Document:

EX-10.9

 Exhibit 10.9 

WAIVER AND AMENDMENT NO. 4 TO CREDIT AGREEMENT AND AMENDMENT TO GUARANTY AND SECURITY AGREEMENT dated as of May 30, 2019 (this
“Amendment”) to the Credit Agreement dated as of August 28, 2017 (as amended, supplemented or modified prior to the date hereof, the “Credit Agreement”), by and among LULU’S FASHION LOUNGE, LLC, a Delaware
limited liability company (the “Borrower”), LULU’S FASHION LOUNGE PARENT, LLC, a Delaware limited liability company (“Holdings”), the Lenders party thereto and CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as
administrative agent (in such capacity, including any successor thereto, the “Administrative Agent”) and as collateral agent (in such capacity, including any successor thereto, the “Collateral Agent” and, together
with the Administrative Agent, the “Agent”) for the Lenders. 
 (A) The Borrower has requested that (i) the Required
Lenders waive certain Defaults or Events of Default as specified herein, (ii) the Credit Agreement be amended in order to reset the maximum Consolidated Total Net Leverage Ratio levels required under the Financial Covenant and make certain
other modifications as set forth herein and (iii) the Guaranty and Security Agreement be amended in order to modify the definition of “Excluded Deposit Account” as set forth herein. 

(B) The Required Lenders are willing to waive certain Defaults or Events of Default specified herein and amend the Credit Agreement and the
Guaranty and Security Agreement, in each case, on the terms and subject to the conditions set forth herein. 
 Accordingly, in consideration
of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto agree as follows: 

SECTION 1. Defined Terms; Interpretation; Etc. Capitalized terms used but not defined herein shall have the meanings assigned to them
in the Credit Agreement. The rules of construction set forth in Section 11.2 of the Credit Agreement shall apply mutatis mutandis to this Amendment. 

SECTION 2. Waiver. Certain Defaults or Events of Default have occurred and are continuing as a result of the Borrower’s failure to
comply with (i) Section 6.1 of the Credit Agreement for the Fiscal Quarter ending on or about March 31, 2019 and (ii) Section 4.3(a) as a result of any failure to deliver prompt notice of the Default or Event of Default
described in clause (i) (such Defaults and Events of Defaults, the “Designated Defaults”). The Lenders party hereto, constituting the Required Lenders, hereby (i) waive the Designated Defaults and (ii) agree not to request
interest at the Default Rate with respect to the Designated Defaults. 
 SECTION 3. Amendment to the Credit Agreement. Effective as
of the Effective Date (as defined below), the Credit Agreement is hereby amended as follows: 
  

	 	a.	 Section 1.8(d) of the Credit Agreement is hereby amended by
(i) re-naming the header of such Section as “Incurrence of Indebtedness; Certain Equity Contributions; Initial Public Offering”, (ii) inserting the words “and any Unadjusted EBITDA
Equity Contribution” immediately following the words “Specified Equity Contribution” appearing in clause (ii) of such Section and (iii) inserting a new clause (iii) immediately at the end of such Section as follows:

 (iii) Immediately upon the receipt by any Credit Party or any Subsidiary of any Credit Party of Net Issuance Proceeds
from an Initial Public Offering, solely to the extent that the Consolidated Total Net Leverage Ratio is in excess of 2.00 to 1.00, determined on a Pro Forma Basis as of the last day of the most recently ended period of four Fiscal Quarters for which
financial statements have been delivered or were required to have been delivered hereunder prior to receipt of such Net 

 
Issuance Proceeds, the Borrower shall deliver, or cause to be delivered, to the Agent such Net Issuance Proceeds, for application to the Loans in accordance with
Section 1.8(f), solely to the extent necessary to cause the Consolidated Total Net Leverage Ratio to be no greater than 2.00 to 1.00, determined on a Pro Forma Basis giving effect to such repayment. 

 

	 	b.	 Section 1.8(f) of the Credit Agreement is hereby amended to replace the reference to Section 1.10(c)
with a reference to Section 1.10(b). 

  

	 	c.	 Section 4.2(b) of the Credit Agreement is hereby amended by inserting “(i)” at the beginning of
such Section and inserting the following new clause (ii) at the end of such Section: 

 and (ii) commencing with
the month ending June 30, 2019 and through the Fiscal Quarter ending on or about December 31, 2019, concurrently with the delivery of the financial statements referred to in Sections 4.1(b) and 4.1(c) above, a duly completed
Compliance Certificate solely with respect to the calculation of Consolidated Cumulative Unadjusted EBITDA as of the Consolidated Cumulative Unadjusted EBITDA Test Period ending as of such date, certified on behalf of Holdings, the Borrower and
their Subsidiaries by a Responsible Officer of the Borrower; 
  

	 	d.	 Section 5.1(aa) of the Credit Agreement is hereby amended by inserting the words “cash deposits in an
amount not to exceed $1,000,000 in the aggregate at any time outstanding or” immediately preceding the words “credit balances” appearing therein. 

 

	 	e.	 Section 6.1 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 6.1 Consolidated Total Net Leverage Ratio. The Credit Parties shall not permit the Consolidated Total Net
Leverage Ratio as of the last day of any four Fiscal Quarter period ending on a date set forth below to be greater than the ratio set forth in the table below opposite such date: 

 

			
	 Date
	  	Maximum Consolidated
Total Net Leverage Ratio
	September 30, 2017	  	3.50 to 1.00
	December 31, 2017	  	3.50 to 1.00
	March 31, 2018	  	3.50 to 1.00
	June 30, 2018	  	3.50 to 1.00
	September 30, 2018	  	3.25 to 1.00
	December 31, 2018	  	3.00 to 1.00
	March 31, 2019	  	N/A
	June 30, 2019	  	4.25 to 1.00
	September 30, 2019	  	3.75 to 1.00
	December 31, 2019	  	3.00 to 1.00

			
	 Date
	  	Maximum Consolidated
Total Net Leverage Ratio
	March 31, 2020	  	2.75 to 1.00
	June 30, 2020	  	2.50 to 1.00
	September 30, 2020	  	2.25 to 1.00
	December 31, 2020 and thereafter	  	2.00 to 1.00

  

	 	f.	 Section 6.2 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 6.2 Consolidated Cumulative Unadjusted EBITDA. The Credit Parties shall not permit the Consolidated Cumulative
Unadjusted EBITDA as of the last day of any Consolidated Cumulative Unadjusted EBITDA Test Period ending on a date set forth below to be less than the amount set forth in the table below opposite such date: 

 

			
	 Date
	  	Minimum Consolidated Cumulative
Unadjusted EBITDA
	June 30, 2019	  	$5,000,000
	July 31, 2019	  	$6,554,000
	August 31, 2019	  	$6,911,000
	September 30, 2019	  	$10,740,000
	October 31, 2019	  	$13,787,000
	November 30, 2019	  	$14,092,000
	December 31, 2019	  	$16,192,000

  

	 	g.	 Section 6.3 of the Credit Agreement is hereby amended by inserting the following sentence immediately at
the end of Section 6.3(d): 

 The Borrower may elect, in its sole discretion but subject to the requirements of
clauses (i) and (iv) of this Section 6.3(d), to treat an Unadjusted EBITDA Equity Contribution as a Specified Equity Contribution. 

	 	h.	 Article VI of the Credit Agreement is hereby amended inserting a new Section 6.4 immediately at the end of
such Article as follows: 

 6.4 Unadjusted Cumulative EBITDA Equity Cure. 

(a) In the event the Credit Parties fail to comply with the requirements of Section 6.2 as of the last day of any
Consolidated Cumulative Unadjusted EBITDA Test Period, any cash equity contribution to the Borrower (funded with proceeds of common equity issued by Holdings or Qualified Stock (or other equity issued by Holdings having terms reasonably acceptable
to the Agent) made after the date on which financial statements are required to be delivered for such calendar month or Fiscal Quarter, as the case may be, and on or prior to the day that is ten (10) Business Days after the day on which
financial statements are required to be delivered for such calendar month or Fiscal Quarter, as the case may be (the “Anticipated EBITDA Cure Deadline”) will, at the irrevocable election of the Borrower as of the date such proceeds
are received by the Borrower, be included in the calculation of Consolidated Cumulative Unadjusted EBITDA for the purposes of determining compliance with Section 6.2 at the end of such Consolidated Cumulative Unadjusted EBITDA Test Period and
any subsequent Consolidated Cumulative Unadjusted EBITDA Test Period that includes such Consolidated Cumulative Unadjusted EBITDA Test Period (any such equity contribution so included in the calculation of Consolidated EBITDA, a “Unadjusted
EBITDA Equity Contribution”). 
 (b) If, after giving effect to the Unadjusted EBITDA Equity Contribution, the
Credit Parties shall then be in compliance with Section 6.2, the Credit Parties shall be deemed to have satisfied Section 6.2 as of the relevant date of determination with the same effect as though there had been no failure to comply
therewith at such date, and the applicable breach or default of such covenants that had occurred shall be deemed cured for all purposes of this Agreement. 

(c) Upon receipt by the Agent of written notice from the Borrower on or prior to the Anticipated EBITDA Cure Deadline of its
intent to effectuate an Unadjusted EBITDA Equity Contribution in respect of such Consolidated Cumulative Unadjusted EBITDA Test Period until the day that is fifteen (15) Business Days after the day on which financial statements are required to
be delivered for such calendar month or Fiscal Quarter, as the case may be, notwithstanding any other provision of this Agreement or any other Loan Document, neither the Agent nor any Lender shall have any right to accelerate any Loans held by them
or to exercise any other rights or remedies available under the Loan Documents or applicable law against the Collateral (including, without limitation, any right to foreclose on or take possession of Collateral) solely on the basis of an allegation
of an Event of Default having occurred and being continuing under Section 7.1 due to failure by the Credit Parties to comply with Section 6.2, unless such failure is not cured pursuant to the Unadjusted EBITDA Equity
Contribution on or prior to the Anticipated EBITDA Cure Deadline; it being understood and agreed that there shall be no Borrowings of Revolving Loans permitted or Letters of Credit issued or received hereunder until the Unadjusted EBITDA Equity
Contribution has actually been received by the Borrower. 
 (d) Notwithstanding anything herein to the contrary, (i) no
more than one Unadjusted EBITDA Equity Contribution may be made, (ii) the amount of such Unadjusted EBITDA Equity Contribution will not exceed $1,000,000, and (iii) such Unadjusted EBITDA Equity Contribution will be counted solely for

 
purposes of the calculation of Consolidated Cumulative Unadjusted EBITDA as it relates to Section 6.2 and, if the Borrower elects to treat such Unadjusted EBITDA Equity Contribution as a
Specified Equity Contribution (solely to the extent a Specified Equity Contribution would be permitted for such period under the limitations set forth in clauses (i) and (iv) of Section 6.3(d)), for purposes of the calculation of
Consolidated EBITDA as it relates to the Financial Covenant (in each case, for the applicable test period and each subsequent test period) and shall not be included for all other purposes, including calculating basket levels, pricing and other items
governed by reference to Consolidated EBITDA. 
  

	 	i.	 Section 9.5 of the Credit Agreement is hereby amended by inserting the following at the end thereof:

 Notwithstanding anything to the contrary in this Section 9.5 and without limiting the rights of the Agent and
Lenders above, from and after the Fourth Amendment Effective Date, the Borrower agrees to pay or reimburse, within 30 days following written demand therefor together with a customary invoice supporting such reimbursement, the reasonable and
documented costs and expenses of consulting firm(s) to be retained by the Agent (at the direction of the Required Lenders) for purposes of conducting a one-time review of Holdings’ and its
Subsidiaries’ operations and consolidated financial forecasts (the “Fourth Amendment Consultant”); provided that (i) the aggregate amount of such reimbursement obligations shall not exceed $200,000 and
(ii) each of the Borrower, Holdings and their respective boards of directors shall be entitled to receive copies of all Fourth Amendment Consultant deliverables and work product on a customary
non-reliance basis promptly following delivery to the Agent and the Lenders (provided that such copies may be reasonably redacted at the direction of the Required Lenders). Holdings and its Subsidiaries
further agree to cooperate with the Fourth Amendment Consultant in furnishing information promptly upon the reasonable request by the Fourth Amendment Consultant. 
  

	 	j.	 Section 10.5 of the Credit Agreement is hereby amended by inserting “(a)” at the beginning of
such Section and inserting the following new clause (b) at the end of such Section: 

 (b) If at any time the
Administrative Agent determines (which determination shall be conclusive absent manifest error and shall be evidenced by written notice to the Borrower and each Lender), or the Borrower notifies the Administrative Agent and each Lender that it has
determined, that (i) the circumstances set forth in clause (a) of this Section have arisen and such circumstances are unlikely to be temporary or the circumstances set forth in clause (a) of this Section have not arisen but either
(w) the supervisor for the administrator of the LIBOR has made a public statement that the administrator of the LIBOR is insolvent (and there is no successor administrator that will continue publication of the LIBOR), (x) the administrator of
the LIBOR has made a public statement identifying a specific date after which the LIBOR will permanently or indefinitely cease to be published by it (and there is no successor administrator that will continue publication of the LIBOR), (y) the
supervisor for the administrator of the LIBOR has made a public statement identifying a specific date after which the LIBOR will permanently or indefinitely cease to be published or (z) the supervisor for the administrator of the LIBOR or a
Governmental Authority having jurisdiction over the Administrative 

 
Agent has made a public statement identifying a specific date after which the LIBOR may no longer be used for determining interest rates for loans, then reasonably promptly following receipt of
such notice by the Borrower or the Administrative Agent, as applicable, the Administrative Agent and the Borrower shall endeavor to negotiate in good faith to establish an alternate rate of interest to the LIBOR that gives due consideration to the
then prevailing market convention for determining a rate of interest for syndicated loans in the United States in Dollars at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other
related changes to this Agreement as may be applicable (but for the avoidance of doubt, such related changes shall not include a reduction of the Applicable Margin); provided that, if such alternate rate of interest as so determined would be less
than zero, such rate shall be deemed to be zero for the purposes of this Agreement. Notwithstanding anything to the contrary in Section 9.1, any such amendment establishing an alternate rate of interest shall become effective without any
further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within ten Business Days of the date of notice of such amendment of such alternate rate of interest is provided to the
Lenders, a written notice from the Required Lenders stating that such Required Lenders object in good faith to such amendment. Until an alternate rate of interest shall be determined in accordance with this clause (b), (x) any Notice of
Conversion/Continuation that requests the conversion of any Loan to, or continuation of any Loan as, a LIBOR Rate Loan shall be ineffective and any such LIBOR Rate Loan shall be converted into or continued as a Base Rate Loan on the last day of the
then current Interest Period and (y) if any Notice of Borrowing or Notice of Conversion/Continuation requests a LIBOR Rate Loan, such Loan shall be made as a Base Rate Loan. 

