Under Armour, Inc. appointed Kevin A. Plank as new CEO

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(b) On March 13, 2024, Under Armour, Inc. (the "Company") issued a press release announcing that Stephanie C. Linnartz, the Company's President and Chief Executive Officer (and principal executive officer), will be stepping down from her officer roles and as a member of the Company's Board of Directors (the "Board"), in each case effective as of the close of business March 31, 2024. Ms. Linnartz will remain with the Company as an advisor through April 30, 2024 (the "Separation Date"), to support a transition. In connection with Ms. Linnartz's departure, Ms. Linnartz and the Company entered into a separation and release agreement on March 10, 2024 (the "Separation Agreement"), memorializing the following separation benefits owing to her pursuant to her December 2022 offer letter with the Company and the Company's severance plan for executives: (i) a $2.6 million cash payment, equal to two times Ms. Linnartz's current annual base salary; (ii) her fiscal 2024 annual performance bonus based on actual performance, payable at the same time that annual bonuses are paid to the Company's other executives; (iii) full vesting of the remaining unvested tranches of her sign-on restricted stock unit award received in connection with her hiring (representing a grant date value of approximately $7.3 million); and (iv) payment of the medical premiums for continued medical, dental and vision COBRA coverage for up to 24 months following the Separation Date and certain transition support services. In addition, the Company has agreed to assume Ms. Linnartz's remaining obligations under her current apartment lease in Baltimore through the end of the lease in mid-2024. All separation benefits are conditioned on her signing a general release of claims against the Company as well as her continued compliance with all applicable post-termination employee covenants. The preceding description of the Separation Agreement does not purport to be complete and is qualified in its entirety by reference to the complete text of the Separation Agreement, a copy of which will be filed as an exhibit to the Company's annual report on Form 10-K for the year ending March 31, 2024.

A copy of the Company's press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

(c) Effective April 1, 2024, the Board appointed Kevin A. Plank, the Company's current Executive Chair and Brand Chief, to serve as the Company's President and Chief Executive Officer (and principal executive officer). Mr. Plank, age 51, became the Company's Executive Chair and Brand Chief in January 2020, after serving as Chief Executive Officer and Chair of the Board ("Chair") of the Company from 1996 to 2019, and President from 1996 to July 2008 and August 2010 to July 2017. In connection with his appointment as President and Chief Executive Officer, Mr. Plank informed the Board of his intention to resign from his role as Executive Chair effective April 1, 2024. Mr. Plank will remain a member of the Board. In connection with Mr. Plank stepping down as Chair, the Board has appointed Mohamed El-Erian as Chair, effective April 1, 2024.