Document:

EX-10.18

 Exhibit 10.18 

EXCHANGE AGREEMENT 
 This
EXCHANGE AGREEMENT (this “Agreement”) is made and entered into as of [ 🌑 ], 2021 by and among FIGS, Inc., a Delaware corporation (the “Company”),
and stockholders of the Company listed on Exhibit A hereto (collectively, “Exchange Stockholders”). 

RECITALS 
 WHEREAS, the
Board of Directors of the Company (the “Board”) has determined that it is in the best interests of the Company and its stockholders to implement a dual class structure in connection with the Company’s proposed initial
public offering of its capital stock in a firm commitment underwritten offering (the “IPO”) pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “Securities
Act”); 
 WHEREAS, in connection with the IPO, the Board has approved an Amended and Restated Certificate of Incorporation of
the Company (the “Certificate of Incorporation”), which, among other things, if effected in connection with the IPO, would create two classes of common stock of the Company, Class A common stock, par value $0.0001 per
share (“Class A Common Stock”), entitling holders to one (1) vote per share and Class B common stock, par value $0.0001 per share
(“Class B Common Stock”), entitling holders to twenty (20) votes per share; 

WHEREAS, the Certificate of Incorporation further provides that the Company’s common stock, par value $0.0001 per share (“Pre-IPO Common Stock”), will, upon the effectiveness of the filing of the Certificate of Incorporation (the “Effective Time”), be reclassified as Class A Common Stock; 

WHEREAS, the Exchange Stockholders hold or will hold shares of Pre-IPO Common Stock as of immediately
prior to the Effective Time and all such shares of Pre-IPO Common Stock will be reclassified as shares of Class A Common Stock at the Effective Time; 

WHEREAS, the Board has determined that exchanging certain shares of Class A Common Stock that will be held by the Exchange Stockholders
at the Effective Time as set forth on Exhibit A hereto for shares of Class B Common Stock as part of the implementation of the dual class structure is advisable and in the best interest of the Company and all of its stockholders,
including its stockholders other than the Exchange Stockholders; and 
 WHEREAS, the parties hereto intend that no gain or loss shall be
recognized in the Exchange (as defined below) pursuant to Sections 368(a)(1)(E) and/or 1036 of the Internal Revenue Code of 1986, as amended (the “Code”). 

AGREEMENT 
 NOW, THEREFORE,
in consideration of the above recitals and the mutual covenants made herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and accepted, the parties hereto agree as follows: 

1. Exchange of Class A Common Stock. 

  
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 1.1 Subject to the terms and conditions of this Agreement, immediately following the
Effective Time and effective upon the consummation of the IPO (the “Exchange Effective Time”), each Exchange Stockholder shall be deemed to have automatically transferred to the Company the shares of
Class A Common Stock held by such Exchange Stockholder as set forth on Exhibit A hereto (the “Class A Shares”) and the Company shall issue to each Exchange Stockholder shares of
Class B Common Stock (the “Class B Shares”), at an exchange ratio of one (1) Class A Share for one (1) Class B Share (the “Exchange”). The
number of Class A Shares to be transferred and the number of Class B Shares to be received in the Exchange by each Exchange Stockholder are as set forth on Exhibit A hereto. 

1.2 Concurrently herewith, each Exchange Stockholder is delivering to the Company such instruments of transfer or other documentation as may
be reasonably required to evidence that the shares of the Pre-IPO Common Stock (which will automatically be renamed as Class A Common Stock upon the Effective Time) have been duly transferred to the
Company to be held in escrow until the Exchange Effective Time and such documents are automatically released without further action by the Company or the Exchange Stockholder at the Exchange Effective Time. 

