Company: UAA
Filing Date: 2025-06-26
Form Type: DEF 14A
Source: 0001336917-25-000112
Chunk: 58

Company: Under Armour, Inc.
Filing Date: 2025-06-26
Form: DEF 14A
Chunk 58
---
 consummation of a merger or consolidation of Under Armour with any other corporation, other than a merger or consolidation where our stockholders continue to have at least 50% of the total voting power in substantially the same proportion as prior to such merger or consolidation or where our directors continue to represent at least 50% of the directors of the surviving entity; or

• the consummation of the sale or disposition by us of all or substantially all of our assets.

In the CIC Severance Plan, the Severance Plan and for the equity awards, the term “Cause” is generally defined as:

• material misconduct or neglect in the performance of duties;

• any felony, an offense punishable by imprisonment, any offense involving material dishonesty, fraud, moral turpitude or immoral conduct, or any crime of sufficient importance to potentially discredit or adversely affect our ability to conduct our business;

• material breach of our code of conduct;

• any act that results in severe harm to us, excluding any act taken in good faith reasonably believed to be in our best interests; or

• material breach of the agreement and the related confidentiality, non-competition and non-solicitation agreement.

In the CIC Severance Plan and for the equity awards, the term “Good Reason” is generally defined as:

• a material diminishment in the scope of duties or responsibilities;

• a material reduction in base salary, bonus opportunity or a material reduction in the aggregate benefits or perquisites;

• a requirement to relocate more than 50 miles from the executive’s primary place of business, or a significant increase in required travel;

• with respect to the CIC Severance Plan only, a failure by any successor to Under Armour to assume the CIC Severance Plan; or

• with respect to the CIC Severance Plan only, a material breach by Under Armour of any of the terms of the CIC Severance Plan.

Benefits and Payments

Upon a Change in Control

All restricted stock units and stock options require a double trigger for vesting in connection with a Change in Control. Double-trigger vesting requires both a Change in Control and a termination of the award holder’s employment without Cause or resignation by the executive for Good Reason in connection with that Change in Control for the vesting of unvested equity awards to accelerate. With respect to Mr. Plank’s fiscal year 2025 performance based restricted stock unit award, vesting of those restricted stock units would only be eligible to accelerate as of March 31, 2025 if the per