Document:

Exhibit 10.16A

 Exhibit 10.16a 
 AMENDMENT NO. 1 TO PLEDGE AGREEMENT 
 THIS AMENDMENT NO. 1 TO PLEDGE AGREEMENT (this
“Amendment”) is made and entered into as of the 7th day of June, 2006, by and between UNDER ARMOUR, INC., a Maryland corporation (“Pledgor”); and THE CIT GROUP/COMMERCIAL SERVICES, INC., a New York corporation, in
its capacity as agent (in such capacity, the “Agent”) for the Lenders (as hereinafter defined) under the Financing Agreement (as hereinafter defined). 
 BACKGROUND STATEMENT 
 A. Pledgor and the Agent are parties to a certain Pledge Agreement (Under
Armour, Inc.), dated September 28, 2005 (the “Pledge Agreement”), executed and delivered pursuant to the provisions of a certain Second Amended and Restated Financing Agreement, also dated September 28, 2005 (such Second
Amended and Restated Financing Agreement, as amended, modified, supplemented or restated from time to time, the “Financing Agreement”), among Pledgor and its wholly-owned domestic subsidiaries that are parties thereto from time to
time (each, a “Borrower” and collectively, the “Borrowers”), the lenders and financial institutions that are parties thereto from time to time (collectively, the “Lenders”), and the Agent.

 B. Pursuant to the Financing Agreement, the Lenders have agreed, upon the terms and subject to the conditions contained therein, to extend
certain financing to the Borrowers as more particularly described in the Financing Agreement. All capitalized terms used in this Amendment without definition shall have the meanings ascribed to such terms in the Financing Agreement. 
 C. Pursuant to the Pledge Agreement, Pledgor has granted to the Agent, for the benefit of the Lenders, a security interest in 100% of the stock and
membership interests of Under Armour Retail, Inc., a Maryland corporation, and Under Armour Hong Kong, LLC, a Maryland limited liability company, and 65% of the stock of Under Armour Canada, Inc., a Canadian corporation, as security for the
Obligations. 
 D. Pledgor has created and formed a new wholly-owned Domestic Subsidiary, Under Armour Direct, Inc. (“Under Armour
Direct”), a Maryland corporation. 
 E. Pursuant to Section 7.4(g) of the Financing Agreement, Under Armour Direct, the other
Borrowers and the Agent have executed and delivered a Joinder Agreement, dated of even date herewith, by which Under Armour Direct and other newly created Domestic Subsidiaries of Pledgor have each become a co-borrower under the Financing Agreement
and are permitted to borrow from the Lenders under the Financing Agreement pursuant to the terms thereof. 
 F. It is an additional
requirement under Section 7.4(g) of the Financing Agreement that Pledgor execute and deliver this Amendment and confirm that the Collateral granted by Pledgor to the Agent, for the benefit of the Lenders, under the Financing Agreement and the
other Loan Documents as security for the Obligations includes all of the issued and outstanding stock of Under Armour Direct. 
  

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 G. To accomplish the foregoing, Pledgor and the Agent wish to enter into this Amendment. 
 NOW, THEREFORE, in consideration of the premises and for other good and valuable considerations, the receipt and sufficiency of which are hereby
expressly acknowledged, and intending to be legally bound hereby, the parties hereto hereby agree as follows: 
 1. Amendments to Pledge
Agreement. The Pledge Agreement is amended as follows: 
 (a) The definition of “Companies” is amended, for all
purposes, to also refer to and include Under Armour Direct. 
 (b) Exhibit A attached to the Pledge Agreement
(Description of Pledged Interests) is amended to also include 1,000 shares of the common stock of Under Armour Direct evidenced by certificate number 1. 
 (c) The definition of “Pledged Interests” is amended, for all purposes, to also refer to and include the shares of capital stock of Under Armour Direct described in this Amendment and all additional shares
of capital stock of Under Armour Direct acquired by Pledgor in any manner. 
 2. Full Force and Effect. As expressly amended hereby,
the Pledge Agreement shall continue in full force and effect in accordance with the provisions thereof. As used in the Pledge Agreement, “hereinafter”, “hereto”, “hereof” or words of similar import, shall, unless the
context otherwise requires, mean the Pledge Agreement as amended by this Amendment. 
 3. Applicable Law. This Amendment shall be
governed by and construed in accordance with the internal laws and judicial decisions of the State of New York. 
 4. Counterparts.
This Amendment may be executed in one or more counterparts, each of which shall constitute an original, but all of which when taken together shall constitute but one and the same instrument. 
 5. Headings. The headings in this Amendment are for the purpose of reference only and shall not affect the construction of this Amendment.

