Document:

EXHIBIT
10.26

UNDER ARMOUR, INC.

 

DEFERRED COMPENSATION PLAN

 

FOR KEY EMPLOYEES

 

Effective                             ,
2005

 

 

UNDER ARMOUR, INC.

DEFERRED
COMPENSATION PLAN

FOR KEY EMPLOYEES

 

Effective
                          ,
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.

 

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“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.

 

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“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 

 

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by the Committee, and the Committee shall establish
from time to time such other enrollment requirements as it determines
necessary, in its sole discretion.

 

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.

 

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(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.

 

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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 

 

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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).

 

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.

 

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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.

 

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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 

 

12

 

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;

 

(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 

 

14

 

though they were used in the plural or the singular,
as the case may be, in all cases where they would so apply.

 

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 

 

15

 

Beneficiary, as the case may be, and shall be a
complete discharge of any liability under the Plan for such payment amount.

 

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                     ,
2005.

 

	
   

  	
  Under Armour,
  Inc.

  
	
   

  	
  a Maryland corporation

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
						

 

16Exhibit
10.27

 

CHANGE IN CONTROL
SEVERANCE AGREEMENT

 

This CHANGE IN CONTROL
SEVERANCE AGREEMENT (this “Agreement”) is made as of the       
day of                   ,
2005, between Under Armour, Inc., a corporation organized under the laws of the
State of Maryland (together with its affiliates, the “Company”), and                           
(“Executive”).

 

WITNESSETH THAT:

 

WHEREAS, should Under
Armour, Inc. or shareholders of Under Armour, Inc. receive any proposal from a
third person regarding a possible Change in Control, the Board of Directors of
Under Armour, Inc. (the “Board”) believes it is important that the Company be
able to rely upon the Executive to continue in his position until after such
Change in Control and that Under Armour, Inc. be able to receive and rely upon
the Executive’s advice, if requested, as to the best interest of Under Armour,
Inc. and its shareholders in connection with any such Change in Control,
without concern that the Executive might be distracted or his advice affected
by the personal uncertainties and risks created by such a Change in Control.

 

NOW THEREFORE, in order
to provide an incentive to the Executive for the continued dedication of
Executive and the availability of his advice and counsel notwithstanding the
possibility of a Change in Control, and to encourage Executive to remain in the
employ of the Company, and for other good and valuable consideration, the
Company and Executive hereby agree as follows:

 

1.                                       Definitions.

 

(i)                                     “AAA”
shall have the meaning set forth in Section 7(ii).

 

(ii)                                  “Accrued
Obligations” shall mean the sum of the following: (a) the full base salary
earned by the Executive through the Termination Date and unpaid as of the
Termination Date, calculated at the highest rate of base salary in effect at
any time during the twelve (12) months immediately preceding the Termination
Date; (b) the amount of any base salary attributable to vacation earned by the
Executive but not taken before the Termination Date; (c) any Bonus accrued to
the Executive with respect to the calendar year preceding the termination of
employment and unpaid as of the Termination Date; (d) a pro-rata Bonus for the
year in which the Change in Control occurs, equal to the Bonus times a
fraction, the numerator of which is the number of days during the calendar year
preceding the Termination Date and the denominator of which is 365; and (e) all
other amounts earned by the Executive and unpaid as of the Termination Date.

 

(iii)                               “Arbitration
Rules” shall have the meaning set forth in Section 7(ii).

 

(iv)                              “Bonus”
shall mean the greater of: (a) the annual average of the Executive’s bonus paid
to the Executive with respect to the two (2) calendar years prior to Executive’s
termination of employment with the Company or (b) the Executive’s target bonus
for the year of such termination of employment.

 

1

 

(v)                                 “Cause”
shall mean the occurrence of any of the following: (a) the Executive’s material
misconduct or neglect in the performance of his duties; (b) the Executive’s
commission 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; (c) the Executive’s use
of illegal drugs or abusive use of prescription drugs; or (d) the Executive’s
material breach of this Agreement, including, but not limited to, a material
breach of the Employee Confidentiality, Non-Competition and Non-Solicitation
Agreement attached hereto as Attachment A.

