Document:

Exhibit 10.24

 

PLEDGE AGREEMENT

(Under Armour, Inc.)

 

THIS PLEDGE AGREEMENT (this “Agreement”) is made and entered
into as of this 28th day of September, 2005, by and between UNDER ARMOUR, INC.,
a Maryland corporation (“Pledgor”); and THE CIT GROUP/COMMERCIAL
SERVICES, INC., a New York corporation, in its capacity as agent (in such
capacity, the “Agent”) for the Lenders (as hereinafter defined) under
the Financing Agreement (as hereinafter defined).

 

WITNESSETH:

 

WHEREAS, Pledgor and its wholly-owned domestic subsidiaries (each, a “Borrower”
and collectively, the “Borrowers”), propose to enter into a certain
Second Amended and Restated Financing Agreement, dated as of the date hereof
(such Second Amended and Restated Financing Agreement, as amended, modified,
supplemented or restated from time to time, the “Financing Agreement”),
with the lenders and financial institutions that are parties thereto from time
to time (collectively, the “Lenders”), and the Agent, pursuant to which
the Lenders have agreed, upon the terms and subject to the conditions contained
therein, to extend certain financing to the Borrowers as more particularly
described in the Financing Agreement;

 

WHEREAS, Pledgor is the legal and (subject to the provisions of this
Agreement) beneficial owner of all of the issued and outstanding shares of
capital stock or membership interests of Under Armour Canada, Inc. (“Under
Armour”), a Canadian corporation, Under Armour Retail, Inc., a
Maryland corporation, and Under Armour Hong Kong, LLC, a Maryland limited
liability company (each, a “Company” and collectively, the “Companies”);

 

WHEREAS, as a
condition precedent to the Agent’s and the Lenders’ entering into the Financing
Agreement and making loans and extending credit to the Borrowers pursuant
thereto, the Agent has required the execution of this Agreement by Pledgor in
favor of the Agent and the Lenders, by which Pledgor shall pledge and assign to
the Agent sixty-five percent (65%) of the issued and outstanding capital stock
of Under Armour and one hundred percent (100%) of the issued and outstanding
capital stock and membership interests of each other Company; and

 

WHEREAS, it is to the direct benefit and advantage of Pledgor for the
Agent and the Lenders to enter into the Financing Agreement with the Borrowers
and make the loans and extend the credit to the Borrowers contemplated thereby;

 

NOW, THEREFORE, in consideration of the premises and for other good and
valuable considerations, the receipt and sufficiency of which are hereby
expressly acknowledged, and intending to be legally bound hereby, the parties
hereto hereby agree as follows:

 

1

 

1.                                       Definitions.  All capitalized terms used herein without
definition shall have the meanings ascribed to such terms in the Financing
Agreement.

 

2.                                       Pledge.

 

(a)                                  As
security for the payment and performance of all of the Obligations, Pledgor
hereby pledges, assigns, transfers and grants to the Agent a continuing
security interest in all of Pledgor’s rights, titles and interests in, to and
under the following (collectively referred to herein as the “Collateral”):

 

(i)                                     All of the issued
and outstanding shares of capital stock, membership interests or other
ownership interests of each Company described in Exhibit A attached
hereto, and sixty-five percent (65%) of all additional shares of capital stock
of Under Armour Canada from time to time hereafter acquired by Pledgor in any
manner, and one hundred percent (100%) of all additional shares of capital
stock, membership interests or other ownership interests of each other Company
from time to time hereafter acquired by Pledgor in any manner (all such shares
of capital stock, membership interests or other ownership interests being
hereinafter referred to as the “Pledged Interests”);

 

(ii)                                  All
distributions or payments, whether in cash or in kind, upon or in connection
with the Pledged Interests, whether such distributions or payments are by
reason of any dividend, split, spinoff, merger or in partial or complete
liquidation, or the result of reclassification, readjustment or any other
changes in the capital structure of the Companies or otherwise;

 

 (iii)                            All
subscriptions, warrants, options and any other rights issued upon or in
connection with the Pledged Interests; and

 

(iv)                              All proceeds of the
foregoing items described in clauses (i), (ii) and (iii) above.

 

(b)                                 All
certificates or instruments representing or evidencing the Collateral shall be
delivered to, and held by or on behalf of, the Agent pursuant hereto, and shall
be in suitable form for transfer by delivery, or shall be accompanied by, as
applicable, Pledgor’s endorsement where necessary, or appropriate stock powers
or other instruments of transfer or assignment in blank, all in form and
substance satisfactory to the Agent.

 

(c)                                  Neither
the Agent nor the Lenders shall have any duty with respect to any of the
Collateral other than the duty to use reasonable care in the safe custody of
the Collateral in the Agent’s possession. 
Without limiting the generality of the foregoing, neither the Agent nor
the Lenders shall be under any obligation to take any steps necessary to
preserve the value of any of the Collateral or to preserve rights in the
Collateral against any other Persons, but may do so at the

 

2

 

Agent’s reasonable discretion, and all expenses incurred in connection
therewith shall be for the sole account of the Borrowers.

 

(d)                                 If
necessary, in the opinion of the Agent, for the better protection of the Agent’s
and the Lenders’ rights in and to the Collateral and to facilitate
implementation of such rights, Pledgor shall, upon the request of the Agent
made at any time following delivery of the Collateral to the Agent, cause all
the Collateral to be transferred, registered or otherwise put into the name of
the Agent or such nominee or nominees as the Agent shall from time to time
direct.  To that end, if the Agent
transfers all or any portion of the Collateral into its name or the name of its
nominee or nominees, the Agent shall, upon the request of Pledgor, unless an
Event of Default shall have occurred and be continuing, execute and deliver or
cause to be executed and delivered to Pledgor, proxies with respect to the
Pledged Interests and deliver to Pledgor all dividends and other distributions
paid with respect to the Pledged Interests.

 

3.                                       Voting
Rights.  During the term of this
Agreement, and so long as there shall not occur and continue to exist any Event
of Default, Pledgor shall have the right to vote all or any portion of the
Pledged Interests on all corporate or company questions for all purposes not
inconsistent with the terms of this Agreement or the Financing Agreement.  Upon and after the occurrence of any Event of
Default and during the continuation thereof, the Agent or the Lenders shall be
entitled to exercise all voting powers pertaining to the Collateral, and any
and all proxies theretofore executed by the Agent shall terminate and
thereafter be null and void and of no effect whatsoever.

