Document:

Exhibit 10.26

 Exhibit 10.26 
 UNDER ARMOUR, INC. 
 STOCK OPTION GRANT 
 PRIVATE AND CONFIDENTIAL 

 UNDER ARMOUR, INC. 
 STOCK OPTION GRANT AGREEMENT 
 This Grant Agreement (the “Agreement”) is entered into this
             day of                     , 2005, by and between Under
Armour, Inc. (the “Corporation”), a Maryland corporation, and                      (“Grantee”). 
 Grantee and the Corporation agree that, until such time as securities issuable pursuant to the Plan become registered under the Securities Act of 1933,
the grant of options hereunder and the purchase and sale of Common Stock upon exercise thereof are intended to comply with the exemption from registration provided by Rule 701 of the Securities Act of 1933 and each party hereto shall use his or its
best efforts to comply with such Rule 701. To the extent that an exemption from registration under the Securities Act provided by Rule 701 is unavailable, the grant of options hereunder and the sale of Common Stock upon exercise thereof are intended
to be exempt from registration under the Securities Act in reliance upon the private offering exemption contained in Section 4(2) of the Securities Act, or other available exemption. 
 ARTICLE 1 
 GRANT OF OPTION 
 Section 1.1 Grant of Options. Subject to the provisions of the Agreement, and pursuant to the provisions of the KP Sports, Inc. Stock
Option Plan (the “Plan”), Corporation hereby grants to Grantee, as of the Grant Date specified in Attachment A, a Stock Option (the “Option”) of the type stated in Attachment A to purchase all or any part of the number and class
of shares of Common Stock set forth on Attachment A at the exercise price per share (“Option Price”) set forth on Attachment A, all of which is on a split adjusted basis. 
 Section 1.2 Term of Options. Unless the Option granted pursuant to Section 1.1 terminates earlier pursuant to other provisions of
the Agreement, the Option shall expire at 5:00 p.m. Eastern Time on the expiration date specified in Attachment A. If earlier, the Option shall terminate on the date specified in Article IV following the termination of Grantee’s employment or
affiliation (as a consultant or director) with the Corporation. Notwithstanding anything else in this Agreement, the Option will expire no later than the fifth (5th) anniversary of its Grant Date. 
 ARTICLE 2 
 VESTING 

Section 2.1 Vesting Schedule. Unless the Option has earlier terminated pursuant to the provisions of this Agreement, Grantee shall
become vested on the dates specified on Attachment A in a portion of the Option with respect to a percentage or number of the underlying shares in accordance with the vesting schedule specified on Attachment A; provided that Grantee shall have been
in the continuous employ of or affiliation (as a consultant or director) with the Corporation from the Grant Date through any such date. In the event of a planned sale of all or substantially all of the assets of the Corporation, either through
an asset or stock transaction (a “Change in Control”), the vesting schedule shall be accelerated and fifty percent (50%) of the then unvested Options provided in this Agreement shall mature and become exercisable immediately before
the consummation of the Change in Control. 
 ARTICLE 3 
 EXERCISE OF OPTION 
 Section 3.1 Exercisability of Option. No
portion of the Option granted to Grantee shall be exercisable by Grantee prior to the time such portion of the Option has vested. 

