Document:

EX-10.10

 Exhibit 10.10 

Olaplex, Inc. 
 January 8, 2020 

Tiffany Walden 
 Dear Tiffany: 

I am pleased to offer you employment with Olaplex, Inc. (formerly Penelope Acquisition Corp.) (the “Company”) in the position
of Chief Operating Officer/Chief Legal Officer reporting directly to the Company’s Chief Executive Officer. In connection therewith, the Company will also cause you to become a member of the Board of Managers of Penelope Group Holdings GP, LLC
(the “Board”) promptly following your commencement of employment; provided that, if your employment with the Company terminates for any reason, you agree to resign from the Board as of the date of such termination. 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., (ii) your continued employment with Olaplex LLC through the
Closing and (iii) your successful identity and employment eligibility verification (as discussed further below). If for any reason the Closing does not occur, your employment with Olaplex LLC is terminated prior to the Closing for any reason,
or your identity and employment eligibility cannot be verified, this letter and the Company’s offer of employment will be null and void. 

If you accept this offer, your first date of employment with the Company will be the date of the Closing. Your initial salary will be at the
rate of $650,000.00 per year, less taxes and other legally required deductions, payable in accordance with the regular payroll practices of the Company. 

Beginning with fiscal year 2020, for each fiscal year completed during your employment with the Company, 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 Company.
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 calendar year following the conclusion of the fiscal year for which the bonus is earned. 

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. Should the Company require your relocation to a location more than forty (40) miles from your place of residence as of the date hereof in
connection with the performance of your duties and responsibilities to the Company and its Affiliates, the Company will provide you with relocation support in the form of (i) reimbursement for any reasonable, documented, out-of-pocket costs (excluding housing costs) incurred in connection with such relocation and (ii) provided that you do not earlier resign from your position with the
Company or its Affiliates, a housing allowance in the monthly amount of up to $7,500 for no less than twelve (12) months following such relocation, less taxes and other legally required deductions. 

 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 (as defined below) and to abide by all policies and procedures of the Company as in effect from time to time. You will be expected to perform the duties of your
position and such other duties as may reasonably be assigned to you from time to time. 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. 
 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. 
 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. 
 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 or the Employee Agreement. 

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 8, 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. 

[Signature Pages Follow] 

  
 -2- 

 
			
	Sincerely,
	
	OLAPLEX, INC.
		
	By:	 	 /s/ James Westra

	Name:	 	James Westra
	Title:	 	President and General Counsel

  

			
	Accepted and agreed:
		
	Signature:	 	 /s/ Tiffany Walden

		 	Tiffany Walden
		
	Date:	 	January 8, 2020

  
 [Signature Page to
Offer Letter]EX-10.11

 Exhibit 10.11 

Execution Version 

TERMINATION PROTECTION AGREEMENT 

This TERMINATION PROTECTION AGREEMENT (this “Agreement”) is made and entered into as of January 8, 2020 by and between
Olaplex, Inc. (formerly Penelope Acquisition Corp.) (the “Company”) and Tiffany M. Walden (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 (i) the Company terminates the Executive’s employment without Cause (and not as result of the death or
disability of the Executive) or (ii) the Executive terminates her employment for Good Reason, 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 eighteen
(18) 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.    Confidential Information and Assignment of Rights to Intellectual Property. 

(a)    Confidential Information. During the course of the Executive’s employment with the Company and its
predecessors, the Executive has learned and will continue to learn of Confidential Information, and has developed and will continue to develop Confidential Information on behalf of the Company and its Affiliates. The Executive agrees that he will
not use or disclose to any Person (except as required by applicable law or for the proper performance of her regular duties and responsibilities for the Company) any Confidential Information obtained by

