Document:

Exhibit 10.06

 Exhibit 10.06 
 EXECUTIVE EMPLOYMENT AGREEMENT 
 This Executive Employment Agreement (“Agreement”)
is made effective February 21, 2005, by and between Under Armour, Inc., a Maryland corporation (hereinafter, the “Company”), and Scott Gilbertson (hereinafter, the “Executive”). For purposes hereof, the Company and the
Executive are referred to collectively as the “Parties” and, individually, as a “Party.” 
 RECITALS

 WHEREFORE, the Company desires to employ Senior Vice President, subject to the terms and provisions of this Agreement, and
the Executive desires such employment with the Company, subject to the terms and provisions of this Agreement. 
 AGREEMENT

 NOW, THEREFORE, in consideration of the promises and the mutual covenants contained herein and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the Parties agree as follows: 
 1. Term. 
 (a) Unless earlier terminated as provided in Section 9 herein, the Company hereby agrees to employ the Executive, and the Executive hereby accepts
such employment, for a period beginning February 23, 2005, and ending on December 31, 2007 (hereinafter, the “Term”), upon the terms and conditions hereinafter set forth. 
 (b) The Company shall have the option to renew this Agreement with Executive for an additional term. If the Company wishes to exercise its option to
renew this Agreement, it will give Executive written notice of its intent to renew, one hundred eighty days (180) days prior to the end of the Term. Executive and the Company then agree to negotiate with each other exclusively and in good faith
for the next one hundred twenty (120) days of the Term regarding the provisions of a renewed agreement. 
 2. Duties. During the
Term, the Executive shall render exclusive and full-time services as Senior Vice President of the Company (hereinafter, “Senior Vice President”). Executive shall report to the Chief Executive Officer of the Company (hereinafter, the
“CEO”), and Executive’s duties, responsibilities, and authority shall be as directed by the CEO. The Executive shall have the powers and authority consistent with such responsibilities, duties, and authority. The Executive shall
devote substantially all his working time, attention, knowledge, and skills faithfully, diligently, and to the best of his ability, in furtherance of the business and activities of the Company. During the Term, the Executive shall refrain from
engaging in any activity which is or may be contrary to the welfare, interests, or benefits of the Company and from engaging in any activity which is or may be competitive with the activities of the Company. Nothing in this Section shall 

 
preclude the Executive from engaging in charitable, professional, and community activities, in each case as long as such activities do not interfere,
conflict, or give the appearance of conflicting in any way with the Executive’s performance under this Agreement. The Executive agrees to abide by the rules, regulations, instructions, personnel practices and policies of the Company and any
changes therein that may be adopted from time to time by the Company, and the Executive acknowledges receipt of copies of all such rules, regulations, instructions, personnel practices and policies of the Company committed to writing as of the date
of this Agreement. The Executive will be working in the principal offices of the Company located in Baltimore, Maryland. 
 3. Base
Salary. In consideration for the services to be rendered by the Executive hereunder and for all rights and covenants granted herein, the Company shall pay to the Executive a gross salary at a rate of two hundred fifty thousand dollars
($250,000.00) per year (hereinafter, the “Base Salary”). This Base Salary shall be paid in equal monthly or bi-weekly installments, in accordance with the customary payroll practices of the Company, and subject to such deductions and
withholdings as are required by law and applicable regulations. This Base Salary may be adjusted from time to time at the discretion of the Compensation Committee of the Board of Directors of the Company (hereinafter, the “Compensation
Committee”). 
 4. Bonus. The Executive shall receive a one-time signing bonus in the amount of forty thousand dollars
($40,000.00), to be paid at the same time as the first paycheck. If the Executive’s employment with the Company is terminated for any reason prior to the one (1) year anniversary of the date hereof, the Executive will be required to and
agrees to reimburse the Company for the one-time signing bonus. 
 Further, the Executive shall be eligible to receive an annual bonus
subject to the Company’s Bonus Incentive Plan. The actual bonus amount, if any, will be determined by the Compensation Committee, in its sole discretion, based upon certain factors including the Company’s performance and the
Executive’s performance. Any bonus payment will be subject to such deductions and withholdings as are required by law and applicable regulations. The Executive understands that the Company is not obligated under this Agreement to pay any bonus
to the Executive, and further understands that the payment of a bonus under this Section by the Company does not establish any obligation or duty on the part of the Company to continue to make such bonus payments in the future. In order to receive
any bonus, the Executive must be an active employee of the Company at the time the bonus is to be paid. To compensate Employee for the growth of the business of the Company in accordance with existing performance projections of Company, Employee
shall be eligible for such a cash bonus performance plan as is made available to other Vice Presidents of the Company. The Executive’s maximum bonus potential under the Company’s 2005 Bonus Incentive Plan is up to 75% of the
Executive’s actual earnings in the calendar year. 
 5. Equity Incentives. The Executive will be eligible, in the sole discretion
of the Compensation Committee, to receive equity incentives pursuant to the Company’s Stock Option Plan (hereinafter, “Plan”). All awards pursuant to the Plan shall be subject to the Plan’s terms and provisions, and to the terms
and provisions of any applicable award agreement. To compensate Executive for the growth of the business of the Company, upon 

  

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execution of this Agreement, the Company shall grant Executive one hundred and twenty thousand (120,000) shares of common stock at an exercise price to
Executive of $7.95 per share, subject to the terms and provisions of the Plan. These shares are to vest over a five-year period and shall be released to Executive in equal installments over the five-year period, with the first installment one year
from the date this Agreement is executed, and equal installments on each of the next four anniversaries thereof. The vesting, exercisability, and termination provisions regarding such awards shall be subject to the terms and provisions of the Plan
and any corresponding applicable award agreement. 
 6. Employee Benefits. The Executive shall be entitled to participate in or
receive benefits under any employee benefit plan, arrangement or perquisite generally made available by the Company from time to time to all of its executives and key management employees, subject to and on a basis consistent with the terms,
conditions and overall administration of such plans, arrangements and perquisites. Any payments or benefits payable to the Executive hereunder in respect of any year during which the Executive is employed by the Company for less than the entire such
year shall, unless otherwise provided in the applicable plan or arrangement, be prorated in accordance with the number of days in such year during which he is so employed. Nothing contained in this Agreement shall prevent the Company from changing
insurance carriers or from effecting modifications in insurance coverage for the Executive. 
 7. Vacations; Sick Days; Holidays. The
Executive shall be entitled to vacation and sick days in accordance with the applicable vacation and sick day policies for comparable senior executives of the Company established by the Board of Directors of the Company (hereinafter,
“Board”), which shall be no less than twelve days in the aggregate per year and which shall be taken at a reasonable time or times. The Executive shall be entitled to all public holidays observed by the Company. 
 8. Reimbursement of Expenses. The Company shall reimburse the Executive for all reasonable business expenses paid or incurred by the Executive in
connection with the performance of his duties and responsibilities under this Agreement, upon presentation by the Executive of documentation, expense statements, vouchers and/or such other supporting information as the Company may reasonably
request. 
 9. Termination. Notwithstanding the provisions of Section 1 hereof, the Executive’s employment with the Company
shall terminate upon the occurrence of any of the following: 
 (a) expiration or non-extension of the Term in accordance with Section 1;

 (b) at any time during the Term, the Company may terminate the Executive’s employment with the Company for Cause upon written notice
to the Executive, which termination shall be effective immediately upon such written notice except as otherwise provided in this Section 9(b). For purposes hereof, “Cause” shall be defined as any of the following: 
 (i) the Executive’s material misconduct or neglect in the performance of his duties as determined by the CEO. In the event the CEO determines the

  

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Executive has committed misconduct or neglected his duties under this Section 9(b)(i) (hereinafter, “Breach”), the Company shall notify
Executive in writing, and Executive shall be afforded a one-time opportunity to cure the noted Breach within seven (7) days of receipt of the notice. Whether Executive has effectively cured the breach shall be determined by the Company in its
sole discretion. If no cure is forthcoming at that time, or if Executive engages in the same Breach a second time after once having been given the opportunity to cure, the Company may terminate the Agreement upon written notice to Executive;