 

(vi)                              “Change
in Control” shall mean the occurrence of any of the following:

 

a.               Any ‘person’
(as such term is used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, as amended) becomes the ‘beneficial owner’ (as defined in Rule
13d-3 under said Act), directly or indirectly, of securities of Under Armour,
Inc. representing fifty percent (50%) or more of the total voting power
represented by Under Armour Inc.’s then-outstanding voting securities, provided,
however that a Change in Control shall not be deemed to occur if an employee
benefit plan (or a trust forming a part thereof) maintained by Under Armour,
Inc., and/or by Kevin Plank and/or his immediate family members, directly or
indirectly, become the beneficial owner, of more than fifty percent (50%) of
the then-outstanding voting securities of Under Armour, Inc. after such acquisition;

 

b.              A
change in the composition of the Board occurring within a two-year period, as a
result of which fewer than a majority of the directors are Incumbent
Directors.  ‘Incumbent Directors’ shall
mean directors who either (A) are directors of Under Armour, Inc. as of the
date hereof, or (B) are elected, or nominated for election, to the Board with
the affirmative votes of at least a majority of the Incumbent Directors at the
time of such election or nomination (but shall not include an individual whose election
or nomination is in connection with an actual or threatened proxy contest
relating to the election of directors to Under Armour, Inc.);

 

c.               The
consummation of a merger or consolidation of Under Armour, Inc. with any other
corporation, other than a merger or consolidation which would result in (a) the
voting securities of Under Armour, Inc. outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or being converted
into voting securities of the surviving entity) at least fifty percent (50%) of
the total voting power represented by the voting securities of Under Armour,
Inc. or such surviving entity outstanding immediately after such merger or
consolidation in substantially the same
proportion as prior to such merger or consolidation; or (b) the
directors of Under Armour, Inc.

 

2

 

immediately
prior thereto continuing to represent at least fifty percent (50%) of the
directors of Under Armour, Inc. or such surviving entity immediately after such
merger or consolidation; or

 

d.              The
consummation of the sale or disposition by Under Armour, Inc. of all or
substantially all of Under Armour Inc.’s assets.

 

(vii)                           “Code”
shall mean the Internal Revenue Code of 1986, as amended from time to time.

 

(viii)                        “Contract
Period” shall mean the period staring on the date hereof and ending on the
second anniversary of the date hereof. 
The Company, in its sole discretion, shall have the right to extend the
Contract Period.

 

(ix)                                “Disability”
shall mean a physical or mental incapacity of the Executive which entitles the
Executive to benefits at least as favorable as the benefits provided under the
long term disability plan applicable to and maintained by the Company as in
effect immediately prior to the Change in Control.

 

(x)                                   “Good
Reason,” shall mean the occurrence of any of the following events: (a) a
diminishment in the scope of the Executive’s duties or responsibilities with
the Company; (b) a reduction in the Executive’s current base salary, bonus
opportunity or a material reduction in the aggregate benefits or perquisites;
(c) a requirement that the Executive relocate more than fifty (50) miles from
his primary place of business as of the date of a Change in Control, or a
significant increase in required travel as part of the Executive’s duties and
responsibilities with the Company; (d) a failure by any successor to the
Company to assume this Agreement pursuant to Section 5(a) hereof; or (e) a
material breach by the Company of any of the terms of this Agreement.

 

(xi)                                “Protection
Period” shall mean the twelve (12) month period following a Change in Control.

 

(xii)                             “Termination
Date” shall mean the effective date as provided hereunder of the termination of
Executive’s Employment.

 

(xiii)                          “Without
Cause” shall mean the termination of the Executive’s employment by the Company
other than for Cause, death or Disability.

