Document:

EX-10.6

 Exhibit 10.6 

Penelope Holdings Corp. 

2020 OMNIBUS EQUITY INCENTIVE PLAN 
  

	 	Article 1.	 Establishment & Purpose 

1.1    Establishment. Penelope Holdings Corp., a Delaware corporation (the
“Company”), hereby establishes the 2020 Omnibus Equity Incentive Plan (the “Plan”) as set forth herein. 

1.2    Purpose of the Plan. The purpose of the Plan is to attract, retain and motivate the management,
employees and certain non-employee independent directors of the Company and its Subsidiaries and Affiliates and to promote the success of the Company’s business by providing them with appropriate
incentives and rewards either through a proprietary interest in the long-term success of the Company or compensation based on fulfilling certain performance goals. 
  

	 	Article 2.	 Definitions 

Capitalized terms used and not otherwise defined herein shall have the meanings set forth below. 

2.1    “Affiliate” has the meaning set forth in the Partnership Agreement. 

2.2    “Award” means any Option, Stock Appreciation Right, Restricted Stock or Other
Stock-Based Award that is granted under the Plan. 
 2.3    “Award Agreement” means
either (a) a written agreement entered into by the Company and a Participant setting forth the terms and provisions applicable to an Award, or (b) a written statement signed by an authorized officer of the Company to a Participant
describing the terms and provisions of the actual grant of such Award. 
 2.4    “Board”
means the Board of Directors of the Penelope Group Holdings GP, LLC. 
 2.5    “Cause”
has the meaning set forth in the Participant’s Service agreement or offer letter with the Company or its Affiliates then in effect, or, if the Participant is not party to such a Service agreement or such term is not defined in such Service
agreement then “Cause” shall have the meaning set forth in the Partnership Agreement. 

2.6    “Change of Control” has the meaning set forth in the Partnership Agreement;
provided, that to the extent necessary to comply with Section 409A with respect to the payment of deferred compensation. “Change of Control” shall be limited to a “change in control event” as defined in Treasury
Regulations Section 1.409A-3(i)(5) prescribed pursuant to Section 409A. 

2.7    “Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time.

 2.8    “Committee” means the Board, or any committee thereof designated by the Board
to administer the Plan in accordance with Article 3 of the Plan. 

 2.9    “Director” means a member of the
Board or a member of the board of directors or equivalent governing body of the Company or any of its Subsidiaries, in each case, who is not an Employee. 

2.10    “Eligible Person” means (a) a Director who is not an employee or partner of
Advent International, Inc. a Delaware corporation, or one of its Affiliates, (b) an Employee, or (c) an independent contractor, consultant or other service provider to the Company or any of its Affiliates. 

2.11    “Employee” means an officer or other employee of the Company or any Subsidiary or
Affiliate, including a member of the Board who is such an employee. For the avoidance of doubt, except as otherwise expressly agreed between a Participant Employee and his or her employer, no period of notice of employment or service termination, if
any, or payment in lieu of notice that is given or ought to have been given, pursuant to any employment or similar agreement between a Participant Employee and an employer in effect at the time of such employment or service termination or pursuant
to applicable law, that follows the last day of a Participant Employee’s active employment with his or her employer will be considered as extending the Participant Employee’s period of employment for purposes of determining the date of
employment or service termination for any purpose under the Plan or any Award Agreement. 

2.12    “Fair Market Value” means, as of any day, with respect to the Shares: 

 

	 	(a)	 if the Shares are immediately and freely tradable on a stock exchange or in over-the-counter market, the closing price per Share on the preceding day, or if no trades were made on such date, the immediately preceding day on which trades were made; or 

 

	 	(b)	 in the absence of such a market for the Shares, the fair value per Share as determined in good faith by the
Board and, for the purpose of determining the Option Price or grant price of an Award, consistent with the principles of Section 409A. 

2.13    “Holdings” means Penelope Group Holdings, L.P. 

2.14    “Incentive Stock Option” means an Option intended to meet the requirements of an
incentive stock option as defined in Section 422 of the Code and designated as an Incentive Stock Option in accordance with Article 6 of the Plan. 

2.15    “IPO” means an Initial Public Offering as such term is defined in the Partnership
Agreement. 
 2.16    “Nonqualified Stock Option” means an Option that is not an
Incentive Stock Option. 
 2.17    “Option” means any option granted from time to time
under Article 6 of the Plan. 
 2.18    “Option Price” means the purchase price
per Share subject to an Option, as determined pursuant to Section 6.2 of the Plan. 

  
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 2.19    “Other Stock-Based Award” means
any Award granted under Article 9 of the Plan. 
 2.20    “Participant” means any
Eligible Person as set forth in Section 4.1 to whom an Award is granted. 

2.21    “Partnership Agreement” means that certain Amended and Restated Agreement of
Limited Partnership of Holdings entered into as of January 8, 2020 by and among Penelope Group Holdings GP, LLC, as the general partner and the Persons listed on the signature pages thereto, as may be amended from time to time. 

2.22    “Permanent Disability” has the meaning set forth below, except with respect to any
Participant who is engaged by the Company or one of its Affiliates pursuant to an effective written Service agreement in which there is a definition of “Permanent Disability” or an equivalent term, in which event the definition of
“Permanent Disability” as set forth in such Service agreement shall be deemed to be the definition of “Permanent Disability” herein solely for such Participant and only for so long as such Service agreement remains effective. In
all other events, the term “Permanent Disability” means: a determination by independent competent medical authority (selected by the Board) that the Participant is unable to perform the Participant’s duties, and in all reasonable
medical likelihood such inability shall continue for a consecutive period of 90 days or for a period in excess of 120 days in any 365-day period. 

2.23    “Person” has the meaning set forth in the Partnership Agreement. 

2.24    “Restricted Stock” means any Award granted under Article 8 of the Plan. 

2.25    “Restriction Period” means the period during which Restricted Stock awarded under
Article 8 of the Plan is restricted. 

2.26    “Section 409A” means Section 409A of the Code
together with all regulations, guidance, compliance programs and other interpretative authority thereunder. 

2.27    “Service” means service as an Employee, Director, independent contractor,
consultant or other service provider. 
 2.28    “Share” means a share of common stock of
the Company, par value $0.001 per share, or such other class or kind of shares or other securities resulting from the application of Article 11 of the Plan. 

2.29    “Stock Appreciation Right” means any right granted under Article 7 of the
Plan 
 2.30    “Subsidiary” has the meaning set forth in the Partnership
Agreement. 
 2.31    “Ten-Percent Shareholder”
means a person who on any given date owns, either directly or indirectly (taking into account the attribution rules contained in Section 424(d) of the Code), stock possessing more than 10% of the total combined voting power of all classes of
stock of the Company or a Subsidiary or Affiliate. 

  
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	 	Article 3.	 Administration 

3.1    Authority of the Committee. The Plan shall be administered by the Committee, which shall have all
powers and discretion necessary or appropriate to administer the Plan and to control its operation, including, but not limited to, the power to (a) determine the Eligible Persons to whom Awards shall be granted under the Plan,
(b) prescribe the restrictions, terms and conditions of all Awards, (c) interpret the Plan and terms of the Awards, (d) adopt rules for the administration, interpretation and application of the Plan as are consistent therewith, and
interpret, amend or revoke any such rules, (e) make all determinations with respect to a Participant’s Service and the termination of such Service for purposes of any Award, (f) correct any defect(s) or omission(s) or reconcile any
ambiguity(ies) or inconsistency(ies) in the Plan or any Award thereunder, (g) make all determinations it deems advisable for the administration of the Plan, (h) decide all disputes arising in connection with the Plan and to otherwise
supervise the administration of the Plan, (i) subject to the terms of the Plan, amend the terms of an Award in any manner that is not inconsistent with the Plan, (j) accelerate the vesting or, to the extent applicable, exercisability of
any Award at any time (including, but not limited to, upon a Change of Control or upon termination of Service under certain circumstances, as set forth in the Award Agreement or otherwise), and (k) adopt such procedures and subplans as are
necessary or appropriate to permit participation in the Plan by Eligible Persons who are foreign nationals or who provide Services outside of the United States. The Committee’s determinations under the Plan need not be uniform and may be made
by the Committee selectively among Participants and Eligible Persons, whether or not such persons are similarly situated. The Committee shall, in its sole discretion, consider such factors as it deems relevant in making its interpretations,
determinations and actions under the Plan, including, without limitation, the recommendations or advice of any officer or employee of the Company or such attorneys, consultants, accountants or other advisors as it may select. All interpretations,
determinations and actions by the Committee shall be final, conclusive and binding upon all parties. 

3.2    Delegation. The Committee may delegate to one or more of its members, one or more officers of the
Company or any Subsidiary, or one or more agents or advisors such administrative duties or powers as it may deem advisable. 
  

	 	Article 4.	 Eligibility and Participation 

4.1    Eligibility. Participants will consist of such Eligible Persons as the Committee in its sole
discretion determines and whom the Committee may designate from time to time to receive Awards under the Plan; provided, however, that Options and Stock Appreciation Rights may only be granted to those Eligible Persons with respect to whom
the Company is an “eligible issuer” within the meaning of Section 409A. Designation of a Participant in any year shall not require the Committee to designate such person to receive an Award in any other year or, once designated, to
receive the same type or amount of Award as granted to the Participant in any other year. 
 4.2    Type of
Awards. Awards under the Plan may be granted in any one or a combination of: (a) Options; (b) Stock Appreciation Rights; (c) Restricted Stock; and (d) Other Stock-Based Awards. Awards granted under the Plan shall be evidenced by
Award Agreements (which need not be identical) that provide additional terms and conditions associated with such Awards, including, without limitation, restrictive covenants, as determined by the Committee in its sole discretion; provided,
however, that in the event of any conflict between the provisions of the Plan and any such Award Agreement, the provisions of the Plan shall prevail. 

  
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	 	Article 5.	 Shares Subject to the Plan; Maximum Awards 

5.1    Number of Shares Available for Awards. 

 

	 	(a)	 Shares. Subject to adjustment as provided in this Article 5 and Article 11 of the Plan,
the maximum number of Shares available for issuance to Participants pursuant to Awards under the Plan shall be 106,596. The Shares available for issuance under the Plan may consist, in whole or in part, of authorized and unissued Shares or treasury
Shares. 

  

	 	(b)	 Additional Shares. In the event that any outstanding Award expires or is forfeited, cancelled or
otherwise terminated without consideration (i.e., Shares or cash) therefor, the Shares subject to such Award, to the extent of any such forfeiture, cancellation, expiration, termination or settlement, shall again be available for Awards under the
Plan; provided, that any Shares tendered to or withheld by the Company as part or full payment for the purchase price, Option Price or grant price of an Award or to satisfy all or part of the Company’s tax withholding obligation with
respect to an Award, shall not again be available for Awards. If the Committee authorizes the assumption under the Plan, in connection with any merger, consolidation, acquisition of property or stock, or reorganization, of awards granted under
another plan, such assumption shall not reduce the maximum number of Shares available for issuance under the Plan. 

