Document:

EX-10.8

 Exhibit 10.8 

January 28, 2020 
 JuE Wong 

Dear JuE: 
 I am pleased to confirm our offer of
employment to you as Chief Executive Officer of Olaplex, Inc. (formerly Penelope Acquisition Corp.) (the “Company”). This offer is contingent upon (i) the successful closing (the “Closing”) of the asset
purchase transactions contemplated by and among the Company, Olaplex LLC, and LiQWD, Inc. and (ii) your successful employment eligibility verification (as discussed further below). If for any reason the Closing does not occur or your employment
eligibility cannot be verified, this letter and the Company’s offer of employment will be null and void. 
 Start Date. If you
accept this offer, your first date of employment with the Company will be the date of the Closing. 
 Title and Duties. You will be
employed by the Company as its Chief Executive Officer, reporting to the Board of Managers of Penelope Group Holdings GP, LLC (the “Board”). You will perform the duties of your position and such other duties as may reasonably be
assigned to you from time to time. In addition, you will serve from time to time if requested as a director or officer of one or more of the Company’s Affiliates, without further compensation. You will be expected to devote your full business
time and your best professional efforts to the performance of your duties and responsibilities for the Company and its Affiliates and to abide by all policies and procedures of the Company as in effect from time to time. 

Base Salary. Your initial base salary will be paid at the rate of $1,000,000 per year, less taxes and other legally required
deductions, payable in accordance with the regular payroll practices of the Company. 
 Annual Bonus. For each fiscal year completed
during your employment, you will be eligible to earn an annual bonus. Your target bonus will be 50% of your base salary, with the actual amount of any such bonus being determined by the Company in its discretion, based on your performance and that
of the Company against goals established by the Board. You must be employed through the end of the applicable fiscal year in order to be eligible for the bonus. Any such bonus will be payable in the first calendar quarter of the calendar year
following the conclusion of the fiscal year for which the bonus is earned. 
 Incentive Equity. Promptly following the commencement
of your employment with the Company and subject to final approval by the Board of Managers of Penelope Group Holdings GP, LLC, you will receive a grant of options to purchase common stock of Penelope Holdings Corp. (“Options”)
representing 3.86% of the fully-diluted equity of Penelope Holdings Corp., with an exercise price for each Option equal to the fair market value of a share of common stock of Penelope Holdings Corp. on the grant date. The Options granted to you will
conditioned on your continued employment by the Company, and will be subject to vesting as follows: (i) four- tenths (4/10ths) of the options will be subject to time vesting, vesting in five
(5) equal installments on each of the first five (5) anniversaries of the grant date, (ii) one-tenth (1/10th) of the Options will be subject
to performance vesting based on the achievement by the Principal Investor (as such term 

 
shall be defined in the option grant) of an MOIC (as such term shall be defined in the option grant) of at least 2.0, (iii) one-tenth (1/10th) of the Options will be subject to performance vesting based on the achievement by the Principal Investor of an MOIC of at least 2.5, (iv) one-tenth (1/10th) of the Options will be subject to performance vesting based on the achievement by the Principal Investor of an MOIC of at least 3.0, (v) one point five-tenths (1.5/10ths) of the Options will be subject to performance vesting based on the achievement by the Principal Investor of an MOIC of at least 3.5 and (vi) one point five-tenths (1.5/10ths) of the Options will be subject to performance vesting based on the achievement by the Principal Investor of an MOIC of at least 4.0. The Options will be subject to terms of the option award
agreement and the Penelope Holdings Corp. 2020 Omnibus Equity Incentive Plan. 
 Benefits. You will be eligible to participate in any
and all employee benefit plans made available by the Company to employees generally from time to time, subject to plan terms and generally applicable Company policies as in effect from time to time. Following the Closing Date, until such time as the
Company has established group medical, dental and/or vision plans, as applicable, the Company will reimburse you up to $2,500 per month for the monthly premium cost of any medical, dental and/or vision insurance plans purchased by you.
Notwithstanding the foregoing, in the event that the Company’s payment of such reimbursements would subject the Company to any tax or penalty under Section 105(h) of the Internal Revenue Code of 1986, as amended, the Patient Protection and
Affordable Care Act, as amended, any regulations or guidance issued thereunder, or any other applicable law, in each case, as determined by the Company, then you and the Company agree to work together in good faith to restructure such benefit. 

