Document:

EX-10.4

 Exhibit 10.4 

LULU’S FASHION LOUNGE HOLDINGS, INC. 

2021 EQUITY INCENTIVE PLAN 

1. Purpose. 
 The
purpose of the Plan is to advance the interests of the Company’s stockholders by enhancing the Company’s ability to attract, retain and motivate persons who make (or are expected to make) important contributions to the Company by providing
such persons with equity ownership opportunities and thereby better aligning the interests of such persons with those of the Company’s stockholders. Capitalized terms used in the Plan are defined in Section 11 below. 

2. Eligibility.  

Service Providers are eligible to be granted Awards under the Plan, subject to the limitations described herein. 

3. Administration and Delegation. 

(a) Administration. The Plan will be administered by the Administrator. The Administrator shall have authority to determine which
Service Providers will receive Awards, to grant Awards and to set all terms and conditions of Awards (including, but not limited to, vesting, exercise and forfeiture provisions). In addition, the Administrator shall have the authority to take all
actions and make all determinations contemplated by the Plan and to adopt, amend and repeal such administrative rules, guidelines and practices relating to the Plan as it shall deem advisable. The Administrator may correct any defect or ambiguity,
supply any omission or reconcile any inconsistency in the Plan or any Award in the manner and to the extent it shall deem necessary or appropriate to carry the Plan and any Awards into effect, as determined by the Administrator. The Administrator
shall make all determinations under the Plan in the Administrator’s sole discretion and all such determinations shall be final and binding on all persons having or claiming any interest in the Plan or in any Award. 

(b) Appointment of Committees. To the extent permitted by Applicable Laws, the Board may delegate any or all of its powers under the
Plan to one or more Committees. The Board may abolish any Committee at any time and re-vest in itself any previously delegated authority. 

4. Stock Available for Awards. 

(a) Number of Shares. Subject to adjustment under Section 8 hereof, Awards may be made under the Plan covering up to 925,000 shares
of Common Stock. The limit provided in the immediately preceding sentence shall also constitute the maximum number of shares of Common Stock that may be that may be granted as Incentive Stock Options under the Plan. If any Award expires or lapses or
is terminated, surrendered or canceled without having been fully exercised or is forfeited in whole or in part (including, without limitation, as the result of shares of Common Stock subject to such Award being repurchased by the Company at or below
the original issuance price, as such price may be adjusted to reflect corporate events), in any case in a manner that results in any shares of Common Stock covered by such Award not being issued or being so reacquired by the Company, the unused
Common Stock covered by such Award shall again be available for the grant of Awards under the Plan. Further, shares of Common Stock delivered (either by actual delivery or attestation) to the Company by a Participant to satisfy the applicable
exercise or purchase price of an Award and/or to satisfy any applicable tax withholding obligation (including, without limitation, shares retained by the Company from the Award being exercised or purchased and/or creating the tax obligation) shall
be added to the number of shares 

 
of Common Stock available for the grant of Awards under the Plan. If any Award under the Plan may by its terms be settled in cash or shares of Common Stock and is actually settled in cash, the
shares of Common Stock that were eligible to be issued under such Award shall not be added to the number of shares of Common Stock available for the grant of Awards under the Plan. However, in the case of Incentive Stock Options, the foregoing
provisions shall be subject to any limitations under the Code. Shares of Common Stock issued under the Plan may consist in whole or in part of authorized but unissued shares, shares purchased on the open market or treasury shares. 

(b) Substitute Awards. In connection with a merger or consolidation of an entity with the Company or the acquisition by the Company of
property or stock of an entity, the Administrator may grant Awards in substitution for any options or other stock or stock-based awards granted prior to such merger or consolidation by such entity or an affiliate thereof. Substitute Awards may be
granted on such terms as the Administrator deems appropriate in the circumstances, notwithstanding any limitations on Awards contained in the Plan. Substitute Awards shall not count against the overall share limit set forth in Section 4(a)
hereof, except as may be required by reason of Section 422 of the Code. 
 5. Stock Options. 

(a) General. The Administrator may grant Options to any Service Provider, subject to the limitations on Incentive Stock Options
described below. The Administrator shall determine the number of shares of Common Stock to be covered by each Option, the exercise price of each Option and the conditions and limitations applicable to the exercise of each Option, including, without
limitation, conditions relating to Applicable Laws, as it considers necessary or advisable. 
 (b) Incentive Stock Options. The
Administrator may grant Options intended to qualify as Incentive Stock Options only to employees of the Company, any of the Company’s present or future “parent corporations” or “subsidiary corporations” as defined in
Sections 424(e) or (f) of the Code, respectively, and any other entities the employees of which are eligible to receive Incentive Stock Options under the Code. All Options intended to qualify as Incentive Stock Options shall be subject to and
shall be construed consistently with the requirements of Section 422 of the Code. Neither the Company nor the Administrator shall have any liability to a Participant, or any other party, (i) if an Option (or any part thereof) which is
intended to qualify as an Incentive Stock Option fails to qualify as an Incentive Stock Option or (ii) for any action or omission by the Administrator that causes an Option not to qualify as an Incentive Stock Option, including, without
limitation, the conversion of an Incentive Stock Option to a Non-Qualified Stock Option or the grant of an Option intended as an Incentive Stock Option that fails to satisfy the requirements under the Code
applicable to an Incentive Stock Option. Any Option that is intended to qualify as an Incentive Stock Option, but fails to so qualify for any reason, including, without limitation, the portion of any Option becoming exercisable in excess of the
$100,000 limitation described in Treasury Regulation Section 1.422-4, shall be treated as a Non-Qualified Stock Option for all purposes. 

(c) Exercise Price. The Administrator shall establish the exercise price of each Option and specify the exercise price in the applicable
Award Agreement. The exercise price shall be not less than 100% of the Fair Market Value on the date the Option is granted, unless determined otherwise by the Administrator. In the case of an Incentive Stock Option granted to an employee who, at the
time of grant of the Option, owns (or is treated as owning under Section 424 of the Code) stock representing more than 10% of the voting power of all classes of stock of the Company (or a “parent corporation” or “subsidiary
corporation” thereof within the meaning of Sections 424(e) or 424(f) of the Code, respectively), the per share exercise price shall be no less than 110% of the Fair Market Value on the date the Option is granted. 

  
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 (d) Duration of Options. Each Option shall be exercisable at such times and subject
to such terms and conditions as the Administrator may specify in the applicable Award Agreement, provided that the term of any Option shall not exceed ten years. In the case of an Incentive Stock Option granted to an employee who, at the time of
grant of the Option, owns (or is treated as owning under Section 424 of the Code) stock representing more than 10% of the voting power of all classes of stock of the Company (or a “parent corporation” or “subsidiary
corporation” thereof within the meaning of Sections 424(e) or 424(f) of the Code, respectively), the term of the Option shall not exceed five years. 

(e) Exercise of Option; Notification of Disposition. Options may be exercised by delivery to the Company of a written notice of
exercise, in a form approved by the Administrator (which may be an electronic form), signed by the person authorized to exercise the Option, together with payment in full (i) as specified in Section 5(f) hereof for the number of shares for
which the Option is exercised and (ii) as specified in Section 9(e) hereof for any applicable withholding taxes. Unless otherwise determined by the Administrator, an Option may not be exercised for a fraction of a share of Common Stock. If
an Option is designated as an Incentive Stock Option, the Participant shall give prompt notice to the Company of any disposition or other transfer of any shares of Common Stock acquired from the Option if such disposition or transfer is made
(i) within two years from the grant date with respect to such Option or (ii) within one year after the transfer of such shares to the Participant (other than any such disposition made in connection with a Change in Control). Such notice
shall specify the date of such disposition or other transfer and the amount realized, in cash, other property, assumption of indebtedness or other consideration, by the Participant in such disposition or other transfer. 