 

	 	k.	 Section 11.1 of the Credit Agreement is hereby amended by inserting the following new defined terms in
proper alphabetical sequence: 

 “Anticipated EBITDA Cure Deadline” has the meaning ascribed thereto in
Section 6.4. 
 “Consolidated Cumulative Unadjusted EBITDA” means, with respect to Holdings and
its Subsidiaries, on a consolidated basis, for any Consolidated Cumulative Unadjusted EBITDA Test Period, the Consolidated Net Income of Holdings for such period: 

(e) increased (without duplication, including for purposes of determining Consolidated Net Income) by the following, in each
case to the extent deducted (and not added back or excluded) in determining Consolidated Net Income for such period: 
 (i)
provision for taxes based on income or profits or capital, including, without limitation, federal, provincial, state, franchise and similar taxes and foreign withholding taxes of such Person paid or accrued during such period (including penalties,
interest, costs and expenses related to such taxes or arising from any tax examinations or Restricted Payments permitted pursuant to Section 5.7(c)); plus 

(ii) Consolidated Interest Expense of such Person for such period; plus 

 (iii) Consolidated Depreciation and Amortization Expense of such Person for
such period; plus 
 (iv) fees, costs and expenses incurred in connection with the Fourth Amendment consisting of
(x) consent fees payable to Lenders in connection therewith, (y) legal fees of Latham & Watkins LLP, Cravath, Swaine & Moore LLP and Goldberg Kohn in connection therewith and (z) any payment of, or reimbursement of
the Agent and/or the Lenders for, costs and expenses of the Fourth Amendment Consultant; 
 (f) increased (without
duplication) by the amount of any Unadjusted EBITDA Equity Contribution solely for purposes of determining compliance with Section 6.2. 

“Consolidated Cumulative Unadjusted EBITDA Test Period” means, as of the last day of each fiscal month ending after the
Fourth Amendment Effective Date through and including December 31, 2019, the period commencing on the first day of Holdings’ fiscal month of May 2019 (which date is May 6, 2019) and ending on such date. 

“Fourth Amendment” means that certain Waiver and Amendment No. 4 to Credit Agreement and Amendment to Guaranty and
Security Agreement, dated as of May 30, 2019, by and among the Borrower, the Administrative Agent and the Lenders party thereto constituting the Required Lenders. 

“Fourth Amendment Effective Date” means the “Effective Date” as defined in the Fourth Amendment, which date is
May 30, 2019. 
 “Subject Adjustment Cap” has the meaning ascribed thereto in the definition of “Consolidated
EBITDA”. 
 “Unadjusted EBITDA Equity Contribution” has the meaning ascribed thereto in
Section 6.4. 
  

	 	l.	 The definition of “Applicable Margin” in Section 11.1 of the Credit Agreement is hereby amended
and restated in its entirety as follows: 

 “Applicable Margin” means, for any date of determination:

 (a) with respect to the Term Loans, (x) prior to the Fourth Amendment Effective Date, (1) in the case of LIBOR Rate Loans,
7.00% per annum, and (2) in the case of Base Rate Loans, 6.00% per annum, (y) on and from the Fourth Amendment Effective Date to the date on which financial statements and accompanying Compliance Certificate for the first
full fiscal quarter ending after the Fourth Amendment Effective Date are delivered pursuant to Section 4.1(b) and Section 4.2(b), (1) in the case of LIBOR Rate Loans, 9.00% per annum and
(2) in the case of Base Rate Loans, 8.00% per annum and (z) thereafter, the applicable percentage set forth in the table below under the appropriate caption: 

											
	 Pricing
Level
	  	 Consolidated Total Net
Leverage Ratio
	  	Applicable
Margin for
LIBOR Rate
Term Loans	 	 	Applicable
Margin for Base
Rate Term
Loans	 
	I	  	Greater than 3.50 to 1.00	  	 	9.00	% 	 	 	8.00	% 
	II	  	 Less than or equal to 3.50 to 1.00, but greater than 2.25 to

1.00
	  	 	8.00	% 	 	 	7.00	% 
	III	  	Less than or equal to 2.25 to 1.00	  	 	7.00	% 	 	 	6.00	% 

 (b) with respect to the Revolving Loans, (x) on and from the Closing Date to the date on which the
financial statements and accompanying Compliance Certificate for the first full fiscal quarter ending after the Closing Date are delivered pursuant to Section 4.1(a) and Section 4.2(b), (i) in the case of LIBOR Rate Loans, 7.00% per annum,
(ii) in the case of Base Rate Loans, 6.00% per annum, and (iii) in the case of the Unused Commitment Fee, 0.50%, and (y) thereafter, the applicable percentage set forth in the table below under the appropriate caption: 

 

															
	 Pricing
Level
	  	 Consolidated
Total Net
Leverage Ratio
	  	Applicable
Margin for
LIBOR Rate
Revolving
Loans	 	 	Applicable
Margin for
Base Rate
Revolving
Loans	 	 	Applicable
Margin for
Unused
Commitment
Fee	 
	I	  	Greater than 2.50 to 1.00	  	 	7.00	% 	 	 	6.00	% 	 	 	0.50	% 
	II	  	Less than or equal to 2.50 to 1.00, but greater than 2.00 to 1.00	  	 	6.50	% 	 	 	5.50	% 	 	 	0.375	% 
	III	  	Less than or equal to 2.00 to 1.00	  	 	6.00	% 	 	 	5.00	% 	 	 	0.375	% 

 The Applicable Margin for the Term Loans and the Revolving Loans (including the Unused Commitment Fee) shall be
re-determined quarterly on the first Business Day following the date of delivery to the Agent of the calculation of the Consolidated Total Net Leverage Ratio based on the financial statements and the
accompanying Compliance Certificate delivered pursuant to Section 4.1(a), Section 4.1(b) and Section 4.2(b). If the Agent has not received such calculation of the
Consolidated Total Net Leverage Ratio for any fiscal quarter within the time period specified by Section 4.1(a) or Section 4.1(b) and Section 4.2(b), the Applicable Margin
shall be determined as if Pricing Level I shall have applied until one Business Day after the delivery of such calculation to the Agent. At any time during the continuance of an Event of Default as a result of any of the events set forth in
Section 7.1(a), Section 7.1(f) or Section 7.1(g), the Applicable Margin for the Term Loans and the Revolving Loans (including the Unused Commitment Fee) shall be set at
Pricing Level I. In the event that any financial statement or certificate delivered pursuant to Section  

 
4.1(a) or Section 4.1(b) and Section 4.2(b) is shown to be inaccurate, and such inaccuracy, if corrected, would have led to the
application of a higher Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, then (i) the Borrower shall promptly upon becoming aware of any such inaccuracy
deliver to the Agent a correct certificate required by Section 4.2(b) for such Applicable Period and (ii) the Borrower shall promptly pay to the Agent the accrued additional interest and fees owing as a result of such
increased Applicable Margin for such Applicable Period; provided, that notwithstanding the foregoing, no Default or Event of Default shall be deemed to have occurred as a result of such non-payment (and
no such shortfall amount shall be deemed overdue or accrue interest at the default rate under Section 1.3(b)) unless such shortfall amount is not paid promptly by the Borrower). 

 

	 	m.	 The definition of “Available Amount” in Section 11.1 of the Credit Agreement is hereby amended
by inserting the words “or an Unadjusted EBITDA Equity Contribution” immediately after each reference to “Specified Equity Contribution” appearing therein. 

 

	 	n.	 Clause (a)(iv) of the definition of “Consolidated EBITDA” in Section 11.1 of the Credit
Agreement is hereby amended by inserting the following proviso immediately prior to “; plus” appearing therein: 

; provided that the aggregate amount of fees, payments, expenses or charges related to preparation for an Initial Public Offering
(including costs associated with becoming a standalone entity or public company, but excluding any underwriter or other transaction fees payable in connection with an Initial Public Offering) pursuant to this clause (iv) shall not exceed
(A) for any period of four consecutive Fiscal Quarters ending after the Fourth Amendment Effective Date and on or prior to December 31, 2020, $4,900,000, (B) for Fiscal Years 2019 and 2020 in the aggregate, $4,900,000 and (C) for all
periods thereafter, the Subject Adjustment Cap (when taken together with all other adjustments expressly subject to the Subject Adjustment Cap). 
  

	 	o.	 Clause (a)(v) of the definition of “Consolidated EBITDA” in Section 11.1 of the Credit Agreement
is hereby amended by amending and restating the proviso appearing in such clause as follows: 

 ; provided that,
the aggregate amount pursuant to this clause (v), together with the aggregate amount pursuant to clause (xii) below, the aggregate amount of inventory disposition expense for Fiscal Year 2020 pursuant to clause (xxi) below, the aggregate
amount pursuant to clause (B) of the definition of Pro Forma Basis and all other adjustments expressly subject to the Subject Adjustment Cap (but excluding any adjustments under such clause (xii) and the definition of Pro Forma Basis
determined on a basis consistent with Article 11 of Regulation S-X promulgated under the Exchange Act and as interpreted by the staff of the Securities and Exchange Commission (or any successor agency)), shall
not exceed (1) in any period of four consecutive Fiscal Quarters ending on or before December 31, 2019, 20% of Consolidated EBITDA for such period, (2) in any period of four consecutive Fiscal Quarters ending after December 31,
2019 but on or prior to September 30, 2020, the sum of (x) 20% of Consolidated EBITDA attributable to the Fiscal Quarter or Fiscal Quarters in such period ending on or prior to December 31, 2019 and (y) 10% of Consolidated EBITDA
attributable to each other Fiscal 

 
Quarter in such period and (3) thereafter, 10% of Consolidated EBITDA for such period, in each case, prior to giving effect to such adjustments for the applicable period or periods (the
foregoing clauses (1) through (3), in each case, determined prior to giving effect to such adjustments for the applicable period or periods, the “Subject Adjustment Cap”); 

 

	 	p.	 Clause (a)(vi) of the definition of “Consolidated EBITDA” in Section 11.1 of the Credit
Agreement is hereby amended and restated as follows: 

 (vi) fees, costs and expenses incurred in connection with the
Fourth Amendment consisting of (x) consent fees payable to Lenders in connection therewith, (y) legal fees of Latham & Watkins LLP, Cravath, Swaine & Moore LLP and Goldberg Kohn in connection therewith and (z) any
payment of, or reimbursement of the Agent and/or the Lenders for, costs and expenses of the Fourth Amendment Consultant; plus 
  

	 	q.	 Clause (a)(xii) of the definition of “Consolidated EBITDA” in Section 11.1 of the Credit
Agreement is hereby amended by amending and restating the second and third provisos appearing therein as follows: 

provided further that, the aggregate amount pursuant to this clause (xii) and clause (B) of the definition of Pro Forma
Basis, together with the aggregate amount pursuant to clause (v) above, the aggregate amount of inventory disposition expense for Fiscal Year 2020 pursuant to clause (xxi) below and all other adjustments expressly subject to the Subject
Adjustment Cap, shall not exceed the Subject Adjustment Cap; provided that the limitations in the immediately preceding proviso will not apply to the extent such adjustments are determined on a basis consistent with Article 11 of Regulation S-X promulgated under the Exchange Act and as interpreted by the staff of the Securities and Exchange Commission (or any successor agency); 
  

	 	r.	 Clause (a)(xxi) of the definition of “Consolidated EBITDA” in Section 11.1 of the Credit
Agreement is hereby amended by inserting the following proviso immediately prior to “; plus” appearing therein: 

; provided that the aggregate amount of all expenses attributable to dispositions of inventory pursuant to this clause (xxi) shall
not exceed (A) for any period of four consecutive Fiscal Quarters ending after the Fourth Amendment Effective Date and on or prior to December 31, 2019, $1,000,000, (B) for any period of four consecutive Fiscal Quarters ending after
December 31, 2019 and on or prior to December 31, 2020, (1) with respect to such expenses attributable to dispositions of inventory for all Fiscal Quarters in such period ending on or prior to December 31, 2019, $1,000,000 plus
(2) with respect to such expenses attributable to dispositions of inventory in Fiscal Year 2020, additional amounts subject to the Subject Adjustment Cap and (C) with respect to such expenses attributable to dispositions of inventory
in any subsequent period, such expenses shall not exceed the Subject Adjustment Cap (when taken together with all other adjustments expressly subject to the Subject Adjustment Cap); 

 

	 	s.	 The definition of “Pro Forma Basis” in Section 11.1 of the Credit Agreement is hereby amended by
amending and restating the second proviso appearing therein as follows: 

 ; provided further, that such amounts pursuant to the preceding clause (B), together
with any addbacks made pursuant to clauses (v) and (xii) of the definition of Consolidated EBITDA, the aggregate amount of inventory disposition expense for Fiscal Year 2020 pursuant to clause (xxi) of the definition of Consolidated EBITDA
and all other adjustments expressly subject to the Subject Adjustment Cap (except to the extent such addbacks and adjustments pursuant to clause (xii) of the definition of Consolidated EBITDA are determined on a basis consistent with Article 11
of Regulation S-X promulgated under the Exchange Act and as interpreted by the staff of the Securities and Exchange Commission (or any successor agency)), shall not exceed the Subject Adjustment Cap. 

 

	 	t.	 Exhibit 4.2(b) to the Credit Agreement (Form of Compliance Certificate) is hereby amended and restated in its
entirety in the form attached as Exhibit A hereto. 

 SECTION 4. Amendment to the Guaranty and Security
Agreement. Effective as of the Effective Date, the definition of “Excluded Deposit Account” in Section 1.1(c) of the Guaranty and Security Agreement is hereby amended by (a) replacing the word “and” immediately
preceding clause (e) of such definition with “,” and (b) inserting the following at the end of such definition: “and (f) any deposit account the funds of which consist solely of deposits in favor of credit or debit card
issuers or credit or debit card processors in the ordinary course of business to secure the obligations of the Credit Parties or any of their Subsidiaries to such credit or debit card issuers and credit or debit card processors as a result of fees
or chargebacks (provided that the aggregate outstanding balance of all deposit accounts described in this clause (f) shall not exceed $1,000,000 at any one time outstanding).” 

SECTION 5. Conditions Precedent to Effectiveness. This Amendment shall become effective on the date (the “Effective
Date”) on which the Administrative Agent shall have received counterparts of this Amendment that, when taken together, bear the signatures of (a) the Borrower and (b) the Required Lenders. 

