0001344637-14-000002.txt : 20140624 0001344637-14-000002.hdr.sgml : 20140624 20140613164317 ACCESSION NUMBER: 0001344637-14-000002 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20140613 DATE AS OF CHANGE: 20140613 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Under Armour, Inc. CENTRAL INDEX KEY: 0001336917 STANDARD INDUSTRIAL CLASSIFICATION: APPAREL & OTHER FINISHED PRODS OF FABRICS & SIMILAR MATERIAL [2300] IRS NUMBER: 521990078 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-81178 FILM NUMBER: 14910544 BUSINESS ADDRESS: STREET 1: 1020 HULL STREET STREET 2: 3RD FLOOR CITY: BALTIMORE STATE: MD ZIP: 21230 BUSINESS PHONE: 410-454-6758 MAIL ADDRESS: STREET 1: 1020 HULL STREET STREET 2: 3RD FLOOR CITY: BALTIMORE STATE: MD ZIP: 21230 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Plank Kevin A CENTRAL INDEX KEY: 0001344637 FILING VALUES: FORM TYPE: SC 13D/A MAIL ADDRESS: STREET 1: UNDER ARMOUR INC STREET 2: 1020 HULL STREET CITY: BALTIMORE STATE: MD ZIP: 21230 SC 13D/A 1 sc13da.htm AMENDMENT NO. 10 SC 13D/A
 
 
 
 
 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 __________________________________ 
SCHEDULE 13D/A
Under the Securities Exchange Act of 1934
(Amendment No. 10)*
 __________________________________ 
Under Armour, Inc.
(Name of Issuer)
 __________________________________ 
Class A Common Stock, $0.0003 1/3 par value per share
(Title of Class of Securities)

904311107
(CUSIP Number)

Kevin A. Plank
Chairman, Chief Executive Officer and President
Under Armour, Inc.
1020 Hull Street
Baltimore, MD 21230
(410) 454-6428
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

May 29, 2014
(Date of Event which Requires Filing of this Statement)
 __________________________________ 
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box:  ¨
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 240.13d-7 for other parties to whom copies are to be sent.
*
The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes)
 
 
 
 
 




SCHEDULE 13D/A
CUSIP No. 904311107
 
Page 2 of 7 Pages
1
NAME OF REPORTING PERSONS

Kevin A. Plank
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) o
(b) o
3
SEC USE ONLY
4
SOURCE OF FUNDS (See Instructions)
OO
5
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
6
CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
38,766,880*
8
SHARED VOTING POWER
0
9
SOLE DISPOSITIVE POWER
38,766,880*
10
SHARED DISPOSITIVE POWER
0
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
38,766,880*
12
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18.2%
14
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN

 
 
*     Includes 16,880 shares of Class A Common Stock owned directly by the Reporting Person, 36,274,100 shares of Class A Common Stock that can be acquired, upon the election of the Reporting Person, through the conversion of 36,274,100 shares of Class B Common Stock owned directly or indirectly in trust by the Reporting Person, 2,170,900 shares of Class A Common Stock that can be acquired, upon the election of the Reporting Person, through the conversion of 2,170,900 shares of Class B Common Stock owned by two limited liability companies for which the Reporting Person can appoint the manager, and 305,000 shares of Class A Common Stock that can be acquired, upon the election of the Reporting Person, through the conversion of 305,000 shares of Class B Common Stock owned by the Reporting Person’s charitable foundation.
 