  

	 	Article 6.	 Options 

6.1    Grant of Options. The Committee is hereby authorized to grant Options to Participants. Each Option
shall permit a Participant to purchase from the Company a stated number of Shares at an Option Price established by the Committee, subject to the terms and conditions described in this Article 6 and to such additional terms and conditions, as
established by the Committee, in its sole discretion, that are consistent with the provisions of the Plan. Options shall be designated as either Incentive Stock Options or Nonqualified Stock Options; provided, that Options granted to
Directors shall be Nonqualified Stock Options. An Option granted as an Incentive Stock Option shall, to the extent it fails to qualify under the Code as an Incentive Stock Option, be treated as a Nonqualified Stock Option. None of the Committee, the
Company, any of its Subsidiaries or Affiliates or any of their employees or representatives shall be liable to any Participant or to any other Person if it is determined that an Option intended to be an Incentive Stock Option does not qualify under
the Code as an Incentive Stock Option. Each Option shall be evidenced by an Award Agreement that shall state the number of Shares covered by such Option. Such Award Agreement shall conform to the requirements of the Plan and may contain such other
provisions as the Committee shall deem advisable. 
 6.2    Option Price. The Option Price shall be
determined by the Committee at the time of grant, but shall not be less than 100% of the Fair Market Value of a Share on the date of grant. In the case of any Incentive Stock Option granted to a Ten-Percent
Shareholder, the Option Price shall not be less than 110% of the Fair Market Value of a Share on the date of grant. 

  
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 6.3    Option Term. The term of each Option shall be
determined by the Committee at the time of grant and shall be stated in the Award Agreement, but in no event shall such term be greater than ten years (or, in the case on an Incentive Stock Option granted to a
Ten-Percent Shareholder, five years). 
 6.4    Time of Exercise.
Options granted under this Article 6 shall be exercisable at such times and be subject to such restrictions and conditions as the Committee shall in each instance approve as set forth in each Award Agreement, which terms and restrictions need
not be the same for each grant or for each Participant. 
 6.5    Method of Exercise. Except as otherwise
provided in the Plan or in an Award Agreement, an Option may be exercised for all, or from time to time any part, of the Shares for which it is then exercisable. For purposes of this Article 6, the exercise date of an Option shall be the
later of the date a notice of exercise is received by the Company and, if applicable, the date full payment is received by the Company pursuant to clauses (a), (b), (c), (d), or (e) of the following sentence (including the applicable tax
withholding pursuant to Section 13.3 of the Plan). The aggregate Option Price for the Shares as to which an Option is exercised shall be paid to the Company in full at the time of exercise at the election of the
Participant: (a) in cash or its equivalent (e.g., by cashier’s check); (b) to the extent permitted by the Committee, in Shares (whether or not previously owned by the Participant) having a Fair Market Value equal to the aggregate Option
Price for the Shares being purchased and satisfying such other requirements as may be imposed by the Committee; (c) partly in cash or its equivalent and, to the extent permitted by the Committee, partly in such Shares (as described in
(b) above); (d) in connection with a Change of Control, or as may otherwise be permitted by the Committee, by reducing the number of Shares otherwise deliverable upon the exercise of the Option by the number of Shares having a Fair Market Value
equal to the Option Price, net of withholding; or (e) if there is a public market for the Shares at such time, subject to such requirements as may be imposed by the Committee, through the delivery of irrevocable instructions to a broker to sell
Shares obtained upon the exercise of the Option and to deliver promptly to the Company an amount out of the proceeds of such sale equal to the aggregate Option Price for the Shares being purchased. The Committee may prescribe any other method of
payment that it determines to be consistent with applicable law and the purpose of the Plan. 

6.6    Limitations on Incentive Stock Options. Incentive Stock Options may be granted only to employees of
the Company or of a “parent corporation” or “subsidiary corporation” (as such terms are each defined in Section 424 of the Code) at the date of grant. The aggregate Fair Market Value (generally determined as of the time the
Option is granted) of the Shares with respect to which Incentive Stock Options are exercisable for the first time by a Participant during any calendar year under all plans of the Company and of any “parent corporation” or “subsidiary
corporation” shall not exceed $100,000 or the Option shall be treated as a Nonqualified Stock Option, but only to the extent of that portion of the Option in excess of the limit. For purposes of the preceding sentence, unless otherwise
designated by the Company, Incentive Stock Options will be taken into account in the order in which they are granted. Each provision of the Plan and each Award Agreement relating to an Incentive Stock Option shall be construed so that each Incentive
Stock Option shall be an incentive stock option as defined in Section 422 of the Code, and any provisions of the Award Agreement thereof that cannot be so construed shall be disregarded. 

  
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	 	Article 7.	 Stock Appreciation Rights 

7.1    Grant of Stock Appreciation Rights. The Committee is hereby authorized to grant Stock Appreciation
Rights to Participants. Stock Appreciation Rights shall be evidenced by Award Agreements that shall conform to the requirements of the Plan and may contain such other provisions as the Committee shall deem advisable. Subject to the terms of the Plan
and any applicable Award Agreement, a Stock Appreciation Right granted under the Plan shall confer on the holder thereof a right to receive, upon exercise thereof, the excess of: (a) the Fair Market Value of a specified number of Shares on the
date of exercise over (b) the grant price of the right as specified by the Committee on the date of the grant. Such payment may be in the form of cash or its equivalent, Shares, other property or any combination thereof, as the Committee shall
determine in its sole discretion. 
 7.2    Terms of Stock Appreciation Right. Each Stock Appreciation
Right grant shall be evidenced by an Award Agreement that shall state the grant price (which shall not be less than 100% of the Fair Market Value of a Share on the date of grant), term, methods of exercise, methods of settlement and such other
provisions as the Committee shall determine. No Stock Appreciation Right shall have a term of more than ten years from the date of grant. 
  

	 	Article 8.	 Restricted Stock 

8.1    Grant of Restricted Stock. The Committee is hereby authorized to grant Restricted Stock to
Participants. An Award of Restricted Stock is a grant by the Committee of a specified number of Shares to the Participant, which Shares are subject to forfeiture upon the occurrence of specified events. Participants shall be awarded Restricted Stock
in exchange for consideration not less than the minimum consideration required by applicable law. Restricted Stock shall be evidenced by an Award Agreement, which shall conform to the requirements of the Plan and may contain such other provisions as
the Committee shall deem advisable. 
 8.2    Terms of Restricted Stock Awards. Each Award Agreement
evidencing a Restricted Stock grant shall specify: the Restriction Period(s); the number of Shares of Restricted Stock subject to the Award; the purchase price, if any, of the Restricted Stock; the performance, Service or other conditions (including
the termination of a Participant’s Service whether due to death, Permanent Disability or other reason) under which the Restricted Stock may be forfeited to the Company; and such other provisions as the Committee shall determine in its sole
discretion. Any Restricted Stock granted under the Plan shall be evidenced in such manner as the Committee may deem appropriate, including book-entry registration or issuance of a stock certificate or certificates (in which case, the certificate(s)
representing such Shares shall be legended as to sale, transfer, assignment, pledge or other encumbrances during the Restriction Period and deposited by the Participant, together with a stock power endorsed in blank, with the Company, to be held in
escrow during the Restriction Period). At the end of the Restriction Period, the restrictions imposed hereunder and under the Award Agreement shall lapse with respect to the number of Shares of Restricted Stock as determined by the Committee, and,
except as provided in Section 13.6, the legend required by this Section 8.2 shall be removed and such number of Shares delivered to the Participant (or, where appropriate, the Participant’s
legal representative). 

  
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 8.3    Voting and Dividend Rights. The Committee shall
determine and set forth in a Participant’s Award Agreement whether or not a Participant holding Restricted Stock granted hereunder shall (a) have the right to exercise voting rights with respect to the Restricted Stock during the
Restriction Period (the Committee may require a Participant to grant an irrevocable proxy and power of substitution) and/or (b) have the right to receive dividends on the Restricted Stock during the Restriction Period (and, if so, on what
terms). 
 8.4    Performance Goals. The Committee may condition the grant of Restricted Stock or the
expiration of the Restriction Period upon the Participant’s achievement of one or more performance goal(s) specified in the Award Agreement. If the Participant fails to achieve the specified performance goal(s), the Committee shall not grant
the Restricted Stock to such Participant, or the Participant shall forfeit the Award of Restricted Stock to the Company, as applicable. 

8.5    Section 83(b) Election. If a Participant makes an election pursuant to Section 83(b) of the Code
in respect of an Award of Restricted Stock, the Participant shall be required to file promptly a copy of such election with the Company. 
  

	 	Article 9.	 Other Stock-Based Awards 

The Committee, in its sole discretion, may grant Awards of Shares and Awards that are valued, in whole or in part, by reference to, or are
otherwise based on the Fair Market Value of, Shares, including without limitation, restricted stock units, dividend equivalent rights and other phantom awards. Such Other Stock-Based Awards shall be in such form, and dependent on such conditions, as
the Committee shall determine, including, without limitation, the right to receive one or more Shares (or the equivalent cash value of such Shares) upon the completion of a specified period of Service, the occurrence of an event, and/or the
attainment of performance objectives. Subject to the provisions of the Plan, the Committee shall determine to whom and when Other Stock-Based Awards will be made; the number of Shares to be awarded under (or otherwise related to) such Other
Stock-Based Awards; whether such Other Stock-Based Awards shall be settled in cash or its equivalent, Shares or a combination; and all other terms and conditions of such Awards (including, without limitation, the vesting provisions thereof and
provisions ensuring that all Shares so awarded and issued shall be fully paid and non-assessable). Each Other Stock-Based Award grant shall be evidenced by an Award Agreement, which shall conform to the
requirements of the Plan. 
  

	 	Article 10.	 Compliance with Section 409A 

10.1    General. The Company intends that the Plan and all Awards be construed to avoid the imposition of
additional taxes, interest and penalties pursuant to Section 409A. Notwithstanding the Company’s intention, in the event any Award is subject to such additional taxes, interest or penalties pursuant to Section 409A, the Committee may,
in its sole discretion and without a Participant’s prior consent, amend the Plan and/or Awards, adopt policies and procedures or take any other actions (including amendments, policies, procedures and actions with retroactive

  
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effect) as are necessary or appropriate to (a) exempt the Plan and/or any Award from the application of Section 409A, (b) preserve the intended tax treatment of any such Award or
(c) comply with the requirements of Section 409A, including, without limitation, any such regulations, guidance, compliance programs and other interpretative authority that may be issued after the date of the grant. In no event shall the
Company or any of its Subsidiaries or Affiliates be liable for any additional tax, interest or penalties that may be imposed on a Participant under Section 409A or for any damages for failing to comply with Section 409A. 

10.2    Payments to Specified Employees. Notwithstanding any contrary provision in the Plan or Award
Agreement, any payments of nonqualified deferred compensation (within the meaning of Section 409A) that are otherwise required to be made under the Plan to a “specified employee” (as defined under Section 409A) as a result of his
or her separation from service (other than a payment that is not subject to Section 409A) shall be delayed for the first six months following such separation from service (or, if earlier, until the date of death of the specified employee) and
shall instead be paid (in a manner set forth in the Award Agreement) on the day that immediately follows the end of such six-month period or as soon as administratively practicable thereafter. Any remaining
payments of nonqualified deferred compensation shall be paid without delay and at the time or times such payments are otherwise scheduled to be made. 

