Company: UAA
Filing Date: 2025-06-26
Form Type: DEF 14A
Source: 0001336917-25-000112
Chunk: 34

Company: Under Armour, Inc.
Filing Date: 2025-06-26
Form: DEF 14A
Chunk 34
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,250 million |     | $5,475 million |     | $5,194 million |

* The Adjusted Operating Income targets above must include the funding for the incentive award amounts. As a result, in order to fund higher incentive award amounts above the threshold level, the company must have achieved Operating Income levels even higher than those shown above. Our actual GAAP reported Operating loss for fiscal year 2025 was approximately $(185) million.

** The threshold Adjusted Operating Income goal must be met for the Currency Neutral Net Revenue performance metric to be funded for payout. If the Adjusted Operating Income payout is above threshold, but below target, the payout for the Currency Neutral Net Revenue metric cannot exceed 50% of the Adjusted Operating Income payout.

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Our annual cash incentive plan for executives for fiscal year 2025 was based primarily on the financial targets described above. Each executive’s performance was tied to overall company performance rather than individual business units. In addition, while the annual cash incentive award amounts are primarily determined based on the company-wide measures discussed above, the Human Capital and Compensation Committee also considers the individual performance of our executive officers, and may adjust up or down the annual cash incentive amounts based on individual performance during the year. Performance reviews are generally based on a qualitative assessment of performance and consider the executive’s performance and the performance of the department or departments for which the executive has responsibility and the contributions the executive and department are making to the overall success of Under Armour.

Our annual cash incentive plan for executives for fiscal year 2025 was initially designed with the two financial metrics discussed above and a third metric related to certain strategic objectives. At its meeting in February 2025, the committee further discussed with management and WTW the design of the fiscal year 2025 annual cash incentive plan and the company’s consistent performance against its financial objectives throughout the year. In executive session, the committee determined to consider only the two financial metrics in the fiscal year 2025 executive annual cash incentive plan when considering performance under the plan: adjusted operating income (weighted at 65%; previously 60%) and currency neutral net revenue (weighted at 35%, previously 30%).

Incentive Award Levels and Fiscal Year 2025 Results

For fiscal year 2025 , the Human Capital and Compensation Committee set the following award target levels under our annual cash incentive plan for our named executive officers (other than the Chief Executive Officer) based on achievement of the metrics outlined above:

| Threshold               |     | Target