 

4.                                       Collection
of Dividend Payments.  During the
term of this Agreement, and so long as there shall not occur and continue to
exist any Event of Default, Pledgor shall have the right to receive and retain
any and all sums payable by any Company on account of any of the Collateral.  During the continuance of any Event of
Default, all sums payable by any Company on account of any of the Collateral
shall be paid to the Agent and any such sum received by Pledgor shall be deemed
to be held by Pledgor in trust for the Agent and the Lenders and shall be
forthwith turned over to the Agent for application to the Obligations in such
order and to such particular Obligations as the Agent, in its sole discretion,
may determine.

 

5.                                       Representations
and Warranties.  Pledgor represents
and warrants to the Agent and the Lenders as follows:

 

(a)                                  Pledgor
is, and at the time of delivery of the Collateral to the Agent pursuant to this
Agreement will be, the legal and beneficial owner of the Collateral;

 

(b)                                 Pledgor
has full power, authority and legal right to pledge all of the Collateral
pursuant to this Agreement;

 

(c)                                  No
consent of any Person and, to the best of Pledgor’s knowledge, no consent,
authorization, approval, or other action by, and no notice to or filing with,
any governmental

 

3

 

authority or regulatory body is required either (i) for the pledge
by Pledgor of the Collateral pursuant to this Agreement or the execution,
delivery or performance of this Agreement by Pledgor or (ii) for the exercise
by the Agent of the voting or other rights provided for in this Agreement or
the remedies in respect of the Collateral pursuant to this Agreement;

 

(d)                                 All
of the shares of the Pledged Interests have been duly and validly issued, are
fully paid and non-assessable, and are owned by Pledgor free of any pledge,
lien, charge, encumbrance or security interest other than Permitted
Encumbrances;

 

(e)                                  The
pledge of the Collateral pursuant to this Agreement creates a valid and
perfected Lien in the Collateral securing the payment and performance of the
Obligations;

 

(f)                                    Pledgor
at all times will be the sole beneficial owner of the Collateral; and

 

(g)                                 On
the date hereof, the Pledged Interests constitute sixty-five percent (65%) of
the issued and outstanding capital stock of Under Armour Canada and one hundred
percent (100%) of the issued and outstanding capital stock, membership
interests or other ownership interests of each other Company.

 

6.                                       Affirmative
Covenants of Pledgor.  Until all of
the Obligations have been paid and satisfied in full and the Financing
Agreement terminated in writing, Pledgor covenants that it will:

 

(a)                                  Warrant
and defend, at its own expense, the Agent’s and the Lenders’ right, title and
security interest in and to the Collateral against the claims of all other
Persons;

 

(b)                                 Promptly
deliver to the Agent all written notices, and will promptly give written notice
to the Agent of any other notices, received by Pledgor with respect to the
Collateral; and

 

(c)                                  Deliver
to the Agent promptly to hold under this Agreement any shares of the capital
stock, membership interests or other ownership interests of any Company
acquired by Pledgor.

 

7.                                       Negative
Covenants of Pledgor.  Until all of
the Obligations have been paid and satisfied in full and the Financing
Agreement terminated in writing, Pledgor covenants that it will not:

 

(a)                                  Sell,
convey or otherwise dispose of any of the Collateral or any interest therein;

 

(b)                                 Incur
or permit to be incurred any pledge, lien, charge, encumbrance or any security
interest whatsoever in or with respect to any of the Collateral other than
Permitted Encumbrances; or

 

(c)                                  Consent
to the issuance by the Companies of any new capital stock, membership interests
or other ownership interests except to Pledgor, provided, in the case of
an issuance of new capital stock of Under Armour Canada, sixty-five percent
(65%) of such new capital stock, and, in

 

4

 

the case of an issuance of new capital stock, membership interests or other
ownership interests by any other Company, one hundred percent (100%) of such
new capital stock, membership interests or other ownership interests, in each
case is pledged and delivered to the Agent to be held under the terms of this
Agreement in the same manner as the Collateral originally pledged hereunder.

 

8.                                       Consent
of Pledgor.  Pledgor hereby consents
that from time to time, before or after the occurrence or existence of any
Event of Default, with or without notice to or assent from Pledgor, any other
security at any time held by or available to the Agent for any of the
Obligations may be exchanged, surrendered or released, and any of the
Obligations may be changed, altered, renewed, extended, continued, surrendered,
compromised, waived or released, in whole or in part, as the Agent or the
Lenders may see fit, and Pledgor shall remain bound under this Agreement
notwithstanding any change in the time, manner or place of payment of, or in
any other term of, all or any of the Obligations, or any exchange, surrender,
release, alteration, renewal, extension, continuance, compromise, waiver or
inaction, extension of further credit or other dealing whatsoever, or any other
circumstances which might otherwise constitute a defense available to, or a
discharge of, the Borrowers.

 

9.                                       Subsequent
Changes Affecting Collateral. 
Pledgor represents to the Agent and the Lenders that Pledgor has made
its own arrangements for keeping informed of changes or potential changes
affecting the Collateral (including, without limitation, rights to convert,
rights to subscribe, payments of dividends, distributions, reorganization or
other exchanges, tender offers and voting rights), and Pledgor agrees that the
neither the Agent nor the Lenders shall have any responsibility or liability
for informing Pledgor of any such changes or potential changes or for taking
any action or omitting to take any action with respect thereto.  The Agent may, at any time during the
continuance of an Event of Default, at its option and without notice to
Pledgor, transfer or register the Collateral or any portion thereof into its
name or the names of its nominee or nominees with or without any indication
that the Collateral is subject to the security interest hereunder.

 

10.                                 Stock
Adjustments.  If during the term of
this Agreement any dividend, reclassification, readjustment or other change is
declared or made in the capital structure of any Company, or any additional
stock, membership interests or other ownership interests of any Company is
issued to Pledgor, or any subscription, warrant, option or any other right
issued upon or in connection with the Pledged Interests and included within the
Collateral is exercised, all new, substituted and additional shares, membership
interests or other ownership interests, or other securities, issued by reason
of any such change or exercise shall be delivered to and held by the Agent
under the terms of this Agreement in the same manner as the Collateral
originally pledged hereunder.

 

11.                                 Warrants,
Options and Rights.  If during the
term of this Agreement subscription warrants or any other rights or options
shall be issued or exercised in connection with the Collateral, then such
warrants, options and rights shall be immediately assigned by Pledgor to the
Agent and all new stock, membership interests or other ownership interests, or
other security so acquired by

 

5

 

Pledgor shall be immediately assigned to the Agent to be held under the
terms of this Agreement in the same manner as the Collateral originally pledged
hereunder.