CUSIP No. 904311107
 
Page 3 of 7 Pages
 

This Amendment No. 10 (the “Amendment”) amends and supplements the Schedule 13D originally filed with the Securities and Exchange Commission (the “Commission”) on December 5, 2005, subsequently amended and supplemented by Amendment No. 1, filed with the Commission on June 7, 2006, and Amendment No. 2, filed with the Commission on December 18, 2006, and Amendment No. 3, filed with the Commission on November 6, 2007, and Amendment No. 4, filed with the Commission on November 24, 2010, and Amendment No. 5, filed with the Commission on May 19, 2011, and Amendment No. 6, filed with the Commission on December 6, 2011, and Amendment No. 7, filed with the Commission on August 17, 2012, and Amendment No. 8 filed with the Commission on December 12, 2012 and Amendment No. 9 filed with the Commission on November 26, 2013 (as amended, the “Schedule 13D”), by Kevin A. Plank (the “Reporting Person”), relating to the common stock, par value $0.0003 1/3 per share (the “Class A Common Stock”), of Under Amour, Inc., a Maryland corporation (the “Issuer”). Capitalized terms used but not otherwise defined in this Amendment shall have the meanings ascribed to such terms in the Schedule 13D.
Item 3.
Source and Amount of Funds or Other Consideration.
This Amendment amends and restates Item 3 of the Schedule 13D in its entirety as set forth below:
All of the shares of the Class A Common Stock beneficially owned by the Reporting Person were acquired in connection with the Issuer’s initial public offering, which closed on November 23, 2005. Prior to the Issuer’s initial public offering, the Reporting Person owned 16,200,000 shares of the Issuer’s Class A Common Stock.
In connection with the Issuer’s initial public offering, the Reporting Person sold 1,000,000 shares of Class A Common Stock in the initial public offering, and exchanged his remaining shares of Class A Common Stock for Class B Common Stock (the “Class B Common Stock”), on a one-for-one basis. In addition, upon the consummation of the Issuer’s initial public offering, the Issuer granted to each full time employee of the Issuer who had been continuously employed by the Issuer since April 30, 2005, including the Reporting Person, 100 shares of Class A Common Stock.
On June 1, 2006, the Reporting Person sold in a registered public offering 1,950,000 shares of Class A Common Stock upon conversion of the same number of shares of Class B Common Stock.
On December 8, 2006, as a result of a distribution from a limited partnership in which the Reporting Person was a limited partner, the Reporting Person acquired 750,000 shares of Class A Common Stock (the “LP Shares”).
On November 1, 2007, the Reporting Person sold in a block trade 1,300,000 shares of Class A Common Stock at a price of $59.00 per share for aggregate proceeds of $76,700,000. Of the shares sold, 750,000 were the LP Shares and 550,000 were issued upon conversion of the same number of shares of Class B Common Stock. On November 1, 2007, an additional 200,000 shares of Class B Common Stock were converted into the same number of shares of Class A Common Stock upon the transfer by the Reporting Person of such shares to a charitable foundation, which shares were subsequently sold at $59.00 per share for aggregate proceeds of $11,800,000.
On November 30, 2010, the Reporting Person gifted 125,000 shares of Class B Common Stock to his charitable foundation in connection with a pre-arranged stock trading plan dated November 19, 2010. Pursuant to the pre-arranged stock trading plan, the Reporting Person sold shares of Class A Common Stock upon conversion of the same number of shares of Class B Common Stock as follows: (i) from




