Amendment to Option Agreement between Ulta Salon, Cosmetics & Fragrance, Inc. and Lyn Kirby (Dated March 24, 2008)
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Summary
Ulta Salon, Cosmetics & Fragrance, Inc. and Lyn Kirby have amended their original stock option agreement dated March 24, 2008. The amendment extends the period during which Lyn Kirby can exercise her option to purchase 625,000 shares of company stock at $14.06 per share, depending on the circumstances of her employment termination. The new terms specify different expiration dates based on the reason for termination, such as voluntary resignation, death, disability, or termination for cause. All other terms of the original agreement remain unchanged.
EX-10.16(A) 2 c50340exv10w16xay.htm EX-10.16(A) exv10w16xay
EXHIBIT 10.16(a)
AMENDMENT TO OPTION AGREEMENT
WITH GRANT DATE MARCH 24, 2008
WITH GRANT DATE MARCH 24, 2008
WHEREAS, Ulta Salon, Cosmetics & Fragrance, Inc. (the Company) and Lyn Kirby (Optionee) are parties to an Option Agreement with a Grant Date of March 24, 2008 (the Option Agreement) whereby the Company granted Optionee the option to purchase 625,000 shares of the Companys Common Stock at an exercise price equal to $14.06 per share (the Option);
WHEREAS, the Board of Directors on December 10, 2008 agreed to extend the exercise period of the Option following termination of Optionees employment in certain circumstances; and
WHEREAS, the Company and the Optionee desire to amend the Option Agreement to reflect this extension.
NOW THEREFORE, the Company and the Optionee hereby agree to amend Section 2 of the Option Agreement effective December 10, 2008 to read as follows:
2. Option Period. The Option shall be valid for a term commencing on the Grant Date and will expire the earliest of: (i) ten (10) years from the Grant Date; (ii) the date three (3) months after the Optionee voluntarily ceases to be a Service Provider, other than for Good Reason (as defined in Optionees Employment Agreement with the Company dated June 16, 2008), death or Disability; (iii) June 24, 2012; (iv) fifteen (15) months after Optionee ceases to be a Service Provider as a result of death or Disability; or (v) the date Optionee ceases to be a Service Provider for reasons of Cause.
In all other regards the Option Agreement shall remain in effect and outstanding.
Dated: January 27, 2009
ULTA SALON, COSMETICS & FRAGRANCE, INC.
/s/ Dennis K. Eck | ||||
By: | Dennis K. Eck | |||
Its: | Non-Executive Chairman |
OPTIONEE
/s/ Lyn Kirby | ||||
Lyn Kirby | ||||