Document:

Exhibit 10.15

 Exhibit 10.15 
 FIRST AMENDMENT TO THE 
 CHANGE IN CONTROL SEVERANCE AGREEMENT

 THIS FIRST AMENDMENT (this “Amendment”) is made effective as of the later of January 1, 2009 or
effective date of Change in Control Severance Agreement, by and between Under Armour, Inc., a corporation organized under the laws of the State of Maryland (together with its affiliates, the “Company”), and
                     (“Executive”). 
 RECITALS 
 WHEREAS, the parties entered into a Change in Control
Severance Agreement (the “Agreement”); and 
 WHEREAS, the parties desire to amend the Agreement to clarify
certain payment terms and to correct certain provisions for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), in accordance with IRS Notice 2010-6. 

NOW, THEREFORE, in consideration of the covenants and agreements of the parties herein contained, the parties hereto agree as
follows (all capitalized terms used herein which are not defined herein shall have the meanings given such terms in the Agreement): 
 1. Section 4(i) is hereby amended to read as follows: 

“(i) Termination Without Cause or by the Executive for Good Reason. Upon the termination of the employment of
Executive Without Cause by the Company or by the Executive for Good Reason, the Company shall pay or provide to the Executive: 
 (a) a lump sum payment equal to the sum of the following: 
 1. the
Accrued Obligations; and 
 2. an amount equal to the sum of the annual base salary of the Executive at the
highest rate in effect during the Protection Period and the Bonus. 
 The payment described in this
Section 4(i)(a)(1) shall be made by the Company not later than the earlier of the date required by applicable law or five (5) days following the Termination Date. The payment described in Section 4(i)(a)(2) shall be paid in accordance
with Section 4(vi). Executive shall not be required to mitigate the amount of the payment provided for in this Section 4(i)(a) by seeking other employment or otherwise. The amount of the payment provided for in this Section 4(i)(a)
shall not be reduced by any compensation or other amounts paid to or earned by Executive as the result of employment with another employer after the date on which his employment with the Company terminates or otherwise. 

 (b) the continuance of the Executive’s life, medical, dental,
prescription drug and long and short-term disability plans, programs or arrangements, whether group or individual, of the Company in which the Executive was entitled to participate at any time during the twelve (12) month period prior to the
Termination Date until the earliest to occur of (1) one (1) year after the Termination Date; (2) the Executive’s death (provided that compensation and benefits payable to his beneficiaries shall not terminate upon his death); or
(3) with respect to any particular plan, program or arrangement, the date the Executive is afforded a comparable benefit at a comparable cost to the Executive by a subsequent employer.” 

2. Section 4(vi) is hereby amended to read as follows: 

“(vi) Conditions to Receiving Benefits. The benefits described in Sections 4(i)(a)(2) and 4(i)(b) shall be
subject to the Executive’s execution of the Employee Confidentiality, Non-Competition, and Non-Solicitation Agreement attached hereto as Attachment A, and the benefits described in Sections 4(i)(a)(2) and 4(i)(b) will be paid within the sixty
(60) day period following the Termination Date provided the Executive executes the release attached hereto as Attachment B, and such release becomes effective and irrevocable within such sixty (60) day period and provided, further, that if
such sixty (60) day period begins in one calendar year and ends in a second calendar year, the payment will be made in the second calendar year.” 
 3. Section 7(x) is hereby amended to read as follows: 

“(x) If the Executive prevails in the arbitration concerning any substantial matter of this Agreement or the rights
and duties of any party hereunder, in addition to such other relief as may be granted, the Company shall reimburse the Executive for the Executive’s reasonable attorneys’ fees incurred by reason of such arbitration to the extent the
attorneys’ fees relate to such substantial matter, and any such reimbursement payments shall be made no later than March 15 of the year following the year in which such arbitration award is final.” 