 
the Executive incident to her employment or any other association with the Company or any of its predecessors or Affiliates. The Executive agrees that this restriction will continue to apply
after her employment terminates, regardless of the reason for such termination. For the avoidance of doubt, (i) nothing contained in this Agreement limits, restricts or in any other way affects the Executive’s communicating with any
governmental agency or entity, or communicating with any official or staff person of a governmental agency or entity, concerning matters relevant to such governmental agency or entity and (ii) the Executive will not be held criminally or
civilly liable under any federal or state trade secret law for disclosing a trade secret (y) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting
or investigating a suspected violation of law, or (z) in a complaint or other document filed under seal in a lawsuit or other proceeding; provided, however, that notwithstanding this immunity from liability, the Executive may be held liable if
he unlawfully accesses trade secrets by unauthorized means. 
 (b)    Protection of Documents. All documents,
records and files, in any media of whatever kind and description, relating to the business, present or otherwise, of the Company or any of its Affiliates, and any copies, in whole or in part, thereof (the “Documents”), whether or
not prepared by the Executive, shall be the sole and exclusive property of the Company. The Executive agrees to safeguard all Documents and to surrender to the Company, at the time her employment terminates or at such earlier time or times as the
Company may specify, all Documents then in her possession or control. The Executive also agrees to disclose to the Company, at the time her employment terminates or at such earlier time or times as the Company may specify, all passwords necessary or
desirable to obtain access to, or that would assist in obtaining access to, any information which the Executive has password-protected on any computer equipment, network or system of the Company or any of its Affiliates. 

(c)    Assignment of Rights to Intellectual Property. The Executive shall promptly and fully disclose all
Intellectual Property to the Company. The Executive hereby assigns and agrees to assign to the Company (or as otherwise directed by the Company) her full right, title and interest in and to all Intellectual Property. The Executive agrees to execute
any and all applications for domestic and foreign patents, copyrights or other proprietary rights and to do such other acts (including without limitation the execution and delivery of instruments of further assurance or confirmation) requested by
the Company to assign the Intellectual Property to the Company (or as otherwise directed by the Company) and to permit the Company to enforce any patents, copyrights or other proprietary rights to the Intellectual Property. The Executive will not
charge the Company or any of its Affiliates for time spent in complying with these obligations. All copyrightable works that the Executive creates during her employment shall be considered “work made for hire” and shall, upon
creation, be owned exclusively by the Company. Executive acknowledges that this Section 2(c) shall not apply to any Invention (as defined below) that qualifies fully for exclusion under the provisions of California Labor Code Section 2870,
the terms of which are set forth in Exhibit A to this Agreement. 
 (d)    Survival. Provisions of this Agreement
shall survive any termination of employment if so provided in this Agreement or if necessary or desirable to accomplish the purposes of other surviving provisions, including without limitation the Executive’s obligations under this
Section 2. The obligation of the Company to make payments to the Executive under Section 1 of this Agreement, and the Executive’s right to retain the same, are expressly conditioned 

  
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upon her continued full performance of her obligations under this Section 2. Upon termination by either the Executive or the Company, all rights, duties and obligations of the Executive and
the Company to each other shall cease, except as otherwise expressly provided in this Agreement. 

3.    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. 

4.    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 material breach of Section 2
of this Agreement, the Executive’s material breach of any other confidentiality, invention assignment, 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 or the Executive’s breach of any other non- competition, non-solicitation or no-hire restrictive covenant obligations set forth in any written agreement by and between the Executive and the Company or any of its Affiliates (collectively, 

  
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“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 clause (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; provided, further, that with respect to clause (ii) 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 thirty (30) days after receipt of such written notice. 

“Confidential Information” means any and all information of the Company and its Affiliates that is not generally available to
the public. Confidential Information also includes any information received by the Company or any of its Affiliates from any Person with any understanding, express or implied, that it will not be disclosed. Confidential Information does not include
information that enters the public domain, other than through the Executive’s breach of her obligations under this Agreement or any other agreement between the Executive and the Company or any of its Affiliates. 