(f) Payment Upon Exercise. Common Stock purchased upon the exercise of an Option granted under the Plan shall be paid for in cash, by
wire transfer of immediately available funds or by check, payable to the order of the Company, or, to the extent permitted by the Administrator, by: 

(i) (A) delivery of an irrevocable and unconditional undertaking by a broker acceptable to the Company to deliver promptly
to the Company sufficient funds to pay the exercise price and any required tax withholding, or (B) delivery by the Participant to the Company of a copy of irrevocable and unconditional instructions to a broker acceptable to the Company to
deliver promptly to the Company cash or a check sufficient to pay the exercise price and any required tax withholding; 

(ii) delivery (either by actual delivery or attestation) of shares of Common Stock owned by the Participant valued at their
Fair Market Value, provided (A) such method of payment is then permitted under Applicable Laws, (B) such Common Stock, if acquired directly from the Company, was owned by the Participant for such minimum period of time, if any, as may be
established by the Company at any time, and (C) such Common Stock is not subject to any repurchase, forfeiture, unfulfilled vesting or other similar requirements; 

(iii) surrendering shares of Common Stock then issuable upon exercise of the Option valued at their Fair Market Value on the
date of exercise; 
 (iv) delivery of a promissory note of the Participant to the Company on terms determined by the
Administrator; 
 (v) delivery of property of any other kind which constitutes good and valuable consideration as determined
by the Administrator; or 
 (vi) any combination of the above permitted forms of payment (including, without limitation, cash
or check). 

  
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 6. Restricted Stock; Restricted Stock Units. 

(a) General. The Administrator may grant Restricted Stock, or the right to purchase Restricted Stock, to any Service Provider,
subject to the right of the Company to repurchase all or part of such shares at their issue price or other stated or formula price from the Participant (or to require forfeiture of such shares if issued at no cost) in the event that conditions
specified by the Administrator in the applicable Award Agreement are not satisfied prior to the end of the applicable restriction period or periods established by the Administrator for such Award. In addition, the Administrator may grant to
Service Providers Restricted Stock Units, which may be subject to vesting and forfeiture conditions during applicable restriction period or periods, as set forth in an applicable Award Agreement. 

(b) Terms and Conditions for All Restricted Stock and Restricted Stock Unit Awards. The Administrator shall determine and set forth
in the applicable Award Agreement the terms and conditions applicable to each Restricted Stock and Restricted Stock Unit Award, including, without limitation, the conditions for vesting and repurchase (or forfeiture) and the issue price, in each
case, if any.
 (c) Additional Provisions Relating to Restricted Stock.

(i) Dividends. Participants holding shares of Restricted Stock will be entitled to all ordinary cash dividends paid
with respect to such shares to the extent such dividends have a record date that is on or after the date on which the Participant to whom such shares of Restricted Stock are granted becomes the record holder of such shares of Restricted Stock,
unless otherwise provided by the Administrator in the applicable Award Agreement. In addition, unless otherwise provided by the Administrator, if any dividends or distributions are paid in shares, or consist of a dividend or distribution to
holders of Common Stock of property other than an ordinary cash dividend, the shares or other property will be subject to the same restrictions on transferability and forfeitability as the shares of Restricted Stock with respect to which they were
paid. Each dividend payment will be made as provided in the applicable Award Agreement, but in no event later than the end of the calendar year in which the dividends are paid to stockholders of that class of stock or, if later, the 15th day of the
third month following the later of (A) the date the dividends are paid to stockholders of that class of stock, and (B) the date the dividends are no longer subject to forfeiture.

(ii) Stock Certificates. The Company may require that any stock certificates issued in respect of shares of
Restricted Stock be deposited in escrow by the Participant, together with a stock power endorsed in blank, with the Company (or its designee).

(d) Additional Provisions Relating to Restricted Stock Units. 

(i) Settlement. Upon the vesting of a Restricted Stock Unit, the Participant shall be entitled to receive from the
Company one share of Common Stock or an amount of cash or other property equal to the Fair Market Value of one share of Common Stock on the settlement date, as the Administrator shall determine and as provided in the applicable Award
Agreement. The Administrator may provide that settlement of Restricted Stock Units shall occur upon or as soon as reasonably practicable after the vesting of the Restricted Stock Units or shall instead be deferred, on a mandatory basis or at
the election of the Participant, in a manner that complies with Section 409A.
 (ii) Voting Rights. A
Participant shall have no voting rights with respect to any Restricted Stock Units unless and until shares are delivered in settlement thereof.

  
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 (iii) Dividend Equivalents. To the extent provided by the
Administrator, a grant of Restricted Stock Units may provide a Participant with the right to receive Dividend Equivalents. Dividend Equivalents may be paid currently or credited to an account for the Participant, may be settled in cash and/or
shares of Common Stock and may be subject to the same restrictions on transfer and forfeitability as the Restricted Stock Units with respect to which the Dividend Equivalents are paid, as determined by the Administrator, subject, in each case, to
such terms and conditions as the Administrator shall establish and set forth in the applicable Award Agreement. 
 7.
Other Awards. Other Awards may be granted hereunder to Participants, including, without limitation, Awards entitling Participants to receive shares of Common Stock to be delivered in the future. Such Other
Awards shall also be available as a form of payment in the settlement of other Awards granted under the Plan, as stand-alone payments and/or as payment in lieu of compensation to which a Participant is otherwise entitled. Other Awards may be paid in
shares of Common Stock, cash or other property, as the Administrator shall determine. Subject to the provisions of the Plan, the Administrator shall determine the terms and conditions of each Other Award, including, without limitation, any purchase
price, transfer restrictions, vesting conditions and other terms and conditions applicable thereto, which shall be set forth in the applicable Award Agreement.  

8. Adjustments for Changes in Common Stock and Certain Other Events. 

(a) Equity Restructurings. In connection with the occurrence of any Equity Restructuring, and notwithstanding anything to the contrary
in this Section 8, the Administrator will equitably adjust each outstanding Award, which adjustments may include adjustments to the number and type of securities subject to each outstanding Award and/or the exercise price or grant price
thereof, if applicable, the grant of new Awards to Participants, and/or the making of a cash payment to Participants, as the Administrator deems appropriate to reflect such Equity Restructuring. The adjustments provided under this Section 8(a)
shall be nondiscretionary and shall be final and binding on the affected Participant and the Company; provided that whether an adjustment is equitable shall be determined by the Administrator. 

