Under Armour, Inc., according to a regulatory filing, awarded Golden State Warriors star guard Stephen Curry restricted stock units for 8.82 million shares of its Class C common stock as part of his new long-term contract with the company.
The stocks were issued on April 3 to the WSC and AC Family Revocable Trust, of which Curry is a trustee and beneficiary, and valued at $75 million based on the closing stock price of the company’s Class C common stock on the grant date.
Under the Stock Unit Agreement, the stock vests in two equal installments on September 30, 2029 and September 30, 2034, subject to proration in the event of early termination of his Athlete Agreement.
Under Armour said in the filing, “The Award was granted as partial consideration in connection with Mr. Curry’s entry into an Under Armour, Inc. Athlete Product, Brand, Ambassador, and Endorsement Agreement (the “Athlete Agreement”) with the company, pursuant to which Mr. Curry is continuing his relationship with the company as a brand ambassador of the company and will serve as the president of Curry Brand, a signature product line of the company.”
On March 3, Under Armour said Curry signed a new long-term extension with Under Armour that goes beyond his playing basketball and into his retirement. The contract is one of the largest endorsement deals in sports once Curry’s annual base pay, stock equity, royalties on signature products, and on-court incentive bonuses are totaled.
According to Rolling Stone, Curry’s “incentive-laden contract is worth potentially more than $1 billion.”
Photo courtesy UA
