DO OR DYE: CALLAWAY CHIEF SIGNS LONG-TERM DEAL WITH GOLF CO.

          Callaway Golf Co. President & CEO DONALD DYE has agreed
     to a new, long-term employment agreement whereby he will
     continue in his current position through December 31, 2001. 
     Dye has served as President of the company since '93, and CEO
     since '96 (Callaway Golf).  Included in Dye's contract is an
     option to buy one million shares of Callaway stock at
     $40/share.  While the option is scheduled to mature in 2003,
     it may be accelerated if stock prices reach targets earlier. 
     Dye also currently holds unexercised, mature options to
     purchase up to 540,000 shares.  Additional options to buy
     200,000 shares are scheduled to mature in January '98, and
     60,000 shares in January '99.  Dye said "he would exercise
     almost all" of his previously granted stock option in the
     next six to nine months (SAN DIEGO UNION-TRIBUNE, 8/13).