(b) Certain Transactions or Events. In the event that the Administrator determines that any dividend or other distribution (whether in
the form of cash, Common Stock, other securities, or other property), reorganization, merger, consolidation, combination, repurchase, recapitalization, liquidation, dissolution, or sale, transfer, exchange or other disposition of all or
substantially all of the assets of the Company, or sale or exchange of Common Stock or other securities of the Company, issuance of warrants or other rights to purchase Common Stock or other securities of the Company, or other similar corporate
transaction or event, as determined by the Administrator, affects the Common Stock such that an adjustment is determined by the Administrator to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits
intended by the Company to be made available under the Plan or with respect to any Award, then the Administrator may, in such manner as it may deem equitable, adjust any or all of: 

(i) the number and kind of shares of Common Stock (or other securities or property) with respect to which Awards may be granted
or awarded (including, but not limited to, adjustments of the limitations in Section 4 hereof on the maximum number and kind of shares which may be issued); 

(ii) the number and kind of shares of Common Stock (or other securities or property) subject to outstanding Awards; 

(iii) the grant or exercise price with respect to any Award; and 

  
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 (iv) the terms and conditions of any Awards (including, without limitation,
any applicable financial or other performance “targets” specified in an Award Agreement). 
 (c) Additional Transactions or
Events. In the event of any transaction or event described in Section 8(b) hereof (including, without limitation, any Change in Control) or any unusual or nonrecurring transaction or event affecting the Company or the financial statements
or financial condition of the Company, or any change in any Applicable Laws or accounting principles, the Administrator, on such terms and conditions as it deems appropriate, either by the terms of the Award or by action taken and either
automatically or upon the Participant’s request, is hereby authorized to take any one or more of the following actions whenever the Administrator determines that such action is appropriate in order to (x) prevent dilution or enlargement of
the benefits or potential benefits intended by the Company to be made available under the Plan or with respect to any Award granted or issued under the Plan, (y) to facilitate such transaction or event or (z) give effect to such changes in
Applicable Laws or accounting principles:  
 (i) to provide for the cancellation of any such Award in exchange for
either an amount of cash or other property with a value equal to the amount that could have been obtained in connection with such transaction or event upon the exercise or settlement of the vested portion of such Award or realization of the
Participant’s rights under the vested portion of such Award, as applicable; provided that, if the amount that could have been obtained upon the exercise or settlement of the vested portion of such Award or realization of the Participant’s
rights, in any case, is equal to or less than zero, then the vested portion of such Award may be terminated without payment; 

(ii) to provide that such Award shall vest and, to the extent applicable, be exercisable as to all shares covered thereby,
notwithstanding anything to the contrary in the Plan or the provisions of such Award; 
 (iii) to provide that such Award be
assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be substituted for by awards covering the stock of the successor or survivor corporation, or a parent or subsidiary thereof, with appropriate adjustments
as to the number and kind of shares and applicable exercise or purchase price, in all cases, as determined by the Administrator; 

(iv) to make adjustments in the number and type of shares of Common Stock (or other securities or property) subject to
outstanding Awards, and/or in the terms and conditions of (including, without limitation, the grant or exercise price), and the criteria included in, outstanding Awards; 

(v) to replace such Award with other rights or property selected by the Administrator; and/or 

(vi) to provide that the Award will terminate and cannot vest, be exercised or become payable after the applicable event. 

(d) Administrative Stand Still. In the event of any pending stock dividend, stock split, combination or exchange of shares, merger,
consolidation or other distribution (other than normal cash dividends) of Company assets to stockholders, or any other change affecting the shares of Common Stock or the share price of the Common Stock, including, without limitation, any Equity
Restructuring, for reasons of administrative convenience the Administrator may refuse to permit the exercise of any Award during a period of up to thirty days prior to the consummation of any such transaction. 

  
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 (e) Miscellaneous. Except as expressly provided in the Plan or pursuant to action of
the Administrator under the Plan, no Participant shall have any rights by reason of any subdivision or consolidation of shares of stock of any class, the payment of any dividend, any increase or decrease in the number of shares of stock of any class
or any dissolution, liquidation, merger, or consolidation of the Company or any other corporation. Except as expressly provided in the Plan or pursuant to action of the Administrator under the Plan, no issuance by the Company of shares of stock of
any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number of shares of Common Stock subject to an Award or the grant or exercise price of any
Award. The existence of the Plan, any Award Agreements and the Awards granted hereunder shall not affect or restrict in any way the right or power of the Company to make or authorize (i) any adjustment, recapitalization, reorganization or other
change in the Company’s capital structure or its business, (ii) any merger, consolidation dissolution or liquidation of the Company or sale of Company assets or (iii) any sale or issuance of securities, including, without limitation,
securities with rights superior to those of the Common Stock or which are convertible into or exchangeable for Common Stock. The Administrator may treat Participants and Awards (or portions thereof) differently under this Section 8. 

9. General Provisions Applicable to Awards.  

(a) Transferability. Except as the Administrator may otherwise determine or provide in an Award Agreement or otherwise, in any case in
accordance with Applicable Laws, neither Awards nor any interest therein shall be sold, assigned, transferred, pledged or otherwise encumbered by the person to whom they are granted, either voluntarily or by operation of law, except by will or the
laws of descent and distribution, and, during the life of the Participant, shall be exercisable only by the Participant. Except as the Administrator may otherwise determine or provide in an Award Agreement or otherwise, in any case in accordance
with Applicable Laws, shares of Common Stock acquired by a Participant in connection with Awards shall not be sold, assigned, transferred, pledged or otherwise encumbered by the person to whom such shares are issued, either voluntarily or by
operation of law, except as may be expressly permitted under the terms of the Management Stockholders Agreement. References to a Participant, to the extent relevant in the context, shall include references to authorized transferees. 

(b) Documentation. Each Award shall be evidenced in an Award Agreement, which may be in such form (written, electronic or otherwise) as
the Administrator shall determine. Each Award may contain terms and conditions in addition to those set forth in the Plan. 
 (c)
Discretion. Except as otherwise provided by the Plan, each Award may be made alone or in addition or in relation to any other Award. The terms of each Award to a Participant need not be identical, and the Administrator need not treat
Participants or Awards (or portions thereof) uniformly. 
 (d) Termination of Status. The Administrator shall determine the effect on
an Award of the disability, death, retirement, authorized leave of absence or any other change or purported change in a Participant’s Service Provider status and the extent to which, and the period during which, the Participant, the
Participant’s legal representative, conservator, guardian or Designated Beneficiary may exercise rights under the Award, if applicable. 

(e) Withholding. Each Participant shall pay to the Company, or make provision satisfactory to the Administrator for payment of, any
taxes required by law to be withheld in connection with Awards to such Participant no later than the date of the event creating the tax liability. Except as the Administrator may otherwise determine, all such payments shall be made in cash, by wire
transfer of immediately available funds or by certified check. Notwithstanding the foregoing, Participants may 

  
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satisfy such tax obligations, subject to Section 10(h), any Company insider trading policy (including blackout periods) and Applicable Laws, to the extent permitted by the Administrator, in
whole or in part by delivery of shares of Common Stock, including shares retained from the Award creating the tax obligation, valued at their Fair Market Value. The Company may, to the extent permitted by Applicable Laws, deduct any such tax
obligations based on applicable statutory withholding rates from any payment of any kind otherwise due to a Participant. 
 (f) Amendment
of Award. The Administrator may amend, modify or terminate any outstanding Award, including but not limited to, substituting therefor another Award of the same or a different type, changing the date of exercise or settlement, and converting an
Incentive Stock Option to a Non-Qualified Stock Option. The Participant’s consent to such action shall be required unless (i) the Administrator determines that the action, taking into account any
related action, would not materially and adversely affect the Participant, or (ii) the change is permitted under Section 8 and 10(f) hereof. 

(g) Conditions on Delivery of Stock. The Company will not be obligated to deliver any shares of Common Stock pursuant to the Plan or to
remove restrictions from shares previously delivered under the Plan until (i) all conditions of the Award have been met or removed to the satisfaction of the Company, (ii) in the opinion of the Company’s counsel, all other legal
matters in connection with the issuance and delivery of such shares have been satisfied, including, without limitation, any applicable securities laws and any applicable stock exchange or stock market rules and regulations, (iii) the
Participant has entered into the Management Stockholders Agreement with the Company in the form provided to the Participant by the Company and (iv) the Participant has executed and delivered to the Company such representations or agreements as
the Administrator deems necessary or appropriate to satisfy the requirements of any Applicable Laws. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is determined by the Administrator to
be necessary to the lawful issuance and sale of any securities hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such shares as to which such requisite authority shall not have been obtained. 

