Chief Financial Officer
(Principal Financial Officer and
Principal Accounting Officer)
July 14, 2004
*
Samuel H. Armacost
Director
July 14, 2004
*
Ronald S. Beard
Director
July 14, 2004
*
John C. Cushman, III
Director
July 14, 2004
*
Yotaro Kobayashi
Director
July 14, 2004
*
Richard L. Rosenfield
Director
July 14, 2004
*
Anthony S. Thornley
Director
July 14, 2004
*
By:       /s/ BRADLEY J.
HOLIDAY
Bradley J. Holiday, Attorney-in-Fact
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INDEX TO EXHIBITS
Exhibit No.
Description
5.1
Opinion of Brian P. Lynch, Esq., Senior Corporate Counsel of
Callaway Golf Company, as to the legality of the securities being
registered.
23.1
Consent of Deloitte & Touche LLP, Independent Accountants.
23.2
Consent of Brian P. Lynch, Esq. (included in Exhibit 5.1).
24.1
Form of Power of Attorney.
99.1
Callaway Golf Company 2004 Equity Incentive Plan, included as
Exhibit B to the Company's annual proxy statement on Schedule 14A filed
with the Securities and Exchange Commission on April 20, 2004 is
incorporated herein by this reference.
99.2
Callaway Golf Company Employee Stock Purchase Plan, included as
Exhibit C to the Company's annual proxy statement on Schedule 14A filed
with the Securities and Exchange Commission on April 20, 2004 is
incorporated herein by this reference.
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