Document:

Exhibit 10.7

 

MANSCAPED HOLDINGS, LLC

 

EQUITY INCENTIVE PLAN

 

1. Purpose.
The purpose of this Equity Incentive Plan (the “Incentive Plan”) is to promote the interests of Manscaped Holdings,
LLC, a Delaware limited liability company (the “Company”), and its Affiliates by (i) attracting and retaining officers,
consultants and management-level employees of the Company and its Subsidiaries and (ii) enabling such persons to acquire an equity interest
in and share in the future appreciation of the business of the Company and its Subsidiaries. The Incentive Plan is not intended to preclude
other management incentive awards and programs.

  

A. Definitions.
As used in the Incentive Plan, the following terms shall have the meanings set forth below. Capitalized terms used and not defined herein
shall have the meaning set forth in the LLC Agreement.

 

“Adjustment Event”
shall mean any recapitalization, reorganization, merger, reclassification, extraordinary distribution or dividend (whether in cash, Units,
Unit Equivalents or other property), split up, spin off, Unit split, combination, consolidation, sale of Units or Unit Equivalents, change
to organizational form, repurchase, liquidation, dissolution, transfer or exchange of Units or Unit Equivalents, Capital Contribution,
Unit or Unit Equivalent issuance, Distribution, or other corporate event or transaction (including acquisitions and dispositions of businesses
of the Company or its Subsidiaries) or change in capital structure that affects the Preferred Units, Common Units or the Incentive Units.

 

“Award Agreement”
shall mean any written agreement, contract, or other instrument or document in a form approved by the Board, in its sole discretion, which
evidences any Incentive Unit awarded hereunder or otherwise subject to the terms of the Incentive Plan, which may, but need not, be executed
or acknowledged by a Participant.

 

“Board” shall
mean the Board of Managers of the Company or any Person or group of Persons to whom or which the Board of Managers of the Company has
delegated authority to administer the Incentive Plan pursuant to Section 2(D) hereof.

 

“Cause” shall
mean the definition of “cause” set forth in the Participant’s Employment Agreement, Services Agreement or Offer
Letter; provided that if no such agreement defining Cause is in effect at the time of determination, then unless otherwise defined in
an Award Agreement, Cause shall mean the occurrence of any of the following: (i) the Participant’s indictment for, conviction of,
or plea of nolo contendere to, a (A) felony or (B) other crime involving moral turpitude, (ii) the Participant’s commission
of any act of material dishonesty or breach of trust or any act constituting fraud, embezzlement, theft, or misappropriation of funds,
money, assets or other property of the Company, any of its Subsidiaries or Affiliates, or any of their respective customers or suppliers,
(iii) the Participant’s attempt to willfully obtain any personal profit from any transaction in which the Participant has an interest
not disclosed to the Board which is adverse to the interests of the Company or any of its Subsidiaries or Affiliates, (iv) the Participant
(A) reporting to work under the influence of alcohol or illegal drugs or (B) repeatedly using alcohol to the point of intoxication or
illegal drugs, whether or not at the workplace, (v) the Participant’s (A) gross negligence in the performance of the Participant’s
duties and responsibilities or (B) failure or refusal to perform duties, as reasonably directed by the Company or any of its Subsidiaries
or Affiliates, other than as a result of a Disability or other approved absence, (vi) the Participant’s violation of the rules,
regulations, procedures or instructions (whether written or oral) relating to the conduct of employees, directors and/or consultants of
the Company or any of its Subsidiaries or Affiliates, (vii) the Participant’s breach of any non-competition, nondisclosure or non-solicitation
covenant in any agreement with the Company or any of its Affiliates or Subsidiaries, (viii) the Participant improperly or illegally aiding
or abetting a competitor, supplier or customer of the Company or any of its Subsidiaries or Affiliates to the material disadvantage or
detriment of the Company or any of its Subsidiaries or Affiliates, (ix) without limiting clause (vii) hereof, the Participant’s
material breach of any written employment or services agreement (which (if capable of cure) is not cured to the Board’s reasonable
satisfaction within ten (10) days after written notice thereof to the Participant) or (x) the Participant’s breach of fiduciary
duty, gross negligence or willful misconduct with respect to the Company or any of its Subsidiaries or Affiliates (which (if capable of
cure) is not cured to the Board’s reasonable satisfaction within ten (10) days after written notice thereof to the Participant).

 

     

     

    

 

“Disability”
shall mean, as determined in the good faith discretion of the Board, the Participant’s substantial inability, due to a physical
or mental condition, to perform essential functions of the Participant’s position, with or without accommodation, for a period of
three (3) consecutive months or for shorter periods aggregating to six (6) months during any twelve (12)-month period.

 

“Distribution”
shall mean a transfer of cash or property by the Company to a Member on account of Units as described in Article VII of the LLC Agreement.

 

“Distribution Threshold”
shall mean, with respect to each Incentive Unit, an amount equal to the amount specified as such in the applicable Award Agreement for
such Incentive Unit or as reflected in the Company’s books and records. The Distribution Threshold with respect to each Incentive
Unit shall be equal to or greater than the Incentive Liquidation Value prior to the issuance of such Incentive Unit. As set forth in Section
3.B. hereof, the Distribution Threshold may be adjusted from time to time by the Board to account for any Adjustment Event.

 

“Effective Date”
shall mean June 11, 2019.

 

“Employment,”
“termination of employment,” and “termination of services” and similar references shall mean, respectively,
employment or engagement with or provision of services for, and termination of employment or engagement with or provision of services
for, the Company or any of its Subsidiaries, including services as a member of the Board. All determinations regarding employment or other
engagement or service (for purposes of administering the Incentive Plan or any Award Agreement) shall be made by the Board of Managers
in its sole discretion. In addition, the Board of Managers shall, in its sole discretion, determine whether or not a leave of absence
is a termination of employment, engagement or service for purposes of administering the Incentive Plan or any Award Agreement.

 

“Employment Agreement”
shall mean, with respect to a Participant, the written employment or other service (including an engagement agreement for services with
a Participant who is not an employee of the Company or any of its Subsidiaries) agreement then in effect between the Participant and the
Company or one of its Subsidiaries, if any.

 

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“Equity Interests”
means (a) any capital stock, share, partnership or membership interest, unit of participation or other similar interest (however designated)
in any Person and (b) any option, warrant, purchase right, conversion right, exchange right or other contractual obligation which would
entitle any Person to acquire any such interest in such Person or otherwise entitle any Person to share in the equity, profit, earnings,
losses or gains of such Person (including stock appreciation, phantom stock, profit participation or other similar rights).

 

“Fair Market Value”
means, as of any date, the value of an Incentive Unit as determined in the discretion of the Board, based on such factors as the Board
considers relevant. Notwithstanding the foregoing, no award of Incentive Units granted under the Incentive Plan is intended to provide
for a deferral of compensation within the meaning of Section 409A such that the Fair Market Value of Incentive Units shall be determined
in all respects in a manner that is consistent with that intention.

 

“Law” shall
mean any law, statute, ordinance, code, regulation, rule or other requirement of any Governmental Authority.

 

“LLC Agreement”
shall mean the Limited Liability Company Agreement of Manscaped Holdings, LLC, dated as of June 11, 2019, as amended, supplemented or
modified from time to time in accordance with its terms.