(h) Acceleration. The Administrator may at any time provide that any Award shall become vested and/or exercisable in full or in part,
free of some or all restrictions or conditions, or otherwise realizable in full or in part, as the case may be. 
 10.
Miscellaneous.  
 (a) No Right To Employment or Other Status. No person shall have any claim or right to be
granted an Award, and the grant of an Award shall not be construed as giving a Participant the right to continued employment or any other relationship with the Company. The Company expressly reserves the right at any time to dismiss or otherwise
terminate its relationship with a Participant free from any liability or claim under the Plan or any Award, except as expressly provided in an applicable Award Agreement. 

(b) No Rights As Stockholder; Certificates. Subject to the provisions of the applicable Award Agreement, no Participant or Designated
Beneficiary shall have any rights as a stockholder with respect to any shares of Common Stock to be distributed with respect to an Award until becoming the record holder of such shares. Notwithstanding any other provision of the Plan, unless
otherwise determined by the Administrator or required by any Applicable Laws, the Company shall not be required to deliver to any Participant certificates evidencing shares of Common Stock issued in connection with any Award and instead such shares
of Common Stock may be recorded in the books of the Company (or, as applicable, its transfer agent or stock plan administrator). The Company may place legends on stock certificates issued under the Plan deemed necessary or appropriate by the
Administrator in order to comply with Applicable Laws. 

  
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 (c) Effective Date and Term of Plan. The Plan shall become effective on the date on
which it is adopted by the Board. No Awards shall be granted under the Plan after the completion of ten years from the earlier of (i) the date on which the Plan was adopted by the Board or (ii) the date the Plan was approved by the
Company’s stockholders, but Awards previously granted may extend beyond that date in accordance with the terms of the Plan. 
 (d)
Amendment of Plan. The Administrator may amend, suspend or terminate the Plan or any portion thereof at any time; provided that no amendment of the Plan shall materially and adversely affect (as determined by the Administrator) any Award
outstanding at the time of such amendment without the consent of the affected Participant. Awards outstanding under the Plan at the time of any suspension or termination of the Plan shall continue to be governed in accordance with the terms of the
Plan and the applicable Award Agreement, as in effect prior to such suspension or termination. The Board shall obtain stockholder approval of any Plan amendment to the extent necessary to comply with Applicable Laws. 

(e) Provisions for Foreign Participants. The Administrator may modify Awards granted to Participants who are foreign nationals or
employed outside the United States or establish subplans or procedures under the Plan to address differences in laws, rules, regulations or customs of such foreign jurisdictions with respect to tax, securities, currency, employee benefit or other
matters. 
 (f) Section 409A.

(i) General. The Company intends that all Awards be structured in compliance with, or to satisfy an exemption from,
Section 409A, such that no adverse tax consequences, interest, or penalties under Section 409A apply in connection with any Awards. Notwithstanding anything herein or in any Award Agreement to the contrary, the Administrator may, without a
Participant’s prior consent, amend this Plan and/or Awards, adopt policies and procedures, or take any other actions (including, without limitation, amendments, policies, procedures and actions with retroactive effect) as are necessary or
appropriate to preserve the intended tax treatment of Awards under the Plan, including, without limitation, any such actions intended to (A) exempt this Plan and/or any Award from the application of Section 409A, and/or (B) 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 grant of any Award. The Company makes no
representations or warranties as to the tax treatment of any Award under Section 409A or otherwise. The Company shall have no obligation under this Section 10(f) or otherwise to take any action (whether or not described herein) to avoid
the imposition of taxes, penalties or interest under Section 409A with respect to any Award and shall have no liability to any Participant or any other person if any Award, compensation or other benefits under the Plan are determined to
constitute non-compliant, “nonqualified deferred compensation” subject to the imposition of taxes, penalties and/or interest under Section 409A. 

(ii) Separation from Service. With respect to any Award that constitutes “nonqualified deferred compensation”
under Section 409A, any payment or settlement of such Award that is to be made upon a termination of a Participant’s Service Provider relationship shall, to the extent necessary to avoid the imposition of taxes under Section 409A, be
made only upon the Participant’s “separation from service” (within the meaning of Section 409A), whether such “separation from service” occurs upon or subsequent to the termination of the Participant’s Service
Provider relationship. For purposes of any such provision of this Plan or any Award Agreement relating to any such payments or benefits, references to a “termination,” “termination of employment” or like terms shall mean
“separation from service.” 

  
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 (iii) Payments to Specified Employees. Notwithstanding any contrary
provision in the Plan or any Award Agreement, any payment(s) of “nonqualified deferred compensation” that are otherwise required to be made under an Award to a “specified employee” (as defined under Section 409A and
determined by the Administrator) as a result of his or her “separation from service” shall, to the extent necessary to avoid the imposition of taxes under Code Section 409A(a)(2)(B)(i), be delayed until the expiration of the six-month period immediately 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 (without interest). Any payments of “nonqualified deferred
compensation” under such Award that are, by their terms, payable more than six months following the Participant’s “separation from service” shall be paid at the time or times such payments are otherwise scheduled to be made. 

(g) Limitations on Liability. Notwithstanding any other provisions of the Plan, no individual acting as a director, officer, other
employee or agent of the Company will be liable to any Participant, former Participant, spouse, beneficiary, or any other person for any claim, loss, liability, or expense incurred in connection with the Plan or any Award, nor will such individual
be personally liable with respect to the Plan because of any contract or other instrument he or she executes in his or her capacity as an Administrator, director, officer, other employee or agent of the Company. The Company will indemnify and
hold harmless each director, officer, other employee and agent of the Company to whom any duty or power relating to the administration or interpretation of the Plan has been or will be granted or delegated, against any cost or expense (including,
without limitation, attorneys’ fees) or liability (including, without limitation, any sum paid in settlement of a claim with the Administrator’s approval) arising out of any act or omission to act concerning this Plan unless arising out of
such person’s own fraud or bad faith.
 (h) Lock-Up Period. The Company may, at the
request of any representative of the underwriters, a special purpose acquisition company or otherwise, in connection with any registration of the offering of any securities of the Company under the Securities Act or a merger (or similar transaction)
with a special purpose acquisition company, the result of which is that any class of common stock of the Company or the parent or successor entity of the Company is listed on the New York Stock Exchange, the Nasdaq Stock Market or other securities
exchange, prohibit Participants from, directly or indirectly, selling or otherwise transferring any shares of Common Stock or other securities of the Company during a period of up to one hundred eighty days following the effective date of a
registration statement of the Company filed under the Securities Act. 
 (i) Right of First Refusal. The Company and its assignee(s)
shall have a right of first refusal to purchase shares of Common Stock before such shares of Common Stock are sold, pledged, assigned, hypothecated, transferred, or otherwise disposed of only to the extent expressly permitted under the terms of the
Management Stockholders Agreement. 
 (j) Right to Repurchase Common Stock. The Company shall have the option to repurchase the
Participant’s shares of Common Stock only to the extent expressly permitted under the terms of the Management Stockholders Agreement. 

