Under Armour (UA) CEO Plank Enters Stock Trading Plan
- Wall Street surges to new highs; transports set record
- lululemon athletica (LULU) Tops Q3 EPS by 4c; Adj.-Comps Outpaced Views
- Abbott (ABT) Files Complaint to Terminate Alere (ALR) Acquisition
- Costco Wholesale (COST) Tops Q1 EPS by 5c; Comps Up 1%, 2% Ex-Gas
- After-Hours Stock Movers 12/07: (VYGR) (LULU) (HRB( Higher; (OHRP) (VRNT) (CMTL) Lower (more...)
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
Under Armour (NYSE: UA) disclosed the following in a U.S. SEC filing on Friday:
Item 8.01. Other Events.
On August 31, 2016, Kevin A. Plank, the Chairman of the Board of Directors and Chief Executive Officer of Under Armour, Inc. (the “Company”), entered into a pre-arranged stock trading plan to sell shares of the Company’s Common Stock. The trading plan is designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934.
The trading plan entered into by Mr. Plank provides for the sale, over a period of approximately nine months beginning in October 2016, of up to 1,875,000 shares of the Company’s Class C Common Stock held by Mr. Plank personally and up to 200,000 shares of the Company’s Class C Common Stock held by his charitable foundation. The sales under the trading plan are being done for asset diversification, tax and estate planning and charitable giving purposes.
Mr. Plank currently beneficially owns 34,450,000 shares of the Company’s Class B Common Stock, 135,020 shares of the Company’s Class A Common Stock and 33,823,404 shares of the Company’s Class C Common Stock. This represents approximately 15.6% of the total shares of Class A, Class B and Class C Common Stock outstanding as of June 30, 2016. If Mr. Plank completes all the planned sales under this trading plan, he would beneficially own approximately 15.2% of the total shares of Class A, Class B and Class C Common Stock outstanding as of June 30, 2016. Shares of Class A Common Stock have one vote and shares of Class B Common Stock have ten votes. Shares of Class C Common Stock have no voting rights (except in limited circumstances). Mr. Plank beneficially owns approximately 15.9% of the Class A and Class B Common Stock outstanding as of June 30, 2016, representing approximately 65.3% of the combined voting power of the Company’s outstanding shares as of June 30, 2016.
In accordance with Rule 10b5-1, officers and directors of a public company may adopt a plan for selling stock of the public company. The plan may be entered into only when the officer or director is not in possession of material, non-public information about the company. The stock transactions under this plan will be disclosed publicly through Form 144 and Form 4 filings with the Securities and Exchange Commission.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Corvex Management Cuts Signet Jewelers (SIG) Stake in Half
- Unusual 11 Mid-Day Movers 12/7: (ANTH) (EMKR) (PLAY) Higher; (SIGM) (OHAI) (FTK) Lower
- Ladder Capital (LADR) Reports 10M Secondary Public Offering of Common Stock by Stockholders
Create E-mail Alert Related CategoriesCorporate News, Insider Trades
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!