10.3    Separation from Service. A termination of Service shall not be deemed to have occurred for purposes
of any provision of the Plan or any Award Agreement providing for the payment of any amounts or benefits that are considered nonqualified deferred compensation under Section 409A upon or following a termination of Service unless such
termination is also a “separation from service” within the meaning of Section 409A and the payment thereof prior to a “separation from service” would violate Section 409A. For purposes of any such provision of the Plan
or any Award Agreement relating to any such payments or benefits, references to a “termination,” “termination of employment,” “termination of service” or like term shall mean “separation from service.” 

 

	 	Article 11.	 Adjustments 

11.1    Adjustments in Authorized Shares. In the event of any corporate event or transaction involving the
Company, a Subsidiary or an Affiliate (including, but not limited to, a change in the Shares of the Company or the capitalization of the Company), such as a merger, consolidation, reorganization, recapitalization, separation, stock dividend, stock
split, reverse stock split, split-up, spin-off, combination of Shares, exchange of Shares, dividend in kind, extraordinary cash dividend, amalgamation or other like
change in capital structure (other than normal cash dividends to stockholders of the Company), or any similar corporate event or transaction, the Committee, to prevent dilution or enlargement of Participants’ rights under the Plan, shall
substitute or adjust, in its sole discretion: the number and kind of Shares or other property that may be issued under the Plan or under particular forms of Awards; the number and kind of Shares or other property subject to outstanding Awards; the
Option Price, grant price or purchase price applicable to outstanding Awards; and/or other value determinations (including performance conditions) applicable to the Plan or outstanding Awards. All adjustments shall be made in good-faith compliance
with Section 409A. For the avoidance of doubt, the purchase of Shares or other equity securities of the Company by a stockholder of the Company or any third party from the Company shall not constitute a corporate event or transaction giving
rise to an adjustment described in this Section 11.1. 

  
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 11.2    Change of Control. Upon the occurrence of a Change
of Control after the Effective Date, unless otherwise specifically prohibited under applicable laws or by the rules and regulations of any governing governmental agencies or national securities exchanges, or unless the Committee shall specify
otherwise in the Award Agreement, the Committee is authorized (but not obligated) to make adjustments in the terms and conditions of outstanding Awards, including, without limitation, the following (or any combination thereof): (a) continuation or
assumption of such outstanding Awards under the Plan by the Company (if it is the surviving company or corporation) or by the surviving company or corporation or its parent; (b) substitution by the surviving company or corporation or its parent
of equity, equity-based and/or cash awards with substantially the same terms for outstanding Awards (excluding the consideration payable upon settlement of the Awards); (c) accelerated exercisability, vesting and/or lapse of restrictions under
outstanding Awards immediately prior to the occurrence of such event; (d) upon written notice, provide that any outstanding Awards must be exercised, to the extent then exercisable, during a reasonable period of time immediately prior to the
scheduled consummation of the event or such other period as determined by the Committee (contingent upon the consummation of the event), and at the end of such period, such Awards shall terminate to the extent not so exercised within the relevant
period; (e) cancellation of all or any portion of outstanding Awards for fair value (in the form of cash, Shares, other property or any combination thereof) as determined in the sole discretion of the Committee and which value may be zero;
provided, that in the case of Options and Stock Appreciation Rights or similar Awards, the fair value may equal the excess, if any, of the value of the consideration to be paid in the Change of Control transaction to holders of the same
number of Shares subject to such Awards (or, if no such consideration is paid, Fair Market Value of the Shares subject to such outstanding Awards or portion thereof being cancelled) over the aggregate Option Price or grant price, as applicable, with
respect to such Awards or portion thereof being cancelled, or if no such excess, zero; provided, further, that if any payments or other consideration are deferred and/or contingent as a result of escrows, earnouts, holdbacks or any other
contingencies, payments under this provision may be made on substantially the same terms and conditions applicable to, and only to the extent actually paid to, the holders of Shares in connection with the Change of Control; provided, further,
that such payments or other consideration may be limited to comply with Section 409A; and (f) cancellation of all or any portion of outstanding unvested and/or unexercisable Awards for no consideration. 

 

	 	Article 12.	 Duration; Amendment, Modification, Suspension and Termination 

12.1    Duration of Plan. Unless sooner terminated as provided in Section 12.2, the
Plan shall terminate on the tenth (10th) anniversary of the Effective Date. 
 12.2    Amendment,
Modification, Suspension and Termination of Plan. Subject to the terms of the Plan, the Committee may amend, alter, suspend, discontinue or terminate the Plan or any portion thereof or any Award (or Award Agreement) hereunder at any time, in its
sole discretion; provided, that no action taken by the Committee shall adversely affect any economic rights granted to any Participant or adversely affect in any material respect any non-economic rights
granted to any Participant under any outstanding Awards (other than pursuant to Article 10 or as the Committee deems necessary to comply with applicable law, including without limitation, the Dodd-Frank Wall Street Reform and Consumer
Protection Act) without the Participant’s written consent. 

  
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 12.3    Required Contribution to Holdings. At any time
subsequent to an exercise of an Option or the receipt of Shares hereunder, the Company may in its sole discretion require the Participant to contribute such issued Shares to Holdings in exchange for a capital interest in Holdings. The Participant
shall take all reasonable steps required by Holdings and/or the Company in connection with such contribution. 
  

	 	Article 13.	 General Provisions 

13.1    No Right to Service or Award. The granting of an Award under the Plan shall impose no obligation on
the Company, any Subsidiary or any Affiliate to continue the Service of a Participant and shall not lessen or affect any right that the Company, any Subsidiary or any Affiliate may have to terminate the Service of such Participant. No Participant or
other Person shall have any claim to be granted any Award, and there is no obligation for uniformity of treatment of Participants, or holders or beneficiaries of Awards. The terms and conditions of Awards and the Committee’s determinations and
interpretations with respect thereto need not be the same with respect to each Participant (whether or not such Participants are similarly situated). 

13.2    Settlement of Awards. Each Award Agreement shall establish the form in which the Award shall be
settled. The Committee shall determine whether cash or its equivalent, Awards, other securities or other property shall be issued or paid in lieu of fractional Shares or whether such fractional Shares or any rights thereto shall be issued, rounded,
forfeited, or otherwise eliminated. 
 13.3    Tax Withholding. The Company shall have the power and the
right to deduct or withhold automatically from any amount deliverable under the Award or otherwise, or require a Participant to remit to the Company, the minimum statutory amount to satisfy federal, state and local taxes, domestic or foreign,
required by law or regulation to be withheld with respect to any taxable event arising as a result of the Plan. The Committee, in its sole discretion, may permit Participants to satisfy the withholding requirement, in whole or in part, by having the
Company withhold Shares having a Fair Market Value equal to the minimum statutory total tax that could be imposed in connection with any such taxable event. 

13.4    No Guarantees Regarding Tax Treatment. Participants (or their beneficiaries) shall be responsible
for all taxes with respect to any Awards under the Plan. The Committee and the Company make no guarantees to any Person regarding the tax treatment of Awards or payments made under the Plan. Neither the Committee nor the Company has any obligation
to take any action to prevent the assessment of any tax on any Person with respect to any Award under Section 409A or Section 457A of the Code or otherwise, and none of the Company, any of its Subsidiaries or Affiliates, or any of their
employees or representatives shall have any liability to a Participant with respect thereto. 
 13.5    Non-Transferability of Awards. Unless otherwise determined by the Committee, an Award shall not be transferable or assignable by the Participant except in the event of the Participant’s death (subject to
the applicable laws of descent and distribution), and any such 

  
 -11- 

 
purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any Subsidiary or Affiliate. No transfer shall be
permitted for value or consideration. An award exercisable after the death of a Participant may be exercised by the heirs, legatees, personal representatives or distributees of the Participant. Any permitted transfer of the Awards to heirs,
legatees, personal representatives or distributees of the Participant shall not be effective to bind the Company unless the Committee shall have been furnished with written notice thereof and a copy of such evidence as the Committee may deem
necessary to establish the validity of the transfer and the acceptance by the transferee or transferees of the terms and conditions hereof. 

13.6    Partnership Agreement; Conditions and Restrictions on Shares. Shares received in connection with
Awards granted hereunder shall be subject to all of the terms and conditions of the Partnership Agreement, including all transfer restrictions, drag-along rights, repurchase options and participation rights set forth therein, with such terms and
conditions being applied to the Shares mutatis mutandis. As a condition to receiving, exercising or settling an Award, if not already fully bound by the terms set forth in the Partnership Agreement, each Participant shall sign (a) a
joinder or acknowledgment agreement pursuant to which such Participant shall become fully bound by the terms set forth in the Partnership Agreement, and (b) any registration rights agreement as the Committee may require. The Committee may
impose such other conditions or restrictions on any Shares received in connection with an Award as it may deem advisable or desirable. These restrictions may include, but shall not be limited to, requirements that the Participant: (i) hold the
Shares received for a specified period of time or (ii) represent and warrant in writing that the Participant is acquiring the Shares for investment and without any present intention to sell or distribute such Shares. The certificates, if any,
for Shares may include any legend that the Committee deems appropriate to reflect any conditions and restrictions applicable to such Shares. 

13.7    Shares Not Registered. Shares and Awards shall not be issued under the Plan unless the issuance and
delivery of such Shares and any Awards comply with (or are exempt from) all applicable requirements of law, including, without limitation, the Securities Act of 1933, as amended, the rules and regulations promulgated thereunder, state securities
laws and regulations, and the regulations of any stock exchange or other securities market on which the Company’s securities may then be traded. The Company shall not be obligated to file any registration statement under any applicable
securities laws to permit the purchase or issuance of any Shares or any Awards under the Plan, and, accordingly, any certificates for Shares or documents granting Awards may have an appropriate legend or statement of applicable restrictions endorsed
thereon. If the Company deems it necessary to ensure that the issuance of securities under the Plan is not required to be registered under any applicable securities laws, each Participant to whom such security would be purchased or issued shall
deliver to the Company an agreement or certificate containing such representations, warranties and covenants as the Company reasonably requires. 

13.8    Awards to Non-U.S. Eligible Persons. To comply with the laws
in countries other than the United States in which the Company or any Subsidiary or Affiliate operates or engages Eligible Persons, the Committee, in its sole discretion, shall have the power and authority to: (a) determine which Subsidiaries
or Affiliates shall be covered by the Plan; (b) determine which Employees and Directors outside the United States are eligible to participate in the Plan; (c) modify the terms and conditions of any Award granted to Eligible Persons outside
the United States to 

  
 -12- 

 
comply with applicable foreign laws; (d) take any action, before or after an Award is made, that it deems advisable to obtain approval or comply with any necessary local government
regulatory exemptions or approvals; and (e) establish sub-plans and modify exercise procedures and other terms and procedures, to the extent such actions may be necessary or advisable. 

13.9    Rights as a Stockholder. Except as otherwise provided herein or in the applicable Award Agreement, a
Participant shall have none of the rights of a stockholder with respect to Shares covered by any Award until the Participant becomes the record holder of such Shares. 

