Ulta Beauty said on December 15, 2025 it adopted an Executive Severance Plan that provides for the payment of severance and other benefits to its executive officers in the event of an involuntary termination of employment without Cause. Terminations in connection with a change in control of the Company and terminations due to death or disability are excluded.

1. 01

   Ulta Beauty said on December 15, 2025 it adopted an Executive Severance Plan that provides for the payment of severance and other benefits to its executive officers in the event of an involuntary termination of employment without Cause. Terminations in connection with a change in control of the Company and terminations due to death or disability are excluded.

2. 02

   Under the plan, Ulta Beauty said it will pay a terminating executive officer 2 times the executive's base salary in effect at the time of termination in bi-weekly installments over 24 months. It will also pay 1 times the lower of the executive's target annual bonus in effect at the time of termination and the actual bonus for the fiscal year in which the termination occurs, as a lump sum.

3. 03

   Ulta Beauty said the Company will pay COBRA premiums for up to 12 months following the termination date. Payment is conditioned on the executive's delivery and non-revocation of an effective general release of claims and the executive's continued compliance with applicable restrictive covenants for 24 months following termination.

4. 04

   The company said the Severance Plan replaces in full any other severance protections provided to executive officers, including individual letters and other plans. However, the Executive Change in Control and Severance Plan dated March 24, 2017 will continue to apply to qualifying terminations under that plan.

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