Under Armour Inc
For the period ended Sep 4, 2024. Filed Jun 27, 2024.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Sep 4, 2024 · Filed Jun 27, 2024
Contents
Objectives and Elements of our Compensation Program
The overall objectives of our compensation program for our executive officers are to:
| • | Attract and retain highly qualified executives committed to our brand and our purpose; |
| • | Reward performance and motivate our executives to build and grow our business profitably; |
| • | Align the interests of our executives with the interests of our stockholders; and |
| • | Provide competitive pay based on peer group and market data. |
During fiscal year 2024, the critical elements of our executive compensation program that are designed to help achieve these objectives are as follows:
| Compensation Element | Purpose | Key Characteristics | ||||
| FIXED | Base Salary | Compensate fairly and competitively to help us attract and retain highly qualified executives | Determined primarily by the level of responsibility and experience while also considering competitive market data | |||
|---|---|---|---|---|---|---|
| AT RISK | Annual Cash Incentive Awards | Reward executives for the achievement of near-term financial and strategic objectives and individual performance | Target cash incentive amount set as a percentage of base salary Actual payout based on performance against pre-established financial and diversity, equity and inclusion targets and an individual performance factor | |||
| Equity Awards | Directly link the interests of executives with stockholders, promote retention and reward strong performance to create long-term stockholder value | Reflects a combination of time based and performance based restricted stock units with the value of the awards directly tied to our stock price Time based awards vest in three equal annual installments Performance based awards vest only upon achievement of combined three-year currency neutral net revenue and adjusted operating income targets; if achieved, these awards cliff vest at the end of the three-year performance period | ||||
We offer limited benefits and perquisites to our executives and do not offer pension or other retirement plans, other than a 401(k) plan that is offered to our employees generally and a deferred compensation plan pursuant to which executives may defer certain compensation; however, we did not make any company contributions to this plan in fiscal year 2024 for any executive officers. See “—Benefits and Perquisites” below. Our annual equity awards include provisions allowing the acceleration of all or a portion of unvested amounts upon retirement for employees that meet certain criteria based on age and years of service. None of our named executive officers currently meet these retirement eligibility criteria.
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