 

12.                                 Registration.                            If the
Agent or the Lenders determine that it is advisable to register under or
otherwise comply in any way with the Securities Act of 1933 or any similar
federal or state law of the United States, or if such registration or
compliance is required with respect to the securities included in the
Collateral prior to the sale thereof by the Agent, then at any time during the
continuance of an Event of Default, Pledgor will use its best efforts to cause
any such registration to be effectively made, at no expense to the Agent or the
Lenders, and to continue such registration effective for such time as may be
reasonably necessary in the opinion of the Agent or the Lenders, and will
reimburse the Agent and the Lenders for any expenses incurred by them,
including reasonable attorney’s fees and accountants’ fees and expenses, in
connection therewith.

 

13.                                 Agent
Appointed Attorney-In-Fact.  Pledgor
hereby constitutes and appoints the Agent as Pledgor’s attorney-in-fact, with
full authority in the place and stead of Pledgor and in the name of Pledgor or
otherwise, from time to time during the existence of an Event of Default in the
Agent’s discretion to take any action and to execute any instrument which the
Agent or the Lenders may deem reasonably necessary or advisable for the purpose
of carrying out the provisions of this Agreement and taking any action and
executing any instrument which the Agent or the Lenders may deem reasonably
necessary or advisable to accomplish the purposes hereof, including, without
limitation, to receive, endorse and collect all instruments made payable to
Pledgor representing any dividend or other distribution or payment in respect
of the Collateral or any part thereof and to give full discharge for the same
and the right to exercise all rights and remedies of Pledgor, in the name of
Pledgor or otherwise, with respect to the Collateral, which appointment and
power is coupled with an interest and shall be irrevocable so long as any
Obligations shall remain outstanding. 
Pledgor agrees to indemnify and save the Agent and the Lenders harmless
from and against any liability or damage which the Agent or the Lenders may
incur, other than as a result of the Agent’s or the Lenders’ willful misconduct
or gross negligence, in the exercise or performance of any of the Agent’s or
the Lenders’ powers and duties specifically set forth herein.

 

14.                                 Agent
May Perform.  If Pledgor fails
to perform any agreement contained herein within five (5) days after
receipt of a written request to do so from the Agent or the Lenders, the Agent
or the Lenders may itself or themselves perform, or cause performance of, such
agreement.

 

15.                                 Reasonable
Care.  The Agent shall be deemed to
have exercised reasonable care in the custody and preservation of the
Collateral in its possession if the Collateral is accorded treatment
substantially equivalent to that which the Agent accords its own property
consisting of negotiable securities, it being understood that the Agent nor the
Lenders shall have any responsibility for (a) ascertaining or taking
action with respect to calls, conversions, exchanges, maturities, tenders or
other matters relative to the Collateral, whether or not the Agent or the
Lenders have or are deemed to have knowledge of such matters, or (b) taking
any necessary steps (other than steps taken in accordance with the standard of
care set forth above to maintain possession of the Collateral) to preserve
rights against any Person with respect to any Collateral.

 

6

 

16.                                 Remedies
Upon Default.  Upon the occurrence
and during the continuance of an Event of Default:

 

(a)                                  The
Agent may exercise in respect of the Collateral, in addition to other rights
and remedies provided for herein or otherwise available to it at law or in
equity, all the rights and remedies of a secured party on default under the
Code at that time, and the Agent may also, in its sole discretion, without
notice except as specified below, sell the Collateral or any part thereof in
one or more parcels at public or private sale, at any exchange, broker’s board
or at any of the Agent’s or the Lenders’ offices or elsewhere, for cash, on
credit or for future delivery, and at such price or prices and upon such other
terms as the Agent or the Lenders may deem commercially reasonable,
irrespective of the impact of any such sales on the market price of the
Collateral.  Each purchaser at any such
sale shall hold the property sold absolutely free from any claim or right on
the part of Pledgor, and Pledgor hereby waives (to the extent permitted by law)
all rights of redemption, stay and/or appraisal which it now has or may at any
time in the future have under any rule of law or statute now existing or
hereafter enacted.  Pledgor agrees that,
to the extent notice of sale shall be required by law, at least five (5) days’
notice to Pledgor of the time and place of any public sale or the time after
which any private sale is to be made shall constitute reasonable notification.  The Agent nor the Lenders shall have no
obligation to make any sale of Collateral regardless of notice of sale having
been given.  The Agent or the Lenders may
adjourn any public or private sale from time to time by announcement at the
time and place fixed therefor, and such sale may, without further notice, be
made at the time and place to which it was so adjourned.  Pledgor hereby waives and agrees not to
assert any rights or privileges it may acquire under the Code and any claims
against the Agent or the Lenders arising by reason of the fact that the price
at which any Collateral may have been sold at such a private sale was less than
the price which might have been obtained at a public sale, even if the Agent or
the Lenders accept the first offer received and does not offer the Collateral
to more than one offeree.  Any sale of
the Collateral conducted in conformity with reasonable commercial practices of
banks, insurance companies or other financial institutions disposing of
property similar to the Collateral shall be deemed to be commercially
reasonable.

 

(b)                                 In
view of the fact that federal and state securities laws may impose certain
restrictions on the method by which a sale of the Collateral may be effected
after an Event of Default, Pledgor agrees that upon the occurrence of an Event
of Default, the Agent or the Lenders may, from time to time, attempt to sell
all or any part of the Collateral by means of a private placement restricting
the bidder and prospective purchasers to those who will represent and agree
that they are purchasing for investment only and not for distribution.  In so doing, the Agent or the Lenders may
solicit offers to buy the Collateral, or any part of it, for cash, from a limited
number of investors deemed by the Agent or the Lenders, in its or their
reasonable judgment, to be respectable parties who might be interested in
purchasing the Collateral, and if the Agent or the Lenders solicit such offers
from not less than three (3) such investors, then the acceptance by the
Agent or the Lenders of the highest offer obtained therefrom shall be deemed to
be a commercially reasonable method of disposition of the Collateral.

 

7

 

17.                                 Application
of Proceeds.  During the continuance
of an Event of Default, any cash held by the Agent as Collateral and all cash
proceeds received by the Agent in respect of any sale of, collection from, or
other realization upon all or any part of the Collateral pursuant to the
exercise by the Agent of its remedies as a secured creditor as provided in Section 16
of this Agreement or otherwise shall be applied:  first, to the costs and expenses of taking,
holding and managing the Collateral and the costs and expenses of sale or other
disposition thereof, including reasonable attorneys’ fees and expenses; and
second, to the payment of the Obligations, in such order and manner as the
Agent or the Lenders may elect.