 6. Waiver of Jury Trial. THE PARTIES HERETO WAIVE THE RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING
TO THE PLEDGE AGREEMENT, THIS AMENDMENT, THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED THEREUNDER. 
  

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

			
	 UNDER ARMOUR, INC.
 (“Pledgor”)

		
	By:	 	/s/ Kevin M. Haley
	Title: Vice President and Secretary

  

			
	 THE CIT GROUP/COMMERCIAL SERVICES, INC., as Agent
 (“Agent”)

		
	By:	 	/s/ Dan Upchurch
	Title: Vice President

  

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 CONSENT OF UNDER ARMOUR DIRECT, INC. 
 The undersigned, UNDER ARMOUR DIRECT, INC., a Maryland corporation, does hereby acknowledge receipt of a copy of the within and foregoing Amendment
No. 1 to Pledge Agreement and hereby grants its consent to the pledge by UNDER ARMOUR, INC., a Maryland corporation (“Pledgor”), of the issued and outstanding shares of capital stock of the undersigned to The CIT
Group/Commercial Services, Inc., a New York corporation, in its capacity as agent for the Lenders under the Financing Agreement, pursuant to the terms of the foregoing Pledge Agreement. 
 IN WITNESS WHEREOF, the Company has hereunto caused this consent to be duly executed by its duly authorized corporate officers as of the 19th day of May,
2006. 
  

			
	 COMPANY:

	
	UNDER ARMOUR DIRECT, INC.
		
	By:	 	/s/ Kevin M. Haley
	 Title: Secretary

  

 4Exhibit 10.16B

 Exhibit 10.16b 
 AMENDMENT NO. 2 TO PLEDGE AGREEMENT 
 (Under Armour, Inc.) 
 THIS AMENDMENT NO. 2 TO PLEDGE AGREEMENT (this “Amendment”) is made and entered into as of the 22nd day of December, 2006, by and
between UNDER ARMOUR, INC., a Maryland corporation (“Pledgor”); and THE CIT GROUP/COMMERCIAL SERVICES, INC., a New York corporation, in its capacity as agent (in such capacity, the “Agent”) for the Lenders (as
hereinafter defined) under the Financing Agreement (as hereinafter defined). 
 BACKGROUND STATEMENT 
 A. Pledgor and the Agent are parties to a certain Pledge Agreement (Under Armour, Inc.), dated September 28, 2005, as previously amended by
Amendment No. 1 thereto dated June 7, 2006 (such Pledge Agreement, as amended, supplemented, restated or otherwise modified from time to time, the “Pledge Agreement”), executed and delivered pursuant to the provisions of a
certain Second Amended and Restated Financing Agreement, also dated September 28, 2005 (such Second Amended and Restated Financing Agreement, as amended, supplemented, restated or otherwise modified from time to time, the “2005
Financing Agreement”), among Pledgor and its wholly-owned domestic subsidiaries that are parties thereto from time to time (each, a “Borrower” and collectively, the “Borrowers”), the lenders and financial
institutions that are parties thereto from time to time (collectively, the “Lenders”), and the Agent. 
 B. Pursuant to the
Pledge Agreement, Pledgor granted to the Agent, for the benefit of the Lenders, a security interest in, among other collateral, 65% of the stock of Under Armour Canada, Inc., a Canadian corporation (referred to in the Pledge Agreement and herein as
“Under Armour”), as security for the Obligations. 
 C. The Borrowers, the Agent and the Lenders are entering into a Third
Amended and Rested Financing Agreement, dated of even date herewith (such Third Amended and Restated Financing Agreement, as amended, supplemented, restated or otherwise modified from time to time, the “2006 Financing Agreement”),
which amends and restates in its entirety all of the terms and provisions of the 2005 Financing Agreement. 
 D. Pursuant to the terms of the
2006 Financing Agreement, the stock of Under Armour pledged pursuant to the Pledge Agreement shall no longer secure the Obligations. 
 E.
Pledgor and Agent therefore wish to enter into this Amendment in order for the Agent to release its security interest in any of the stock of Under Armour pledged pursuant to the Pledge Agreement and to make certain conforming changes thereto.