13.10    Severability. If any provision of the Plan or any Award is or becomes or is deemed to be invalid,
illegal or unenforceable in any jurisdiction, or as to any Person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable
laws, or if it cannot be so construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, Person, or Award, and the
remainder of the Plan and any such Award shall remain in full force and effect. 
 13.11    Unfunded Plan.
Participants shall have no right, title or interest whatsoever in or to any investments that the Company or any of its Subsidiaries or Affiliates may make to aid it in meeting its obligations under the Plan. Nothing contained in the Plan, and no
action taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or a fiduciary relationship between the Company and any Participant, beneficiary, legal representative, or any other Person. To the extent that any
Person acquires a right to receive payments from the Company under the Plan, such right shall be no greater than the right of an unsecured general creditor of the Company. All payments to be made hereunder shall be paid from the general funds of the
Company, and no special or separate fund shall be established and no segregation of assets shall be made to assure payment of such amounts. The Plan is not subject to the U.S. Employee Retirement Income Security Act of 1974, as amended from time to
time. 
 13.12    No Constraint on Corporate Action. Nothing in the Plan shall be construed to:
(a) limit, impair or otherwise affect the Company’s right or power to make adjustments, reclassifications, reorganizations or changes of or to its capital or business structure or to merge or consolidate, or dissolve, liquidate, sell or
transfer all or any part of its business or assets; or (b) limit the right or power of the Company to take any action that it deems to be necessary or appropriate. 

13.13    Successors. All obligations of the Company under the Plan with respect to Awards granted hereunder
shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation or otherwise, of all or substantially all of the business or assets of the Company. 

13.14    Governing Law. The Plan and each Award Agreement and all claims or causes of action or other
matters (whether in contract, tort or otherwise) that may be based upon, arise out of or relate to the Plan or any Award Agreement or the negotiation, execution or performance of the Plan or any Award Agreement shall be governed by and construed in
accordance with the laws of the State of Delaware, excluding any conflict- or choice-of-law rule or principle that might otherwise refer construction or interpretation
of the Plan to the substantive law of another jurisdiction. 

  
 -13- 

 13.15    Effective Date. The Plan shall be effective as of
the date of its adoption by the Board, which date is set forth below (the “Effective Date”). 

*            *           
  * 
 The Plan was duly adopted and approved by the Board and the Board of Directors of the Company on January 8, 2020. 

  
 -14-EX-10.7

 Exhibit 10.7 

Penelope Holdings Corp.  

2020 OMNIBUS EQUITY INCENTIVE PLAN 

Nonqualified Stock Option Award Agreement 

THIS AGREEMENT (this “Award Agreement”), is made effective as of [Insert Grant Date] (the “Grant
Date”), by and between Penelope Holdings Corp., a Delaware corporation (the “Company”), and [Insert Employee Name] (the “Participant”). Capitalized terms used but not otherwise defined
herein shall have the meanings so indicated in the Penelope Holdings Corp. 2020 Omnibus Equity Incentive Plan (the “Plan”). 

R E C I T A L S: 

WHEREAS, the Committee has determined that it would be in the best interests of the Company and its stockholders to grant the option
provided for herein to the Participant pursuant to the Plan and the terms set forth herein. 
 NOW THEREFORE, in consideration of the
mutual covenants hereinafter set forth, the parties agree as follows: 
 1.    [Grant of the Option. The Company
hereby grants to the Participant the right and option to purchase, on the terms and conditions set forth in the Plan and this Award Agreement, [Insert Number] Shares (the “Option”), subject to adjustment as set forth in the
Plan. The Option shall be divided into [Insert Number] tranches as follows: [Describe Tranches]. The Option is intended to be a Nonqualified Stock Option. At any time, the portion of the Option that has become vested and exercisable is hereinafter
referred to as the “Vested Portion,” and any portion of the Option that is not a Vested Portion is hereinafter referred to as the “Unvested Portion.”] 

2.    Option Price. The purchase price of the Shares subject to the Option shall be $[Insert Current Price] per
Share (the “Option Price”), subject to adjustment as set forth in the Plan. 
 3.    [Vesting
of [Insert Applicable Tranche Name(s)]. 
 a.    [Insert Vesting Terms]. 

4.    [Vesting of [Insert Applicable Tranche Name(s)]. 

a.    [Insert Vesting Terms]. 

5.    Initial Public Offering. [Insert IPO Vesting Terms.] 

6.    Forfeiture. 

a.    Termination of Service without Cause or due to Resignation, Death or Permanent Disability. In the event that
the Participant’s Service is terminated without Cause, the Participant resigns, or the Participant’s Service is terminated due to Death or Permanent Disability, the Unvested Portion of the Option shall be cancelled and forfeited without
consideration therefor. 

 b.    Termination of Service for Cause. In the event that the
Participant’s Service is terminated for Cause, or the Participant resigns at a time when the Participant’s acts or omissions constitute grounds to terminate the Participant’s Service for Cause without regard to any applicable cure
rights or notice periods, the Vested and Unvested Portions of the Option shall be cancelled and forfeited without consideration therefor. 

c.    Breach of Restrictive Covenants. In the event that the Participant breaches any provision of the Restrictive
Covenants Agreement attached as Exhibit A hereto (any such provision, a “Restrictive Covenant”), the Vested and Unvested Portions of the Option shall be cancelled and forfeited without consideration therefor. 

7.    Period of Exercise. Subject to the provisions of the Plan and this Award Agreement, the Participant may
exercise all or any part of the Vested Portion at any time prior to the earliest to occur of: 
 a.    the tenth
anniversary of the Grant Date (solely with respect to the Shares that, prior to becoming part of the Vested Portion, were subject to the Performance Option); 

b.    the tenth anniversary of the Time-Vesting Start Date (solely with respect to the Shares that, prior to becoming part
of the Vested Portion, were subject to the Tranche A Option); 
 c.    the date that is 90 days following termination of
the Participant’s Service without Cause; 
 d.    the first anniversary of the date of termination of the
Participant’s Service due to death or Permanent Disability; 
 e.    the date of termination of the
Participant’s Service for Cause or the Participant’s breach of any Restrictive Covenant; and 
 f.    the date
that is 30 days following the Participant’s resignation or termination of Service other than as described in Sections 7(c), (d) or (e). 

8.    Exercise Procedures. 

a.    Notice of Exercise. Subject to Section 7 hereof, the Vested Portion may be exercised by delivering to the
Company at its principal office written notice of intent to so exercise in the form attached hereto as Exhibit B (such notice, a “Notice of Exercise”). Such Notice of Exercise shall be accompanied by payment in full of
the aggregate Option Price for the Shares to be acquired upon exercise. In the event the Option is being exercised by the Participant’s representative, the Notice of Exercise shall be accompanied by proof (satisfactory to the Committee) of the
representative’s right to exercise the Option. The aggregate Option Price for the Shares to be exercised may be paid (i) in cash or its equivalent (e.g., by cashier’s 

  
 2 

 
check), (ii) to the extent permitted by the Committee, in Shares (whether or not previously owned by the Participant) having a Fair Market Value equal to the aggregate Option Price for the Shares
being purchased and satisfying such other requirements as may be imposed by the Committee, (iii) partly in cash or its equivalent and, to the extent permitted by the Committee, partly in such Shares (as described in (ii) above), (iv) in
connection with a Change of Control, or as may otherwise be permitted by the Committee, by reducing the number of Shares otherwise deliverable upon the exercise of the Option by the number of Shares having a Fair Market Value equal to the Option
Price, net of withholding, or (v) if there is a public market for the Shares at such time, subject to such requirements as may be imposed by the Committee, through the delivery of irrevocable instructions to a broker to sell Shares obtained
upon the exercise of the Option and to deliver promptly to the Company an amount out of the proceeds of such sale equal to the aggregate Option Price for the Shares being purchased. The Committee may prescribe any other method of payment that it
determines to be consistent with applicable law and the purpose of the Plan. 
 b.    Rights of Participant; Method
of Exercise. Neither the Participant nor the Participant’s representative shall have any rights to dividends, voting rights or other rights of a stockholder with respect to Shares subject to the Option until (i) the Participant has
given a Notice of Exercise of the Option and paid in full for such Shares, (ii) such Shares have been issued, (iii) if applicable, the Participant has executed a joinder to the Partnership Agreement in a form to be provided by the Company,
and (iv) if applicable, the Participant has satisfied any other conditions imposed by the Committee pursuant to the Plan. In the event of the Participant’s death, the Vested Portion shall be exercisable by the executor or administrator of
the Participant’s estate or the person or persons to whom the Participant’s rights under this Award Agreement shall pass by will or by the laws of descent and distribution, as the case may be. Any heir or legatee of the Participant shall
take rights herein granted subject to the terms and conditions of this Award Agreement, the Plan, and the Partnership Agreement. 

9.    Repurchase Option Upon Termination of Service. 

a.    Repurchase Option. In the event that the Participant’s Service terminates for any reason (including by
reason of such Participant’s death or Permanent Disability) or the Participant violates any of the Restrictive Covenant obligations set forth in Exhibit A hereto or the Participant materially violates any other restrictive covenant or
agreement with the Company or its Affiliates and Subsidiaries (a “Restrictive Covenant Event”), to the extent not cured (if curable) within thirty (30) days following notice of such Restrictive Covenant Event from the
Company or its Affiliates and Subsidiaries to such Participant, all or any portion of the Shares of the Participant and the Participant’s Permitted Transferees (whether held by the Participant or one or more the Participant’s Permitted
Transferees) (collectively, the “Termination Shares”), shall be subject to a repurchase option (the “Company Repurchase Option”) exercisable by the Company or its designee which may be the Principal
Investor or its Affiliates within 180 days of the later of such termination of Service or when the Committee first becomes aware of such Restrictive Covenant Event (the “Company Repurchase Period”). For purposes of this
Section 9(a), the Participant shall be deemed to include the direct and/or beneficial owner of the Shares held by the Participant. 