 

“Participant”
shall mean any Person who is eligible for, and selected to receive, an award of Incentive Units under the Incentive Plan in accordance
with the provisions of Section 2.A. and Section 3.A. of this Incentive Plan.

 

“Permitted Transferee”
shall mean, (a) in the case of any Member who is an individual, a transferee by testamentary or intestate disposition or any trust, limited
partnership or other legal entity the beneficiary of which is a member of such Member’s Family Group; provided, however,
that during the period that any such trust or other legal entity holds any right, title or interest in any Units, no Person other than
such Member may be or become trustees, beneficiaries, stockholders, limited or general partners or members thereof; and (b) in the case
of any Member that is not an individual, any entity wholly-owned by such Member or any entity or individual that wholly owns such Member.

 

“Profits Interest”
shall mean an interest in the future profits of the Company satisfying the requirements for a partnership profits interest transferred
in connection with the performance of services, as set forth in IRS Revenue Procedures 93-27, 1993-27 C.B. 343 and IRS Revenue Procedure
2001-43, 2001-2 C.B. 191 and 2001 43, or any future IRS guidance or other authority that supplements or supersedes the foregoing Revenue
Procedures; provided, that all Members, whether parties to the LLC Agreement as of the Effective Date or admitted after the Effective
Date, consent to the Company taking all actions, including amending this Agreement, to the extent necessary or appropriate to cause the
Incentive Units to be treated as Profits Interests for all United States federal income tax purposes, to be valued based on liquidation
value or similar principles and to permit allocations of income to be made to such Members to be respected even if such Units are subject
to risk of forfeiture, including any action required by the Company under Revenue Procedure 2001-43, unless superseded by Notice 2005-43,
in which case, such consent shall allow the Company to take any and all actions as may be necessary or desirable pursuant to such notice,
final or temporary regulations that may be promulgated to bring into effect the Proposed Treasury Regulations (Prop. Treas. Reg. §§
1.83-3, 1.704-1, 1.706-3, 1.707-1, 1.721-1, 1.761-1) set forth in the notice of proposed rulemaking (REG–105346–03), and any
similar or related authority.

 

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2. Administration.

 

A. The
Incentive Plan shall be administered by the Board. Subject to the terms of the Incentive Plan, the LLC Agreement, and applicable Law,
and in addition to other express powers and authorizations conferred on the Board by the Incentive Plan, the Board shall have full power
and authority to:

 

(i) designate
Participants;

 

(ii) determine
the number of Incentive Units to be subject to an award under the Incentive Plan;

 

(iii) determine
the applicable Distribution Threshold of any award under the Incentive Plan, consistent with the intention that the Incentive Units granted
under the award be treated as Profits Interests;

 

(iv) determine
the terms and conditions of any award under the Incentive Plan, including any restrictive covenants applicable to any Participant receiving
an award, subject to the terms of the Incentive Plan;

 

(v) determine
and/or increase the vested portion of any award under the Incentive Plan;

 

(vi) determine
whether, to what extent, and under what circumstances, and the method or methods by which, awards under the Incentive Plan may be canceled,
forfeited or suspended;

 

(vii) make
appropriate adjustments in order to minimize the accounting impact of the Incentive Units and/or any other awards under the Incentive
Plan;

 

(viii) interpret,
administer, reconcile any inconsistency, correct any defect and/or supply any omission in the Incentive Plan and any instrument or agreement
relating to, or any award made under, the Incentive Plan;

 

(ix) establish,
amend, suspend or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration
of the Incentive Plan;

 

(x) make
any other determination and take any other action that the Board, in its sole discretion, deems necessary or desirable for the administration
of the Incentive Plan; and

 

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(xi) decide
all disputes arising in connection with the Plan.

 

B. Unless
otherwise expressly provided in the Incentive Plan or the LLC Agreement, all designations, determinations, interpretations and other decisions
under or with respect to the Incentive Plan or any award made under the Incentive Plan shall be within the sole discretion of the Board,
may be made at any time and shall be final, conclusive and binding upon all Persons, including the Company and its participating Affiliates,
any Participant, any holder of Incentive Units, and any holder or beneficiary of any award made under the Incentive Plan. Such designations,
determinations, interpretations and decisions by the Board need not be the same with respect to each Participant (whether or not such
Participants are similarly situated).

 

C. Limitations
on Liability. No member of the Board shall be liable for any action taken or omitted to be taken, or determination made in good faith,
with respect to the Incentive Plan or any award made under the Incentive Plan, and the members of the Board (and any delegate thereof)
shall be entitled to indemnification in accordance with the provisions of Section 13.03 of the LLC Agreement arising or resulting therefrom.

 

D. Delegation.
Subject to the terms of the Incentive Plan, the LLC Agreement, the provisions of any Award Agreement and applicable Law, the Board may
delegate all or any part of its responsibilities and powers hereunder to a compensation committee selected by the Board, one or more officers
or managers of the Company or any Affiliate of the Company, or to a committee of such officers or managers, subject to such terms and
limitations as the Board shall determine. Any such delegation may be revoked by the Board at any time.

 

3. Awards;
Incentive Units; Adjustments.

 

A. Awards;
Incentive Units. Awards under the Incentive Plan shall be in the form of Incentive Units. Subject to adjustment as set forth in Section
3(B) below, the aggregate number of Incentive Units available for awards under the Incentive Plan shall be 226,196.93 Incentive Units
(the “Incentive Pool”), which shall be split evenly between Incentive Units that vest based on service-vesting criteria
and Incentive Units that vest based on performance-based criteria, as provided in the applicable Award Agreement. If, after the Effective
Date, any Incentive Unit is forfeited, then such Incentive Unit shall again be available to be awarded under the Incentive Plan.

 

B. Adjustments.

 

(i) Upon
any Adjustment Event, the Board shall make adjustments to the Incentive Plan, Incentive Units and Award Agreements to the extent and in
such manner as the Board in good faith determines appropriate and equitable to reflect the event, including (A) adjusting the number of
Incentive Units or other ownership interests or other securities of the Company (or number and kind of other securities or property or
cash) with respect to which awards may be made under the Incentive Plan and/or (B) adjusting the terms of any outstanding awards made
under the Incentive Plan, including, without limitation, the Distribution Threshold, the number of Incentive Units subject to an outstanding
award, and other Unit or Unit Equivalents (or number and kind of other property) subject to outstanding awards made under the Incentive
Plan or to which outstanding awards relate. Adjustments made by the Board pursuant to this Section 3 shall be conclusive and binding for
all purposes.

 

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(ii) In
addition, without limiting the generality of the foregoing, upon (A) a Control Sale pursuant to Section 9.03 of the LLC Agreement,
or (B) the Company entering into a written agreement to undergo a Control Sale, the Board (subject to rescission of such event if not
consummated), in its sole discretion, may cancel all or any portion of any outstanding Incentive Units and cause the holders thereof to
be paid the amount (if any) to which such Incentive Units which are then vested would be entitled under Section 7.02(a) of the LLC Agreement
and require all Participants to participate in the Control Sale in accordance with the terms of such Control Sale and the LLC Agreement.