Co-Investment Opportunity. You will be eligible to invest up to $500,000 in the
Class A Non-Voting Common Units of Penelope Group Holdings, L.P., on such terms and conditions as shall be set forth in a subscription agreement between you and the Company. 

Work Location. Until such time as the Company has established a corporate headquarters, you will work remotely from your home or
another remote location of your choice. Once the Company has established a corporate headquarters, you will work from the Company’s corporate headquarters. In each case, your work location will be subject to such travel as may reasonably be
required for the diligent performance of your duties and responsibilities to the Company and its Affiliates. Should the Company establish its corporate headquarters in the greater Los Angeles, California area, the Company will provide you with a
housing and transportation allowance in the monthly amount of up to $10,000 during the term of your employment hereunder, less taxes and other legally required deductions. 

The Immigration Reform and Control Act requires the Company to verify your identity and employment eligibility within three business days of
your commencement of employment with the Company. Enclosed is a copy of the Form I-9 that you will be required to complete. Please bring the appropriate documents listed on that form with you when you report
for work. We will not be able to employ you if you fail to comply with this requirement. 
 This offer of employment is also conditioned on
your execution of the Company’s standard Employee Agreement, a copy of which is enclosed. You must sign and return the Employee Agreement at the time you sign and return this letter agreement. 

  
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 This letter and your response are not meant to constitute a contract of employment for a
specific term. Employment with the Company is at-will. This means that, if you accept this offer, both you and the Company will retain the right to terminate your employment at any time, with or without notice
or cause. 
 This letter agreement, together with the Employee Agreement and the Termination Protection Agreement entered into on the date
hereof between you and the Company, sets forth the entire agreement between you and the Company, and replaces all prior and contemporaneous communications, agreements and understandings, written or oral, with respect to the terms and conditions of
your employment. In accepting this offer, you give the Company assurance that you have not relied on any agreements or representations, express or implied, with respect to your employment that are not set forth expressly in this letter agreement,
the Employee Agreement or the Termination Protection Agreement. For the purposes of this letter agreement, “Affiliates” means all persons and entities directly or indirectly controlling, controlled by or under common control with
the Company, where control may be by management authority, equity interest or otherwise. 
 If you wish to accept this offer, please sign,
date and return this letter agreement and the Employee Agreement to Tricia Glynn by email (TGlynn@AdventInternational.com) no later than January 31, 2020. If you do accept as provided, this letter agreement will take effect as a binding
agreement between you and the Company as of the Closing, provided that you sign, date and return the Employee Agreement to the Company and satisfy the other conditions set forth above in a timely manner. Please retain a copy of this letter agreement
and the Employee Agreement for your records. 

  
 3 

 
			
	Sincerely,
	
	OLAPLEX, INC.
		
	By:	 	 /s/ Tricia Glynn

	Name:	 	Tricia Glynn
	Title:	 	President

  
 [Signature Page to Offer
Letter] 

			
	Accepted and agreed:
		
	Signature:	 	 /s/ JuE Wong

		 	JuE Wong
		
	Date:	 	January 28, 2020

  
 [Signature Page to Offer
Letter]EX-10.9

 Exhibit 10.9 

TERMINATION PROTECTION AGREEMENT 

This TERMINATION PROTECTION AGREEMENT (this “Agreement”) is made and entered into as of January 28, 2020 by and between
Olaplex, Inc. (formerly Penelope Acquisition Corp.) (the “Company”) and JuE Wong (the “Executive”), and is effective as of the Closing Date, as such term is defined in the Purchase Agreement by and among Olaplex
LLC, Liqwd, Inc., Christal Family Trust Dated May 22, 2014, Christal Investment Trust Dated May 22, 2014, the Company and the other parties thereto, dated as of November 17, 2019 (the “Purchase Agreement”). In the
event that the Closing (as such term is defined in the Purchase Agreement) does not occur, this Agreement will be void and of no force or effect. 

