Document:

EX-10.6

 Exhibit 10.6 

LULU’S FASHION LOUNGE HOLDINGS, INC. 

2021 EQUITY INCENTIVE PLAN 

SPECIAL COMPENSATION AWARD AGREEMENT 

GRANT NOTICE 
 You have been granted a
special compensation award, intended to constitute an Other Award for purposes of the Plan (the “Award”), subject to the terms and conditions of the Lulu’s Fashion Lounge Holdings, Inc. 2021 Equity Incentive Plan (the
“Plan”) and this Special Compensation Award Agreement, which includes the terms in this Grant Notice (the “Grant Notice”) and Appendix A attached hereto (collectively, the “Agreement”).
Capitalized terms used but not defined in the Agreement shall have the meanings ascribed to such terms in the Plan. 
  

			
	Name of Awardee:	  	David W. McCreight
		
	Grant Date:	  	April 19, 2021

 [signature page to follow] 

 Your signature below indicates your agreement and understanding that this Award is subject
to all of the terms and conditions contained in the Agreement (including this Grant Notice and Appendix A to the Agreement) and the Plan. In the event that you fail to return a signed copy of this Agreement to the Company within 60 days
following the Grant Date, the Award will be automatically cancelled, unless determined otherwise by the Administrator. ACCORDINGLY, PLEASE BE SURE TO READ ALL OF APPENDIX A, WHICH CONTAINS THE SPECIFIC TERMS AND CONDITIONS OF
THIS AWARD. 
  

					
	LULU’S FASHION LOUNGE HOLDINGS, INC.
		
	By	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	AWARDEE
	
	  
 David W. McCreight

  
 A-3 

 APPENDIX A TO AWARD AGREEMENT 

ARTICLE I. 
 GRANT OF
AWARD 
 Section 1.1 Grant of Award. The Company hereby grants to the Awardee the Award referred to in the Grant Notice, the specific
terms of which are set forth in this Appendix A, upon the terms and conditions set forth in that certain employment agreement by and between the Awardee, the Company, and Lulu’s Fashion Lounge, LLC, a Delaware limited liability company and
indirect subsidiary of the Company, dated as of [April 15, 2021] (the “Employment Agreement”), the Plan, the Management Stockholders Agreement, and this Agreement (including the Grant Notice and this Appendix A to the Agreement).

 Section 1.2 Award Subject to Plan and Management Stockholders Agreement. The Award granted hereunder is subject to the terms
and provisions of the Plan and the Management Stockholders Agreement. 
 Section 1.3 Special Compensation Awards. This Award sets
forth further terms and conditions of the obligations of the Company and the Awardee pursuant to the Employment Agreement to pay or issue amounts in satisfaction of (i) the First Special Compensation Award and Second Compensation Award, as
defined in the Employment Agreement, due pursuant to Sections 2.5(a) and 2.5(b) of the Employment Agreement and (ii) Sections 3.5(c) and 3.5(d) of the Employment Agreement. 

Section 1.4 Vesting, Timing and Manner of Issuance of Shares. To the extent the conditions set forth in the Employment Agreement
have been satisfied, Awardee shall receive the number of shares of Common Stock (i) in settlement of the First Special Compensation Award and/or Second Special Compensation Award, as applicable, as is required to be delivered pursuant to the
applicable subsection of Section 2.5 of the Employment Agreement or (ii) as is required to be delivered pursuant Section 3.5(c) or 3.5(d) of the Employment Agreement, in the case of clauses (i) and (ii), subject to the Awardee
having also executed the Management Stockholders Agreement. Such shares shall be issued to Awardee in accordance with the timing set forth in the applicable subsection of Section 2.5 of the Employment Agreement or in Section 3.5(c) or
3.5(d) of the Employment Agreement, as applicable. If the Awardee fails to validly execute the Management Stockholders Agreement, the Company shall have no obligation to deliver the shares of Common Stock subject to the Award. Unless otherwise
determined by the Company, the shares will be issued in uncertificated form and recorded in the name of the Awardee in the books and records of the Company or its transfer agent with appropriate notations regarding the restrictions set forth in this
Agreement, the Plan or the Management Stockholders Agreement. Prior to the issuance of the shares pursuant to the preceding sentence, the Awardee shall have no rights as a Stockholder of the Company in respect of the Award. 

ARTICLE II. 
 OTHER
PROVISIONS 
 Section 2.1 Awardee Representation; Not a Contract of Service. The Awardee hereby represents that the
Awardee’s execution of this Agreement and participation in the Plan is voluntary and that the Awardee has in no way been induced to enter into this Agreement in exchange for or as a requirement of the expectation of service with the Company or
any of its subsidiaries. Nothing in this Agreement or in the Plan shall confer upon the Awardee any right to continue as a Service Provider or shall interfere with or restrict in any way the rights of the Company or its subsidiaries, which are
hereby expressly reserved, to discharge the Awardee at any time for any reason whatsoever, with or without Cause except pursuant to an employment or consulting agreement executed by and between the Company and the Awardee and approved by the Board.

 Section 2.2 Shares Subject to Plan and Management Stockholders Agreement. The
Awardee acknowledges that this Award and the shares of Common Stock delivered to the Awardee pursuant to the Award are subject to the terms of the Plan and the Management Stockholders Agreement. In the event of a conflict between the terms of this
Agreement and the Plan or the Management Stockholders Agreement, the terms of the Plan or Management Stockholders Agreement, as applicable, will control. 

Section 2.3 Construction. This Agreement shall be administered, interpreted and enforced under the laws of the state of Delaware,
disregarding choice-of-law principles of the law of any state that would require the application of the laws of a jurisdiction other than such state. 

Section 2.4 Taxes. The Awardee acknowledges and agrees that the Awardee has relied upon the advice of the Awardee’s own tax
advisors in connection with the transactions contemplated by this Agreement and that the Awardee makes no representation or warranty as to the tax treatment of the Award. The Awardee acknowledges that the Awardee is responsible for all taxes
associated with the Awardee’s receipt of the Award and any shares or other consideration delivered in settlement hereof. 

Section 2.5 No Transfers. The Awardee agrees not to sell or otherwise transfer any equity securities of the Company except in
accordance with the terms of the Management Stockholders Agreement. 
 Section 2.6 No Registration. The Awardee understands and
agrees that the Shares are being acquired by the Awardee in a transaction not involving any public offering within the meaning of the Securities Act, in reliance on an exemption therefrom. The Awardee understands that the Shares have not been, and
will not be, approved or disapproved by the Securities and Exchange Commission or by any other federal or state agency, and that no such agency has passed on the accuracy or adequacy of disclosures made to the Awardee by the Company. No federal or
state governmental agency has passed on or made any recommendation or endorsement of the Awardee or an investment in the Company. 

Section 2.7 Limitations on Disposition and Resale. The Awardee understands and acknowledges that the shares of Common Stock have not
been and will not be registered under the Securities Act, or the securities laws of any state and, unless the shares of Common Stock are so registered, they may not be offered, sold, transferred or otherwise disposed of except pursuant to an
exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any applicable securities laws of any state or foreign jurisdiction. The Awardee recognizes that there will not be any public trading market
for the shares of Common Stock, and, as a result, the Awardee may be unable to sell or dispose of his or her interest in the Company. 

ARTICLE III. 

DEFINITIONS 

Whenever the following terms are used in this Agreement (including the Grant Notice), they shall have the meaning specified below unless the
context clearly indicates to the contrary. Capitalized terms used in this Agreement and not defined below shall have the meaning given such terms in the Plan. The singular pronoun shall include the plural, where the context so indicates. 

Section 3.1 Award. “Award” shall mean the Award of Shares granted under this Agreement that is intended to constitute an
Other Award for purposes of the Plan. 

  
 A-2 

 Section 3.2 Awardee. “Awardee” shall be the person designated as such in
the Grant Notice. 
 Section 3.3 Governmental Authority. “Governmental Authority” shall mean any (i) federal,
state, local, municipal, foreign or other government, (ii) governmental or quasi-governmental entity of any nature (including any governmental agency, branch, department, official, or entity and any court or other tribunal) or (iii) body
exercising, or entitled to exercise any administrative, executive, judicial, legislative, police, regulatory, or taxing authority or power of any nature, including any arbitral tribunal. 

Section 3.4 Grant Date. “Grant Date” shall be the grant date set forth in the Grant Notice. 

Section 3.5 Grant Notice. “Grant Notice” shall mean the Grant Notice referred to in Section 1.1 of this Agreement,
which Grant Notice is for all purposes a part of the Agreement. 
 Section 3.6 Management Stockholders Agreement. “Management
Stockholders Agreement” shall mean that certain Management Stockholders Agreement by and between the Company and its stockholders, as may be amended from time to time. 