 (ii) the Executive’s conviction by a court of competent jurisdiction, or the entry of a plea of guilty or nolo contendere by the
Executive, 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
Executive’s use of illegal drugs or abusive use of prescription drugs as determined by a licensed physician or physicians designated by the Company to examine the Executive; 
 (iv) the Executive’s material breach of this Agreement as determined by the CEO; or 
 (v) any conduct that is materially injurious to the reputation, business or business relationships of the Company; 
 (c) at any time during the Term, the Executive may terminate his employment with the Company for “Good Reason” upon written notice to the
Company, which termination shall be effective as provided in this Section 9(c). For the purposes of this Agreement, “Good Reason” shall mean: 
 (i) the Company’s failure to perform or observe any of the material terms or provisions of this Agreement and the continued failure of the Company to cure such default within thirty (30) days after written
demand for performance has been given to the Company by the Executive, which demand shall describe specifically the nature of such alleged failure to perform or observe such material terms or provisions; 
 (ii) a material reduction in the scope of the Executive’s duties, authority, responsibilities or title as in effect for at least nine
(9) months prior to such reduction, where Executive’s new duties are materially inconsistent with the Executive’s position as Senior Vice President; or 
 (iii) a material reduction by the Company in the Executive’s Base Salary or in any other benefits made available to other senior executives of the Company at his rank; 
 (d) at any time during the Term, and upon written notice to the Executive, the Company may terminate the Executive’s employment with the Company for
any reason other than for Cause, which termination shall be effective thirty (30) days after 

  

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written notice to the Executive. The Company reserves the right to make Executive’s termination under this Section 9(d) effective immediately upon
Executive’s receipt of such written notice, provided the Company pays Executive the equivalent of thirty (30) days’ Base Salary within two (2) weeks of his receipt of such notice; 
 (e) at any time during the Term, and upon written notice to the Company, the Executive may terminate his employment with the Company for any reason other
than for Good Reason, which termination shall be effective thirty (30) days after written notice to the Company; or 
 (f) at any time
during the Term upon the Executive’s death or Inability to Perform (as defined herein), which termination shall be effective immediately upon the Executive’s death or written notice by either Party of the Executive’s Inability to
Perform. For the purposes of this Agreement, “Inability to Perform” shall mean the Executive’s inability to perform his duties hereunder by reason of illness, physical or mental incapacity or other similar condition, as determined by
the Board in its sole discretion, which inability shall exist for (i) more than ninety (90) consecutive days; or (ii) for shorter periods which add up to ninety (90) days in any eight (8) month period. 
 10. Effect of Termination. 
 (a)
Termination due to expiration or non-extension of the Term by the Company pursuant to Section 1. Upon termination of the Executive’s employment due to expiration or non-extension of the Term as described in Section 9(a) of this
Agreement, the Company agrees to pay Executive as follows: (i) the Company shall continue to pay, through the second (2nd) full month following the effective date of termination, the Executive’s COBRA premiums, on the same terms as
existed before termination, if the Executive elects and continues COBRA coverage in connection with the health benefits plan that covered him as an employee; and (ii) the Company shall continue to pay the Executive’s Base Salary through
the second (2nd) full month following the effective date of termination. The Company shall have no further obligation or duties to the Executive except as provided in this Section 10(a) and Section 15 and the Company’s Stock
Option Plan, and the Executive shall have no further obligations or duties to the Company except as provided in Sections 11, 12, 13, and 15 of this Agreement and the Company’s Stock Option Plan. The Executive’s entitlement to amounts owing
pursuant to this Agreement shall not be dependent upon the Executive’s efforts to “mitigate” loss or to find other employment, nor shall the amounts owing pursuant to this Agreement be subject to offset by compensation earned from a
subsequent employer, provided, however, that the Company’s obligation to continue to provide the Executive with payments equal to the premiums for COBRA benefits shall cease if the Executive becomes eligible to participate in a health benefits
arrangement as an employee that is substantially similar to those provided for under the COBRA continuation coverage. Any payment or benefit pursuant to this Section 10(a) is contingent on the Executive’s executing an agreement containing
a general release of claims against the Company, in a form acceptable to the Company. 
 (b) Termination by the Company for Cause or by
the Executive for any reason other than Good Reason. Upon termination of the Executive’s employment by the Company for Cause, as described in Section 9(b) of this Agreement, or 

  

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by the Executive for any reason other than Good Reason, as described in Section 9(e) of this Agreement, the Executive shall be entitled to only his Base
Salary up to the date of the termination of his employment. The Company shall have no further obligation or duties to the Executive except as provided in this Section 10(b) and Section 15 and the Company’s Stock Option Plan, and the
Executive shall have no further obligation or duties to the Company except as provided in Sections 11, 12, 13, and 15 and the Company’s Stock Option Plan. 
 (c) Termination by the Company other than for Cause or by the Executive for Good Reason. Upon termination of the Executive’s employment by the Company for any reason other than for Cause, as described in
Section 9(d) of this Agreement, or by the Executive for Good Reason, as described in Section 9(c) of this Agreement, and provided Executive has been continuously employed by the Company for at least nine (9) months after the execution
of this Agreement, the Company agrees to pay Executive as follows: (i) the Company shall continue to pay, through the second (2nd) full month following the effective date of termination, the Executive’s COBRA premiums, on the same
terms as existed before termination, if the Executive elects and continues COBRA coverage in connection with the health benefits plan that covered him as an employee; and (ii) the Company agrees to continue to pay the Executive’s Base
Salary through the second (2nd) full month following the effective date of termination. The Company shall have no further obligation or duties to the Executive other than as set forth in this Section 10(c) and Section 15 and the
Company’s Stock Option Plan, and the Executive shall have no further obligations or duties to Company, except as provided in Sections 11, 12, 13, and 15 and the Company’s Stock Option Plan. The Executive’s entitlement to amounts
owing pursuant to this Agreement shall not be dependent upon the Executive’s efforts to “mitigate” loss or to find other employment, nor shall the amounts owing pursuant to this Agreement be subject to offset by compensation earned
from a subsequent employer, provided, however, that the Company’s obligation to continue to provide the Executive with payments equal to the premiums for COBRA benefits shall cease if the Executive becomes eligible to participate in a health
benefits arrangement as an employee that is substantially similar to those provided for under the COBRA continuation coverage. Any payment or benefit pursuant to this Section 10(c) is contingent on the Executive’s executing an agreement
containing a general release of claims against the Company, in a form acceptable to the Company. 
 (d) Termination Due to the
Executive’s Death or Inability to Perform. Upon termination of the Executive’s employment by reason of his death or Inability to Perform, as described in Section 9(f), the Company shall pay to the estate of the Executive or to the
Executive, as the case may be, the Base Salary and benefits up to the date of the termination of employment with the Company. The Company shall have no further obligation or duties to the Executive or to his estate or to his beneficiaries other than
as set forth in this Section 10(d) and Section 15 and the Company’s Stock Option Plan, and the Executive or his estate or beneficiaries shall have no other obligation to the Company except as provided in Sections 11, 12, 13, and 15
and the Company’s Stock Option Plan, if applicable. 
  

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 11. Restrictive Covenants. 
 (a) Promise not to engage in certain activities. During the Term, Employee shall not be engaged, in any manner, in any activity that shall
interfere with the performance of his duties hereunder. 
 (b) Confidentiality. Executive acknowledges his fiduciary duty to the
Company. As a condition of employment, during the Term and continuing after any termination of the Executive’s employment with the Company, Executive agrees to protect and hold in a fiduciary capacity for the benefit of the Company all
Confidential Information, as defined in Section 11(b)(i) below, unless the Executive is required to disclose Confidential Information pursuant to the terms of a valid and effective order issued by a court of competent jurisdiction or a
governmental authority. The Executive shall use Confidential Information solely for the purpose of carrying out those duties assigned him as an employee of the Company and not for any other purpose. The disclosure of Confidential Information to the
Executive shall not be construed as granting to the Executive any license under any copyright, trade secret, or any right of ownership or right to use the Confidential Information whatsoever. In the event that Executive is compelled, pursuant to a
subpoena or order of a court or other body having jurisdiction over such matter, to produce any Confidential Information or other information relevant to the Company, Executive agrees to promptly provide the Company with written notice of such
subpoena or order so that the Company may timely move to quash if appropriate. 
 (i) For the purposes of this Section 11,
“Confidential Information” shall mean all information related to the Company’s business that is not generally known to the public. Confidential Information shall include, but shall not be limited to: (a) any financial (whether
historical, projections or forecasts), pricing, cost, business, planning, operations, services, potential services, products, potential products, technical information, intellectual property, trade secrets and/or know-how, formulas, production,
purchasing, marketing, sales, personnel, customer, supplier, or other information of the Company; (b) any papers, data, records, processes, methods, techniques, systems, models, samples, devices, equipment, compilations, invoices, customer
lists, or documents of the Company; (c) any confidential information or trade secrets of any third party provided to the Company in confidence or subject to other use or disclosure restrictions or limitations; (d) this Agreement and its
terms; and (e) any other information, written, oral or electronic, whether existing now or at some time in the future, whether pertaining to current or future developments or prospects, and whether accessed prior to the Executive’s tenure
with the Company or to be accessed during his future employment or association with the Company, which pertains to the Company’s affairs or interests or with whom or how the Company does business. The Company acknowledges and agrees that
Confidential Information shall not include information which is or becomes publicly available other than as a result of a disclosure by the Executive. 
 (ii) The Executive shall promptly notify the Company if he has reason to believe that the unauthorized use, possession, or disclosure of any Confidential Information has occurred or may occur. 
 (iii) All physical items containing Confidential Information, including, but not limited to, the business plan, know-how, collection methods and
procedures, advertising techniques, marketing plans and methods, sales techniques, 

