Company: UAA
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001336917-25-000198
Chunk: 95

Company: Under Armour, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 95
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 v. Plank, et al. (the “Viskovich Action”). On March 20, 2024, the State Court issued an order consolidating the Viskovich Action into the Consolidated Kenney Derivative Action. As previously disclosed, on May 7, 2025, the parties in the Consolidated Kenney Derivative Action and the Consolidated Paul Derivative Action described below (together, the “Derivative Actions”) executed a formal stipulation of settlement memorializing the complete terms of a proposed settlement resolving the Derivative Actions (the "Settlement Agreement"). Amongst other things, the Settlement Agreement provides that (a) the Company will implement various corporate governance measures for a period of three years from the time that the settlement becomes final and non-appealable; and (b) a payment of $8.9 million, less any award of attorneys’ fees and costs to counsel for the plaintiffs, will be made to the Company on behalf of the defendants and will be funded using insurance proceeds. In exchange, the plaintiffs, the Company, and Under Armour stockholders derivatively on behalf of the Company, will grant customary releases in favor of the defendants of all of claims that were or could have been asserted in the Derivative Actions. On July 10, 2025, the plaintiffs in the Consolidated Kenney Derivative Action filed a motion requesting final approval of the Settlement Agreement by the State Court. On August 14, 2025, the State Court held a final approval hearing for the Settlement Agreement. On August 18, 2025, the State Court issued an order that, among other things, granted the motion for final approval of the Settlement Agreement and dismissed the Consolidated Kenney Derivative Action with prejudice (the “Judgment”). An order closing the case was issued on October 20, 2025.By agreeing to settle the Derivative Actions, the defendants in no way concede or admit liability for any of the claims that were or could have been asserted in the Derivative Actions. The defendants expressly have denied and continue to deny each and all of the claims asserted in the Derivative Actions, and agreed to settle the Derivative Actions to eliminate the uncertainty, risk, costs, and burdens inherent in any litigation, including the Derivative Actions.Consolidated Paul Derivative LitigationOn January 27, 2021, the United States District Court for the District of Maryland (the "District Court") entered an order consolidating for all purposes four separate stockholder derivative