 

(iii) Furthermore,
and without limiting the generality of Section 3(B)(i), upon the occurrence of an IPO, the Board may determine to (A) cause the exchange
of Incentive Units for awards of the Company of substantially equivalent economic value and apply the vesting provisions applicable to
the Incentive Units to such awards; (B) adjust the Distribution Threshold applicable to any Incentive Units and/or (C) cancel all or any
portion of the Incentive Units in exchange for payment to the Participant, in cash or Equity Interests or any combination thereof, of
an amount equal to the Call Price of the Incentive Units, in each case, as determined by the Board in a manner materially consistent with
the treatment of other Units or Unit Equivalents in the IPO, taking into consideration the relative rights of all Units or Unit Equivalents,
including the Distribution Threshold applicable to any Incentive Units.

 

C. Eligibility.
Any Person who is a full or part-time officer, employee, service provider, consultant or key person of the Company or any Subsidiary or
a member of the Board, and who is selected from time to time by the Board in its sole discretion, shall be eligible to be designated by
the Board as a Participant in the Incentive Plan.

 

D. Incentive
Units. The Board may grant awards of Incentive Units to a Participant pursuant to an Award Agreement, upon such terms as the Board
deems appropriate and consistent with this Incentive Plan. The following provisions are applicable to Incentive Units, except as otherwise
specified in an Award Agreement:

 

(i) General
Requirements for Incentive Units. Incentive Units will be issued pursuant to an Award Agreement, which shall be executed by the Participant
and a duly authorized officer of the Company or one of its Affiliates designated by the Board on behalf of the Company and which shall
contain such terms and conditions as the Board shall determine, consistent with this Incentive Plan and with the terms of the LLC Agreement.
The Board may establish vesting and other conditions under which restrictions on Incentive Units shall lapse over a period of time or
according to such other criteria as the Board deems appropriate in its sole discretion, and which shall be set forth in the applicable
Award Agreement. As a condition precedent to receipt of any Incentive Units, a Participant shall execute a joinder to the LLC Agreement
(to the extent the LLC Agreement has not been previously executed by the Participant) in such form as may be presented to the Participant
by the Board to effectuate such joinder.

 

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(ii) Number
of Incentive Units; Distribution Threshold. The Board shall determine the number of Incentive Units to be issued or transferred and
the restrictions applicable to such award, as well as the Distribution Threshold applicable to such award.

 

(iii) Termination
of Employment.

 

(1) Except
as otherwise set forth in an applicable Award Agreement, (i) if a Participant’s employment or engagement with the Company and its
Subsidiaries is terminated for any reason, all Incentive Units granted to such Participant which remain unvested shall be cancelled and
forfeited without consideration, and (ii) if a Participant’s employment or engagement with the Company is terminated by the Company
or a Subsidiary for Cause, all Incentive Units granted to such Participant, whether vested or unvested, shall be cancelled and forfeited
without consideration.

 

(2) Except
as otherwise set forth in an applicable Award Agreement, if a Participant’s employment or engagement with the Company and its Subsidiaries
terminates other than as a result of Cause, then for a period of 180 days following such termination (the “Company Call Period”),
the Company shall have the right to purchase all or any portion of such Participant’s Incentive Units that are vested as of the
date of termination (after giving effect to the forfeiture provisions contemplated by Section 3(B)(iii)(1) above) by delivery of a written
notice of exercise of such rights to such Participant, at a price equal to the Call Price, either in cash or for a subordinated note in
a principal amount equal to the amount necessary to satisfy such repurchase right, which principal amount shall accrue interest at the
applicable Federal rate, which principal (together with any accrued and unpaid interest on such subordinated note) shall be paid by the
Partnership as soon as commercially practicable. For purposes of this Section 3(D)(iii), the “Call Price” means the
lower of (i) the amount that would be payable in respect of the Incentive Units under the LLC Agreement if the Company were liquidated
on the date of termination pursuant to Section 12.02(c) of the LLC Agreement, or (ii) 80% of the Fair Market Value of such Incentive
Units as of the date of termination. For the avoidance of doubt, the Call Price will be $0 if the Distribution Threshold is not met as
of the date of termination. If, following any termination from employment of a Participant, such Participant violates any non-competition,
confidentiality, non-disparagement or other restrictive covenant in any written agreement or policy, then any vested Incentive Units that
are held by such Participant may be repurchased by the Company for $0, and/or such Participant may be required to pay back to the Company
any Call Price previously received by the Participant, as determined in the Board’s sole discretion. The Board may provide for complete
or partial exceptions to the requirements of this Section 3(D)(iii) as it deems appropriate in its sole discretion.

 

(3) Upon
(or following) a Change of Control or a Control Sale, or any similar transaction, the vesting of any Incentive Units, if applicable, will
accelerate only if so provided for in the applicable Incentive Unit Agreement or as otherwise determined by the Board, in its sole discretion.

 

(iv) Restrictions
on Transfer. Except pursuant to a Permitted Transfer, as otherwise provided in this Incentive Plan or the LLC Agreement or as permitted
by the Board, no Participant shall Transfer, directly or indirectly, any Incentive Unit or any interest in any Award Agreement, and any
such Transfer shall be void and unenforceable against the Company or any of its Affiliates unless consented to by the Board.

 

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(v) Rights
as Members. Upon the grant of Incentive Units pursuant to this Incentive Plan, a Participant shall have, unless otherwise provided
by the Board, all the rights and obligations of an Incentive Member with respect to such Incentive Units as provided in the LLC Agreement,
subject to the restrictions in his or her Award Agreement. As set forth in the LLC Agreement, no Participant shall, by virtue of his or
her holding Incentive Units, have the right to vote or otherwise influence or control the management or operation of the Company.

 

4. Amendment and Termination.
Subject to the limitations set forth in the LLC Agreement, the Board may amend, alter, suspend, discontinue, or terminate the Incentive
Plan or any portion thereof at any time without the consent of the Participants or the Members; provided, that any such amendment, alteration,
suspension, discontinuance or termination that would materially adversely affect the rights of any Participant shall not to that extent
be effective without the written consent of a majority of all such adversely affected Participants, taking into account, for such purpose,
all such outstanding Incentive Units, whether or not then vested; provided, further, that such consent shall not be required with respect
to an amendment permitted by the LLC Agreement or made to conform the Incentive Plan to the LLC Agreement.

 

5. General
Provisions.

 

A. No
Rights to Awards. No Person shall have any claim to receive any award under the Incentive Plan. The terms and conditions of awards
of Incentive Units and the determinations and interpretations with respect thereto made under the Incentive Plan need not be the same
with respect to each Participant (whether or not Participants are similarly situated or whether or not the Participant is an “accredited
investor” within the meaning of Rule 501 of Regulation D under the Securities Act, as presently in effect).

 

B. LLC
Agreement; Section 83(b) Election. Unless the Board determines otherwise, as a condition subsequent to the issue or transfer of any
Incentive Unit to a Participant, the Participant (i) will be required to become a party to the LLC Agreement and (ii) may be required
to make a timely, valid election under Section 83(b) of the Code. Unless otherwise determined by the Board, the issuance or transfer of
Incentive Units to any Participant who either fails to become a party to the LLC Agreement and/or fails to make such a valid and timely
election under Section 83(b) of the Code shall be void ab initio. None of the Company, the Board, nor any Subsidiary or Affiliate
of the Company intend to guarantee any particular tax effect in connection with the award of Incentive Units hereunder, and it is the
Participant’s sole responsibility and obligation to file the Section 83(b) election contemplated by the preceding sentence.