 F. To accomplish the foregoing, Pledgor and the Agent wish to enter into this Amendment. 
  

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 NOW, THEREFORE, in consideration of the premises and for other good and valuable considerations, the
receipt and sufficiency of which are hereby expressly acknowledged, and intending to be legally bound hereby, the parties hereto hereby agree as follows: 
 1. Release of Security Interest in Stock of Under Armour. The Agent hereby releases its security interest in that portion of the Pledged Interests consisting of sixty-five (65) shares of common stock of
Under Armour evidenced by certificate number 3. As soon as practicable hereafter, the Agent shall redeliver to Pledgor the original of such stock certificate, together with the stock power relating thereto signed in blank, each of which were
previously delivered to the Agent by Pledgor pursuant to the Pledge Agreement. 
 2. Amendments to Pledge Agreement. The Pledge
Agreement is hereby amended as follows: 
 (a) All references in the Pledge Agreement to the “Financing Agreement”
are amended to mean and refer to the 2006 Financing Agreement, as amended, supplemented, restated or otherwise modified from time to time. 
 (b) Section 2(a)(i) is amended in its entirety to read as follows: 
 “(i) All of
the issued and outstanding shares of capital stock, membership interests or other ownership interests of each Company described in Exhibit A attached hereto, and all additional shares of capital stock, membership interests or other
ownership interests of each Company from time to time hereafter acquired by Pledgor in any manner (all such shares of capital stock, membership interests or other ownership interests being hereinafter referred to as the “Pledged
Interests”);” 
 (c) Section 5(g) is amended in its entirety to read as follows: 
 “(g) On the date hereof, the Pledged Interests constitute one hundred percent (100%) of the issued and outstanding capital
stock, membership interests or other ownership interests of each other Company.” 
 (d) Section 7(c) is amended in
its entirety to read as follows: 
 “(c) Consent to the issuance by the Companies of any new capital stock, membership
interests or other ownership interests except to Pledgor, provided all such new capital stock, membership interests or other ownership interests is pledged and delivered to the Agent to be held under the terms of this Agreement in the same
manner as the Collateral originally pledged hereunder.” 
 (e) Exhibit A to the Pledge Agreement is amended by
deleting any references therein to Under Armour Canada, Inc. 
  

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 2. Full Force and Effect. As expressly amended hereby, the Pledge Agreement shall continue in full
force and effect in accordance with the provisions thereof. As used in the Pledge Agreement, “hereinafter”, “hereto”, “hereof” or words of similar import, shall, unless the context otherwise requires, mean the Pledge
Agreement as amended by this Amendment. 
 3. Applicable Law. This Amendment shall be governed by and construed in accordance with the
internal laws and judicial decisions of the State of New York. 
 4. Counterparts. This Amendment may be executed in one or more
counterparts, each of which shall constitute an original, but all of which when taken together shall constitute but one and the same instrument. 
 5. Headings. The headings in this Amendment are for the purpose of reference only and shall not affect the construction of this Amendment. 
 6. Waiver of Jury Trial. THE PARTIES HERETO WAIVE THE RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THE PLEDGE AGREEMENT, THIS AMENDMENT, THE OTHER LOAN DOCUMENTS OR THE
TRANSACTIONS CONTEMPLATED THEREUNDER. 
 [Rest of Page Intentionally Left Blank] 
  

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

			
	UNDER ARMOUR, INC.
	 (“Pledgor”)

		
	By:	 	/s/ Wayne A. Marino

			
	Title:	 	Executive Vice President and Chief Financial Officer

  

			
	THE CIT GROUP/COMMERCIAL SERVICES, INC., as Agent
	 (“Agent”)

		
	By:	 	/s/ Timothy E. Cropper

			
	Title:	 	Senior Vice President

  

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