 Section 3.2 Manner of Exercise. The vested portion of the Option may be exercised, in
whole or in part, by delivering written notice to the Committee in the form attached hereto as Attachment B or in such other form as the Committee may require from time to time. Such notice shall specify the number of shares of Common Stock subject
to the Option as to which the Option is being exercised, and shall be accompanied by full payment of the Option Price of the shares of Common Stock as to which the Option is being exercised. Payment of the Option Price shall be made in cash (or cash
equivalents acceptable to the Committee in the Committee’s discretion). In the Committee’s sole and absolute discretion, the Committee may authorize payment of the Option Price to be made, in whole or in part, by such other means as the
Committee may prescribe. The Option may be exercised only in multiples of whole shares and no partial shares shall be issued. 
 Section 3.3 Issuance of Shares and Payment of Cash upon Exercise. Upon exercise of the Option, in whole or in part, in accordance with the terms of the Agreement and upon payment of the Option Price for the shares of
Common Stock as to which the Option is exercised, the Corporation shall issue to Grantee or, in the event of Grantee’s death, to Grantee’s executor, personal representative or the person to whom the Option shall have been transferred by
will or the laws of descent and distribution, as the case may be, the number of shares of Common Stock so paid for, in the form of fully paid and nonassessable Common Stock. The stock certificates for any shares of Common Stock issued hereunder
shall, unless such shares are registered bear a legend restricting transferability of such shares. 
 Section 3.4 Buy-Sell
Agreement. As a condition precedent to the issuance of the shares of Common Stock pursuant to Section 3.3 hereinabove, Grantee (or, in the event of Grantee’s death or disability, to Grantee’s guardian, legal representative,
executor, personal representative or the person to whom the Option shall have been transferred by will or the laws of descent and distribution, as the case may be) shall be, or shall execute and become, a party to the Buy-Sell Agreement by and
between Grantee and the Corporation (the “Buy-Sell Agreement”), attached hereto as Attachment C and by reference made a part hereof, in such form as the Committee may determine from time to time, which shall in any case be consistent with
the terms of the Buy-Sell Agreement as it may be amended from time to time. Accordingly, the Grantee hereby undertakes and agrees to be bound by all terms and provisions of the Buy-Sell Agreement, regardless of whether the Buy-Sell Agreement is
actually executed and delivered by the Grantee. The stock certificates for any shares of Common Stock issued under Section 3.3 hereinabove shall contain a legend indicating that such shares are subject to the provisions of the Buy-Sell
Agreement. 
 Section 3.5 Employment Confidentiality Agreement. As a condition to the grant of options pursuant to this
Agreement, Grantee shall have executed and become a party to the Employee Confidentiality, Non-Competition, and Non-Solicitation Agreement by and between Grantee and the Corporation (the “Confidentiality, Non-Competition and Non-Solicitation
Agreement”) attached hereto as Attachment D. 
 Section 3.6 Forfeiture. If Grantee should take any actions in
violation of the Confidentiality, Non-Competition and Non-Solicitation Agreement, or in violation of any non-competition agreement entered into between Grantee and the Corporation, it will be considered grounds for termination for Cause as defined
in Section 4.1 of this Agreement, and all unexercised portions of the Option, whether vested or not, will terminate, be forfeited and will lapse, as provided in Section 4.1. 
 ARTICLE 4 
 TERMINATION OF EMPLOYMENT 
 Section 4.1 Termination of Employment or Affiliation for Cause. Unless the Option has earlier terminated pursuant to the provisions of
this Agreement, in the event of the termination of Grantee’s employment or affiliation (as a consultant or director) for Cause (as defined herein), all 
  

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 unexercised portions of the Option, whether vested or not, will terminate, be forfeited and will lapse. A termination for
Cause shall be upon written notice to the Grantee. For the purposes of this Agreement only, “Cause” shall be defined as any of the following: 
  

	 	i.	the Grantee’s material misconduct or neglect in the performance of his duties as determined by the Grantee’s supervisor, division head, or Chief Executive Officer of the
Corporation (hereinafter, the “CEO”); 

  

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

  

	 	iii.	the Grantee’s use of illegal drugs or abusive use of prescription drugs as determined by a licensed physician or physicians designated by the Corporation to examine the
Grantee; 

  

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

  

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

 This Section 4.1 shall not be construed as a contract of employment between the Corporation (or an affiliate) and Grantee, or as a contractual right of Grantee
to continue in the employ of the Corporation or an affiliate, or as a limitation of the right of the Corporation or an affiliate to discharge Grantee at any time, for any reason, including reasons other than for Cause as defined herein.