 

C. Withholding.
A Participant may be required to pay to the Company, and the Company and its Subsidiaries and Affiliates shall have the right and are
hereby authorized to withhold from any payment or distribution due or transfer made in connection with any Incentive Unit, under the Incentive
Plan or from any other amount owing to a Participant (including in connection with any Transfers), the amount (in cash, securities or
other property) of any applicable Federal, state, or local withholding taxes in respect of an Incentive Unit or any payment or transfer
under an Incentive Unit or the Incentive Plan and to take such other action as may be necessary in the opinion of the Board to satisfy
all obligations for the payment of such taxes.

 

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D. No
Limit on Other Compensation Arrangements. Nothing contained in the Incentive Plan shall prevent the Company or any of its Affiliates
from adopting or continuing in effect other compensation arrangements, which may, but need not, provide for the award of Incentive Units,
securities and other types of awards, and such arrangements may be either generally applicable or applicable only in specific cases.

 

E. No
Right to Employment or Other Engagement. No award made hereunder shall be construed as giving a Participant the right to be retained
in the employ of, or in any other continuing relationship with, the Company or any of its Subsidiaries or Affiliates.

 

F. Special
Incentive Compensation. By acceptance of an award hereunder, each Participant shall be deemed to have agreed that such award is special
incentive compensation that will not be taken into account, in any manner, as salary, compensation or bonus in determining the amount
of any payment under any pension, retirement, life insurance, disability, severance or other employee benefit plan of the Company or any
of its Subsidiaries or Affiliates. In addition, each beneficiary of a deceased Participant shall be deemed to have agreed that such award
will not affect the amount of any life insurance coverage, if any, provided by any Person on the life of the Participant which is payable
to such beneficiary under any life insurance plan covering employees.

 

G. Other
Laws. The Board may refuse to issue or transfer any Incentive Units if it determines that the issuance or transfer of such Incentive
Units would violate the LLC Agreement, the Securities Act or any applicable Law. Without limiting the generality of the foregoing, no
award of any Incentive Units hereunder shall be construed as an offer to sell securities of the Company, and no such offer shall be outstanding,
unless and until the Company in its sole discretion has determined that any such offer, if made, would be in compliance with all applicable
Laws.

 

H. No
Trust or Fund Created. Neither the Incentive Plan nor any award made under the Incentive Plan shall create or be construed to create
a trust or separate fund of any kind or a fiduciary relationship between the Company or any of its Subsidiaries or Affiliates and a Participant
or any other Person.

 

I. Governing
Law. The validity, construction and effect of the Incentive Plan and any rules and regulations relating to the Incentive Plan and
any Award Agreement shall be determined in accordance with the laws of the State of Delaware applicable to agreements made and to be performed
entirely within such state.

 

J. WAIVER
OF JURY TRIAL. EACH PARTICIPANT, BY ACCEPTING AN AWARD UNDER THIS INCENTIVE PLAN, HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT THE PARTICIPANT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THIS INCENTIVE PLAN (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTICIPANT, BY ACCEPTING AN AWARD UNDER THIS
PLAN (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE COMPANY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE COMPANY
WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, AND (B) ACKNOWLEDGES THAT THE PARTICIPANT HAS BEEN INDUCED
TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

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K. Jurisdiction;
Service of Process. Any action or proceeding seeking to enforce any provision of, or based on any right arising out of, or relating
in any manner to, this Incentive Plan or any Award Agreement (whether based on contract, tort or any other theory) must be brought in
the Court of Chancery of the State of Delaware in and for New Castle County or, if the Court of Chancery lacks subject matter jurisdiction,
in another court of the State of Delaware, County of New Castle, or in the United States District Court for the District of Delaware,
and the Company and each Participant consent to the jurisdiction of such courts (and of the appropriate appellate courts) in any such
action or proceeding and waives any objection to venue laid therein. Process in any action or proceeding referred to in the preceding
sentence may be served on any party anywhere in the world.

 

L. Severability.
If any provision of the Incentive Plan or any award made hereunder is, becomes or is deemed to be invalid, illegal or unenforceable in
any jurisdiction or as to any Person or award, or would disqualify the Incentive Plan or any award under any law deemed applicable by
the Board, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed
amended without, in the determination of the Board, materially altering the intent of the Incentive Plan or the award, such provision
shall be stricken as to such jurisdiction, Person or award and the remainder of the Incentive Plan and any such award shall remain in
full force and effect.

 

M. Headings.
Headings are used herein solely as a convenience to facilitate reference and shall not be deemed in any way material or relevant to the
construction or interpretation of the Incentive Plan or any provision thereof.

 

N. Interpretation.
The terms defined in the singular shall have a comparable meaning when used in the plural, and vice versa.

 

O. Gender.
Except where otherwise indicated by the context, any masculine term used herein shall also include the feminine.

 

P. Amendment
to LLC Agreement. Neither the adoption of this Incentive Plan nor any award made hereunder shall restrict in any way the adoption
of any amendment to the LLC Agreement in accordance with its terms.

 

Q. Conflict
between the Incentive Plan and the LLC Agreement. The Incentive Plan is subject to the LLC Agreement, the terms and provisions of
which are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein or in an
Award Agreement and a term or provision of the LLC Agreement, the applicable terms and provisions of the LLC Agreement will govern and
prevail. No Participant who holds only Incentive Units shall have any right to receive or review a copy of the Members Schedule to the
LLC Agreement (except for information on the Members Schedule that relates solely to such Participant) or obtain other information about
the identities of the other Participants or the size or nature of their interests in the Company. In the event of a conflict between any
term or provision contained herein and a term or provision of any Award Agreement, the applicable terms and provisions of this Incentive
Plan will govern and prevail.

  

6. Term of the
Incentive Plan.

 

A. Effective
Date. The Incentive Plan shall be effective as of the Effective Date, which is the date on which the Incentive Plan was approved by
the Board.

 

B. Expiration
Date. No award shall be made under the Incentive Plan after the tenth (10th) anniversary of the Effective Date (the “Expiration
Date”). Unless otherwise expressly provided in an applicable Award Agreement, the termination of the Incentive Plan shall not
affect the terms of any Incentive Unit awarded hereunder or otherwise subject hereto at the time of termination of the Incentive Plan,
and Award Agreements then if effect shall continue in effect after the Expiration Date subject to the terms of any such Award Agreement.

 

    10 

     

    

 

MANSCAPED HOLDINGS, LLC

 

FIRST AMENDMENT TO 

 

EQUITY INCENTIVE PLAN

 

THIS FIRST AMENDMENT TO EQUITY
INCENTIVE PLAN (the “Amendment”) is made and entered into as of July 3, 2019, to amend the Manscaped Holdings, LLC
(the “Company”) 2019 Equity Incentive Plan (the “Plan”). Any capitalized terms not otherwise defined
herein shall have the same meaning as ascribed to such term in the Plan, as indicated.

 

1. Amendment.
Section 3.A. of the Plan is hereby amended and restated as follows:

 

A. Awards;
Incentive Units. Awards under the Incentive Plan shall be in the form of Incentive Units, some of which shall be in the form of Voting
Incentive Units. Subject to adjustment as set forth in Section 3(B) below, the aggregate number of Incentive Units available for awards
under the Incentive Plan shall be 21,000,000 Incentive Units (the “Incentive Pool”), which shall be in the form of
either Incentive Units that vest based on service-vesting criteria and Incentive Units that vest based on performance-based criteria,
as provided in the applicable Award Agreement. If, after the Effective Date, any Incentive Unit is forfeited, then such Incentive Unit
shall again be available to be awarded under the Incentive Plan.

