Statement of Changes in Beneficial Ownership (Form 4)

FORM 4 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 that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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

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(Print or Type Responses)

1. Name and Address of Reporting Person * Fine Rebecca 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) EVP, Global CPO (Last) (First) (Middle) 2180 RUTHERFORD ROAD 3. Date of Earliest Transaction (Month/Day/Year) 12/31/2025 (Street) CARLSBAD, CA 92008 4. If Amendment, Date 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 (City) (State) (Zip) 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 12/31/2025 M 4,355(1) A $ 0 (2) 79,112 D Common Stock 12/31/2025 F 1,061(3) D $11.67 78,051 D Common Stock 12/31/2025 M 16,152(1) A $ 0 (2) 94,203 D Common Stock 12/31/2025 F 3,934(3) D $11.67 90,269 D Common Stock 12/31/2025 M 34,092(1) A $ 0 (2) 124,361 D Common Stock 12/31/2025 F 11,002(3) D $11.67 113,359 D Common Stock 12/31/2025 M 17,317(1) A $ 0 (2) 130,676 D Common Stock 12/31/2025 F 6,815(3) D $11.67 123,861 D

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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 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
Restricted Stock Units	(2)	12/31/2025		M			4,355(1)	(4)	(4)	Common Stock	4,355	$ 0	0	D
Restricted Stock Units	(2)	12/31/2025		M			16,152(1)	(5)	(5)	Common Stock	16,152	$ 0	0	D
Restricted Stock Units	(2)	12/31/2025		M			34,092(1)	(6)	(6)	Common Stock	34,092	$ 0	0	D
Restricted Stock Units	(2)	12/31/2025		M			17,317(1)	(7)	(7)	Common Stock	17,317	$ 0	0	D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Fine Rebecca 2180 RUTHERFORD ROAD CARLSBAD, CA 92008			EVP, Global CPO

Signatures

/s/ Clinton Foss Attorney-in-Fact for Rebecca Fine under a Limited Power of Attorney dated November 30, 2023.		01/02/2026
**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(1)	Represents the number of shares of common stock issued upon the vesting of restricted stock units ("RSUs").
(2)	RSUs convert into common stock on a one-for-one basis.
(3)	Represents the number of shares of common stock withheld by the Company to satisfy tax withholding requirements in connection with the RSU vesting.
(4)	Per the terms of the reporting persons' separation from the Company, her restricted stock units have fully vested effective December 31, 2025, relating to the 4,355 restricted stock units which were originally scheduled to vest on February 22, 2026.
(5)	Per the terms of the reporting persons' separation from the Company, her restricted stock units have fully vested effective December 31, 2025, relating to the 16,152 restricted stock units which were originally scheduled to vest on February 6, 2026 and February 6, 2027.
(6)	Per the terms of the reporting persons' separation from the Company, her restricted stock units have partially vested effective December 31, 2025, relating to the 34,092 restricted stock units which were originally scheduled to vest on March 14, 2026 and March 14, 2027.
(7)	Per the terms of the reporting persons' separation from the Company, her restricted stock units have fully vested effective December 31, 2025, relating to the 17,317 restricted stock units which were originally scheduled to vest on August 26, 2026.

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