 

2.                                       Application
of this Agreement.  This Agreement
shall apply if and only if: (a) the Executive’s employment terminates during
the Protection Period and (b) the Change in Control occurs during the Contract
Period.  This Agreement shall not apply
to any termination of the Executive’s employment other than what is described
in the preceding sentence. Notwithstanding the foregoing, if three (3) months
prior to the date on which a Change in Control occurs, the Executive’s
employment with the Company is terminated by the Company other than by reason
of the Executive’s death, Disability or circumstances that would constitute
Cause or the terms and conditions of the Executive’s employment are adversely
changed in a manner which would constitute grounds for a termination of employment
by the Executive for

 

3

 

Good Reason, and it is
reasonably demonstrated that such termination of employment or adverse change
(i) was at the request of a third party who has taken steps reasonably
calculated to effect the Change in Control, or (ii) otherwise arose in
connection with or in anticipation of the Change in Control, then for all
purposes of this Agreement such termination of employment shall be deemed to
have occurred during the Protection Period and shall be considered either
termination of the Executive’s employment Without Cause by the Company or termination
of the Executive’s employment by the Executive for Good Reason, as the case may
be.

 

3.                                       Termination
of Employment of Executive. The Executive’s employment may be terminated by
following the procedures specified in this Section 3.

 

(i)                                     Cause.
The Executive may not be terminated for Cause unless and until a notice of
intent to terminate the Executive’s employment for Cause, specifying the
particulars of the conduct of the Executive forming the basis for such
termination, is given to the Executive by the Company and, subsequently, a
majority of the Board finds, after reasonable notice to the Executive (but in
no event less than fifteen (15) days prior notice) and an opportunity for the
Executive and his counsel to be heard by the Board, that termination of the
Executive’s employment for Cause is justified. 
Termination of the Executive’s employment for Cause shall become
effective after such finding has been made by the Board and five (5) business
days after the Board gives to the Executive notice thereof, specifying in
detail the particulars of the conduct of the Executive found by the Board to
justify termination for Cause. It shall not constitute Good Reason to the
Executive to the extent the Executive is relieved of any duties and
responsibilities during the period the Board is considering whether such
termination for Cause is justified.

 

(ii)                                  Disability.
Termination of the Executive’s employment for Disability shall become effective
thirty (30) days after a notice of intent to terminate the Executive’s
employment, specifying Disability as the basis for such termination, is given
to the Executive by the Company.

 

(iii)                               Termination
Without Cause. At all times, the Company shall have the right by notice to
the Executive of the Company’s intention to terminate Executive’s employment
Without Cause.  Termination of Executive’s
employment by the Company Without Cause shall become effective immediately upon
the receipt by the Executive of such notice.

 

(iv)                              Voluntary
Termination by the Executive. The Executive may terminate his employment
with the Company by giving a notice of voluntary termination to the Company,
and if such termination is for Good Reason, such notice shall set forth in
reasonable detail the acts and circumstances claimed by the Executive to
constitute Good Reason.  Termination of
the Executive’s employment by the Executive without Good Reason shall be
effective five (5) business days after the Executive gives notice thereof to
the Company. The Company shall have twenty (20) days after receipt of such
notice from the Executive of claimed Good Reason to cure any Good Reason. If
the Company is unable to cure the Good Reason during such cure period,
termination of the Executive’s employment by the Executive for Good Reason
shall be effective five (5) business days after the expiration of such cure
period.

 

4

 

(v)                                 Death.  Termination of the Executive’s employment for
death shall be effective on the date of the Executive’s death.

 

4.                                       Benefits
Upon Termination of Employment.

 

(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) 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.  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. In the event that the Executive’s
participation in any such plan, program or arrangement of the Company is
prohibited, the Company shall arrange to provide the Executive with
compensation and benefits substantially similar to those which the Executive is
entitled to receive under such plan, program or arrangement for such period.

 

Notwithstanding the
foregoing, in the event the payments or benefits under this Section 4 would
result in the imposition of a tax under Section 409A of the Code, then such
payments or benefits will be paid or provided at such time when such payments
or benefits would not be subject to such tax.

 

(ii)                                  Cobra
Continuation Coverage. Upon the expiration of the provision of benefits in Section
4(i)(b), the Executive and his dependents shall be entitled to exercise such

 

5

 

rights as they may have
under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”).

 

(iii)                               Death
and Disability.                                Upon
a termination of the Executive’s employment on account of the Executive’s death
or Disability, the Company shall pay to the Executive or his estate or
beneficiary (in the event of his death), the Accrued Obligations within five
(5) days of the Termination Date and the Company shall provide to the Executive
or his estate or beneficiary (in the event of his death), such benefits that
the Company provides in the event of an employee’s death or Disability.