CUSIP No. 904311107
 
Page 4 of 7 Pages
 

February 1, 2011 through February 8, 2011 the Reporting Person sold 281,250 shares of Class A Common Stock personally and 31,250 shares of Class A Common Stock from his charitable foundation at prices ranging from $59.34 to $67.10 per share for aggregate proceeds of $17,505,006 personally and $1,945,001 for his charitable foundation; (ii) from April 30, 2011 through May 6, 2011 the Reporting Person sold 281,250 shares of Class A Common Stock personally and 31,250 shares of Class A Common Stock from his charitable foundation at prices ranging from $62.93 to $70.20 for aggregate proceeds of $18,527,064 personally and $ 2,058,563for his charitable foundation; (iii) from July 29, 2011 through August 5, 2011 the Reporting Person sold 281,250 shares of Class A Common Stock personally and 31,250 shares of Class A Common Stock from his charitable foundation at prices ranging from $60.65 to $75.41 for aggregate proceeds of $19,117,638 personally and $2,124,182 for his charitable foundation; and (iv) from October 28, 2011 through November 4, 2011 the Reporting Person sold 281,250 shares of Class A Common Stock personally and 31,250 shares of Class A Common Stock from his charitable foundation at prices ranging from $80.66 to $87.20  for aggregate proceeds of $23,675,406 personally and $2,630,601 for his charitable foundation.
On November 30, 2011, the Reporting Person gifted 60,000 shares of Class B Common Stock to his charitable foundation in connection with the pre-arranged stock trading dated November 30, 2011. Pursuant to the pre-arranged stock trading plan, the Reporting Person sold shares of Class A Common Stock upon conversion of the same number of shares of Class B Common Stock as follows: (i) from February 1, 2012 through February 3, 2012 the Reporting Person sold 135,000 shares of Class A Common Stock personally and 15,000 shares of Class A Common Stock from his charitable foundation at prices ranging from $77.14 to $80.51 per share for aggregate proceeds of $10,666,138 personally and $1,185,127 for his charitable foundation; (ii) from May 1, 2012 through May 3, 2012 the Reporting Person sold 135,000 shares of Class A Common Stock personally and 15,000 shares of Class A Common Stock from his charitable foundation at prices ranging from $96.51 to $101.77 for aggregate proceeds of $13,450,182 personally and $1,494,465 for his charitable foundation; (iii) from July 31, 2012 through August 2, 2012 the Reporting Person sold 270,000 shares of Class A Common Stock personally and 30,000 shares of Class A Common Stock from his charitable foundation at prices ranging from $53.02 to $55.18 for aggregate proceeds of $14,606,563 personally and $1,622,952 for his charitable foundation; and (iv) from October 31, 2012 through November 2, 2012 the Reporting Person sold 270,000 shares of Class A Common Stock personally and 30,000 shares of Class A Common Stock from his charitable foundation at prices ranging from $51.54 to $54.33 for aggregate proceeds of $14,251,006 personally and $1,583,445 for his charitable foundation.
On July 9, 2012, the Reporting Person received one share of Class A Common Stock for each share of Class A Common Stock held and one share of Class B Common Stock for each share of Class B Common Stock held in connection with the Issuer’s two-for-one stock split effected in the form of a stock dividend.
On November 12, 2012, the Reporting Person gifted 130,000 shares of Class B Common Stock to his charitable foundation in connection with the pre-arranged stock trading dated November 12, 2012. Pursuant to the pre-arranged stock trading plan, the Reporting Person sold shares of Class A Common Stock upon conversion of the same number of shares of Class B Common Stock as follows: (i) from February 5, 2013 through February 7, 2013 the Reporting Person sold 292,500 shares of Class A Common Stock personally and 32,500 shares of Class A Common Stock from his charitable foundation at prices ranging from $49.14 to $51.21 per share for aggregate proceeds of $14,691,603 personally and $1,632,400 for his charitable foundation; (ii) from April 30, 2013 through May 2, 2013 the Reporting Person sold 292,500 shares of Class A Common Stock personally and 32,500 shares of Class A Common Stock from his charitable foundation at prices ranging from $55.70 to $57.35 for aggregate proceeds of $16,572,170 personally and $1,841,352 for his charitable foundation; (iii) from July 30, 2013 through