 

18.                                 No
Waiver.  No failure on the part of
the Agent or the Lenders to exercise, and no course of dealing with respect to,
and no delay in exercising, any right, power or remedy hereunder shall operate
as a waiver thereof; nor shall any single or partial exercise by the Agent or
the Lenders of any right, power or remedy hereunder preclude any other or
further exercise thereof or the exercise of any other right, power or
remedy.  The remedies herein provided are
to the fullest extent permitted by law cumulative and are not exclusive of any
remedies provided by law.

 

19.                                 Amendments.  This Agreement may not be amended, modified
or waived except with the written consent of Pledgor and the Agent.

 

20.                                 Term.  This Agreement shall constitute a continuing
agreement and shall remain in full force and effect until the earlier to occur
of the following: (a) the Financing Agreement is terminated pursuant to Section 11
thereof and all of the Obligations, other than Ledger Debt owing to CIT, are
paid and satisfied in full; or (b) all of the Obligations are paid and
satisfied in full and the Financing Agreement is terminated in writing, at
which time this Agreement shall terminate, and the Agent shall, promptly upon
the request and at the expense of Pledgor, forthwith assign, transfer and
deliver, against receipt and without recourse to the Agent or the Lenders, such
of the Collateral as shall not have been sold or otherwise applied pursuant to
the terms hereof to or on the order of Pledgor.

 

21.                                 Notices.    All notices, requests and
demands to or upon a party hereto, to be effective, shall be in writing and
shall be sent by certified or registered mail, return receipt requested, by
personal delivery against receipt, by overnight courier or by facsimile
transmission and, unless expressly provided herein, shall be deemed to have
been validly served, given or delivered immediately when delivered against
receipt, three (3) Business Days after deposit in the mail, postage
prepaid, or, in the case of facsimile transmission, when received (if on a
Business Day and, if not received on a Business Day, then on the next Business Day
after receipt), addressed as follows:

 

(i)                                     If
to the Agent:     The CIT Group/Commercial Services, Inc.

Two Wachovia Center

Post Office Box 31307

Charlotte, North Carolina 28202

Attn: 
Regional Credit Manager

Fax No.: 
704-339-2250

 

8

 

(ii)                                  If
to Pledgor:         Under Armour, Inc.

1020 Hull Street

Baltimore, Maryland 21230

Attn: Chief Financial Officer

Fax No.: 410-468-2516

 

or to such other address as each party may designate for itself by
notice given in accordance with this Section 21.  Any written notice or demand that is not sent
in conformity with the provisions hereof shall nevertheless be effective on the
date that such notice is actually received by the noticed party.

 

22.                                 Continuing
Security Interest; Releases; Transfer of Obligations.  This Agreement shall create a continuing
security interest in the Collateral and shall (a) remain in full force and
effect until all of the Obligations have been paid and satisfied in full and
the Financing Agreement is terminated in writing, (b) be binding upon
Pledgor, its successors and assigns, and (c) inure, together with the
rights and remedies of the Agent and the Lenders hereunder, to the benefit of
the Agent, the Lenders and each of their successors, transferees and assigns.  Without limiting the generality of the
foregoing clause (c), the Agent may, subject to the terms of the Financing
Agreement, assign or otherwise transfer the Obligations held by it secured by
this Agreement to any other Person, and such other Person shall thereupon
become vested with all the benefits in respect thereof granted to the Agent.

 

23.                                 Severability.  Whenever possible, each provision of this
Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but, if any provision of this Agreement shall be held to
be prohibited or invalid under any applicable law, such provision shall be
ineffective only to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of
this Agreement.

 

24.                                 Further
Assurances.  Pledgor agrees that it
will cooperate with the Agent and the Lenders and will upon the Agent’s or the
Lenders’ request execute and deliver, or cause to be executed and delivered,
all such other stock powers, instruments and documents, and will take all such
other action as the Agent or the Lenders may reasonably request from time to
time to enable the Agent or the Lenders to exercise and enforce its or their
rights and remedies hereunder with respect to the Collateral or to carry out
the provisions and purposes hereof, in each case, within a reasonable period of
time from such request.

 

25.                                 Section Headings.  The section headings herein are for
convenience of reference only, and shall not affect in any way the
interpretation of any of the provisions hereof.

 

26.                                 Governing
Law.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK.

 

27.                                 Waiver
of Jury Trial.  EACH PARTY
HEREBY WAIVES ANY RIGHT TO A

 

9

 

TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO
THIS AGREEMENT, THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED
THEREUNDER.

 

10

 

IN WITNESS WHEREOF, Pledgor and the Agent have each caused this
Agreement to be duly executed by its duly authorized corporate officers on the
day and year first above written.

 

	
   

  	
  UNDER ARMOUR, INC.

  
	
   

  	
  (“Pledgor”)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Kevin A. Plank

  
	
   

  	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  THE CIT GROUP/COMMERCIAL SERVICES, INC., as Agent

  
	
   

  	
  (“Agent”)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Timothy E. Cooper

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
					

 

11

 

CONSENT OF THE COMPANIES

 

Each of the undersigned does hereby acknowledge receipt of a copy of
the within and foregoing Pledge Agreement and hereby grants its consent to the
pledge by UNDER ARMOUR, INC., a Maryland corporation (“Pledgor”), of the
issued and outstanding shares of capital stock, membership interests or other
ownership interests of each of them to The CIT Group/Commercial Services, Inc.,
a New York corporation, in its capacity as agent for the Lenders under the
Financing Agreement, pursuant to the terms of the foregoing Pledge Agreement.

 

IN WITNESS WHEREOF, each of the undersigned Companies has hereunto
caused this consent to be duly executed by its duly authorized corporate
officers on this 28th day of September, 2005.

 

	
   

  	
  COMPANIES:

  
	
   

  	
   

  
	
   

  	
  UNDER ARMOUR RETAIL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    Kevin A. Plank

  
	
   

  	
   

  	
  Title:

  	
    President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  UNDER ARMOUR CANADA, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    Kevin A. Plank

  
	
   

  	
   

  	
  Title:

  	
    President

  
	
   

  	
   

  
	
   

  	
  UNDER ARMOUR OF HONG KONG, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Kevin A. Plank

  
	
   

  	
   

  	
  Title:
  President of Under Armour, Inc., Sole

  Member of Under Armour of Hong Kong LLC 

  
							

 

12Exhibit 10.25

 

PLEDGE AGREEMENT

(Under Armour Retail, Inc.)