 Section 4.2 Termination of Employment or Affiliation Other than for Cause or by Reason of Death or Disability.
Unless the Option has earlier terminated pursuant to the provisions of this Agreement, the vested portion of the Option shall terminate thirty (30) days following the termination of Grantee’s employment or affiliation (as a consultant or
director) with the Corporation for any reason other than for Cause as described in Section 4.1 of this Agreement, or by reason of Grantee’s death or disability. Grantee (or Grantee’s guardian, legal representative, executor, personal
representative or the person to whom the Option shall have been transferred by will or the laws of descent and distribution, as the case may be) may exercise all or any part of the vested portion of the Option, provided such exercise occurs within
thirty (30) days after the termination of Grantee’s employment or affiliation for any reason other than for Cause or by reason of death or disability, but not later than the end of the stated term of the Option. 
 ARTICLE 5 
 MISCELLANEOUS

 Section 5.1 Non-Guarantee of Employment. The Grantee acknowledges and agrees that the vesting of the Option
pursuant to the vesting schedule hereof is earned only by continuing as an employee to the Company. Nothing in the Plan or the Agreement shall be construed as a contract of employment between the Corporation (or an affiliate) and Grantee, or as a
contractual right of Grantee to continue in the employ of the Corporation or an affiliate, or as a limitation of the right of the Corporation or an affiliate to discharge Grantee at any time, including reasons other than for Cause as defined in this
Agreement. 
 Section 5.2 No Rights of Stockholder. Grantee shall not have any of the rights of a stockholder with respect
to the shares of Common Stock that may be issued upon the exercise of the Option until such shares of Common Stock have been issued to him upon the due exercise of the Option. 
  

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 Section 5.3. Non-Qualified Stock Option. This Option is not intended to qualify as an
incentive stock option under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). 
 Section 5.4 Withholding of Taxes. The Corporation or any affiliate shall have the right to deduct from any compensation or any other payment of any kind (including withholding the issuance of shares of Common Stock) due
Grantee the amount of any federal, state or local taxes required by law to be withheld as the result of the exercise of the Option or the disposition (as that term is defined in §424(c) of the Code) of shares of Common Stock acquired pursuant
to the exercise of the Option. In lieu of such deduction, the Committee may require Grantee to make a cash payment to the Corporation or an affiliate equal to the amount required to be withheld. If Grantee does not make such payment when requested,
the Corporation may refuse to issue any Common Stock certificate under the Plan until arrangements satisfactory to the Committee for such payment have been made. 
 Section 5.5 Nontransferability of Option. The Option shall be nontransferable otherwise than by will or the laws of descent and distribution. The Option may not be assigned, pledged or hypothecated,
and shall not be subject to execution, attachment or similar process. During the lifetime of Grantee, the Option may be exercised only by Grantee or, during the period Grantee is under a legal disability, by Grantee’s guardian or legal
representative. Upon any attempt to transfer this Option, or to assign, pledge, hypothecate or otherwise dispose of this Option in violation of this provision, or upon the levy of any attachment or similar process upon such Option or such rights,
this Option shall immediately lapse and become null and void. 
 Section 5.6 Agreement Subject to Charter and Bylaws. This
Agreement is subject to the Charter and Bylaws of the Corporation, as amended, and any applicable Federal or state laws, rules or regulations, including without limitation, the laws, rules, and regulations of the State of Maryland. 
 Section 5.7 Gender. As used herein the masculine shall include the feminine as the circumstances may require. 
 Section 5.8 Headings. The headings in the Agreement are for reference purposes only and shall not affect the meaning or interpretation
of the Agreement. 
 Section 5.9 Notices. All notices and other communications made or given pursuant to the Agreement
shall be in writing and shall be sufficiently made or given if hand delivered or mailed by certified mail, addressed to Grantee at the address contained in the records of the Corporation, or addressed to the Committee, care of the Corporation for
the attention of its Secretary at its principal office or, if the receiving party consents in advance, transmitted and received via telecopy or via such other electronic transmission mechanism as may be available to the parties. 
 Section 5.10 Compliance with Regulatory Matters. The Grantee acknowledges the issuance of shares of Common Stock is subject to
limitations imposed by federal and state law, and the Grantee hereby agrees that the Company shall not be obligated to issue any shares of Common Stock upon exercise of the Option that would cause the Company to violate law or any rule, regulation,
order or consent decree of any regulatory authority (including without limitation the Securities and Exchange Commission) having jurisdiction over the affairs of the Company. 
 Section 5.11 Entire Agreement; Modification Waiver. The Agreement contains the entire agreement between the parties with respect to
the subject matter contained herein and may not be modified, except as provided in the Plan or 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. 
  