1.3 Upon the effectiveness of the Exchange, the Company shall deliver to each Exchange Stockholder such documentation as may be reasonably
required to evidence that the Class B Shares have been duly issued and transferred to the applicable Exchange Stockholder. 
 2.
Representations and Warranties. 
 2.1 Representations and Warranties of the Exchange Stockholders. Each Exchange Stockholder
hereby represents and warrants to the Company, with respect to the transactions contemplated hereby, as follows: 
 (a)Ownership;
Authority. Each Exchange Stockholder will be, as of the Exchange Effective Time, the beneficial and legal owner of the Class A Shares exchanged hereunder, free and clear of all liens, encumbrances and restrictions (except for restrictions
on transfer arising under applicable securities laws or as set forth or contemplated by this Agreement, the Certificate of Incorporation or any other agreements to which such Exchange Stockholder and the Company are a party). Each Exchange
Stockholder has the full right, power and authority to enter into this Agreement and, assuming the waiver or inapplicability of any and all rights of first refusal or co-sale by the Company and the
Company’s stockholders that are applicable to the transactions contemplated hereby, to transfer, convey and exchange the Class A Shares in accordance with this Agreement. Assuming the due authorization, execution and delivery by the
Company, this Agreement constitutes a valid and binding agreement of such Exchange Stockholder, enforceable against such Exchange Stockholder in accordance with its terms (subject to applicable bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium and other laws affecting creditors’ rights generally and general principles of equity). Upon consummation of the Exchange contemplated hereby, the Company will acquire from Exchange Stockholder good and marketable
title to the Class A Shares, free and clear of any and all liens, encumbrances and restrictions (except for restrictions on transfer arising under applicable securities laws or as set forth or contemplated by this Agreement, the Certificate of
Incorporation or any other agreements to which such Exchange Stockholder and the Company are a party, and subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors’ rights
generally and general principles of equity). 
 (b)Governmental Authorization. The execution, delivery and performance by such
Exchange Stockholder of this Agreement and the consummation of the transactions contemplated hereby require no action by or in respect of, or filing with, any governmental authority on the part of such Exchange Stockholder (excluding, for the
avoidance of 

  
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doubt (a) the filing by the Company of the Certificate of Incorporation with the Secretary of State of the State of Delaware and (b) compliance by the Company with any applicable
requirements of any applicable state or federal securities laws). For purposes of this Agreement, “governmental authority” means any transnational, domestic or foreign federal, state or local governmental, regulatory or administrative
authority, department, court, agency or official, including any political subdivision thereof. 
 (c)
Non-contravention. The execution, delivery and performance by such Exchange Stockholder of this Agreement and the consummation of the transactions contemplated hereby do not and will not, assuming
compliance with the matters referred to in Section 2.1(b) and approval of and adoption by the Company’s stockholders of the Certificate of Incorporation, () violate any governing document, including any trust agreement, applicable to such
Exchange Stockholder, (b) violate any law or order applicable to such Exchange Stockholder, (c) assuming the waiver or inapplicability of any and all rights of first refusal or co-sale held by the
Company or the Company’s stockholders that are applicable to the transactions contemplated hereby, require any consent or other action under, constitute a default under, or give rise to any right of termination, cancellation or acceleration of
any obligation of such Exchange Stockholder or to the loss of any benefit to which such Exchange Stockholder is entitled under any provision of any agreement or other instrument binding upon such Exchange Stockholder, or (d) result in the
creation or imposition of any lien on such Exchange Stockholder’s Class B Shares, other than restrictions on transfer arising under applicable securities laws or as set forth or contemplated by this Agreement, the Certificate of
Incorporation or any other agreements to which such Exchange Stockholder and the Company are a party. 
 (d) Restricted Securities; Rule
144. Such Exchange Stockholder understands that the Class B Shares are characterized as “restricted securities” under the Securities Act because such shares are being acquired from the Company in a transaction not involving a
public offering and in exchange for shares acquired from the Company in a transaction not involving a public offering, and that under the Securities Act and the rules and regulations promulgated thereunder the Class B Shares may be resold
without registration under the Securities Act only in certain limited circumstances, and subject to the restrictions under the Company’s certificate of incorporation. Such Exchange Stockholder understands and hereby acknowledges that the
Class B Shares must be held indefinitely unless subsequently registered under the Securities Act or an exemption from such registration is otherwise available. Such Exchange Stockholder is aware of the provisions of Rule 144 promulgated under
the Securities Act, which permit limited resales of shares purchased in a transaction not involving a public offering, subject to the satisfaction of certain conditions. 