 

THIS PLEDGE AGREEMENT (this “Agreement”) is made and entered
into as of this 28th day of September, 2005, by and between UNDER ARMOUR
RETAIL, INC., a Maryland corporation (“Pledgor”); and THE CIT
GROUP/COMMERCIAL SERVICES, INC., a New York corporation, in its capacity as
agent (in such capacity, the “Agent”) for the Lenders (as hereinafter
defined) under the Financing Agreement (as hereinafter defined).

 

WITNESSETH:

 

WHEREAS, Under Armour, Inc. (“Under Armour”), Pledgor and
Under Armour’s other wholly-owned domestic subsidiaries (Under Armour, Pledgor
and such other domestic subsidiaries being herein called a “Borrower”
and, collectively,  the “Borrowers”),
propose to enter into a certain Second Amended and Restated Financing
Agreement, dated as of the date hereof (such Second Amended and Restated
Financing Agreement, as amended, modified, supplemented or restated from time
to time, the “Financing Agreement”), with the lenders and financial
institutions that are parties thereto from time to time (collectively, the “Lenders”),
and the Agent, pursuant to which the Lenders have agreed, upon the terms and
subject to the conditions contained therein, to extend certain financing to the
Borrowers as more particularly described in the Financing Agreement;

 

WHEREAS, Pledgor is the legal and (subject to the provisions of this
Agreement) beneficial owner of all of the issued and outstanding shares of
capital stock or membership interests of Under Armour Retail of Maryland,
L.L.C., a Maryland limited liability company, and Under Armour of Virginia,
LLC, a Virginia limited liability company (each, a “Company” and
collectively, the “Companies”);

 

WHEREAS, as a condition precedent to the Agent’s and the Lenders’ entering
into the Financing Agreement and making loans and extending credit to the
Borrowers pursuant thereto, the Agent has required the execution of this
Agreement by Pledgor in favor of the Agent and the Lenders, by which Pledgor
shall pledge and assign to the Agent all of the issued and outstanding capital
stock and membership interests of each Company; and

 

WHEREAS, it is to the direct benefit and advantage of Pledgor for the
Agent and the Lenders to enter into the Financing Agreement with the Borrowers
and make the loans and extend the credit to the Borrowers contemplated thereby;

 

NOW, THEREFORE, in consideration of the premises and for other good and
valuable considerations, the receipt and sufficiency of which are hereby
expressly acknowledged, and intending to be legally bound hereby, the parties
hereto hereby agree as follows:

 

1

 

1.                                       Definitions.  All capitalized terms used herein without
definition shall have the meanings ascribed to such terms in the Financing
Agreement.

 

2.                                       Pledge.

 

(a)                                  As
security for the payment and performance of all of the Obligations, Pledgor
hereby pledges, assigns, transfers and grants to the Agent a continuing
security interest in all of Pledgor’s rights, titles and interests in, to and
under the following (collectively referred to herein as the “Collateral”):

 

(i)                                     All of the issued
and outstanding shares of capital stock, membership interests or other
ownership interests of each Company described in Exhibit A attached
hereto and all additional shares of capital stock, membership interests or
other ownership interests of each Company from time to time acquired by Pledgor
in any manner (such shares of capital stock, membership interests or other
ownership interests being hereinafter referred to as the “Pledged Interests”);

 

(ii)                                  All
distributions or payments, whether in cash or in kind, upon or in connection
with the Pledged Interests, whether such distributions or payments are by
reason of any dividend, split, spinoff, merger or in partial or complete
liquidation, or the result of reclassification, readjustment or any other
changes in the capital structure of the Companies or otherwise;

 

 (iii)                            All
subscriptions, warrants, options and any other rights issued upon or in
connection with the Pledged Interests; and

 

(iv)                              All proceeds of the
foregoing items described in clauses (i), (ii) and (iii) above.

 

(b)                                 All
certificates or instruments representing or evidencing the Collateral shall be
delivered to, and held by or on behalf of, the Agent pursuant hereto, and shall
be in suitable form for transfer by delivery, or shall be accompanied by, as
applicable, Pledgor’s endorsement where necessary, or appropriate stock powers
or other instruments of transfer or assignment in blank, all in form and
substance satisfactory to the Agent.

 

(c)                                  Neither
the Agent nor the Lenders shall have any duty with respect to any of the
Collateral other than the duty to use reasonable care in the safe custody of
the Collateral in the Agent’s possession. 
Without limiting the generality of the foregoing, neither the Agent nor
the Lenders shall be under any obligation to take any steps necessary to
preserve the value of any of the Collateral or to preserve rights in the
Collateral against any other Persons, but may do so at the Agent’s reasonable
discretion, and all expenses incurred in connection therewith shall be for the
sole account of the Borrowers.

 

2

 

(d)                                 If
necessary, in the opinion of the Agent, for the better protection of the Agent’s
and the Lenders’ rights in and to the Collateral and to facilitate
implementation of such rights, Pledgor shall, upon the request of the Agent
made at any time following delivery of the Collateral to the Agent, cause all
the Collateral to be transferred, registered or otherwise put into the name of
the Agent or such nominee or nominees as the Agent shall from time to time
direct.  To that end, if the Agent
transfers all or any portion of the Collateral into its name or the name of its
nominee or nominees, the Agent shall, upon the request of Pledgor, unless an
Event of Default shall have occurred and be continuing, execute and deliver or
cause to be executed and delivered to Pledgor, proxies with respect to the
Pledged Interests and deliver to Pledgor all dividends and other distributions
paid with respect to the Pledged Interests.

 

3.                                       Voting
Rights.  During the term of this
Agreement, and so long as there shall not occur and continue to exist any Event
of Default, Pledgor shall have the right to vote all or any portion of the
Pledged Interests on all corporate or company questions for all purposes not
inconsistent with the terms of this Agreement or the Financing Agreement.  Upon and after the occurrence of any Event of
Default and during the continuation thereof, the Agent or the Lenders shall be
entitled to exercise all voting powers pertaining to the Collateral, and any
and all proxies theretofore executed by the Agent shall terminate and
thereafter be null and void and of no effect whatsoever.