  
 3 

 b.    Repurchase Price. The purchase price for each Termination
Share shall be equal to the Fair Market Value of such Termination Share on the Repurchase Closing Date; provided, that if the Participant is terminated for Cause or engages in a Restrictive Covenant Event, the purchase price for each
Termination Share shall be equal to the lower of (i) the Fair Market Value of such Termination Share on the Repurchase Closing Date and (ii) the amount paid by the Participant in cash or its equivalent to purchase such Termination Share
reduced by the amount of any dividends or other distributions received in respect of such Termination Share. 

c.    Repurchase Procedures. The Company or its designee may only elect to purchase any of the Termination Shares
subject to the Company Repurchase Option by delivering written notice (the “Repurchase Notice”) to the holder or holders of the Termination Shares prior to the expiration of the Company Repurchase Period. The Repurchase
Notice shall state that the Person exercising such right has elected to exercise such repurchase right and the number of Termination Shares to be acquired from each holder of Termination Shares, the aggregate consideration to be paid for such
Termination Shares and the time and place for the closing of the transaction. 
 d.    Repurchase Closing. The
closing of the purchase of the Termination Shares pursuant to the Company Repurchase Option shall take place as soon as reasonably practicable and in no event later than thirty (30) days following the end of the applicable Company Repurchase
Period and in the location designated by the Company or its designee in the Repurchase Notice or at such other time and location as the parties to such purchase may mutually determine (the date on which such purchase occurs, the
“Repurchase Closing Date”); provided, that the Company or its designee may rescind its election to purchase the Termination Shares at any time prior to such closing (but may make another election at a future date). At
the closing of any purchase pursuant to this Section 9, the holder or holders of the Termination Shares subject to the Repurchase Notice shall take all actions necessary to effect such purchase. The purchase price may be paid by the Company or
its designee in the form of (i) cash, (ii) a promissory note, maturing on the fifth (5th) anniversary of the date of the Company’s written notice and bearing interest at the
“applicable federal short-term rate” on the date of the Repurchase Notice, (iii) with the Participant’s consent, non-convertible preferred interests of the Company that shall be redeemed
within two (2) years following the issuance date of such non-convertible preferred interests, or (iv) any combination of the foregoing to the extent such Participant has consented to the use of non-convertible preferred interests. Notwithstanding anything to the contrary contained in this Award Agreement, all repurchases of Shares by the Company pursuant to this Section 9(d) shall be subject to
applicable restrictions contained in the Company’s financing agreements. If any such restrictions prohibit the exercise of the repurchase rights (or payment with a promissory note) under this Section 9(d) which the Company is otherwise
entitled or required to make, the time periods provided in this Section 9(d) shall be suspended, and the Company may make such repurchases as soon as it is permitted to do so under such restrictions. The Company or its designee shall be
entitled to receive customary representations and warranties from the Participant regarding such sale of Termination Shares (including representations and warranties regarding the Participant’s title to and ownership of such Termination Shares)
and to require the Participant’s signatures, as applicable, be guaranteed. For purposes of this Section 9(d), the Participant shall be deemed to include the direct and/or beneficial owner of the Shares held by the Participant. 

  
 4 

 e.    Failure to Deliver Shares or Required Documentation. If the
Participant, or any of the Participant’s Permitted Transferees, as applicable, fails to deliver all or any portion of the Termination Shares on the scheduled closing date for such purchase, the Company or its designee may elect to deposit the
consideration representing the purchase of the applicable Termination Shares with the Company’s attorney (or any other party, including a bank or a financial institution), as escrow holder. In the event of the foregoing election, (i) such
Termination Shares shall be deemed for all purposes (including the right to receive distributions) to have been transferred to the purchasers on the scheduled closing date thereof, (ii) to the extent that such Termination Shares are evidenced
by certificates, such certificates shall be deemed canceled and the Company shall issue new certificates in the name of the purchasers thereof, (iii) the Company shall make an appropriate notation in its records to reflect the transfer of such
Termination Shares to the purchasers thereof, and (iv) the Person obligated to sell such Termination Shares shall merely be a creditor with respect to such Termination Shares with the right only to receive payment of the purchase price, without
interest, from the escrow funds. If, following the third (3rd) anniversary of the scheduled closing date for the purchase pursuant to this Section 9, the proceeds of sale have not been claimed by such seller of the Termination Shares, the
escrow deposit (and any interest earned thereon) shall, subject to the application of any applicable escheat laws, be returned to the Person originally depositing the same, and the transferors whose Termination Shares were so purchased shall look
solely to the purchasers thereof for payment of the purchase price (subject to reduction for any payments made pursuant to any applicable escheat laws). 

10.    Transfer of Shares in Exchange for Class A Non-Voting
Common Units in the Partnership. The Company may require, in its sole discretion, that the Participant’s Shares acquired pursuant to exercise of the Option be exchanged for Class A Non-Voting
Common Units of substantially equivalent value in Penelope Group Holdings, L.P. (the “Partnership”). In the event of such an exchange, the Participant shall be required to execute a joinder to the Partnership Agreement, in a
form to be provided by the Company. 
 11.    No Right to Continued Service. The granting of the Option shall
impose no obligation on the Company or any Affiliate to continue the Service of the Participant and shall not lessen or affect any right that the Company or any Affiliate may have to terminate the Service of the Participant. 

12.    Withholding. The Company shall have the power and the right to deduct or withhold automatically from any
payment or Shares deliverable under this Award Agreement, or require the Participant to remit to the Company, the minimum statutory amount to satisfy federal, state, and local taxes, domestic or foreign, required by law or regulation to be withheld
with respect to any taxable event arising as a result of this Award Agreement. 
 13.    Transferability. Unless
otherwise determined by the Committee, the Participant shall not be permitted to transfer or assign the Option except in the event of death and in accordance with Section 13.5 of the Plan. 

14.    Adjustment of Option. Adjustments to the Option (or any Shares underlying the Option) shall be made in
accordance with the terms of the Plan. 

  
 5 

 15.    Definitions. For purposes of this Award Agreement: 

a.    “Government Agency” means the Equal Employment Opportunity Commission, the National Labor
Relations Board, the Occupational Safety and Health Administration, the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority, or any other self-regulatory organization or any other federal, state or local governmental
agency or commission.  
 b.     [Insert Definitions Relevant to Vesting]. 

c.    “Securities Act” means the Securities Act of 1933, as amended. 

16.    Option Subject to Plan and Partnership Agreement. By entering into this Award Agreement the Participant
agrees and acknowledges that the Participant has received and read a copy of the Plan and a copy of the Partnership Agreement. The Option and any Shares received upon exercise are subject to the terms and conditions of the Plan and the Partnership
Agreement. In the event of a conflict between any term hereof and a term of the Plan, the applicable term of the Plan shall govern and prevail. In the event of a conflict between any term hereof and a term of the Partnership Agreement, the
applicable term of the Partnership Agreement shall govern and prevail. 
 17.    Certain Agreements Relating to a
Change of Control. 
 a.     By entering into this Award Agreement, in connection with a Change of Control, the
Participant hereby agrees to: 
 i.    Appoint the Principal Investor (or an Affiliate thereof) as its representative,
agent, proxy and attorney-in-fact for all purposes relating to such Change of Control (the “Representative”), and grant to the Representative
full power and authority to (A) enforce any benefit or entitlement of the Participant, (B) resolve any potential indemnification claim or other dispute, (C) enter into and deliver all agreements, amendments, waivers, releases and
other documents that are necessary, required or deemed advisable by the Representative, (D) receive and distribute funds and pay any fees and expenses, and (E) receive and deliver notices, in each case, for and on behalf of the
Participant; and 
 ii.    As a condition to the receipt of any payment in respect of the Participant’s Option,
enter into and deliver an Option surrender agreement (in a form reasonably acceptable to the Representative) pursuant to which the Participant shall: (A) appoint the Representative, (B) release all claims against the Company, the Principal
Investor and their respective Affiliates relating to the Participant’s interests in the Company in the Participant’s capacity as a Participant other than claims under this Award Agreement, (C) provide the same representations,
warranties, covenants, agreements and indemnities as the Principal Investor to the extent applicable to Participants under the Plan, (D) pay the Participant’s pro rata portion (calculated based on the proceeds received by the Participant
in connection with the Change of Control) of any fees and expenses of the Principal Investor incurred in connection with the Change of Control to the extent not paid or reimbursed by the Company or its Affiliates, (E) agree to provide
indemnification, participate in any purchase price adjustment and participate in 

  
 6 

 
any escrow in respect of any purchase price adjustment, representations and warranties relating to the Company and its Affiliates (including, without limitation, their respective assets,
properties, liabilities, operations and businesses) or covenants and obligations of or relating to the Company and its Affiliates on the same terms as the Principal Investor other than in the case of such provisions that are individual to the
Principal Investor; provided, however, that (x) the Participant shall only be severally (and not jointly) liable for the Participant’s pro rata portion, if any, of any indemnity, purchase price adjustment or escrow payments,
and (y) the aggregate liability of the Participant shall be limited to the proceeds received by the Participant in connection with the Change of Control. 

18.    Choice of Law. This Award Agreement, and all claims or causes of action or other matters that may be based
upon, arise out of or relate to this Award Agreement, shall be governed by and construed in accordance with the laws of the State of Delaware, excluding any conflict- or
choice-of-law rule or principle that might otherwise refer construction or interpretation thereof to the substantive laws of another jurisdiction. 

19.    Consent to Jurisdiction. The Company and the Participant, by his or her execution hereof, (a) hereby
irrevocably submit to the exclusive jurisdiction of the state and federal courts in the State of Delaware for the purposes of any claim or action arising out of or based upon this Award Agreement or relating to the subject matter hereof,
(b) hereby waive, to the extent not prohibited by applicable law, and agree not to assert by way of motion, as a defense or otherwise, in any such claim or action, any claim that it, he or she is not subject personally to the jurisdiction of
the above-named courts, that its, his or her property is exempt or immune from attachment or execution, that any such proceeding brought in the above-named court is improper or that this Award Agreement or the subject matter hereof may not be
enforced in or by such court and (c) hereby agree not to commence any claim or action arising out of or based upon this Award Agreement or relating to the subject matter hereof other than before the above-named courts nor to make any motion or
take any other action seeking or intending to cause the transfer or removal of any such claim or action to any court other than the above-named courts whether on the grounds of inconvenient forum or otherwise; provided, however, that
the Company and the Participant may seek to enforce a judgment issued by the above-named courts in any proper jurisdiction. The Company and the Participant hereby consent to service of process in any such proceeding, and agree that service of
process by registered or certified mail, return receipt requested, at its, his or her address specified pursuant to Section 22 is reasonably calculated to give actual notice. 

20.    WAIVER OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH PARTY
HERETO HEREBY WAIVES AND COVENANTS THAT HE, SHE OR IT SHALL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR
OTHERWISE), INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AWARD AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW
EXISTING OR HEREAFTER ARISING. EACH PARTY HERETO 

  
 7 

 
ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTY HERETO THAT THIS SECTION 20 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING AND SHALL RELY IN ENTERING INTO THIS AWARD
AGREEMENT. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 20 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 

21.    Shares Not Registered. Shares shall not be issued pursuant to this Award Agreement unless the issuance and
delivery of such Shares comply with (or are exempt from) all applicable requirements of law, including, without limitation, the Securities Act, the rules and regulations promulgated thereunder, state securities laws and regulations, and the
regulations of any stock exchange or other securities market on which the Company’s securities may then be traded. The Company shall not be obligated to file any registration statement under any applicable securities laws to permit the purchase
or issuance of any Shares, and accordingly any certificates for Shares may have an appropriate legend or statement of applicable restrictions endorsed thereon. If the Company deems it necessary to ensure that the issuance of Shares under this Award
Agreement is not required to be registered under any applicable securities laws, the Participant shall deliver to the Company an agreement containing such representations, warranties and covenants as the Company may require. 