CUSIP No. 904311107
 
Page 5 of 7 Pages
 

August 1, 2013 the Reporting Person sold 292,500 shares of Class A Common Stock personally and 32,500 shares of Class A Common Stock from his charitable foundation at prices ranging from $66.91 to $69.67 for aggregate proceeds of $19,863,517 personally and $2,207,057 for his charitable foundation; and (iv) from October 29, 2013 through October 31, 2013 the Reporting Person sold 292,500 shares of Class A Common Stock personally and 32,500 shares of Class A Common Stock from his charitable foundation at prices ranging from $79.69 to $81.92 for aggregate proceeds of $23,684,425 personally and $2,631,603 for his charitable foundation.
On November 25, 2013, the Reporting Person gifted 125,000 shares of Class B Common Stock to his charitable foundation in connection with the pre-arranged stock trading plan dated November 25, 2013. Pursuant to the pre-arranged stock trading plan, the Reporting Person sold shares of Class A Common Stock upon conversion of the same number of shares of Class B Common Stock as follows: (i) from February 4, 2014 through February 6, 2014 the Reporting Person sold 281,250 shares of Class A Common Stock personally and 31,250 shares of Class A Common Stock from his charitable foundation at prices ranging from $103.42 to $106.86 per share for aggregate proceeds of $29,627,584 personally and $3,291,954 for his charitable foundation; and (ii) from April 29, 2014 through May 2, 2014 the Reporting Person sold 562,500 shares of Class A Common Stock personally and 62,500 shares of Class A Common Stock from his charitable foundation at prices ranging from $46.02 to $50.30 for aggregate proceeds of $27,215,745 personally and $3,023,972 for his charitable foundation.
On February 15, 2014, the Reporting Person acquired 13,333 shares of Class A Common Stock in connection with the vesting of outstanding performance-based restricted stock units under the Issuer’s Amended and Restated 2005 Omnibus Long-Term Incentive Plan (the “2005 Plan”), 5,093 of which were withheld to cover the Reporting Person’s tax obligations with respect to the vesting.
On April 14, 2014, the Reporting Person received one share of Class A Common Stock for each share of Class A Common Stock held and one share of Class B Common Stock for each share of Class B Common Stock held in connection with the Issuer’s two-for-one stock split effected in the form of a stock dividend.
As a result of these transactions, the Reporting Person beneficially owns 38,750,000 shares of Class B Common Stock and 16,880 shares of Class A Common Stock. Shares of Class B Common Stock are convertible into shares of Class A Common Stock on a one-for-one basis under certain circumstances, including at the option of the Reporting Person. Accordingly, the Reporting Person is deemed to be the beneficial owner of 38,766,880 shares of Class A Common Stock.
Item 4.        Purpose of Transaction
This Amendment amends and restates Item 4 of the Schedule 13D in its entirety as set forth below:
As described in Item 3, the shares of Class A Common Stock and Class B Common Stock beneficially owned by the Reporting Person were acquired in connection with the Issuer’s initial public offering and in connection with a distribution from a limited partnership in which the Reporting Person was a limited partner. The Reporting Person is a founder of the Issuer and prior to the Issuer’s initial public offering the Reporting Person owned approximately 44% of the equity of the Issuer.
Each share of Class B Common Stock entitles the Reporting Person to ten votes per share on all matters on which the holders of the Issuer’s Class A Common Stock are entitled to vote. Shares of Class A Common Stock are entitled to one vote per share. Shares of Class A and Class B Common Stock vote together as a single class in all matters submitted to a vote of stockholders. As a result, the Reporting Person beneficially owns shares of Class B Common Stock and Class A Common Stock representing




CUSIP No. 904311107
 
Page 6 of 7 Pages
 

approximately 69% of the combined voting power of the Issuer outstanding as of April 30, 2014 (in calculating the above percentage amount, the share amounts as of April 30, 2014 have been adjusted to include the sales of Class B Common Stock through May 2, 2014 under the Reporting Person’s current 10b5-1 stock trading plan). Accordingly, the Reporting Person is in a position to control the outcome of substantially all matters submitted to the holders of Class A Common Stock of the Issuer, including, but not limited to the election of directors, mergers, and other business combinations. Subject to the fiduciary responsibilities of the directors to the Issuer, the Reporting Person, through his ability to control the outcome of any election of directors, is able to direct management policy, strategic direction and financial decisions of the Issuer.
The Reporting Person may, from time to time, depending on market conditions and other factors deemed relevant by the Reporting Person, acquire additional shares of Class A Common Stock. In addition, the Reporting Person may receive equity awards for the Issuer’s Class A Common Stock from time to time under the 2005 Plan. The Reporting Person reserves the right to, and may in the future choose to, change his purpose with respect to his investment and take such actions as he deems appropriate in light of the circumstances including, without limitation, to dispose of, in the open market, in a private transaction or by gift, all or a portion of the shares of common stock which the Reporting Person now owns or may hereafter acquire.
On May 29, 2014, the Reporting Person amended his previously announced pre-arranged stock trading plan to sell shares of the Issuer’s Class B Common Stock. The trading plan is designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934. The amendment to the Reporting Person’s trading plan increases the number of shares of the Issuer’s Class B Common Stock covered by the plan. Prior to this amendment, the Reporting Person’s trading plan provided for the sale, over a period of approximately ten months beginning in February 2014, of up to 2,250,000 shares of the Issuer’s Class B Common Stock held by him personally and up to 250,000 shares of the Issuer’s Class B Common Stock held by his charitable foundation, in each case as adjusted for the Issuer’s two-for-one stock split effective in April 2014. As of the date of this amendment, 1,125,000 of the Reporting Person’s personal shares and 125,000 of the charitable foundation’s shares remain unsold. The amendment to the Reporting Person’s trading plan provides for the sale, over a period of approximately ten months beginning in July 2014, of up to an additional 1,620,000 shares of the Issuer’s Class B Common Stock held by him personally and up to an additional 180,000 shares of the Issuer’s Class B Common Stock held by his charitable foundation. These sales are being done for asset diversification, tax and estate planning and charitable giving purposes. On May 30, 2014, the Reporting Person gifted an additional 180,000 shares of Class B Common Stock to his charitable foundation in connection with this amendment to the trading plan. If the Reporting Person completes all the planned sales under this trading plan, he would beneficially own 35,700,000 shares of Class B Common Stock and 16,880 shares of Class A Common Stock, representing approximately 16.8% of the total shares of Class A and Class B Common Stock outstanding as of April 30, 2014 and representing approximately 66.8% of the combined voting power of the Issuer outstanding as of April 30, 2014 (in calculating the above percentage amounts, the share amounts as of April 30, 2014 have been adjusted to include the sales of Class B Common Stock through May 2, 2014 under the Reporting Person’s current 10b5-1 stock trading plan).
Except as described herein, the Reporting Person does not have any present plans or proposals that relate to, or would result in, the acquisition of additional securities of the Issuer, the disposition of securities of the Issuer, an extraordinary corporate transaction involving the Issuer or any of its subsidiaries, a sale or transfer of a material amount of the Issuer’s or any of its subsidiaries’ assets, a change in the present board of Directors or management of the Issuer, a material change in the present capitalization or dividend policy of the Issuer, any other material change to the Issuer’s business or corporate structure, a change in the Issuer’s charter or bylaws or other actions which may impede the acquisition of control of the Issuer by any person, the delisting or deregistration of any of the Issuer’s securities or any action similar to the listed actions.