 

(iv)                              Cause,
Voluntary Termination by the Executive. Upon the termination of the
Executive’s employment by the Company for Cause or by the Executive without
Good Reason, the Company shall pay to the Executive the Accrued Obligations
within five (5) days of the Termination Date.

 

(v)                                 Effect
of Stock Options and Other Equity Awards. 
The terms and conditions of the Executive’s award agreements or
employment agreement (as applicable to such Executive) shall govern the effect
of termination of the Executive’s employment on equity awards granted by the
Company and held by the Executive as of the Termination Date.

 

(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 not be paid to the Executive unless and until the Executive
executes the release attached hereto as Attachment B, and such release becomes
effective and irrevocable.

 

(vii)                           No
Further Payments due to Executive. Except as provided in this Section 4,
the Company shall have no obligation to make any other payment, in the nature
of severance or termination pay.

 

(viii)                        Exception
to Benefit Entitlements. The Executive shall not receive the payments and
benefits under this Agreement if the Executive has executed an individually
negotiated employment contract, agreement or offer letter with the Company
relating to severance benefits that is in effect on the Termination Date,
unless the Executive waives any such severance benefits under such contract,
agreement or letter.

 

(viii)                      Retirement
Payments.  No amounts paid pursuant
to this Agreement will constitute compensation for any purpose under any
retirement plan or other employee benefit plan, program, arrangement or
agreement of the Company or any of its affiliates, unless such plan, program,
arrangement or agreement specifically so provides.

 

5.                                       Successors;
Binding Agreement.

 

(a)                                  This
Agreement shall be binding upon any successor (whether direct or indirect, by
purchase, merger, consolidation, liquidation or otherwise) to all or
substantially all of the business and/or assets of Under Armour, Inc.  Additionally, Under Armour, Inc. shall
require

 

6

 

any such successor
expressly to agree to assume and to assume of the obligations of the Company
under this Agreement upon or prior to such succession taking place. A copy of
such assumption and agreement shall be delivered to the Executive promptly
after its execution by the successor.

 

(b)                                 This
Agreement is personal to the Executive and the Executive may not assign or
transfer any part of his rights or duties hereunder, or any payments due to the
Executive hereunder, to any other person, except that this Agreement shall
inure to the benefit of and be enforceable by Executive’s personal or legal
representatives, executors, administrators, heirs, distributees, devisees,
legatees or beneficiaries.  No payment
pursuant to any will or the laws of descent and distribution shall be made
hereunder unless the Company shall have been furnished with a copy of such will
and/or such other evidence as the Board may deem necessary to establish the
validity of the payment.

 

6.                                       Modification;
Waiver.  No provisions of this
Agreement may be modified, waived or discharged unless such waiver,
modification or discharge is agreed to in a writing signed by Executive and by
an officer of the Company thereunto expressly authorized by the Board.  Waiver by any party of any breach of or
failure to comply with any provision of this Agreement by the other party shall
not be construed as, or constitute, a continuing waiver of such provision, or a
waiver of any other breach of, or failure to comply with, any other provision
of this Agreement.

 

7.                                       Arbitration
of Disputes.

 

(i)                                     Any
disagreement, dispute, controversy or claim arising out of or relating to this
Agreement or the interpretation or validity hereof shall be settled exclusively
and finally by arbitration.  It is
specifically understood and agreed that any such disagreement, dispute or
controversy which cannot be resolved between the parties, including without
limitation any matter relating to interpretation of this Agreement, may be
submitted to arbitration irrespective of the magnitude thereof, the amount in
controversy or whether such disagreement, dispute or controversy would
otherwise be considered justiciable or ripe for resolution by a court or
arbitral tribunal.

 

(ii)                                  The
arbitration shall be conducted in accordance with the Commercial Arbitration
Rules (the “Arbitration Rules”) of the American Arbitration Association (“AAA”).

 

(iii)                               The
arbitral tribunal shall consist of one arbitrator.  The parties to the arbitration jointly shall
directly appoint such arbitrator within thirty (30) days of initiation of the
arbitration.  If the parties shall fail
to appoint such arbitrator as provided above, such arbitrator shall be
appointed by the AAA as provided in the Arbitration Rules and shall be a person
who (a) maintains his principal place of business within thirty (30) miles of
the City of Baltimore and (b) has substantial experience in executive
compensation.  The parties shall each pay
an equal portion of the fees, if any, and expenses of such arbitrator.