Section 3.7 Plan. “Plan” shall mean the Lulu’s Fashion Lounge Holdings, Inc. 2021 Equity Incentive Plan. 

Section 3.8 Securities Act. “Securities Act” shall mean the Securities Act of 1933, as amended. 

*         *         * 

  
 A-3EX-10.7

 Exhibit 10.7 

EMPLOYMENT AGREEMENT 

This Employment Agreement (this “Agreement”), is made and entered into on April 15, 2021, by and among Lulu’s
Fashion Lounge, LLC, a Delaware limited liability company (the “Company”), Lulu’s Fashion Lounge Holdings, Inc., a Delaware corporation and indirect parent of the Company (“Parent”) and David W. McCreight
(“Executive”). This Agreement shall become effective as of the Effective Date (as hereinafter defined). 
 WHEREAS, the
Company desires to employ Executive as its Chief Executive Officer, on the terms and conditions set forth herein, commencing no later than April 19, 2021 (such actual date employment commences, the “Effective Date”); and 

WHEREAS, Executive desires to be employed by the Company as its Chief Executive Officer on the terms and conditions set forth herein. 

NOW THEREFORE, in consideration of the promises and mutual covenants and agreements contained herein, the adequacy of all of which
consideration is hereby acknowledged, the parties hereby agree as follows: 
 1. EMPLOYMENT 

1.1 Agreement and Term. Executive’s employment and the term of this Agreement (the “Term”) shall commence on the
Effective Date and end on the second anniversary of the Effective Date, subject to earlier termination as provided in Section 3; provided, that, commencing on the second anniversary of the Effective Date and on each anniversary thereafter
(each, an “Extension Date”), the Term shall be automatically extended for an additional one-year period unless the Company or Executive has provided the other party hereto at least 60 days
prior written notice before a particular Extension Date that the Term shall not be so extended on such Extension Date. 
 1.2 Position and
Duties; Work Location. 
 (a) During the Term, Executive shall serve as the Chief Executive Officer of the Company and Parent and shall
report directly to the Board of Directors of Parent (the “Board of Directors”). In such position, Executive shall have such duties, responsibilities and authorities as are customarily associated with such position for an officer
with the same title at a similar company and shall perform such other duties, commensurate with Executive’s position, as requested by the Board of Directors. During the Term, Executive shall serve as a member of the Board of Directors. Each
member of the Board of Directors, including Executive in his capacity as a member of the Board of Directors, shall have one vote. For purposes of this Agreement, the term “Company” shall include Parent and each of its subsidiaries,
including the Company, unless the context clearly indicates otherwise. 

  
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 (b) Executive’s principal work location shall be remote, and Executive understands and
agrees that Executive may be required to travel if reasonably necessary to perform his duties and responsibilities hereunder; provided, that Executive shall spend five business days during each month of the Term working from the Company’s
offices in Chico, California and/or Los Angeles, California. If at any time during the Term, the Board or the Company requests that Executive spend more than five business days during a month working in the Company’s offices in Chico,
California and/or Los Angeles, California, Executive shall not be required to agree, but, if Executive does agree, such additional days shall not constitute “Good Reason” as defined below or a breach of this Agreement, and the
Company’s request for such additional days shall not constitute Good Reason or a breach of this Agreement. To the extent Executive determines, after reasonable consultation with the Board of Directors, that Executive is unable or unwilling to
travel due to health and/or safety concerns implicated by such travel, such travel shall not be required. Notwithstanding the foregoing, the Company shall not require Executive to travel, including, but not limited to, to the Company’s offices
in Chico, California and/or Los Angeles, California, prior to that certain date to which the Company and Executive may agree in light of the COVID-19 pandemic, which shall, at minimum, be 60 days following
Executive receiving the final dose of a COVID-19 vaccination. In connection with the foregoing, and irrespective of geographic considerations, Executive agrees that he shall carry out his duties and
responsibilities hereunder at all times in compliance with the Company’s policies and procedures that apply to any status, title or position that Executive holds, as the same may be in effect from time to time. 

1.3 Outside Activities. During the Term, Executive shall use his best efforts and full business time to the performance of
Executive’s duties to the Company; provided, that, subject to Section 4 hereof, during the Term, Executive may serve on the boards of directors of those entities set forth on Appendix A or, with prior written notice to the
Company on any other board of directors but only if the total number of boards on which Executive shall serve at any given time, inclusive of those listed on Appendix A hereto, shall not exceed two. The Executive agrees to make every reasonable
effort to ensure Outside Activity does not materially interfere individually, or in aggregate, with the Executive’s performance of Executive’s duties and responsibilities under this Agreement. The Executive will review outside board
service with the Board of Directors on the one-year anniversary of his employment, and every subsequent anniversary. The Company will address with the Executive any concerns of outside board service detracting
from performance of the Executives duties; and work together with the Executive to resolve concerns. In the event concerns of Outside Activities remain post-discussion, Executive will have 90 days to remedy the Board of Directors’ concerns of
the Executive’s Outside Activities. 
 2. COMPENSATION AND BENEFITS; EXPENSES 

2.1 Salary. The Company shall compensate and pay Executive for his services at a rate equivalent to $1,000,000 per year (“Base
Salary”), less payroll deductions and all required tax withholdings, which salary shall be payable in accordance with the Company’s customary payroll practices applicable to its executives. Executive shall be entitled to such increases
in the Base Salary, if any, as may be determined from time to time in the discretion of the Board of Directors. 
 2.2 Bonus.
Executive shall receive an annual bonus (the “Annual Bonus”) of $1,000,000 for each of fiscal years 2021 and 2022, which shall be paid on March 31, 2022 and March 31, 2023, respectively, even if Executive is no longer
employed, unless, prior to the date of payment, Executive’s employment was terminated by the Company for Cause (as defined below) or by Executive without Good Reason (as defined below) or due to Executive’s
non-renewal of the Term. For the avoidance of doubt, Executive’s Annual Bonus for fiscal year 2021 shall not be 

  
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prorated for the portion of the year Executive was employed by the Company. With respect to each fiscal year of the Company ending after the end of fiscal year 2022, and subject to the
achievement of any applicable performance goals, based on corporate, business unit and/or individual performance, to be established by the Board of Directors, Executive shall be entitled to participate in the Company’s annual incentive plan, as
such, and on such terms and conditions as, may be established by the Board of Directors from time to time, under which Executive shall be eligible to earn an Annual Bonus, with a target amount equal to $1,000,000 (the “Target
Bonus”), subject to Executive being employed with the Company on the date that the Annual Bonus is paid. The Annual Bonus shall be paid in accordance with the Company’s customary practices, but in no event later than three months
following the end of the applicable fiscal year. 
 2.3 Employee Benefits; Vacation. During the Term of this Agreement, Executive
shall be entitled to participate in the employee benefit plans and programs made available to senior management employees of the Company. The terms and conditions of Executive’s participation in any employee benefit plan or program shall be
subject to the terms and conditions of such plan or program, as may be amended or modified by the Company from time to time. Nothing in this Agreement shall preclude the Company from amending or terminating any employee benefit plan or program in
accordance with the terms thereof. During the Term, Executive shall be entitled to four weeks of paid vacation time per calendar year, including calendar year 2021. 

2.4 Equity. 
 (a)
Contemporaneously with approving this Agreement, the Board of Directors has approved the grant, on the Effective Date, of a one-time, non-recurring award of options (the
“Options”) to purchase 322,793 shares of common stock, par value $0.001 per share, of Parent (the “Common Stock”) pursuant to Parent’s equity incentive plan (as from time to time amended and in effect, the
“Plan”) and a stock option agreement between Executive and Parent that sets forth the terms governing the Options (the “Award Agreement”). The per share exercise price of the Options shall be $11.35. Subject to
Executive’s continued employment with the Company through each vesting date, (i) 275,133 of the Options (the “Base Options”) shall become vested and exercisable in 24 substantially equal monthly installments beginning on
April 31, 2023 and ending on March 31, 2025 and (ii) 47,660 of the Options (the “Preferred Conversion Options”) shall become vested and exercisable in 24 substantially equal monthly installments beginning on
April 31, 2023 and ending on March 31, 2025, but only if, as of the applicable monthly vesting date, a Listing Event has occurred in connection with which the shares of the Company’s Series A Preferred Stock have converted into shares
of Common Stock on a one-to-one basis (such conversion, the “Preferred Conversion Vesting Condition”); provided, that, if on a particular monthly
vesting date the Preferred Conversion Vesting Condition has not occurred, but such Preferred Conversion Vesting Condition has occurred as of a later monthly vesting date, then any of the Preferred Conversion Options that were eligible to vest on an
earlier monthly vesting date but did not vest on such date because the Preferred Conversion Vesting Condition had not occurred as of such date, shall immediately vest on the first monthly vesting date on which the Preferred Conversion Vesting
Condition occurs; provided, further, that if the Preferred Conversion Vesting Condition has not occurred as of March 31, 2025, but does occur after such date and still before the expiration date of the Options, then all Preferred Conversion
Options shall become vested and exercisable as of the date on which the Preferred Conversion Vesting Condition occurs. For the avoidance of doubt, the Preferred Conversion Options shall be forfeited for no