(k) Data Privacy. As a condition of receipt of any Award, each Participant explicitly and unambiguously consents to the collection, use
and transfer, in electronic or other form, of personal data as described in this paragraph by and among, as applicable, the Company and its subsidiaries and affiliates for the exclusive purpose of implementing, administering and managing the
Participant’s participation in the Plan. The Company and its subsidiaries and affiliates may hold certain personal information about a Participant, including but not limited to, the Participant’s name, home address and

  
 10 

 
telephone number, date of birth, social security or insurance number or other identification number, salary, nationality, job title(s), any shares of stock held in the Company or any of its
subsidiaries and affiliates, details of all Awards, in each case, for the purpose of implementing, managing and administering the Plan and Awards (the “Data”). The Company and its subsidiaries and affiliates may transfer the
Data amongst themselves as necessary for the purpose of implementation, administration and management of a Participant’s participation in the Plan, and the Company and its subsidiaries and affiliates may each further transfer the Data to any
third parties assisting the Company in the implementation, administration and management of the Plan. These recipients may be located in the Participant’s country, or elsewhere, and the Participant’s country may have different data privacy
laws and protections than the recipients’ country. Through acceptance of an Award, each Participant authorizes such recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of
implementing, administering and managing the Participant’s participation in the Plan, including, without limitation, any requisite transfer of such Data as may be required to a broker or other third party with whom the Company or the
Participant may elect to deposit any shares of Common Stock. The Data related to a Participant will be held only as long as is necessary to implement, administer, and manage the Participant’s participation in the Plan. A Participant may, at any
time, view the Data held by the Company with respect to such Participant, request additional information about the storage and processing of the Data with respect to such Participant, recommend any necessary corrections to the Data with respect to
the Participant or refuse or withdraw the consents herein in writing, in any case without cost, by contacting his or her local human resources representative. The Company may cancel Participant’s ability to participate in the Plan and, in the
Administrator’s discretion, the Participant may forfeit any outstanding Awards if the Participant refuses or withdraws his or her consents as described herein. For more information on the consequences of refusal to consent or withdrawal of
consent, Participants may contact their local human resources representative. 
 (l) Severability. In the event any portion of
the Plan or any action taken pursuant thereto shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid
provisions had not been included, and the illegal or invalid action shall be null and void. 
 (m) Governing Documents. In the event
of any contradiction between the Plan and any Award Agreement or any other written agreement between a Participant and the Company or any subsidiary of the Company that has been approved by the Administrator, the terms of the Plan shall govern,
unless it is expressly specified in such Award Agreement or other written document that a specific provision of the Plan shall not apply. 

(n) Submission to Jurisdiction; Waiver of Jury Trial. By accepting an Award, each Participant irrevocably and unconditionally
consents to submit to the exclusive jurisdiction of the courts of the State of Delaware and of the United States of America, in each case located in the State of Delaware, for any action arising out of or relating to the Plan (and agrees not to
commence any litigation relating thereto except in such courts), and further agrees that service of any process, summons, notice or document by U.S. registered mail to the address contained in the records of the Company shall be effective service of
process for any litigation brought against it in any such court. By accepting an Award, each Participant irrevocably and unconditionally waives any objection to the laying of venue of any litigation arising out of Plan or Award hereunder in the
courts of the State of Delaware or the United States of America, in each case located in the State of Delaware, and further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such litigation brought in
any such court has been brought in an inconvenient forum. By accepting an Award, each Participant irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any and all rights to trial by jury in connection with any
litigation arising out of or relating to the Plan or any Award hereunder. 

  
 11 

 (o) Governing Law. The provisions of the Plan and all Awards made hereunder
shall be governed by and interpreted in accordance with the laws of the State of Delaware, disregarding choice-of-law principles of the law of any state that would require the application of the laws of a
jurisdiction other than such state. 
 (p) Restrictions on Shares; Claw-back Provisions. Shares of Common Stock acquired in
respect of Awards shall be subject to such terms and conditions as the Administrator shall determine, including, without limitation, restrictions on the transferability of shares of Common Stock, the right of the Company to repurchase shares of
Common Stock, the right of the Company to require that shares of Common Stock be transferred in the event of certain transactions, tag-along rights, bring-along rights, redemption and co-sale rights and voting requirements. Such terms and conditions may be additional to those contained in the Plan and may, as determined by the Administrator, be contained in the applicable Award Agreement, the
Management Stockholders Agreement, in an exercise notice or in such other agreement as the Administrator shall determine, in each case, in a form determined by the Administrator. The issuance of such shares of Common Stock shall be conditioned on
the Participant’s consent to such terms and conditions and the Participant’s entering into such agreement or agreements. All Awards (including, without limitation, any proceeds, gains or other economic benefit actually or constructively
received by Participant upon any receipt or exercise of any Award or upon the receipt or resale of any shares of Common Stock underlying the Award) shall be subject to the provisions of any claw-back policy implemented by the Company, including,
without limitation, any claw-back policy adopted to comply with the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder, to the extent set forth in such claw-back policy
and/or in the applicable Award Agreement. 
 (q) Titles and Headings. The titles and headings of the Sections in the Plan are for
convenience of reference only and, in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 

(r) Conformity to Securities Laws. Participant acknowledges that the Plan is intended to conform to the extent necessary with all
provisions of the Securities Act and the Exchange Act and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder, and state securities laws and regulations. Notwithstanding anything herein to the contrary,
the Plan and all Awards granted hereunder shall be administered only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by Applicable Laws, the Plan and all Award Agreements shall be deemed amended to the
extent necessary to conform to such laws, rules and regulations. 
 11. Definitions. As used in the Plan, the following
words and phrases shall have the following meanings: 
 (a) “Administrator” means the Board or a Committee to the
extent that the Board’s powers or authority under the Plan have been delegated to such Committee. 
 (b) “Applicable
Laws” means the requirements relating to the administration of equity incentive plans under U.S. federal and state securities, tax and other applicable laws, rules and regulations, the applicable rules of any stock exchange or quotation
system on which the Common Stock is listed or quoted and the applicable laws and rules of any foreign country or other jurisdiction where Awards are granted or issued under the Plan. 

(c) “Award” means, individually or collectively, a grant under the Plan of Options, Restricted Stock, Restricted
Stock Units, Other Awards. 

  
 12 

 (d) “Award Agreement” means a written agreement evidencing an
Award, which agreements may be in electronic medium and shall contain such terms and conditions with respect to an Award as the Administrator shall determine, consistent with and subject to the terms and conditions of the Plan. 

(e) “Board” means the Board of Directors of the Company. 

(f) “Change in Control” means (i) a merger or consolidation of the Company with or into any other corporation or
other entity or person, (ii) a sale, lease, exchange or other transfer in one transaction or a series of related transactions of all or substantially all of the Company’s assets, or (iii) any other transaction, including, without
limitation, the sale by the Company of new shares of its capital stock or a transfer of existing shares of capital stock of the Company, the result of which is that a third party that is not an affiliate of the Company or its stockholders (or a
group of third parties not affiliated with the Company or its stockholders) immediately prior to such transaction acquires or holds capital stock of the Company representing a majority of the Company’s outstanding voting power immediately
following such transaction; provided that the following events shall not constitute a “Change in Control”: (A) a transaction (other than a sale of all or substantially all of the Company’s assets) in which the holders of the voting
securities of the Company immediately prior to the merger or consolidation hold, directly or indirectly, at least a majority of the voting securities in the successor corporation or its parent immediately after the merger or consolidation;
(B) a sale, lease, exchange or other transaction in one transaction or a series of related transactions of all or substantially all of the Company’s assets to an affiliate of the Company; (C) an initial public offering of any of the
Company’s securities or any other transaction or series of related transactions principally for bona fide equity financing purposes; (D) a reincorporation of the Company solely to change its jurisdiction; or (E) a transaction
undertaken for the primary purpose of creating a holding company that will be owned in substantially the same proportion by the persons who held the Company’s securities immediately before such transaction. Notwithstanding the foregoing, if a
Change in Control would give rise to a payment or settlement event with respect to any Award that constitutes “nonqualified deferred compensation,” the transaction or event constituting the Change in Control must also constitute a
“change in control event” (as defined in Treasury Regulation §1.409A-3(i)(5)) in order to give rise to the payment or settlement event for such Award, to the extent required by
Section 409A. 
 (g) “Code” means the Internal Revenue Code of 1986, as amended, and the regulations
issued thereunder. 
 (h) “Committee” means one or more committees or subcommittees of the Board, which may be
comprised of one or more directors and/or executive officers of the Company, in any case, to the extent permitted in accordance with Applicable Laws. 