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 Section 5.12 Conformity with Plan. This Agreement is intended to conform in all
respects with, and is subject to all applicable provisions of, the Plan, which is incorporated herein by reference. Unless stated otherwise herein, capitalized terms in this Agreement shall have the same meaning as defined in the Plan.
Inconsistencies between this Agreement and the Plan shall be resolved in accordance with the terms of the Plan. In the event of any ambiguity in the Agreement or any matters as to which the Agreement is silent, the Plan shall govern including,
without limitation, the provisions thereof pursuant to which the Committee has the power, among others, to (i) interpret the Plan and Grant Agreements related thereto, (ii) prescribe, amend and rescind rules and regulations relating to the
Plan, and (iii) make all other determinations deemed necessary or advisable for the administration of the Plan. The Grantee acknowledges by signing this Agreement that he or she has received and reviewed a copy of the Plan. 
 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:	 		 	GRANTEE
			
	  
	 		 	     

  

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 UNDER ARMOUR, INC. 
 STOCK OPTION GRANT AGREEMENT 
 ATTACHMENT A 
  

					
	Grantee:	  		  	
		
	Type of Option:	  	Non-Qualified Stock Option
			
	Grant Date:	  		  	
		
	Number and Class of Shares:	  	                         shares of Common
Stock
			
	Exercise Price Per Share:	  	$	  	
			
	Expiration Date:	  		  	
		
	Termination Date:	  	If earlier than the Expiration Date, the Option terminates at the following times after your termination of employment or affiliation with the Corporation:
		
		  	VESTED OPTION
			
		  	Immediately -	  	following termination for Cause.
			
		  	Thirty (30) days –	  	following resignation or termination for any reason other than for Cause, or due to death or disability.
		
		  	UNVESTED OPTION
			
		  	Immediately-	  	following any termination

  

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 Vesting Schedule: 
 The Option shall become vested and exercisable as follows: 
  

									
	 Number of
 Shares
	 	Date Granted	 	Date Excerisable	 	Option Price
per share	 	Expiration Date

  
  
 provided Grantee has been in continuous employment or affiliation (as a consultant or director) with the Corporation from the Grant Date through any such vesting date or such earlier date as provided in
Section 2.1. 
  

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 UNDER ARMOUR, INC. 
 STOCK OPTION GRANT AGREEMENT 
 ATTACHMENT B 
 EXERCISE FORM 
 Under Armour, Inc. 
 1020 Hull Street, Third Floor 
 Baltimore, Maryland 21230 
 Gentlemen: 
 1. Exercise of Stock Option. I hereby exercise the Non-Qualified Stock Option (the
“Stock Option”) granted to me on                      by Under Armour, Inc. (the “Corporation”), subject to all the terms
and provisions thereof and of the KP Sports, Inc. Stock Option Plan (the “Plan”), and notify you of my desire to purchase
                     shares (the “Shares”) of Common Stock of the Corporation at a price of
$                     per share pursuant to the exercise of said Stock Option. 
 2. Information about the Corporation. I am aware of the Corporation’s business affairs and financial condition and have acquired sufficient
information about the Corporation to reach an informed and knowledgeable decision to acquire the Shares. 
 3. Tax Consequences. I am
not relying upon the Corporation for any tax advice in connection with this option exercise, but rather am relying on my own personal tax advisors in connection with the exercise of the Stock Option and any subsequent disposition of the Shares.

 4. Tax Withholding. I understand that, in the case of a non-qualified stock option, I must submit upon demand from the Corporation
an amount in cash or cash equivalents sufficient to satisfy any federal, state or local tax withholding applicable to this Stock Option exercise, in addition to the purchase price enclosed, or make such other arrangements for such tax withholding
that are satisfactory to the Corporation, in its sole discretion, in order for this exercise to be effective. 
 5. Unregistered
Shares. The following shall apply in the event the Shares purchased herein are not registered under the Securities Act of 1933, as amended: 
 (a) I am acquiring the Shares for my own account for investment with no present intention of dividing my interest with others or of reselling or otherwise disposing of any of the Shares. 
 (b) The Shares are being issued without registration under the Securities Act of 1933, as amended (the “Act”), in reliance upon the exemption
provided by Section 3(b) of the Act for employee benefit plans, contained in Rule 701 promulgated thereunder, or in lieu thereof upon the private offering exemption contained in Section 4(2) of the Act, and such reliance is based in part
on the above representation. 
 (c) Since the Shares have not been registered under the Act, they must be held indefinitely until an
exemption from the registration requirements of the Act is available or they are subsequently registered, in which event the representation in Paragraph (a) hereof shall terminate. As a condition to any transfer of the Shares, I understand that
the Corporation will require an opinion of counsel satisfactory to the Corporation to the effect that such transfer does not require registration under the Act or any state securities law. 
  

