Under Armour, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Under Armour, Inc. on August 7, 2008, reporting events occurring on August 6, 2008. The filing addresses corporate governance changes specifically regarding the Board of Directors.
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 director appointments and compensation arrangements rather than financial performance.
Material Changes
The primary material change reported is the election of Anthony W. Deering, age 63, as a Director of the Company, effective August 6, 2008. Mr. Deering was appointed to the Audit Committee and the Compensation Committee.
Compensation and Governance Details
- Initial Grant: Mr. Deering received an award of restricted stock units (RSUs) valued at $100,000 on the grant date. These vest in three equal annual installments, with a grant date of September 1, 2008.
- Prorated Annual Awards: The Board approved prorated annual awards for the 2008 cycle with a grant date of August 6, 2008:
- Restricted Stock Units: Valued at $18,750 (prorated from the standard $25,000).
- Stock Options: Covering shares equal in value to $56,250 (prorated from the standard $75,000).
Investor Verification Checklist
- Verify the full text of the press release attached as Exhibit 99.1 for additional biographical details on Anthony W. Deering.
- Review the "Compensation of Directors" section in the Company's Proxy Statement for the 2008 Annual Meeting to understand the full Director Compensation Plan.
- Confirm the vesting schedule and grant date specifics for the initial $100,000 RSU award versus the prorated annual awards.