  

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documentation, contracts, reports, letters, notes, any computer media, customer lists and all other information and materials of the Company’s business
and operations, shall remain the exclusive and confidential property of the Company and shall be returned, along with any copies or notes that the Executive made thereof or therefrom, to the Company when the Executive ceases his employment with the
Company. The Executive further agrees that he shall promptly return all other property belonging to the Company upon the termination of his employment. 
 (c) Non-Competition. Without the prior written consent of the Company (request for such consent shall be submitted by the Executive to the Company in writing, and the Company will respond to the request for
such consent within two (2) weeks of the request) the Executive hereby covenants and agrees that at no time during the Executive’s employment with Company and for a period of one (1) year immediately following termination of his
employment with the Company, whether voluntary or involuntary, shall the Executive: 
 (i) directly or indirectly work for or engage in any
capacity in any activities or provide strategic advice to competitor businesses. Competitor businesses shall be defined as (a) any business that is involved in the manufacture, sale, or marketing of: athletic apparel (e.g., Reebok, Nike,
Adidas); sporting goods; tactical (military and/or law enforcement) apparel; hunting and fishing apparel; mountain sports apparel; or any business substantially similar to the present business of the Company or such other business activity in which
the Company may substantially engage; and (b) retail enterprises which sell products that compete with the Company’s products; 
 (ii) act in any way, directly or indirectly, with the purpose or effect of soliciting, diverting or taking away any business, customer, client or any supplier of the Company; or 
 (iii) otherwise compete with Company in the sale or licensing, directly or indirectly, as principal, agent or otherwise, of any products competitive
with the products, or services competitive with the services, developed or marketed by Company. 
 The Executive acknowledges that he will
provide unique services to the Company and that this covenant has unique, substantial, and immeasurable value to the Company. In the event that the provisions of this Section 11(c) should ever be deemed to exceed the limitations permitted by
applicable laws, Executive and the Company agree that such provisions shall be reformed to the maximum limitations permitted by the applicable laws. The Executive further acknowledges that the decision whether to consent to release him from the
provisions of this Section 11(c) is within the sole discretion of the Company. 
 (d) Non-Solicitation and Non-Interference with
Customers and Other Business Relationships. The Executive hereby covenants and agrees that at no time during the Executive’s employment with the Company and for a period of one (1) year immediately following termination of the
Executive’s employment with the Company, whether voluntary or involuntary, shall the Executive (i) solicit (other than on behalf of the Company) business or contracts for any products or services of the type provided, 

  

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developed or under development by the Company during the Executive’s employment by the Company, from or with (a) any person or entity which was a
customer of the Company for such products or services as of, or within one year prior to, the Executive’s date of termination of employment with the Company, or (b) any prospective customer which the Company had solicited as of, or within
one year prior to, the Executive’s termination of employment with the Company; or (ii) directly or indirectly contract with any such customer or prospective customer for any product or service of the type provided, developed or which was
under development by the Company during the Executive’s employment with the Company. Further, the Executive shall not during the Executive’s employment with the Company and for a period of one (1) year immediately following
termination of the Executive’s employment with the Company, whether voluntary or involuntary, knowingly interfere or attempt to interfere with any transaction, agreement or business relationship in which the Company was involved during the
Executive’s employment with the Company. 
 (e) Non-solicitation or hiring of employees. The Executive hereby covenants and
agrees that at no time during the Executive’s employment with the Company and for a period of one (1) year immediately following termination of the Executive’s employment with the Company, whether voluntary or involuntary, will the
Executive act in any way with the purpose or effect of (i) hiring anyone who has been an employee of the Company, its divisions or subsidiaries within the preceding six (6) months; or (ii) soliciting, recruiting or encouraging,
directly or indirectly, any of the Company’s employees to leave the employ of the Company, its divisions or its subsidiaries. 
 12.
Discoveries, Inventions, Trade Secrets, Trade Names, Copyrights, and Patents. As part of the rights granted herein to the Company, the Executive agrees that all right, title and interest of any kind and nature whatsoever in and to any
inventions, product, know-how, trade secrets, patents, trademarks, methods, procedures, copyrights, seminars, discoveries, improvements, developments, derivations, ideas, creations, and other technical properties, whether or not patentable or
subject to rights of copyright and/or trademark, which are conceived or made by the Executive during the Term, and which are related to any of the business and/or activities of the Company and any other lines of business which the Company
subsequently pursues in any form to include but not be limited to a strategic plan, research, feasibility studies, development, manufacturing, and customer contact (including but not limited to intellectual property, know-how, trade secrets, and
patents in process or granted) or the performance by the Executive of his services hereunder, whether or not developed on the Company’s premises or during the Company’s normal business hours, shall be considered “Works for Hire”
and shall be and become the sole and exclusive property of the Company for all purposes. The Executive shall promptly disclose to the Company any such conception or other work product of the type as is generally described in the immediately
preceding sentence. The Executive agrees to execute any and all applications, assignments and other written instruments that the Company may deem necessary and appropriate to confirm the title and interest of the Company therein and thereto. The
obligations of the Executive under this Section 12 shall be binding upon his assignees, employers, other corporate or research affiliates, executors, administrators and heirs. The grant, transfer and assignment to the Company by the Executive
of rights to intellectual properties shall remain effective for such periods of time as applicable law may permit with respect to the ownership of any 

  

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such intellectual property or materials. In the event that the Company is unable for any reason to secure the Executive’s signature to any lawful and
necessary document required to apply for or execute any patent or copyright, or other applications respecting any intellectual property or other work relating to the services provided by the Executive (including improvements, renewals, extensions,
continuations, divisions or continuations in part thereof), the Executive hereby irrevocably designates the Company and its officers and agents as his agent and attorney-in-fact to act for and in his behalf and instead of the Executive, to execute
and file any such application and to do all other lawfully permitted acts to further the prosecution and issuance of patents, copyrights and/or other rights thereon with the same legal force and effect as if executed by the Executive. 
 13. Enforcement; Remedies. The Executive understands and agrees that he will provide unique services to the Company and that the restrictions
contained in Sections 11 and 12 of this Agreement are reasonable, fair, and equitable in scope, terms, and duration; are necessary to protect the legitimate business interests, trade secrets, and good will of the Company; and are a material
inducement to the Company to enter into this Agreement, and that any breach or threatened breach of the restrictions stated in Sections 11 and 12 would cause the Company substantial and irreparable harm for which there is no adequate remedy at law.
The Executive further acknowledges that the restrictions set forth in Sections 11 and 12 may limit his employment opportunities, but he represents that he will be able to obtain suitable employment without violating the provisions of Sections 11 and
12. Therefore, the Executive agrees and consents to the issuance of injunctive relief in favor of the Company by any court of competent jurisdiction, where, in the Company’s sole discretion, the Company has acted upon reasonable information
concerning a breach or potential breach of this Agreement, to enjoin the breach of any of the covenants of the Executive contained in Sections 11 and 12 of this Agreement. The Executive will provide the Company a full accounting of all proceeds and
profits received by the Executive as a result of or in connection with a breach of this Agreement. Unless prohibited by law, the Company shall have the right to retain any amounts otherwise payable by the Company to the Executive to satisfy any
obligations of the Executive as a result of any breach of this Agreement. The Executive hereby agrees to indemnify and hold harmless the Company from and against any damages incurred by the Company as assessed by a court of competent jurisdiction as
a result of any breach of Sections 11 and 12 of this Agreement by the Executive. Nothing contained in this Section shall invalidate or waive any other rights or remedies which the Company may have at law or in equity. 
 14. Representations of the Executive. The Executive hereby represents to the Company as follows: (i) he is not bound by the terms of any
agreement with any previous employer or other party to refrain from using or disclosing any trade secret or confidential or proprietary information in the course of his employment with the Company or to refrain from competing, directly or
indirectly, with the business of such previous employer or other party, or by any other agreement that could prevent Executive from accepting employment with the Company or restrict the type of work Executive could perform for the Company;
(ii) his performance of all of the terms of this Agreement and as an employee of the Company does not and will not breach any agreement to keep in confidence proprietary information, knowledge or data acquired by him in confidence or in trust
prior to his employment with the Company; (iii) he has carefully read this Agreement, understands the contents herein, and freely and voluntarily assents to all of the terms and conditions of this Agreement; and (iv) he has had an
opportunity to fully discuss and review the terms of this Agreement with an attorney. 
  