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 (d) The issuer is not obligated to comply with the registration requirements of the Act or with the
requirements for an exemption under Regulation A under the Act for my benefit. 
 (e) The certificates for the Shares to be issued to me
shall contain appropriate legends to reflect the restrictions on transferability imposed by the Act. 
 (f) I am a party to the Buy-Sell
Agreement with the Corporation (or will be upon the issuer’s execution of the Buy-Sell Agreement executed by me and attached hereto) pursuant to which I have agreed to certain restrictions on the transferability of the Shares and other matters
relating thereto, and the certificates for the Shares to be issued to me shall contain a legend to that effect. Accordingly, I hereby undertake and agree to be bound by all terms and provisions of the Buy-Sell Agreement, regardless of whether the
Buy-Sell Agreement is actually executed and delivered by me. 
 Total Amount Enclosed:
$                     
  

					
	Date:
                                        
              	  	  

		
		  	Received by Under Armour, Inc.
		
		  	On:
                                        ,
20    
			
		  	By:Exhibit 10.27

 Exhibit 10.27 
 Grant No.: «Grant» 
 UNDER ARMOUR, INC. 
 RESTRICTED STOCK AGREEMENT 
 Under
Armour, Inc., a Maryland corporation (the “Company”), hereby grants its shares of Class A Common Stock, $.0003 1/3 par value, (the “Common Stock”) to the Grantee named below, subject to the vesting conditions set forth in
the attachment. Additional terms and conditions of the grant are set forth in this cover sheet, in the attachment, and in the KP Sports, Inc. Stock Option Plan, as amended (the “Plan”). 
 Grant Date: _______________ 
 Vesting Start Date: ____________ 

Name of Grantee: «Name» 
 Grantee’s Social Security
Number: _____-____-_____ 
 Number of Shares of Common Stock Covered by Grant: _______________ 
 Purchase Price per Share of Common Stock: ______ 
 By signing this cover sheet, you agree to all of
the terms and conditions described in the attached Agreement and in the Plan, a copy of which is also attached. You acknowledge that you have carefully reviewed the Plan, and agree that the Plan will control in the event any provision of this
Agreement should appear to be inconsistent. 
 Grantee:                                     
                                        
                                        
                                        
                                        
                                        
     
 (Signature) 
  

	Company:                                     
                                        
                                        
                                        
                                        
                                       
 	

 (Signature) 
 Title:                                     
                                        
                                        
                                        
                                        
                                   
 Attachment 
 This is not a stock certificate or a negotiable instrument.

 UNDER ARMOUR, INC. 
 RESTRICTED STOCK AGREEMENT 
  

			
	Restricted Stock/ Nontransferability	  	This grant is an award of Common Stock in the number of shares set forth on the cover sheet, at the Purchase Price set forth on the cover sheet, and subject to the vesting conditions
described below (“Restricted Stock”). The Purchase Price for the Restricted Stock is deemed paid by your services to the Company. To the extent not yet vested, your Restricted Stock may not be transferred, assigned, pledged or
hypothecated, whether by operation of law or otherwise, nor may the Restricted Stock be made subject to execution, attachment or similar process.
		
