Company: UAA
Filing Date: 2025-06-26
Form Type: DEF 14A
Source: 0001336917-25-000112
Chunk: 68

Company: Under Armour, Inc.
Filing Date: 2025-06-26
Form: DEF 14A
Chunk 68
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 the Audit Committee determined the lease terms were reasonable and that we would benefit from using the aircraft for company business. For fiscal year 2025, our total lease payments were approximately $1.7 million. The Audit Committee approved the terms of the transactions described below in accordance with our policy on transactions with related persons.

Eric Liedtke has served as our Brand President since January 2025. Mr. Liedtke joined the company in August 2024 as Executive Vice President, Brand Strategy. Before joining the company, Mr. Liedtke was the Chief Executive Officer and co-founder of UNLESS COLLECTIVE, INC (UNLESS), a zero-plastic regenerative fashion brand based in Portland, Oregon. On August 8, 2024, we acquired 100% of the outstanding equity of UNLESS. Total consideration was $10.3 million, consisting of $9.8 million paid in cash and $0.5 million currently held back and unpaid in accordance with the merger agreement. At the time of the acquisition, Mr. Liedtke was not a related person under SEC rules. However, upon the closing of the acquisition, he joined the company as an executive officer, at which time he became a related person under SEC rules, requiring disclosure of this transaction under Item 404 of Regulation S-K. As a holder of common stock, preferred stock and an agreement for equity in UNLESS, and for serving as the stockholder representative in connection with the transaction, Mr. Liedtke received approximately $968,800 in merger consideration, approximately $40,500 of which is currently held back and unpaid in accordance with the merger agreement. Katharina Liedtke-Liss, who is the spouse of Mr. Liedtke and who was an employee of UNLESS prior to the acquisition, also received a de minimis amount in merger consideration. In addition, in accordance with the merger agreement, Mr. Liedtke was repaid the total outstanding balance of $124,800 in outstanding promissory notes, of which $120,000 was principal and $4,800 was accrued interest outstanding.

Following the acquisition of UNLESS, in August 2024, the company entered into a consulting arrangement with Ms. Liedtke-Liss for services related to UNLESS product operations. Because Ms. Liedtke-Liss is the spouse of Mr. Liedtke, the consulting arrangement was approved by the Audit Committee in accordance with our policy on transactions