  
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consideration if the Preferred Conversion Vesting Condition does not occur. Notwithstanding the foregoing, if a Change of Control (defined below) occurs whether prior to or subsequent to a
Listing Event (defined below), then the Base Options and any Preferred Conversion Options for which the Preferred Conversion Vesting Condition has been satisfied will be immediately fully vested upon the Change of Control. The specific terms and
conditions governing all aspects of the Options shall be consistent with the Plan and as set forth in the Award Agreement, and, as a condition to exercising the Options, Executive shall be required if requested by the Company to execute a
stockholders’ agreement, investor rights agreement or other similar agreement that contains provisions customarily included in such agreements and applicable to equity held by members of management (any such agreements the “Investor
Agreements” and, together with the Plan and the Award Agreement, the “Equity Agreements”). For purposes of this Agreement, a “Change of Control” means (A) the sale or disposition, in one transaction or
a series of related transactions, of all or substantially all of the consolidated assets of Parent, the Company and their respective subsidiaries as a whole to any “person” or “group” (as such terms are defined in Sections
13(d)(3) and 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) other than the Parent Investors or their Affiliates (each as defined below); (B) a sale of any securities of Parent resulting in more than
50% of the voting securities of Parent being beneficially owned, directly or indirectly, by a person or group other than a Parent Investor; (C) a merger, consolidation, recapitalization or reorganization of Parent with or into another person;
if and only if any such event listed in clauses (A) through (C) above results in the inability of any of the Parent Investors to designate or elect a majority of the Board of Directors (or of the board of directors of the resulting entity or
its parent company). For purposes of this Agreement, “Parent Investors” shall mean the Canada Pension Plan Investment Board, H.I.G. Growth Partners – LuLu’s L.P., Institutional Venture Partners XVI, L.P., Institutional
Venture Partners XV, L.P. and Institutional Venture Partners Executive Fund XV, L.P. For purposes of this Agreement, “Affiliate” shall mean with respect to any person shall mean any other person or entity that is directly or
indirectly Controlling, Controlled by, or under common Control with such first person; provided, that, any portfolio company owned by H.I.G. Growth Partners – LuLu’s, L.P., H.I.G. Growth Partners – LuLu’s, LLC or their affiliated
investment funds (other than the Company and Lulu Holdings, LP) shall not be an Affiliate of a Parent Investor. “Control” means possession, directly or indirectly, of the power to direct or cause the direction of the management or
policies of a person, whether through ownership of voting securities, by agreement or otherwise. Notwithstanding the foregoing, the occurrence of a Listing Event (defined below) shall not constitute a Change of Control, notwithstanding the structure
or resulting ownership of Parent or any successor thereto following the Listing Event. 
 (b) Notwithstanding anything in
Section 2.4(a) to the contrary, if Parent consummates (i) an initial public offering or direct listing of any class of common stock of Parent or (ii) a merger (or similar transaction) with a special purpose acquisition company, the
result of which is that any class of common stock of Parent or the parent or successor entity of Parent is listed on the New York Stock Exchange, the Nasdaq Stock Market or other securities exchange (each transaction described in clauses
(i) and (ii), a “Listing Event”), then, subject to Executive’s continued employment on the date of the Listing Event, (i) the Base Options that would have become vested and exercisable on the last 12 scheduled monthly
vesting dates (as described in Section 2.4(a)(i)) shall, to the extent unvested, immediately become vested and exercisable, and (ii) if the Preferred Conversion Vesting Condition occurs in connection with the Listing Event, then the Preferred
Conversion Options that would have become vested and exercisable on the last 12 scheduled monthly vesting dates (as described in Section 2.4(a)(ii)) shall immediately become vested and exercisable. Any Options that accelerate pursuant to the
preceding sentence shall be subject to a one-year holding period such that Executive may not sell or trade shares acquired pursuant to the exercise of such Options until the first anniversary of the Listing
Event. 

  
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 (c) If, in connection with a Listing Event, shares of Parents Series A Preferred Stock
convert into shares of Common Stock on a greater than one-to-one basis (any such additional number of shares into which the Series A Preferred Stock convert on a greater
than one-to-one basis, “Surplus Common Shares”), the Board of Directors agrees in good faith to structure a grant to Executive, expected to be in the
form of an award of restricted stock or restricted stock units in Parent or its successor in the applicable Listing Event, with an aggregate value that is designed to approximate the “spread value” of options to purchase a number of shares
of Common Stock equal to 1.5% of the Surplus Common Shares, based on the price per share of Common Stock in the Listing Event and a per share option exercise price of $11.35 (the “Top-Up
Award”). Any Top-Up Award shall be granted pursuant to the Plan and an award agreement between Executive and Parent that sets forth the terms governing the
Top-Up Award. 
 2.5 Special Compensation Awards. 

(a) First Special Compensation Award. If Executive continues in employment through March 31, 2022, Executive shall be entitled to
the following: (i) if a Listing Event has occurred on or prior to March 31, 2022, then Parent or its successor in the Listing Event shall issue to Executive a number of fully-vested shares of Common Stock equal to the quotient obtained by
dividing $3,000,000 by the volume weighted average closing price per share of Common Stock over the ten-trading-day period beginning on the day of the closing of the
Listing Event (the “Listing Event Shares”), such shares to be issued as soon as reasonably practicable following March 31, 2022 and in no event later than March 15, 2023, (ii) if a Listing Event has not occurred on or
prior to March 31, 2022, but the Company has engaged an underwriter or investment bank to facilitate the consummation of a Listing Event, such Listing Event is scheduled or reasonably estimated to close on or before June 30, 2022 (the
“2022 Expected Listing Condition”) and such Listing Event actually closes prior to June 30, 2022, then Parent or its successor in the Listing Event shall issue the Listing Event Shares to Executive on the ninth trading day
following the closing of the Listing Event but in no event later than March 15, 2023 or (iii) if a Listing Event has not occurred on or prior to March 31, 2022, and if on March 31, 2022, the 2022 Expected Listing Condition has
not been satisfied, then the Company shall pay Executive an amount in cash equal to $3,000,000 on or promptly following March 31, 2022 and in no event later than March 15, 2023; provided, that if an event of default or covenant breach has
occurred pursuant to any credit facility, loan agreement or similar financing arrangement to which the Company is a party or bound, or if such event of default or covenant breach would occur as a result of the payment of this cash amount, then the
payment may be delayed but shall be paid promptly upon such time as such event of default or covenant breach is no longer continuing. Executive’s right to receive either the Listing Event Shares or the cash payment described in this
Section 2.5(a) is referred to herein as the “First Special Compensation Award”. 

  
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 (b) Second Special Compensation Award. If Executive continues in employment through
March 31, 2023, Executive shall be entitled to the following: (i) if a Listing Event has occurred on or prior to March 31, 2023, then Parent or its successor in the Listing Event shall issue the Listing Event Shares to Executive, such
shares to be issued as soon as reasonably practicable following March 31, 2023 and in no event later than March 15, 2024, (ii) if a Listing Event has not occurred on or prior to March 31, 2023, but the Company has engaged an
underwriter or investment bank to facilitate the consummation of a Listing Event, such Listing Event is scheduled or reasonably estimated to close on or before June 30, 2023 (the “2023 Expected Listing Condition”) and such
Listing Event actually closes prior to June 30, 2023, then Parent or its successor in the Listing Event shall issue the Listing Event Shares to Executive on the ninth trading day following the closing of the Listing Event, but in no event later
than March 15, 2024 or (iii) if a Listing Event has not occurred on or prior to March 31, 2023, and if on March 31, 2023, the 2023 Expected Listing Condition has not been satisfied, then the Company shall pay Executive an amount
in cash equal to $3,000,000 on or promptly following March 31, 2023 and in no event later than March 15, 2024; provided, that if an event of default or covenant breach has occurred pursuant to any credit facility, loan agreement or similar
financing arrangement to which the Company is a party or bound, or if such event of default or covenant breach would occur as a result of the payment of this cash amount, then the payment may be delayed but shall be paid promptly upon such time as
such event of default or covenant breach is no longer continuing. Executive’s right to receive either the Listing Event Shares or the cash payment described in this Section 2.5(b) is referred to herein as the “Second Special
Compensation Award”. 
 (c) Change of Control Award. If a Change of Control occurs at any time (A) on or before
March 31, 2022 and also prior to a Listing Event, then, in lieu of the First Special Compensation Award, Executive shall be entitled to receive an amount in cash equal to $6,000,000, payable in a lump sum within 30 days following such Change of
Control event, or (B) at any time on or between April 1, 2022 and March 31, 2023 and also prior to a Listing Event, then, in lieu of the Second Special Compensation Award, Executive shall be entitled to receive an amount in cash equal
to $3,000,000, payable in a lump sum within 30 days following such Change of Control event. 
 (d) Awards Subject to the Plan, Equity
Agreements. The Special Compensation Awards and the Change of Control Award provided pursuant to this Section 2.5 shall be granted pursuant to the Plan and shall be subject to the Equity Agreements, including any requirement that may be
included therein that, as a condition to the issuance of any shares in settlement of the Special Compensation Awards, Executive shall be required to execute the Investor Agreements. 