WHEREAS, the Company has offered employment to the Executive, effective as of the Closing Date, and the Executive has accepted such
employment. 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein and intending to be legally bound hereby, the
Company and the Executive agree as follows: 
 1.    Severance Entitlement. 

(a)    The Executive’s employment with the Company shall be at-will, meaning
that both the Executive and the Company will retain the right to terminate the Executive’s employment at any time, with or without Cause or notice. 

(b)    If the Company terminates the Executive’s employment without Cause (and not as result of the death or
disability of the Executive), the Company will continue to pay the Executive’s base salary, at the rate in effect at the time of termination, for a period of twelve (12) months following the date of termination (the “Severance
Payments”). Any obligation of the Company to provide the Severance Payments to the Executive is conditioned on her signing and returning, without revoking, to the Company a timely and effective separation agreement containing a general
release of claims and other customary terms in the form provided to the Executive by the Company at the time that the Executive’s employment terminates (the “Separation Agreement”) and the Executive’s continuing compliance
with her obligations pursuant to this Agreement and any other Restrictive Covenants. The Separation Agreement must become effective, if at all, by the sixtieth (60th) calendar day following the date the Executive’s employment terminates. Any
Severance Payments to which the Executive is entitled will be payable in accordance with the normal payroll practices of the Company. The first such payment will be made on the Company’s next regular payday following the expiration of sixty
(60) calendar days from the date that the Executive’s employment terminates, but will be retroactive to the day following such date of termination. 

2.    Timing of Payments and Section 409A. 

(a)    Notwithstanding anything to the contrary in this Agreement, if at the time the Executive’s employment
terminates, the Executive is a “specified employee,” as defined below, any and all amounts payable under this Agreement on account of such separation from service that would (but for this provision) be payable within six (6) months
following the date of termination, shall instead be paid on the next business day following the expiration of such six (6)- month period or, if earlier, upon the Executive’s death; except (A) to the extent of amounts that do

 
not constitute a deferral of compensation within the meaning of Treasury regulation Section 1.409A-1(b) (including without limitation by reason of the
safe harbor set forth in Section 1.409A- 1(b)(9)(iii), as determined by the Company in its reasonable good faith discretion); (B) benefits which qualify as excepted welfare benefits pursuant to Treasury regulation Section 1.409A- 1(a)(5);
or (C) other amounts or benefits that are not subject to the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”). 

(b)    For purposes of this Agreement, all references to “termination of employment” and correlative phrases
shall be construed to require a “separation from service” (as defined in Section 1.409A-1(h) of the Treasury regulations after giving effect to the presumptions contained therein), and the term
“specified employee” means an individual determined by the Company to be a specified employee under Treasury regulation Section 1.409A-1(i). 

(c)    Each payment made under this Agreement shall be treated as a separate payment and the right to a series of
installment payments under this Agreement is to be treated as a right to a series of separate payments. 
 (d)    In no
event shall the Company have any liability relating to the failure or alleged failure of any payment or benefit under this Agreement to comply with, or be exempt from, the requirements of Section 409A. 

3.    Definitions. For purposes of this Agreement, the following definitions apply: 

“Affiliates” means, with regard to any Person, all Persons and entities directly or indirectly controlling, controlled by or
under common control with such Person, where control may be by management authority, equity interest or otherwise. 