SECTION 6. Consent Fees. Each Lender party to this Amendment shall receive, not later than one Business Day after the Effective Date, a
fee equal to 0.50% of the aggregate principal amount of the Loans and/or Commitments (as the case may be) held by it as of the Effective Date. 

SECTION 7. Representations and Warranties. To induce the other parties hereto to enter into this Amendment, the Borrower represents and
warrants to the Agent and each Lender that, as of the Effective Date, (a) the representations and warranties set forth in Article III of the Credit Agreement and in each other Loan Document are true and correct in all material respects (without
duplication of any materiality qualifier contained therein) on and as of the Effective Date, except to the extent that any representation or warranty expressly relates to an earlier date or period (in which event such representations and warranties
were true and correct in all material respects (without duplication of any materiality qualifier contained therein) as of such earlier date or period) and (b) no Default or Event of Default (in each case, other than the Designated Defaults) has
occurred and is continuing. 
 SECTION 8. Effect of Amendment. Except as expressly set forth herein, this Amendment shall not, by
implication or otherwise, limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Lenders or the Agent under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect
any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which shall continue in full force and effect. Nothing herein shall be deemed to entitle any Credit Party to a
consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or different circumstances. After the
date hereof, any reference in any Loan Document to the Credit Agreement shall be deemed to refer without further amendment to the Credit Agreement as amended hereby. This Amendment shall constitute a “Loan Document” for all purposes of the
Credit Agreement and the other Loan Documents. 

 SECTION 9. Counterparts. This Amendment may be executed in any number of counterparts
and by different parties in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Signature pages may be detached from multiple separate
counterparts and attached to a single counterpart. Delivery of an executed signature page of this Amendment by facsimile transmission or Electronic Transmission shall be as effective as delivery of a manually executed counterpart hereof. 

SECTION 10. Governing Law. The laws of the State of New York shall govern all matters arising out of, in connection with or relating to
this Amendment, including, without limitation, its validity, interpretation, construction, performance and enforcement (including, without limitation, any claims based in contract or tort law arising out of the subject matter hereof and any
determinations with respect to post-judgment interest). 
 SECTION 11. Headings. The headings of this Amendment are for purposes of
reference only and shall not limit or otherwise affect the meaning hereof. 
 [Remainder of page intentionally left blank] 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by
their respective authorized officers as of the day and year first above written. 
  

			
	LULU’S FASHION LOUNGE, LLC

 
			
		
	By:	 	 /s/ Crystal Landsem

		 	Name: Crystal Landsem
		 	Title: CFO

 [Signature Page to Waiver and Amendment No. 4 to Credit Agreement 

and Amendment to Guaranty and Security Agreement] 

			
	CREDIT SUISSE AG, CAYMAN ISLANDS
	BRANCH, individually and as Administrative Agent
		
	By:	 	 /s/ Vipul Dhadda

		 	Name: Vipul Dhadda
		 	Title: Authorized Signatory
		
	By:	 	 /s/ Joan Park

		 	Name: Joan Park
		 	Title: Authorized Signatory

 [Signature Page to Waiver and Amendment No. 4 to Credit Agreement 

and Amendment to Guaranty and Security Agreement] 

 
			
	SIGNATURE PAGE TO WAIVER AND AMENDMENT NO. 4 DATED AS OF THE DATE FIRST WRITTEN ABOVE TO THE CREDIT AGREEMENT OF LULU’S FASHION LOUNGE, LLC
	
	Name of Lender: GOLDMAN SACHS FUNDING INTERNATIONAL LIMITED
		
	By:	 	 /s/ Daniel Lueders

		 	Name: Daniel Lueders
		 	Title: Authorized Signatory

 [Signature Page to Waiver and Amendment No. 4 to Credit Agreement 

and Amendment to Guaranty and Security Agreement] 

 
			
	SIGNATURE PAGE TO WAIVER AND AMENDMENT NO. 4 DATED AS OF THE DATE FIRST WRITTEN ABOVE TO THE CREDIT AGREEMENT OF LULU’S FASHION LOUNGE, LLC
	
	TCW DIRECT LENDING LLC
	
	By: TCW Asset Management Company LLC
	Its Investment Advisor
		
	By:	 	 /s/ Suzanne Grosso

		 	Name: Suzanne Grosso
		 	Title: Managing Director
	
	TCW BRAZOS FUND LLC
	
	By: TCW Asset Management Company LLC
	Its Investment Advisor
		
	By:	 	 /s/ Suzanne Grosso

		 	Name: Suzanne Grosso
		 	Title: Managing Director
	
	TCW DIRECT LENDING STRATEGIC VENTURES LLC
		
	By:	 	 /s/ Suzanne Grosso

		 	Name: Suzanne Grosso
		 	Title: Managing Director

 [Signature Page to Waiver and Amendment No. 4 to Credit Agreement 

and Amendment to Guaranty and Security Agreement] 

 
			
	TCW SKYLINE LENDING, L.P.
	By: TCW Asset Management Company LLC
Its Investment Advisor
		
	By:	 	 /s/ Suzanne Grosso

		 	Name: Suzanne Grosso
		 	Title: Authorized Signatory
	
	WEST VIRGINIA DIRECT LENDING LLC 
	By: TCW Asset Management Company LLC
Its Investment Advisor
		
	By:	 	 /s/ Suzanne Grosso

		 	Name: Suzanne Grosso
		 	Title: Managing Director

 [Signature Page to Waiver and Amendment No. 4 to Credit Agreement 

and Amendment to Guaranty and Security Agreement] 

 
			
	SIGNATURE PAGE TO WAIVER AND AMENDMENT NO. 4 DATED AS OF THE DATE FIRST WRITTEN ABOVE TO THE CREDIT AGREEMENT OF LULU’S FASHION LOUNGE, LLC
	
	MONROE CAPITAL CORPORATION,
	in its capacity as a Lender
		
	By:	 	 /s/ Jonathan D. Weinberg

		 	Name: Jonathan D. Weinberg
		 	Title: Director
	
	MONROE CAPITAL PRIVATE CREDIT FUND II (UNLEVERAGED OFFSHORE) LP, in its capacity as a Lender
		
		 	By: MONROE CAPITAL PRIVATE CREDIT FUND II LLC, its general partner
		
	By:	 	 /s/ Jonathan D. Weinberg

		 	Name: Jonathan D. Weinberg
		 	Title: Director
	
	MONROE CAPITAL PRIVATE CREDIT FUND II LP, in its capacity as a Lender
		
		 	By: MONROE CAPITAL PRIVATE CREDIT FUND II LP, as Designated Manager
		
		 	By: MONROE CAPITAL PRIVATE CREDIT FUND II LP, its general partner
		
	By:	 	 /s/ Jonathan D. Weinberg

		 	Name: Jonathan D. Weinberg
		 	Title: Director

 [Signature Page to Waiver and Amendment No. 4 to Credit Agreement  

and Amendment to Guaranty and Security Agreement] 

 
			
	MONROE CAPITAL PRIVATE CREDIT FUND II-O (UNLEVERAGED OFFSHORE) LP, in its capacity as a Lender
		
		 	By: MONROE CAPITAL PRIVATE CREDIT
		 	FUND II LLC, its general partner
		
	By:	 	 /s/ Jonathan D. Weinberg

		 	Name: Jonathan D. Weinberg
		 	Title: Director
	
	MONROE PRIVATE CREDIT FUND A FINANCING SPV LLC, in its capacity as a Lender
		
		 	By: MONROE PRIVATE CREDIT FUND A LP, as its Designated Manager
		
		 	By: MONROE PRIVATE CREDIT FUND A LLC, its general partner
		
	By:	 	 /s/ Jonathan D. Weinberg

		 	Name: Jonathan D. Weinberg
		 	Title: Director
	
	MONROE CAPITAL PRIVATE CREDIT FUND I FINANCING SPV LLC, in its capacity as a Lender
		
		 	 By: MONROE CAPITAL PRIVATE CREDIT

FUND I LP, as its Designated Manager

		
		 	 By: MONROE CAPITAL PRIVATE CREDIT

FUND I LLC, its general partner

		
	By:	 	 /s/ Jonathan D. Weinberg

		 	 Name: Jonathan D. Weinberg
 Title:
Director

	
	MONROE CAPITAL CLO 2014-1, LTD., in its capacity as a Lender
		
		 	By: MONROE CAPITAL MANAGEMENT, LLC, as Asset Manager and attorney-in-fact
		
	By:	 	 /s/ Jeffrey Williams

		 	Name: Jeffrey Williams
		 	Title: Managing Director

 [Signature Page to Waiver and Amendment No. 4 to Credit Agreement  

and Amendment to Guaranty and Security Agreement] 

 
			
	MONROE CAPITAL MML CLO 2016-1, LTD., in its capacity as a Lender
		
		 	By: MONROE CAPITAL MANAGEMENT LLC, as Collateral Manager Attorney-in-Fact
		
	By:	 	/s/ Jeffrey Williams
		 	Name: Jeffrey Williams
		 	Title: Managing Director

  

			
	MONROE CAPITAL MML CLO 2017-1, LTD., in its capacity as a Lender
		
		 	By: MONROE CAPITAL MANAGEMENT LLC, as Collateral Manager Attorney-in-Fact
		
	By:	 	/s/ Jeffrey Williams
		 	Name: Jeffrey Williams
		 	Title: Managing Director

  

			
	MONROE CAPITAL MML CLO VI, LTD., in its capacity as a Lender
		
		 	By: MONROE CAPITAL ASSET MANAGEMENT LLC, as Asset Manager and Attorney-in-Fact
		
	By:	 	/s/ Jeffrey Williams
		 	Name: Jeffrey Williams
		 	Title: Managing Director

 [Signature Page to Waiver and Amendment No. 4 to Credit Agreement 

and Amendment to Guaranty and Security Agreement] 

 
			
	SIGNATURE PAGE TO WAIVER AND AMENDMENT NO. 4 DATED AS OF THE DATE FIRST WRITTEN ABOVE TO THE CREDIT AGREEMENT OF LULU’S FASHION LOUNGE, LLC
	
	Name of Lender: Main Street Capital Corporation
		
	By:	 	/s/ Watt Matthews
		 	Name: Watt Matthews
		 	Title: Managing Director

 [Signature Page to Waiver and Amendment No. 4 to Credit Agreement 

and Amendment to Guaranty and Security Agreement] 

 
			
	SIGNATURE PAGE TO WAIVER AND AMENDMENT NO. 4 DATED AS OF THE DATE FIRST WRITTEN ABOVE TO THE CREDIT AGREEMENT OF LULU’S FASHION LOUNGE, LLC
	
	HMS FUNDING I LLC
	By:	 	 HMS Income Fund, Inc.
 Its Designated
Manager

		
	By:	 	/s/ Alejandro Palomo
		 	Name: Alejandro Palomo
		 	Title: Authorized Agent

 [Signature Page to Waiver and Amendment No. 4 to Credit Agreement 

and Amendment to Guaranty and Security Agreement] 

 
			
	SIGNATURE PAGE TO WAIVER AND AMENDMENT NO. 4 DATED AS OF THE DATE FIRST WRITTEN ABOVE TO THE CREDIT AGREEMENT OF LULU’S FASHION LOUNGE, LLC
	
	Name of Lender: Premia L V 1 Ltd. -1
		
	By:	 	/s/ Todd A. Berry
		 	Name: Todd A. Berry
		 	 Title: COO of its general partner,
 Birch
Grove Advisors LLC

	
	For any Lender requiring a second signature block:
		
	By:	 	/s/
		 	Name:
		 	Title:

 [Signature Page to Waiver and Amendment No. 4 to Credit Agreement 

and Amendment to Guaranty and Security Agreement] 

 
			
	SIGNATURE PAGE TO WAIVER AND AMENDMENT NO. 4 DATED AS OF THE DATE FIRST WRITTEN ABOVE TO THE CREDIT AGREEMENT OF LULU’S FASHION LOUNGE, LLC
	
	Name of Lender: Premia LV 1 Ltd. —Guideone
		
	By:	 	/s/ Todd A. Berry
		 	Name: Todd A. Berry
		 	 Title: COO of its general partner,
 Birch
Grove Advisors LLC

	
	For any Lender requiring a second signature block:
		
	By:	 	 
		 	Name:
		 	Title:

 [Signature Page to Waiver and Amendment No. 4 to Credit Agreement 

and Amendment to Guaranty and Security Agreement] 

 
			
	SIGNATURE PAGE TO WAIVER AND AMENDMENT NO. 4 DATED AS OF THE DATE FIRST WRITTEN ABOVE TO THE CREDIT AGREEMENT OF LULU’S FASHION LOUNGE, LLC
	
	Name of Lender: BGC Income Fund-01 LP
		
	By:	 	/s/ Todd A. Berry
		 	Name: Todd A. Berry
		 	 Title: COO of its general partner,
 Birch
Grove Advisors

	
	For any Lender requiring a second signature block:
		
	By:	 	 
		 	Name:
		 	Title:

 [Signature Page to Waiver and Amendment No. 4 to Credit Agreement 

and Amendment to Guaranty and Security Agreement] 

 
			
	SIGNATURE PAGE TO WAIVER AND AMENDMENT NO. 4 DATED AS OF THE DATE FIRST WRITTEN ABOVE TO THE CREDIT AGREEMENT OF LULU’S FASHION LOUNGE, LLC
	
	Name of Lender: BGC Credit Opportunities Fund Ltd
		
	By:	 	/s/ Todd A. Berry
		 	Name: Todd A. Berry
		 	 Title: COO of its general partner,
 Birch
Grove Advisors

	
	For any Lender requiring a second signature block:
		
	By:	 	 
		 	Name:
		 	Title:

 [Signature Page to Waiver and Amendment No. 4 to Credit Agreement 

and Amendment to Guaranty and Security Agreement] 

 
			
	SIGNATURE PAGE TO WAIVER AND AMENDMENT NO. 4 DATED AS OF THE DATE FIRST WRITTEN ABOVE TO THE CREDIT AGREEMENT OF LULU’S FASHION LOUNGE, LLC
	
	 Name of Lender: Swiss Capital Alternative Strategies Funds

SPC RE: SC Alternative Strategy 14SP

		
	By:	 	/s/ Todd A. Berry
		 	Name: Todd A. Berry
		 	 Title: COO of its general partner,
 Birch
Grove Advisors

	
	For any Lender requiring a second signature block:
		
	By:	 	 
		 	Name:
		 	Title:

 [Signature Page to Waiver and Amendment No. 4 to Credit Agreement 

and Amendment to Guaranty and Security Agreement] 

 
			
