Company: UAA
Filing Date: 2025-06-12
Form Type: 8-K
Source: 0001336917-25-000097
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Company: Under Armour, Inc.
Filing Date: 2025-06-12
Form: 8-K
Item: Item 8.01
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Item 8.01. Other Events.

As previously disclosed, Under Armour, Inc. (“ Under Armour” or the “ Company”) was named as a nominal defendant in two consolidated derivative lawsuits (together, the “ Derivative Actions”) filed against certain of the Company’s current and former officers and directors: (a) Kenney v. Plank, et. al., No. 24-C-18-003939 (Balt. City Cir. Ct. Md.) (the “ State Derivative Action”); and (b) Paul v. Plank, et al., No. 1:18-cv-02239 (D. Md.) (the “ Federal Derivative Action”), which was dismissed without prejudice and is currently on appeal under the caption Paul v. Plank, et al., No. 24-1144 (4th Cir.) (the “ Federal Appeal”).

As the Company previously reported, on May 7, 2025, the parties to the Derivative Actions executed a Stipulation and Agreement of Settlement (the “ Settlement Agreement”) memorializing the terms of a proposed settlement fully resolving the Derivative Actions (the “ Settlement”). Among other things, the Settlement Agreement provides that (a) the Company will implement various corporate governance measures (the "Agreed Governance Measure") 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. The Agreed Governance Measures are described in detail in Exhibits A and A-1 to the Settlement Agreement.

In exchange for the consideration described above, (x) the State Derivative Action and Federal Appeal will be dismissed; and (y) 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. The Settlement is subject to final court approval.

On June 3, 2025, the judge presiding over the State Derivative Action issued an order (the “ June 2025 Order”) that, among other things, directed the parties to provide notice to stockholders of the Settlement; set a schedule for Settlement-related proceedings in the State Derivative Action; and scheduled the final approval hearing in respect of