Ulta Beauty CEO granted stock options and shares

Ulta Beauty President and CEO Kecia Steelman received new equity awards in the form of stock options and restricted stock.

Rhea-AI Filing Summary

Ulta Beauty President and CEO Kecia Steelman received new equity awards in the form of stock options and restricted stock. She was granted options to purchase 37,070 shares of common stock at an exercise price of $522.71 per share, vesting in 25% annual increments from March 15, 2027 through March 15, 2030 and expiring on March 31, 2036. She also received a performance-based option covering 68,000 shares, split into two tranches that vest based on achieving average stock price compound annual growth rates of 8% and 18%, with any earned portion service-vesting on March 31, 2031 and any unearned portion as of March 30, 2031 forfeited. In addition, she was granted 10,889 shares of restricted stock that vest 100% on March 15, 2029, bringing her direct common stock holdings to 42,489 shares after these awards.

Insider Trade Summary

Grant/Award: 115,959 shares

Grant/Award 3 txns

Insider Steelman Kecia

Role President and CEO

Type	Security	Shares	Price	Value
Grant/Award	Stock Option (right to buy)	37,070	$0.00	$0.00
Grant/Award	Stock Option (right to buy)	68,000	$0.00	$0.00
Grant/Award	Common Stock	10,889	$0.00	$0.00

Holdings After Transaction: Stock Option (right to buy) — 105,070 contracts (Direct); Common Stock — 42,489 shares (Direct)

Footnotes (3)

1. F1. Represents grant of 10,889 shares of restricted stock, vesting 100% on March 15, 2029.
2. F2. The options, representing an initial right to purchase a total of 37,070 shares, vesting in 25% annual increments beginning March 15, 2027 and each anniversary thereafter through March 15, 2030.
3. F3. The options, representing an initial right to purchase a total of 68,000 shares of common stock. The performance-based option vests in two tranches, each of which comprises half of the award. The first and second tranche will vest when the average closing stock price (over any consecutive twenty (20)-trading day or thirty (30)-calendar day period) represents a CAGR of 8% and 18%, respectively, from the base price. Any earned portion of the award will service-vest on March 31, 2031 and any unearned portion as of March 30, 2031 will be forfeited.

Key Figures

Time-based options granted: 37,070 options Performance-based options granted: 68,000 options Restricted stock granted: 10,889 shares +3 more

6 metrics

Time-based options granted 37,070 options Grant on March 31, 2026; vest 25% annually 2027-2030

Performance-based options granted 68,000 options Grant on March 31, 2026; vest on 8% and 18% CAGR price hurdles

Restricted stock granted 10,889 shares Restricted stock vesting 100% on March 15, 2029

Option exercise price $522.71 per share Exercise price for both new option awards

Option expiration March 31, 2036 Expiration date for both option grants

Shares held after grant 42,489 shares Direct common stock ownership after restricted stock award

Key Terms

restricted stock, performance-based option, CAGR, vesting

4 terms

restricted stock financial

"Represents grant of 10,889 shares of restricted stock, vesting 100% on March 15, 2029."

Shares granted to an individual that carry limits on transfer or sale until certain conditions are met, such as staying with the company for a set time or hitting performance targets. Think of them as a locked gift that gradually opens; for investors they matter because they affect how many shares may enter the market later, signal management incentives and potential dilution, and reveal confidence in future company performance.

performance-based option financial

"The options, representing an initial right to purchase a total of 68,000 shares of common stock. The performance-based option vests in two tranches..."

CAGR financial

"will vest when the average closing stock price ... represents a CAGR of 8% and 18%, respectively, from the base price."

Compound Annual Growth Rate (CAGR) measures the average yearly growth of an investment, revenue, or other metric over a multi-year period as if it had grown at a steady rate each year. Think of it like the constant speed that would take you from the starting value to the ending value over the same time—useful because it smooths out ups and downs and lets investors compare different assets or performance periods on an even footing.

vesting financial

"vesting in 25% annual increments beginning March 15, 2027 and each anniversary thereafter through March 15, 2030."

Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What equity awards did Ulta Beauty (ULTA) CEO Kecia Steelman receive?

Ulta Beauty’s CEO received new stock options and restricted stock awards. She was granted 37,070 time-based options, 68,000 performance-based options, and 10,889 restricted shares, all as compensation awards with multi-year vesting conditions tied to service and, for part, stock price performance.

How do the new stock options for Ulta Beauty (ULTA) CEO vest?

The 37,070 stock options vest in 25% annual installments from March 15, 2027 through March 15, 2030. The separate 68,000 performance-based options vest in two price-based tranches, with any earned portion service-vesting on March 31, 2031 and unearned amounts forfeited on March 30, 2031.

What performance targets apply to Ulta Beauty (ULTA) CEO’s performance-based options?

The 68,000-share performance-based option is split into two equal tranches. Each tranche vests when the average closing stock price over a specified period reflects an 8% and 18% compound annual growth rate, respectively, from the base price, before service-vesting on March 31, 2031.

What is the exercise price and term of Ulta Beauty (ULTA) CEO’s new options?

Both the 37,070 time-based options and 68,000 performance-based options carry an exercise price of $522.71 per share. These options have an expiration date of March 31, 2036, giving a long-dated window for potential exercise following vesting and satisfaction of conditions.

How many Ulta Beauty (ULTA) shares does the CEO hold after these grants?

After the new restricted stock grant, Kecia Steelman directly holds 42,489 shares of Ulta Beauty common stock. This figure reflects her updated direct ownership position reported in connection with receiving 10,889 restricted shares that will vest fully on March 15, 2029.

When do the Ulta Beauty (ULTA) CEO’s restricted stock awards vest?

The CEO’s 10,889 restricted shares vest 100% on March 15, 2029. Until vesting, these shares remain subject to forfeiture conditions, typically continued employment, aligning her long-term compensation with Ulta Beauty’s multi-year performance and retention objectives.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/02/2026 - 04:49 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Steelman Kecia

(Last) (First) (Middle)

1000 REMINGTON BLVD., SUITE 120

(Street)

BOLINGBROOK ILLINOIS 60440

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Ulta Beauty, Inc. [ ULTA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President and CEO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/31/2026		A		10,889(1)	A	$0	42,489	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	$522.71	03/31/2026		A		37,070		(2)	03/31/2036	Common Stock	37,070	$0	37,070	D
Stock Option (right to buy)	$522.71	03/31/2026		A		68,000		03/31/2031(3)	03/31/2036	Common Stock	68,000	$0	68,000	D

Explanation of Responses:

1. Represents grant of 10,889 shares of restricted stock, vesting 100% on March 15, 2029.

2. The options, representing an initial right to purchase a total of 37,070 shares, vesting in 25% annual increments beginning March 15, 2027 and each anniversary thereafter through March 15, 2030.

3. The options, representing an initial right to purchase a total of 68,000 shares of common stock. The performance-based option vests in two tranches, each of which comprises half of the award. The first and second tranche will vest when the average closing stock price (over any consecutive twenty (20)-trading day or thirty (30)-calendar day period) represents a CAGR of 8% and 18%, respectively, from the base price. Any earned portion of the award will service-vest on March 31, 2031 and any unearned portion as of March 30, 2031 will be forfeited.

	/s/ Rene G. Casares, as attorney-in-fact for Kecia Steelman	04/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)