	SIGNATURE PAGE TO WAIVER AND AMENDMENT NO. 4 DATED AS OF THE DATE FIRST WRITTEN ABOVE TO THE CREDIT AGREEMENT OF LULU’S FASHION LOUNGE, LLC
	
	Name of Lender: I-45 SPV LLC
		
	By:	 	/s/ Josh Weinstein
		 	Name: Josh Weinstein
		 	Title: Managing Director

 [Signature Page to Waiver and Amendment No. 4 to Credit Agreement 

and Amendment to Guaranty and Security Agreement] 

 
			
	SIGNATURE PAGE TO WAIVER AND AMENDMENT NO. 4 DATED AS OF THE DATE FIRST WRITTEN ABOVE TO THE CREDIT AGREEMENT OF LULU’S FASHION LOUNGE, LLC
	
	Name of Lender: Snow Hill Designated Activity Company
		
	By:	 	/s/ Ruth Dominguez
		 	Name: Ruth Dominguez
		 	Title: Associate Director
	
	For any Lender requiring a second signature block:
		
	By:	 	 
		 	Name:
		 	Title:

 [Signature Page to Waiver and Amendment No. 4 to Credit Agreement 

and Amendment to Guaranty and Security Agreement] 

 EXHIBIT 4.2(b) 

[FORM OF] 
 COMPLIANCE CERTIFICATE1 
 Lulu’s Fashion Lounge Parent, LLC 

Lulu’s Fashion Lounge, LLC 

Financial Statement Date: _____________, 20___ 

This Compliance Certificate (this “Certificate”) is given by Lulu’s Fashion Lounge, LLC, a Delaware limited liability
company (the “Borrower”), pursuant to Section 4.2(b)(i) of that certain Credit Agreement, dated as of August 28, 2017 (as the same may be amended, restated, amended and restated, extended, refinanced,
supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among the Lulu’s Fashion Lounge Parent, LLC, a Delaware limited liability company (“Holdings”), the Borrower, Credit Suisse
AG, Cayman Islands Branch, as Administrative Agent and as Collateral Agent for all Lenders, and the Lenders from time to time party thereto. Capitalized terms used herein but not otherwise defined herein shall have the respective meanings ascribed
to such terms in the Credit Agreement. The officer executing this Certificate hereby certifies that [he/she] is a Responsible Officer of Borrower and as such is duly authorized to execute and deliver this Certificate on behalf of the Credit Parties.
By executing this Certificate, such officer hereby certifies, in [his/her] capacity as a Responsible Officer of the Borrower and not in [his/her] individual capacity, to Agent, the Lenders and the L/C Issuers, on behalf of Holdings, the Borrower and
their Subsidiaries, that as of the date hereof: 
 (a) Such officer has reviewed and is familiar with the terms of the Credit Agreement and
has made, or has caused to be made under [his/her] supervision, a review of the activities of Holdings and its Subsidiaries during the fiscal period covered by the attached financial statements. 

[(b) Attached hereto as Annex A are the financial statements required by Section 4.1(a) of the Credit Agreement for
the Fiscal Year ended as of the above date.]2 
 [(c) Attached hereto as Annex A are
the consolidated financial statements required by Section 4.1(b) of the Credit Agreement for the Fiscal Quarter ended as of the above date.]3 

[(d) The financial statements delivered with this Certificate fairly present, in all material respects, in accordance with GAAP, the financial
condition and results of operations of Holdings and its Subsidiaries for the periods covered by such statements[, subject, in the case of financial statements delivered pursuant to Section 4.1(b) of the Credit Agreement, to
normal year-end adjustments and absence of footnote disclosures]4. 

 

	1 	 For use solely for purposes of Section 4.2(b)(i). For purposes of Section 4.2(b)(ii), use the
separate form of Consolidated Cumulative Unadjusted EBITDA Compliance Certificate appearing at the end of this Exhibit 4.2(b). The obligations of the Credit Parties under the Credit Agreement, including Section 6.1 thereof, are as set forth in
the Credit Agreement, and nothing in this Certificate shall modify such obligations or constitute a waiver of compliance therewith in accordance with the terms of the Credit Agreement. In the event of any conflict between the terms of this
Certificate and the terms of the Credit Agreement, the terms of the Credit Agreement shall govern and control, and the terms of this Certificate are to be modified accordingly. 

	2 	 Include only if Certificate is delivered for end of Fiscal Year. 

	3 	 Include only if Certificate is delivered for end of Fiscal Quarter. 

	4 	 Include only if Certificate is delivered for end of Fiscal Quarter. 

 (e) Attached hereto as Annex B is a complete and correct calculation of Consolidated EBITDA,
[Excess Cash Flow,]5 and Consolidated Interest Expense for the four Fiscal Quarter period ended as of the above date. Annex B also includes a complete and correct calculation of the Consolidated
Total Net Leverage Ratio for the four Fiscal Quarter period ended as of the above date. 
 (f) Attached hereto as Annex C is a complete and
correct calculation in reasonable detail of the Available Amount as of the date hereof. 
 (g) To the knowledge of such officer, as of the
date hereof, no Default or Event of Default has occurred and is continuing. 
 [Remainder of Page Intentionally Left Blank; Signature Page
Follows] 
  
  

	5 	 Include only if Certificate is delivered for end of Fiscal Year commencing December 31, 2018.

 IN WITNESS WHEREOF, the Borrower has caused this Certificate to be executed by one of its
Responsible Officers as of the date first above written. 
  

			
	Lulu’s Fashion Lounge, LLC, a
	Delaware limited liability company
		
	By:	 	 
		 	Name:
		 	Title:

 [Signature Page to Compliance Certificate] 

 ANNEX A 

TO COMPLIANCE CERTIFICATE 

Financial Statements 
 [ATTACHED]

  
 A-1 

 ANNEX B 

TO COMPLIANCE CERTIFICATE 
 Selected
Financial Definitions and Calculations 
  

	I.	 Calculation of Consolidated EBITDA 

Consolidated EBITDA means, with respect to Holdings for any period: 
  

	A.	 Net income of Holdings6 and its Subsidiaries for such
period, on a consolidated basis, and otherwise determined in accordance with GAAP 

 provided, however, that, without
duplication (including for purposes of determining Consolidated EBITDA), 
  

			
	 (i) non-cash extraordinary, non-recurring or unusual gains, losses, charges or expenses shall be excluded
	  	
		  	  

		
	 (ii)  the cumulative effect of a change in accounting principles and changes as a
result of the adoption or modification of accounting policies during such period shall be excluded to the extent not otherwise reflected in a change to the Financial Covenant
	  	
		  	  

		
	 (iii)  [reserved]
	  	
		  	  

		
	 (iv) the net income for such period of any Person that is not a Subsidiary, shall be
excluded to the extent such Person is prohibited by contract (including its Organization Documents) or governmental approval (which has not been obtained), from making dividends or distributions to the Borrower or a Subsidiary; provided that
Consolidated Net Income of the Borrower shall be increased by the amount of dividends or distributions or other payments that are actually paid to the Borrower or a Subsidiary thereof from a Person that is not such a Subsidiary in respect of such
period
	  	
		  	  

		
	 (v)   [reserved]
	  	
		  	  

		
	 (vi) [reserved]
	  	
		  	  

		
	 (vii) any impairment charge or asset write off or write down, including impairment charges or
asset write-offs or write-downs related to intangible assets, long-lived assets, investments in debt and equity securities or as a result of a change in law or regulation, in each case, pursuant to GAAP, and the amortization of intangibles arising
pursuant to GAAP shall be excluded
  
 For the avoidance of doubt,
Consolidated Net Income shall be calculated on a Pro Forma Basis.
	  	
		  	  

		
	 B. Total exclusions to consolidated net income (sum of (i)-(vii) above)
	  	
		  	  

		
	 C. Consolidated Net Income (result of A minus B)
	  	
		  	  

 

	6 	 Unless the context shall otherwise require, references to Consolidated Net Income herein shall mean
Consolidated Net Income of Holdings. 

  
 B-1 

			
	 D. Increased (without duplication, including for purposes of determining Consolidated Net
Income) by the following, in each case (other than clause (xii)) to the extent deducted (and not added back or excluded) in determining Consolidated Net Income for such period:
	  	
		  	  

		
	 (i)  provision for taxes based on income or profits or capital, including, without
limitation, federal, provincial, state, franchise and similar taxes and foreign withholding taxes of such Person paid or accrued during such period (including penalties, interest, costs and expenses related to such taxes or arising from any tax
examinations or Restricted Payments permitted pursuant to Section 5.7(c) of the Credit Agreement)
	  	
		  	  

		
	 (ii)   Consolidated Interest Expense of such Person for such period
	  	
		  	  

		
	 (iii)   Consolidated Depreciation and Amortization Expense of such Person for
such period
	  	
		  	  

		
	 (iv)  any
out-of-pocket fees, payments, expenses or charges (including legal, tax, structuring and other costs and expenses, but excluding depreciation and amortization expense)
related to: (a) the Transactions, including any payments and expenses, or any amortization thereof, related to the Transactions that are incurred within twelve months after the Closing Date and (b) any proposed or actual equity offering
(including, without limitation, any Initial Public Offering), Investment, acquisition (including costs and expenses in connection with the de-listing of public targets and compliance with public company
requirements), disposition, dividend, restricted payment or recapitalization or the incurrence and/or repayment of Indebtedness (including any incremental facility, any refinancing of any such Indebtedness, any letter of credit fees and/or breakage
costs) (in each of the forgoing whether or not consummated or successful), including (1) such fees, expenses or charges related to the Loans, the Loan Documents and any credit facilities, (2) any amendment, restatement, extension, increase
or other modification of the Loans, the Loan Documents and any credit facilities, (3) any charges, non-recurring acquisition costs or contingent transaction costs incurred during such period as a result
of any such transaction and (4) one-time expenses related to enhanced accounting function or other transaction costs, including those associated with becoming standalone entity or public company;
provided that the aggregate amount of fees, payments, expenses or charges related to preparation for an Initial Public Offering (including costs associated with becoming a standalone entity or public company, but excluding any underwriter or
other transaction fees payable in connection with an Initial Public Offering) pursuant to this clause (iv) shall not exceed (A) for any period of four consecutive Fiscal Quarters ending after the Fourth Amendment Effective Date and on or
prior to December 31, 2020, $4,900,000, (B) for Fiscal Years 2019 and 2020 in the aggregate, $4,900,000 and (C) for all periods thereafter, the Subject Adjustment Cap (when taken together with all other adjustments expressly subject to the
Subject Adjustment Cap).
	  	
		  	  

		
	 (v)    the amount (together with any fees, expenses or other charges in
connection therewith) of any out-of-pocket deferred compensation, severance, signing bonuses, stay bonus, retention, recruiting and relocation costs, integration costs,
transition costs, costs incurred in connection with any non-recurring strategic initiatives and intellectual property development, project startup costs and other restructuring
	  	
		  	  

  
 B-2 

			
	 charges, costs associated with establishing new facilities or reserves, any other
one-time costs incurred in connection with acquisitions, excess fulfillment costs incurred prior to warehouse consolidation through December 31, 2017 and costs related to the closure and/or consolidation
of facilities in the good faith determination of the Borrower and as certified by the Borrower’s chief financial officer, chief executive officer, controller or other comparable executive; provided that, the aggregate amount pursuant to
this clause (v), together with the aggregate amount pursuant to clause (xii) below, the aggregate amount of inventory disposition expense for Fiscal Year 2020 pursuant to clause (xxi) below, the aggregate amount pursuant to clause
(B) of the definition of Pro Forma Basis and all other adjustments expressly subject to the Subject Adjustment Cap (but excluding any adjustments under such clause (xii) and the definition of Pro Forma Basis determined on a basis
consistent with Article 11 of Regulation S-X promulgated under the Exchange Act and as interpreted by the staff of the Securities and Exchange Commission (or any successor agency)), shall not exceed
(1) in any period of four consecutive Fiscal Quarters ending on or before December 31, 2019, 20% of Consolidated EBITDA for such period, (2) in any period of four consecutive Fiscal Quarters ending after December 31, 2019 but on
or prior to September 30, 2020, the sum of (x) 20% of Consolidated EBITDA attributable to the Fiscal Quarter or Fiscal Quarters in such period ending on or prior to December 31, 2019 and (y) 10% of Consolidated EBITDA attributable to each
other Fiscal Quarter in such period and (3) thereafter, 10% of Consolidated EBITDA for such period, in each case, prior to giving effect to such adjustments for the applicable period or periods (the foregoing clauses (1) through (3), in
each case, determined prior to giving effect to such adjustments for the applicable period or periods, the “Subject Adjustment Cap”);
	  	
		
	 (vi)  fees, costs and expenses incurred in connection with the Fourth Amendment
consisting of (x) consent fees payable to Lenders in connection therewith, (y) legal fees of Latham & Watkins LLP, Cravath, Swaine & Moore LLP and Goldberg Kohn in connection therewith and (z) any payment of, or
reimbursement of the Agent and/or the Lenders for, costs and expenses of the Fourth Amendment Consultant;
	  	
		
	 (vii)  fees paid in an amount not to exceed $500,000 in any Fiscal Year to the Sponsor
and its Affiliates pursuant to or in connection with services rendered pursuant to the Management Agreement, any amounts payable with respect to indemnities thereunder, and reasonable,
out-of-pocket expenses paid, or reimbursed, to the Sponsor and its Affiliates
	  	
		  	  

		
	 (viii)   non-cash stock option and other
equity-based compensation
	  	
		  	  

		
	 (ix)  (A) compensation and fees paid to directors of Holdings or any of its
Subsidiaries permitted under the Credit Agreement in an aggregate cash amount not to exceed $1,000,000 in any Fiscal Year, (B) expense reimbursements for travel and other expenses paid to directors of Holdings or any of its Subsidiaries
permitted under the Credit Agreement and (C) indemnifications of directors, officers and comparable managers of Holdings or any of its Subsidiaries permitted under the Credit Agreement
	  	
		  	  

  
 B-3 

			
	 (x)    to the extent covered by insurance or reimbursed, or, so long as
the Borrower has made a determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer, losses or expenses with respect to liability or casualty event; provided that Consolidated EBITDA shall be
decreased in any future period in which such reimbursement is actually received by the amount, if any, by which such reimbursement is less than the accrued amounts added back pursuant to this clause (x)
	  	
		
	 (xi)  the amount of any earn out obligation which was reserved or paid during such
period and deducted in the calculation of Consolidated Net Income for such period, to the extent such earn out obligations are permitted under the Credit Agreement
	  	
		  	  