4. The following new Section 15 is hereby inserted at the end of the Agreement: 

“15. Code Section 409A. To the extent that the right to any payment under this Agreement provides for
deferred compensation within the meaning of Section 409A of the Code that is not exempt from Code Section 409A as involuntary separation pay or a short-term deferral (or otherwise), a termination of employment shall not be deemed to have
occurred for purposes of any provision of this Agreement providing for any payment or benefits upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Code
Section 409A and, for purposes of any such provision, references to a “termination,” “termination of employment,” or like terms shall mean “separation from service.” In addition, notwithstanding any provision to
the contrary in this agreement, if Executive is deemed on the date of Executive’s “separation from 

 
service” (within the meaning of Code Section 409A) to be a “specified employee” (within the meaning of Code Section 409A), then with regard to any payment under this
Agreement that is required to be delayed pursuant to Code Section 409A(a)(2)(B), such payment shall not be made prior to the later of (1) June 30, 2012, or (2) the earlier of (a) the expiration of the six (6) month
period measured from the date of Executive’s “separation from service” and (b) the date of Executive’s death. Each payment under this Agreement shall be treated as a separate payment for purposes of Code Section 409A.
In addition, to the extent that any reimbursement or in-kind benefit under this Agreement or under any other reimbursement or in-kind benefit plan or arrangement in which Executive participates during the term of Executive’s employment under
this Agreement or thereafter provides for a “deferral of compensation” within the meaning of Section 409A of the Code, (i) the amount eligible for reimbursement or in-kind benefit in one calendar year may not affect the amount
eligible for reimbursement or in-kind benefit in any other calendar year (except that a plan providing medical or health benefits may impose a generally applicable limit on the amount that may be reimbursed or paid), (ii) the right to
reimbursement or an in-kind benefit is not subject to liquidation or exchange for another benefit, and (iii) subject to any shorter time periods provided herein, any such reimbursement of an expense must be made on or before the last day of the
calendar year following the calendar year in which the expense was incurred.” 
 5. Except as set forth in this Amendment,
the Agreement shall remain in effect as prior to the date hereof.Exhibit 10.18

 Exhibit 10.18 
 Form of Option Grant Agreement 
 THIS OPTION GRANT AGREEMENT, made as of
the      day of             ,      between UNDER ARMOUR, INC. (the “Company”) and
                    (the “Grantee”). 
 WHEREAS, the Company has adopted and maintains the Amended and Restated 2005 Omnibus Long-Term Incentive Plan (the “Plan”), attached hereto as Attachment A, or otherwise delivered or made
available to Grantee, to promote the interests of the Company and its stockholders by providing key employees and others with an appropriate incentive to encourage them to continue in the employ or service of the Company and to improve the growth
and profitability of the Company; 
 WHEREAS, the Plan provides for the grant to Grantees of Options to purchase Stock of the
Company; 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter set forth, the parties hereto
hereby agree as follows: 
 1. Grant of Options. Pursuant to, and subject to, the terms and conditions set forth herein and in the
Plan, and further subject to the approval by the Company’s stockholders of the Plan, the Company hereby grants to the Grantee a non-qualified stock option (the “Option”) with respect to
             shares of Stock of the Company. 
 2. Grant Date.
The Grant Date of the Option hereby granted is                     ,     . 

3. Incorporation of Plan. All terms, conditions and restrictions of the Plan are incorporated herein and made part hereof as if stated
herein. If there is any conflict between the terms and conditions of the Plan and this Option Grant Agreement, the terms and conditions of this Option Grant Agreement, as interpreted by the Committee in its sole discretion, shall govern, unless
explicitly provided to the contrary in the Plan or this Option Grant Agreement. Unless otherwise indicated herein, all capitalized terms used herein shall have the meaning given to such terms in the Plan. 

4. Option Price. The exercise price per share of Stock underlying the Option granted hereby is
$                    . 
 5.
Vesting. Except as provided in Section 9 and unless the Option has earlier terminated pursuant to this Agreement, the Option shall become exercisable as follows: 25% of the shares of Stock underlying the Option shall become exercisable
on each of the first four anniversaries of the Grant Date, provided the Grantee remains employed by the Company on each such anniversary. 