 

2. All
Other Provisions in Full Force and Effect. Except as expressly provided, all of the terms, covenants, conditions, restrictions and
other provisions contained in the Plan shall remain in full force and effect.

 

     

     

    

 

SECOND AMENDMENT 

TO EQUITY INCENTIVE PLAN

 

This Second Amendment to Equity
Incentive Plan (the “Amendment”) is made and entered into as of November 30, 2021, to amend the Manscaped Holdings,
LLC (the “Company”) 2019 Equity Incentive Plan (the “Incentive Plan”). Capitalized terms used but
not defined herein shall have the respective meanings ascribed to such terms in the Incentive Plan or, if not defined therein, the respective
meanings ascribed to such terms in the LLC Agreement.

 

WHEREAS, pursuant to Section
4 of the Incentive Plan, the Board may amend all or any portion of the Incentive Plan at any time without the consent of the Participants
or the Members so long as any such amendment does not materially adversely affect the rights of any Participant;

 

WHEREAS, the Board wishes
to amend the Incentive Plan, without adversely affecting the rights of any Participant, in order to modify the buy-back provision;

 

NOW, THEREFORE, the Plan
is hereby amended as follows:

 

1. Change
to Buy-Back Provision. Section 3(D)(iii)(2) of the Incentive Plan is amended and restated in its entirety as follows:

 

Except as otherwise
set forth in an applicable Award Agreement, if a Participant’s employment or engagement with the Company and its Subsidiaries terminates
other than as a result of Cause, then for a period beginning 180 days following such termination and ending 360 days following such termination
(the “Company Call Period”), the Company shall have the right to purchase all or any portion of such Participant’s
Incentive Units that are vested as of the date of termination (after giving effect to the forfeiture provisions contemplated by Section
3(B)(iii)(1) above) by delivery of a written notice of exercise of such rights to such Participant, at a price equal to the Call Price,
either in cash or for a subordinated note in a principal amount equal to the amount necessary to satisfy such repurchase right, which
principal amount shall accrue interest at the applicable Federal rate, which principal (together with any accrued and unpaid interest
on such subordinated note) shall be paid by the Partnership as soon as commercially practicable. For purposes of this Section 3(D)(iii),
the “Call Price” means the Fair Market Value of such Incentive Units as of the date of termination. For the avoidance of doubt,
the Call Price will be $0 if the Distribution Threshold is not met as of the date of termination. If, following any termination from employment
of a Participant, such Participant violates any non-competition, confidentiality, non-disparagement or other restrictive covenant in any
written agreement or policy, then any vested Incentive Units that are held by such Participant may be repurchased by the Company for $0,
and/or such Participant may be required to pay back to the Company any Call Price previously received by the Participant, as determined
in the Board’s sole discretion. The Board may provide for complete or partial exceptions to the requirements of this Section 3(D)(iii)
as it deems appropriate in its sole discretion.

 

2. All
Other Provisions in Full Force and Effect. Except as expressly provided, all of the terms, covenants, conditions, restrictions and
other provisions contained in the Incentive Plan shall remain in full force and effect.

 

 

	 	MANSCAPED HOLDINGS, LLC
	 	 
	 	By:	 
	 	Name:	 Anh Hao “Paul” Tran
	 	Title:	Chief Executive Officer

 

    11 

     

    

 

THIRD AMENDMENT 

TO EQUITY INCENTIVE PLAN

 

This Third Amendment to Equity
Incentive Plan (the “Amendment”) is made and entered into as of [•], to amend the Manscaped Holdings, LLC (the
“Company”) 2019 Equity Incentive Plan (the “Incentive Plan”). Capitalized terms used but not defined
herein shall have the respective meanings ascribed to such terms in the Incentive Plan or, if not defined therein, the respective meanings
ascribed to such terms in the Amended LLC Agreement (as defined below).

 

WHEREAS, the Company,
Members and ParentCo entered into that certain Second Amended and Restated Limited Liability Company Agreement of Manscaped Holdings,
LLC, dated [•] (the “Amended LLC Agreement”);

 

WHEREAS, the Amended LLC
Agreement describes a series of transactions whereby the Company was restructured (the “Restructuring”);

 

WHEREAS, in order to effectuate
the Restructuring, and pursuant to that certain Exchange Agreement by and among the Company, ParentCo and certain Members, dated [•]
(the “Exchange Agreement”), certain Members exchanged their Incentive Units for shares of Class A Common Stock and
Restricted Stock Units of ParentCo, upon which such exchanged Incentive Units were cancelled;

 

WHEREAS, pursuant to Section
4 of the Incentive Plan, the Board may amend all or any portion of the Incentive Plan at any time without the consent of the Participants
or the Members so long as any such amendment does not materially adversely affect the rights of any Participant;

 

WHEREAS, the Board wishes
to amend the Incentive Plan, without adversely affecting the rights of any Participant, in order to conform the Incentive Plan to the
Amended LLC Agreement and reflect the Restructuring;

 

NOW, THEREFORE, the Plan
is hereby amended as follows:

 

3. No
New Incentive Units. No new Incentive Unit awards shall be made under the Incentive Plan. If any Incentive Unit is forfeited, such
Incentive Unit shall not be available to be awarded under the Incentive Plan.

 

4. Outstanding
Incentive Units. Incentive Units that were not exchanged pursuant to the Exchange Agreement remain subject to the Incentive Plan,
the applicable Award Agreement and the terms of the LLC Agreement.

 

5. Change
to Defined Terms. As used in the Incentive Plan, the following terms shall have the meanings set forth below.

 

“Distribution”
shall mean a transfer of cash or property by the Company to a Member on account of Units as described in Section 8.03 of the LLC Agreement.

 

“Permitted
Transfer” shall mean transfers permitted under Section 8.02 of the LLC Agreement.

 

    12 

     

    

 

“Section
409A” shall mean Code Section 409A, as it has been and may be amended from time to time, and any proposed or final Treasury
Regulations and Internal Revenue Service guidance that has been promulgated or may be promulgated thereunder from time to time.

 

“Unit Equivalents”
shall mean means any security or obligation that is by its terms, directly or indirectly, convertible into, or exchangeable or exercisable
for Units, and any option, warrant or other right to subscribe for, purchase or acquire Units.

 

6. Other
Conforming Changes.

 

A. References
to “Preferred Units” and “Common Units” shall be replaced with “any Units.”

 

B. In
the definition of “Distribution,” the reference to “Article VII of the LLC Agreement” shall be replaced with “Section
8.03 of the LLC Agreement.”

 

C. In
Section 2(C), the reference to “Section 13.03 of the LLC Agreement” shall be replaced with “Article XI of the LLC Agreement.”

 

D. Section
3(B)(ii) shall be stricken.

 

E. Section
3(B)(iii) shall be stricken.

 

F. In
Section 3(D)(iii)(3), the reference to “or a Control Sale” shall be stricken.

 

7. All
Other Provisions in Full Force and Effect. Except as expressly provided, all of the terms, covenants, conditions, restrictions and
other provisions contained in the Incentive Plan shall remain in full force and effect.