2.6 Business Expenses. The Company shall reimburse Executive for reasonable out-of-pocket fees and expenses incurred by Executive in the performance of Executive’s duties to the Company, including, but not limited to, reasonable travel expenses, including first-class, round-trip
commercial airfare, hotel accommodations, car rental or vehicle transportation, and meals, which expenses shall be subject to such reasonable documentation requirements as may be established or required pursuant to the Company’s policies as in
effect from time to time. 

  
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 3. TERMINATION 

3.1 Notice of Termination. With the exception of termination of Executive’s employment due to Executive’s death, any purported
termination of Executive’s employment by the Company for any reason, including without limitation for Cause or Disability, or by Executive for any reason, shall be communicated by a written Notice of Termination (as defined below) to the other
party. For purposes of this Agreement, “Notice of Termination” means a dated notice that: (i) indicates the specific termination provision in this Agreement relied upon; (ii) is given in the manner specified in
Section 5.2; and (iii) specifies a Termination Date, which may be the date of the notice, and “Termination Date” means the date specified in the Notice of Termination; provided that in the event of a termination by
Executive without Good Reason (as defined below), the Termination Date shall not be less than sixty (60) days after such notice, unless otherwise agreed to by the parties. For the avoidance of doubt, the Term shall end on the Termination Date.

 3.2 Termination Due to Death or Disability. If Executive’s employment and the Term is terminated by reason of Executive’s
death or Disability, Executive or his estate shall be entitled to receive: (i) Executive’s earned but unpaid Base Salary through the Termination Date; (ii) an amount for reimbursement, paid within 30 days following submission by Executive
(or if applicable, Executive’s estate) to the Company of appropriate supporting documentation for any unreimbursed reasonable business expenses properly incurred prior to the Termination Date by Executive pursuant to Section 2.6 and in
accordance with Company policy; (iii) any earned and unused vacation, paid when required by applicable law and no later than 30 days following the Termination Date; and (iv) such employee benefits, if any, to which Executive (or, if
applicable, Executive’s estate) or his dependents may be entitled under the employee benefit plans or programs of the Company, paid in accordance with the terms of the applicable plans or programs (the amounts described in clauses
(i) through (iv) hereof being referred to collectively as the “Accrued Rights”). For purposes of this Agreement, “Disability” means Executive is unable to perform the essential functions of his position with
substantially the same level of quality as immediately prior to such incapacity by reason of any medically determinable physical or mental impairment which has lasted or can reasonably be expected to last for a period of 90 or more consecutive days
or one hundred and 120 days during any consecutive six-month period, as determined by a physician to be selected by the Company and approved by Executive, such approval not to be unreasonably delayed or
withheld. 
 3.3 Termination or Non-Renewal by Executive Other Than for Good Reason. In the
event Executive terminates his employment and the Term, including not renewing the Term pursuant to Section 1.1, Executive shall be entitled to receive the Accrued Rights. 

3.4 Termination by the Company for Cause. In the event the Company terminates his employment and the Term for Cause, Executive shall be
entitled to receive the Accrued Rights. 
 3.5 Termination or Non-Renewal by the Company without
Cause or by Executive for Good Reason. If Executive’s employment is terminated by the Company without Cause (other than due to death or Disability), including the Company not renewing the Term pursuant to Section 1.1 or by Executive
for Good Reason, then, subject to Executive’s continued compliance with this Agreement and the Equity Agreements and Executive’s execution, delivery and non-revocation of a fully effective release of
all claims against the Company in substantially the form attached as Appendix B hereto (the “Release”) within the 40-day period following the date of the termination of
Executive’s employment (the “Release Requirement”), Executive shall be entitled to the following severance benefits, in addition to the Accrued Rights: 

  
 7 

 (a) an aggregate amount equal to Executive’s then-current annual Base Salary, payable
in a lump sum within 30 days following satisfaction by Executive of the Release Requirement; 
 (b) subject to Executive timely electing
COBRA (as defined below) coverage, the Company shall reimburse Executive for Executive’s monthly COBRA premiums for a period of 12 months after the Termination Date; 

(c) if the Termination Date is prior to the first anniversary of the Effective Date, then (i) if a Listing Event has not occurred prior
to the Termination Date, Executive shall be entitled to receive $6,000,000, payable in a lump sum within 30 days following satisfaction by Executive of the Release Requirement; provided, that if an event of default or covenant breach has occurred
pursuant to any credit facility, loan agreement or similar financing arrangement to which the Company is a party or bound, or if such event of default or covenant breach would occur as a result of the payment of this amount, then the payment may be
delayed but shall be paid promptly upon such time as such event of default or covenant breach is no longer continuing and (ii) if a Listing Event has occurred prior to the Termination Date, Executive shall be entitled to receive a number of
fully vested shares of Common Stock equal to the quotient obtained by dividing $6,000,000 by the volume weighted average closing price per share of Common Stock over the
ten-trading-day period beginning on the day of the closing of the Listing Event, such shares to be delivered within 30 days following satisfaction by Executive of the
Release Requirement but in no event later than March 15 of the calendar year following the year in which the Termination Date occurs. The amounts in clauses (i) and (ii) shall be in full satisfaction of any rights Executive has to the
First Special Compensation Award or Second Special Compensation Award; 
 (d) if the Termination Date is on or after the first anniversary
of the Effective Date but before the second anniversary of the Effective Date, and after Executive has received his First Special Compensation Award but not his Second Special Compensation Award, then Executive shall not be entitled to the Second
Special Compensation Award set forth in Section 2.5 and (i) if a Listing Event has not occurred prior to the Termination Date, Executive shall be entitled to receive $3,000,000, payable in a lump sum within 30 days following satisfaction
by Executive of the Release Requirement; provided, that if an event of default or covenant breach has occurred pursuant to any credit facility, loan agreement or similar financing arrangement to which the Company is a party or bound, or if such
event of default or covenant breach would occur as a result of the payment of this amount, then the payment may be delayed but shall be paid promptly upon such time as such event of default or covenant breach is no longer continuing and (ii) if
a Listing Event has occurred prior to the Termination Date, Executive shall be entitled to receive the Listing Event Shares within 30 days following satisfaction by Executive of the Release Requirement but in no event later than March 15 of the
calendar year following the year in which the Termination Date occurs. The amounts in clauses (i) and (ii) shall be in full satisfaction of any rights Executive has to the Second Special Compensation Award; and 

(e) notwithstanding anything to the contrary in Section 2.4(a) requiring continued employment, if the Termination Date is on or after the
first anniversary of the Effective Date then 100% of any then unvested Base Options shall immediately fully vest and, if the Preferred Conversion Vesting Condition has occurred prior to the Termination Date, then 100% of any then unvested Preferred
Conversion Options shall also immediately fully vest. 

