Business Context and Reporting Period
This Form 8-K Current Report was filed by Under Armour, Inc. on August 29, 2022. The report addresses corporate governance matters specifically regarding the amendment of the Company's executive severance policy.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on executive compensation policy changes and does not contain financial performance data.
Material Changes
The Human Capital and Compensation Committee approved changes to the Executive Severance Policy effective August 29, 2022. These changes apply to executive officers other than Mr. Plank. The amended policy alters benefits payable upon termination without "cause" to include:
- A lump-sum payment of 1.5 times the annual base salary.
- A pro-rated annual cash incentive award based on actual performance (subject to employment through the first six months of the year).
- Fully paid medical, dental, and vision benefits for a period of 18 months.
Guidance, Outlook, and Risks
The filing does not provide financial guidance, outlook, or management commentary on business performance. The document notes that the summary of the policy is subject to the full text of the amended Executive Severance Policy, which is expected to be filed as an exhibit to the Form 10-Q for the quarter ended September 30, 2022.
Investor Verification Checklist
- Verify the full text of the amended Executive Severance Policy in the upcoming Form 10-Q for the quarter ended September 30, 2022.
- Confirm the specific list of "impacted named executive officers" referenced in the March 24, 2022 Proxy Statement.
- Review the definition of "cause" within the amended policy to understand termination triggers.