 

7

 

(iv)                              The
arbitration shall be conducted within thirty (30) miles of the City of
Baltimore or in such other city in the United States of America as the parties
to the dispute may designate by mutual written consent.

 

(v)                                 At
any oral hearing of evidence in connection with the arbitration, each party
thereto or its legal counsel shall have the right to examine its witnesses and
to cross-examine the witnesses of any opposing party.  No evidence of any witness shall be presented
unless the opposing party or parties shall have the opportunity to
cross-examine such witness, except as the parties to the dispute otherwise
agree in writing or except under extraordinary circumstances where the
interests of justice require a different procedure.

 

(vi)                              Any
decision or award of the arbitral tribunal shall be final and binding upon the
parties to the arbitration proceeding. 
The parties hereto hereby waive to the extent permitted by law any
rights to appeal or to seek review of such award by any court or tribunal.  The parties hereto agree that the arbitral
award may be enforced against the parties to the arbitration proceeding or
their assets wherever they may be found and that a judgment upon the arbitral
award may be entered in any court having jurisdiction.

 

(vii)                           Nothing
herein contained shall be deemed to give the arbitral tribunal any authority,
power, or right to alter, change, amend, modify, add to or subtract from any of
the provisions of this Agreement.

 

(viii)                        If
any dispute is not resolved within sixty (60) days from the date of the
commencement of an arbitration, then the Company shall, at its option, elect to
pay Executive either (a) within five (5) days after the end of such sixty
(60)-day period, the amount or amounts which would have been payable to
Executive had there been no dispute, subject to reimbursement to the extent
consistent with the final disposition of the dispute or (b) following final
disposition of the dispute, the amount determined in such final disposition to
have been payable, together with Interest from the date when such sums were
originally payable to the date of actual payment.  For purpose of this paragraph (viii) the term
“Interest” means interest at a rate equal to the Company’s borrowing rate per
annum, compounded monthly.

 

(ix)                                Notwithstanding
anything to the contrary in this Agreement, the arbitration provisions set
forth in this Section 7 shall be governed exclusively by the Federal
Arbitration Act, Title 9, United States Code.

 

(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.

 

8.                                       Notice.  All notices, requests, demands and other
communications required or permitted to be given by either party to the other
party to this Agreement (including, without limitation, any notice of
termination of employment and any notice of an intention to arbitrate) shall be
in writing and shall be deemed to have been duly given when delivered

 

8

 

personally or received by
certified or registered mail, return receipt requested, postage prepaid, at the
address of the other party, as follows:

 

If to the Company, to:

 

Under Armour, Inc.

Attn:
J. Scott Plank

Chief
Administrative Officer

Under
Armour, Inc.

1020 Hull
Street, 3rd Floor

Baltimore,
Maryland  21230

 

With a copy to:

 

A.
Richard Susko, Esq.

Cleary Gottlieb Steen & Hamilton LLP

One
Liberty Plaza

New
York, NY  10006

 

If
to the Executive, to:

 

 

With
a copy to:

 

Either party hereto may
change its address for purposes of this Section 8 by giving fifteen (15) days’
prior notice to the other party hereto.

 

9.                                       Severability.  If any term or provision of this Agreement or
the application thereof to any person or circumstance shall to any extent be
invalid or unenforceable, the remainder of this Agreement or the application of
such term or provision to persons or circumstances other than those as to which
it is held invalid or unenforceable shall not be affected thereby, and each
term and provision of this Agreement shall be valid and enforceable to the
fullest extent permitted by law.

 

10.                                 Headings.  The headings in this Agreement are inserted
for convenience of reference only and shall not be a part of or control or
affect the meaning of this Agreement.

 

11.                                 Counterparts.  This Agreement may be executed in several
counterparts, each of which shall be deemed an original.

 

12.                                 Governing
Law.  This Agreement has been
executed and delivered in the State of Maryland and shall in all respects be
governed by, and construed and enforced in accordance with, the laws of the
State of Maryland without reference to its principles of conflicts of law.

