Form 4: Topgolf Callaway Exec's RSU Vesting Post-Separation
Insider Transaction Report
Rebecca Fine, EVP, Global CPO of Topgolf Callaway Brands, reported the vesting of restricted stock units and subsequent share disposition for tax purposes, effective December 31, 2025, due to her separation from the company.
Summary
- Rebecca Fine, Executive Vice President and Global Chief People Officer (EVP, Global CPO) of Topgolf Callaway Brands Corp. (MODG), reported transactions related to her beneficial ownership.
- On December 31, 2025, a total of 71,916 shares of common stock were acquired upon the vesting of restricted stock units (RSUs).
- These RSUs converted into common stock on a one-for-one basis at an exercise price of $0.
- Concurrently, 22,812 shares of common stock were disposed of at a price of $11.67 per share to satisfy tax withholding requirements related to the RSU vesting.
- The vesting of these RSUs was accelerated and fully or partially vested effective December 31, 2025, due to the terms of Ms. Fine's separation from the company.
- The RSUs were originally scheduled to vest on various dates in February 2026, March 2026, February 2027, March 2027, and August 2026.
Sentiment
Score: 5
Explanation: This is a routine disclosure of an executive's equity transactions upon separation from the company. It reports factual changes in beneficial ownership and tax-related dispositions, without providing new operational or financial performance insights for the company.
Negatives
- Rebecca Fine, EVP, Global CPO, separated from the company, indicating a change in senior leadership.
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
| EVP, Global CPO | Rebecca Fine | N/A (separation reported) | 2025-12-31 | Separation from the company, leading to accelerated vesting of restricted stock units. |
Stakeholder Impact
- Shareholders: The departure of a key executive (EVP, Global CPO) may raise questions about leadership continuity and strategic direction, though this filing does not provide further details.
Key Dates
| Date | Description |
|---|---|
| 2023-11-30 | Date of Limited Power of Attorney for Clinton Foss to act on behalf of Rebecca Fine. |
| 2025-12-31 | Effective date of RSU vesting and share disposition transactions due to reporting person's separation from the company. |
| 2026-01-02 | Date the Form 4 was signed. |
| 2026-02-06 | Original scheduled vesting date for 16,152 RSUs (partially for 2027). |
| 2026-02-22 | Original scheduled vesting date for 4,355 RSUs. |
| 2026-03-14 | Original scheduled vesting date for 34,092 RSUs (partially for 2027). |
| 2026-08-26 | Original scheduled vesting date for 17,317 RSUs. |
| 2027-02-06 | Original scheduled vesting date for a portion of 16,152 RSUs. |
| 2027-03-14 | Original scheduled vesting date for a portion of 34,092 RSUs. |
Keywords
Topgolf Callaway Brands, MODG, Rebecca Fine, Restricted Stock Units, RSU Vesting, Insider Transaction, Executive Compensation, Form 4, Executive Departure
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