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 15. Termination and Survivability. This Agreement shall terminate upon the termination of the
Executive’s employment with the Company; provided, however, that the provisions of Sections 10 through 26 of this Agreement shall survive its termination. 
 16. Section Titles. The titles of the sections of this Agreement are for convenience only and shall not affect the interpretation of any section
of this Agreement. 
 17. Waiver. A waiver by either Party of any of the terms or conditions of this Agreement in any instance shall
not be deemed or construed to be a waiver of such term or condition for the future, or of any subsequent breach of this Agreement. All remedies, rights, undertakings, obligations and agreements contained in this Agreement shall be cumulative and
none of them shall be in limitation of any other remedy, right, undertaking, obligation or agreement of either Party. 
 18.
Severability. The rights and restrictions in this Agreement may be exercised and are applicable only to the extent that they do not violate applicable laws, and are intended to be limited to the extent necessary so that they will not render this
Agreement illegal, invalid, or unenforceable. If any provision of this Agreement shall be deemed to be invalid or unenforceable, then that provision shall be modified to make it enforceable to the maximum extent possible, and the remaining
provisions of this Agreement shall not be affected thereby and shall remain in full force and effect. 
 19. Successors and Assigns.
This Agreement shall be binding upon and inure to the benefit of both Parties and their respective successors and assigns, including any entity with which or into which the Company may be merged or which may succeed to its assets or business;
provided, however, that this Agreement requires the personal services of the Executive only, and the Executive shall not be entitled to assign any portion of his duties or obligations hereunder. 
 20. Notices. For the purposes of this Agreement, notices, demands and all other communications provided for in this Agreement shall be in writing
and shall be deemed to have been duly given when delivered or (unless otherwise specified) mailed by United States certified or registered mail, return receipt requested, postage prepaid, addressed as follows: 
 If to the Executive: 
 Scott Gilbertson

 25 Caveswood 
 Owings Mills, MD
21117 
 If to the Company: 
 KP
Sports, Inc. 
 1020 Hull Street, 3rd Floor 
 Baltimore, Maryland 21230 
 Attn: J. Scott Plank 
  

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 And 
 Cynthia Raposo 
 Gill & Sippel 
 98 Church Street 
 Rockville, MD 20850 
 21. Governing Law. This Agreement has been made and executed in the State of Maryland and shall be governed by the laws of Maryland applicable to
contracts fully to be performed therein (but without giving effect to the conflicts or choice of law provisions of this Agreement that would give rise to the application of the domestic substantive law of any other jurisdiction). 
 22. Arbitration of Disputes. 
 (a)
Submission to Arbitration. The Company and Executive agree to submit to arbitration all claims, disputes, issues or controversies between the Company and Executive or between Executive and other employees of the Company or its subsidiaries or
affiliates (collectively, “Claims”) directly or indirectly relating to or arising out of Executive’s employment with the Company or the termination of such employment, including, but not limited to, Claims under Title VII of the Civil
Rights Act of 1964, as amended; the Civil Rights Act of 1991, as amended; the Age Discrimination in Employment Act, as amended; the Americans with Disabilities Act of 1990, as amended; Section 1981 of the Civil Rights Act of 1866, as amended;
the Family Medical Leave Act, as amended; the Employee Retirement Security Act of 1974, as amended; any similar federal, state or local law, statute, regulation, or common law doctrine; and any Claim arising out of or relating to this Agreement,
except as provided in Section 13. 
 (b) Use of AAA. Choice of Law. All Claims for arbitration shall be presented to the American
Arbitration Association (“AAA”) in accordance with its applicable rules. The arbitrator(s) shall be directed to apply the substantive law of federal and state courts sitting in Maryland, without regard to conflicts of law principles. Any
arbitration, pursuant to this Agreement, shall be deemed an arbitration proceeding subject to the Federal Arbitration Act. 
 (c) Binding
Effect. Arbitration will be binding and will afford parties the same options for damage awards as would be available in court. Executive and the Company agree that discovery will be allowed and that all disputes will be decided exclusively by
arbitration. 
 (d) Damages and Costs. Any damages shall be awarded only in accord with applicable law. The arbitrator may only award
reinstatement of Executive if money damages are insufficient. The parties shall share equally in all fees and expenses of arbitration. However, each party shall bear the expense of its own counsel, experts, witnesses, and preparation and
presentation of proof, except as provided in Section 25. 
  

 - 12 - 

 23. Entire Agreement. This Agreement constitutes the entire agreement of the Parties and
supersedes any and all previous agreements between the Parties relating to the subject matter hereof. This Agreement may not be modified orally, but only by an agreement in writing supplied by the party against whom enforcement of any waiver,
change, modification, extension, or discharge is sought. 
 24. Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall deemed to be an original but all of which together will constitute one and the same instrument. 
 25.
Legal Expenses. In the event that any legal action is pursued to enforce any term or provision of this Agreement, including but not limited to any action seeking injunctive relief to prevent breach or reasonably anticipated breach of any term or
provision of this Agreement, the prevailing party shall be entitled to recover all costs and expenses incurred thereby, specifically including reasonable attorneys’ fees. 
 26. Miscellaneous. The Parties agree to execute all other such documents as may be required to effectuate or more readily carry out the provisions
of this Agreement. 
 [REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK] 
  

 - 13 - 

 IN WITNESS WHEREOF, the Executive and the Company have executed this Agreement. 
  

					
	COMPANY:	 	EMPLOYEE:
		
	Under Armour, Inc.	 	
			
	By:	 	 /s/ J. Scott Plank
	 	 /s/ Scott Gilbertson

	Name:	 	J. Scott Plank	 	Scott Gilbertson
	Title:	 	Chief Administrative Officer	 	Senior Vice President
			
	Date:	 	3/31/05	 	Date: 4/26/05

  

 - 14 -Exhibit 10.19

 Exhibit 10.19 
 UNDER ARMOUR, INC. 
 DEFERRED COMPENSATION PLAN 
 FOR KEY EMPLOYEES 
 Effective
November 18, 2005 

 UNDER ARMOUR, INC. 
 DEFERRED COMPENSATION PLAN 
 FOR KEY EMPLOYEES 
 Effective November 18, 2005 
 Purpose 
 The purpose of the Plan is to provide specified benefits to a select group of management or highly compensated Employees who contribute materially to the
continued growth, development and future business success of Under Armour, Inc. and its subsidiaries, if any, that sponsor the Plan. This Plan shall be unfunded for tax purposes and for purposes of Title I of ERISA. 
 ARTICLE 1 
 Definitions 
 1.01 For purposes of the Plan, unless otherwise clearly apparent from the context, the following phrases or terms shall have the meanings indicated:

 “Amended Annual Election Form” shall mean the Amended Annual Election Form required by the Committee to be signed and submitted
by a Participant to effect a permitted change in the elections previously made by the Participant under any Annual Election Form. 
 “Amended Distribution Election Form” shall mean the Amended Distribution Election Form required by the Committee to be signed and submitted by a Participant to effect a permitted change in the Distribution Election previously made
by the Participant under any Distribution Election Form. 
 “Annual Deferral Account” shall mean a Participant’s Annual
Participant Deferral for a Plan Year, as adjusted to reflect all applicable Investment Adjustments and all prior withdrawals and distributions in accordance with Article 3 and the provisions of the applicable Enrollment Forms. 
 “Annual Election Form” shall mean the Annual Election Form required by the Committee to be signed and submitted by a Participant in connection
with the Participant’s deferral election with respect to a given Plan Year. 
 “Annual Participant Deferral” shall mean the
aggregate amount deferred by a Participant in respect of a particular Plan Year under Section 3.01. 
 “Base Annual Salary”
shall mean the annual base salary payable to a Participant by an Employer in cash in respect of services rendered during a Plan Year, including any Elective Deductions, but excluding Bonus Amounts or other additional incentives or awards payable to
the Participant. 