 

	 	MANSCAPED HOLDINGS, LLC
	 	 
	 	By:	             
	 	Name:	 
	 	Title:Document

Exhibit 10.1

January 7, 2022                                                                                                                                     
Laurence Wilson

Re:       Terms of Transition
Dear Laurence:
This letter agreement (the “Agreement”) between you and Yelp Inc. (“Yelp” or the “Company”) sets forth the terms of your transition from Yelp in connection with the notice you provided on January 4, 2022 of your intent to resign as Yelp’s Chief Administrative Officer, General Counsel and Corporate Secretary. 
1.     Transition Period. Your last day in your current roles will be January 14, 2022; however, you will remain employed on a full-time basis in an advisory capacity through February 21, 2022 (the “Regular End Date”). After that date, you agree to provide further advisory services, as requested by Yelp from time to time, to ensure a smooth transition (the “Transition Period”). You will remain employed by Yelp during the Transition Period, which is anticipated to end on May 20, 2022. The actual last day of your employment with Yelp is your “Separation Date,” and is intended to be the date when your Transition Period ends, which may be earlier than May 20, 2022 if your employment is terminated earlier pursuant to Paragraph 7 below.
2.     Compensation. You will continue to be paid your current base salary ($450,000.00 annualized) through the Regular End Date. During the Transition Period, you will be a part-time employee, paid on an hourly basis at a rate equivalent to your current annualized base salary (i.e. $216.35) for hours actually worked. However, you agree that, after the Regular End Date, you will cease accruing paid time off (“PTO”) and earning any additional benefits except as may be expressly set forth in this Agreement or as required by law. 
You acknowledge and agree that you have been paid in full through all prior pay periods, including your salary and any commissions or bonuses earned during those periods, but excluding any PTO that you accrued but did not use during those periods. Yelp will pay you any PTO that you accrue through the Regular End Date, and any compensation that you have earned in the current pay period through the Separation Date, subject to Yelp’s standard payroll practices. You acknowledge that, except as expressly provided in this Agreement, you have not earned and will not receive from Yelp any additional compensation, bonus, severance or benefits before, on or after the Separation Date, with the exception of any vested right you may have under the express terms of a written ERISA-qualified benefit plan (e.g. a 401(k) account).
3.     Severance. If you (a) sign, date and return to Yelp the Release attached hereto as Exhibit A on or within twenty-one (21) days after the Separation Date, and allow such Release to become effective by its terms, and (b) fully comply with your obligations under this Agreement, Yelp will (x) pay you cash severance in the amount of $500, less applicable withholdings (the “Severance Payment”), and (y) allow you to keep your Yelp-issued laptop computer (the “Laptop,” which together with the 

Severance Payment is the “Severance Consideration”) following the Separation Date. The Severance Payment will be paid to you in a lump sum within three (3) weeks after Yelp receives your signed copy of the Release, provided that you have not revoked it, and in any case on or before December 31, 2022.
4.    Equity Awards. The terms of the awards you have been granted under the Company’s equity plans, including your right to exercise vested stock options, will at all times continue to be governed by the terms of your operative equity award agreements with Yelp and the applicable equity plans, provided that any references in such documents to benefits under the Severance Plan (as defined in Paragraph 9 below) shall be inapplicable. 
5.     Benefits. You will remain eligible for your group health insurance coverage pursuant to the terms of Yelp’s applicable plans until the last day of the month in which the Separation Date occurs. 
6.     Subsidiary and Affiliate Positions. Your signature below constitutes your resignation as an officer and director of all subsidiaries and affiliates of Yelp that you hold as a result of your service as Chief Administrative Officer, General Counsel and Corporate Secretary. Such resignation will be effective as of January 14, 2022, and you agree that you will take any and all actions necessary to ensure an orderly transition of such positions.
7.     Termination. Your employment may be terminated at any time prior to the anticipated end of the Transition Period if (a) you resign, or (b) Yelp terminates your employment due to your (i) material breach of Yelp policy or procedure or other misconduct, (ii) material breach of any written agreement with Yelp, including, but not limited to, this Agreement, or (iii) failure to perform your job duties as assigned to you in a timely and satisfactory manner during the Transition Period (and “Early Termination”). In the event of an Early Termination, you will receive no further compensation or benefits from Yelp other than as expressly provided herein or as required by applicable law. Nothing in this Agreement is intended to affect the at-will status of your employment with Yelp.
8.     Proprietary Information Obligations. You acknowledge and reaffirm your obligation to comply with the Confidentiality and Inventions Assignment Agreement you signed as a condition of your employment with Yelp.
9.     Executive Severance Benefit Plan. You acknowledge and agree that you are not entitled to any severance benefits in connection with your employment resignation, and that the benefits set forth in this Agreement replace in their entirety any benefits you may now or in the future be eligible for or entitled to under the Company’s Executive Severance Benefits Plan established effective January 6, 2012 and amended as of February 18, 2020 (the “Severance Plan”), and you waive all rights thereunder as of the date you sign this Agreement.
10.     Release of Claims.
a.     General Release. You hereby generally and completely release Yelp and its predecessors, successors, affiliates, parent and subsidiary entities, as well as each of their current and former directors, officers, employees, shareholders, partners, agents, attorneys, insurers, affiliates and 

assigns (collectively, the “Released Parties”) of and from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct or omissions that occurred prior to or on the date that you sign this Agreement (collectively, the “Released Claims”).
b.     Scope of Release. The Released Claims include, but are not limited to: (i) all claims arising out of or in any way related to your employment with Yelp, or the termination of that employment; (ii) all claims related to your compensation and benefits from Yelp, including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, restricted stock units or any other ownership interests in Yelp; (iii) all claims for breach of contract, wrongful termination and breach of the implied covenant of good faith and fair dealing; (iv) all tort claims, including, without limitation, claims for fraud, defamation, emotional distress and discharge in violation of public policy; and (v) all federal, state and local statutory claims, including, without limitation, claims for discrimination, harassment, retaliation, privacy, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964, the federal Americans with Disabilities Act of 1990, the federal Age Discrimination in Employment Act of 1967 (the “ADEA”), the federal National Labor Relations Act of 1935, the federal Family and Medical Leave Act, the federal Fair Credit Reporting Act, the federal Employee Retirement Income Security Act, the California Investigative Consumer Reporting Agencies Act, the California Labor Code, the California Civil Code, the California Business and Professions Code, the California Fair Employment and Housing Act, the California Family Rights Act, the Wage Orders of the California Industrial Welfare Commission, in each case as amended, and, in each case, similar laws in other jurisdictions. You acknowledge that you have been advised, as required by California Government Code Section 12964.5(b)(4), that you have the right to consult an attorney regarding this Agreement and that you were given a reasonable time period of not less than five business days in which to do so. You further acknowledge and agree that, in the event you sign this Agreement prior to the end of the reasonable time period provided by the Company, your decision to accept such shortening of time is knowing and voluntary and is not induced by the Company through fraud, misrepresentation, or a threat to withdraw or alter the offer prior to the expiration of the reasonable time period, or by providing different terms to employees who sign such an agreement prior to the expiration of the time period.
c.      Excluded Claims. Notwithstanding the foregoing, the following are not included in the Released Claims (collectively, the “Excluded Claims”): (i) any rights or claims for indemnification you may have pursuant to any written indemnification agreement with Yelp to which you are a party, the certificate of incorporation and bylaws of Yelp, or under applicable law; (ii) any rights that are not waivable as a matter of law; and (iii) any rights you have under this Agreement. 
d.     ADEA Waiver. You acknowledge that you are knowingly and voluntarily waiving and releasing any rights you may have under the ADEA (“ADEA Waiver”), and that the benefits given under this Agreement for the ADEA Waiver are in addition to anything of value to which you were already entitled. You further acknowledge that you have been advised by this writing, as required by the ADEA, that: (i) your ADEA Waiver does not apply to any rights or claims that may arise after the date you sign this Agreement; (ii) you should consult with an attorney prior to signing this Agreement (although you may choose voluntarily not to do so); (iii) you have 

