Golden State Warriors star Steph Curry received a large grant of shares in Under Armour this week from the company worth $75 million as part of the compensation package he will receive in becoming the president of Under Armour’s Curry Brand and his furthered role as an ambassador for the Baltimore-based apparel company. Here’s what you need to know:
- Curry received 8,823,530 restricted stock units of Under Armour common stock on April 3. It is valued, the company said, at $75 million as of the end of that day the grant was made. The company disclosed this in a public SEC filing.
- Curry and Under Armour announced a new long-term partnership last week. It could become a lifetime deal if certain revenue targets are met.
- The new contract is expected to run past the end of his playing career. Curry 34, has been with Under Armour since 2013. The $75 million award will vest in two installments, contingent on him remaining with the company. The first installment will vest in 2029 and the second in 2034.
Why It Matters
This filing makes public at least some of Curry’s deal with the company, though the $75 million stock payment is only a portion of the compensation Curry will receive for his increased role with Under Armour.
Advertisement
Shoe deals are notoriously opaque, but this reveals part of what Curry will make and just how vital he is to Under Armour, including that he has received an equity stake in the company. It’s likely just the tip of what he will make during this current deal, on top of his salary with the Warriors where he is the highest-paid player in the NBA this season and is set to be for each of the next three seasons as well.
“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,” the filing said.
Curry is the face of Under Armour and has released 10 signature shoes with it. He is one of the most marketable athletes in the sports world and a two-time MVP for the Warriors.
(Photo: Courtesy of Under Armour)