  
 8 

 For purposes of this Agreement, “Cause” shall mean: (i) the material failure by
Executive to reasonably and substantially perform Executive’s duties under this Agreement (other than as a result of physical or mental illness or injury) or to comply with a lawful directive or order of the Board that has continued after the
Company has provided written notice of such failure and the Executive has not cured such failure within twenty (20) business days after the date of such written notice; (ii) willful misconduct or gross negligence in the performance of his
duties; (iii) breach of fiduciary duty or duty of loyalty to any member of the Company ; (iv) engagement in fraud, embezzlement, or any other act of material dishonesty; (v) commission of any felony or other serious crime involving moral
turpitude; (vi) material breach of the Executive’s obligations under any agreement between the Executive and any member of the Company , which, if such breach is reasonably susceptible to cure, has continued after the Company has provided
written notice of such breach and the Executive has not cured such failure within 30 days after the date of such written notice; (vii) material breach of the Company’s material written policies or procedures (other than policies related to
sexual harassment, sexual misconduct, or sex-based discrimination) after the Company has provided written notice of such breach and the Executive has not cured such breach (if curable) within 30 days after the
date of such written notice, or (viii) conduct that constitutes sexual harassment, sexual misconduct, or sex-based discrimination. Notwithstanding the foregoing, “Cause” shall not include
failure by Executive to travel or engage in in-person interactions to the extent such failure to travel or meet is due to health and safety issues and/or the Executive’s agreed travel limits described in
Section 1.2(b) 
 For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following without
Executive’s consent during the Term: (i) prior to the second anniversary of the Effective Date, any reduction of or failure to pay Executive’s Base Salary and/or Annual Bonus in accordance with Sections 2.1 and 2.2 above,
(ii) following the second anniversary of the Effective Date, a material decrease in Executive’s Base Salary (other than as part of an across-the-board base
salary reduction of 10% or less applicable to all similarly-situated employees of the Company) or Target Bonus opportunity, (iii) a material diminution in the Executive’s title, reporting structure, duties, authorities, or responsibilities
(other than temporarily while physically or mentally incapacitated or as required by applicable law), (iv) a material breach by the Company of the material terms of this Agreement, (v) requiring Executive to relocate to California or some other
geographical location more than 45 miles from his current residence, or (vi) requiring Executive to materially increase the number of business travel days as described in Section 1.2(b). Good Reason shall not occur unless Executive
provides a detailed written notice to the Company of any fact or circumstance believed by Executive to constitute Good Reason within 30 days following the occurrence of such fact or circumstance, the Company is given at least 30 days to cure such
fact or circumstance, and Executive terminates his employment immediately following such 30 day cure period in the event the Company fails to cure such fact or circumstance. 

3.6 Change of Control Termination. 

(a) If a Change of Control occurs at any time during his employment but prior to a Listing Event, Executive shall have the right, for 60 days
following consummation of such Change of Control, to terminate his employment and the Term for any reason, including not renewing the Term pursuant to Section 1.1, in which case, subject to Executive’s continued compliance with this
Agreement and the Equity Agreements and satisfaction of the Release Requirement, Executive shall be entitled to receive an aggregate amount equal to the sum of (i) 

  
 9 

 Executive’s then-current Annual Base Salary, (ii) Executive’s Target Bonus for the fiscal
year in which the Termination Date falls and (iii) any amount payable pursuant to the Change of Control Award that was due pursuant to Section 2.5(c) hereof and not paid prior to the Date of Termination, such payment to be made in a lump
sum within 30 days following satisfaction of the Release Requirement, and the Accrued Rights, but in no event later than March 15 of the calendar year following the calendar year in which the Change of Control occurs. 

3.7 No Other Benefits Upon Termination. Except as provided in the applicable subsection of this Section 3 or in Section 2.2
hereof, and except for any vested benefits under any tax qualified retirement plans of the Company, and continuation of health insurance benefits on the terms and to the extent required by Section 4980B of the Code and Section 601 of the
Employee Retirement Income Security Act of 1974, as amended (which provisions are commonly known as “COBRA”), the Company shall have no additional obligations upon the termination of Executive’s employment with the Company.

 3.8 Cooperation with Company after Termination of Employment. Following termination of Executive’s employment for any reason,
Executive shall reasonably cooperate with the Company in all matters relating to the winding up of his pending work on behalf of the Company including, but not limited to, the orderly transfer of any such pending work to other employees of the
Company as may be designated by the Company. The Company shall reimburse Executive for any reasonable out-of-pocket expenses he incurs in performing any work on behalf
of the Company following the Termination Date. 
 4. NON-SOLICITATION & NON-COMPETITION 
 4.1 Non-Solicit; Non-compete. 
 (a) Executive agrees that he shall not, directly or indirectly, during the Term
and for the 24-month period following the Termination Date, (i) solicit or hire or engage or attempt to solicit or hire or engage, as applicable, any employee or individual who was an employee within the six-month period immediately prior thereto to terminate or otherwise alter his or her employment with the Company or (ii) solicit or encourage any independent contractor providing services to the Company to
terminate or alter in a manner adverse to the Company such independent contractor’s relationship with the Company. 
 (b)
Executive further agrees that he shall not, directly or indirectly, during the Term and for the 12-month period following the Termination Date, (i) become an employee, director, or independent contractor,
stockholder or other owner (other than a holder of less than 1% of the outstanding voting shares of any publicly held company) of, or a consultant to, or perform any services for, any Person that offers products that are directly and materially
competitive with the Company’s offerings (any such Person, or any other Person that competes with any member of the Company, a “Competing Business”) or (ii) solicit or engage or attempt to solicit or engage, as applicable,
any current or prospective vendor or supplier of the Company in connection with a Competing Business or to terminate or alter in a manner adverse to the Company such vendor or supplier’s relationship with the Company. 

  
 10 

 (c) For purposes of this Article 4, “Person” shall mean any
individual, partnership, corporation, limited liability company, unincorporated organization, trust or joint venture, or a governmental agency or political subdivision thereof. 

4.2 Non-Disparagement. During the Term and thereafter, Executive agrees that he will not, at any
time, make or encourage others to make, directly or indirectly, any oral or written statements that are disparaging or defamatory of the Company, its products, services, customers or suppliers, or any of its present or former officers, directors or
employees. Additionally, the Company agrees that its officers and members of the Board of Directors will not, at any time, make or encourage others to make, directly or indirectly, any oral or written statements that are disparaging or defamatory of
Executive. Notwithstanding the foregoing, this Section 4.2 shall not preclude Executive or the Company from making any truthful statement as expressly provided by Section 4.3 or (i) to the extent required or protected by law,
subpoena, court order or legal process, (ii) to a government agency or other governmental or regulatory authority, (iii) in the course of any legal, arbitral or regulatory proceeding or (iv) in connection with an internal
investigation by the Company regarding unlawful acts in the workplace. 
 4.3 Confidential Information. Executive acknowledges and
agrees that all information regarding the Company or the activity of any member of the Company that is not generally known to persons not employed or retained (as employees or as independent contractors or agents) by the Company, including without
limitation information about the customers, business connections, customer lists, procedures, operations, trade secrets, techniques and other aspects of and information about the business of the Company (the “Confidential
Information”) is established at great expense and protected as confidential information and provides the Company with a substantial competitive advantage in conducting its business. Executive further acknowledges and agrees that by virtue
of his employment with the Company, he will have access to, and will be entrusted with Confidential Information, and that the Company would suffer great loss and injury if Executive would disclose this information or use it in a manner not
specifically authorized by the Company. Therefore, Executive agrees that during the Term and at all times thereafter, he will not, directly or indirectly, either individually or as an employee, agent, partner, shareholder, owner trustee,
beneficiary, co-venturer distributor, consultant or in any other capacity, use or disclose or cause to be used or disclosed any Confidential Information, unless and to the extent that any such information
becomes generally known to and available for use by the public other than as a result of Executive’s acts or omissions. Executive shall deliver to the Company at the termination of his employment and the Term, or at any other time the Company
may request, all memoranda, notes, plans, records, reports, computer tapes, printouts and software and other documents and data (and copies thereof) relating to the Confidential Information, or the business of the Company which he may then possess
or have under his control. In addition, Executive agrees that, notwithstanding the foregoing, to the extent Executive is compelled to disclose Confidential Information by lawful service of process, subpoena, court order, or otherwise compelled to do
by law, Executive shall, to the extent legally permitted, provide the Company with a copy of the document(s) seeking disclosures of such information promptly upon receipt of such document(s) and prior to Executive’s disclosure of any such
information, so that the Company may take such action as it deems to be necessary or appropriate in relation to such subpoena or request and Executive may not disclose any such information until the Company has had the opportunity to take such
action. Executive cannot be held criminally or civilly liable under any federal or state law (including trade secret laws) for disclosing a trade secret or confidential 

  
 11 

 information (i) 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 (ii) in a complaint or other document filed under seal in a lawsuit or other proceeding. Notwithstanding this immunity from
liability, Executive may be held liable if he unlawfully accesses trade secrets or confidential information by unauthorized means. Nothing in this Agreement (A) limits, restricts or in any other way affects 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 the governmental agency or entity or (B) requires Executive to notify the Company or any
member of the Company about such communication. 
 4.4 Intellectual Property 

(a) If Executive creates, invents, designs, develops, contributes to or improves any works of authorship, inventions, intellectual property,
materials, documents or other work product (including, without limitation, research, reports, software, databases, systems, applications, presentations, textual works, content or audiovisual materials) (“Works”), either alone or
with third parties, at any time during Executive’s employment with any member of the Company and within the scope of such employment, relating to the business of the Company and/or with the use of any the Company resources or Confidential
Information (“Company Works”), Executive shall promptly and fully disclose same to the Company and hereby irrevocably assigns, transfers and conveys, to the maximum extent permitted by applicable law, and agrees to assign,
transfer and convey, all rights, title, interest and intellectual property rights therein (including rights under patent, industrial property, copyright, trademark, trade secret, unfair competition and related laws) to the Company (or as otherwise
directed by the Company) to the extent ownership of any such rights does not vest originally in the Company. Executive hereby waives and irrevocably quitclaims to the Company or its designee any and all claims, of any nature whatsoever, that
Executive now has or may hereafter have for infringement of any and all Company Works. Any assignment of Company Works includes all rights of attribution, paternity, integrity, modification, disclosure and withdrawal, and any other rights throughout
the world that may be known as or referred to as “moral rights,” “artist’s rights,” “droit moral,” or the like (collectively, “Moral Rights”). To the extent that Moral Rights cannot be assigned
under applicable law, Executive hereby waives and agrees not to enforce any and all Moral Rights, including, without limitation, any limitation on subsequent modification, to the extent permitted under applicable law. 