(e)Legends. It is understood that any certificate or book entry position representing the Class B Shares and any securities issued
in respect thereof or exchange therefor, shall bear legends in substantially the following form (in addition to any legend required under applicable state securities laws or agreements to which the Exchange Stockholder is a party): 

“THE SHARES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE
SECURITIES LAWS OF CERTAIN STATES. THESE SHARES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO REGISTRATION OR

  
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AN EXEMPTION THEREFROM. THE ISSUER OF THESE SHARES MAY REQUIRE AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH
THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.” 
 2.2 Representations and Warranties of the Company. The Company hereby
represents and warrants to each Exchange Stockholder, with respect to the transactions contemplated hereby, as follows: 
 (a) Corporate
Existence and Power. The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Delaware. 

(b) Corporate Authorization. The execution, delivery and performance by the Company of this Agreement and the consummation of the
transactions contemplated hereby are within the corporate powers of the Company and have been duly authorized by all necessary corporate action on the part of the Company and the Company’s stockholders, subject to compliance with
Section 2.2(c) and the approval of and adoption by the Company’s stockholders of the Certificate of Incorporation. Any and all rights of first refusal or co-sale held by the Company or the
Company’s stockholders that are applicable to the transactions contemplated hereby have been waived or are otherwise inapplicable. Assuming the due authorization, execution and delivery by each Exchange Stockholder, this Agreement constitutes a
valid and binding agreement of the Company, enforceable against the Company in accordance with its terms (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors’ rights
generally and general principles of equity). 
 (c) Governmental Authorization. The execution, delivery and performance by the
Company of this Agreement and the consummation of the transactions contemplated hereby require no action by or in respect of, or filing with, any governmental authority other than (i) the filing by the Company of the Certificate of
Incorporation with the Secretary of State of the State of Delaware and (ii) compliance by the Company with any applicable requirements of any applicable state or federal securities laws. 

(d) Non-contravention. The execution, delivery and performance by the Company of this Agreement
and the consummation of the transactions contemplated hereby do not and will not, assuming compliance with the matters referred to in Section 2.2(c) and approval of and adoption by the Company’s stockholders of the Certificate of
Incorporation, (i) violate the certificate of incorporation or bylaws of the Company, (ii) violate any law or order applicable to the Company, (iii) require any consent or other action by any person under, constitute a default under,
or give rise to any right of termination, cancellation or acceleration of any right obligation of the Company or to the loss of any benefit to which the Company is entitled under any provision of any agreement or other instrument binding upon the
Company or (iv) result in the creation or imposition of any lien on the Class B Shares other than as set forth or contemplated by this Agreement or the Certificate of Incorporation. 

3. Miscellaneous. 
 3.1
Waiver of Right of First Refusal. The Company hereby waives any preexisting rights of first refusal applicable to the transactions contemplated hereby. 

  
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 3.2 Governing Law. This Agreement shall be governed by, and construed in accordance
with, the laws of the State of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of law. 

3.3 No Assignment. The terms and conditions of this Agreement, including all obligations and rights therein, may not be assigned. 

3.4 Amend or Waive. This Agreement may be amended or terminated and the observance of any term hereof may be waived (either generally
or in a particular instance and either retroactively or prospectively) only by a written instrument executed by each of the parties hereto. 

3.5 Severability. The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of
any other provision. 
 3.6 Entire Agreement. This Agreement shall constitute the full and entire understanding and agreement among
the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing among the parties are expressly canceled. 

