ACCEPTANCE LETTER AND COMMENCEMENT DATE AGREEMENT
THIS AGREEMENT (the “Agreement”) is made this 24th day of March 2008, by and between Southwest
Valley Partners, LLC (“Landlord”) and Ulta Salon, Cosmetics & Fragrance, Inc. (“Tenant”).
WHEREAS effective as of June 21, 2007, Landlord and Tenant entered into a Lease, as amended (the
“Lease”) for the Premises consisting of approximately 328,995 sf located in the Riverside Business Center,
Phoenix, Arizona, and
WHEREAS, Landlord and Tenant now desire to set forth the Commencement Date of the Premises and
document other acknowledgements pursuant to the Lease.
NOW THEREFORE, in consideration of the rent reserved herein and their mutual undertakings, Landlord
and Tenant agree as follows:
[Signatures to Follow.]
1. Commencement Date; Term . The Commencement Date of the Premises is [***], and the Expiration Date
2. Additional Rent/Base Rent . Tenant shall commence paying (a) Additional Rent (as defined in the Lease)
as of [***] and (b) Base Bent (as defined in the Lease) as of [***].
3. Counterparts . This Agreement may be executed in several counterparts, each of which shall be deemed to
be an original and all of which, collectively, shall be deemed to constitute one and the same instrument.
[***]: Certain information on this page has been omitted and filed separately with the Commission. Confidential
treatment has been requested with respect to the omitted portions.
IN WITNESS WHEREOF, Landlord and Tenant have executed this Agreement on the day and year first
ULTA SALON, COSMETICS &
SOUTHWEST VALLEY PARTNERS,
By: /s/ Alex J. Lelli, Jr.
By: /s/ Michael S. Curless
Alex J. Lelli, Jr.,
Michael S. Curless,
Senior Vice President,