 

4.                                       Collection
of Dividend Payments.  During the
term of this Agreement, and so long as there shall not occur and continue to
exist any Event of Default, Pledgor shall have the right to receive and retain
any and all sums payable by any Company on account of any of the
Collateral.  During the continuance of
any Event of Default, all sums payable by any Company on account of any of the
Collateral shall be paid to the Agent and any such sum received by Pledgor
shall be deemed to be held by Pledgor in trust for the Agent and the Lenders
and shall be forthwith turned over to the Agent for application to the
Obligations in such order and to such particular Obligations as the Agent, in
its sole discretion, may determine.

 

5.                                       Representations
and Warranties.  Pledgor represents
and warrants to the Agent and the Lenders as follows:

 

(a)                                  Pledgor
is, and at the time of delivery of the Collateral to the Agent pursuant to this
Agreement will be, the legal and beneficial owner of the Collateral;

 

(b)                                 Pledgor
has full power, authority and legal right to pledge all of the Collateral
pursuant to this Agreement;

 

(c)                                  No
consent of any Person and, to the best of Pledgor’s knowledge, no consent,
authorization, approval, or other action by, and no notice to or filing with,
any governmental authority or regulatory body is required either (i) for
the pledge by Pledgor of the Collateral pursuant to this Agreement or the
execution, delivery or performance of this Agreement by Pledgor or (ii) for

 

3

 

the exercise by the Agent of the voting or other rights provided for in
this Agreement or the remedies in respect of the Collateral pursuant to this
Agreement;

 

(d)                                 All
of the shares of the Pledged Interests have been duly and validly issued, are
fully paid and non-assessable, and are owned by Pledgor free of any pledge,
lien, charge, encumbrance or security interest other than Permitted
Encumbrances;

 

(e)                                  The
pledge of the Collateral pursuant to this Agreement creates a valid and
perfected Lien in the Collateral securing the payment and performance of the
Obligations;

 

(f)                                    Pledgor
at all times will be the sole beneficial owner of the Collateral; and

 

(g)                                 On
the date hereof, the Pledged Interests constitutes one hundred percent (100%)
of the issued and outstanding capital stock, membership interests or other
ownership interests of each Company.

 

6.                                       Affirmative
Covenants of Pledgor.  Until all of
the Obligations have been paid and satisfied in full and the Financing
Agreement terminated in writing, Pledgor covenants that it will:

 

(a)                                  Warrant
and defend, at its own expense, the Agent’s and the Lenders’ right, title and
security interest in and to the Collateral against the claims of all other
Persons;

 

(b)                                 Promptly
deliver to the Agent all written notices, and will promptly give written notice
to the Agent of any other notices, received by Pledgor with respect to the
Collateral; and

 

(c)                                  Deliver
to the Agent promptly to hold under this Agreement any shares of the capital
stock, membership interests or other ownership interests of any Company
acquired by Pledgor.

 

7.                                       Negative
Covenants of Pledgor.  Until all of
the Obligations have been paid and satisfied in full and the Financing
Agreement terminated in writing, Pledgor covenants that it will not:

 

(a)                                  Sell,
convey or otherwise dispose of any of the Collateral or any interest therein;

 

(b)                                 Incur
or permit to be incurred any pledge, lien, charge, encumbrance or any security
interest whatsoever in or with respect to any of the Collateral other than
Permitted Encumbrances; or

 

(c)                                  Consent
to the issuance by the Companies of any new capital stock, membership interests
or other ownership interests except to Pledgor, provided, in the case of an
issuance of new capital stock, membership interests or other ownership
interests by a Company, all of such new capital stock, membership interests or
other ownership interests is pledged and delivered to the Agent to be held
under the terms of this Agreement in the same manner as the Collateral originally
pledged hereunder.

 

4

 

8.                                       Consent
of Pledgor.  Pledgor hereby consents
that from time to time, before or after the occurrence or existence of any
Event of Default, with or without notice to or assent from Pledgor, any other
security at any time held by or available to the Agent for any of the
Obligations may be exchanged, surrendered or released, and any of the
Obligations may be changed, altered, renewed, extended, continued, surrendered,
compromised, waived or released, in whole or in part, as the Agent or the
Lenders may see fit, and Pledgor shall remain bound under this Agreement
notwithstanding any change in the time, manner or place of payment of, or in
any other term of, all or any of the Obligations, or any exchange, surrender,
release, alteration, renewal, extension, continuance, compromise, waiver or
inaction, extension of further credit or other dealing whatsoever, or any other
circumstances which might otherwise constitute a defense available to, or a
discharge of, the Borrowers.

 

9.                                       Subsequent
Changes Affecting Collateral. 
Pledgor represents to the Agent and the Lenders that Pledgor has made
its own arrangements for keeping informed of changes or potential changes
affecting the Collateral (including, without limitation, rights to convert,
rights to subscribe, payments of dividends, distributions, reorganization or
other exchanges, tender offers and voting rights), and Pledgor agrees that the
neither the Agent nor the Lenders shall have any responsibility or liability
for informing Pledgor of any such changes or potential changes or for taking
any action or omitting to take any action with respect thereto.  The Agent may, at any time during the
continuance of an Event of Default, at its option and without notice to
Pledgor, transfer or register the Collateral or any portion thereof into its
name or the names of its nominee or nominees with or without any indication
that the Collateral is subject to the security interest hereunder.

 

10.                                 Stock
Adjustments.  If during the term of
this Agreement any dividend, reclassification, readjustment or other change is
declared or made in the capital structure of any Company, or any additional
stock, membership interests or other ownership interests of any Company is issued
to Pledgor, or any subscription, warrant, option or any other right issued upon
or in connection with the Pledged Interests and included within the Collateral
is exercised, all new, substituted and additional shares, membership interests
or other ownership interests, or other securities, issued by reason of any such
change or exercise shall be delivered to and held by the Agent under the terms
of this Agreement in the same manner as the Collateral originally pledged
hereunder.

 

11.                                 Warrants,
Options and Rights.  If during the
term of this Agreement subscription warrants or any other rights or options
shall be issued or exercised in connection with the Collateral, then such
warrants, options and rights shall be immediately assigned by Pledgor to the Agent
and all new stock, membership interests or other ownership interests, or other
security so acquired by Pledgor shall be immediately assigned to the Agent to
be held under the terms of this Agreement in the same manner as the Collateral
originally pledged hereunder.