 “Beneficiary” shall mean one or more persons, trusts, estates or other entities, designated in
accordance with Article 10, that are entitled to receive the balance of a Participant’s Annual Deferral Accounts under the Plan in the event of the Participant’s death. 
 “Beneficiary Designation Form” shall mean the Beneficiary Designation Form or Amended Beneficiary Designation Form last signed and submitted by
a Participant and accepted by the Committee. 
 “Board” shall mean the board of directors of the Company. 
 “Bonus Amounts” shall mean amounts paid pursuant to the Company’s annual bonus plan then in effect. 
 “Change in Control” has the meaning set forth in the Under Armour, Inc. 2005 Omnibus Long-Term Incentive Plan; provided, that
notwithstanding anything to the contrary therein, a Change in Control shall not be deemed to occur under the Plan as a result of any event or transaction to the extent that treating such event or transaction as a Change in Control under the Plan
would cause any tax to become due under Section 409A of the Code. 
 “Claimant” shall have the meaning set forth in
Section 13.1. 
 “Code” shall mean the Internal Revenue Code of 1986, as it may be amended from time to time, and all
regulations, interpretations and administrative guidance issued thereunder. 
 “Committee” shall mean the Compensation Committee of
the Company or such other committee designated by the Board to administer the Plan. 
 “Company” shall mean Under Armour, Inc., a
Maryland corporation, and any successor to all or substantially all of its assets or business. 
 “Company Stock” shall mean the
common stock, par value $.0003 1/3 per share, of the Company. 
 “Disability” shall have the meaning set forth in
Section 409A of the Code. 
 “Disability Benefit” shall mean the benefit set forth in Article 7. 
 “Distribution Election” shall mean an election made in accordance with Section 5.01. 
 “Distribution Election Form” shall mean the Distribution Election Form required by the Committee to be signed and submitted by a Participant
with respect to a Distribution Election for a given Plan Year. 
 “Election Form” shall mean, with respect to any Plan Account, the
Annual Election Form or the Amended Annual Election Form last signed and submitted by the Participant and accepted by the Committee with respect to that Plan Account. 
  

 2 

 “Elective Deductions” shall mean the deductions made from a Participant’s Base Annual
Salary and Bonus Amounts for amounts voluntarily deferred or contributed by the Participant pursuant to all qualified and non-qualified compensation deferral plans, including, without limitation, amounts not included in the Participant’s gross
income under Code Sections 125, 132(f)(4), 402(e)(3) or 402(h), provided, however, that all such amounts would have been payable in cash to the Employee had there been no such plan. 
 “Employee” shall mean a person who is an employee of any Employer, as determined by the Committee in its sole discretion. 
 “Employer” shall mean the Company or any of its subsidiaries (now in existence or hereafter formed or acquired) that have been selected by the
Board to participate in the Plan and have adopted the Plan as a sponsor. 
 “Enrollment Forms” shall mean, for any Plan Year, the
Annual Election Form, the Distribution Election Form, the Beneficiary Designation Form and any other forms or documents which may be required of a Participant by the Committee, in its sole discretion. 
 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as it may be amended from time to time. 
 “Investment Adjustment” shall mean an adjustment made to the balance of any Plan Account in accordance with Section 3.04 to reflect the
performance of an Investment Benchmark pursuant to which the value of the Plan Account is measured. 
 “Investment Benchmark” shall
mean a benchmark under the Plan from time to time by the Committee for purposes of valuing Plan Accounts. 
 “Participant” shall
mean any eligible Employee (i) who is selected by the Committee to participate in the Plan, (ii) who elects to participate in the Plan, (iii) who signs the applicable Enrollment Forms, (iv) whose signed Enrollment Forms are
accepted by the Committee, (v) who commences participation in the Plan, and (vi) whose participation in the Plan has not terminated. A spouse or former spouse of a Participant shall not be treated as a Participant in the Plan or have an
account balance under the Plan, even if he or she has an interest in the Participant’s benefits under the Plan as a result of applicable law or property settlements resulting from legal separation or divorce. 
 “Plan” shall mean the Under Armour, Inc. 2005 Deferred Compensation Plan For Key Employees, which shall be evidenced by this instrument and by
each Enrollment Form, as they may be amended from time to time. 
 “Plan Year” shall mean the period beginning on January 1 of
each year and ending December 31. 
 “Specified Employee” shall mean a key employee (as defined for purposes of
Section 409A of the Code) of the Company or an Employer as of December 31st of a given Plan Year and any
person so identified shall be treated as a Specified Employee for the 12-month period beginning on the first day of the fourth month following such December 31st. 
  

 3 

 “Survivor Benefit” shall mean the benefit set forth in Article 6. 
 “Termination of Employment” shall mean, with respect to a Participant, the termination of such Participant’s employment with his or her
Employer(s), voluntarily or involuntarily, under circumstances that would constitute a “separation from service” for purposes of Section 409A of the Code. 
 “Trust” shall mean the trust established in accordance with Article 14. 
 “Unforeseeable
Financial Emergency” shall have the meaning set forth in Section 409A of the Code, as determined in the sole discretion of the Committee. In making its determination the Committee shall be guided by the prevailing authorities applicable
under the Code. 
 “Years of Service” shall mean the total number of actual or deemed full Plan Years during which a Participant
has been continuously employed by one or more Employers. 
 ARTICLE 2 
 Eligibility, Selection, Enrollment 
 2.01 Selection by Committee. Participation
in the Plan shall be limited to a select group of management or highly compensated Employees of the Employers, as determined by the Committee in its sole discretion. For each Plan Year, the Committee shall select from that group, in its sole
discretion, the Employees who shall be eligible to make an Annual Participant Deferral in respect of that Plan Year. The Committee’s selection of an Employee to make an Annual Participant Deferral in respect of a particular Plan Year will not
entitle that Employee to make an Annual Participant Deferral for any subsequent Plan Year, unless the Employee is again selected by the Committee to make an Annual Participant Deferral for such subsequent Plan Year. 
 2.02 Enrollment Requirements. As a condition to being eligible to make an Annual Participant Deferral for any Plan Year, each selected Employee
shall complete, execute and return to the Committee each of the required Enrollment Forms no later than the last day of the immediately preceding Plan Year (or such earlier date as the Committee may establish from time to time). Notwithstanding the
foregoing, (i) in the case of an Employee who first becomes eligible to participate in the Plan during any Plan Year, such Employee shall complete, execute and return to the Committee or its designee each of the required Enrollment Forms no
later than 30 days following the date on which such Employee first becomes eligible to participate in the Plan (or such earlier date as the Committee may establish from time to time) provided that such Annual Participant Deferral shall apply only
with respect to services performed subsequent to the time such Enrollment Forms are accepted by the Committee and (ii) in the case of any performance-based compensation (as such term is used in Section 409A of the Code) based on services
performed over a period of at least 12 months with respect to any Employee, the Enrollment Forms with respect to such performance-based compensation must be filed no later than 6 months before the end of the performance period (or such earlier date
as the Committee may establish from time to time). In addition, each selected Employee shall have on file with the Committee or its designee a completed Beneficiary Designation Form prior to the date specified by the Committee, and the Committee
shall establish from time to time such other enrollment requirements as it determines necessary, in its sole discretion. 
  

 4 

 2.03 Commencement of Participation. Provided an Employee selected to make an Annual Participant
Deferral in respect of a particular Plan Year has met all enrollment requirements set forth in the Plan and any other requirements imposed by the Committee, including signing and submitting all Enrollment Forms to the Committee or its designee
within the specified time period, the Employee’s designated deferrals shall commence as of the date established by the Committee in its sole discretion. If an Employee fails to meet all such requirements within the specified time period with
respect to any Plan Year, the Employee shall not be eligible to make any deferrals for that Plan Year. 
 2.04 Subsequent Elections.
The Enrollment Forms submitted by a Participant in respect of a particular Plan Year will not be effective with respect to any subsequent Plan Year, except that the Beneficiary Designation Form on file with the Committee will remain effective for
all subsequent Plan Years unless and until an Amended Beneficiary Designation Form is submitted. If an Employee is selected to participate in the Plan for a subsequent Plan Year and the required Enrollment Forms are not timely delivered for the
subsequent Plan Year, the Participant shall not be eligible to make any deferrals with respect to such subsequent Plan Year. 
 ARTICLE 3

 Participant Deferrals, Commitments, Investment Adjustments, Taxes and Vesting 
 3.01 Participant Deferrals. 
 (a) Deferral Election. The Committee shall have sole discretion to determine in respect of each Plan Year: (i) whether a Participant shall be eligible to make an Annual Participant Deferral; (ii) the form(s) of compensation which
may be the subject of any Annual Participant Deferral; and (iii) any other terms and conditions applicable to the Annual Participant Deferral. To the extent permitted by the Committee and subject to the terms and conditions provided by the
Committee, a Participant for a given Plan Year may make an election to defer the receipt of amounts payable to the Participant in the form of Base Annual Salary and Bonus Amounts for services rendered during that Plan Year. The Participant’s
election shall be evidenced by an Annual Election Form completed and submitted to the Committee in accordance with the procedures and time frames as may be established by the Committee in its sole discretion. The amounts deferred by a Participant in
respect of services rendered during a Plan Year shall be referred to collectively as an Annual Participant Deferral and shall be credited to an Annual Deferral Account established in the name of the Participant. A separate Annual Deferral Account
shall be established and maintained for each Annual Participant Deferral. 
 (b) Minimum and Maximum Deferral. The Committee
may from time to time designate a minimum and/or maximum deferral amount applicable to Participants with respect to a given Plan Year. 
  