(b) Subject to the requirements of applicable state law, if any, Company Works will not include, and the provisions of this Agreement requiring
assignment of Company Works to the Company do not apply to, any Company Work which qualifies fully for exclusion under the provisions of applicable state law. In order to assist in the determination of which inventions qualify for such exclusion,
Executive will advise the Company promptly in writing, during and for a period of 12 months immediately following the Term, of all inventions solely or jointly conceived or developed or reduced to practice by Executing during the Term. 

  
 12 

 (c) Executive shall take all requested actions and execute all requested documents
(including any licenses or assignments required by a government contract) at the Company’s expense (but without further remuneration) to assist the Company in validating, maintaining, protecting, enforcing, perfecting, recording, patenting or
registering any of the Company’s rights in the Company Works. If the Company is unable for any other reason to secure Executive’s signature on any document for this purpose, then Executive hereby irrevocably designates and appoints the
Company and its duly authorized officers and agents as Executive’s agent and attorney in fact, to act for and in Executive’s behalf and stead to execute any documents and to do all other lawfully permitted acts in connection with the
foregoing. 
 (d) Executive shall not improperly use for the benefit of, bring to any premises of, divulge, disclose, communicate, reveal,
transfer or provide access to, or share with, the Company, any confidential, proprietary or non-public information or intellectual property relating to a former employer or other third party without the prior
written permission of such third party. Executive shall comply with all relevant policies and guidelines of the Company, including, without limitation, policies and guidelines regarding the protection of confidential information and intellectual
property and potential conflicts of interest. Executive acknowledges that the Company may amend any such policies and guidelines from time to time, and that Executive remains at all times bound by their most current version. 

4.5 Reasonable Limitation and Severability; Injunctive Relief. The parties agree that the above restrictions are (i) reasonable
given Executive’s role with the Company, and are necessary to protect the interests of the Company and (ii) completely severable and independent agreements supported by good and valuable consideration and, as such, shall survive the
termination of this Agreement for any reason whatsoever. The parties further agree that any invalidity or unenforceability of any one or more of such restrictions contained in this Section 4 shall not render invalid or unenforceable any
remaining restrictions contained in this Section 4. Additionally, should a court of competent jurisdiction determine that the scope of any provision of this Section 4 is too broad to be enforced as written, the parties hereby authorize the
court to reform the provision to such narrower scope as it determines to be reasonable and enforceable and the parties intend that the affected provision be enforced as so amended. Executive acknowledges and agrees that the Company’s remedies
at law for a breach or threatened breach would be inadequate and the Company would suffer significant harm and irreparable damages as a result of a breach or threatened breach. In recognition of this fact, Executive agrees that, in the event of such
a breach or threatened breach, in addition to any remedies at law, the Company, without posting any bond, shall be entitled to cease making any payments or providing any benefit otherwise required by this Agreement and obtain equitable relief in the
form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available, in addition to an award of its attorney’s fees incurred in enforcing its rights hereunder.
The remedies under this Agreement are without prejudice to the Company’s right to seek any other remedy to which it may be entitled at law or in equity. So that the Company may enjoy the full benefit of the covenants contained in this
Section 4, Executive further agrees that the restricted period shall be tolled, and shall not run, during the period of any breach by Executive of any of the covenants contained in this Section 4. It is also agreed that each member of the
Company shall have the right to enforce all of Executive’s obligations to that member of the Company under this Agreement, including without limitation pursuant to this Section 4. Finally, no claimed breach of this Agreement or other
violation of law attributed to the Company, or change in the nature or scope of Executive’s employment or other relationship with the Company, shall operate to excuse Executive from the performance of his obligations under this Section 4.

  
 13 

 5. GENERAL PROVISIONS 

5.1 Assignment; Successors. This Agreement is binding on and is for the benefit of the parties hereto and their respective successors,
assigns, heirs, executors, administrators and other legal representatives. Neither this Agreement nor any right or obligation hereunder may be assigned by Executive. The Company shall require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume this Agreement in the same manner and to the same extent that the Company would have been required to perform it if no such
succession had taken place. As used in the Agreement, “the Company” shall mean both the Company as defined above and any such successor that assumes this Agreement, by operation of law or otherwise. 

5.2 Notice. For the purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing
and shall be deemed to have been duly given when delivered or mailed by certified or registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below: 

 

			
	To the Company:	  	Lulu’s Fashion Lounge, LLC
		  	195 Humboldt Avenue
		  	Chico, CA 95928
		  	Naomi.BeckmanStraus@lulus.com
		  	Attn: Naomi Beckman-Straus, General Counsel
		
	With copies to:	  	Latham & Watkins LLP
		  	140 Scott Drive
		  	Menlo Park, CA 94025
		  	Tad.Freese@lw.com
		  	Attn: Tad Freese
		
		  	and
		  	 H.I.G. Growth Partners – LuLu’s, L.P.

500 Boylston Street, 20th Floor

		  	Boston, MA 02116 
		  	Attn: Evan Karp
		
	To Executive:	  	David W. McCreight
		  	P.O. Box 111
		  	Annapolis, MD 21404

 5.3 Amendment and Waiver. No provision of this Agreement may be amended or waived unless such amendment
or waiver is in writing and signed by each of the parties hereto. 

  
 14 

 5.4 Non-Waiver of Breach. No failure by
either party to declare a default due to any breach of any obligation under this Agreement by the other, nor failure by either party to act quickly with regard thereto, shall be considered to be a waiver of any such obligation, or of any future
breach. 
 5.5 Severability. In the event that any provision or portion of this Agreement, shall be determined to be invalid or
unenforceable for any reason, the remaining provisions of this Agreement shall be unaffected thereby and shall remain in full force and effect. 

5.6 Governing Law. This Agreement, the rights and obligations of the parties hereto, and any claims or disputes relating thereto, shall
be governed by and construed in accordance with the laws of the State of Delaware (without regard to its choice of law provisions). The parties acknowledge and agree that in connection with any dispute hereunder, each party shall pay all of its own
costs and expenses, including its own legal fees and expenses. The parties irrevocably consent to the jurisdiction of, and venue in, the state and federal courts in the State of Delaware, with respect to any matters pertaining to, or arising from,
this Agreement, the Executive’s equity awards or the Executive’s employment by the Company. Notwithstanding the foregoing, in the event Executive becomes a resident of California, (i) this Agreement, the rights and obligations of the
parties hereto, and any claims or disputes relating thereto, shall be governed by and construed in accordance with the laws of the State of California (without regard to its choice of law provisions), and (ii) the parties agree that the
provisions of Section 4.1(b) and the no-hire restriction in Section 4.1(a) shall not apply with respect to any period following the termination of Executive’s service with the Company, but shall
continue to apply in the event Executive’s service with the Company continues after termination of this Agreement. 
 5.7 Waiver of
Jury Trial. The parties each hereby waives, to the fullest extent permitted by law, any right to trial by jury of any claim, demand, action, cause of action (i) arising under this Agreement or (ii) in any way connected with or related
or incidental to the dealings of the parties hereto in respect of this Agreement whether now existing or hereafter arising, and whether in contract, tort, equity or otherwise. The parties to this Agreement each hereby agrees and consents that any
such claim, demand, action or cause of action shall be decided by court trial without a jury and that the parties may file an original counterpart of a copy of this Agreement with any court as written evidence of the consent of the parties to the
waiver of their right to trial by jury. 
 5.8 Entire Agreement. This Agreement contains all of the terms agreed upon by the Company
and Executive with respect to the subject matter hereof and supersedes all prior agreements, arrangements and communications between the parties dealing with such subject matter, whether oral or written. 

5.9 Headings. Numbers and titles to Sections hereof are for information purposes only and, where inconsistent with the text, are to be
disregarded. 
 5.10 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an
original, but all of which when taken together, shall be and constitute one and the same instrument. 

