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

Company: Under Armour, Inc.
Filing Date: 2025-06-26
Form: DEF 14A
Chunk 26
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 discounting and promotional activity in our direct-to-consumer channel, particularly in e-commerce. Amid these challenges, we continued to focus on profitability, as seen by our gross margins improving by 180 basis points, primarily driven by supply chain benefits and reduced direct-to-consumer discounting.

Our executive compensation programs in fiscal year 2025 were designed to require our executives to deliver results consistent with our annual operating plan, with a continued focus on improving efficiency and driving profitability, and advancing our long-term efforts to continue to grow our brand. As discussed in more detail below, we exceeded the target level of performance for adjusted operating income and achieved between the threshold and target levels for currency neutral net revenue in our fiscal year 2025 annual cash incentive plan, which results in a 115% achievement against the target level of performance. In addition, we exceeded the target level of performance for adjusted operating income and achieved between the threshold and target levels for currency neutral net revenue in our fiscal year 2025 performance based equity awards during the one-year performance period, which results in 107% of the target amount vesting in three equal annual installments in June 2025, May 2026 and May 2027.

Fiscal Year 2025 Performance and Compensation Highlights

For fiscal year 2025, the majority of the annual compensation potential for our executive officers was tied to the performance of our company, other than for Mr. Plank, this was primarily through:

• our annual cash incentive plan, with awards earned based on our financial performance in fiscal year 2025; and

• our annual equity award program, which were in the form of 50% time based and 50% performance based restricted stock unit awards, where the value ultimately realized by our executives depends on our long-term performance.

On April 1, 2024, Kevin Plank, the founder and former Chief Executive Officer of the company who was previously serving as Executive Chair and Brand Chief, returned as President and Chief Executive Officer. With respect to Mr. Plank’s fiscal year 2025 compensation, he received over 75% of his total compensation in the form of performance based restricted stock units, which are eligible to vest in certain increments only upon achievement of a share-price hurdle. As our founder and majority stockholder, tying the majority of Mr. Plank’s compensation solely to the achievement of a significant share price increase represents his commitment to the performance and growth of our business and provides further alignment with the interests of our stockholders. While Mr. Pl