Under Armour executive to sell 400,000 shares

Brother of founder Kevin Plank looking for asset diversification, estate planning

December 07, 2010|By Andrea K. Walker, The Baltimore Sun

The brother of Under Armour founder Kevin Plank will sell 400,000 Class A shares in a pre-arranged trading plan.

J. Scott Plank, who is also executive vice president at Under Armour, entered into the agreement Nov. 30, but the company disclosed it in a regulatory filing this week.

Plank will sell up to 375,000 shares of his personal stock and 25,000 shares of the stock for his charitable foundation. He owns 2.5 million total shares and will own about 4.3 percent of the all the company shares once the sale is complete.

The regulatory filing said that Plank is selling for asset diversification, charitable giving purposes and tax and estate planning.

The announcement comes a few weeks after Kevin Plank said he would sell up to 1.1 million shares for the same reasons.



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