 

9

 

13.                                 Certain
Withholdings.  The Company shall
withhold from any amounts payable to Executive hereunder all federal, state,
city and other taxes and withholdings that the Company determines are required
to be withheld pursuant to any applicable law or regulation.

 

14.                                 Entire
Agreement.  This Agreement supersedes
any and all other oral or written agreements heretofore made relating to the
subject matter hereof and constitutes the entire agreement relating to the
subject matter hereof[,  Reserved for listing of any exceptions such as
existing employment agreements]

 

IN WITNESS WHEREOF, the
parties have executed this Agreement as of the date first written above.

 

	
   

  	
  UNDER ARMOUR, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
				

 

10

 

ATTACHMENT
A

 

EMPLOYEE
CONFIDENTIALITY, NON-COMPETION, AND

NON-SOLICIATION
AGREEMENT 

 

This Confidentiality,
Non-Competition, and Non-Solicitation Agreement (“Agreement”) is entered into
this          day of                 ,
2005, by and between Under Armour, Inc.
(together with its affiliates, the “Company”) and                             
(“Employee”).

 

EXPLANATORY
NOTE

 

The Employee recognizes
that the Employee has had and will continue to have access to confidential
proprietary information during the course of his or her employment and that the
Employee’s subsequent employment by a competitor would inevitably result in the
disclosure of that information and, thereby, create unfair competition and
would likely to cause substantial loss and harm to the Company.  The Employee further acknowledges that
employment with the Company is based on the Employee’s agreement to abide by
the covenants contained herein.

 

NOW THEREFORE, for good
and valuable consideration, the sufficiency and receipt of which are hereby
acknowledged, the parties agree as follows:

 

1.                                       Confidentiality. 
Employee acknowledges Employee’s fiduciary duty and duty of loyalty to
the Company.  Further, Employee
acknowledges that the Company, in reliance of this Agreement, will provide
Employee access to trade secrets, customers, proprietary data and other
confidential information.  Employee
agrees to retain said information as confidential and not to use said
information for self or disclose same to any third party, except when required
to do so to properly perform duties to the Company.  Further, as a condition of employment, during
the time Employee is employed by the Company and continuing after any
termination of the Employee’s employment with the Company, Employee agrees to
protect and hold in a fiduciary capacity for the benefit of the Company all
Confidential Information, as defined below, unless the Employee 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 Employee shall use
Confidential Information solely for the purpose of carrying out those duties
assigned Employee as an employee of the Company and not for any other
purpose.  The disclosure of Confidential
Information to the Employee shall not be construed as granting to the Employee
any license under any copyright, trade secret, or any right of ownership or
right to use the Confidential Information whatsoever.  In the event that Employee 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, Employee 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.

 

(a)                                  For
the purposes of this Agreement, “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: 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; any
papers, data, records, processes, methods, techniques, systems, models,
samples, devices, equipment, compilations, invoices, customer lists, or
documents of the Company; 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; this Agreement and its terms; and 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 Employee’s tenure with the Company
or to be accessed during Employee’s 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 Employee.

 

(b)                                 The Employee 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.

 

(c)                                  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, 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 Employee made thereof or therefrom, to the Company
when the Employee ceases employment with the Company.  The Employee further agrees to return copies
of any Confidential Information contained on Employee’s home computer, portable
computer or other similar device. 
Employee also agrees to allow the Company, upon reasonable belief and
with appropriate notice, access to any home computer, portable computer or
other similar device maintained by Employee, including but not limited to, for
the purpose of determining whether said Confidential Information has been
misappropriated.  The Employee further
agrees to promptly return all other property belonging to the Company upon the
termination of Employee’s employment.

 

2.                                       Non-Competition.  Except as otherwise provided in this
Agreement, without the prior written consent of the Company, the Employee
hereby covenants and agrees that at no time during the Employee’s employment
with Company and for a period of one (1) year immediately following termination
of Employee’s employment with the Company, whether voluntary or involuntary,
shall the Employee:

 

(a)                                  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 (i) any business that is involved in the manufacture, sale,
development of fabrications or manufacturing methods, or marketing of: athletic
apparel or footwear (e.g., Reebok, Nike, Adidas); sporting goods; tactical
(military and/or law enforcement) apparel; hunting and fishing

 

12

 

apparel; mountain sports
apparel; accessories of such industries; 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 (ii) retail enterprises which sell
products that compete with the Company’s products;

 

(b)                                 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

 

(c)                                  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.