6. Term. Unless the Option has earlier terminated pursuant to the provisions of this Option Grant Agreement or the Plan, all unexercised
portions of the Option shall terminate, and all rights to purchase shares of Stock thereunder shall cease, upon the expiration of ten years from the Grant Date. 
 7. Employment Confidentiality Agreement. As a condition to the grant of the Option, Grantee shall have executed and become a party to the Employee Confidentiality, Non-Competition and
Non-Solicitation Agreement by and between Grantee and the Company (the “Confidentiality, Non-Compete and Non-Solicitation Agreement”) attached hereto as Attachment B. 
 8. Forfeiture. If Grantee should take any actions in violation of the Confidentiality, Non-Competition and Non-Solicitation Agreement, or in violation of any non-competition agreement
entered into between the Grantee and the Company, it will be considered grounds for termination for Cause as defined in Section 9(a) of this Option Grant Agreement, and all unexercised portions of the Option, whether vested or not, will
terminate, be forfeited and will lapse, as provided in Section 9(a). 

 9. Termination of Service. 

(a) Termination of Service for Cause. Unless the Option has earlier terminated pursuant to the provisions of this
Option Grant Agreement or the Plan, all unexercised portions of the Option, whether vested or unvested, will terminate and be forfeited upon a termination of the Grantee’s Service for Cause. For purposes of this Option Grant Agreement only,
“Cause” shall be defined as any of the following: 
  

	 	i.	the Grantee’s material misconduct or neglect in the performance of his duties as determined by the Grantee’s supervisor, division head, or Chief Executive
Officer of the Company; 

  

	 	ii.	the Grantee’s conviction by a court of competent jurisdiction, or the entry of a plea of guilty or nolo contendere by the Grantee, of any felony; offense
punishable by imprisonment in a state or federal penitentiary; any offense, civil or criminal, involving material dishonesty, fraud, moral turpitude or immoral conduct; or any crime of sufficient import to potentially discredit or adversely affect
the Company’s ability to conduct its business in the normal course; 

  

	 	iii.	the Grantee’s use of illegal drugs; 

  

	 	iv.	the Grantee’s material breach of this Option Grant Agreement, including but not limited to breach of the Confidentiality, Non-Compete and Non-Solicitation
Agreement attached hereto as Attachment B; or 

  

	 	v.	any other conduct that is materially injurious to the reputation, business or business relationships of the Company. 

(b) Termination of Service other than for Cause. Unless the Option has earlier terminated pursuant to the provisions
of this Option Grant Agreement or the Plan, the vested portion of the Option shall terminate one hundred eighty (180) days following the termination of the Grantee’s Service due to death or Disability and thirty (30) days following
the termination of the Grantee’s Service for any other reason other than for Cause. The Grantee (or the Grantee’s guardian, legal representative, executor, personal representative or the person to whom the Option shall have been
transferred by will or the laws of descent and distribution, as the case may be) may exercise all or any part of the vested portion of the Option during such post termination of employment period, but not later than the end of the term of the
Option. Any portion of the Option which is unvested as of the date of termination of service shall immediately terminate. 
 Nothing in this
Option Grant Agreement shall be construed as a contract of employment between the Company (or an affiliate) and Grantee, or as a contractual right of Grantee to continue in the employ of the Company (or an affiliate), or as a limitation of the right
of the Company (or an affiliate) to discharge Grantee at any time for any reason, including reasons other than for Cause as defined herein. 

10. Effect of a Change in Control. In the event of a Change in Control, any portion of the Option which would become vested within the
twelve months following the effective date of such Change in Control had the Grantee remained employed with the Company during such twelve month period shall be immediately vested on such Change in Control. 

11. Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party hereto upon any breach or
default of any party under this Option Grant Agreement, shall impair any such right, power or remedy of such party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or
default thereafter occurring nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of
any party of any breach or default under this Option Grant Agreement, or any waiver on the 

 
part of any party or any provisions or conditions of this Option Grant Agreement, shall be in writing and shall be effective only to the extent specifically set forth in such writing. 