(i) “Common Stock” means common stock, par value $0.001 per share, of the Company. 

(j) “Company” means Lulu’s Fashion Lounge Holdings, Inc., a Delaware corporation, or any successor thereto.
Except where the context otherwise requires, the term “Company” includes any of the Company’s present or future parent or subsidiary corporations as defined in Sections 424(e) or (f) of the Code and any other business
venture (including, without limitation, joint venture or limited liability company) in which the Company has a significant interest, as determined by the Administrator. 

(k) “Consultant” means any person, including, without limitation, any advisor, engaged by the Company or
a parent or subsidiary of the Company to render services to such entity if: (i) the consultant or adviser renders bona fide services to the Company; (ii) the services rendered by the consultant or advisor are not in connection with
the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market for the Company’s securities; and (iii) the consultant or advisor is a natural person, or such other advisor or
consultant as is approved by the Administrator. 

  
 13 

 (l) “Designated Beneficiary” means the beneficiary or
beneficiaries designated, in a manner determined by the Administrator, by a Participant to receive amounts due or exercise rights of the Participant in the event of the Participant’s death or incapacity In the absence of an effective
designation by a Participant, “Designated Beneficiary” shall mean the Participant’s estate. 
 (m)
“Director” means a member of the Board. 
 (n) “Disability” means a permanent
and total disability within the meaning of Section 22(e)(3) of the Code, as it may be amended from time to time. 
 (o)
“Dividend Equivalents” means a right granted to a Participant pursuant to Section 6(d)(3) hereof to receive the equivalent value (in cash or shares of Common Stock) of dividends paid on shares of Common Stock.

 (p) “Employee” means any person, including, without limitation, officers and Directors, employed by the Company
(within the meaning of Section 3401(c) of the Code) or any parent or subsidiary of the Company. 
 (q) “Equity
Restructuring” means, as determined by the Administrator, a non-reciprocal transaction between the Company and its stockholders, such as a stock dividend, stock split, spin-off or recapitalization through a large, nonrecurring cash dividend, that affects the shares of Common Stock (or other securities of the Company) or the share price of Common Stock (or other securities of the
Company) and causes a change in the per share value of the Common Stock underlying outstanding Awards. 
 (r) “Exchange
Act” means the Securities Exchange Act of 1934, as amended. 
 (s) “Fair Market Value”
means, as of any date, the value of Common Stock determined as follows: (i) if the Common Stock is listed on any established stock exchange, its Fair Market Value shall be the closing sales price for such Common Stock as quoted on such exchange
for such date, or if no sale occurred on such date, the first market trading day immediately prior to such date during which a sale occurred, as reported in The Wall Street Journal or such other source as the Administrator deems reliable;
(ii) if the Common Stock is not traded on a stock exchange but is quoted on a national market or other quotation system, the last sales price on such date, or if no sales occurred on such date, then on the date immediately prior to such date on
which sales prices are reported, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; or (iii) in the absence of an established market for the Common Stock, the Fair Market Value thereof shall
be determined by the Administrator in its sole discretion. 
 (t) “Incentive Stock Option” means an
“incentive stock option” as defined in Section 422 of the Code. 
 (u) “Management Stockholders
Agreement” means that certain Management Stockholders Agreement by and between the Company and its stockholders, as may be amended from time to time. 

  
 14 

 (v) “Non-Qualified Stock
Option” means an Option that is not intended to be or otherwise does not qualify as an Incentive Stock Option. 
 (w)
“Option” means an option to purchase Common Stock. 
 (x) “Other Awards” means
other Awards of shares of Common Stock, Awards that are valued in whole or in part by reference to, or are otherwise based on, shares of Common Stock or other property or Awards that are denominated in cash but that may be settled in Common Stock.

 (y) “Participant” means a Service Provider who has been granted an Award under the Plan. 

(z) “Plan” means this 2021 Equity Incentive Plan. 

(aa) 
 (bb)
“Restricted Stock” means Common Stock awarded to a Participant pursuant to Section 6 hereof that is subject to certain vesting conditions and other restrictions. 

(cc) “Restricted Stock Unit” means an unfunded, unsecured right to receive, on the applicable settlement date,
one share of Common Stock or an amount in cash or other consideration determined by the Administrator equal to the value thereof as of such payment date, which right may be subject to certain vesting conditions and other restrictions. 

(dd) “Section 409A” means Section 409A of the Code and all regulations,
guidance, compliance programs and other interpretative authority thereunder. 
 (ee) “Securities Act” means the
Securities Act of 1933, as amended from time to time. 
 (ff) “Service Provider” means an Employee, Consultant
or Director. 
 * * * * * 

  
 15 

 LULU’S FASHION HOLDINGS, INC. 

2021 EQUITY INCENTIVE PLAN 

CALIFORNIA SUPPLEMENT 

This supplement is intended to satisfy the requirements of Section 25102(o) of the California Corporations Code and the regulations
issued thereunder (“Section 25102(o)”). Notwithstanding anything to the contrary contained in the Plan and except as otherwise determined by the Administrator, the provisions set forth in this supplement shall
apply to all Awards granted under the Plan to a Participant who is a resident of the State of California on the date of grant (a “California Participant”) and which are intended to be exempt from registration in California
pursuant to Section 25102(o), and otherwise to the extent required to comply with applicable law (but only to such extent). Definitions in the Plan are applicable to this supplement. 

1. Limitation On Securities Issuable Under Plan. The amount of securities issued pursuant to the Plan shall not exceed the amounts permitted under
Section 260.140.45 of the California code of regulations to the extent applicable. 
 2. Additional Limitations For Grants. The terms of all
Awards shall comply, to the extent applicable, with section 260.140.41 and 260.140.42 of the California code of regulations. 
 3. Additional
Requirement To Provide Information To California Participants. The company shall provide to each California Participant, not less frequently than annually, copies of annual financial statements (which need not be audited). The company shall
not be required to provide such statements to key persons whose duties in connection with the company assure their access to equivalent information. In addition, this information requirement shall not apply to any plan or agreement that complies
with all conditions of Rule 701 of the Securities Act of 1933, as amended; provided that for purposes of determining such compliance, any registered domestic partner shall be considered a “family member” as that term is defined in Rule
701. 
 * * * * * 

  
 CS-1EX-10.5

 Exhibit 10.5 

LULU’S FASHION LOUNGE HOLDINGS, INC. 

2021 EQUITY INCENTIVE PLAN 

STOCK OPTION AGREEMENT 

GRANT NOTICE 
 You have been granted an
Option to purchase Common Stock of the Company, subject to the terms and conditions of the Lulu’s Fashion Lounge Holdings, Inc. 2021 Equity Incentive Plan (the “Plan”) and this Stock Option Agreement, which includes the terms
in this Grant Notice (the “Grant Notice”) and Appendix A attached hereto (collectively, the “Agreement”). Capitalized terms used but not defined in the Agreement shall have the meanings ascribed to such terms
in the Plan. 
  

			
		
	Name of Optionee:	  	David W. McCreight
		
	Total Number of Shares	  	
	Subject to the Option:	  	322,793
		
	Exercise Price per Share:	  	$11.35 per Share
		
	Grant Date:	  	April 19, 2021
		
	Type of Option:	  	Non-Qualified Stock Option
		
	Final Expiration Date:	  	April 19, 2031
		
	Vesting Schedule:	  	This Option will vest and become exercisable in accordance with the vesting schedule set forth in Appendix A.

