Under Armour, Inc.
EXHIBIT 10.16B
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<DESCRIPTION>EXHIBIT 10.16B
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 10.16b </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2">AMENDMENT NO. 2 TO PLEDGE AGREEMENT </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(Under Armour, Inc.) </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">THIS AMENDMENT NO. 2 TO PLEDGE AGREEMENT (this &#147;<U>Amendment</U>&#148;) is made and entered into as of the 22nd day of December, 2006, by and
between UNDER ARMOUR, INC., a Maryland corporation (&#147;<U>Pledgor</U>&#148;); and THE CIT GROUP/COMMERCIAL SERVICES, INC., a New York corporation, in its capacity as agent (in such capacity, the &#147;<U>Agent</U>&#148;) for the Lenders (as
hereinafter defined) under the Financing Agreement (as hereinafter defined). </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><U>BACKGROUND STATEMENT</U> </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">A. Pledgor and the Agent are parties to a certain Pledge Agreement (Under Armour, Inc.), dated September&nbsp;28, 2005, as previously amended by
Amendment No.&nbsp;1 thereto dated June&nbsp;7, 2006 (such Pledge Agreement, as amended, supplemented, restated or otherwise modified from time to time, the &#147;<U>Pledge Agreement</U>&#148;), executed and delivered pursuant to the provisions of a
certain Second Amended and Restated Financing Agreement, also dated September&nbsp;28, 2005 (such Second Amended and Restated Financing Agreement, as amended, supplemented, restated or otherwise modified from time to time, the &#147;<U>2005
Financing Agreement</U>&#148;), among Pledgor and its wholly-owned domestic subsidiaries that are parties thereto from time to time (each, a &#147;<U>Borrower</U>&#148; and collectively, the &#147;<U>Borrowers</U>&#148;), the lenders and financial
institutions that are parties thereto from time to time (collectively, the &#147;<U>Lenders</U>&#148;), and the Agent. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">B. Pursuant to the
Pledge Agreement, Pledgor granted to the Agent, for the benefit of the Lenders, a security interest in, among other collateral, 65% of the stock of Under Armour Canada, Inc., a Canadian corporation (referred to in the Pledge Agreement and herein as
&#147;<U>Under Armour</U>&#148;), as security for the Obligations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">C. The Borrowers, the Agent and the Lenders are entering into a Third
Amended and Rested Financing Agreement, dated of even date herewith (such Third Amended and Restated Financing Agreement, as amended, supplemented, restated or otherwise modified from time to time, the &#147;<U>2006 Financing Agreement</U>&#148;),
which amends and restates in its entirety all of the terms and provisions of the 2005 Financing Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">D. Pursuant to the terms of the
2006 Financing Agreement, the stock of Under Armour pledged pursuant to the Pledge Agreement shall no longer secure the Obligations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">E.
Pledgor and Agent therefore wish to enter into this Amendment in order for the Agent to release its security interest in any of the stock of Under Armour pledged pursuant to the Pledge Agreement and to make certain conforming changes thereto.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">F. To accomplish the foregoing, Pledgor and the Agent wish to enter into this Amendment. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">1 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">NOW, THEREFORE, in consideration of the premises and for other good and valuable considerations, the
receipt and sufficiency of which are hereby expressly acknowledged, and intending to be legally bound hereby, the parties hereto hereby agree as follows: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">1. <U>Release of Security Interest in Stock of Under Armour</U>. The Agent hereby releases its security interest in that portion of the Pledged Interests consisting of sixty-five (65)&nbsp;shares of common stock of
Under Armour evidenced by certificate number 3. As soon as practicable hereafter, the Agent shall redeliver to Pledgor the original of such stock certificate, together with the stock power relating thereto signed in blank, each of which were
previously delivered to the Agent by Pledgor pursuant to the Pledge Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2. <U>Amendments to Pledge Agreement</U>. The Pledge
Agreement is hereby amended as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) All references in the Pledge Agreement to the &#147;Financing Agreement&#148;
are amended to mean and refer to the 2006 Financing Agreement, as amended, supplemented, restated or otherwise modified from time to time. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">(b) Section&nbsp;2(a)(i) is amended in its entirety to read as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">&#147;(i) All of
the issued and outstanding shares of capital stock, membership interests or other ownership interests of each Company described in <U>Exhibit&nbsp;A</U> attached hereto, and all additional shares of capital stock, membership interests or other
ownership interests of each Company from time to time hereafter acquired by Pledgor in any manner (all such shares of capital stock, membership interests or other ownership interests being hereinafter referred to as the &#147;<U>Pledged
Interests</U>&#148;);&#148; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) Section&nbsp;5(g) is amended in its entirety to read as follows: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">&#147;(g) On the date hereof, the Pledged Interests constitute one hundred percent (100%)&nbsp;of the issued and outstanding capital
stock, membership interests or other ownership interests of each other Company.&#148; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(d) Section&nbsp;7(c) is amended in
its entirety to read as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">&#147;(c) Consent to the issuance by the Companies of any new capital stock, membership
interests or other ownership interests except to Pledgor, <U>provided</U> all such new capital stock, membership interests or other ownership interests is pledged and delivered to the Agent to be held under the terms of this Agreement in the same
manner as the Collateral originally pledged hereunder.&#148; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(e) <U>Exhibit A</U> to the Pledge Agreement is amended by
deleting any references therein to Under Armour Canada, Inc. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2. <U>Full Force and Effect</U>. As expressly amended hereby, the Pledge Agreement shall continue in full
force and effect in accordance with the provisions thereof. As used in the Pledge Agreement, &#147;hereinafter&#148;, &#147;hereto&#148;, &#147;hereof&#148; or words of similar import, shall, unless the context otherwise requires, mean the Pledge
Agreement as amended by this Amendment. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3. <U>Applicable Law</U>. This Amendment shall be governed by and construed in accordance with the
internal laws and judicial decisions of the State of New York. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4. <U>Counterparts</U>. This Amendment may be executed in one or more
counterparts, each of which shall constitute an original, but all of which when taken together shall constitute but one and the same instrument. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">5. <U>Headings</U>. The headings in this Amendment are for the purpose of reference only and shall not affect the construction of this Amendment. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">6. <U>Waiver of Jury Trial</U>. THE PARTIES HERETO WAIVE THE RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THE PLEDGE AGREEMENT, THIS AMENDMENT, THE OTHER LOAN DOCUMENTS OR THE
TRANSACTIONS CONTEMPLATED THEREUNDER. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">[Rest of Page Intentionally Left Blank] </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">3 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">IN WITNESS WHEREOF, Pledgor and the Agent have each caused this Agreement to be duly executed by its duly
authorized corporate officers on the day and year first above written. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2">UNDER ARMOUR, INC.</FONT></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">(&#147;<U>Pledgor</U>&#148;)</FONT></P></TD></TR>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Wayne A. Marino</FONT></TD></TR>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Executive Vice President and Chief Financial Officer</FONT></TD></TR>
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<TD VALIGN="top" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2">THE CIT GROUP/COMMERCIAL SERVICES, INC., as Agent</FONT></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">(&#147;<U>Agent</U>&#148;)</FONT></P></TD></TR>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Timothy E. Cropper</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Senior Vice President</FONT></TD></TR>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">4 </FONT></P>

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