Under Armour Inc. announced that its board of directors has approved the payment of a $59 million dividend to holders of the company’s Class C non-voting common stock in satisfaction of the previously announced settlement agreement entered into by the company in connection with shareholder litigation related to the creation of the Class C stock.

The Company’s Board of Directors has approved the payment of this dividend in the form of shares of additional shares of Class C stock, with cash in lieu of any fractional shares. The shares of Class C stock will be distributed on or about June 29, 2016, to stockholders of record of Class C stock on June 15, 2016. The Company has determined that the initial distribution ratio will be 0.007098 of a share of Class C stock for each share of Class C stock held. A final distribution ratio will be provided when determined.