twenty-one (21) days to consider this Agreement (although you may choose voluntarily to sign this Agreement earlier); (iv) you have seven (7) days following the date you sign this Agreement to revoke the Agreement by providing written notice to Yelp; and (v) this Agreement will not be effective until the date upon which the revocation period has expired, which will be the eighth day after you sign this Agreement.
11. Section 1542 Waiver. In giving the releases herein, which include claims that may be unknown to you at present, you acknowledge that you have read and understand Section 1542 of the California Civil Code, which reads as follows:
			
	“A general release does not extend to claims which the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party.”

You hereby expressly waive and relinquish all rights and benefits under that section and any law of any other jurisdiction of similar effect with respect to your release of claims herein, including, but not limited to, your release of unknown claims.
12.    Protected Rights. You understand that nothing in this Agreement limits your ability to file a charge or complaint with the Equal Employment Opportunity Commission, the Department of Labor, the National Labor Relations Board, the Occupational Safety and Health Administration, the California Department of Fair Employment and Housing, the Securities and Exchange Commission or any other federal, state or local governmental agency or commission (“Government Agencies”). You further understand this Agreement does not limit your ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. While this Agreement does not limit your right to receive an award for information provided to the Securities and Exchange Commission, you understand and agree that, to the maximum extent permitted by law, you are otherwise waiving any and all rights you may have to individual relief based on any claims that you have released and any rights you have waived by signing this Agreement. Nothing in this Agreement prevents you from discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct that you have reason to believe is unlawful.
13.    Return of Yelp Property and Information. You agree to search diligently to locate all Yelp documents, materials, information, communications and other Yelp property that you control or have had in your possession at any time, including, without limitation, (a) all Yelp confidential and proprietary information and (b) any materials or information on your personal computer, server and e-mail system (collectively, “Yelp Property”). 
You agree to return all Yelp Property and copies thereof no later than the Separation Date, or destroy them if Yelp requests. During the period between the Regular End Date and the Separation Date, you will have continued access to and limited use of your Yelp e-mail account, the Google applications associated with your Yelp e-mail account and the Yelp Legal team shared drive 

(collectively, the “Yelp Materials”); provided, however, that the Yelp Materials shall be used solely to conduct business for Yelp upon Yelp’s request. You understand and agree that if you choose not to sign and return the Release as contemplated in Paragraph 3 above, you must return your Laptop no later than twenty-four (24) days following the Separation Date. Please note that all data on the Laptop will be remotely deleted at the close of business on the Separation Date, regardless of whether you sign and return the Release.
14. Non-Disparagement. You agree that you will not (a) disrupt, or take any action that could reasonably be expected to disrupt, any aspect of Yelp’s business or operations, or (b) disparage, criticize, or otherwise take actions that could reasonably be expected to harm the reputation of, or lead to unwanted or unfavorable publicity for, Yelp, its subsidiaries and affiliates, or any of their respective current or former officers, directors, management, clients, users, products or services, except for truthful statements that are expressly required by law. Nothing in this paragraph is intended to restrain you in any manner from engaging in a lawful profession, trade or business of any kind, participating in any government regulatory investigation, or engaging in other conduct as set forth in Paragraph 12 above.
15.    Cooperation. You agree that you will not voluntarily provide assistance, information or advice, directly or indirectly (including through agents or attorneys), to any person or entity in connection with any claim or cause of action of any kind brought against Yelp, nor will you induce or encourage any person or entity to bring such claims. However, it will not violate this Agreement if you testify truthfully when required to do so by a valid subpoena or under similar compulsion of law or engage in other conduct as set forth in Paragraph 12 above. Further, you agree to cooperate fully with Yelp in connection with its actual or contemplated defense, prosecution or investigation of any claims or demands by or against third parties, or other matters arising from events, acts or failures to act that occurred during the period of your employment by Yelp. Such cooperation includes, without limitation, making yourself available to Yelp upon reasonable notice, without subpoena, to provide complete, truthful and accurate information in witness interviews, depositions and trial testimony. Yelp will reimburse you for reasonable out-of-pocket expenses you incur in connection with such cooperation (excluding foregone wages, salary or other compensation), and will make reasonable efforts to accommodate your scheduling needs. In addition, you agree to execute all documents (if any) necessary to carry out the terms of this Agreement.
16. Representations. You hereby represent that you (a) have been paid all compensation owed and for all hours worked, and, as to any further alleged wages, you agree that there is a good-faith dispute as to whether such wages are due, and based on this good-faith dispute, you release and waive any and all further claims regarding unpaid wages and any corresponding penalties, interest or attorneys’ fees, in exchange for the benefits provided by this Agreement; (b) have received all the leave and leave benefits and protections for which you are eligible, pursuant to the Family and Medical Leave Act, the California Family Rights Act or otherwise; and (c) have not suffered any on-the-job injury for which you have not already filed a workers’ compensation claim.
17.  Dispute Resolution. Any dispute, claim or controversy of whatever nature arising out of or relating to this Agreement (including any other agreement(s) contemplated hereunder), including, without limitation, any action or claim based on tort, contract or statute, or concerning the interpretation, 

performance or execution of this Agreement, will be resolved by confidential, final and binding arbitration administered by Judicial Arbitration and Mediation Services, Inc. (“JAMS”), in San Francisco, California, before a single arbitrator, in accordance with JAMS’ then-applicable arbitration rules. You acknowledge that by agreeing to this arbitration procedure, you and Yelp waive the right to resolve any such dispute, claim or demand through a trial by jury or judge or by administrative proceeding. You will have the right to be represented by legal counsel at any arbitration proceeding.  The arbitrator will: (a) have the authority to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be available under applicable law in a court proceeding; and (b) issue a written statement signed by the arbitrator regarding the disposition of each claim and the relief, if any, awarded as to each claim, the reasons for the award and the arbitrator’s essential findings and conclusions on which the award is based.  Yelp will bear all JAMS fees for the arbitration. Nothing in this Agreement will prevent any of the parties from obtaining injunctive relief in court if necessary to prevent irreparable harm pending the conclusion of any arbitration. Any awards or orders in such arbitrations may be entered and enforced as judgments in any court of competent jurisdiction.
18.  Miscellaneous. This Agreement constitutes the complete, final and exclusive embodiment of the entire agreement between you and Yelp with regard to its subject matter. It is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and it supersedes any other such promises, warranties or representations (including your employment offer letter and the Severance Plan). This Agreement may not be modified or amended except in a writing signed by both you and a duly authorized officer of Yelp. This Agreement will bind the heirs, personal representatives, successors and assigns of both you and Yelp, and inure to the benefit of both you and Yelp, their heirs, successors and assigns. If any provision of this Agreement is determined to be invalid or unenforceable, in whole or in part, this determination will not affect any other provision of this Agreement and the provision in question will be modified so as to be rendered enforceable to the fullest extent permitted by law. This Agreement will be deemed to have been entered into and will be construed and enforced in accordance with the laws of the State of Delaware, without regard to conflict of laws principles. Any ambiguity in this Agreement will not be construed against either party as the drafter. Any waiver of a breach of this Agreement must be in writing to be effective and will not be deemed to be a waiver of any successive or other breach. This Agreement may be executed in counterparts, and facsimile and electronic image signatures will be equivalent to original signatures
If these terms are acceptable to you, please sign and date in the space indicated below and return the signed copy to me within twenty-one (21) calendar days of the date you receive it. The terms offered in this Agreement will automatically lapse and expire if we do not receive a signed copy back from you within that time frame, but you may use as much of the timeframe as you need to review this Agreement before signing. We encourage you to consult with an attorney prior to accepting if you so desire. After you sign the Agreement, you may revoke your acceptance by notifying me in writing. Such written notice must be received no later than the close of business on the seventh (7th) calendar day after you signed the Agreement. If you revoke the Agreement, then you will not be entitled to any of its benefits except those required by law.
Sincerely,