 5 

 (c) Deferral Designations. A Participant may designate the amount of the Annual
Participant Deferral to be deducted from his or her Base Annual Salary and/or Bonus Amounts as specified in the applicable Enrollment Forms for a given Plan Year. 
  

	 	(i)	Base Annual Salary. The Enrollment Forms may provide for deferrals to be expressed as a percentage of his or her Base Annual Salary, a fixed dollar amount or a percentage of Base
Salary up to a fixed dollar amount, as determined by the Committee. Such amount shall be withheld from each regularly scheduled Base Annual Salary payment in equal amounts. 

  

	 	(ii)	Bonus Amounts. The Enrollment Forms which may provide for deferrals to be expressed as either a percentage or a fixed dollar amount of specified Bonus Amounts expected by the
Participant, as determined by the Committee. If a Participant designates the Annual Participant Deferral to be deducted from any Bonus Amount as a fixed dollar amount and such fixed dollar amount exceeds the Bonus Amount actually payable to the
Participant, the entire amount of such Bonus Amount shall be withheld. 

 3.02 Investment Benchmarks. The Committee
shall establish from time to time the Investment Benchmark or Benchmarks that will be used under the Plan, including but not limited to: (i) Company Stock or (ii) a fixed income account paying interest at either the Company’s
borrowing rate or a published income index, as determined by the Committee. The Committee reserves the right to change the Investment Benchmarks applied to amounts deferred under the Plan, prospectively or retroactively, at any time without the
prior consent or notice of the Participants in the Plan. 
 3.03 Adjustment of Annual Deferral Accounts. While a Participant’s
Annual Deferral Accounts do not represent the Participant’s ownership of, or any ownership interest in, any particular assets, the Participant’s Annual Deferral Accounts shall be adjusted in accordance with the Investment Benchmark(s),
subject to the conditions and procedures set forth herein or established by the Committee from time to time. Any cash earnings generated under an Investment Benchmark (such as interest and cash dividends and distributions) shall, at the
Committee’s sole discretion, either be deemed to be reinvested in that Investment Benchmark or reinvested in one or more other Investment Benchmark(s) designated by the Committee. All notional acquisitions and dispositions of Investment
Benchmarks under a Participant’s Annual Deferral Accounts shall be deemed to occur at such times as the Committee shall determine to be administratively feasible in its sole discretion and the Participant’s Annual Deferral Accounts shall
be adjusted accordingly. In addition, a Participant’s Annual Deferral Accounts may be adjusted from time to time, in accordance with procedures and practices established by the Committee, in its sole discretion, to reflect any notional
transactional costs and other fees and expenses relating to the deemed investment, disposition or carrying of any Investment Benchmark for the Participant’s Annual Deferral Accounts. Adjustments made in accordance herewith shall be referred to
as Investment Adjustments. 
  

 6 

 3.04 FICA and Other Taxes. 
 (a) Annual Deferral Amounts. For each Plan Year in which an Annual Participant Deferral is being withheld from a Participant, the
Participant’s Employer(s) shall withhold from that portion of the Participant’s Base Annual Salary and/or Bonus Amounts that is not being deferred, in a manner determined by the Employer(s), the Participant’s share of FICA and other
employment taxes. If the Committee determines that such portion may not be sufficient to cover the amount of the applicable withholding, then the Committee may reduce the Annual Participant Deferral to the extent necessary, as determined by the
Committee in its sole discretion, for the Participant’s Employer to comply with applicable withholding requirements. 
 (b) Distributions. The Participant’s Employer(s), or the trustee of the Trust, shall withhold from any payments made to a Participant under the Plan all federal, state and local income, employment and other taxes required to be
withheld by the Employer(s), or the trustee of the Trust, in connection with such payments, in amounts and in a manner to be determined in the sole discretion of the Employer(s) and the trustee of the Trust. 
 3.05 Vesting. The Participant shall be vested in all amounts credited to his or her Annual Deferral Account as of the date such amounts are
credited to such Participant’s Account. 
 ARTICLE 4 
 Suspension of Deferrals 
 4.01 Unforeseeable Financial Emergencies. If a Participant experiences an
Unforeseeable Financial Emergency, the Participant may petition the Committee to suspend any deferrals required to be made by the Participant. A petition shall be made on the form required by the Committee to be used for such request and shall
include all financial information requested by the Committee in order to made a determination on such petition, as determined by the Committee in its sole discretion. The Committee shall determine, in its sole discretion, whether to approve the
Participant’s petition. If the petition for a suspension is approved, suspension shall take effect upon the date of approval. 
 4.02
Disability. From and after the date that a Participant is deemed have suffered a Disability, any standing deferral election of the Participant shall automatically be suspended and no further deferrals shall be made with respect to the
Participant. 
 4.03 Resumption of Deferrals. If deferrals by a Participant have been suspended during a Plan Year due to an
Unforeseeable Financial Emergency or a Disability, the Participant will not be eligible to make any further deferrals in respect of that Plan Year. The Participant may be eligible to make deferrals for subsequent Plan Years provided the Participant
is selected to make deferrals for such subsequent Plan Years and the Participant complies with the election requirements under the Plan. 
 ARTICLE 5 
 Distribution of Plan Accounts 
 5.01 General. The balance of the Participant’s Plan Accounts shall be distributed in a lump sum as soon as administratively practicable after the date of the Participant’s Termination of Employment
(but no earlier than six months following the date of Termination of Employment in respect of any Participant who is a Specified Employee). 
  

 7 

 5.02 Withdrawal in the Event of an Unforeseeable Financial Emergency. Subject to Section 5.03
in the event that a Participant experiences an Unforeseeable Financial Emergency, the Participant may petition the Committee to receive a partial or full payout of amounts credited to one or more of the Participant’s Plan Accounts. The
Committee shall determine, in its sole discretion, whether the requested payout shall be made, the amount of the payout and the Annual Deferral Accounts from which the payout will be made; provided, however, that the payout shall not exceed the
lesser of the balance of the Participant’s Annual Deferral Accounts or the amount reasonably needed to satisfy the Unforeseeable Financial Emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution. In
making its determination under this Section 5.02, the Committee shall be guided by the requirements of Section 409A of the Code and any other related prevailing legal authorities and the Committee shall take into account the extent to
which a Participant’s Unforeseeable Financial Emergency is or may be relieved through reimbursement or compensation by insurance or otherwise or by the liquidation by the Participant of his or her assets (to the extent the liquidation of such
assets would not itself cause severe financial hardship). If, subject to the sole discretion of the Committee, the petition for a payout is approved, the payout shall be made within ninety (90) days of the date of approval. 
 5.03 Valuation of Annual Deferral Accounts Pending Distribution. To the extent that the distribution of any portion of any Plan Account is
deferred, whether pursuant to the limitations imposed under this Article 5 or for any other reason, any amounts remaining to the credit of the Plan Account shall continue to be adjusted by the applicable Investment Adjustments in accordance with
Article 3. 
 5.04 Payment on a Change in Control. Nothwithstanding anything to the contrary set forth in a Participant’s Annual
Distribution Election Form or the Plan, upon the occurrence of a Change in Control, the Company will distribute all previously undistributed Annual Deferral Accounts to Participants (or their Beneficiaries, as the case may be). 
 5.05 Form of Payment. All distributions under the Plan shall be paid in cash. 
 ARTICLE 6 
 Survivor Benefit 
 6.01 Survivor Benefit. Subject to Article 5, a Participant’s Beneficiary shall receive a Survivor Benefit equal to the balance of
Participant’s Annual Deferral Accounts, if the Participant dies before he or she has received a complete distribution of his or her Annual Deferral Accounts. 
 6.02 Payment of Survivor Benefit. The Survivor Benefit shall be payable to the Beneficiary indicated on the Participant’s Beneficiary Designation Form in a lump sum payment. Subject to Article 5, the lump
sum payment will be made within ninety (90) days of the date on which the Committee is notified in writing of the Participant’s death. 
  

