Document:

EX-4.1

 Exhibit 4.1 
  

 
 

 
 CLASS C 
COMMONSTOCK

INCORPORATED UNDER THE LAWS OF THE STATE OF MARYLAND 
NUMBER UAC 
SHARES 
Under Armour 
See reverse for certain definitions 
CUSIP 904311 20 6 
THIS CERTIFIES THAT SPECIMEN IS THE OWNER OF 
FULLY PAID AND NON-ASSESSABLE SHARES OF THE CLASS
C COMMON STOCK, PAR VALUE $.0003 1/3 PER SHARE, OF 
Under Armour, Inc. transferable on the books of the Corporation by the holder hereof in person or by duly
authorized attorney upon surrender of this certificate properly endorsed. This certificate and the shares represented hereby are issued and shall be held subject to all of the provisions of the Charter of the Corporation, to all of which the holder
of this certificate by acceptance hereof expressly assents. This certificate is not valid unless countersigned by the Transfer Agent and registered by the Registrar. Witness the facsimile seal of the Corporation and the facsimile signatures of
its duly authorized officers. 
Dated 
UNDER ARMOUR INC. CORPORATE SEAL 1996
MARYLAND 
JOHN P. STANTON SECRETARY 
KEVIN A. PLANK PRESIDENT AND CHIEF
EXECUTIVE OFFICER 
COUNTERSIGNED AND REGISTERED: 
AMERICAN STOCK TRANSFER &
TRUST COMPANY, LLC 
(Brooklyn, NY) 
BY: TRANSFER AGENT AND REGISTRAR

AUTHORIZED SIGNATURE 

 

 
 The Corporation currently has authorized for issuance Class A Common Stock, Class B Common Stock and Class C Common Stock and is also
authorized to issue additional classes or series of Common Stock or Preferred Stock on such terms as shall be determined by the Board of Directors. The Corporation will furnish to any stockholder on request and without charge a full statement of the
designations and any preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, qualifications, and terms and conditions of redemption of the stock of each class or series that the Corporation is authorized
to issue and the differences in the relative rights and preferences between the shares of each series of stock to the extent that they have been set. 
The following
abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations: 
TEN COM – as tenants in common 
TEN ENT – as tenants by the entireties 
JT TEN – as joint tenants with right of survivorship and not as tenants in common 
UNIF
GIFT MIN ACT– Custodian 
(Cust) (Minor) 
under Uniform Gifts to Minors

Act 
(State) 
UNIF TRANS MIN ACT– Custodian 
(Cust) (Minor) 
under Uniform Transfers to Minors 
Act 
(State) 
Additional abbreviations may also be used though not in the above list. 
FOR VALUE RECEIVED, hereby sell, assign and transfer unto 
PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE 
Please print or typewrite name and address including postal zip code of assignee of the Capital Stock represented by the
within Certificate and do hereby irrevocably constitute and appoint Attorney to transfer the said stock on the books of the within named Corporation with full power of substitution in the premises. 
Dated 
X X NOTICE: THE SIGNATURE(S) TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME(S) AS
WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER. SIGNATURE(S) GUARANTEED: THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS
AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15. 
KEEP THIS
CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN, MUTILATED OR DESTROYED, THE CORPORATION MAY REQUIRE A BOND OF INDEMNITY AS A CONDITION TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE.EX-4.2

 Exhibit 4.2 

The following is an excerpt of the Stipulation and Agreement of Compromise, Settlement and Release (the “Terms of Settlement”) that was entered
into by Under Armour, Inc., each of its directors and the plaintiffs in the class action litigation captioned In re: Under Armour Shareholder Litigation, Case No. 24-C-15-003240. 