Yelp Inc.
By:  /s/ Jeremy Stoppelman                                     
Jeremy Stoppelman
Chief Executive Officer
I have read, understood and hereby agree to the terms as set forth above, and further acknowledge and agree that no other commitments were made to me in connection with my transition from the Company except as specifically set forth in this Agreement.                         
 
/s/ Laurence Wilson    Jan 7, 2022    
Laurence Wilson    Date

EXHIBIT A 
RELEASE
(To be signed and returned within twenty-one (21) calendar days after the Separation Date.)
I understand that my employment with Yelp Inc. (“Yelp” or the “Company”) terminated effective ____________, _____ (“Separation Date”). The Company has agreed that if I choose to sign and return this Separation Date Release (“Release”) within twenty-one (21) calendar days of the Separation Date and do not subsequently revoke the Release, the Company will provide me with certain Severance Consideration pursuant to the terms of the transition letter agreement between the Company and me dated ____________ (“Agreement”). I understand that I am not entitled to the Severance Consideration unless I sign and return this Release within the stated time period and it becomes fully effective. I understand that, regardless of whether I sign this Release, the Company will pay me all of my accrued salary and paid time off (“PTO”) (if any) through the Separation Date, to which I am entitled by law.
In exchange for the Severance Consideration to be provided to me under the Agreement, I hereby generally and completely release the Company and its predecessors, successors, affiliates, parent and subsidiary entities, as well as each of their current and former directors, officers, employees, shareholders, partners, agents, attorneys, insurers, affiliates and assigns (collectively, “Released Parties”) of and from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring prior to or on the date I sign this Release (collectively, the “Released Claims”).  
The Released Claims include, but are not limited to: (a) all claims arising out of or in any way related to my employment with the Company or the termination of that employment; (b) all claims related to my compensation or benefits from the Company, including salary, bonuses, commissions, paid time off, expense reimbursements, severance pay, fringe benefits, stock, stock options, restricted stock units, or any other ownership interests in the Company; (c) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (d) all tort claims, including without limitation claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (e) all federal, state, and local statutory claims, including without limitation claims for discrimination, harassment, retaliation, privacy, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964, the federal Americans with Disabilities Act of 1990, the federal Age Discrimination in Employment Act of 1967 (“ADEA”), the federal National Labor Relations Act of 1935, the federal Family and Medical Leave Act (“FMLA”), the federal Fair Credit and Reporting Act, the federal Employee Retirement Income Security Act, the California Investigative Consumer Reporting Agencies Act, the California Labor Code, the California Business and Professions Code, the California Fair Employment and Housing Act, the California Family Rights Act, the Wage Orders of the California Industrial Welfare Commission, in each case as amended, and, in each case, similar laws in other jurisdictions. I acknowledge that I have been advised, as required by California Government Code Section 12964.5(b)(4), that I have the right to consult an attorney regarding this Release and that I was given a reasonable time period of not less than five business days in which to do so.  I further acknowledge and agree that, in the event I sign this Release prior to the end of the reasonable time period provided by the Company, my decision to accept such shortening of time is knowing and 

voluntary and is not induced by the Company through fraud, misrepresentation, or a threat to withdraw or alter the offer prior to the expiration of the reasonable time period, or by providing different terms to employees who sign such an agreement prior to the expiration of the time period.
Notwithstanding the release in the preceding paragraph, I am not releasing any right of indemnification I may have in my capacity as an employee of the Company pursuant to any express indemnification agreement or under applicable law, and I am not releasing any rights which are not waivable as a matter of law (collectively, “Excluded Claims”). 
I acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have under the ADEA (“ADEA Waiver”), and that the benefits given under this Release for the ADEA Waiver are in addition to anything of value to which I am already entitled. I further acknowledge that I have been advised by this writing, as required by the ADEA, that: (i) my ADEA Waiver does not apply to any rights or claims that may arise after the date I sign this Release; (ii) I should consult with an attorney prior to signing this Release (although I may choose voluntarily not to do so); (iii) I have twenty-one (21) calendar days to consider this Release (although I may choose voluntarily to sign this Release earlier); (iv) I have seven (7) calendar days following the date I sign this Release to revoke the Release by providing written notice to Yelp’s People Operations department; and (v) this Release will not be effective until the date upon which the revocation period has expired, which will be the eighth day after I sign this Release.
In giving the general release herein, which includes claims which may be unknown to me at present, I acknowledge that I have read and understand Section 1542 of the California Civil Code, which reads as follows: “A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party.” I hereby expressly waive and relinquish all rights and benefits under that section and any law of any other jurisdiction of similar effect with respect to my release of claims contained herein, including but not limited to any unknown or unsuspected claims.
I understand that nothing in this Release limits my ability to file a charge or complaint with the Equal Employment Opportunity Commission, the Department of Labor, the National Labor Relations Board, the Occupational Safety and Health Administration, the California Department of Fair Employment and Housing, the Securities and Exchange Commission or any other federal, state or local governmental agency or commission (“Government Agencies”). I further understand this Release does not limit my ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. While this Release does not limit my right to receive an award for information provided to the Securities and Exchange Commission, I understand and agree that, to maximum extent permitted by law, I am otherwise waiving any and all rights I may have to individual relief based on any claims that I have released and any rights I have waived by signing this Release.  Nothing in this Release prevents me from discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct that I have reason to believe is unlawful.

I hereby represent that I have been paid all compensation owed and for all hours worked (including, without limitation, any salary, unused paid time off, commissions and/or bonuses to which I am entitled), and, as to any further alleged wages, I agree that there is a good-faith dispute as to whether such wages are due, and based on this good-faith dispute, I release and waive any and all further claims regarding unpaid wages and any corresponding penalties, interest or attorneys’ fees, in exchange for the benefits provided by the Agreement and this Release. I further represent that I have received all the leave and leave benefits and protections for which I am eligible, pursuant to FMLA, the Company’s policies, applicable law, or otherwise, and I have not suffered any on-the-job injury or illness for which I have not already filed a workers’ compensation claim. 
 
By:____________________________ 
Laurence Wilson
Date:__________________________

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