3.7 Counterparts; Facsimile. This Agreement may be executed and delivered by facsimile signature, including electronic signatures, and
in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

3.8 Tax Consequences. The parties hereto intend that no gain or loss shall be recognized in the Exchange pursuant to Sections
368(a)(1)(E) and/or 1036 of the Code. The parties adopt this Agreement as a plan of reorganization within the meaning of Treasury Regulations Sections 1.368-2(g) and
1.368-3(a). Notwithstanding the foregoing, each Exchange Stockholder has reviewed with his own tax advisors the federal, state, local and foreign tax consequences of the Exchange, investment in the
Class B Shares and the transactions contemplated by this Agreement. Each Exchange Stockholder is relying solely on such advisors and not on any statements or representations of the Company or any of its agents in connection with the
transactions contemplated hereby, except for the representations and warranties of the Company expressly set forth in Section 2.2 above.  

[Signature page follows.] 

  
 5 

 IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of
the date first written above. 
  

			
	FIGS, INC.
		
	By:	 	  

	Name:
	Title:

 [Signature page to FIGS, Inc. Exchange Agreement] 

 IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of
the date first written above. 
  

	
	  
 HEATHER HASSON

  
 2 

 IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of
the date first written above. 
  

			
	  
 CATHERINE SPEAR
	  	
		
	  
 CATHERINE SPEAR, AS TRUSTEE OF

	  	
	
	THE CATHERINE SPEAR REVOCABLE TRUST U/A/D 12/18/2017
		
	  
 CATHERINE SPEAR, AS TRUSTEE OF

	  	
	
	THE WINGAERSHEEK IRREVOCABLE TRUST I, U/A/D 10/15/2020
		
	  
 CATHERINE SPEAR, AS TRUSTEE OF

	  	
	
	THE WINGAERSHEEK IRREVOCABLE TRUST II, U/A/D 10/15/2020
		
	  
 CATHERINE SPEAR, AS TRUSTEE OF

	  	
	
	THE MAPLE TREE IRREVOCABLE TRUST, U/A/D 10/16/2020

  

  
 3 

 IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of
the date first written above. 
  

			
	TULCO, LLC
		
	By:	 	  

	Name:
	Title:

  
 4 

 EXHIBIT A 

 

									
	 Exchange Stockholder
	  	Number of Shares
of Class B
Common Stock to
be Issued	 	  	Number of Shares
of Class A
Common Stock
Exchanged	 
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			

 Exhibit A to FIGS, Inc. Exchange AgreementEX-10.19

 Exhibit 10.19 

EQUITY AWARD EXCHANGE RIGHT AGREEMENT 

This EQUITY AWARD EXCHANGE RIGHT AGREEMENT (this “Agreement”) is made and entered into as of [ • ], 2021
by and among FIGS, Inc., a Delaware corporation (the “Company”), and the individuals listed on Exhibit A hereto (collectively, “Founders”). 

RECITALS 
 WHEREAS, the
Board of Directors of the Company (the “Board”) has determined that it is in the best interests of the Company and its stockholders to implement a dual class structure in connection with the Company’s proposed initial
public offering of its capital stock in a firm commitment underwritten offering (the “IPO”) pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “Securities
Act”); 
 WHEREAS, in connection with the IPO, the Board has approved an Amended and Restated Certificate of Incorporation of
the Company (the “Certificate of Incorporation”), which, among other things, if effected in connection with the IPO, would create two classes of common stock of the Company, Class A common stock, par value $0.0001 per
share (“Class A Common Stock”), entitling holders to one (1) vote per share and Class B common stock, par value $0.0001 per share
(“Class B Common Stock”), entitling holders to twenty (20) votes per share; 

WHEREAS, the Certificate of Incorporation further provides that the Company’s common stock, par value $0.0001 per share (“Pre-IPO Common Stock”), will, upon the effectiveness of the filing of the Certificate of Incorporation (the “Effective Time”), be reclassified as Class A Common Stock; 