  
 15 

 5.11 Taxes. 

(a) The Company may withhold from any payment hereunder such state, federal or local income, employment or other taxes and other legally
mandated withholdings in accordance with applicable law and considering the location of the Executive’s residence and the location in which he performs his duties for the Company. The Company makes no representation about the tax treatment or
impact of any payment(s) hereunder. 
 (b) The intent of the parties is that payments and benefits under this Agreement comply with
Section 409A of the Internal Revenue Code of 1986, as amended (together with the regulations and other guidance promulgated thereunder, “Section 409A”), to the extent subject thereto, and, accordingly, to the
maximum extent permitted, this Agreement shall be interpreted and administered to be in compliance therewith. Notwithstanding anything herein to the contrary: (i) if at the time of Executive’s termination of employment with the Company,
Executive is a “specified employee” as defined in Section 409A and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such termination of employment is necessary in order to prevent
any accelerated or additional tax under Section 409A, then the Company will defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to
Executive) until the date that is six (6) months following Executive’s termination of employment with the Company (or the earliest date as is permitted under Section 409A); (ii) if any other payments of money or other benefits due to
Executive hereunder could cause the application of an accelerated or additional tax under Section 409A, such payments or other benefits shall be deferred if deferral will make such payment or other benefits compliant under Section 409A, or
otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner determined by the Company that does not cause such an accelerated or additional tax; (iii) to the extent required in order to avoid accelerated
taxation and/or tax penalties under Section 409A, Executive shall not be considered to have terminated employment with the Company for purposes of this Agreement and no payment shall be due to Executive under this Agreement until Executive
would be considered to have incurred a “separation from service” from the Company within the meaning of Section 409A; and (iv) each amount to be paid or benefit to be provided to Executive pursuant to this Agreement, which
constitute deferred compensation subject to Section 409A, shall be construed as a separately identified payment for purposes of Section 409A. Notwithstanding anything to the contrary herein, to the extent required to avoid an accelerated
or additional tax under Section 409A, amounts reimbursable to Executive under this Agreement shall be paid to Executive on or before the last day of the year following the year in which the expense was incurred and the amount of expenses
eligible for reimbursement (and in-kind benefits provided to Executive) may not be liquidated or exchanged for other payments or benefits, and during any one year may not affect amounts reimbursable or
provided in any subsequent year. Neither the Company nor any of its employees or representatives shall have any liability to Executive with respect to Section 409A. 

(c) In the event that it is determined that any payment or distribution of any type to or for Executive’s benefit made by the Company, by
any of its affiliates, by any person who acquires ownership or effective control or ownership of a substantial portion of the Company’s assets (within the meaning of Code Section 280G and the regulations thereunder) or by any affiliate of
such person, whether paid or payable or distributed or distributable pursuant to 

  
 16 

 
the terms of this Agreement or otherwise (collectively, the “Total Payments”), would be subject to the excise tax imposed by Section 4999 of the Code or any interest or
penalties with respect to such excise tax (such excise tax, together with any such interest or penalties, are collectively referred to as the “Excise Tax”), then such payments or distributions or benefits shall be payable to such
lesser amount as would result in no portion of such payments or distributions or benefits being subject to the Excise Tax. If the Total Payments must be reduced as provided in the previous paragraph, the reduction shall occur in the following order
(on a pro rata basis among payments or benefits within categories, except as provided below): (1) reduction of cash payments for which the full amount is treated as a “parachute payment” (as defined under Section 280G of the Code and
the regulations thereunder); (2) cancellation of accelerated vesting (or, if necessary, payment) of cash awards for which the full amount in not treated as a parachute payment; (3) reduction of any continued employee benefits and
(4) cancellation of any accelerated vesting of equity awards. In selecting the equity awards (if any) for which vesting will be reduced under clause (4) of the preceding sentence, awards shall be selected in a manner that maximizes the after-tax aggregate amount of reduced Total Payments provided to Executive, provided that if (and only if) necessary in order to avoid the imposition of an additional tax under Section 409A of the Code, awards
instead shall be selected in the reverse order of the date of grant. If two or more equity awards are granted on the same date, each award will be reduced on a pro-rata basis. Executive and the Company shall
furnish such documentation and documents as may be necessary for the Company’s independent external accountants to perform the requisite Code Section 280G computations and analysis. The Company shall bear the costs of performing any
calculations contemplated by this Section 5.11. 
 5.12 Clawback. Notwithstanding anything in this Agreement to the contrary,
Executive acknowledges that the Company may be entitled or required by law, the Company’s policy (the “Clawback Policy”) or the requirements of an exchange on which the Company’s or its parent’s shares are listed for
trading, to recoup compensation paid to Executive pursuant to this Agreement or otherwise, and Executive agrees to comply with any such request or demand for recoupment by the Company. Executive acknowledges that the Clawback Policy may be modified
from time to time in the sole discretion of the Company and without the consent of Executive. 
 5.13 Return of Property. Upon
termination of Executive’s employment with the Company for any reason, Executive shall immediately destroy, delete, or return to the Company, at the Company’s option, all originals and copies in any form or medium (including memoranda,
books, papers, plans, computer files, letters and other data) in Executive’s possession or control that contain Confidential Information or otherwise relate to the business of the Company, and cooperate with the Company regarding the delivery
or destruction of any other Confidential Information of which Executive is or becomes aware, and shall otherwise return to the Company all property of the Company. 

5.14 No Conflict. Executive represents and warrants to the Company that (i) the execution, delivery and performance of this
Agreement by Executive does not and shall not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which Executive is a party or by which he is bound; and (ii) Executive is
not a party to or bound by an employment agreement, non-compete agreement, non-solicit agreement or confidentiality agreement with any other Person which would interfere
in any material respect with the performance of his duties hereunder. 

  
 17 

 5.15 Survival. Except as otherwise expressly provided in this Agreement, all
covenants, representations and warranties, express or implied, in addition to the provisions of Sections 4 and 5 of this Agreement, shall survive the termination of this Agreement. 

[signatures on next page] 

  
 18 

 IN WITNESS WHEREOF, the parties hereto have caused this Employment Agreement to be duly
executed on the date and year first written above. 
  

			
	COMPANY
		
	By:	 	 /s/ Evan Karp

	Name: Evan Karp
	Title: Authorized Signatory
	
	PARENT
		
	By:	 	 /s/ Evan Karp

	Name: Evan Karp
	Title: Authorized Signatory

 [Signature Page to David McCreight Employment Agreement] 

	
	EXECUTIVE
	
	 /s/ David W. McCreight

	David W. McCreight

 [Signature Page to David McCreight Employment Agreement] 

 Appendix A 

Board of Director Memberships 

CarMax, Inc. 
 Wolverine World
Wide, Inc. 

  
 A-1 

 Appendix B 

Separation Agreement and Release 

This Separation Agreement and Release (“Agreement”) is made by and between David W. McCreight (“Executive”)
and Lulu’s Fashion Lounge, LLC (together with its parents, subsidiaries, and any successor(s) thereto, the “Company”) (collectively, referred to as the “Parties” or individually referred to as a
“Party”). Capitalized terms used but not defined in this Agreement shall have the meanings set forth in the Employment Agreement (as defined below). 

WHEREAS, the Parties have previously entered into that certain Employment Agreement, dated as of April 15, 2021 (the “Employment
Agreement”); and 
 WHEREAS, in connection with Executive’s termination of employment with the Company or a subsidiary or
affiliate of the Company effective ________, 20__, the Parties wish to resolve any and all disputes, claims, complaints, grievances, charges, actions, petitions, and demands that Executive may have against the Company and any of the Releasees (as
defined below), including, but not limited to, any and all claims arising out of or in any way related to Executive’s employment with or separation from the Company or its subsidiaries or affiliates but, for the avoidance of doubt, nothing
herein will be deemed to release any rights or remedies in connection with Executive’s ownership of vested equity securities of the Company or one of its affiliates, Executive’s right to vested benefits under any employee benefit plan of
the Company or one of its affiliates, or Executive’s right to indemnification by the Company or any of its affiliates pursuant to contract or applicable law (collectively, the “Retained Claims”). 

NOW, THEREFORE, in consideration of the severance payments and benefits described in Section 3.5 of the Employment Agreement, which,
pursuant to the Employment Agreement, are conditioned on Executive’s execution and non-revocation of this Agreement, and in consideration of the mutual promises made herein, the Company and Executive
hereby agree as follows: 
 1. Severance Payments and Benefits; Salary and Benefits. The Company agrees to provide Executive with the
severance payments and benefits described in Section 3.5 of the Employment Agreement, payable at the times set forth in, and subject to the terms and conditions of, the Employment Agreement. In addition, to the extent not already paid, and
subject to the terms and conditions of the Employment Agreement, the Company shall pay or provide to Executive the Accrued Rights (as defined in the Employment Agreement), subject to and in accordance with the terms of the Employment Agreement. 