“Good Reason” means the occurrence of any of the following without the Executive’s consent: (i) the change by the
Company of the Executive’s title to any title that does not contain “Chief Operating Officer”, (ii) the Company’s reduction of the Executive’s salary or the Executive’s bonus opportunity of 50% of her salary at
any point during the period of her employment with the Company, (iii) the requirement by the Company prior to the date that is twelve (12) months following the Closing that the Executive physically relocate her primary residence to a
location more than forty (40) miles from the Executive’s current residence or (iv) the Executive’s removal as a member of the Board of Managers of Penelope Group Holdings GP, LLC (the “Board”) other than a
removal occurring in connection with the Executive’s termination of or resignation from employment or the Executive’s resignation from the Board or decision not to stand for reelection to the Board; provided, in each case, that
(a) the Executive provides written notice to the Company, setting forth the nature of the condition giving rise to Good Reason, within thirty (30) days of the initial existence of such condition, (b) the condition remains uncured by
the Company for a period of thirty (30) days following the provision of the notice referred to in the foregoing clause (a) and (c) the Executive terminates her employment, if at all, not later than thirty (30) days after the
expiration of such cure period. 
 “Intellectual Property” means inventions, discoveries, developments, methods, processes,
compositions, works, concepts and ideas (whether or not patentable or copyrightable or constituting trade secrets) (collectively, “Inventions”) conceived, made, created, developed or reduced to practice by the Executive (whether
alone or with others, whether or not during normal business hours or on or off Company premises) during the Executive’s employment that relate either to the business of the Company or any of its Affiliates or to any prospective activity of the
Company or any of its Affiliates or that result from any work performed by the Executive for the 

  
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Company or any of its Affiliates or that make use of Confidential Information or any of the equipment or facilities of the Company or any of its Affiliates. Notwithstanding the foregoing,
Intellectual Property does not include any Invention that qualifies fully under the provisions of California Labor Code Section 2870, the terms of which are set forth in Exhibit A to this Agreement. 

“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. 

5.    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. 

6.    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. 

7.    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. 

8.    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, 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 California contract and shall be governed and construed in accordance with the laws of the State of California, without regard to
any conflict of laws principles that would result in the application of the laws of any other jurisdiction. 

  
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 9.    Cause and Good Reason Definitions. The Company
agrees that, as applied to the Executive, the definitions of Cause and Good Reason set forth in this Agreement shall be used as the definitions for such terms or such similar terms 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/ Tiffany M. Walden
	 		 	By:	 	 /s/ James
Westra                                        
        

	Tiffany M. Walden	 		 	Name:	 	James Westra
		 		 	Title:	 	President and General Counsel

  
 [Signature Page to
Termination Protection Agreement] 

 EXHIBIT A 

INVENTION ASSIGNMENT NOTICE 

You are hereby notified that the Termination Protection Agreement between you and Olaplex, Inc., dated as January 8, 2020, does not apply
to any invention which qualifies fully for exclusion under the provisions of Section 2870 of the California Labor Code. Following is the text of California Labor Code § 2870: 

CALIFORNIA LABOR CODE SECTION 2870 

(a)    Any provision in an employment agreement which provides that an employee shall assign, or offer to assign, any of
his or her rights in an invention to his or her employer shall not apply to an invention that the employee developed entirely on his or her own time without using the employer’s equipment, supplies, facilities, or trade secret information
except for those inventions that either: 
  

	 	(1)	 Relate at the time of conception or reduction to practice of the invention to the employer’s business, or
actual or demonstrably anticipated research or development of the employer; or 

  

	 	(2)	 Result from any work performed by the employee for the employer. 

(b)    To the extent a provision in an employment agreement purports to require an employee to assign an invention
otherwise excluded from being required to be assigned under subdivision (a), the provision is against the public policy of this state and is unenforceable. 
  

			
	Olaplex, Inc.
		
	 By:
	 	 /s/ James Westra

	Name:	 	James Westra
	Title:	 	President and General Counsel

 I acknowledge receiving a copy of this Invention Assignment Notice: 

 

	
	 /s/ Tiffany M. Walden

	Tiffany M. Walden
	
	Date:   January 8, 2020

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