UNITED STATES
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CURRENT REPORT
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Item 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As previously announced, Paula Oyibo, the former Chief Financial Officer, Treasurer, principal financial officer, and principal accounting officer of Ulta Beauty, Inc. (the “Company” or “Ulta Beauty”), left the Company, effective June 24, 2025 (the “Separation Date”). In connection with her departure, Ulta Beauty and Ms. Oyibo entered into a Separation and Release Agreement on July 21, 2025 (the “Agreement”), pursuant to which Ms. Oyibo will receive severance benefits that include two years of annual base salary of $754,000 per year payable over two years, a lump sum payment representing her annual cash bonus for fiscal year 2025 paid at target, or 100% of annual base salary, Company-paid health care benefits for up to 18 months upon election and outplacement services. Ms. Oyibo will be subject to restrictive covenants for continuing obligations to the Company for a period of 24 months from the Separation Date, including non-competition and non-solicitation covenants. The receipt of severance benefits is conditioned upon Ms. Oyibo’s non-revocation of a general release of claims and continued compliance with the restrictive covenants. Ms. Oyibo’s outstanding unvested equity awards were forfeited in accordance with the terms and conditions of the Company’s Amended and Restated 2011 Incentive Award Plan and the applicable award agreements.
The foregoing summary of the Agreement does not purport to be a complete description of the Agreement and is qualified in its entirety by reference to the full text of the Agreement, a copy of which will be filed with the Company’s Quarterly Report on Form 10-Q for the quarter ending August 2, 2025.
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