2. Release of Claims. Executive agrees that, other than with respect to the Retained Claims, the foregoing consideration represents
settlement in full of all outstanding obligations owed to Executive by the Company, any of its direct or indirect subsidiaries and affiliates, and any of its or their current and former officers, directors, equityholders, managers, employees,
agents, investors, attorneys, shareholders, administrators, affiliates, benefit plans, plan administrators, insurers, trustees, divisions, and subsidiaries and predecessor and successor corporations and assigns, each in their capacity as such,
(collectively, the “Releasees”). Executive, on Executive’s own behalf and on behalf of any of Executive’s affiliated companies or entities and any of their respective heirs, family members, executors, agents, and assigns,
other than with respect to the Retained Claims, hereby and forever releases the Releasees from, and agrees not to 

  
 B-1 

 sue concerning, or in any manner to institute, prosecute, or pursue, any claim, complaint, charge, duty,
obligation, or cause of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that Executive may possess against any of the Releasees arising from any omissions, acts, facts, or damages that have
occurred up until and including the date Executive signs this Agreement, including, without limitation: 
 (a) any and all claims relating
to or arising from Executive’s employment or service relationship with the Company or any of its direct or indirect subsidiaries or affiliates and the termination of that relationship; 

(b) any and all claims relating to, or arising from, Executive’s right to purchase, or actual purchase of any shares of stock or other
equity interests of the Company or any of its affiliates, including, without limitation, any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty under applicable state law, and securities fraud under any state or federal
law; 
 (c) any and all claims for wrongful discharge of employment; termination in violation of public policy; discrimination; harassment;
retaliation; breach of contract, both express and implied; breach of covenant of good faith and fair dealing, both express and implied; promissory estoppel; negligent or intentional infliction of emotional distress; fraud; negligent or intentional
misrepresentation; negligent or intentional interference with contract or prospective economic advantage; unfair business practices; defamation; libel; slander; negligence; personal injury; assault; battery; invasion of privacy; false imprisonment;
conversion; and disability benefits; 
 (d) any and all claims for violation of any federal, state, or municipal statute, including, but not
limited to, Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the Rehabilitation Act of 1973; the Americans with Disabilities Act of 1990; the Equal Pay Act; the Fair Labor Standards Act; the Fair Credit Reporting Act; the Age
Discrimination in Employment Act of 1967; the Older Workers Benefit Protection Act; the Employee Retirement Income Security Act of 1974; the Worker Adjustment and Retraining Notification Act; the Family and Medical Leave Act; and the Sarbanes-Oxley
Act of 2002; 
 (e) any and all claims for violation of the federal or any state constitution; 

(f) any and all claims arising out of any other laws and regulations relating to employment or employment discrimination; 

(g) any claim for any loss, cost, damage, or expense arising out of any dispute over the
non-withholding or other tax treatment of any of the proceeds received by Executive as a result of this Agreement; and 

(h) any and all claims for attorneys’ fees and costs. 

  
 B-2 

 Executive agrees that the release set forth in this section shall be and remain in effect in
all respects as a complete general release as to the matters released. This release does not release claims that cannot be released as a matter of law, including, but not limited to, Executive’s right to file a charge with or participate in a
charge by the Equal Employment Opportunity Commission, or any other local, state, or federal administrative body or government agency that is authorized to enforce or administer laws related to employment, against the Company (with the understanding
that Executive’s release of claims herein bars Executive from recovering such monetary relief from the Company or any Releasee), claims for unemployment compensation or any state disability insurance benefits pursuant to the terms of applicable
state law, claims to continued participation in certain of the Company’s group benefit plans pursuant to the terms and conditions of COBRA, claims to any benefit entitlements vested as the date of separation of Executive’s employment,
pursuant to written terms of any employee benefit plan of the Company or its affiliates and Executive’s right under applicable law and any Retained Claims. This release further does not release claims for breach of Section 3(c) or
Section 4(a) of the Employment Agreement or prevent Executive from reporting possible violations of federal law or regulation to any United States governmental agency or entity in accordance with the provisions of and rules promulgated under
Section 21F of the Securities Exchange Act of 1934 or Section 806 of the Sarbanes-Oxley Act of 2002, or any other whistleblower protection provisions of state or federal law or regulation (including the right to receive an award for
information provided to any such government agencies). 
 3. Acknowledgment of Waiver of Claims under ADEA. Executive understands and
acknowledges that Executive is waiving and releasing any rights Executive may have under the Age Discrimination in Employment Act of 1967 (“ADEA”), and that this waiver and release is knowing and voluntary. Executive understands and
agrees that this waiver and release does not apply to any rights or claims that may arise under the ADEA after the date Executive signs this Agreement. Executive understands and acknowledges that the consideration given for this waiver and release
is in addition to anything of value to which Executive was already entitled. Executive further understands and acknowledges that Executive has been advised by this writing that: (a) Executive should consult with an attorney prior to executing
this Agreement; (b) Executive has 21 days within which to consider this Agreement; (c) Executive has 7 days following Executive’s execution of this Agreement to revoke this Agreement pursuant to written notice to the General Counsel
of the Company; (d) this Agreement shall not be effective until after the revocation period has expired; and (e) nothing in this Agreement prevents or precludes Executive from challenging or seeking a determination in good faith of the
validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties, or costs for doing so, unless specifically authorized by federal law. In the event Executive signs this Agreement and returns it to the Company in less
than the 21 day period identified above, Executive hereby acknowledges that Executive has freely and voluntarily chosen to waive the time period allotted for considering this Agreement. 

4. Severability. In the event that any provision or any portion of any provision hereof or any surviving agreement made a part hereof
becomes or is declared by a court of competent jurisdiction or arbitrator to be illegal, unenforceable, or void, this Agreement shall continue in full force and effect without said provision or portion of provision. 

5. No Oral Modification. This Agreement may only be amended in a writing signed by Executive and a duly authorized officer of the
Company. 

  
 B-3 

 6. Notice; Governing Law; Counterparts. This Agreement shall be subject to the
provisions of Sections 5.2, 5.6, and 5.10 of the Employment Agreement. 
 7. Effective Date. Executive has seven days after Executive
has signed this Agreement to revoke it and this Agreement will become effective on the eighth day after Executive signed this Agreement, so long as it has been signed by the Parties and has not been revoked by Executive before that date. 

8. Trade Secrets; Whistleblower Protections. In accordance with 18 U.S.C. §1833, notwithstanding anything to the contrary in this
Agreement, the Employment Agreement, or any other agreement between Executive and the Company or any of its subsidiaries in effect as of the date Executive receives this Agreement (together, the “Subject Documents”): (a) Executive
will not be in breach of the Subject Document, and shall not be held criminally or civilly liable under any federal or state trade secret law (i) for the disclosure of a trade secret that is made in confidence to a federal, state, or local
government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or (ii) for the disclosure of a trade secret that is made in a complaint or other document filed in a lawsuit or other
proceeding, if such filing is made under seal; and (b) if Executive files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Executive may disclose the trade secret to Executive’s attorney, and may use the
trade secret information in the court proceeding, if Executive files any document containing the trade secret under seal, and does not disclose the trade secret, except pursuant to court order. Furthermore, the Parties agree that nothing in the
Subject Documents prohibits Executive from reporting possible violations of federal law or regulation to any governmental agency or entity in accordance with the provisions of and rules promulgated under Section 21F of the Securities Exchange
Act of 1934 or Section 806 of the Sarbanes-Oxley Act of 2002, or any other whistleblower protection provisions of state or federal law or regulation or releases or restrains Executive’s right to receive an award for information provided to
any such government agencies. 
 8. Voluntary Execution of Agreement. Executive understands and agrees that Executive executed this
Agreement voluntarily, without any duress or undue influence on the part or behalf of the Company or any third party, with the full intent of releasing all of Executive’s claims against the Company and any of the other Releasees, except as
otherwise provided in this Agreement. Executive acknowledges that: (a) Executive has read this Agreement; (b) Executive has not relied upon any representations or statements made by the Company that are not specifically set forth in this
Agreement; (c) Executive has been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of Executive’s own choice or has elected not to retain legal counsel; (d) Executive understands the terms
and consequences of this Agreement and of the releases it contains; and (e) Executive is fully aware of the legal and binding effect of this Agreement. 

[Signature Page Follows] 

  
 B-4 

 IN WITNESS WHEREOF, the Parties have executed this Agreement on the respective dates set
forth below. 
  

							
		 		 		 	EXECUTIVE
				
	Dated:
                                        
	 	        	 		 	  

		 		 		 	David W. McCreight
				
		 		 		 	COMPANY
				
	Dated:                                     
    	 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

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