 8 

 ARTICLE 7 
 Disability Benefit 
 7.01 Disability Benefit. Notwithstanding any Distribution Election under Article
5, a Participant suffering a Disability shall receive a Disability Benefit equal to the balance of his or her Annual Deferral Accounts. Subject to the terms of Article 5, a Participant’s Disability Benefit shall be paid in a lump sum within
ninety (90) days of the Committee’s determination that the Participant has a Disability. 
 ARTICLE 8 
 Beneficiary Designation 
 8.01
Beneficiary. Each Participant shall have the right, at any time, to designate his or her Beneficiary(ies) (both primary as well as contingent) to receive any benefits payable under the Plan to a beneficiary upon the death of a Participant.
The Beneficiary designated under the Plan may be the same as or different from the Beneficiary designation under any other plan of an Employer in which the Participant participates. 
 8.02 Beneficiary Designation; Change. A Participant shall designate his or her Beneficiary by completing and signing a Beneficiary Designation
Form, and returning it to the Committee or its designated agent. A Participant shall have the right to change a Beneficiary by completing, signing and submitting to the Committee an Amended Beneficiary Designation Form in accordance with the
Committee’s rules and procedures, as in effect from time to time. Upon the acceptance by the Committee of an Amended Beneficiary Designation Form, all Beneficiary designations previously filed shall be canceled. The Committee shall be entitled
to rely on the last Beneficiary Designation Form filed by the Participant and accepted by the Committee prior to his or her death. 
 8.03
Acknowledgment. No designation or change in designation of a Beneficiary shall be effective until received, accepted and acknowledged in writing by the Committee or its designated agent. 
 8.04 No Beneficiary Designation. If a Participant fails to designate a Beneficiary as provided above or, if all designated Beneficiaries
predecease the Participant or die prior to complete distribution of the Participant’s Aggregate Vested Benefit, then the Participant’s designated Beneficiary shall be deemed to be his or her surviving spouse. If the Participant has no
surviving spouse, the benefits remaining under the Plan to be paid to a Beneficiary shall be payable to the executor or personal representative of the Participant’s estate. 
 8.05 Doubt as to Beneficiary. If the Committee has any doubt as to the proper Beneficiary to receive payments pursuant to the Plan, the Committee
shall have the right, exercisable in its discretion, to cause the Participant’s Employer to withhold such payments until this matter is resolved to the Committee’s satisfaction. 
 8.06 Discharge of Obligations. The payment of benefits under the Plan to a Beneficiary shall fully and completely discharge all Employers and the
Committee from all further obligations under the Plan with respect to the Participant, and each of the Participant’s Annual Election Forms shall terminate upon such full payment of benefits. 
  

 9 

 ARTICLE 9 
 Leave of Absence 
 9.01 Paid Leave of Absence. If a Participant is authorized by the
Participant’s Employer for any reason to take a paid leave of absence from the employment of the Employer, the Participant shall continue to be considered employed by the Employer and the appropriate amounts shall continue to be withheld from
the Participant’s compensation pursuant to the Participant’s then current Annual Election Form. 
 9.02 Unpaid Leave of
Absence. If a Participant is authorized by the Participant’s Employer for any reason to take an unpaid leave of absence from the employment of the Employer, the Participant shall continue to be considered employed by the Employer and the
Participant shall be excused from making deferrals until the earlier of the date the leave of absence expires or the Participant returns to a paid employment status. Upon such expiration or return, deferrals shall resume for the remaining portion of
the Plan Year in which the expiration or return occurs, based on the deferral election, if any, made for that Plan Year. If no election was made for that Plan Year, no deferral shall be withheld. 
 ARTICLE 10 
 Termination, Amendment or
Modification 
 10.01 Termination. Although an Employer may anticipate that it will continue the Plan for an indefinite period of
time, there is no guarantee that any Employer will continue the Plan or will not terminate the Plan at any time in the future. Accordingly, each Employer reserves the right to discontinue its sponsorship of the Plan and to terminate the Plan, at any
time, with respect to its participating Employees by action of its board of directors. In addition, the Company may at any time terminate an Employer’s participation in the Plan. Upon the termination of the Plan with respect to any Employer,
subject to Section 5.03, all amounts credited to each of the Plan Accounts of each affected Participant shall be paid to the Participant or, in the case of the Participant’s death, to the Participant’s Beneficiary, in a lump sum
notwithstanding any elections made by the Participant, and the Annual Election Forms relating to each of the Participant’s Annual Deferral Accounts shall terminate upon full payment of the balance of such Annual Deferral Accounts, except that
neither the Company nor any Employer shall have any right to so accelerate the payment of any amount to the extent such right would cause the Plan to fail to comply with, or cause a Participant or such Participant’s Beneficiary to be subject to
a tax under, the provisions of Section 409A of the Code. 
 10.02 Amendment. The Company may, at any time, amend or modify the
Plan in whole or in part with respect to any or all Employers by the actions of the Committee; provided, however, that (i) no amendment or modification shall be effective to decrease the value of a Participant’s Annual Deferral Account in
existence at the time the amendment or modification is made, calculated as if the Participant had experienced a Termination of Employment as of the effective date of the amendment or modification and (ii) except as specifically provided in
Section 10.01, no amendment or modification shall be made after a Change in Control which adversely affects the vesting, calculation or payment of benefits hereunder or diminishes any other rights or protections any Participant or Beneficiary
would have had but for such amendment or modification, unless each affected Participant or Beneficiary consents in writing to such amendment. 
  

 10 

 10.03 Effect of Payment. The full payment of the applicable benefit under the provisions of the
Plan shall completely discharge all obligations to a Participant and his or her designated Beneficiaries under the Plan and each of the Participant’s Annual Election Forms shall terminate. 
 ARTICLE 11 
 Administration 
 11.01 Committee Duties. This Plan shall be administered by the Committee. The Committee shall also have the discretion and authority to
(i) make, amend, interpret, and enforce all appropriate rules and regulations for the administration of the Plan and (ii) decide or resolve any and all questions including interpretations of the Plan, as may arise in connection with the
Plan. When making a determination or calculation, the Committee shall be entitled to rely on information furnished by a Participant or the Company. 
 11.02 Agents. In the administration of the Plan, the Committee may, from time to time, employ agents and delegate to them such administrative duties as it sees fit (including acting through a duly appointed representative) and may
from time to time consult with counsel who may be counsel to any Employer. 
 11.03 Binding Effect of Decisions. The decision or
action of the Committee with respect to any question arising out of or in connection with the administration, interpretation and application of the Plan and the rules and regulations promulgated hereunder shall be final and conclusive and binding
upon all persons having any interest in the Plan. 
 11.04 Indemnity of Committee. All Employers shall indemnify and hold harmless the
members of the Committee, and any Employee to whom duties of the Committee may be delegated, against any and all claims, losses, damages, expenses or liabilities arising from any action or failure to act with respect to the Plan, except in the case
of willful misconduct by the Committee or any of its members or any such Employee. 
 11.05 Employer Information. To enable the
Committee to perform its functions, each Employer shall supply full and timely information to the Committee on all matters relating to the compensation of its Participants, the date and circumstances of the Retirement, Disability, death or
Termination of Employment of its Participants, and such other pertinent information as the Committee may reasonably require. 
 ARTICLE 12

 Other Benefits and Agreements 
 The benefits provided for a Participant and Participant’s Beneficiary under the Plan are in addition to any other benefits available to such Participant under any other plan or program for employees of the Participant’s Employer.
The Plan shall supplement and shall not supersede, modify or amend any other such plan or program except as may otherwise be expressly provided. 
  

 11 

 ARTICLE 13 
 Claims Procedures 
 13.01 Presentation of Claim. Any Participant or Beneficiary of a deceased
Participant (such Participant or Beneficiary being referred to below as a “Claimant”) may deliver to the Committee a written claim for a determination with respect to the amounts distributable to such Claimant from the Plan. If such a
claim relates to the contents of a notice received by the Claimant, the claim must be made within 60 days after such notice was received by the Claimant. The claim must state with particularity the determination desired by the Claimant. All other
claims must be made within 180 days of the date on which the event that caused the claim to arise occurred. The claim must state with particularity the determination desired by the Claimant. 
 13.02 Notification of Decision. The Committee shall consider a Claimant’s claim within a reasonable time, and shall notify the Claimant in
writing: 
 (a) that the Claimant’s requested determination has been made, and that the claim has been allowed in full;
or 
 (b) that the Committee has reached a conclusion contrary, in whole or in part, to the Claimant’s requested
determination, and such notice must set forth in a manner calculated to be understood by the Claimant: 
  

	 	(i)	the specific reason(s) for the denial of the claim, or any part of it; 

  

	 	(ii)	specific reference(s) to pertinent provisions of the Plan upon which such denial was based; 

  

	 	(iii)	a description of any additional material or information necessary for the Claimant to perfect the claim, and an explanation of why such material or information is necessary; and

  

	 	(iv)	an explanation of the claim review procedure set forth in Section 13.03 below. 