CUSIP No. 904311107
 
Page 7 of 7 Pages
 

Item 5.        Interest in Securities of the Issuer.
This Amendment amends and restates Item 5 of the Schedule 13D in its entirety as set forth below:
(a) As of the date of this report, the Reporting Person beneficially owns an aggregate of 38,766,880 shares of Class A Common Stock. As noted above, the number of shares beneficially owned by the Reporting Person includes 38,750,000 shares of Class A Common Stock issuable upon conversion of 38,750,000 shares of Class B Common Stock. The Reporting Person’s holdings represent approximately 18.2% of the Issuer’s common shares outstanding as of April 30, 2014 (based upon 213,114,046 shares of Class A Common Stock deemed outstanding assuming issuance of the 38,750,000 shares of Class A Common Stock upon conversion of the outstanding shares of Class B Common Stock). Shares beneficially owned by the Reporting Person represent approximately 69% of the total voting power of the combined voting classes of the capital stock of the Issuer (in calculating the above percentage amounts, the share amounts as of April 30, 2014 have been adjusted to include the sales of Class B Common Stock through May 2, 2014 under the Reporting Person’s prior 10b5-1 stock trading plan).
(b)             As of the date of this report, the Reporting Person has the sole power to vote or direct the voting of, and sole power to dispose or direct the disposition of, all of the shares of Class A Common Stock beneficially owned by him, including 2,170,900 shares of the Issuer’s Class A Common Stock that can be acquired upon the conversion of 2,170,900 shares of Class B Common Stock that are owned by two limited liability companies controlled by the Reporting Person. The manager of the two limited liability companies has voting control and shares investment control with the Reporting Person over the shares held by the two limited liability companies, however the Reporting Person appoints the manager and thus maintains control of the companies. The Reporting Person has appointed Thomas J. Sippel, a director of the Issuer, as the manager of the two limited liability companies.
(c)             The Reporting Person has not effected any transactions, other than those described herein, in the class of securities described herein during the past sixty days.
(d)             Not applicable.
(e)             Not applicable.







SIGNATURE
After reasonable inquiry, and to the best of my knowledge and belief, I certify that the information set forth in this Statement is true, complete and correct.
  
                                
 
June 13, 2014
 
Date
 
/s/ Kevin A. Plank
 
Signature
 
Kevin A. Plank
 
Name/Title