 

					
	 IN RE: UNDER ARMOUR
SHAREHOLDER
 LITIGATION
	  		  	 IN THE
  

CIRCUIT COURT
  

FOR
  

BALTIMORE CITY
  

CASE NO. 24-C-15-003240

 Excerpted Portions of the 

Introduction, Summary, Section 1 and Section 2 

of the Terms of Settlement 

STIPULATION AND AGREEMENT OF 

COMPROMISE, SETTLEMENT AND RELEASE 

This Stipulation and Agreement of Compromise, Settlement and Release (this “Stipulation”), dated October 27, 2015, is entered
into by and between plaintiffs Pedro Ramirez Jr., Joshua G. Kohnstamm Trust, by Joshua G. Kohnstamm and Ricka Robb Kohnstamm, Trustees, and Sjunde AP-Fonden, for themselves and on behalf of the Class (as defined below) (together,
“Plaintiffs”), and defendants Byron K. Adams, Jr., George W. Bodenheimer, Douglas E. Coltharp, Anthony W. Deering, Karen W. Katz, A.B. Krongard, William R. McDermott, Eric T. Olson, and Harvey L. Sanders (together, the “Independent
Director Defendants”), Kevin A. Plank, and Under Armour, Inc. (“Under Armour” or the “Company,” and, together with the Independent Director Defendants and Mr. Plank, “Defendants”). Plaintiffs and Defendants
(together, the “Parties,” and each individually, a “Party”) are parties to the action captioned In re: Under Armour Shareholder Litigation, Case No. 24-C-15-003240 (the “Consolidated Action”). This
Stipulation states all of the terms of the settlement and resolution of this matter and is intended by the Parties to fully and finally compromise, resolve, discharge, and settle the Settled Claims (as defined below), subject to the terms and
conditions set forth below and subject to the approval of the Circuit Court for Baltimore City, Maryland (the “Court”). 

SUMMARY OF THE CASE 

WHEREAS, on June 15, 2015, Under Armour announced that the Company’s Board of Directors (the “Board”) unanimously (other
than Mr. Plank, who abstained from voting) determined that it was advisable and in the best interests of the Company and its stockholders 

 
(other than Mr. Plank, as to whom no determination was made) to make the following changes to the Company’s common stock and corporate governance that were negotiated by a special
committee of independent directors of the Board (the “Special Committee”) with Mr. Plank: 

(a)     Establish a new class of common stock (the “Class C Stock”) that is substantially
identical to the Company’s Class A Stock, except that the Class C Stock has no voting rights (except in certain limited situations) and will automatically convert to Class A Stock under certain limited circumstances (the
“Creation of Class C Stock”); 
 (b)     Declare and pay a dividend of one share of Class C
Stock for each outstanding share of the Company’s Class A Stock and Class B Stock (the “Class C Dividend,” and together with the Creation of Class C Stock, the “Class C Stock Issuance”); 

(c)    Make certain amendments to the Company’s charter (the “Charter”), benefitting the
holders of Class A Stock in connection with the Class C Stock Issuance (the “Charter Amendments”); and 

(d)    Approve the execution of the Confidentiality, Non-Competition, and Non-Solicitation Agreement
between the Company and Kevin A. Plank, dated June 15, 2015 (the “Noncompete Agreement”), pursuant to which, inter alia, Mr. Plank agreed not to compete with the Company or solicit any of its employees, customers, and suppliers,
and prospective customers and suppliers (other than on behalf of the Company) during Mr. Plank’s tenure with the Company and for five years thereafter (the Class C Stock Issuance, the Charter Amendments and the Noncompete Agreement are
hereinafter referred to as the “Recapitalization”); 
 WHEREAS, on June 15, 2015, Under Armour filed with the United
States Securities and Exchange Commission (the “SEC”) a Preliminary Proxy Statement seeking, inter alia, stockholder approval for the Charter Amendments. A Definitive Proxy Statement was filed with the SEC on July 13, 2015 (the
Preliminary Proxy Statement and the Definitive Proxy Statement are hereinafter referred to as the “Proxy Statements”); 

[Omitted] 
 NOW, THEREFORE,
IT IS HEREBY STIPULATED, CONSENTED TO, AND AGREED, by Plaintiffs, for themselves and on behalf of the Class, and Defendants, in consideration of the foregoing recitals (which are incorporated herein by reference), the covenants and agreements
contained herein, and the benefits conferred on Plaintiffs and the Class Members that the Consolidated Action, subject to the approval of the Court pursuant to Maryland Rule 2-231, shall be fully and finally compromised, settled, released, and
dismissed on the merits and with prejudice as to the Released Persons (as defined below), in the manner and upon the terms and conditions hereinafter set forth. 