 13.03 Review of a Denied Claim. Within 60 days after receiving a notice from the Committee that a claim has been denied, in whole or in part, a Claimant (or the Claimant’s duly authorized representative)
may file with the Committee a written request for a review of the denial of the claim. Thereafter, but not later than 30 days after the review procedure began, the Claimant (or the Claimant’s duly authorized representative): 
 (a) may review pertinent documents; 
 (b) may submit written comments or other documents; and/or 
 (c) may request a hearing, which
the Committee, in its sole discretion, may grant. 
 13.04 Decision on Review. The Committee shall render its decision on review
promptly, and not later than 60 days after the filing of a written request for review of the denial, unless a hearing is held or other special circumstances require additional time, in which case the Committee’s decision must be rendered within
120 days after such date. Such decision must be written in a manner calculated to be understood by the Claimant, and it must contain: 
 (a) specific reasons for the decision; 
  

 12 

 (b) specific reference(s) to the pertinent Plan provisions upon which the decision was
based; and 
 (c) such other matters as the Committee deems relevant. 
 Arbitration. A Claimant’s compliance with the foregoing provisions of this Article 13 is a mandatory prerequisite to a Claimant’s right
to commence any arbitration with respect to any claim for benefits under the Plan. Any and all claims that are not resolved to the satisfaction of a Claimant under the above provisions of this Article 13 shall be subject to arbitration conducted in
Maryland before a panel of three (3) arbitrators in accordance with the Commercial Arbitration Rules of the American Arbitration Association. Unless otherwise provided herein each party shall bear its own costs and expenses in connection with
such arbitration and the parties shall contribute equally the arbitrators’ fees. The arbitrators’ decision in any dispute shall be final and binding and shall not be subject to appeal or judicial review. 
 ARTICLE 14 
 Trust 
 14.01 Establishment of the Trust. The Company may establish one or more Trusts to which the Employers may transfer such assets as the Employers
determine in their sole discretion to assist in meeting their obligations under the Plan. 
 14.02 Interrelationship of the Plan and the
Trust. The provisions of the Plan and the relevant Annual Election Forms shall govern the rights of a Participant to receive distributions pursuant to the Plan. The provisions of the Trust shall govern the rights of the Employers, Participants
and the creditors of the Employers to the assets transferred to the Trust. 
 14.03 Distributions From the Trust. Each Employer’s
obligations under the Plan may be satisfied with Trust assets distributed pursuant to the terms of the Trust, and any such distribution shall reduce the Employer’s obligations under this Agreement. 
 ARTICLE 15 
 Miscellaneous 
 15.01 Status of Plan. The Plan is intended to be (i) a plan that is not qualified within the meaning of Code Section 401(a) and
(ii) a plan that “is unfunded and is maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employee” within the meaning of ERISA Sections 201(2),
301(a)(3) and 401(a)(1). The Plan shall be administered and interpreted to the extent possible in a manner consistent with that intent. All Plan Accounts and all credits and other adjustments to such Plan Accounts shall be bookkeeping entries only
and shall be utilized solely as a device for the measurement and determination of amounts to be paid under the Plan. No Plan Accounts, credits or other adjustments under the Plan shall be interpreted as an indication that any benefits 
  

 13 

 under the Plan are in any way funded. In addition, the Committee shall use its reasonable best efforts to interpret and
administer the Plan in a manner that satisfies the requirements of Section 409A of the Code. 
 15.02 Unsecured General Creditor.
In order to assist in the administration of the Plan, the Employer in its discretion may establish a trust, the assets of which, if any, will remain the property of the Employer and will be subject to the claims of the Company’s creditors in
the event of bankruptcy or insolvency. For purposes of the payment of benefits under the Plan, any and all of an Employer’s assets, whether or not held in a trust, shall be, and remain, the general, unpledged unrestricted assets of the
Employer. An Employer’s obligation under the Plan shall be merely that of an unfunded and unsecured promise to pay money in the future. 
 15.03 Employer’s Liability. An Employer’s liability for the payment of benefits shall be defined only by the Plan and the Annual Election Form, as entered into between the Employer and a Participant. An Employer shall have
no obligation to a Participant under the Plan except as expressly provided in the Plan and his or her Annual Election Form. 
 15.04
Nonassignability. Neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate, alienate or convey in advance of actual receipt,
the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are expressly declared to be, unassignable and non-transferable. No part of the amounts payable shall, prior to actual payment, be subject to seizure,
attachment, garnishment or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by a Participant or any other person, be transferable by operation of law in the event of a Participant’s or any other
person’s bankruptcy or insolvency or be transferable to a spouse as a result of a property settlement or otherwise. 
 15.05 Not a
Contract of Employment. The terms and conditions of the Plan and the Annual Election Form under the Plan shall not be deemed to constitute a contract of employment between any Employer and the Participant. Such employment is hereby acknowledged
to be an “at will” employment relationship that can be terminated at any time for any reason, or no reason, with or without cause, and with or without notice, except as otherwise provided in a written employment agreement. Nothing in the
Plan or any Annual Election Form shall be deemed to give a Participant the right to be retained in the service of any Employer as an Employee or to interfere with the right of any Employer to discipline or discharge the Participant at any time.

 15.06 Furnishing Information. A Participant or his or her Beneficiary will cooperate with the Committee by furnishing any and all
information requested by the Committee and take such other actions as may be requested in order to facilitate the administration of the Plan and the payments of benefits hereunder, including but not limited to taking such physical examinations as
the Committee may deem necessary. 
 15.07 Terms. Whenever any words are used herein in the masculine, they shall be construed as
though they were in the feminine in all cases where they would so apply; and whenever any words are used herein in the singular or in the plural, they shall be construed as though they were used in the plural or the singular, as the case may be, in
all cases where they would so apply. 
  

 14 

 15.08 Captions. The captions of the articles, sections and paragraphs of the Plan are for
convenience only and shall not control or affect the meaning or construction of any of its provisions. 
 15.09 Governing Law. Subject
to ERISA, the provisions of the Plan shall be construed and interpreted according to the internal laws of the State of New York without regard to its conflicts of laws principles. 
 15.10 Notice. Any notice or filing required or permitted to be given to the Committee under the Plan shall be sufficient if in writing and
hand-delivered, or sent by registered or certified mail, to the address below: 
 Under Armour, Inc. 
 1020 Hull Street, 3rd Floor 
 Baltimore, Maryland 21230 
 Attn: General Counsel 
 Such notice shall
be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark or the receipt for registration or certification. 
 Any notice or filing required or permitted to be given to a Participant under the Plan shall be sufficient if in writing and hand-delivered, or sent by mail, to the last known address of the Participant. 
 15.11 Successors. The provisions of the Plan shall bind and inure to the benefit of the Participant’s Employer and its successors and assigns
and the Participant and the Participant’s designated Beneficiaries. 
 15.12 Spouse’s Interest. The interest in the benefits
hereunder of a spouse of a Participant who has predeceased the Participant shall automatically pass to the Participant and shall not be transferable by such spouse in any manner, including but not limited to such spouse’s will, nor shall such
interest pass under the laws of intestate succession. 
 15.13 Validity. In case any provision of the Plan shall be illegal or invalid
for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but the Plan shall be construed and enforced as if such illegal or invalid provision had never been inserted herein. 
 15.14 Incompetent. If the Committee determines in its discretion that a benefit under the Plan is to be paid to a minor, a person declared
incompetent or to a person incapable of handling the disposition of that person’s property, the Committee may direct payment of such benefit to the guardian, legal representative or person having the care and custody of such minor, incompetent
or incapable person. The Committee may require proof of minority, incompetence, incapacity or guardianship, as it may deem appropriate prior to distribution of the benefit. Any payment of a benefit shall be a payment for the account of the
Participant and the Participant’s Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Plan for such payment amount. 
  

 15 

 15.15 Distribution in the Event of Taxation. If, for any reason, all or any portion of a
Participant’s benefit under the Plan becomes taxable to the Participant prior to receipt, a Participant may petition the Committee before a Change in Control, or the trustee of the Trust after a Change in Control, for a distribution of that
portion of his or her benefit that has become taxable. Upon the grant of such a petition, which grant shall not be unreasonably withheld, a Participant’s Employer shall distribute to the Participant immediately available funds in an amount
equal to the taxable portion of his or her benefit (which amount shall not exceed a Participant’s unpaid Aggregate Vested Balance under the Plan). If the petition is granted, the tax liability distribution shall be made within 90 days of the
date when the Participant’s petition is granted. Such a distribution shall affect and reduce the benefits to be paid under the Plan. 
 15.16 Insurance. The Employers, on their own behalf or on behalf of the trustee of the Trust, and, in their sole discretion, may apply for and procure insurance on the life of the Participant, in such amounts and in such forms as the
Trust may choose. The Employers or the trustee of the Trust, as the case may be, shall be the sole owner and beneficiary of any such insurance. The Participant shall have no interest whatsoever in any such policy or policies, and at the request of
the Employers shall submit to medical examinations and supply such information and execute such documents as may be required by the insurance company or companies to whom the Employers have applied for insurance. 
 IN WITNESS WHEREOF, the Company has signed the Plan document as of November 2, 2005. 
  

			
	Under Armour, Inc.
	a Maryland corporation
		
	By:	 	 /s/ J. Scott Plank

	Name:	 	J. Scott Plank
	Title:	 	Chief Administrative Officer

  

 16

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