	Issuance and Vesting	  	 The Company will issue your Restricted Stock in your name as of the Grant Date.
 Except as otherwise set forth below, your right to the Common Stock under this Restricted Stock grant vests as to 100% of the total number of shares covered by this grant, as shown on the cover sheet, on the second
anniversary of the Vesting Start Date, provided you then continue in service (the “Vesting Date”). If the Vesting Date would otherwise occur during a period in which you are: (a) subject to a lock-up agreement restricting your ability to
sell shares of Stock in the open market or (b) restricted from selling shares of Stock in the open market because you are not then eligible to sell under the Company’s insider trading or similar plan as then in effect (whether because a trading
window is not open or you are otherwise restricted from trading), the Vesting Date will be delayed until the first date on which you are no longer prohibited from selling shares of Stock due to a lock-up agreement or insider trading plan
restriction; provided, however, you shall not be deemed to be restricted pursuant to subparagraph (b) above if you have in place at the Vesting Date an enforceable 10b5-1 trading plan. You cannot vest in more than the number of shares covered
by this grant. No shares will vest after your service has terminated for any reason.

		
	Termination on Death or Disability; Change of Control	  	Your right to the Common Stock under this Restricted Stock grant vests as to 100% of the total number of shares covered by this grant, as shown on the cover sheet, in the event of a Change in
Control, or if you terminate your service due to death or Disability.
		
	Termination in the Event of Extraordinary Circumstances	  	If the event that your service to the Company is terminated without Cause prior to your Vesting Date in extraordinary circumstances, the Board or the Compensation Committee may, in its sole
discretion, accelerate vesting in your rights to the Common Stock under this Restricted Stock Agreement. Extraordinary circumstances would include a change in composition of the Board in connection with a merger and acquisition, corporate
restructuring, initial public offering, strategic investment or similar corporate transaction.

  

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	Forfeiture of Unvested Common Stock	  	In the event that your service terminates for any reason other than due to death or Disability or in extraordinary circumstances in connection with which vesting has been accelerated, you
will forfeit to the Company all of the shares of Common Stock subject to this grant that have not yet vested.
		
	Book Entry Restrictions/Escrow	  	 The Restricted Stock may be issued in book entry form. If so, the Company shall cause the transfer agent for the shares of Common Stock to make a
book entry record showing ownership for the shares of Restricted Stock in your name subject to the terms and conditions of this Agreement. You shall be issued an account statement acknowledging your ownership of the shares of Restricted
Stock.
 If certificates are issued evidencing the shares of Restricted Stock, the certificates for the Restricted Stock shall be deposited in escrow with the
Secretary of the Company to be held in accordance with the provisions of this paragraph. Each deposited certificate shall be accompanied by a duly executed Assignment Separate from Certificate in the form attached hereto as Exhibit A. The
deposited certificates shall remain in escrow until such time or times as the certificates are to be released or otherwise surrendered for cancellation as discussed below. Upon delivery of the certificates to the Company, you shall be issued an
instrument of deposit acknowledging the number of shares of Stock delivered in escrow to the Secretary of the Company.
 As your interest in the shares vests,
as described above, the certificates for such vested shares shall be released from escrow and delivered to you, at your request, within 30 days of their vesting.

		
	Withholding Taxes	  	In the event that the Company determines that any federal, state, local or foreign tax or withholding payment is required relating to the vesting of shares arising from this grant, the
Company shall have the right to require such payments from you, or withhold such amounts from other payments due to you from the Company or any affiliate.
		
	Section 83(b) Election	  	Under Section 83 of the Internal Revenue Code of 1986, as amended (the “Code”), the difference between the purchase price paid for the shares of Stock and their fair market value on
the date any forfeiture restrictions applicable to such shares lapse will be reportable as ordinary income at that time. For this purpose, “forfeiture restrictions” includes forfeiture as to unvested Stock described above. You may elect to
be taxed at the time the shares are acquired, rather than when such shares cease to be subject to such forfeiture restrictions, by filing an election under Section 83(b) of the Code with the Internal Revenue Service within thirty (30) days after the
Grant Date. You will have to make a tax payment to the extent the purchase price is less than the fair market value of the shares on the Grant Date. No tax payment will have to be made to the extent the purchase price is at least equal to the fair
market value of the shares on the Grant Date. The form for making this election is attached as Exhibit B hereto. Failure to make this filing within the thirty (30) day period will result in the recognition of ordinary income by you (in the event the
fair market value of the shares as of the vesting date exceeds the purchase price) as the forfeiture restrictions lapse.