 

12.                                 Registration.                            If the
Agent or the Lenders determine that it is advisable to register under or
otherwise comply in any way with the Securities Act of 1933 or any similar
federal or state

 

5

 

law of the United States, or if such registration or compliance is
required with respect to the securities included in the Collateral prior to the
sale thereof by the Agent, then at any time during the continuance of an Event
of Default, Pledgor will use its best efforts to cause any such registration to
be effectively made, at no expense to the Agent or the Lenders, and to continue
such registration effective for such time as may be reasonably necessary in the
opinion of the Agent or the Lenders, and will reimburse the Agent and the
Lenders for any expenses incurred by them, including reasonable attorney’s fees
and accountants’ fees and expenses, in connection therewith.

 

13.                                 Agent
Appointed Attorney-In-Fact.  Pledgor
hereby constitutes and appoints the Agent as Pledgor’s attorney-in-fact, with
full authority in the place and stead of Pledgor and in the name of Pledgor or
otherwise, from time to time during the existence of an Event of Default in the
Agent’s discretion to take any action and to execute any instrument which the
Agent or the Lenders may deem reasonably necessary or advisable for the purpose
of carrying out the provisions of this Agreement and taking any action and
executing any instrument which the Agent or the Lenders may deem reasonably necessary
or advisable to accomplish the purposes hereof, including, without limitation,
to receive, endorse and collect all instruments made payable to Pledgor
representing any dividend or other distribution or payment in respect of the
Collateral or any part thereof and to give full discharge for the same and the
right to exercise all rights and remedies of Pledgor, in the name of Pledgor or
otherwise, with respect to the Collateral, which appointment and power is
coupled with an interest and shall be irrevocable so long as any Obligations
shall remain outstanding.  Pledgor agrees
to indemnify and save the Agent and the Lenders harmless from and against any
liability or damage which the Agent or the Lenders may incur, other than as a
result of the Agent’s or the Lenders’ willful misconduct or gross negligence,
in the exercise or performance of any of the Agent’s or the Lenders’ powers and
duties specifically set forth herein.

 

14.                                 Agent
May Perform.  If Pledgor fails
to perform any agreement contained herein within five (5) days after
receipt of a written request to do so from the Agent or the Lenders, the Agent
or the Lenders may itself or themselves perform, or cause performance of, such
agreement.

 

15.                                 Reasonable
Care.  The Agent shall be deemed to
have exercised reasonable care in the custody and preservation of the
Collateral in its possession if the Collateral is accorded treatment
substantially equivalent to that which the Agent accords its own property
consisting of negotiable securities, it being understood that the Agent nor the
Lenders shall have any responsibility for (a) ascertaining or taking
action with respect to calls, conversions, exchanges, maturities, tenders or
other matters relative to the Collateral, whether or not the Agent or the
Lenders have or are deemed to have knowledge of such matters, or (b) taking
any necessary steps (other than steps taken in accordance with the standard of
care set forth above to maintain possession of the Collateral) to preserve
rights against any Person with respect to any Collateral.

 

16.                                 Remedies
Upon Default.  Upon the occurrence
and during the continuance of an Event of Default:

 

6

 

(a)                                  The
Agent may exercise in respect of the Collateral, in addition to other rights
and remedies provided for herein or otherwise available to it at law or in
equity, all the rights and remedies of a secured party on default under the
Code at that time, and the Agent may also, in its sole discretion, without
notice except as specified below, sell the Collateral or any part thereof in
one or more parcels at public or private sale, at any exchange, broker’s board
or at any of the Agent’s or the Lenders’ offices or elsewhere, for cash, on
credit or for future delivery, and at such price or prices and upon such other
terms as the Agent or the Lenders may deem commercially reasonable,
irrespective of the impact of any such sales on the market price of the
Collateral.  Each purchaser at any such
sale shall hold the property sold absolutely free from any claim or right on
the part of Pledgor, and Pledgor hereby waives (to the extent permitted by law)
all rights of redemption, stay and/or appraisal which it now has or may at any
time in the future have under any rule of law or statute now existing or
hereafter enacted.  Pledgor agrees that,
to the extent notice of sale shall be required by law, at least five (5) days’
notice to Pledgor of the time and place of any public sale or the time after
which any private sale is to be made shall constitute reasonable
notification.  The Agent nor the Lenders
shall have no obligation to make any sale of Collateral regardless of notice of
sale having been given.  The Agent or the
Lenders may adjourn any public or private sale from time to time by
announcement at the time and place fixed therefor, and such sale may, without
further notice, be made at the time and place to which it was so
adjourned.  Pledgor hereby waives and
agrees not to assert any rights or privileges it may acquire under the Code and
any claims against the Agent or the Lenders arising by reason of the fact that
the price at which any Collateral may have been sold at such a private sale was
less than the price which might have been obtained at a public sale, even if
the Agent or the Lenders accept the first offer received and does not offer the
Collateral to more than one offeree.  Any
sale of the Collateral conducted in conformity with reasonable commercial
practices of banks, insurance companies or other financial institutions
disposing of property similar to the Collateral shall be deemed to be
commercially reasonable.

 

(b)                                 In
view of the fact that federal and state securities laws may impose certain
restrictions on the method by which a sale of the Collateral may be effected
after an Event of Default, Pledgor agrees that upon the occurrence of an Event
of Default, the Agent or the Lenders may, from time to time, attempt to sell
all or any part of the Collateral by means of a private placement restricting
the bidder and prospective purchasers to those who will represent and agree
that they are purchasing for investment only and not for distribution.  In so doing, the Agent or the Lenders may
solicit offers to buy the Collateral, or any part of it, for cash, from a
limited number of investors deemed by the Agent or the Lenders, in its or their
reasonable judgment, to be respectable parties who might be interested in
purchasing the Collateral, and if the Agent or the Lenders solicit such offers
from not less than three (3) such investors, then the acceptance by the
Agent or the Lenders of the highest offer obtained therefrom shall be deemed to
be a commercially reasonable method of disposition of the Collateral.

 

17.                                 Application
of Proceeds.  During the continuance
of an Event of Default, any cash held by the Agent as Collateral and all cash
proceeds received by the Agent in respect of any sale of, collection from, or
other realization upon all or any part of the Collateral pursuant to the
exercise by the Agent of its remedies as a secured creditor as provided in Section 16
of this Agreement or 

 

7

 

otherwise shall be applied: 
first, to the costs and expenses of taking, holding and managing the
Collateral and the costs and expenses of sale or other disposition thereof,
including reasonable attorneys’ fees and expenses; and second, to the payment
of the Obligations, in such order and manner as the Agent or the Lenders may
elect.