  
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 DEFINITIONS 

1.     In addition to the definitions of terms provided elsewhere in this Stipulation, the following capitalized terms,
used in this Stipulation, shall have the meanings specified below: 
 1.    “Adjustment
Payment” means a dividend to holders of Class C Stock in the aggregate amount of $59 million in connection with the Settlement and in consideration of the release of the Settled Claims. 

2.    “Class” means all holders of Under Armour Class A Stock on June 15, 2015, anyone
who has acquired Under Armour Class A Stock between June 15, 2015 and the Preliminary Approval Date, and their successors in interest. Excluded from the Class are the Independent Director Defendants, Mr. Plank, and any person, firm,
trust, corporation, or other entity related to, or affiliated with, the Independent Director Defendants or Mr. Plank. 

3.    “Class Member” means any member of the Class. 

4.    [Omitted] 

5.    [Omitted] 

6.    [Omitted] 

7.    [Omitted] 

8.    “Initial Class C Distribution Date” means the date the Class C Dividend is issued to
holders of Class A Stock and Class B Stock as part of the Recapitalization. 
 9.    [Omitted] 

10.    “Order and Final Judgment” means an order or orders entered by the Court in the
Consolidated Action approving the Settlement and dismissing the Consolidated Action with prejudice, on the merits, and without costs to any Party except as otherwise provided in this Stipulation. 

11.    “Person” means any individual, corporation, partnership, limited liability company,
association, affiliate, joint stock company, estate, trust, unincorporated association, entity, government and any political subdivision thereof, or any other type of business or legal entity. 

12.    [Omitted] 

13.    “Preliminary Approval Date” means the date the Court enters the Preliminary Approval
Order. 
 14.    “Preliminary Approval Order” means the Order of Preliminary Approval entered
by the Court, substantially in the form attached hereto as Exhibit B. 

  
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 15.     “Released Persons” means, whether or not
each or all of the following persons or entities were named, served with process, or appeared in the Consolidated Action, any and all Defendants, the officers, directors, and employees of the Company, and their respective agents, executors,
trustees, fiduciaries, representatives, trusts, associates, affiliates, subsidiaries, predecessors, predecessors-in-interest, successors, successors-in-interest, assigns, transferees, family members, heirs, estates, administrators, beneficiaries,
distributees, foundations, fiduciaries, personal or legal representatives, attorneys, financial or investment advisors, investment bankers, insurers, co-insurers, reinsurers, or any person or entity acting for or on behalf of any of them and each of
them (including, without limitation, Citigroup, Inc. and Goldman, Sachs & Co.). 
 16.    
“Releasing Persons” means Plaintiffs and each and every Class Member, including, but not limited to, their respective agents, executors, trustees, fiduciaries, representatives, trusts, associates, affiliates, predecessors,
predecessors-in-interest, successors, successors-in-interest, assigns, transferees, or any person or entity acting for or on behalf of any of them and each of them. 

