Callaway Golf And Taylor Made-Adidas Golf Settle King Dispute

January 14, 2000 at 12:00 AM EST
CONTACT(S): Ely Callaway, Chuck Yash, Larry Dorman, Steve McCracken, Robert Erb (760) 931-1991 (760) 931-1771

CARLSBAD, Calif./January 14, 2000/Callaway Golf Company (NYSE:ELY) and Mark King announced today that the legal disputes arising from the hiring of Mr. King by Taylor Made-adidas Golf have been settled by mutual agreement of the parties. Mr. King will continue in his position as President of Taylor Made-adidas Golf. The parties have agreed to a court-entered injunction preventing Mr. King from using, disclosing or otherwise releasing the trade secrets of Callaway Golf and its subsidiaries, including Callaway Golf Ball Company. In addition, Mr. King will continue to be voluntarily screened by Taylor Made-adidas Golf from participating in certain golf ball-related activities through December 31, 2000, the date on which Mr. King’s prior employment agreement with Callaway Golf Ball Company would have expired. The other terms of the settlement are confidential.

“We feel this settlement, including the injunction, adequately protects our important golf ball trade secrets,” said Ely Callaway, Founder, Chairman and CEO of Callaway Golf Company and Chairman of Callaway Golf Ball Company.

“I am glad to have this matter behind me,” said Mark King, President of Taylor Made-adidas Golf.