 

18.                                 No
Waiver.  No failure on the part of
the Agent or the Lenders to exercise, and no course of dealing with respect to,
and no delay in exercising, any right, power or remedy hereunder shall operate
as a waiver thereof; nor shall any single or partial exercise by the Agent or
the Lenders of any right, power or remedy hereunder preclude any other or
further exercise thereof or the exercise of any other right, power or
remedy.  The remedies herein provided are
to the fullest extent permitted by law cumulative and are not exclusive of any
remedies provided by law.

 

19.                                 Amendments.  This Agreement may not be amended, modified
or waived except with the written consent of Pledgor and the Agent.

 

20.                                 Term.  This Agreement shall constitute a continuing
agreement and shall remain in full force and effect until the earlier to occur
of the following: (a) the Financing Agreement is terminated pursuant to Section 11
thereof and all of the Obligations, other than Ledger Debt owing to CIT, are
paid and satisfied in full; or (b) all of the Obligations are paid and
satisfied in full and the Financing Agreement is terminated in writing, at
which time this Agreement shall terminate, and the Agent shall, promptly upon
the request and at the expense of Pledgor, forthwith assign, transfer and
deliver, against receipt and without recourse to the Agent or the Lenders, such
of the Collateral as shall not have been sold or otherwise applied pursuant to
the terms hereof to or on the order of Pledgor.

 

21.                                 Notices.    All notices, requests and
demands to or upon a party hereto, to be effective, shall be in writing and
shall be sent by certified or registered mail, return receipt requested, by
personal delivery against receipt, by overnight courier or by facsimile
transmission and, unless expressly provided herein, shall be deemed to have
been validly served, given or delivered immediately when delivered against
receipt, three (3) Business Days after deposit in the mail, postage
prepaid, or, in the case of facsimile transmission, when received (if on a
Business Day and, if not received on a Business Day, then on the next Business
Day after receipt), addressed as follows:

 

(i)                                     If
to the Agent:     The CIT Group/Commercial Services, Inc.

Two Wachovia Center

Post Office Box 31307

Charlotte, North Carolina 28202

Attn: 
Regional Credit Manager

Fax No.: 
704-339-2250

 

(ii)                                  If
to Pledgor:         Under Armour Retail, Inc.

1020 Hull Street

Baltimore, Maryland 21230

 

8

 

Attn: Chief Financial Officer

Fax No.: 410-468-2516

 

or to such other address as each party may designate for itself by notice
given in accordance with this Section 21. 
Any written notice or demand that is not sent in conformity with the
provisions hereof shall nevertheless be effective on the date that such notice
is actually received by the noticed party.

 

22.                                 Continuing
Security Interest; Releases; Transfer of Obligations.  This Agreement shall create a continuing
security interest in the Collateral and shall (a) remain in full force and
effect until all of the Obligations have been paid and satisfied in full and
the Financing Agreement is terminated in writing, (b) be binding upon
Pledgor, its successors and assigns, and (c) inure, together with the
rights and remedies of the Agent and the Lenders hereunder, to the benefit of
the Agent, the Lenders and each of their successors, transferees and
assigns.  Without limiting the generality
of the foregoing clause (c), the Agent may, subject to the terms of the
Financing Agreement, assign or otherwise transfer the Obligations held by it secured
by this Agreement to any other Person, and such other Person shall thereupon
become vested with all the benefits in respect thereof granted to the Agent.

 

23.                                 Severability.  Whenever possible, each provision of this
Agreement shall be interpreted in such manner as to be effective and valid under
applicable law, but, if any provision of this Agreement shall be held to be
prohibited or invalid under any applicable law, such provision shall be
ineffective only to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of
this Agreement.

 

24.                                 Further
Assurances.  Pledgor agrees that it
will cooperate with the Agent and the Lenders and will upon the Agent’s or the
Lenders’ request execute and deliver, or cause to be executed and delivered,
all such other stock powers, instruments and documents, and will take all such
other action as the Agent or the Lenders may reasonably request from time to
time to enable the Agent or the Lenders to exercise and enforce its or their
rights and remedies hereunder with respect to the Collateral or to carry out
the provisions and purposes hereof, in each case, within a reasonable period of
time from such request.

 

25.                                 Section Headings.  The section headings herein are for
convenience of reference only, and shall not affect in any way the
interpretation of any of the provisions hereof.

 

26.                                 Governing
Law.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK.

 

27.                                 Waiver
of Jury Trial.  EACH PARTY
HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING
OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS OR THE
TRANSACTIONS CONTEMPLATED THEREUNDER.

 

9

 

IN WITNESS WHEREOF, Pledgor and the Agent have each caused this
Agreement to be duly executed by its duly authorized corporate officers on the
day and year first above written.

 

	
   

  	
  UNDER ARMOUR RETAIL, INC.

  
	
   

  	
  (“Pledgor”)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kevin Plank

  	
   

  
	
   

  	
  Title:

  	
  President of Under Armour Retail, Inc.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE CIT GROUP/COMMERCIAL SERVICES,

  INC., as Agent

  
	
   

  	
  (“Agent”)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
    /s/ Timothy E. Cooper

  	
   

  
	
   

  	
  Title:

  	
     Vice President

  	
   

  
							

 

10

 

CONSENT OF THE COMPANIES

 

Each of the undersigned does hereby acknowledge receipt of a copy of
the within and foregoing Pledge Agreement and hereby grants its consent to the
pledge by UNDER ARMOUR RETAIL, INC., a Maryland corporation (“Pledgor”),
of the issued and outstanding shares of capital stock, membership interests or
other ownership interests of each of them to The CIT Group/Commercial Services, Inc.,
a New York corporation, in its capacity as agent for the Lenders under the
Financing Agreement, pursuant to the terms of the foregoing Pledge Agreement.

 

IN WITNESS WHEREOF, each of the undersigned Companies has hereunto
caused this consent to be duly executed by its duly authorized corporate
officers on this 28th day of September, 2005.

 

	
   

  	
  COMPANIES:

  
	
   

  	
   

  
	
   

  	
  UNDER ARMOUR RETAIL OF MARYLAND, L.L.C.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kevin Plank

  	
   

  
	
   

  	
  Title: President of Under Armour Retail, Inc., Sole Member

  
	
   

  	
  of 

  	
  UA Retail of Maryland LLC

  	
   

  
						

 

	
   

  	
   

  
	
   

  	
  UNDER ARMOUR OF VIRGINIA, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kevin Plank

  	
   

  
	
   

  	
  Title: President of Under Armour Retail, Inc., Sole Member 

  
	
   

  	
  of UA Retail of Virginia LLC

  	
   

  
					

 

11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}]]