 [signature page to follow] 

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

			
	LULU’S FASHION LOUNGE HOLDINGS, INC.
		
	By	 	  

		 	Name:                                     
                                         
      
		 	Title:                                     
                                         
       

  
 [Signature Page to
David McCreight Option Agreement] 

	
	OPTIONEE
	
	  

	David W. McCreight

  
 [Signature Page to
David McCreight Option Agreement] 

 APPENDIX A TO OPTION AGREEMENT 

ARTICLE I. 
 GRANT OF
OPTION 
 Section 1.1 Grant of Option. The Company hereby grants to the Optionee the Option to purchase any part or all of an aggregate
of the Shares set forth in the Grant Notice to which this Appendix A is attached, upon the terms and conditions set forth in the Plan and this Agreement (including the Grant Notice and Appendix A to the Agreement). 

Section 1.2 Option Subject to Plan. The Option granted hereunder is subject to the terms and provisions of the Plan. 

Section 1.3 Exercise Price. The Exercise Price of a Share covered by the Option shall be the Exercise Price per Share as set forth in the Grant Notice
(without commission or other charge). 
 ARTICLE II. 

VESTING SCHEDULE; EXERCISABILITY 

Section 2.1 Vesting and Exercisability of Option. Except as provided below, the Option shall become vested and exercisable, so long as the
Optionee remains continuously a Service Provider from the Grant Date through each applicable date set forth below, as follows: 
 (a) The
Option will vest as to 275,133 of the Shares subject to the Option (the “Base Options”) in twenty-four (24) substantially equal monthly installments beginning on April 31, 2023 and ending on March 31, 2025; 

(b) The Option will vest as to 47,660 of the Shares subject to the Option (the “Preferred Conversion Options”) in twenty-four
(24) substantially equal monthly installments beginning on April 31, 2023 and ending on March 31, 2025, but only if, as of the applicable monthly vesting date, a Listing Event has occurred in connection with which the shares of the
Company’s Series A Preferred Stock have converted into shares of Common Stock on a one-to-one basis (such conversion, the “Preferred Conversion Vesting
Condition”); provided, that, if on a particular monthly vesting date the Preferred Conversion Vesting Condition has not occurred, but such Preferred Conversion Vesting Condition has occurred as of a later monthly vesting date, then any of
the Preferred Conversion Options that were eligible to vest on an earlier monthly vesting date but did not vest on such date because the Preferred Conversion Vesting Condition had not occurred as of such date, shall immediately vest on the first
monthly vesting date on which the Preferred Conversion Vesting Condition occurs; provided, further, that if the Preferred Conversion Vesting Condition has not occurred as of March 31, 2025, but does occur after such date and still before the
expiration date of the Options, then all Preferred Conversion Options shall become vested and exercisable as of the date on which the Preferred Conversion Vesting Condition occurs. For the avoidance of doubt, the Preferred Conversion Options shall
be forfeited for no consideration if the Preferred Conversion Vesting Condition does not occur; 
 (c) If a Change of Control, as defined in
this Agreement (and not, for the avoidance of doubt, a “Change in Control” as defined in the Plan) occurs, the Base Options and any Preferred Conversion Options for which the Preferred Conversion Vesting Condition has occurred shall vest
and become exercisable in full upon such Change of Control; and 

  
 A-1 

 (d) If the Company consummates a Listing Event, then, (i) the Base Options that would
have become vested and exercisable on the last 12 scheduled monthly vesting dates under Section 2.1(a) shall, to the extent unvested on the date of the Listing Event, immediately become vested and exercisable on the date of the Listing Event
and (ii) if the Preferred Conversion Vesting Condition occurs in connection with the Listing Event, then the Preferred Conversion Options that would have become vested and exercisable on the last 12 scheduled monthly vesting dates (as described
in Section 2.1(b)) shall immediately become vested and exercisable; provided, that any Shares acquired pursuant to the exercise of the Options that accelerated pursuant to this subclause (d) shall be subject to a one-year holding period and may not be Transferred (as defined in the Management Stockholders Agreement) prior to the first anniversary of the Listing Event. 

Section 2.2 No Vesting of Options; Forfeiture. Any portion of the Option that has not become vested and exercisable on or prior to the date of the
Optionee’s Termination of Service shall be forfeited on the date of the Optionee’s Termination of Service and shall not thereafter become vested or exercisable. Notwithstanding the foregoing, if, on or after the first anniversary of the
Grant Date, the Optionee’s employment with the Company is terminated by the Company without Cause, the Optionee terminates employment with the Company for Good Reason or the Company does not renew the term of the Employment Agreement, then, on
the date of the Optionee’s termination from employment, (i) any Base Options that have not previously become vested and exercisable shall immediately fully vest and become exerciseable and (ii) if the Preferred Conversion Vesting
Condition has occurred, any Preferred Conversion Options shall immediately fully vest and become exerciseable. For the avoidance of doubt, any portion of the Option that becomes vested and exercisable pursuant to Sections 2.2(i) and 2.2(ii) shall
not be forfeited pursuant to the first sentence of this Section 2.2. 
 Section 2.3 Exercisability of the
Option.    The Optionee shall not have the right to exercise the Option until the date the applicable portion of the Option becomes vested. The date that the applicable portion of the Option becomes exercisable is referred to
herein as the “Exercise Commencement Date.” Subject to Section 8 of the Plan, following the Exercise Commencement Date, the applicable portion of the Option shall be and shall remain exercisable until it becomes unexercisable
under Section 2.4. Once the Option becomes unexercisable, it shall be forfeited immediately, unless determined otherwise by the Administrator. 

Section 2.4 Expiration of Option. 

(a) The Option may not be exercised to any extent by anyone after the first to occur of the following events: 

(i) The Final Expiration Date; 

(ii) Except for such longer period of time as the Administrator may otherwise approve, three (3) months following the
Optionee’s Termination of Service for any reason other than Cause, death or Disability; 
 (iii) Except as the
Administrator may otherwise approve, (A) the Optionee’s Termination of Service for Cause or (B) a Covenant Breach; or 

(iv) Except for such longer period of time as the Administrator may otherwise approve, twelve (12) months following the
Optionee’s Termination of Service by reason of the Optionee’s death or Disability. 

  
 A-2 

 (b) If the Company has a right to repurchase the Optionee’s Shares, the Company may
exercise such right regardless of whether the Optionee continues to have a right to exercise the Option under this Section 2.4. 
 Section 2.5
Partial Exercise. Any exercisable portion of the Option or the entire Option, if then wholly exercisable, may be exercised in whole or in part at any time prior to the time when the Option or portion thereof becomes unexercisable. 

Section 2.6 Exercise of Option. The exercise of the Option shall be governed by the terms of this Agreement and the terms of the Plan. 

Section 2.7 Manner of Exercise. Unless determined otherwise by the Administrator, as a condition to the exercise of the Option, the Optionee shall
(i) notify the Company at least thirty (30) days prior to exercise and no earlier than ninety (90) days prior to exercise that the Optionee intends to exercise and (ii) concurrently with the exercise of the Option, execute the
Management Stockholders Agreement, unless the Optionee has already executed the Management Stockholders Agreement. This Section 2.7 shall not apply if the Shares underlying the Option are registered on Form
S-8, unless determined otherwise by the Administrator. 
 ARTICLE III. 

