Under Armour CEO gets $748,000 for 2009

March 20, 2010

Under Armour Inc. said chief executive Kevin A. Plank earned total compensation of $748,061 in 2009, when the Baltimore-based sports apparel company beat its revenue target despite the recession. Plank's compensation included a $26,000 base salary, a $718,575 annual cash incentive award, tied to company performance, and $3,486 in other compensation, according to a Securities and Exchange Commission filing. Plank's base salary did not change from 2008, when he had voluntarily reduced the amount to $26,000 from a base of $500,000 in 2007, the company's proxy, filed Friday, said. His total compensation in 2008 was $30,002. Plank was eligible for an annual incentive that ranged from $192,000 to $1,474,000 last year, based on a sliding scale tied to the level of the company's operating income percentage. Before 2008, he had been eligible for an annual incentive of up to $1 million, or two times the base salary. The company said tying a significant percentage of the executive's total compensation to corporate performance helps motivate leaders to grow the business. "The Compensation Committee believed that Mr. Plank's continued leadership and superior performance were a critical part of Under Armour's ongoing strong performance," the filing said. Under Armour reported net revenue of $856.4 million last year, beating its target of $800 million.

- Lorraine Mirabella

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