Company: SBH
Filing Date: 2025-12-10
Form Type: DEF 14A
Source: 0001193125-25-313464
Chunk: 60

Company: Sally Beauty Holdings, Inc.
Filing Date: 2025-12-10
Form: DEF 14A
Chunk 60
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 be reinvested) over the rTSR Performance Period, and is measured as follows:

| TSR = |                       | Ending Stock Price – Beginning Stock Price + Reinvested Dividends |
|       | Beginning Stock Price |                                                                   |

– Beginning and Ending Stock Price Determination : A 30-day trading average at the beginning and ending of the rTSR Performance Period. – Dividend Reinvestment : Dividends will be determined using the Ex-Dividend date with the sum of all dividends paid throughout the performance period added to the difference between the Ending Stock Price and Beginning Stock Price. • Sally Beauty Holdings, Inc.’s TSR is measured on a relative basis compared to the rTSR Comparator Companies. • If Sally Beauty Holdings, Inc.’s absolute TSR (as measured for the FY25-27 PSU grants) is negative, then the payout of rTSR PSUs will be capped at 100%. ▪ rTSR Performance Period means fiscal years of the Company beginning on October 1, 2024 and ending on September 30, 2027.

| SALLYBEAUTY HOLDINGS, INC. | 63 | 2025 Proxy Statement |

▪ rTSR Comparator Companies are the companies comprising the S&P Composite 1500 Specialty Stores Index. • The S&P Composite 1500 Specialty Stores Index companies are locked in as of the grant date and remain the same throughout the rTSR Performance Period even if the Index composition changes. • Award treatment if the following situations occur during the rTSR Performance Period:

|                                                                                              | Situation                                                                                                                   | Plan Treatment                                     |
| Adjustments                                                                                  | Stock splits and recapitalizations                                                                                          | Opening share price adjusted for recapitalizations |
| rTSR Comparator Company bankruptcy / delisting / liquidation                                 | Company not removed from rTSR Comparator Companies; Company considered to be at the bottom of the rTSR Comparator Companies |                                                    |
| rTSR Comparator Company acquired or taken private                                            | Company removed from the rTSR Comparator Companies from the beginning of the performance period                             |                                                    |
| rTSR Comparator Company announcement of being acquired but not yet closed                    |                                                                                                                             |                                                    |
| No Adjustments                                                                               | Stock buybacks or issuance                                                                                                  | No special adjustments made                        |
| Significant acquisition or divestiture                                                       | Acquisition or divestiture would impact the company’s TSR, so no adjustment needed                                          |                                                    |
| rTSR Comparator Company financial restatements which occur after the performance period