22.    Notices. Any notice or other communication provided for herein or given hereunder to a party hereto must be
in writing, and shall be deemed to have been given (a) when personally delivered or delivered by facsimile transmission with confirmation of delivery, (b) one business day after deposit with Federal Express or similar overnight courier
service, or (c) three business days after being mailed by first class mail, return receipt requested. A notice shall be addressed to the Company at its principal executive office, attention President, and to the Participant at the address that
he or she most recently provided to the Company. 
 23.    Entire Agreement. This Award Agreement (including the
Restrictive Covenants Agreement attached as Exhibit A hereto, and any other schedules or exhibits hereto), the Plan and the Partnership Agreement, constitute the entire agreement and understanding among the parties hereto in respect of the
subject matter hereof and supersede all prior and contemporaneous arrangements, agreements and understandings, whether oral or written and whether express or implied, and whether in term sheets, presentations or otherwise, among the parties hereto,
or between any of them, with respect to the subject matter hereof; provided, that the Participant shall continue to be bound by any other confidentiality, non-competition,
non-solicitation and other similar restrictive covenants contained in any other agreements between the Participant and the Company, its Affiliates and their respective predecessors to which the Participant is
bound. In the event of any inconsistency between any restrictive covenants contained herein and any restrictive covenants contained in such other agreements in effect on the Grant Date, that obligation which is most restrictive upon the Participant
shall control. 
 24.    Amendment; Waiver. No amendment or modification of any term of this Award Agreement
shall be effective unless signed in writing by or on behalf of the Company and the Participant, and made in accordance with the terms of the Plan. No waiver of any breach or condition of this Award Agreement shall be deemed to be a waiver of any
other or subsequent breach or condition whether of like or different nature. 

  
 8 

 25.    Successors and Assigns; No Third-Party Beneficiaries. The
provisions of this Award Agreement shall inure to the benefit of, and be binding upon, the Company and its successors and assigns and upon the Participant and the Participant’s heirs, successors, legal representatives and permitted assigns.
Nothing in this Award Agreement, express or implied, is intended to confer on any person other than the Company and the Participant, and their respective heirs, successors, legal representatives and permitted assigns, any rights, remedies,
obligations or liabilities under or by reason of this Award Agreement. 
 26.    Signature in Counterparts. This
Award Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 

27.    No Guarantees Regarding Tax Treatment. The Participant (or his or her beneficiaries) shall be responsible
for all taxes with respect to the Option. The Committee and the Company make no guarantees regarding the tax treatment of the Option. Neither the Committee nor the Company has any obligation to take any action to prevent the assessment of any tax
under Section 409A or Section 457A of the Code or otherwise, and none of the Company, any Affiliate or any of their employees or representatives shall have any liability to the Participant with respect thereto. 

28.    Compliance with Section 409A. The Company intends that the Option be structured in
compliance with, or to satisfy an exemption from, Section 409A of the Code and all regulations, guidance, compliance programs and other interpretative authority thereunder
(“Section 409A”), such that there are no adverse tax consequences, interest or penalties under Section 409A as a result of the Option. In the event the Option is subject to
Section 409A, the Committee may, in its sole discretion, take the actions described in Section 10.1 of the Plan. 

*                    
*                     * 

  
 9 

 IN WITNESS WHEREOF, the parties hereto have executed this Award Agreement. 

 

			
	PENELOPE HOLDINGS CORP.
		
	By:	 	  

	Name:	 	[Insert Name]
	Title:	 	[Insert Name]

  

			
	 Agreed and acknowledged as

	 of the date first above written:

	
	  

Name: [Insert Name]

  
 [Signature Page to
Nonqualified Stock Option Award Agreement] 

 FORM FOR NY-BASED EMPLOYEES 

EXHIBIT A 

RESTRICTIVE COVENANTS AGREEMENT 

This Restrictive Covenants Agreement (this “Agreement”) is made and effective as of [Date] by and among [Name] (the
“Participant”) and Olaplex, Inc. and Penelope Holdings Corp. (together, the “Company”). Capitalized terms not defined herein shall have the respective meanings ascribed to them in the Penelope Holdings Corp. 2020
Omnibus Equity Incentive Plan (the “Plan”) and in the Non-Qualified Stock Option Award Agreement by and between the Company and the Participant, dated as of the date hereof (the “Award
Agreement”). The Participant acknowledges that the below restrictions on the Participant’s activities during and after the Participant’s Service are necessary to protect the good will, Confidential Information, trade secrets and
other legitimate interests of the Company and its Affiliates. Therefore, in consideration of the Company’s grant of the Option under the Award Agreement, the Participant’s Service, and the Participant being granted access to the trade
secrets, other Confidential Information and good will of the Company and its Affiliates, the Participant agrees as follows: 
  

	1.	 Confidentiality. 

 

	 	1.1.	 The Participant agrees that all Confidential Information which the Participant creates or to which the
Participant has access as a result of the Participant’s Service and other associations with the Company and its Affiliates is and shall remain the sole and exclusive property of the Company and its Affiliates. The Participant agrees that,
except as required for the proper performance of the Participant’s regular duties for the Company, as expressly authorized in writing in advance by a duly authorized officer of the Company, or as required by applicable law, the Participant will
never, directly or indirectly, use or disclose any Confidential Information. The Participant understands and agrees that this restriction shall continue to apply after the termination of the Participant’s Service for any reason. Nothing in this
Agreement limits, restricts or in any other way affects the Participant’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. The Participant understands that the Participant cannot be held criminally or civilly liable under any federal or state trade secret law for disclosing a trade secret (a) 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 (b) in a complaint or other document filed under seal in a lawsuit or other
proceeding; provided, however, that notwithstanding this immunity from liability, the Participant understands that the Participant may be held liable if the Participant unlawfully accesses trade secrets by unauthorized means.

  

	 	1.2.	 The Participant agrees that 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 Participant, shall be the sole and exclusive property of the Company. The Participant agrees to safeguard all Documents and to
surrender to the Company, at the time the Participant’s Service terminates or at such earlier time or times as a duly authorized officer of the Company may specify, all Documents then in the Participant’s possession or control. The
Participant also agrees to disclose to the Company, at the time the Participant’s Service terminates or at such earlier time or times as a duly authorized officer of 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 Participant has password-protected on any computer equipment, network or system of the Company or any of its Affiliates. 

 

	2.	 Assignment of Intellectual Property Rights. 

 

	 	2.1.	 The Participant agrees to promptly and fully disclose all Intellectual Property (as defined below) to the
Company. The Participant hereby assigns and agrees to assign to the Company (or as otherwise directed by the Company) the Participant’s full right, title and interest in and to all Intellectual Property. The Participant 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 further instruments of assignment or confirmation and the provision
of good faith testimony by declaration, affidavit or in-person) 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 secure, prosecute and enforce any patents, copyrights or other proprietary rights to the Intellectual Property. The Participant will not charge the Company for time spent in complying with these obligations. If the Company is unable, after
reasonable effort, to secure the Participant’s signature on any such papers, any executive officer of the Company shall be entitled to execute any such papers as the Participant’s agent and attorney-in-fact, and the Participant hereby irrevocably designates and appoints each executive officer of the Company as the Participant’s agent and attorney-in-fact to execute any such papers on the Participant’s behalf, and to take any and all actions as the Company may deem necessary or desirable in order to protect the Company’s rights and
interests in any Intellectual Property, under the conditions described in this sentence. All copyrightable works that the Participant creates during the Participant’s Service will be considered “work made for hire” and shall, upon
creation, be owned exclusively by the Company. If, in the course of the Participant’s Service, the Participant incorporates pre-existing intellectual property the Participant owns or has the ability to
license into a Company product, operation, process or service, and such pre-existing intellectual property is not otherwise assigned to the Company, the Participant hereby grants the Company a nonexclusive,
fully paid-up, royalty-free, irrevocable, perpetual, transferrable, worldwide license, with the right to sublicense through multiple tiers, to such pre-existing
intellectual property, including, without limitation, the rights to use, reproduce, display, perform, promote, create derivative works of, market, distribute, offer for sale and sell, export, permit the online use of or otherwise use such pre-existing intellectual property. 

	3.	 Non-Competition and
Non-Solicitation. 

  

	 	3.1.	 During the Participant’s Service and during the twenty-four (24)-month period immediately following the
termination of the Participant’s Service (in the aggregate, the “Restricted Period”), the Participant shall not, directly or indirectly, whether as owner, partner, investor, consultant, agent, employee, co-venturer or otherwise, compete with the Company or any of its Affiliates in any geographic area in which the Company or any of its Affiliates does business or is actively planning to do business during the
Participant’s Service or, with respect to the portion of the Restricted Period that follows the termination of the Participant’s Service, at the time the Participant’s Service terminates (the “Restricted Area”), or
undertake any planning for any business competitive with the Company or any of its Affiliates in the Restricted Area. 

  

	 	3.2.	 During the Restricted Period, the Participant will not directly or indirectly (i) solicit or encourage any
customer (other than a retail consumer who is a natural person), vendor, supplier, manufacturer or other business partner (collectively “Business Partners” and each, a “Business Partner”) of the Company or any of
its Affiliates to terminate or diminish its relationship with them; or (ii) seek to persuade any such Business Partner, or any prospective Business Partner of the Company or any of its Affiliates, to conduct with anyone else any business or
activity which such Business Partner or such prospective Business Partner conducts or could conduct with the Company or any of its Affiliates; provided, however, that these restrictions shall apply (y) only with respect to those Persons who are
or have been a Business Partner of the Company or any of its Affiliates at any time within the two (2)-year period immediately preceding the activity restricted by this Section 3.2 or whose business has been solicited on behalf of the Company
or any of the Affiliates by any of their officers, employees or agents within such two (2)-year period, other than by form letter, blanket mailing or published advertisement, and (z) only if the Participant has performed work for such Person
during the Participant’s Service with the Company or any of its Affiliates or been introduced to, or otherwise had contact with, such Person as a result of the Participant’s Service or other associations with the Company or any of its
Affiliates or has had access to Confidential Information which would assist in the Participant’s solicitation of such Person. 

  

	 	3.3.	 During the Restricted Period, the Participant will not, directly or indirectly, (i) employ or engage, or
solicit for employment or engagement, any Person who was employed by the Company or any of its Affiliates at any time during the Participant’s Service or, with respect to the portion of the Restricted Period that follows termination of the
Participant’s Service, within the twelve (12)-month period immediately preceding the date of termination, or (ii) solicit or encourage any independent contractor providing services to the Company or any of its Affiliates to terminate or
diminish its relationship with them; provided, however, 

	 	
that the foregoing shall not apply with respect to the Participant (a) soliciting any such Person who has not been employed or engaged by the Company or any of its Affiliates for at least
twelve (12) months or (b) causing to be placed any general advertisements in newspapers and/or other media of general circulation (including advertisements posted on the Internet or social media) that are not targeted specifically at any
such Persons. 

  

	4.	 Enforcement of Covenants. 

In signing this Agreement, the Participant gives the Company assurance that the Participant has carefully read and considered all the terms and
conditions of this Agreement. The Participant agrees without reservation that the restraints contained herein are necessary for the reasonable and proper protection of the Company and its Affiliates, and that each and every one of the restraints is
reasonable in respect to subject matter, length of time and geographic area. The Participant further agrees that, were the Participant to breach any of the covenants contained in this Agreement, the damage to the Company and its Affiliates would be
irreparable. The Participant therefore agrees that the Company, in addition, and not as an alternative, to any other remedies available to it (including without limitation any remedies set forth in the Award Agreement or the Plan), shall be entitled
to preliminary and permanent injunctive relief against any breach or threatened breach by the Participant of any such covenants, without having to post bond, together with an award of its reasonable attorneys’ fees incurred in enforcing its
rights hereunder. So that the Company may enjoy the full benefit of the covenants contained herein, the Participant further agrees that the Restricted Period shall be tolled, and shall not run, during the period of any breach by the Participant of
any such covenants. The Participant and the Company further agree that, in the event that any provision of this Agreement is determined by any court of competent jurisdiction to be unenforceable by reason of its being extended over too great a time,
too large a geographic area or too great a range of activities, that provision shall be deemed to be modified to permit its enforcement to the maximum extent permitted by law. It is also agreed that each of the Company’s Affiliates shall have
the right to enforce all of the Participant’s obligations to that Affiliate under this Agreement. Finally, no claimed breach of this Agreement or other violation of law attributed to the Company or any of its Affiliates, or change in the nature
or scope of the Participant’s Service or other association with the Company or any of its Affiliates, shall operate to excuse the Participant from the performance of the Participant’s obligations hereunder. 