  

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		  	YOU ACKNOWLEDGE THAT IT IS YOUR SOLE RESPONSIBILITY, AND NOT THE COMPANY’S, TO FILE A TIMELY ELECTION UNDER SECTION 83(b), EVEN IF YOU REQUEST THE COMPANY OR ITS REPRESENTATIVES TO MAKE
THIS FILING ON YOUR BEHALF. YOU ARE RELYING SOLELY ON YOUR OWN ADVISORS WITH RESPECT TO THE DECISION AS TO WHETHER OR NOT TO FILE ANY 83(b) ELECTION.
		
	Retention Rights	  	This Agreement does not give you the right to be retained by the Company (or any parent, Subsidiaries or affiliates) in any capacity. The Company (and any parent, Subsidiaries or affiliates)
reserves the right to terminate your service at any time and for any reason.
		
	Shareholder Rights	  	You have the right to vote the Restricted Stock and to receive any dividends declared or paid on such stock. Any distributions you receive as a result of any stock split, stock dividend,
combination of shares or other similar transaction shall be deemed to be a part of the Restricted Stock and subject to the same conditions and restrictions applicable thereto. Except as described in the Plan, no adjustments are made for dividends or
other rights if the applicable record date occurs before your stock certificate is issued.
		
	Adjustments	  	In the event of any stock dividend, stock split or other change in the corporate structure affecting the Common Stock, the number or kind of shares covered by this grant may be adjusted
pursuant to the Plan. Your Restricted Stock shall be subject to the terms of the agreement of merger, liquidation or reorganization in the event the Company is subject to such corporate activity.
		
	 Legends
	  	All certificates representing the Common Stock issued in connection with this grant shall, where applicable, have endorsed thereon the following legends:

  

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		  	“THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER, OR HIS OR HER
PREDECESSOR IN INTEREST. A COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY AND WILL BE FURNISHED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY BY THE HOLDER OF RECORD OF THE SHARES REPRESENTED BY THIS
CERTIFICATE.”
		
	 Applicable Law
	  	This Agreement will be interpreted and enforced under the laws of the State of Maryland, other than any conflicts or choice of law rule or principle that might otherwise refer construction or
interpretation of this Agreement to the substantive law of another jurisdiction.
		
	 Market Stand-Off
	  	In connection with any underwritten public offering by the Company (the “Registrant”) of the Registrant’s securities pursuant to an effective registration statement filed under
the Securities Act of 1933 for such period as the underwriters may request (such period not to exceed 180 days following the date of the applicable offering), you shall not, directly or indirectly, sell, make any short sale of, loan, hypothecate,
pledge, offer, grant or sell any option or other contract for the purchase of, purchase any option or other contract for the sale of, loan, hypothecate, pledge, offer, grant or dispose of or transfer, or agree to engage in any of the foregoing
transactions with respect to, any shares of capital stock of the Company covered by this grant without the prior written consent of the underwriters of such public offering.
		
	 The Plan
	  	 The text of the Plan is incorporated in this Agreement by reference. Certain capitalized terms used in this Agreement are defined in the Plan, and
have the meaning set forth in the Plan.
 This Agreement and the Plan constitute the entire understanding between you and the Company regarding this grant of
Restricted Stock. Any prior agreements, commitments or negotiations concerning this grant are superseded.

		
	 Data Privacy
	  	 In order to administer the Plan, the Company may process personal data about you. Such data includes, but is not limited to, the information
provided in this Agreement and any changes thereto, other appropriate personal and financial data about you such as home address and business addresses and other contact information, payroll information and any other information that might be deemed
appropriate by the Company to facilitate the administration of the Plan.
  

  

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		  	By accepting this grant, you give explicit consent to the Company to process any such personal data. You also give explicit consent to the Company to transfer any such personal data outside
the country in which you work or are employed, including, with respect to non-U.S. resident Grantees, to the United States, to transferees who shall include the Company and other persons who are designated by the Company to administer the
Plan.
		
