Under Armour chairman and CEO Kevin Plank earned $6.6 million last year, a nearly 63 percent jump, though the Baltimore-based sports apparel maker placed the value of Plank’s actual compensation about about half that amount.
Plank’s executive pay included a base salary of $26,000, $4 million in stock option awards, $2.5 million in non-equity incentive plan compensation and more than $10,600 in other compensation, according to a Securities and Exchange Commission filing Wednesday.
The $6.6 million total pay package compared to $4 million in total compensation in 2017, the company reported.
But Plank’s “total actual realized compensation” amounted to less, $3.4 million in 2018, Under Armour said. That amount represents the value he realized during the year, including the vesting of restricted stock units granted in prior years and the exercising of stock options granted in prior years. Plank exercised no stock options last year, the filing said.
His total actual realized compensation came to $2.2 million in 2017.
“We believe this supplemental table more accurately reflects the significant impact the company’s performance has had on Mr. Plank’s compensation in past periods,” compared to the total compensation of $6.6 million, the report said.
Under Armour has entered its third year of a restructuring aimed at stabilizing business and reversing a slide in sales. Last year, revenue grew 4 percent to $5.2 billion.
Performance targets for last year were tied to profitability, the company said.
the disclosure of Plank’s compensation came in the company’s annual p[proxy statement announcing its annual meeting at 10 a.m. May 9 at the company’s office at 2601 Port Covington Drive in Baltimore.
The company reported Under Armour President Patrik Frisk earned $6.29 million in total compensation last year, down from $15.67 million in 2017 when he joined the company and received a large stock award.