 

	5.	 Definitions.  

For purposes of this Agreement, the following definitions apply: 

“Affiliates” means all persons and entities directly or indirectly controlling, controlled by or under common control with a
Person, where control may be by management authority, equity interest or otherwise. 
 “Confidential Information” means any
and all information of the Company or any of its Affiliates (or any of their predecessors) that is not generally available to the public. 

 
Confidential Information also includes any information received by the Company or any of its Affiliates (or any of their predecessors) 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 Participant’s breach of the Participant’s obligations under this Agreement. 

“Intellectual Property” means inventions, discoveries, designs, developments, formulae, improvements, methods, processes,
procedures, plans, projects, specifications, systems, techniques, strategies, information, algorithms compositions, know-how, works, concepts and ideas, or modifications or derivatives of any of the foregoing
(whether or not patentable or copyrightable or constituting trade secrets) (collectively, “Inventions”) conceived, made, created, developed or reduced to practice by the Participant (whether alone or with others, whether or not
during normal business hours or on or off Company premises) during the Participant’s employment with or service to the Company or any of its Affiliates 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 or resulted from any work performed by the Participant for the Company or any of its Affiliates or that make or made use of Confidential Information or any of the equipment
or facilities of the Company or any of its Affiliates. 
 “Person” means an individual, a corporation, a limited liability
company, an association, a partnership, an estate, a trust or any other entity or organization. 
  

	6.	 Compliance with Other Agreements and Obligations. 

The Participant represents and warrants that the Participant’s Service and the execution and performance of this Agreement will not breach
or be in conflict with any other agreement to which the Participant is a party or is bound, and that the Participant is not now subject to any covenants against competition or similar covenants or other obligations to third parties or to any court
order, judgment or decree that would affect the performance of the Participant’s obligations hereunder or the Participant’s duties and responsibilities to the Company. The Participant will not disclose to or use on behalf of the Company or
an Affiliate, or induce the Company or any of its Affiliates to possess or use, any confidential or proprietary information of any previous employer or other third party without that party’s consent. 

 

	7.	 Entire Agreement; Severability; Modification. 

The restrictive covenants contained in this Agreement are in addition to, and do not supersede, any restrictive covenants (including, without
limitation, any non-competition, non-solicitation, no-hire, confidentiality, and/or intellectual property assignment provisions)
by which the Participant is bound under any other agreement between the Participant and the Company or any of its Affiliates. The restrictive covenants contained in this Agreement will, in accordance with their terms, survive any termination of the
Participant’s Service, and any expiration, cancellation, rescission, withholding or other limitation or restriction on any Option. The provisions of this Agreement are severable. This Agreement may not be modified or amended, and no breach
shall be deemed to be 

 
waived, unless agreed to in writing by the Participant and an expressly authorized officer of the Company. Provisions of this Agreement shall survive any termination if so provided in this
Agreement or if necessary or desirable to accomplish the purpose of other surviving provisions. 
  

	8.	 Assignment. 

Neither the Company nor the Participant 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 Participant’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 the properties or assets related to the business for which the Participant works. This Agreement shall inure to the
benefit of and be binding upon the Participant and the Company, and each of their respective successors, executors, administrators, heirs and permitted assigns. 
  

	9.	 At-Will Employment. 

The Participant acknowledges that this Agreement is not meant to constitute a contract of employment for a specific duration or term, and that
the Participant’s employment with the Company is at-will. The Company and the Participant will retain the right to terminate the Participant’s employment at any time, with or without notice or cause.

  

	10.	 Choice of Law.  

This is a Delaware contract and shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to any
conflict of laws principles that could result in the application of the laws of another jurisdiction. The Participant agrees to submit to the exclusive jurisdiction of the courts of and in the State of Delaware in connection with any dispute arising
out of this Agreement, and agree that any such dispute shall be brought and maintained solely in such courts. 
 [Signature Page Follows]

 Intending to be legally bound hereby, the Participant has signed this Agreement as of the
day and year written below. 
  

	
	Signature:
                                         
                           
	
	Printed Name:
                                         
                     
	
	Date:

  

			
	Acknowledged and agreed:
	
	PENELOPE HOLDINGS CORP.
		
	By:	 	
                     
                                         
               

	Name:	 	
	Title:	 	
	
	OLAPLEX, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

 FORM FOR CA-BASED EMPLOYEES 

RESTRICTIVE COVENANTS AGREEMENT 

This Restrictive Covenants Agreement (this “Agreement”) is made and effective as of [Date] by and among [Name] (the
“Participant”) and Olaplex, Inc. and Penelope Holdings Corp. (together, the “Company”). Capitalized terms not defined herein shall have the respective meanings ascribed to them in the Penelope Holdings Corp. 2020
Omnibus Equity Incentive Plan (the “Plan”) and in the Non-Qualified Stock Option Award Agreement by and between the Company and the Participant, dated as of the date hereof (the “Award
Agreement”). The Participant acknowledges that the below restrictions on the Participant’s activities during and after the Participant’s Service are necessary to protect the good will, Confidential Information, trade secrets and
other legitimate interests of the Company and its Affiliates. Therefore, in consideration of the Company’s grant of the Option under the Award Agreement, the Participant’s Service, and the Participant being granted access to the trade
secrets, other Confidential Information and good will of the Company and its Affiliates, the Participant agrees as follows: 
  

	1.	 Confidentiality. 

 

	 	1.1.	 The Participant agrees that all Confidential Information which the Participant creates or to which the
Participant has access as a result of the Participant’s Service and other associations with the Company and its Affiliates is and shall remain the sole and exclusive property of the Company and its Affiliates. The Participant agrees that,
except as required for the proper performance of the Participant’s regular duties for the Company, as expressly authorized in writing in advance by a duly authorized officer of the Company, or as required by applicable law, the Participant will
never, directly or indirectly, use or disclose any Confidential Information. The Participant understands and agrees that this restriction shall continue to apply after the termination of the Participant’s Service for any reason. Nothing in this
Agreement limits, restricts or in any other way affects the Participant’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. The Participant understands that the Participant cannot be held criminally or civilly liable under any federal or state trade secret law for disclosing a trade secret (a) 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 (b) in a complaint or other document filed under seal in a lawsuit or other
proceeding; provided, however, that notwithstanding this immunity from liability, the Participant understands that the Participant may be held liable if the Participant unlawfully accesses trade secrets by unauthorized means.

  

	 	1.2.	 The Participant agrees that 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 Participant, shall be the sole and exclusive
property of the Company. The Participant agrees to safeguard all 

	 	
Documents and to surrender to the Company, at the time the Participant’s Service terminates or at such earlier time or times as a duly authorized officer of the Company may specify, all
Documents then in the Participant’s possession or control. The Participant also agrees to disclose to the Company, at the time the Participant’s Service terminates or at such earlier time or times as a duly authorized officer of 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 Participant has password-protected on any computer equipment, network or system of the Company or
any of its Affiliates. 

  

	2.	 Assignment of Intellectual Property Rights. 

 

	 	2.1.	 The Participant agrees to promptly and fully disclose all Intellectual Property (as defined below) to the
Company. The Participant hereby assigns and agrees to assign to the Company (or as otherwise directed by the Company) the Participant’s full right, title and interest in and to all Intellectual Property. The Participant 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 further instruments of assignment or confirmation and the provision
of good faith testimony by declaration, affidavit or in-person) 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 secure, prosecute and enforce any patents, copyrights or other proprietary rights to the Intellectual Property. The Participant will not charge the Company for time spent in complying with these obligations. If the Company is unable, after
reasonable effort, to secure the Participant’s signature on any such papers, any executive officer of the Company shall be entitled to execute any such papers as the Participant’s agent and attorney-in-fact, and the Participant hereby irrevocably designates and appoints each executive officer of the Company as the Participant’s agent and attorney-in-fact to execute any such papers on the Participant’s behalf, and to take any and all actions as the Company may deem necessary or desirable in order to protect the Company’s rights and
interests in any Intellectual Property, under the conditions described in this sentence. All copyrightable works that the Participant creates during the Participant’s Service will be considered “work made for hire” and shall, upon
creation, be owned exclusively by the Company. If, in the course of the Participant’s Service, the Participant incorporates pre-existing intellectual property the Participant owns or has the ability to
license into a Company product, operation, process or service, and such pre-existing intellectual property is not otherwise assigned to the Company, the Participant hereby grants the Company a nonexclusive,
fully paid-up, royalty-free, irrevocable, perpetual, transferrable, worldwide license, with the right to sublicense through multiple tiers, to such pre-existing
intellectual property, including, without limitation, the rights to use, reproduce, display, perform, promote, create derivative works of, market, distribute, offer for sale and sell, export, permit the online use of or otherwise use such pre-existing intellectual property. The Participant acknowledges that this Section 2.1 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. 

	3.	 Non-Competition and
Non-Solicitation. 

  

	 	3.1.	 During the Participant’s Service and, solely to the extent such act or activity involves the use of
Confidential Information, during the twenty-four (24)-month period immediately following the termination of the Participant’s Service (in the aggregate, the “Non-Compete Restricted
Period”), the Participant shall not, directly or indirectly, whether as owner, partner, investor, consultant, agent, employee, co-venturer or otherwise, compete with the Company or any of its
Affiliates in any geographic area in which the Company or any of its Affiliates does business or is actively planning to do business during the Participant’s Service or, with respect to the portion of the
Non-Compete Restricted Period that follows the termination of the Participant’s Service, at the time the Participant’s Service terminates (the “Restricted Area”), or undertake any
planning for any business competitive with the Company or any of its Affiliates in the Restricted Area. 

  

	 	3.2.	 During the Participant’s Service and, solely to the extent such act or activity involves the use of
Confidential Information, during the twenty-four (24)-month period immediately following the termination of the Participant’s Service (in the aggregate, the “Business Partner Non-Solicit
Restricted Period”), the Participant will not directly or indirectly (i) solicit or encourage any customer (other than a retail consumer who is a natural person), vendor, supplier, manufacturer or other business partner (collectively
“Business Partners” and each, a “Business Partner”) of the Company or any of its Affiliates to terminate or diminish its relationship with them; or (ii) seek to persuade any such Business Partner, or any
prospective Business Partner of the Company or any of its Affiliates, to conduct with anyone else any business or activity which such Business Partner or such prospective Business Partner conducts or could conduct with the Company or any of its
Affiliates; provided, however, that these restrictions shall apply (y) only with respect to those Persons who are or have been a Business Partner of the Company or any of its Affiliates at any time within the two (2)-year period immediately
preceding the activity restricted by this Section 3.2 or whose business has been solicited on behalf of the Company or any of the Affiliates by any of their officers, employees or agents within such two (2)-year period, other than by form
letter, blanket mailing or published advertisement, and (z) only if the Participant has performed work for such Person during the Participant’s Service with the Company or any of its Affiliates or been introduced to, or otherwise had
contact with, such Person as a result of the Participant’s Service or other associations with the Company or any of its Affiliates or has had access to Confidential Information which would assist in the Participant’s solicitation of such
Person. 