		
	 (xii)  the amount of cost savings, operating expense reductions, other operating
improvements and initiatives and synergies which are projected by the Borrower in good faith to be reasonably anticipated to be realizable within eighteen (18) months of the date thereof (which will be added to Consolidated EBITDA as so
projected until fully realized and calculated on a pro forma basis as though such cost savings, operating expense reductions, other operating improvements, initiatives and synergies had been realized on the first day of such period) net of the
amount of actual benefits realized during such period from such actions; provided that all steps have been taken or are reasonably expected to be taken for realizing such cost savings and such cost savings are reasonably identifiable and factually
supportable (in the good faith determination of the Borrower and certified by a Responsible Officer of the Borrower); provided further that, the aggregate amount pursuant to this clause (xii) and clause (B) of the definition of Pro Forma
Basis, together with the aggregate amount pursuant to clause (v) above, the aggregate amount of inventory disposition expense for Fiscal Year 2020 pursuant to clause (xxi) below and all other adjustments expressly subject to the Subject
Adjustment Cap, shall not exceed the Subject Adjustment Cap; provided that the limitations in the immediately preceding proviso will not apply to the extent such adjustments are determined on a basis consistent with Article 11 of Regulation S-X promulgated under the Exchange Act and as interpreted by the staff of the Securities and Exchange Commission (or any successor agency);
	  	
		  	  

		
	 (xiii)   non-cash costs or losses
related to hedging obligations
	  	
		  	  

		
	 (xiv) non-cash foreign exchange losses resulting
from the impact of foreign currency changes on the valuation of assets or liabilities
	  	
		  	  

		
	 (xv)   [Reserved]
	  	
		  	  

		
	 (xvi) any purchase accounting adjustments, restructuring and other non- recurring items or expenses incurred in connection with any Permitted Acquisition (including any debt or equity issuance in connection therewith) or any non-recurring
items or expenses incurred in connection with a Disposition
	  	
		  	  

		
	 (xvii)  (A) non-cash costs and expenses
relating to any equity-based compensation or equity-based incentive plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, in each case, of Holdings, the Borrower or any Subsidiary for
such period and (B) any costs or expense incurred by Holdings, the Borrower or any Subsidiary pursuant to any management
	  	
		  	  

  
 B-4 

			
	 equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock
subscription or shareholder agreement, to the extent that such cost or expenses are funded with cash proceeds contributed to the capital of Holdings or the Borrower or Net Issuance Proceeds of an issuance of equity interests (other than Disqualified
Stock) of Holdings or the Borrower
	  	
		
	 (xviii)  all costs or losses (whether cash or
non-cash) (without duplication) resulting from the early termination or extinguishment of Indebtedness
	  	
		  	  

		
	 (xix) cash expenses of Holdings, the Borrower and their Subsidiaries incurred during such
period to the extent (x) deducted in determining Consolidated Net Income and (y) reimbursed in cash by any person (other than any of Holdings, the Borrower or any of their Subsidiaries or any owners, directly or indirectly, of equity
interests, respectively, therein) during such period (or reasonably expected to be so reimbursed within 365 days of the end of such period to the extent not accrued) pursuant to an indemnity or guaranty or any other reimbursement agreement in favor
of Holdings, the Borrower or any of their Subsidiaries to the extent such reimbursement has not been accrued (provided that (A) if not so reimbursed or received by Holdings, the Borrower or such Subsidiary within such 365 day period, such
expenses or losses shall be subtracted in the subsequent calculation period or (B) if reimbursed or received by Holdings, the Borrower or such Subsidiary in a subsequent period, (1) such amount shall not be permitted to be added back in
determining Consolidated EBITDA for such subsequent period and (2) Consolidated EBITDA shall be decreased for such subsequent period by an amount, if any, by which such reimbursement is less than the accrued amounts added back pursuant to this
clause)
	  	
		  	  

		
	 (xx)   to the extent deducted (and any reimbursement therefor not already added
back) in determining Consolidated Net Income, the aggregate amount of expenses or losses incurred by Holdings, the Borrower or any Subsidiary relating to business interruption to the extent covered by insurance and (x) actually reimbursed or
otherwise paid to Holdings, the Borrower or such Subsidiary or (y) so long as such amount for any calculation period is reasonably expected to be received by Holdings, the Borrower or such Subsidiary in a subsequent calculation period and
within one year of the date of the underlying loss (provided that (A) if not so reimbursed or received by Holdings, the Borrower or such Subsidiary within such 365 day period, such expenses or losses shall be subtracted from Consolidated
EBITDA in the subsequent calculation period or (B) if reimbursed or received by Holdings, the Borrower or such Subsidiary in a subsequent period, (1) such amount shall not be permitted to be added back in determining Consolidated EBITDA
for such subsequent period and (2) Consolidated EBITDA shall be decreased for such subsequent period by an amount, if any, by which such reimbursement is less than the accrued amounts added back pursuant to this clause)
	  	
		  	  

		
	 (xxi) losses, charges and expenses attributable to (x) asset sales or other
dispositions or the repurchase, redemption, sale or disposition of any equity interests of any Person other than in the ordinary course of business and (y) repurchases or redemptions of any equity interests of Holdings from existing or former
directors, officers or employees of Holdings, the Borrower or their Subsidiaries, their estates, beneficiaries
	  	
		  	  

  
 B-5 

			
	 under their estates, transferees, spouses or former spouses; provided that the aggregate amount of all expenses
attributable to dispositions of inventory pursuant to this clause (xxi) shall not exceed (A) for any period of four consecutive Fiscal Quarters ending after the Fourth Amendment Effective Date and on or prior to December 31, 2019,
$1,000,000, (B) for any period of four consecutive Fiscal Quarters ending after December 31, 2019 and on or prior to December 31, 2020, (1) with respect to such expenses attributable to dispositions of inventory for all Fiscal Quarters in
such period ending on or prior to December 31, 2019, $1,000,000 plus (2) with respect to such expenses attributable to dispositions of inventory in Fiscal Year 2020, additional amounts subject to the Subject Adjustment Cap and
(C) with respect to such expenses attributable to dispositions of inventory in any subsequent period, such expenses shall not exceed the Subject Adjustment Cap (when taken together with all adjustments expressly subject to the Subject
Adjustment Cap);
	  	
		
	 (xxii)  payments to employees, directors or officers of Holdings, the Borrower and its
Subsidiaries paid in connection with dividends that are otherwise permitted under the Credit Agreement (including, without limitation, the Special Dividend) to the extent such payments are not made in lieu of, or as a substitution for, ordinary
salary or ordinary payroll payments
	  	
		  	  

		
	 (xxiii)  the aggregate amount of all other
non-cash items otherwise reducing Consolidated Net Income
	  	
		  	  

		
	 (xxiv) unamortized fees, costs and expenses paid in cash in connection with the repayment of
Indebtedness of Holdings or its Subsidiaries to persons that are not Affiliates of Holdings or any of its Subsidiaries
	  	
		  	  

		
	 Total addbacks to consolidated net income (sum of (i)-(xxiv) above)
	  	
		  	  

		
	 E.  [Reserved]
	  	
		  	  

		
	 F.  Increased (without duplication) by the amount of any Specified Equity Contribution
solely for purposes of determining compliance with the Financial Covenant
	  	
		  	  

		
	 G. [Reserved]
	  	
		  	  

		
	 H. Decreased (without duplication) to the extent included in determining Consolidated Net
Income for such period, by non-cash gains increasing Consolidated Net Income of such Person for such period, but excluding (x) any non-cash gains to the extent they
represent the reversal of an accrual or reserve for a potential cash item that reduced Consolidated EBITDA in any prior period and (y) any non-cash gains with respect to cash actually received in a prior
period so long as such cash did not increase Consolidated EBITDA in such prior period; provided that, to the extent non-cash gains are deducted pursuant to this clause (e) for any previous period and not
otherwise added back to Consolidated EBITDA, Consolidated EBITDA shall be increased by the amount of any cash receipts (or any netting arrangements resulting in reduced cash expenses) in respect of such
non-cash gains received in subsequent periods to the extent not already included therein
	  	
		  	  

  
 B-6 

					
	I.	  	Decreased (without duplication) by non-cash gains related to hedging obligations	  	                
		  		  	  

			
	J.	  	Decreased (without duplication) by non-cash gains resulting from the impact of foreign currency changes on the valuation of assets or liabilities	  	
		  		  	  

			
	K.	  	Decreased (without duplication) by gains attributable to (x) asset sales or other dispositions or the repurchase, redemption, sale or disposition of any equity interests of any Person other than in the ordinary course of
business and (y) repurchases or redemptions of any equity interests of Holdings from existing or former directors, officers or employees of Holdings, the Borrower or their Subsidiaries, their estates, beneficiaries under their estates,
transferees, spouses or former spouses	  	
		  		  	  

			
	L.	  	Decreased (without duplication) by any gains (whether cash or non-cash) resulting from the early termination or extinguishment of Indebtedness	  	
		  		  	  

			
	M.	  	Consolidated EBITDA (sum of C plus D plus E plus F plus G minus H minus I minus J minus K minus L above)7	  	
		  		  	  

			
	II.	  	Calculation of Excess Cash Flow	  	
			
		  	Excess Cash Flow is defined as:	  	
			
	A.	  	Consolidated EBITDA of Holdings (per Section I of Annex B)	  	
		  		  	  

			
	B.	  	Minus, without duplication:	  	
		  		  	  

			
		  	 (i) any scheduled principal installments of term loans paid by Holdings or any of its
Subsidiaries during such period and any other scheduled, mandatory or optional principal payment made by Holdings or any of its Subsidiaries during such period on any Indebtedness other than the Loans (including, without limitation, the principal
component of payments in respect of Capital Lease Obligations) and payment of revolving Indebtedness, to the extent such payment results in a permanent reduction in the commitments thereof
	  	
		  		  	  

			
		  	 (ii)  any capital expenditure made by Holdings or any of its Subsidiaries during such
period and permitted by Section 5.14 excluding any such capital expenditure to the extent funded with the Net Proceeds from a disposition of assets or proceeds of an insurance award in respect of an Event of Loss or financed with the incurrence
of Indebtedness (other than Revolving Loans and intercompany indebtedness) or the proceeds of an equity issuance by or capital contributions to Holdings)
	  	
		  		  	  

  

	7 	 For purposes of determining Consolidated EBITDA under the Credit Agreement for any period that includes the
Fiscal Quarters ended September 25, 2016, January 1, 2017, April 2, 2017 or July 2, 2017, Consolidated EBITDA for such Fiscal Quarter shall be $6,858,306, $7,295,681, $11,450,012 and $15,002,144, respectively, subject to
adjustments pursuant to clause (a)(xii) above for events and transactions not otherwise reflected in the foregoing amounts. For the avoidance of doubt, Consolidated EBITDA shall be determined on a Pro Forma Basis, and there shall be included in
determining Consolidated EBITDA for any period, without duplication, on a Pro Forma Basis, the Acquired EBITDA of any Person, all or substantially all of the assets of a Person, or any business unit, line of business or division of any Person
acquired by any Credit Party or any Subsidiary of a Credit Party during such period (but not the acquired EBITDA of any related Person, property, business or assets to the extent not so acquired), to the extent not subsequently sold, transferred or
otherwise disposed of by any Credit Party or any Subsidiary of a Credit Party during such period based on the actual and audited (if available) acquired EBITDA of such Acquired Entity or Business for such period (including the portion thereof
occurring prior to such acquisition). 

  
 B-7 

					
		  	 (iii)   Consolidated Interest Expense of Holdings paid or payable in cash in
respect of such period
	  	                
		  		  	  

			
		  	 (iv) all cash expenses, charges, losses and other cash items added back to Consolidated Net
Income or to Consolidated EBITDA pursuant to clause (a) (i.e., clause D of Section I of this Annex B) of the definition of “Consolidated EBITDA”, excluding Consolidated Interest Expense to the extent deducted in clause
(iii) above
	  	
		  		  	  

			
		  	 (v)   any cash payment made during such period with respect to Restricted
Payments permitted by Section 5.7 (other than pursuant to Section 5.7,(m) of the Credit Agreement), excluding amounts to the extent funded with long-term indebtedness
	  	
		  		  	  

			
		  	 (vi) any taxes measured by income, profits or capital (including federal, foreign and state,
local, franchise, excise and similar taxes) paid or payable in cash for such period, including Restricted Payments permitted pursuant to Section 5.7(c) of the Credit Agreement
	  	
		  		  	  

			
		  	 (vii)  any increase in the Working Capital of Holdings during such period (measured as
the excess of such Working Capital at the end of such period over such Working Capital at the beginning of such period)
	  	
		  		  	  

			
		  	 (viii)  all non-cash gains included in and
other non-cash items that increase the calculation of Consolidated Net Income or Consolidated EBITDA
	  	
		  		  	  

			
		  	 (ix) the aggregate amount of all mandatory prepayments made pursuant to the Loan Documents
with the proceeds of an asset sale or other disposition or loss or casualty event during such period to the extent such proceeds are included in the calculation of Consolidated EBITDA for such period
	  	
		  		  	  

			
		  	 (x)   all amounts increasing Consolidated EBITDA pursuant to sections D(xii),
(E) and (F) of the definition of “Consolidated EBITDA” in part I of Annex B and any increase in Consolidated Net Income or Consolidated EBITDA as a result of Pro Forma adjustments
	  	
		  		  	  

			
		  	 (xi) [Reserved]
	  	
		  		  	  

			
		  	 (xii)  cash payments in respect of any earn-outs and hedging obligations to the extent
not deducted in arriving at Consolidated EBITDA
	  	
		  		  	  

			
		  	 (xiii)  the aggregate amount of consideration paid in cash during such period with
respect to a Permitted Acquisition or other permitted Investment
	  	
		  		  	  

			
		  	Total deductions from Consolidated EBITDA (sum of (i) through (xiii) above)	  	
		  		  	  

			
	C.	  	Plus, without duplication, any decrease in the Working Capital of Holdings during such period (measured as the excess of such Working Capital at the beginning of such period over such Working Capital at the end thereof)	  	
		  		  	  

  
 B-8 

					
	D	  	Excess Cash Flow (result of A minus B plus C above)8	  	                
		  		  	  

			
	E	  	Prepayment percentage pursuant to Section 1.8(e) of the Credit Agreement and definition of “ECF Percentage”9	  	[75%][50%]
			