 

Written request for
consent to be released from the Non-Competition provisions of this Agreement may
be submitted by the Employee to the Company following the termination of
Employee’s employment and must include all available information described in
Section 4 below.  The Company will
respond to the request for such consent within two (2) weeks of the request,
except as provided in Section 4.  In the
Company’s sole discretion, it may release Employee from the Non-Competition
provisions of this Agreement, or reduce the non-competition period from a
period of one (1) year immediately following Employee’s termination (“Non-Competition
Period”) to a shorter duration.  In the
event the Company does not release the Employee from the Non-Competition
provision, for the duration of the Non-Competition period, the Company will pay
Employee an amount equal to sixty percent (60%) of Employee’s base salary as of
the date of the termination of Employee’s employment, in accordance with the
Company’s customary pay practices in effect at the time each payment is
made.  This amount shall be reduced by
(a) the amount of any severance Employee receives from the Company; and (b) the
amount of any salary received during the Non-Competition period from employment
in any capacity with an entity that is not a Competitor Business.

 

3.                                       Non-Solicitation
and Non-Interference.  The Employee hereby covenants and agrees that at no time during the
Employee’s employment with Company and for a period of one (1) year immediately
following termination of Employee’s employment with the Company, whether
voluntary or involuntary, shall the Employee:

 

(a)                                  solicit (other than on behalf of the
Company) business or contracts for any products or services of the type
provided, developed or under development by the Company during the Employee’s
employment by the Company, from or with any person or entity which was a
customer of the Company for such products or services, or any prospective
customer which the Company had solicited as of, or within one year prior to,
the Employee’s termination of employment with the Company; or 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 Employee’s employment with the Company;
or

 

(b)                                 knowingly interfere or attempt to interfere
with any transaction, agreement or business relationship in which the Company
was involved during the Employee’s employment with the Company, nor will the
Employee act in any way with the purpose or effect of hiring

 

13

 

anyone who has been an
employee of the Company, its divisions or subsidiaries; or 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.

 

4.                                       Notification of New Employment.  Employee
acknowledges and agrees that for a period of one (1) year following the date of
termination of Employee’s employment with the Company, Employee will inform the
Company, prior to the acceptance of any job or any work as an independent
contractor, of the identify of any new employer or other entity to which
Employee is providing consulting or other services, along with Employee’s
starting date, title, job description, salary, and any other information which
the Company may reasonably request to confirm Employee’s compliance with the
terms of this Agreement.  If Employee
does not provide all information reasonably requested by the Company as
provided in this Section, the Company’s time to respond to a request for
release from the Non-Competition provision under Section 2 will be extended to
six (6) weeks, or until such time as the information is provided for the
Company to make an informed decision.

 

5.                                       Reasonableness of Restrictions.  Employee acknowledges and agrees that the
restrictions imposed by this Agreement are fair and reasonably required for the
protection of the Company, and will not preclude Employee from becoming
gainfully employed following the termination, for any reason, of employment
with the Company.  The Employee
acknowledges that employee 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 Agreement should ever be deemed to exceed the limitations
permitted by applicable laws, Employee and the Company agree that such
provisions shall be reformed to the maximum limitations permitted by the
applicable laws.  The Employee further
acknowledges that the decision whether to consent to release Employee from the
provisions of this Agreement is within the sole discretion of the Company.

 

6.                                       Injunctive Relief. 
Employee acknowledges and agrees that in the event of a violation or
threatened violation of any provision of this Agreement, the Company will
sustain irreparable harm and will have the full right to seek injunctive
relief, in addition to any other legal remedies available, without the
requirement of posting bond.

 

7.                                       Survivability. 
This Agreement shall remain binding in the event of the termination, for
any reason, of employment with the Company.

 

8.                                       Governing Law. 
The formation, construction and interpretation of this Agreement shall
at all times and in all respects be governed by the laws of the State of
Maryland.