WHEREAS, the Founders hold stock option awards and restricted stock units, as set forth on Exhibit A (the “Equity
Awards”), which were granted pursuant to the Company’s 2016 Equity Incentive Plan and are currently exercisable for or settle in Pre-IPO Common Stock, and all such shares of Pre-IPO Common Stock underlying the Equity Awards will be reclassified as shares of Class A Common Stock at the Effective Time; 

WHEREAS, the Board has determined that providing each Founder with the right to require the Company to exchange, as set forth herein, any
shares of Class A Common Stock issued upon the exercise or settlement of such Founder’s Equity Awards for shares of Class B Common Stock of equivalent value as determined on the date of such exchange (which is expected to be at an
exchange ratio of one-for-one) as part of the implementation of the dual class structure is advisable and in the best interest of the Company and all of its
stockholders, including its stockholders other than the Founders; and 
 WHEREAS, the parties hereto intend that no gain or loss shall be
recognized in any Exchange (as defined below) pursuant to Sections 368(a)(1)(E) and/or 1036 of the Internal Revenue Code of 1986, as amended (the “Code”). 

AGREEMENT 
 NOW, THEREFORE,
in consideration of the above recitals and the mutual covenants made herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and accepted, the parties hereto agree as follows: 

  
 1 

 1. Exchange Right and Exchange of Class A Common Stock. 

1.1 Exchange Right. Subject to the terms and conditions of this Agreement, immediately following the Effective Time, the Company hereby
grants each Founder the right (the “Exchange Right”) to require the Company to exchange any shares of Class A Common Stock that the Founder acquires following the Effective Time upon the exercise or settlement of the
Equity Awards (the “Eligible Class A Shares”) for a number of shares of Class B Common Stock (the “Class B Shares”) of equivalent
value as determined on the date of such exchange (which is expected to be at an exchange ratio of one-for-one) (an “Exchange”). 

1.2 Exercise of Exchange Right. 

(a) As a condition precedent to the exercise of the Exchange Right, the Company and the exercising Founder must mutually agree that no gain or
loss will be required to be recognized for U.S. federal tax purposes on account of such exercise and related Exchange (the “Exchange Condition”). 

(b) If the Exchange Condition is satisfied, the Exchange Right will be exercisable by the Founder by submitting a completed and fully-executed
notice in the form attached hereto as Exhibit B (the “Exchange Notice”) to the Company on or prior to the Exchange Right’s Expiration Date (as defined below) and the Exchange Right will be deemed to have been
exercised immediately prior to 5:00 p.m. (Pacific time) on the date of timely delivery of an Exchange Notice. 
 (c) Failure to satisfy the
Exchange Condition or to deliver an Exchange Notice prior to 5:00 p.m. (Pacific time) on an Exchange Right’s Expiration Date will constitute an irrevocable waiver of the Exchange Right with respect to such Eligible Class A Shares. 

(d) An Exchange Right cannot be exercised by a Founder with respect to any Eligible Class A Share more than once. No Founder will have an
Exchange Right pursuant to this Agreement with respect to any shares of Class A Common Stock acquired by such Founder other than by the exercise or settlement of the Equity Awards set forth on Exhibit A. 

1.3 Exchange of Shares. 

(a) Within ten (10) calendar days after the Company’s receipt of a properly executed Exchange Notice, and provided the Exchange
Condition remains satisfied, the Company will complete the Exchange for the specified number of Eligible Class A Shares indicated in the Exchange Notice (“Exercised Shares”) by issuing, out of funds legally available
therefor, a number of shares of Class B Shares to the exercising Founder of equivalent value as determined on the date of such exchange (which is expected to be at an exchange ratio of one-for-one). 
 (b)Upon effectiveness of the Exchange, the Company shall deliver to the exercising
Founder such documentation as may be reasonably required to evidence that the Class B Shares have been duly issued and transferred to the applicable Founder. 

(c)Upon effectiveness of the Exchange, the exercising Founder will no longer have any rights as a holder of the Exercised Shares that are the
subject of the Exchange (other than the right to receive the Class B Shares in accordance with this Agreement). Such Exercised Shares will be deemed to have been redeemed by the Company in accordance with the applicable provisions hereof,
whether or not the certificate(s) therefor have been delivered to the applicable Founder. 

