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Under Armour's Plank earned $2.43 million last year

Under Armour CEO Kevin Plank at last year's annual shareholder meeting at the company's headquarters in Locus Point.
Under Armour CEO Kevin Plank at last year's annual shareholder meeting at the company's headquarters in Locus Point. (Amy Davis / Baltimore Sun)

Kevin Plank, Under Armour's founder, chairman and CEO, earned $2.43 million last year, about $1 million less than in 2014, the company said in a filing Friday with the U.S. Securities and Exchange Commission.

Plank's pay included $2 million in performance-based stock options for fiscal years 2013, 2014 and 2015. He also earned $400,000 through an annual cash incentive plan after the company beat performance measures for revenue growth and profitability.

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The Baltimore-based sports apparel and footwear maker reached $3.96 billion in sales last year, a 28 percent jump over 2014. Its earnings grew 9 percent to nearly $106 million.

The vesting of the stock options awarded to Plank is tied to the company reaching a combined operating income target for 2015 and 2016. The options also vest in three equal annual installments starting in February 2017, as an incentive for Plank to stay with the company.

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Plank's base salary remained $26,000 — the same as when he founded the company 20 years ago. In 2008, he voluntarily reduced the base pay from $500,000, opting to be compensated based on company performance.

In 2014, Plank earned $3.56 million, including $1.9 million in cash incentives and $1.6 million in stock awards.

Plank's earnings were disclosed in Under Armour's annual proxy statement, which also announces the annual meeting. This year the meeting will be held at 10 a.m. April 28 at the company's new office building in Port Covington, a renovated former Sam's Club on the site planned for a new Under Armour headquarters campus.

The proxy disclosed that Plank remains Under Armour's largest shareholder with nearly 34.6 million shares, representing 15.9 percent of the outstanding shares, but 65.3 percent of the voting shares. Mutual fund company The Vanguard Group is the second-largest shareholder with 6.9 percent of outstanding shares.

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