OTHER PROVISIONS 

Section 3.1 Optionee Representation; Not a Contract of Service. The Optionee hereby represents that the Optionee’s execution of this
Agreement and participation in the Plan is voluntary and that the Optionee has in no way been induced to enter into this Agreement in exchange for or as a requirement of the expectation of service with the Company or any of its subsidiaries. Nothing
in this Agreement or in the Plan shall confer upon the Optionee any right to continue as a Service Provider or shall interfere with or restrict in any way the rights of the Company or its subsidiaries, which are hereby expressly reserved, to
discharge the Optionee at any time for any reason whatsoever, with or without Cause except pursuant to an employment or consulting agreement executed by and between the Company and the Optionee and approved by the Board. 

Section 3.2 Shares Subject to Plan and Management Stockholders Agreement. The Optionee acknowledges that this Option and any Shares acquired upon
exercise of the Option are subject to the terms of the Plan and the Management Stockholders Agreement. In the event of a conflict between the terms of this Agreement and the Plan or the Management Stockholders Agreement, the terms of the Plan or
Management Stockholders Agreement, as applicable, will control. 
 Section 3.3 Construction. This Agreement shall be administered, interpreted
and enforced under the laws of the state of Delaware, disregarding choice-of-law principles of the law of any state that would require the application of the laws of a
jurisdiction other than such state. 
 ARTICLE IV. 

DEFINITIONS 

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

  
 A-3 

 Section 4.1 Affiliate. “Affiliate” shall mean any person or entity that is directly or
indirectly Controlling, Controlled by, or under common Control with such first person; provided, that, any portfolio company owned by H.I.G. Growth Partners – LuLu’s, L.P., H.I.G. Growth Partners – LuLu’s, LLC or their affiliated
investment funds (other than the Company and Lulu Holdings, LP) shall not be an Affiliate of a Company Investor. 
 Section 4.2 Cause.
“Cause” shall mean “Cause” (or any term of similar effect) as defined in the Optionee’s then-current employment agreement with the Company if such an agreement exists and contains a definition of Cause (or term of similar
effect), or, if no such agreement exists or such agreement does not contain a definition of Cause (or term of similar effect), then Cause shall include, but not be limited to: (i) the material failure by the Optionee to reasonably and
substantially perform the Optionee’s duties under this Agreement (other than as a result of physical or mental illness or injury) or to comply with a lawful directive or order of the Board that has continued after the Company has provided
written notice of such failure and the Optionee has not cured such failure within ten (10) business days after the date of such written notice; (ii) willful misconduct or gross negligence; (iii) breach of fiduciary duty or duty of
loyalty to any member of the Company Group; (iv) engagement in fraud, embezzlement, or any other act of material dishonesty; (v) commission of any felony or other serious crime involving moral turpitude; (vi) material breach of the
Optionee’s obligations under any agreement between the Executive and any member of the Company Group, which, if such breach is reasonably susceptible to cure, has continued after the Company has provided written notice of such breach and the
Optionee has not cured such failure within 30 days after the date of such written notice; (vii) material breach of the Company’s material written policies or procedures (other than policies related to sexual harassment, sexual misconduct,
or sex-based discrimination) after the Company has provided written notice of such breach and the Optionee has not cured such breach (if curable) within 30 days after the date of such written notice, or
(viii) conduct that constitutes sexual harassment, sexual misconduct, or sex-based discrimination. 

Section 4.3 Change of Control. “Change of Control” shall mean (i) the sale or disposition, in one transaction or a series of related
transactions, of all or substantially all of the consolidated assets of the Company and its respective subsidiaries as a whole to any “person” or “group” (as such terms are defined in Sections 13(d)(3) and 14(d)(2) of the
Exchange Act) other than to any Company Investors; (ii) a sale of any securities of the Company resulting in more than 50% of the voting securities of the Company being beneficially owned, directly or indirectly, by a person or group other than
a Company Investor; (iii) a merger, consolidation, recapitalization or reorganization of the Company with or into another person; if and only if any such event listed in clauses (i) through (iii) above results in the inability of any of
the Company Investors to designate or elect a majority of the Board (or of the board of directors of the resulting entity or its parent company). Notwithstanding the foregoing, the occurrence of a Listing Event shall not constitute a Change of
Control, notwithstanding the structure or resulting ownership of the Company or any successor thereto following the Listing Event. 
 Section 4.4
Company Investors. “Company Investors” shall mean the Canada Pension Plan Investment Board, H.I.G. Growth Partners – LuLu’s L.P., Institutional Venture Partners XVI, L.P., Institutional Venture Partners XV, L.P. and
Institutional Venture Partners Executive Fund XV, L.P or any of their Affiliates. 
 Section 4.5 Control. “Control” shall mean
possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a person, whether through ownership of voting securities, by agreement or otherwise. 

  
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 Section 4.6 Covenant Breach. “Covenant Breach” shall mean the Optionee’s
violation of any non-competition, non-solicitation, non-disclosure, non-disparagement or
other restrictive covenant to which the Optionee is subject. 
 Section 4.7 Disability. “Disability” shall mean “Disability” (or
any term of similar effect) as defined in the Employment Agreement if such an agreement exists and contains a definition of Disability (or term of similar effect), or, if no such agreement exists or such agreement does not contain a definition of
Disability (or term of similar effect), then Disability shall mean that the Optionee is unable to perform the essential functions of the Optionee’s position with substantially the same level of quality as immediately prior to such incapacity by
reason of any medically determinable physical or mental impairment which has lasted or can reasonably be expected to last for a period of ninety (90) or more consecutive days or one hundred twenty (120) days during any consecutive six- (6-) month period, as determined by a physician to be selected by the Company. 

Section 4.8 “Employment Agreement” shall mean that certain employment agreement by and between the Optionee, the Company, and
Lulu’s Fashion Lounge, LLC, a Delaware limited liability company and indirect subsidiary of the Company, dated as of April 15, 2021. 

Section 4.9 Exercise Price. “Exercise Price” shall mean the exercise price per Share set forth in the Grant Notice. 

Section 4.10 Final Expiration Date. “Final Expiration Date” shall mean the final expiration date set forth in the Grant Notice. 

Section 4.11 Good Reason. “Good Reason” shall mean “Good Reason” (or any term of similar effect) as defined in the
Optionee’s then-current employment agreement with the Company. 
 Section 4.12 Grant Date. “Grant Date” shall be the grant date
set forth in the Grant Notice. 
 Section 4.13 Grant Notice. “Grant Notice” shall mean the Grant Notice referred to in
Section 1.1 of this Agreement, which Grant Notice is for all purposes a part of the Agreement. 
 Section 4.14 Listing Event. “Listing
Event” shall mean the consummation by the Company of either (i) an initial public offering or direct listing of any class of common stock of the Company or (ii) a merger (or similar transaction) with a special purpose acquisition
company, the result of which is that any class of common stock of the Company or the parent or successor entity of the Company is listed on the New York Stock Exchange, the Nasdaq Stock Market or other securities exchange. 

Section 4.15 Management Stockholders Agreement. “Management Stockholders Agreement” shall mean that certain Management Stockholders
Agreement by and between the Company and its stockholders, as may be amended from time to time. 
 Section 4.16 Option. “Option” shall
mean the option to purchase Shares granted under this Agreement. 
 Section 4.17 Optionee. “Optionee” shall be the person designated
as such in the Grant Notice. 
 Section 4.18 Plan. “Plan” shall mean the Lulu’s Fashion Lounge Holdings, Inc. 2021 Equity
Incentive Plan. 
 Section 4.19 Share. “Share” shall mean a share of common stock, par value $0.001, of the Company. 

  
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 Section 4.20 Termination of Service. “Termination of Service” shall mean the date the
Participant ceases to be a Service Provider. 
 * * * 

  
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