	 Consent to Electronic Delivery
	  	The Company may choose to deliver certain statutory materials relating to the Plan in electronic form. By accepting this grant, you agree that the Company may deliver the Plan prospectus and
the Company’s annual report to you in an electronic format. If at any time you would prefer to receive paper copies of these documents, as you are entitled to, the Company would be pleased to provide copies. Please contact J. Scott Plank at
410-454-6441 to request paper copies of these documents.

 By signing the cover sheet of this Agreement, you agree to all of the terms and conditions
described above and in the Plan. 
  

 6 

 Exhibit A 
 ASSIGNMENT SEPARATE FROM CERTIFICATE 
 FOR VALUE RECEIVED, _____________ sells, assigns and transfers
to Under Armour, Inc., a Maryland corporation (the “Company”), ____________ (            ) shares of the Company’s Class A Common Stock represented by Certificate No.
___ and does hereby irrevocably constitute and appoint ______________ to transfer the said common stock on the books of the Company with full power of substitution in the premises. 
 Dated:____________, 200__ 
  

	
	
	   
	Print Name

	
	
	   
	Signature

  
 Spouse Consent (if
applicable) 
 ___________________ (Purchaser’s spouse) indicates by the execution of this Assignment his or her consent to be bound
by the terms herein as to his or her interests, whether as community property or otherwise, if any, in the shares of class A common stock of the Company. 
  

	
	
	   
	Signature

  
  
 INSTRUCTIONS: PLEASE DO NOT FILL IN ANY BLANKS OTHER THAN THE SIGNATURE LINE. THE PURPOSE OF THIS ASSIGNMENT IS TO ENABLE THE COMPANY TO CAUSE THE FORFEITURE OF YOUR UNVESTED SHARES AS SET FORTH IN THE AGREEMENT
WITHOUT REQUIRING ADDITIONAL SIGNATURES ON THE PART OF PURCHASER. 
  

 7 

 EXHIBIT B 
 ELECTION UNDER SECTION 83(b) OF 
 THE INTERNAL REVENUE CODE 
 The undersigned hereby makes an election pursuant to Section 83(b) of the Internal Revenue Code with respect to the property described below and supplies the
following information in accordance with the regulations promulgated thereunder: 
  

	1.	The name, address and social security number of the undersigned: 

  

	
	Name:    __________________________________________________________________
	
	Address:    ________________________________________________________________
	
	_________________________________________________________________________
	
	 SocialSecurity No. :    ________________________________________________________

  
  

	2.	Description of property with respect to which the election is being made: 

 _______ shares of common stock, par value $.0003 1/3 per share, Under Armour, Inc., a Maryland corporation, (the “Company”). 
  

	3.	The date on which the property was transferred is _____________. 

  

	4.	The taxable year to which this election relates is calendar year 2005. 

  

	5.	Nature of restrictions to which the property is subject: 

 The shares of stock are subject to the provisions of a Restricted Stock Agreement between the undersigned and the Company. The shares of stock are subject to forfeiture under the terms of the Agreement. 
 6. The fair market value of the property at the time of transfer (determined without regard to any lapse restriction) was ______ per share, for a total of ______.

  

	7.	The amount paid by taxpayer for the property was $0.00. 

  

	8.	A copy of this statement has been furnished to the Company. 

 Dated: _____________, 2005 
  

	
	
	   
	Taxpayer’s Signature

	
	
	   
	Taxpayer’s Printed Name

  

 8 

 PROCEDURES FOR MAKING ELECTION 
 UNDER INTERNAL REVENUE CODE SECTION 83(b) 
 The
following procedures must be followed with respect to the attached form for making an election under Internal Revenue Code section 83(b) in order for the election to be effective:1 
 1. You must file one copy of the completed
election form with the IRS Service Center where you file your federal income tax returns within 30 days after the Grant Date of your Restricted Stock. 
 2. At the same time you file the election form with the IRS, you must also give a copy of the election form to the Secretary of the Company. 
 3. You must file another copy of the election form with your federal income tax return (generally, Form 1040) for the taxable year in which the
stock is transferred to you. 
  
  
  

	1	Whether or not to make the election is your decision and may create tax consequences for you. You are advised to consult your tax advisor if you are unsure whether
or not to make the election. 

  

 9

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