01—Abstract
Summary
Summary of the 8-K filed July 25, 2025. Cited figures are marked; the original filing is the authoritative source.
Ulta Beauty, Inc. filed this Form 8-K under Item 5.02 (Departure of Directors or Certain Officers; Compensatory Arrangements of Certain Officers) on July 25, 2025.
The filing reports the departure of Paula Oyibo, the former Chief Financial Officer, Treasurer, principal financial officer, and principal accounting officer, who left the Company effective June 24, 2025 (the "Separation Date"). Ulta Beauty and Ms. Oyibo entered into a Separation and Release Agreement on July 21, 2025. Under the Agreement, Ms. Oyibo will receive severance that includes two years of annual base salary of $754,000a per year, payable over two years; a lump sum equal to her fiscal 2025 annual cash bonus paid at target, or 100% of annual base salary; Company-paid health care benefits for up to 18 months upon election; and outplacement services.
Her outstanding unvested equity awards were forfeited under the Amended and Restated 2011 Incentive Award Plan and the applicable award agreements. Receipt of severance is conditioned on her non-revocation of a general release of claims and continued compliance with restrictive covenants, including non-competition and non-solicitation covenants lasting 24 months from the Separation Date. The filing states that the full Agreement will be filed with the Company's Quarterly Report on Form 10-Q for the quarter ending August 2, 2025.
The filing is signed by Rene G. Cásares, Chief Legal Officer.
02—Key points
Key Highlights
- Paula Oyibo, former CFO, Treasurer, principal financial officer, and principal accounting officer, left the Company effective June 24, 2025.
- A Separation and Release Agreement was entered into on July 21, 2025.
- Severance includes two years of annual base salary of $754,000 per year, payable over two years.
- A lump sum equal to her fiscal 2025 annual cash bonus, paid at target (100% of annual base salary), is included in the severance.
- Company-paid health care benefits for up to 18 months and outplacement services are included.
- Her outstanding unvested equity awards were forfeited under the Amended and Restated 2011 Incentive Award Plan.
- Severance is conditioned on a general release of claims and 24 months of restrictive covenants, including non-competition and non-solicitation.
03—Questions
Frequently Asked Questions
Who departed from Ulta Beauty and when?
Paula Oyibo, the former Chief Financial Officer, Treasurer, principal financial officer, and principal accounting officer, left the Company effective June 24, 2025, the Separation Date.
What severance benefits will the departing officer receive?
Ms. Oyibo will receive two years of annual base salary of $754,000 per year, payable over two years, a lump sum equal to her fiscal 2025 annual cash bonus paid at target (100% of annual base salary), Company-paid health care benefits for up to 18 months upon election, and outplacement services.
Are any of her equity awards retained?
No. Her outstanding unvested equity awards were forfeited in accordance with the Amended and Restated 2011 Incentive Award Plan and the applicable award agreements.
What conditions apply to the severance?
Receipt of severance is conditioned on Ms. Oyibo's non-revocation of a general release of claims and her continued compliance with restrictive covenants, including non-competition and non-solicitation obligations for 24 months from the Separation Date.
Where can investors find the full terms of the agreement?
The filing states that the full Separation and Release Agreement will be filed with the Company's Quarterly Report on Form 10-Q for the quarter ending August 2, 2025.
04—Continue