	F	  	Excess Cash Flow Prepayment Amount	  	
		  		  	  

			
	G	  	At the option of the Borrower, the amount of such mandatory prepayment hereunder shall be reduced dollar-for-dollar by the amount of voluntary
prepayments under Section 1.7(a) of the Term Loans, and, to the extent accompanied by a permanent reduction of the Aggregate Revolving Loan Commitment, any Revolving Loans, in each case, without duplication of any such prepayments from prior
periods, prior to any Excess Cash Flow Prepayment Date except to the extent financed with long-term Indebtedness (other than Revolving Loans)	  	
		  		  	  

			
	H	  	Net amount of Excess Cash Flow prepayment	  	
		  		  	  

			
	III.	  	Consolidated Interest Expense	  	
		  		  	  

			
		  	The consolidated interest expense of Holdings and its Subsidiaries for such period, determined in accordance with GAAP.10	  	
		  		  	  

			
	IV.	  	Consolidated Total Net Leverage Ratio	  	
		  		  	  

			
	A.	  	Consolidated Total Net Debt (the sum of (i) minus (ii) below):	  	
		  		  	  

			
		  	 (i) Consolidated Total Debt (which means, the aggregate outstanding principal amount of all
Indebtedness of Holdings and its Subsidiaries of a type described in clause (a), (b), (c) (solely to the extent of amounts that are drawn but not reimbursed), (f) and (g) of the definition of Indebtedness and all Guarantees with respect to any
such Indebtedness, in each case of on a consolidated basis)
	  	
		  		  	  

			
		  	 (ii)  the aggregate amount of Unrestricted Cash and Cash Equivalents of Holdings and
its Subsidiaries that are held in a deposit account or securities account in which the Agent has a perfected security interest, in an aggregate amount not to exceed $5,000,000
	  	
		  		  	  

			
	B.	  	Consolidated EBITDA (Item M of Section I above)	  	
		  		  	  

			
	C.	  	Consolidated Total Net Leverage Ratio (ratio of A to B above)	  	
		  		  	  

			
	D.	  	Maximum permitted Consolidated Total Net Leverage Ratio for such Period	  	
		  		  	  

			
		  	In Compliance	  	[Yes]/[No]

  

	8 	 For purposes of calculating Excess Cash Flow, without duplication of anything above, any Acquired EBITDA of any
Acquired Entity or Business accrued prior to the date it becomes a Subsidiary of Holdings or is merged or consolidated with Holdings or any of its Subsidiaries or the date that such Acquired Entity or Business’s assets are acquired by Holdings
or any of its Subsidiaries shall be excluded. 

	9 	 50%, if the Consolidated Total Net Leverage Ratio as of the last day of the applicable Fiscal Year ending on or
after December 31, 2018 per Annex B is less than 2.00 to 1.00. 

	10 	 For purposes of the foregoing, interest expense shall be determined after giving effect to any net payments
made or received by such Person and its Subsidiaries pursuant to interest rate swap obligations with respect to Indebtedness. 

  
 B-9 

 ANNEX C 

TO COMPLIANCE CERTIFICATE 

Available Amount 
  

					
	I.	  	Calculation of Available Amount	  	                
		  		  	  

			
	A.	  	The Sum of (i) through (v) below:	  	
		  		  	  

			
		  	 (i) Cumulative amount of Net Issuance Proceeds of Excluded Equity Issuances and capital
contributions (other than Specified Equity Contributions or an Unadjusted EBITDA Equity Contribution) received by the Borrower after the Closing Date and prior to the date hereof
	  	
		  		  	  

			
		  	 (ii)  Net Incurrence Proceeds of Indebtedness and Net Issuance Proceeds of
Disqualified Stock that have been incurred or issued after the Closing Date and prior to the date hereof (other than Specified Equity Contributions or an Unadjusted EBITDA Equity Contribution) and exchanged or converted into Qualified Stock of the
Borrower (or any direct or indirect parent company thereof)
	  	
		  		  	  

			
		  	 (iii)  Declined Amounts
	  	
		  		  	  

			
		  	 (iv) Net Proceeds of any sale of any Investment originally made using the Available
Amount
	  	
		  		  	  

			
		  	 (v)   Without duplication to (iv), cash returns, profits, distributions and
similar amounts received on Investments (other than in respect of intercompany investments) originally made using the Available Amount to the extent not included in Consolidated Net Income
	  	
		  		  	  

			
	B.	  	Available Amount that has been applied to make Investments pursuant to Section 5.4(x) of the Credit Agreement	  	
		  		  	  

			
	C.	  	Available Amount (A minus B):	  	
		  		  	  

  
 B-10 

 ANNEX C 

TO COMPLIANCE CERTIFICATE 

Available Amount 
 [FORM OF]
CONSOLIDATED CUMULATIVE UNADJUSTED 
 EBITDA COMPLIANCE CERTIFICATE1 

Lulu’s Fashion Lounge Parent, LLC 

Lulu’s Fashion Lounge, LLC 

Financial Statement Date: ______________, 20___ 

This Compliance Certificate (this “Certificate”) is given by Lulu’s Fashion Lounge, LLC, a Delaware limited liability
company (the “Borrower”), pursuant to Section 4.2(b)(ii) of that certain Credit Agreement, dated as of August 28, 2017 (as the same may be amended, restated, amended and restated, extended, refinanced,
supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among the Lulu’s Fashion Lounge Parent, LLC, a Delaware limited liability company (“Holdings”), the Borrower, Credit Suisse
AG, Cayman Islands Branch, as Administrative Agent and as Collateral Agent for all Lenders, and the Lenders from time to time party thereto. Capitalized terms used herein but not otherwise defined herein shall have the respective meanings ascribed
to such terms in the Credit Agreement. The officer executing this Certificate hereby certifies that [he/she] is a Responsible Officer of Borrower and as such is duly authorized to execute and deliver this Certificate on behalf of the Credit Parties.
By executing this Certificate, such officer hereby certifies, in [his/her] capacity as a Responsible Officer of the Borrower and not in [his/her] individual capacity, to Agent, the Lenders and the L/C Issuers, on behalf of Holdings, the Borrower and
their Subsidiaries, that as of the date hereof: 
 (a) Such officer has reviewed and is familiar with the terms of the Credit Agreement and
has made, or has caused to be made under [his/her] supervision, a review of the activities of Holdings and its Subsidiaries during the fiscal period covered by the attached financial statements. 

[(b) Attached hereto as Annex A are the consolidated financial statements required by Section 4.1(b) of the Credit
Agreement for the Fiscal Quarter ended as of the above date.]2 
 [(c) Attached hereto
as Annex A are the consolidated financial statements required by Section 4.1(c) of the Credit Agreement for the fiscal month ended as of the above date.]3 

(d) The financial statements delivered with this Certificate fairly present, in all material respects, in accordance with GAAP, the financial
condition and results of operations of Holdings and its Subsidiaries for the periods covered by such statements, subject to normal year-end adjustments and absence of footnote disclosures. 

 

	1 	 For use solely for purposes of Section 4.2(b)(ii). The obligations of the Credit Parties under the Credit
Agreement, including Section 6.2 thereof, are as set forth in the Credit Agreement, and nothing in this Certificate shall modify such obligations or constitute a waiver of compliance therewith in accordance with the terms of the Credit Agreement. In
the event of any conflict between the terms of this Certificate and the terms of the Credit Agreement, the terms of the Credit Agreement shall govern and control, and the terms of this Certificate are to be modified accordingly.

	2 	 Include only if Certificate is delivered for end of Fiscal Quarter ended on or around June 30,
2019, September 30, 2019 or December 31, 2019. 

	3 	 Include only if Certificate is delivered for end of July 31, 2019, August 31, 2019, October 31,
2019 or November 30, 2019. 

  
 C-1 

 (e) Attached hereto as Annex B is a complete and correct calculation of Consolidated
Cumulative Unadjusted EBITDA for the Consolidated Cumulative Unadjusted EBITDA Test Period ending as of the above date. 
 (f) To the
knowledge of such officer, as of the date hereof, no Default or Event of Default has occurred and is continuing. 
 [Remainder of
Page Intentionally Left Blank; Signature Page Follows] 

 IN WITNESS WHEREOF, the Borrower has caused this Certificate to be executed by one of its
Responsible Officers as of the date first above written. 
  

			
	Lulu’s Fashion Lounge, LLC, a
	Delaware limited liability company
		
	By:	 	 
		 	Name:
		 	Title:

 [Signature Page to Compliance Certificate] 

 ANNEX C 

TO COMPLIANCE CERTIFICATE 
 ANNEX A

 TO CONSOLIDATED 
 CUMULATIVE
UNADJUSTED 
 EBITDA COMPLIANCE CERTIFICATE 

Financial Statements 
 [ATTACHED]

  
 A-1 

 ANNEX B 

TO CONSOLIDATED 
 CUMULATIVE
UNADJUSTED 
 EBITDA COMPLIANCE 

CERTIFICATE 
 Financial Statements

  

					
	I.	  	Calculation of Consolidated Cumulative Unadjusted EBITDA	  	
			
		  	Consolidated Cumulative Unadjusted EBITDA means, with respect to Holdings for any period:	  	
			
	A.	  	Net income of Holdings1 and its Subsidiaries for such period, on a consolidated basis, and otherwise determined in accordance with GAAP	  	
			
		  	provided, however, that, without duplication, (including for purposes of determining Consolidated EBITDA),	  	
			
		  	 (i) non-cash extraordinary, non-recurring or unusual gains, losses, charges or expenses shall be excluded
	  	                
		  		  	  

			
		  	 (ii)  the cumulative effect of a change in accounting principles and changes as a
result of the adoption or modification of accounting policies during such period shall be excluded to the extent not otherwise reflected in a change to the Financial Covenant
	  	
		  		  	  

			
		  	 (iii)  [reserved]
	  	
		  		  	  

			
		  	 (iv) the net income for such period of any Person that is not a Subsidiary, shall be
excluded to the extent such Person is prohibited by contract (including its Organization Documents) or governmental approval (which has not been obtained), from making dividends or distributions to the Borrower or a Subsidiary; provided that
Consolidated Net Income of the Borrower shall be increased by the amount of dividends or distributions or other payments that are actually paid to the Borrower or a Subsidiary thereof from a Person that is not such a Subsidiary in respect of such
period
	  	
		  		  	  

			
		  	 (v)   [reserved]
	  	
		  		  	  

			
		  	 (vi) [reserved]
	  	
		  		  	  

			
		  	 (vii) any impairment charge or asset write off or write down, including impairment charges or
asset write-offs or write-downs related to intangible assets, long-lived assets, investments in debt and equity securities or as a result of a change in law or regulation, in each case, pursuant to GAAP, and the amortization of intangibles arising
pursuant to GAAP shall be excluded
  
 For the avoidance of doubt,
Consolidated Net Income shall be calculated on a Pro Forma Basis.
	  	                
		  		  	  

 

	1 	 Unless the context shall otherwise require, references to Consolidated Net Income herein shall mean
Consolidated Net Income of Holdings. 

  
 B-1 

					
			
	B.	  	Total exclusions to consolidated net income (sum of (i)-(vii) above)	  	
		  		  	  

			
	C.	  	Consolidated Net Income (result of A minus B)	  	
		  		  	  

			
	D.	  	Increased (without duplication, including for purposes of determining Consolidated Net Income) by the following, in each case to the extent deducted (and not added back or excluded) in determining Consolidated Net Income for such
period:	  	
		  		  	  

			
		  	 (i) provision for taxes based on income or profits or capital, including, without
limitation, federal, provincial, state, franchise and similar taxes and foreign withholding taxes of such Person paid or accrued during such period (including penalties, interest, costs and expenses related to such taxes or arising from any tax
examinations or Restricted Payments permitted pursuant to Section 5.7(c) of the Credit Agreement)
	  	
			
		  	 (ii)  Consolidated Interest Expense of such Person for such period
	  	
		  		  	  

			
		  	 (iii)  Consolidated Depreciation and Amortization Expense of such Person for such
period
	  	
		  		  	  

			
		  	 (iv) fees, costs and expenses incurred in connection with the Fourth Amendment consisting of
(x) consent fees payable to Lenders in connection therewith, (y) legal fees of Latham & Watkins LLP, Cravath, Swaine & Moore LLP and Goldberg Kohn in connection therewith and (z) any payment of, or reimbursement of
the Agent and/or the Lenders for, costs and expenses of the Fourth Amendment Consultant;
	  	
			
	E.	  	Increased (without duplication) by the amount of any Unadjusted EBITDA Equity Contribution solely for purposes of determining compliance with Section 6.2.	  	
		  		  	  

			
	F.	  	Consolidated Cumulative Unadjusted EBITDA (sum of C plus D plus E)8	  	
		  		  	  

			
	G.	  	Minimum permitted Consolidated Cumulative Unadjusted EBITDA for such Period	  	
		  		  	  

			
		  	In Compliance	  	[Yes]/[No]

  
 B-2EX-10.10

 Exhibit 10.10 

COMMERCIAL LEASE 
 (South
Chico Chicas, LLC – Lulu’s Fashion Lounge Holdings, Inc.) 
 This COMMERCIAL LEASE (“Lease” or “Agreement”) is
made and entered into March 16, 2018 (the “Effective Date”), by and between South Chico Chicas, LLC, hereinafter referred to as the “Lessor,” and Lulu’s Fashion Lounge Holdings, Inc., hereinafter referred to as the
“Lessee.” 
 RECITALS: 

A. WHEREAS, Lessor is the owner of real property located at 269 Humboldt Avenue, Chico, CA 95928 (APN 004-432-029) (the “Premises”), and also including the improvements, fixtures, and personal property including any and all and office equipment located on the real property (collectively, the
“Property”); and 
 B. WHEREAS, Lessee desires to lease from Lessor the entirety of the Premises and all Property thereto, and
Lessor desires to lease the same to Lessee. 
 NOW, THEREFORE, for good and valuable consideration, the parties hereto agree as follows:

 1. Lease of Premises 

1.1 LEASE OF PREMISES AND PROPERTY. Lessor leases to Lessee and Lessee leases from Lessor the Premises and all Property situated thereon on
the terms and conditions set forth in this lease. 
 1.2 TERM. The term of this Lease shall be month-to-month commencing on April 1, 2018 (the “Commencement Date”), and continuing unless terminated pursuant to the provisions of this Lease (the “Term”). Either Party may
termination this Lease by providing the other Party with at least thirty (30) days’ advance written notice. Any holding over after the expiration of the Term due to termination of the tenancy, without the consent of the Lessor, shall be
dealt with pursuant to the terms of this Agreement and Section 12.2, below. 
 1.3 USE. Lessee may use and occupy the Premises for
general office, business, and warehouse use. Lessee shall not use or permit the Premises to be used in any manner which may result in waste or the creation of a nuisance. Lessee shall fully comply with all health and police regulations and shall not
use or permit the use of the Premises for any purpose or in any manner which may constitute a violations of the laws of the United States or the laws, ordinances, regulations, or requirements of any governmental entity having authority in the
jurisdiction where the Premises are located. Lessee acknowledges that no warranties or representations have been made regarding the fitness or suitability of the Premises for the conduct of Lessee’s business. 