“Cause” means the occurrence of any of the following, as determined by the Company in its reasonable judgment: (i) the
Executive’s material failure to perform, or substantial negligence in the performance of, the Executive’s duties and responsibilities to the Company or any of its Affiliates; (ii) the Executive’s breach of the Employee Agreement
or of any other confidentiality, invention assignment, non-competition, non-solicitation, no-hire,
non- disparagement or other similar restrictive covenant obligations set forth in any written agreement by and between the Executive and the Company or any of its Affiliates (collectively,
“Restrictive Covenants”); (iii) the Executive’s material breach of any other provision of this Agreement or any other written agreement by and between the Executive and the Company or any of its Affiliates; (iv) the
Executive’s commission of, or plea of nolo contendere to, a felony or other crime involving moral turpitude; or (v) other conduct by the Executive that is or could reasonably be expected to be materially harmful to the business interests
or reputation of the Company or any of its Affiliates; provided, however, that with respect to (i), (iii) and (v) of this definition, to the extent such matter or matters are reasonably susceptible to cure, the Executive shall
have received written notice from the Company of such matter or matters, describing same in reasonable detail, and shall have failed to cure such matter or matters within ten (10) days after receipt of such written notice. 

“Person” means an individual, a corporation, a limited liability company, an association, a partnership, an estate, a trust
or any other entity or organization, other than the Company or any of its Affiliates. 

  
 -2- 

 4.    Withholding. All payments made by the Company under
this Agreement shall be reduced by any tax or other amounts required to be withheld by the Company to the extent required by applicable law. 

5.    Assignment. Neither the Executive nor the Company may make any assignment of this Agreement or any
interest in it, by operation of law or otherwise, without the prior written consent of the other; provided, however, the Company may assign its rights and obligations under this Agreement without the Executive’s consent to one of
its Affiliates or to any Person with whom the Company shall hereafter effect a reorganization, consolidate or merge, or to whom the Company shall hereafter transfer all or substantially all of its properties or assets. This Agreement shall inure to
the benefit of and be binding upon the Executive and the Company, and each of their respective successors, executors, administrators, heirs and permitted assigns. 

6.    Severability. If any portion or provision of this Agreement shall to any extent be declared illegal or
unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected
thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 

7.    Miscellaneous. This Agreement sets forth the entire agreement between the Executive and the Company,
and replaces all prior and contemporaneous communications, agreements and understandings, written or oral, with respect to the terms and conditions of the Executive’s employment, excluding only that certain employment letter agreement and that
certain Employee Agreement (the “Employee Agreement”), each by and between the Executive and that Company, and each of even date herewith; provided, however, that nothing contained in this Agreement limits or
supersedes any prior assignment of intellectual property rights by the Executive to the Company or any of its Affiliates (or any of their predecessors). This Agreement may not be modified or amended, and no breach shall be deemed to be waived,
unless agreed to in writing by the Executive and an expressly authorized representative of the Company. The headings and captions in this Agreement are for convenience only and in no way define or describe the scope or content of any provision of
this Agreement. This Agreement may be executed in two or more counterparts, each of which shall be an original and all of which together shall constitute one and the same instrument. This is a Delaware contract and shall be governed and construed in
accordance with the laws of the State of Delaware, without regard to any conflict of laws principles that would result in the application of the laws of any other jurisdiction. 

8.    Cause Definition. The Company agrees that, as applied to the Executive, the definition of Cause set
forth in this Agreement shall be used as the definition for such term or such similar term in (i) the Penelope Holdings Corp. 2020 Omnibus Equity Incentive Plan to be adopted after the Closing and any equity award agreement to be entered into
with the Executive thereunder and (ii) the Amended and Restated Agreement of Limited Partnership of Penelope Group Holdings, L.P. to be entered into at the Closing. 

[Signature Page Follows Immediately] 

  
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 IN WITNESS WHEREOF, this Agreement has been executed by the Company, by its duly authorized
representative, and by the Executive, as of the date first above written. 
  

							
	THE EXECUTIVE:	 		 	THE COMPANY:
				
	 /s/ JuE Wong
	 		 	By:	 	 /s/ Tricia Glynn

	JuE Wong	 		 	Name:	 	 Tricia Glynn
		 		 	Title:	 	President

  
 [Signature Page to
Termination Protection Agreement]

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