  
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 1.4 Termination of Exchange Right. The Exchange Right will terminate (the
“Expiration Date”): 
 (a) With respect to any shares of Class A Common Stock underlying Equity Awards that
have not been exercised or settled as of the date such shares are forfeited in accordance with the terms of the agreements evidencing such Equity Awards; or 

(b) With respect to any Eligible Class A Shares, the earlier of the date on which: (i) the Founder sells, transfers, or otherwise
disposes of such Eligible Class A Shares (other than through a Permitted Transfer (as defined in the Certificate of Incorporation)); and (ii) the Final Conversion Event (as defined in the Certificate of Incorporation) occurs. 

2. Representations and Warranties. 

2.1 Representations and Warranties of the Founders. Each Founder hereby represents and warrants to the Company, with respect to the
transactions contemplated hereby, as follows: 
 (a)Ownership; Authority. Each Founder has the full right, power and authority to
enter into this Agreement and, assuming the waiver or inapplicability of any and all rights of first refusal or co-sale by the Company and the Company’s stockholders that are applicable to the
transactions contemplated hereby, to exercise the Exchange Right and transfer, convey and exchange the Eligible Class A Shares in accordance with this Agreement. Assuming the due authorization, execution and delivery by the Company, this
Agreement constitutes a valid and binding agreement of such Founder, enforceable against such Founder in accordance with its terms (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws
affecting creditors’ rights generally and general principles of equity). Upon consummation of an Exchange contemplated hereby, the Company will acquire from Founder good and marketable title to the Eligible Class A Shares, free and clear
of any and all liens, encumbrances and restrictions (except for restrictions on transfer arising under applicable securities laws or as set forth or contemplated by this Agreement, the Certificate of Incorporation or any other agreements to which
such Founder and the Company are a party, and subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors’ rights generally and general principles of equity). 

(b)Governmental Authorization. The execution, delivery and performance by such Founder of this Agreement and the consummation of the
transactions contemplated hereby require no action by or in respect of, or filing with, any governmental authority on the part of such Founder (excluding, for the avoidance of doubt (a) the filing by the Company of the Certificate of
Incorporation with the Secretary of State of the State of Delaware and (b) compliance by the Company with any applicable requirements of any applicable state or federal securities laws). For purposes of this Agreement, “governmental
authority” means any transnational, domestic or foreign federal, state or local governmental, regulatory or administrative authority, department, court, agency or official, including any political subdivision thereof. 

  
 3 

 (c) Non-contravention. The execution,
delivery and performance by such Founder of this Agreement and the consummation of the transactions contemplated hereby do not and will not, assuming compliance with the matters referred to in Section 2.1(b) and approval of and adoption by the
Company’s stockholders of the Certificate of Incorporation, (a) violate any governing document, including any trust agreement, applicable to such Founder, (b) violate any law or order applicable to such Founder, (c) assuming the
waiver or inapplicability of any and all rights of first refusal or co-sale held by the Company or the Company’s stockholders that are applicable to the transactions contemplated hereby, require any
consent or other action under, constitute a default under, or give rise to any right of termination, cancellation or acceleration of any obligation of such Founder or to the loss of any benefit to which such Founder is entitled under any provision
of any agreement or other instrument binding upon such Founder, or (d) result in the creation or imposition of any lien on such Founder’s Equity Awards, shares of Class A Common Stock underlying such Equity Awards, Eligible
Class A Shares or Class B Shares, other than restrictions on transfer arising under applicable securities laws or as set forth or contemplated by this Agreement, the Certificate of Incorporation or any other agreements to which such
Founder and the Company are a party. 
 2.2 Representations and Warranties of the Company. The Company hereby represents and warrants
to each Founder, with respect to the transactions contemplated hereby, as follows: 
 (a) Corporate Existence and Power. The Company
is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Delaware. 
 (b) Corporate
Authorization. The execution, delivery and performance by the Company of this Agreement and the consummation of the transactions contemplated hereby are within the corporate powers of the Company and have been duly authorized by all necessary
corporate action on the part of the Company and the Company’s stockholders, subject to compliance with Section 2.2(c) and the approval of and adoption by the Company’s stockholders of the Certificate of Incorporation. Any and all
rights of first refusal or co-sale held by the Company or the Company’s stockholders that are applicable to the transactions contemplated hereby have been waived or are otherwise inapplicable. Assuming
the due authorization, execution and delivery by each Founder, this Agreement constitutes a valid and binding agreement of the Company, enforceable against the Company in accordance with its terms (subject to applicable bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and other laws affecting creditors’ rights generally and general principles of equity). 