1.4 COMPLIANCE WITH LAW. Lessee shall comply with all recorded covenants conditions, and restrictions that now or later affect the Real
Property. Lessee shall, at Lessee’s own cost and expense, comply with all current and future applicable laws and regulations relating to (1) Lessee’s use and occupancy of the Premises, (2) the general structure or physical
condition 

  
 1 

 
of the Premises, and (3) the storage, use, and disposal of all hazardous waste and substances. Violation of such laws and regulations shall be grounds for default and termination of this
Agreement. When requested by Lessor, Lessee agrees to provide to Lessor all information reasonably required to allow Lessor to comply with California Public Resources Code Section 25402.10, and related regulations, concerning Lessee’s
energy consumption and expenses. 
 2. Rent 

2.1 RENT. Lessee will pay to Lessor $1,645.11 on the first of every month (the “Rent”). The Rent shall increase by one point five
percent (1.5%) on every anniversary (being April 1st of each year) of the Commencement Date. 
 2.2 TAXES. Lessor shall pay all real
property taxes and assessments on the Premises. Lessee agrees to pay any increase in real property taxes and or assessments on the Premises that result from improvements by Lessee. Lessee shall pay all taxes levied on Lessee’s personal
property, including, but not limited to, trade fixtures and furnishings located in or on the Premises, and Lessee shall cause all such taxes to be assessed and billed separately from Lessor’s taxes and cause such tax bill to be sent directly to
Lessee. 
 2.3 UTILITIES. Lessee shall pay for all heating, air conditioning, gas, electricity, telephone, water, and other utilities and
services provided to and for the Premises, including any tax thereon. Lessor shall not be liable in damages or otherwise for failure or interruption of any utility service being provided to the Premises, and no such failure or interruption shall
entitle Lessee to terminate this lease or to discontinue the payment of rent or any other amount due hereunder. 
 3. Maintenance and
Repairs 
 3.1 CONDITION OF PREMISES. Lessee’s initial occupancy and use of the Premises shall constitute consent and approval by
Lessee to the good, clean, safe and tenantable condition of the Premises. Lessee represents to Lessor that Lessee has inspected the Premises and that the Premises are being leased by Lessee as a result of its inspection and investigation. 

3.2 MAINTENANCE BY LESSOR. Lessor shall have no maintenance or repair obligations. In the event Lessee fails to make any repair and Lessor
must undertake such repair, Lessor shall not be liable for any damages to Lessee or the property of Lessee resulting from Lessor’s repair. 

3.3 MAINTENANCE BY LESSEE. Lessee shall, at its own cost and expense, keep and maintain the premises in good order and repair, and in a safe,
clean and sanitary condition. Lessee shall perform and maintain all of the maintenance and repairs on, in, or around the Premises at its own cost and expense. Lessee, at its own expense, shall also repair all deterioration, destruction, or harm to
the Premises that is not the fault of or caused by Lessor. 
 3.4 LESSEE’S FAILURE TO MAINTAIN. If Lessee fails to perform its
obligations in Section 3.3, above, Lessor may after notice to Lessee and failure on the part of Lessee within a reasonable time to meet such obligations, but need not, make the repairs and replacements. If Lessor elects to make such repairs
itself, Lessor shall provide Lessee with ten (10) day written 

 
notice of its intent to enter the Premises to make such repairs and/or perform such maintenance. If the Lessor makes such repairs or performs such maintenance, Lessee shall pay Lessor’s out-of-pocket costs incurred in connection with such repairs and any amount paid by Lessor shall be immediately due and payable to Lessor and shall bear interest at the rate
of ten percent (10%) per annum from the date of payment by Lessor until repayment by Lessee. 
 3.5 PERMITS AND EXPENSES. If Lessee is to
perform repairs and maintenance on the Premises that require permits, Lessee agrees to notify Lessor of such repairs and to procure all necessary permits for making repairs. Lessee agrees to promptly commence such repairs and to prosecute the same
to completion diligently, subject, however, to the delays occasioned by events beyond the control of Lessee. Furthermore, Lessee agrees to pay promptly when due the entire cost of any work done by it upon the Premises so that the Premises at all
times shall be free of liens for labor and materials. Lessee further agrees to hold harmless and indemnify the Lessor from and against any and all injury, loss, claims, or damage to any person or property occasioned by or arising out of the doing of
any such work by Lessee or its employees, agents, or contractors. Lessee further agrees that in doing such work that it will employ materials of good quality and comply with all governmental requirements, and perform such work in a good and
workmanlike manner. 
 4. Alterations and Improvements 

4.1 ALTERATIONS AND IMPROVEMENTS. Lessee shall not make any additions, alterations, or improvements to the Premises without obtaining the
prior written consent of the Lessor. Lessor’s consent may be conditioned upon Lessee’s removing any such additions, alterations, or improvements upon the expiration of the Term and restoring the Premises to the same condition as on the
date Lessee took possession. All work with respect to any addition, alteration, or improvement shall be done in good and workmanlike manner by properly qualified and licensed personnel, and such work shall be diligently prosecuted to completion.

 4.2 COSTS. Lessee shall pay the costs of any work done on the Premises pursuant to Section 4.1, and shall keep the Premises free and
clear of liens of any kind. Lessee shall indemnify, defend against, and keep Lessor free and harmless from all liability, loss, damage, costs, attorneys’ fees, and any other expense occurred on account of claims of lien by any person performing
work or furnishing materials or supplies for Lessee or any person claiming under Lessee. 
 4.3 LIENS. Lessee shall keep Lessee’s
leasehold interest, and any additions, alterations, and improvements which are or become the property of the Lessor free and clear of all attachment or judgment liens. Before the actual commencement of any work for which a claim of lien may be
filed, Lessee shall give Lessor notice of the intended commencement date with sufficient time to enable Lessor to post notices of non-responsibility or any other notices that Lessor deems necessary for the
proper protection of Lessor’s interest in the Premises, and Lessor shall have a right to enter the Premises to post such notices at a reasonable time. 

4.4 IMPROVEMENTS AND FIXTURES REMAINING AT TERMINATION. Upon the termination of this Lease by lapse of time, Lessee may remove furniture,
trade fixtures and other personal property belonging to Lessee that are incident to the business of Lessee (as distinguished from personal property used in the operation of the Premises); such furniture, trade

 
fixtures and other personal property belonging to Lessee and incident to the business of Lessee are hereinafter referred to as “Trade Fixtures.” Lessee shall repair any injury or damage
to the Premises or the improvements that may result from such removal. If Lessee does not remove such Trade Fixtures from the Premises prior to the end of the Term, however ended, Lessor may, at its option, remove the same and deliver the same to
any other place of business of Lessee or warehouse the same, and Lessee shall pay the cost of such removal (including the repair of any injury or damage to the Premises or the Improvements resulting from such removal), delivery and warehousing to
Lessor on demand, or Lessor may treat such Trade Fixtures as having been conveyed to Lessor with this Lease as a bill of sale, without further payment or credit by Lessor or Lessee. Title to any fixtures, (other than Trade Fixtures), additions,
alterations, improvements, repairs and replacements constructed, made or installed by Lessee including, but not limited to, any repairs, restoration and other work required to be done pursuant to the provisions of other Sections of this Lease, shall
be and become Lessor’s sole property at the end of the Term without the necessity of Lessee’s execution and delivery of any instrument transferring title thereto. Notwithstanding the foregoing, Lessee covenants and agrees upon
Lessor’s request to execute, acknowledge and deliver to Lessor any instrument reasonably requested by Lessor to confirm such title, and if Lessee shall fail or refuse to execute, and deliver any such instrument, Lessor is hereby irrevocably
appointed Lessee’s attorney-in-fact to execute, acknowledge and deliver such instrument in Lessee’s name. 

5. Delivery of Possession 

5.1 DELIVERY OF POSSESSION. Lessee is current possession of the Premises. 

6. Insurance 
 6.1
INSURANCE POLICIES. Lessee, at its sole cost and expense, shall maintain at all times during the term of this Lease policies of insurance as follows: 

(a) Insurance against loss or damage to the Premises and all other improvements by fire and such other hazards as may be covered by the form of
“all-risk” coverage then customarily in use, in such amount as Lessor may determine to be sufficient to cover one hundred percent (100%) of the full replacement value from time to time of the
Building and all other Improvements, the proceeds of which shall be payable to Lessor. 
 (b) Comprehensive general public liability
insurance against claims for bodily injury, death, and property damage occurring in or about the Premises, to afford protection in such limits as shall be reasonably requested by Lessor from time to time, but in any event not less than One Million
Dollars ($1,000,000.00) in respect to each person, and not less than One Million Dollars ($1,000,000.00) in respect to any one occurrence causing injury or death, and not less than Two Hundred Fifty Thousand Dollars ($250,000.00) in respect to
property damage. 
 (c) Worker’s compensation as required by law to the extent of the minimum required statutory limits. 

 6.2 INSURANCE COMPANIES. All policies of hazard insurance shall be written by companies
reasonably satisfactory to Lessor and any mortgagee of Lessor and licensed to do business in the State of California, and shall name as insured Lessor and such other persons or entities as Lessor may designate, as their interests may appear, and
shall provide that losses shall be paid to such insureds as their interests may appear. Lessor shall be named as an additional insured on any policy of liability insurance. At the request of Lessor, a mortgagee clause shall be included in such
policies covering Lessor’s mortgagee. The originals of such policies or a certificate thereof in usual form shall be delivered to Lessor. Certificates evidencing renewals of each policy of insurance shall be delivered to Lessor at least twenty
(20) days prior to the expiration dates of the respective policies. Lessee shall perform and satisfy all requirements of the companies writing any insurance policies referred to in this Lease so that at all times companies of good standing
satisfactory to Lessor shall be willing to write such insurance. 
 6.3 CLAIMS PROCEDURE. Whenever (a) any loss, cost, damage or
expense resulting from fire or other casualty or occurrence is incurred by either of the parties to this Lease, or anyone claiming by, through or under it, in connection with the Premises, and (b) such party is then covered in whole or in part
by insurance with respect to such loss, cost, damage or expense, then the party so insured hereby releases the other party from any liability it may have on account of such loss, cost, damage or expense to the extent of any amount recovered by
reason of such insurance and waives any right of subrogation which might otherwise exist in or accrue to any person on account thereof, provided that such release of liability and waiver of the right of subrogation shall not be operative in any case
when the effect thereof is to invalidate such insurance coverage or increase the cost thereof (provided that in the case of increased cost the other party shall have the right, within thirty (30) days following written notice, to pay such
increased cost, thereupon keeping such release and waiver in full force and effect). In case any action or proceeding shall be commenced against Lessor growing out of any loss, cost, damage or expense under this Section, Lessor may give written
notice of the same to Lessee and thereafter Lessee shall assume and discharge all obligation to defend the same and save and keep Lessor harmless from all costs, expenses (including, but not limited to, Lessor’s attorneys’ fees),
liabilities, judgments and executions in any manner growing out of, pertaining to or connected therewith. 
 6.4 LESSEE’S FAILURE TO
PROCURE INSURANCE. Lessee agrees that upon failure to insure as provided in this Lease, or to pay the premiums for the insurance when due, Lessor may contract for the insurance and pay the premiums, and all sums expended by for the insurance shall
become additional rent under this Lease and shall be immediately repayable by Lessee and shall bear interest at the rate of ten percent (10%) per annum from the date of payment by Lessor until repayment by Lessee. 

7. Indemnity 
 7.1
LESSEE’S INDEMNIFICATION. Lessee agrees to indemnify, defend, and hold Lessor and the property of Lessor, including the Premises, free and harmless from any and all liability for injury to or death of any person, including Lessee’s
employees, invitees, and licensees, anyone in or about the Premises with the express or implied consent of Lessee, Lessee’s sublessees or assignees, or anyone in or about the Premises with the express or implied consent of Lessee’s
sublessees or assignees. Lessee agrees to indemnify and hold Lessor and the property of Lessor, 

 
including the Premises, free and harmless from any and all liability for damage to property arising from the use and occupancy of the Premises by Lessee or Lessee’s sublessees or assignees,
which shall include any damage due to fuel storage and/or hazardous or toxic waste contamination on the Property, or from the act or omission of any person or persons, including Lessee’s employees, invitees, and licensees, anyone in or about
the Premises with the express or implied consent of Lessee, Lessee’s sublessees or assignees, or anyone in or about the Premises with the express or implied consent of Lessee’s sublessees or assignees. Lessee agrees to indemnify, defend,
and hold Lessor, its officers, owners, agents, employees, and assigns, free and harmless against any and all liabilities, damages, losses, costs, and expenses incurred or suffered by them as a result of any failure to be true or correct of any
representation or warranty made by Lessee or any of his employees or agents in this Agreement, including any such representations or warranties in Article 16, below. 

7.2 LESSOR’S INDEMNIFICATION. Lessor agrees to indemnify, defend, and hold Lessee and his agents, employees, and assigns, free and
harmless against any and all liabilities, damages, losses, costs, and expenses incurred or suffered by them as a result of any failure to be true or correct of any representation or warranty made by Lessor or any of its officers, directors,
employees, or agents in this Agreement, including any such representations or warranties in Article 16, below. 
 8. Destruction of
Premises 
 8.1 DESTRUCTION. Lessor and Lessees agree that if any buildings or Property on the Premises be damaged or destroyed by fire,
the elements, acts of God, or other causes they shall be repaired or replaced by Lessee to the extent that there are available insurance proceeds covering such loss pursuant to the policy to be maintained by Lessee. Any and all rent payable by
Lessee pursuant to this Lease shall not be abated in the event that such damage or destruction renders the Premises uninhabitable by Lessee. Pursuant to Section 4.1, above, Lessee is not required to obtain Lessor’s consent or authorization
regarding any and all Improvements, repairs, or replacements performed hereunder. Notwithstanding the above, Lessor and Lessee agree that if the cost of repairing or restoring any buildings or Property so damaged or destroyed exceeds fifty percent
(50%) of the replacement cost of all buildings and improvements located on Premises at the time of the damage or destruction, Lessee has the option to either repair and restore the damaged buildings and improvements, or to cancel this Lease. 

9. Hazardous Substances 

9.1 HAZARDOUS SUBSTANCES. 
 (a)
Lessee agrees that any and all handling, transportation, storage, treatment, disposal, or use of Hazardous Substances by Lessee in or about the Property shall strictly comply with all applicable Environmental Laws. 