17.     “Settled Claims” means all claims against any of the Released Persons arising out of or
relating in any way to the Recapitalization or the consideration, implementation, or approval of the Recapitalization, including, but not limited to, all claims that were or could have been asserted (whether direct, class or derivative claims) in
any and all cases against the Company and/or any of its affiliated entities and/or its directors (including, but not limited to, Mr. Plank) and/or on behalf of the Company and/or any of its affiliated entities (including, but not limited to,
Ramirez v. Plank, et al., Case No. 24-C-15-003240 (Cir. Ct. Baltimore City June 18, 2015); Kohnstamm v. Plank, et al., Case No. 24-C-15-003308 (Cir. Ct. Baltimore City June 23, 2015); Sjunde AP-Fonden v. Plank,
et al., Case No. 24-C-15-003717 (Cir. Ct. Baltimore City July 15, 2015); and Bronfman v. Plank, et al., Case No. 24-C-15-003956 (Cir. Ct. Baltimore City July 28, 2015)); provided, however, that the Settled Claims shall
not include claims to enforce the Settlement or the terms of this Stipulation. For the avoidance of doubt, the definition of Settled Claims specifically includes Unknown Claims (as defined below), the inclusion of which is an essential,
bargained-for term of the Settlement and this Stipulation. 
 18.     “Settlement” means the
settlement of the Consolidated Action, by and among Plaintiffs, on behalf of themselves and the Class, and Defendants, the terms of which are set forth in this Stipulation. 

19.     [Omitted] 

  
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 20.    “Unknown Claims” means any claim that a
Releasing Person does not know or suspect exists in his, her, or its favor at the time of the release of the Settled Claims as against the Released Persons. This shall include, without limitation, a waiver of any rights pursuant to § 1542 of
the California Civil Code (or any similar, comparable or equivalent provision), which provides: 
 A GENERAL RELEASE DOES NOT EXTEND TO
CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR. 

21.    “Valuation Period” means the twenty (20) trading days beginning as of the first day
that the shares of Class C Stock trade on a national securities exchange. 
 SETTLEMENT CONSIDERATION 

2.    In connection with the Settlement and in consideration of the release of the Settled Claims set forth herein: 

a.    The Company shall issue the Adjustment Payment to all holders of Class C Stock as of a record date which is within
sixty (60) days of the end of the Valuation Period in the aggregate amount of $59 million. The Adjustment Payment shall be paid in the form of Class A Stock, Class C Stock, cash, or some combination thereof, to be determined at the sole
discretion of the Company’s Board of Directors. Any Class A Stock or Class C Stock component of the Adjustment Payment shall be valued by taking the volume-weighted average trading price (“VWAP”) as reported by the New York Stock
Exchange, or whatever exchange the shares may primarily trade on, for the relevant class of stock at the end of each trading day during the Valuation Period, and calculating the average of those daily VWAPs (the “Calculated Price”),
provided, however, that if the closing price of the relevant class of stock on the most recent trading day preceding the day the Adjustment Payment dividend is declared (the “Declaration Date Price”) is less than 90% or more than 110% of
the Calculated Price, the relevant stock component of the Adjustment Payment shall be valued at the arithmetic average of the Calculated Price and the Declaration Date Price. The Company’s Board of Directors shall declare and authorize the
payment of the Adjustment Payment as soon as reasonably practicable after the end of the Valuation Period, but in no event later than 30 days after the end of the Valuation Period. 

b.    [Omitted]. 

c.    The following conditions (the “Future Transaction Conditions”) shall apply to a transaction in which the
Company acquires a business, or its assets, or acquires more than 50% of the outstanding capital stock of such business, within four years following the Initial 

  
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Class C Distribution Date. Prior to the issuance of more than a number of shares of Class C Stock equal to 5% of the then outstanding shares of Class C Stock as consideration in such a
transaction, the independent members of the Company’s Board of Directors (the “Independent Directors”) (or a designated committee thereof) shall, as a group, consider the effects of using such shares on the holders of Class A
Stock and upon the Company. Such consideration of these effects shall involve such measures, advisers, or procedures as the Independent Directors (or a designated committee thereof) deem advisable in discharging their duties as directors. The Future
Transaction Conditions shall not apply to the assumption or conversion of equity for employees of an acquired or combined company. The Future Transaction Conditions shall be effective for a period of four years following the Initial Class C
Distribution Date. 
 3.     [Omitted]. 

4.     [Omitted]. 

[Remainder of Terms of Settlement Omitted]. 

  
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