(c) Governmental Authorization. The execution, delivery and performance by the Company of this Agreement and the consummation of the
transactions contemplated hereby require no action by or in respect of, or filing with, any governmental authority other than (i) the filing by the Company of the Certificate of Incorporation with the Secretary of State of the State of Delaware
and (ii) compliance by the Company with any applicable requirements of any applicable state or federal securities laws. 
 (d) Non-contravention. The execution, delivery and performance by the Company of this Agreement and the consummation of the transactions contemplated hereby do not and will not, assuming compliance with the matters
referred to in Section 2.2(c) and approval of and adoption by the Company’s stockholders of the Certificate of Incorporation, (i) violate the certificate of incorporation or bylaws of the Company, (ii) violate any law or order
applicable to the Company, (iii) require any consent or other action by any person under, constitute a default under, or give rise to any right of termination, cancellation or acceleration of any right obligation of the Company or to the loss
of any benefit to which the Company is entitled under any provision of any agreement or other instrument binding upon the Company or (iv) result in the creation or imposition of any lien on the Founder’s Equity Awards, shares of
Class A Common Stock underlying such Equity Awards, Eligible Class A Shares or Class B Shares other than as set forth or contemplated by this Agreement or the Certificate of Incorporation. 

  
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 3. Miscellaneous. 

3.1 Waiver of Right of First Refusal. The Company hereby waives any preexisting rights of first refusal applicable to the transactions
contemplated hereby. 
 3.2 Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the
State of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of law. 
 3.3 No
Assignment. The terms and conditions of this Agreement, including all obligations and rights therein, may not be assigned. 
 3.4
Amend or Waive. This Agreement may be amended or terminated and the observance of any term hereof may be waived (either generally or in a particular instance and either retroactively or prospectively) only by a written instrument executed by
each of the parties hereto. 
 3.5 Severability. The invalidity or unenforceability of any provision hereof shall in no way affect
the validity or enforceability of any other provision. 
 3.6 Entire Agreement. This Agreement shall constitute the full and entire
understanding and agreement among the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing among the parties are expressly canceled. 

3.7 Counterparts; Facsimile. This Agreement may be executed and delivered by facsimile signature, including electronic signatures, and
in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

3.8 Tax Consequences. The parties hereto intend that no gain or loss shall be recognized in any Exchange pursuant to Sections
368(a)(1)(E) and/or 1036 of the Code. The parties adopt this Agreement as a plan of reorganization within the meaning of Treasury Regulations Sections 1.368-2(g) and
1.368-3(a). Notwithstanding the foregoing, each Founder has reviewed with his own tax advisors the federal, state, local and foreign tax consequences of the Founder’s Equity Awards and the potential
acquisition of Class A Shares thereunder, the Exchange Right and the potential Exchange for Class B Shares, and the other transactions contemplated by this Agreement. Each Founder is relying solely on such advisors and not on any
statements or representations of the Company or any of its agents in connection with the transactions contemplated hereby, except for the representations and warranties of the Company expressly set forth in Section 2.2 above. 

[Signature page follows.] 
  

  
 5 

 IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of
the date first written above. 
  