12. Transferability of Options. During the lifetime of the Grantee, only the Grantee or a Family Member who received all or part of the
Option, not for value, (or, in the event of legal incapacity or incompetence, the Grantee’s guardian or legal representative) may exercise the Option. The Option shall not be assignable or transferable by the Grantee other than to a Family
Member, not for value, or by will or the laws of descent and distribution. 
 13. Manner of Exercise. The vested portion of
the Option may be exercised, in whole or in part, by delivering written notice to the Stock Option Administrator designated by the Company. Such notice may be in electronic or other form as used by the Stock Option Administrator in its ordinary
course of business and as may be amended from time to time, and shall: 
 (a) state the election to exercise the Option and the
number of shares in respect of which it is being exercised; 
 (b) be accompanied by (i) cash, check, bank draft or money
order in the amount of the Option Price payable to the order of the Stock Option Administrator designated by the Company; or (ii) certificates for shares of the Company’s Stock (together with duly executed stock powers) or other written
authorization as may be required by the Company to transfer shares of such Stock to the Company, with an aggregate value equal to the Option Price of the Stock being acquired; or (iii) a combination of the consideration described in clauses
(i) and (ii). Grantee may transfer Stock to pay the Option Price for Stock being acquired pursuant to clauses (ii) and (iii) above only if such transferred Stock (x) was acquired by the Grantee in open market transactions,
(y) has been owned by Grantee for longer than six months, and (z) the Grantee is not subject to any other restrictions on transferring Company securities pursuant to Company policy or federal law. 

In addition to the exercise methods described above and subject to other restrictions which may apply, the Grantee may exercise the Option through a
procedure known as a “cashless exercise,” whereby the Grantee delivers to the Stock Option Administrator designated by the Company an irrevocable notice of exercise in exchange for the Company issuing shares of the Company’s Stock
subject to the Option to a broker previously designated or approved by the Company, versus payment of the Option Price by the broker to the Company, to the extent permitted by the Committee or the Company and subject to such rules and procedures as
the Committee or the Company may determine. Grantee may elect to satisfy any tax withholding obligations due upon exercise of the Option, in whole or in part, by delivering to the Company shares of Stock otherwise deliverable upon exercise of the
Option as provided under the Plan 
 14. Integration. This Option Grant Agreement, and the other documents referred to herein or
delivered pursuant hereto, which form a part hereof contain the entire understanding of the parties with respect to its subject matter and there are no restrictions, agreements, promises, representations, warranties, covenants or undertakings with
respect to the subject matter hereof other than those expressly set forth in such documents. This Option Grant Agreement and the Plan supersede all prior agreements and understandings between the parties with respect to its subject matter.

 15. Electronic Delivery. The Company may choose to deliver certain statutory materials relating to the Plan in electronic form.
By accepting this grant Grantee agrees that the Company may deliver the Plan prospectus and the Company’s annual report to Grantee in an electronic format. If at any time Grantee would prefer to receive paper copies of these documents, as
Grantee is entitled to receive, the Company would be pleased to provide copies. Grantee should contact
                                        
to request paper copies of these documents. 
 16. Counterparts; Electronic Signature. This Option Grant Agreement may be executed
in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument. This Option Grant Agreement may be signed by the Company through application of an authorized officer’s
signature, and may be signed by Grantee through an electronic signature. 

 17. Governing Law. This Option Grant Agreement shall be governed by and construed and enforced
in accordance with the laws of the State of Maryland without regard to the provisions thereof governing conflict of laws. 
 18. Grantee
Acknowledgment. The Grantee hereby acknowledges receipt of a copy of the Plan and that the Option is subject to the terms of the Plan. The Participant hereby acknowledges that all decisions, determinations and interpretations of the
Committee in respect of the Plan, this Option Grant Agreement and the Option shall be final and conclusive. 
 IN WITNESS
WHEREOF, the Company has caused this Option Grant Agreement to be duly executed by its duly authorized officer and said Participant has hereunto signed this Option Grant Agreement on his own behalf, thereby representing that he has carefully read
and understands this Option Grant Agreement and the Plan as of the day and year first written above. 
  

			
	UNDER ARMOUR, INC.
		
	By:	 	 
	
	GRANTEE

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