  

	 	3.3.	 During the Participant’s Service and during the twenty-four (24) month period immediately following
the termination of the Participant’s Service (in the aggregate, the “Non-Solicit Restricted Period”), the Participant will not, directly

	 	
or indirectly, (i) solicit for employment or engagement any Person who was employed by the Company or any of its Affiliates at any time during the Participant’s Service or, with respect
to the portion of the Non-Solicit Restricted Period that follows termination of the Participant’s Service, within the twelve (12)-month period immediately preceding the date of termination, or
(ii) solicit or encourage any independent contractor providing services to the Company or any of its Affiliates to terminate or diminish its relationship with them; provided, however, that the foregoing shall not apply with
respect to the Participant (a) soliciting any such Person who has not been employed or engaged by the Company or any of its Affiliates for at least twelve (12) months or (b) causing to be placed any general advertisements in
newspapers and/or other media of general circulation (including advertisements posted on the Internet or social media) that are not targeted specifically at any such Persons. 

 

	4.	 Enforcement of Covenants. 

In signing this Agreement, the Participant gives the Company assurance that the Participant has carefully read and considered all the terms and
conditions of this Agreement. The Participant agrees without reservation that the restraints contained herein are necessary for the reasonable and proper protection of the Company and its Affiliates, and that each and every one of the restraints is
reasonable in respect to subject matter, length of time and geographic area. The Participant further agrees that, were the Participant to breach any of the covenants contained in this Agreement, the damage to the Company and its Affiliates would be
irreparable. The Participant therefore agrees that the Company, in addition, and not as an alternative, to any other remedies available to it (including without limitation any remedies set forth in the Award Agreement or the Plan), shall be entitled
to preliminary and permanent injunctive relief against any breach or threatened breach by the Participant of any such covenants, without having to post bond, together with an award of its reasonable attorneys’ fees incurred in enforcing its
rights hereunder. So that the Company may enjoy the full benefit of the covenants contained herein, the Participant further agrees that the applicable Restricted Period shall be tolled, and shall not run, during the period of any breach by the
Participant of any such covenants. The Participant and the Company further agree that, in the event that any provision of this Agreement is determined by any court of competent jurisdiction to be unenforceable by reason of its being extended over
too great a time, too large a geographic area or too great a range of activities, that provision shall be deemed to be modified to permit its enforcement to the maximum extent permitted by law. It is also agreed that each of the Company’s
Affiliates shall have the right to enforce all of the Participant’s obligations to that Affiliate under this Agreement. Finally, no claimed breach of this Agreement or other violation of law attributed to the Company or any of its Affiliates,
or change in the nature or scope of the Participant’s Service or other association with the Company or any of its Affiliates, shall operate to excuse the Participant from the performance of the Participant’s obligations hereunder. 

	5.	 Definitions.  

For purposes of this Agreement, the following definitions apply: 

“Affiliates” means all persons and entities directly or indirectly controlling, controlled by or under common control with a
Person, where control may be by management authority, equity interest or otherwise. 
 “Confidential Information” means any
and all information of the Company or any of its Affiliates (or any of their predecessors) that is not generally available to the public. Confidential Information also includes any information received by the Company or any of its Affiliates (or any
of their predecessors) 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 Participant’s breach
of the Participant’s obligations under this Agreement. 
 “Intellectual Property” means inventions, discoveries,
designs, developments, formulae, improvements, methods, processes, procedures, plans, projects, specifications, systems, techniques, strategies, information, algorithms compositions, know-how, works, concepts
and ideas, or modifications or derivatives of any of the foregoing (whether or not patentable or copyrightable or constituting trade secrets) (collectively, “Inventions”) conceived, made, created, developed or reduced to practice by
the Participant (whether alone or with others, whether or not during normal business hours or on or off Company premises) during the Participant’s employment with or service to the Company or any of its Affiliates 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 or resulted from any work performed by the Participant for the Company or any of its Affiliates or that make or
made use of Confidential Information or any of the equipment or facilities of the Company or any of its Affiliates. 

“Person” means an individual, a corporation, a limited liability company, an association, a partnership, an estate, a trust or
any other entity or organization. 
  

	6.	 Compliance with Other Agreements and Obligations. 

The Participant represents and warrants that the Participant’s Service and the execution and performance of this Agreement will not breach
or be in conflict with any other agreement to which the Participant is a party or is bound, and that the Participant is not now subject to any covenants against competition or similar covenants or other obligations to third parties or to any court
order, judgment or decree that would affect the performance of the Participant’s obligations hereunder or the Participant’s duties and responsibilities to the Company. The Participant will not disclose to or use on behalf of the Company or
an Affiliate, or induce the Company or any of its Affiliates to possess or use, any confidential or proprietary information of any previous employer or other third party without that party’s consent. 

 

	7.	 Entire Agreement; Severability; Modification. 

The restrictive covenants contained in this Agreement are in addition to, and do not supersede, any restrictive covenants (including, without
limitation, any non-competition, non-solicitation, no-hire, confidentiality, and/or intellectual property assignment

 
provisions) by which the Participant is bound under any other agreement between the Participant and the Company or any of its Affiliates. The restrictive covenants contained in this Agreement
will, in accordance with their terms, survive any termination of the Participant’s Service, and any expiration, cancellation, rescission, withholding or other limitation or restriction on any Option. The provisions of this Agreement are
severable. This Agreement may not be modified or amended, and no breach shall be deemed to be waived, unless agreed to in writing by the Participant and an expressly authorized officer of the Company. Provisions of this Agreement shall survive any
termination if so provided in this Agreement or if necessary or desirable to accomplish the purpose of other surviving provisions. 
  

	8.	 Assignment. 

Neither the Company nor the Participant 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 Participant’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 the properties or assets related to the business for which the Participant works. This Agreement shall inure to the
benefit of and be binding upon the Participant and the Company, and each of their respective successors, executors, administrators, heirs and permitted assigns. 
  

	9.	 At-Will Employment. 

The Participant acknowledges that this Agreement is not meant to constitute a contract of employment for a specific duration or term, and that
the Participant’s employment with the Company is at-will. The Company and the Participant will retain the right to terminate the Participant’s employment at any time, with or without notice or cause.

  

	10.	 Choice of Law.  

This is a California contract and shall be governed by and construed in accordance with the laws of the State of California, without regard to
any conflict of laws principles that could result in the application of the laws of another jurisdiction. The Participant agrees to submit to the exclusive jurisdiction of the courts of and in the State of California in connection with any dispute
arising out of this Agreement, and agree that any such dispute shall be brought and maintained solely in such courts. 
 [Signature Page
Follows] 

 Intending to be legally bound hereby, the Participant has signed this Agreement as of the
day and year written below. 
  

	
	
	Signature:
                                         
                           
	
	Printed Name:
                                         
                   
	
	Date:

  

			
	Acknowledged and agreed:
	
	PENELOPE HOLDINGS CORP.
		
	By:	 	
                     
                                         
               

	Name:	 	
	Title:	 	
	
	OLAPLEX, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Signature Page to
Restrictive Covenants Agreement] 

 EXHIBIT A 

INVENTION ASSIGNMENT NOTICE 

You are hereby notified that the Restrictive Covenants Agreement by and among you and Olaplex, Inc. and Penelope Holdings Corp. 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. 

[Signature Page Follows] 

  
 [Signature Page to
Invention Assignment Notice] 

 
			
	PENELOPE HOLDINGS CORP.
		
	By:	 	
                     
                                         
                   

	Name:	 	
	Title:	 	
	
	OLAPLEX, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

 I acknowledge receiving a copy of this Invention Assignment Notice: 

 

	
	  

	[Employee Name]
	
	Date:                      

  
 [Signature Page to
Invention Assignment Notice] 

 EXHIBIT B 

NOTICE OF EXERCISE 
 Penelope Holdings Corp. 

c/o Advent International Corporation 
 Prudential Tower 

800 Boylston Street 
 Boston, MA 02199 

			
	 Attention: President
	  	
                   
                     Date of Exercise:
                    

 Ladies & Gentlemen: 

1.    Exercise of Option. This constitutes notice to Penelope Holdings Corp. (the “Company”) that
pursuant to my Nonqualified Stock Option Award Agreement, dated                     (the “Award Agreement”), I elect to purchase the
number of Shares set forth below and for the price set forth below. Capitalized terms used and not otherwise defined herein shall have the meaning ascribed to such term in the Award Agreement. By signing and delivering this notice to the Company, I
hereby acknowledge that I am the holder of the Option exercised by this notice and have full power and authority to exercise the same. 

[Insert Number of Shares and Description of Options to be Exercised] (collectively, the “Optioned Shares”) 

Grant Date: 
  

                       
                                         
                 
 Shares to be issued in name of: 

 

                       
                                         
                 
 Total exercise price of [Insert
Description of Exercised Options] 
 2.    Delivery of Payment. 

 

	 	a.	 I elect to pay the full exercise price of my Optioned Shares as follows (select one): 

 

	 	☐	 In cash or its equivalent. 

 

	 	☐	 If permitted by the Committee, by reducing the number of Optioned Shares otherwise deliverable upon the
exercise of the Option by the number of Optioned Shares having a fair market value equal to the Option Price. 

	 	b.	 I elect to pay the full amount of withholding taxes determined by the Company to be due in connection with the
exercise of my Option as follows (select one, if applicable): 

  

	 	☐	 In cash or its equivalent. 

 

	 	☐	 If permitted by the Committee, by reducing the number of Optioned Shares otherwise deliverable upon the
exercise of the Option by the number of Optioned Shares having a fair market value equal to the amount of all withholding taxes determined by the Company to be due in connection with such exercise. 

3.    Rights as Stockholder. While the Company shall endeavor to process this notice in a timely manner, I
acknowledge that until the issuance of the Optioned Shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company) and my satisfaction of any other conditions imposed by the Committee
pursuant to the Plan or set forth in the Award Agreement, no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to such Shares, notwithstanding the exercise of my Option. No adjustment shall be made for
a dividend or other right for which the record date is prior to the date of issuance of the Optioned Shares. 

4.    Interpretation. Any dispute regarding the interpretation of this notice shall be submitted promptly by me or
by the Company to the Committee. The resolution of such a dispute by the Committee shall be final and binding on all parties. 

5.    Entire Agreement. The Plan, the Award Agreement under which the Optioned Shares were granted and the Amended
and Restated Agreement of Limited Partnership of Penelope Group Holdings, L.P. are incorporated herein by reference, and together with this notice constitute the entire agreement of the parties with respect to the subject matter hereof. 

 

	
	Very truly yours,

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