	
	 FIGS, INC.

 

	By: _____________________________
	 Name:

	 Title:

 [Signature page to FIGS, Inc. Exchange Agreement] 

 IN WITNESS WHEREOF, the undersigned has caused this Agreement to be executed as of
the date first written above. 
 ___________________________ 

HEATHER HASSON 

  
 2 

 IN WITNESS WHEREOF, the undersigned has caused this Agreement to be executed as of
the date first written above. 
 _________________________ 

CATHERINE SPEAR 

  
 3 

 EXHIBIT A 

 

											
	 Founder
	  	 Equity Award Type
	  	Grant
Date	 	  	Number of
Shares of Class
A
Common
Stock
Underlying the
Equity Award	 
		  		  				  			
		  		  				  			
		  		  				  			
		  		  				  			
		  		  				  			
		  		  				  			
		  		  				  			
		  		  				  			

 Exhibit A to FIGS, Inc. Equity Award Exchange Agreement 

 EXHIBIT B 

Exchange Notice (the “Notice”) 

To:         FIGS, Inc. 

Attn:      Chief Legal Officer 

The undersigned (the “Founder”), hereby irrevocably elects to exercise her Exchange Right pursuant to that certain
Equity Award Exchange Right Agreement, dated as of [•], 2021 (the “Agreement”), by and among FIGS, Inc. (the “Company”) and the individuals listed on Exhibit A thereto, to require the Company to
exchange Eligible Class A Shares (the “Exercised Shares”) for a number of Class B Shares of equivalent value as determined on the date of the Exchange, subject to the terms of this Notice and the Agreement.
Capitalized terms used but not otherwise defined in the Notice have the meanings assigned to them in the Agreement. 
 By executing this
Notice, Founder hereby represents and warrants to the Company as follows: 
 1. Acknowledgements. Founder acknowledges and affirms
that her representations and warranties set forth in Section 2.1 of the Agreement as of the date of this Notice are true and correct. 

2. Restricted Securities; Rule 144. The Founder understands that the Class B Shares to be issued upon any Exchange are
characterized as “restricted securities” under the Securities Act because such shares are being acquired from the Company in a transaction not involving a public offering and in exchange for shares acquired from the Company in a
transaction not involving a public offering, and that under the Securities Act and the rules and regulations promulgated thereunder the Class B Shares may be resold without registration under the Securities Act only in certain limited
circumstances, and subject to the restrictions under the Company’s certificate of incorporation. Such Founder understands and hereby acknowledges that the Class B Shares must be held indefinitely unless subsequently registered under the
Securities Act or an exemption from such registration is otherwise available. Such Founder is aware of the provisions of Rule 144 promulgated under the Securities Act, which permit limited resales of shares purchased in a transaction not involving a
public offering, subject to the satisfaction of certain conditions. 
 3. Legends. It is understood that any certificate or book
entry position representing the Class B Shares will bear legends in substantially the following form (in addition to any legend required under applicable state securities laws or agreements to which Founder is a party): 

“THE SHARES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE
SECURITIES LAWS OF CERTAIN STATES. THESE SHARES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO REGISTRATION OR AN EXEMPTION THEREFROM. THE
ISSUER OF THESE SHARES MAY REQUIRE AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.” 

Exhibit B to FIGS, Inc. Equity Award Exchange Agreement 

 4. Tax Matters. The Founder has reviewed with her own tax advisors the federal,
state, local and foreign tax consequences of the Founder’s Equity Awards and the potential acquisition of Class A Shares thereunder, the Exchange Right and the potential Exchange for Class B Shares, and the other transactions
contemplated by the Agreement. Founder is relying solely on such advisors and not on any statements or representations of the Company or any of its agents in connection with the transactions contemplated hereby, except for the representations and
warranties of the Company expressly set forth in Section 2.2 of the Agreement. 
 __________________________________ 

[FOUNDER] 
 DATE: 

Exhibit B to FIGS, Inc. Equity Award Exchange Agreement

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