(b) Lessee agrees to indemnify and defend Lessor harmless from any liabilities, losses, claims, damages, penalties, fines, attorney’s
fees, expert fees, court costs, remediation costs, investigation costs, or other expenses resulting from or arising out of the use, storage, treatment, transportation, release, or disposal of Hazardous Substances on or about the Premises or Property
by Lessee. 

 (c) If the presence of Hazardous Substances on the Premises or Property caused or permitted
by Lessee results in the contamination or deterioration of the Property or any water or soil beneath the Property, Lessee shall promptly take all action necessary to investigate and remedy that contamination. 

(d) Lessor and Lessee each agree to promptly notify the other of any communication received from any governmental entity concerning Hazardous
Substances or the violation of Environmental Laws that relate to the Premises or Property. 
 (e) Lessee shall not use, handle, store,
transport, generate, release, or dispose of any Hazardous Substances on, under, or about the Premises or Property, except that Lessee may use (i) small quantities of common chemicals such as adhesives, lubricants, and cleaning fluids in order
to conduct business at the Premises and (ii) other Hazardous Substances that are necessary for the operation of Lessee’s business conducted on or from the Premises. At any time during the term of this Lease, Lessee shall, within ten
(10) days after written request from Lessor, disclose in writing all Hazardous Substances that are being used by Lessee on the Property, the nature of the use, and the manner of storage and disposal. 

10. Assignments and Subleases 

10.1 ASSIGNMENT AND SUBLEASE BY LESSEE. Lessee shall not assign or sublet this Lease or any interest herein without the prior written consent
of Lessor which shall not be unreasonably withheld or delayed. Consent by Lessor to one assignment or sublet shall not be consent to any other. An assignment or sublet without the written consent of Lessor, or an assignment or sublet by operation of
law, shall be void and shall, at the option of Lessor, terminate this Lease. 
 10.2 ASSIGNMENT BY LESSOR. Lessor may assign its rights,
duties, and obligations under this Agreement in the event that Lessor sells the Premises. 
 11. Default 

11.1 LESSEE’S DEFAULT. Any of the following events or occurrences shall constitute a material breach of this Lease by Lessee, and, after
the expiration of any applicable grace period, shall constitute an event of default: 
 (a) The failure by Lessee to pay any amounts provided
for in this Lease, including, but not limited to, insurance in full when due if the failure has continued for a period of ten (10) days after Lessor demands in writing that Lessee cure the failure; 

(b) The failure by Lessee to perform any obligation under this Lease, which Lessee has no capacity to cure; 

 (c) The failure by Lessee to perform any other obligation under this Lease, if the failure
has continued for a period of twenty (20) days after Lessor demands in writing that Lessee cure the failure. If the obligation is reasonably and potentially curable, but cannot be cured within twenty (20) days, Lessee shall have such
additional time to cure as may be reasonable under the circumstances provided that Lessee shall diligently work to implement the cure; 
 (d)
A general assignment by Lessee of the Premises, including an assignment for the benefit of Lessee’s creditors; 
 (e) Any voluntary
filing, petition, or application by Lessee under any law relating to insolvency or bankruptcy, including, but not limited to, a declaration of bankruptcy, a reorganization, and an arrangement; 

(f) The abandonment, vacation, or surrender of the Premises by Lessee without Lessor’s prior written consent; 

(g) The dispossession of Lessee from the Premises by process of law or otherwise; 

(h) The appointment of a trustee or receiver to take possession of all or substantially all of Lessee’s assets, or the attachment,
execution, or other seizure of all or substantially all of Lessee’s assets located at the Premises or of Lessee’s interest in this Lease, unless the appointment, attachment, execution, or seizure is discharged within thirty (30) days
of its commencement; 
 (i) The involuntary filing against Lessee of a petition to have Lessee declared bankrupt, unless the filing is
dismissed within sixty (60) days; or 
 12. Lessor’s Remedies 

12.1 REMEDIES. Lessor shall have the following remedies if Lessee commits a default. These remedies are not exclusive; they are cumulative and
in addition to any remedies allowed by law. Lessor’s remedies shall include: 
 (a) Lessor can terminate Lessee’s right to
possession of the Premises and the Property at any time. This Lease will be terminated by Lessor giving notice to Lessee of such termination. Upon termination, Lessor has the right to recover from Lessee all damages incurred by Lessor as a result of
such default. 
 12.2 HOLDING OVER. If Lessee remains in possession of the Premises or any part thereof after the expiration or termination
of the Term, and any extensions thereof, by lapse of time or otherwise, without the express written consent of Lessor, Lessee shall become a tenant at sufferance upon all of the terms contained herein, except as to Term and Fixed Rent. During such
holdover period, such occupancy shall be a hold-over tenancy from month to month at a rental in the amount of two times the then-current Rate. 

 13. Entry by Lessor 

13.1 ENTRY. Lessee shall permit Lessor or Lessor’s agents, representatives, or employees to enter the Premises at all reasonable times
and upon reasonable notice to inspect the Premises to determine whether Lessee is complying with the terms of this Lease and to do other lawful acts that may be necessary to protect Lessor’s interest in the Premises under this Lease or to
perform Lessor’s duties under this Lease. 
 14. Notices 

14.1 Any notice to be given to either party by the other shall be in writing and shall be served either personally or by certified mail,
return receipt requested, and prepaid. Service by mail shall be deemed to have been made two (2) days following the date of mailing. All notices shall be addressed as follows: 

 

			
	“Lessor”	  	 South Chico Chicas, LLC
 Attention: Debra
Cannon
 763 Hill View Way
 Chico, CA 95926

		
	“Lessee”	  	 Lulu’s Fashion Lounge Holdings, Inc.

Attention: Colleen Winter
 195 Humboldt Avenue

Chico, CA 95928

 15. Waiver of Breach 

15.1 The waiver by Lessor of any breach of any provision of this Lease shall not constitute a continuing waiver or a waiver of any subsequent
breach of the same or a different provision of this Lease. 
 15.2 No waiver of any provision of this Lease shall be implied by any failure
to enforce any remedy for the violation of that provision, even if that violation continues or is repeated. 
 15.3 No receipt by Lessor of
a lesser payment than the rent required under this Lease shall be considered to be other than on account of the earliest amount due, and no endorsement or statement on any check or letter accompanying a payment or check shall be considered an accord
and satisfaction. Lessor may accept checks or other allowable forms of payment without prejudice to Lessor’s right to recover all amounts due and pursue all other remedies provided for in this Lease. 

15.4 Lessor’s receipt of monies from Lessee after giving notice to Lessee terminating this Lease shall in no way reinstate, continue, or
extend the Lease Term or affect the Termination Notice given by Lessor before the receipt of those monies. After serving notice terminating this Lease, filing an action, or obtaining final judgment for possession of the Premises. Lessor may receive
and collect any rent due, and the payment of that rent shall not waive or affect such prior notice, action, or judgment. 

 16. Warranties and Representations 

16.1 LESSOR’S REPRESENTATIONS. Lessor is a California Corporation validly existing and in good standing under the laws of the State of
California. Lessor, and the undersigned representative of Lessor, has the requisite power and authority to enter into this Agreement. The execution and delivery by Lessor of this Agreement and any and all such related documents, and the performance
by Lessor of its obligations contemplated hereby and thereby have been duly authorized by Lessor and do not violate the terms of any other agreements to which is a party, including any internal operating agreements of Lessor. 

16.2 LESSEE’S REPRESENTATIONS. Lessor is a California Corporation validly existing and in good standing under the laws of the State of
California. Lessee has the requisite power and authority to enter into this Agreement. The execution and delivery by Lessee of this Agreement and any and all such related documents, and the performance by Lessee of its obligations contemplated
hereby and thereby have been duly authorized by Lessee and do not violate the terms of any other agreements to which Lessee is a party. 

17. Subordination and Attornment 

17.1 SALE OF LESSOR’S INTEREST. In the event of any sale or transfer by Lessor of the Premises or the building of which the Premises are
a part, and assignment of this Lease by Lessor, Lessor shall be and is hereby entirely freed and relived of any and all liability and obligations contained in or derived from this Lease arising out of any act, occurrence, or omission relating to the
Premises or this Lease. 
 17.2 ESTOPPELS STATEMENT. Upon not less than ten (10) days prior to written request from Lessor, Lessee
shall execute and deliver to Lessee a written statement certifying (a) that this Lease is unmodified and in full force and effect, or in full and effect as modified stating the modification; (b) that rent for the entire term has been paid
in advance; (c) the amount of any security deposit with the Lessor; and (d) that Lessor is not in default hereunder, or if claiming to be in default, the nature of said default. Lessee’s failure to execute and deliver such a statement
within the time allowed shall be conclusive upon Lessee that this Lease is in full force and effect and has not been modified except as represented by Lessor, there are no default by Lessor that Lessee has a right to offset, counter-claim, or deduct
rent against, and that rent for the entire term has been paid in advance. 
 17.3 SUBORDINATION AND ATTORNMENT. Upon written request of
Lessor, or any first mortgages, first deed of trust beneficiary of Lessor or lessor of Lessor, Lessee shall, in writing, subordinate its rights hereunder to the lien of any first mortgage, first deed of trust, or the interest of any lease in which
Lessor is lessee, and to all advances made or hereafter to be made upon the security thereof; provided, however, that prior to executing any such subordination agreement, Lessee shall have the right to obtain from any lender or lessor of Lessor
requesting such subordination, an agreement in writing providing that as long as Lessee is not in default hereunder, this Lease shall remain in full force and effect for the full Term hereof. In the event of any foreclosure sale, transfer in lieu of
foreclosure, or termination of the Lease in which Lessor is lessee, Lessee shall attorn to the purchaser, transferee, or lessor as the case may be, and recognize such party as the new Lessor under this Lease, provided that such party acquires and
accept the Premises subject to this Lease. 

 18. Condemnation 

18.1 CONDEMNATION. If the entire Premises are taken under the power of eminent domain, this Lease shall terminate as of the date Lessee is
required to vacate the Premises, and Lessor and Lessee shall each thereafter be released from any further liability under this Lease. 

18.2 PARTIAL TAKING. If a portion in excess of twenty-five percent (25%) of the floor area of the Premises is taken under the power of eminent
domain, or if, as a result of any taking regardless of the extent, the remainder of the Premises is not one undivided parcel of property, either Lessor or Lessee may terminate this Lease as of the date Lessee is required to vacate the Premises, by
serving written notice of such election within thirty (30) days after receipt by Lessee of written notice from Lessor that the Premises have been so taken. If this Lease is so terminated, each party shall thereafter be released from further
liability hereunder. If both parties elect not to terminate this Lease, Lessee shall remain in that portion of the Premises not so taken and, in that event, Lessor agrees, at Lessor’s cost and expense, to restore the remaining portion of the
Premises as soon as possible to a complete unit of like quality and character as existed prior to such taking; and thereafter the Fixed Rent set forth in Article 2 hereof shall be equitably reduced, taking into account the relative value of the
portion taken as compared to the portion remaining. 
 18.3 COMPENSATION. In the event of any taking and regardless of whether such taking
results in termination of this Lease, Lessor shall be entitled to the entire award or compensation in such proceeding; provided, however, Lessee’s right to receive compensation or damages for its fixtures and personal property shall not be
affected hereby. 
 18.4 VOLUNTARY SALE AND WAIVER. For purposes of this Article 18, a voluntary sale or conveyance in lieu of condemnation,
under threat of condemnation, shall be deemed a taking under the power of eminent domain. Lessee hereby waives any statutory rights of termination Lessee may have by reason of any partial taking of the Premises under the power of eminent domain.

 19. General Provisions 

19.1 TIME OF THE ESSENCE. Except as otherwise expressly stated, time is expressly declared to be of the essence in this Lease; 

19.2 HEIRS AND ASSIGNS. Subject to the provisions of this Lease against assignment of Lessee’s interest under this Lease, all provisions
of this Lease shall extend to and bind, or inure to the benefit of the parties hereto, and also to each and every one of the representatives, successors, and assigns of Lessor and Lessee. 

19.3 ATTORNEYS’ FEES. In any action or proceeding by either party to enforce this Lease or any provision contained herein, the prevailing
party shall be entitled to all costs and reasonable attorneys’, paralegals’, and other professionals’ fees, and all reasonable fees and costs of appraisers and other expert witnesses. The phrase “prevailing party” shall
refer to a party who receives substantially the relief requested, whether by dismissal, settlement, summary judgment, judgment, or otherwise. 

 19.4 SOLE AND ONLY AGREEMENT. Lessee and Lessor agree that this Lease contains the sole and
only agreement between them concerning the Premises and correctly sets forth their rights and obligations to each other concerning the Premises as of the date of this Lease. Any agreement or representation concerning the Premises or the duties of
either Lessor or Lessee in relation thereto not expressly set forth in this Lease is null and void, including all previously leases regarding the Premises and Property. 

19.5 GOVERNING LAW. This Agreement shall be governed by California law, without reference to rules regarding conflicts of law. 

19.6 COUNTERPARTS. This Agreement may be executed in multiple counterparts, each of which shall constitute an original and all of which
together shall constitute one instrument. 
 19.7 SEVERABILITY. If any term or provision of this Agreement, or the application thereof to
any person or circumstance, shall to any extent be found to be invalid, void, or unenforceable, the remaining provisions of this Agreement and any application thereof shall, nevertheless, continue in full force and effect without being impaired or
invalidated in any way. 
 19.8 FURTHER ASSURANCES. From time to time, each party shall execute and deliver such instruments as maybe
reasonably necessary to carry out the purposes and intent of this Agreement. 
 19.9 SURVIVAL. Any terms of this Agreement that expressly
extend or by their nature should extend beyond termination or expiration of this Agreement, shall survive and continue in full force and effect after any termination or expiration of this Agreement. 

 IN WITNESS THEREOF, the parties have executed this Lease effective as of the day and year
first written above. 
  

							
	LESSOR:	 		 	SOUTH CHICO CHICAS, LLC
				
		 		 	By:	 	 /s/ Debra Cannon

		 		 		 	Debra Cannon, Manager
		 		 		 	South Chico Chicas, LLC
			
		 		 	Date: March 16, 2018

  

							
	LESSEE:	 		 	LULU’S FASHION LOUNGE HOLDINGS, INC.
				
		 		 	By:	 	 /s/ Crystal Landsem

		 		 		 	Crystal Landsem, CFO
		 		 		 	Lulu’s Fashion Lounge Holdings, Inc.
			
		 		 	Date: March 16, 2018

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