 

9.                                       Severable Provisions.  The provisions of this Agreement are
severable, and if any court determines that any provision of this Agreement is
invalid or unenforceable, in whole or in part, any invalidity or
unenforceability shall affect only that provision, and shall not make any other
provision of this Agreement invalid or unenforceable; and this Agreement shall
be narrowed by the court to the extent required to be valid and enforceable.

 

14

 

10.                                 Entire
Agreement.  This Agreement,
together with a separate Stock Option Grant Agreement and Buy-Sell Agreement
entered into between the parties, constitutes the entire agreement between the
parties with respect to the subject matter contained herein, and may not be
modified except in a written document signed by each of the parties
hereto.  No waiver of any breach of any
provision of this Agreement shall constitute a waiver of any other breach of
that or any other provision hereof.

 

IN WITNESS WHEREOF,
the parties have executed the Agreement as of the date first above written.

 

 

	
   

  	
   

  	
  UNDER ARMOUR, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name: J. Scott Plank

  
	
   

  	
   

  	
  Title: Chief
  Administrative Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  WITNESS:

  	
   

  	
  EMPLOYEE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Full Name]

  
						

 

15

 

ATTACHMENT
B

 

RELEASE
AGREEMENT

 

I understand and agree
completely to the terms set forth in the Under Armour, Inc Change in Control
Severance Agreement (the “Agreement”).

 

I understand that this
Release, together with the Agreement, constitutes the complete, final and
exclusive embodiment of the entire agreement between the Company and me with
regard to the subject matter hereof.  I
am not relying on any promise or representation by the Company that is not
expressly stated therein.  Certain capitalized
terms used in this Release are defined in the Agreement.

 

I hereby confirm my
obligations under the Company’s Employee Confidentiality, Non-Competition and
Non-Solicitation Agreement.

 

Except as otherwise set
forth in this Release, I hereby generally and completely release the Company
and its parents, subsidiaries, successors, predecessors and affiliates, and its
and their partners, members, directors, officers, employees, stockholders,
shareholders, agents, attorneys, predecessors, insurers, affiliates and
assigns, from any and all claims, liabilities and obligations, both known and
unknown, that arise out of or are in any way related to events, acts, conduct,
or omissions occurring at any time prior to and including the date I sign this
Release.  This general release includes,
but is not limited to:  (a) all claims
arising out of or in any way related to my employment with the Company or the
termination of that employment; (b) all claims related to my compensation or
benefits, including salary, bonuses, commissions, vacation pay, expense
reimbursements, severance pay, fringe benefits, stock, stock options, or any
other ownership interests in the Company (other than compensation and benefits
accrued before any termination of employment or any rights you may have under
stock option grants); (c) all claims for breach of contract, wrongful
termination, and breach of the implied covenant of good faith and fair dealing;
(d) all tort claims, including claims for fraud, defamation, emotional
distress, and discharge in violation of public policy; and (e) all federal,
state, and local statutory claims, including claims for discrimination,
harassment, retaliation, attorneys’ fees, or other claims arising under the
federal Civil Rights Act of 1964 (as amended), the federal Americans with
Disabilities Act of 1990 (as amended), the federal Age Discrimination in
Employment Act (as amended), and the federal Employee Retirement Income
Security Act of 1974 (as amended).

 

I understand that I may
consider whether to agree to the terms contained herein for a period of
twenty-one days after the date hereof. 
Accordingly, I will sign and return the acknowledgment copy of this
Release to acknowledge my understanding of and agreement with the
foregoing.  Prior to my signing this
Release, I was advised to consult with an attorney.

 

This Release will become
effective, enforceable and irrevocable seven days after the date on which I
sign it. During the seven-day period prior to this date, I may revoke this
Release to accept the terms hereof by indicating in writing to the Company my
intention to revoke.  I understand that
if I exercise my right to revoke hereunder, I will forfeit my right to receive
any of the special benefits offered to me under the Agreement, and to the
extent such payments have

 

16

 

already been made, I
agree that I will immediately reimburse the Company for the amounts of such
payment.

 

	
   

  	
  EMPLOYEE

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  [Full Name]

  
	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
   

  
					

 

17

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