figs-20260422

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

SCHEDULE 14A

(Rule 14a-101)

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

(Amendment No. )

Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐

Check the appropriate box:


☐			Preliminary Proxy Statement

☐			Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

☒			Definitive Proxy Statement

☐			Definitive Additional Materials

☐			Soliciting Material under §240.14a-12

FIGS, Inc.

(Name of Registrant as Specified in its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check all boxes that apply):



☒			No fee required

☐			Fee paid previously with preliminary materials

☐			Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11

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NOTICE & PROXY STATEMENT

Annual Meeting of Stockholders

June 3, 2026

1:30 p.m. (Pacific time)

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April 23, 2026

To Our Stockholders:

You are cordially invited to attend the 2026 Annual Meeting of Stockholders (the “Annual Meeting”) of FIGS, Inc. at 1:30 p.m. Pacific time, on Wednesday, June 3, 2026. The Annual Meeting will be a completely virtual meeting, which will be conducted via live webcast.

The Notice of Meeting and Proxy Statement on the following pages describe the matters to be presented at the Annual Meeting. Please see the section called “Who can attend the Annual Meeting?” on page 9 of the Proxy Statement for more information about how to attend the meeting online.

Whether or not you attend the Annual Meeting online, it is important that your shares be represented and voted at the Annual Meeting. Therefore, we urge you to promptly vote and submit your proxy by phone, via the Internet, or, if you received paper copies of these materials, by signing, dating and returning the enclosed proxy card in the enclosed envelope, which requires no postage if mailed in the United States. If you have previously received our Notice of Internet Availability of Proxy Materials, then instructions regarding how you can vote are contained in that notice. If you have received a proxy card, then instructions regarding how you can vote are contained on the proxy card. If you decide to attend the Annual Meeting, you will be able to vote online, even if you have previously submitted your proxy.

Thank you for your support.

Sincerely,

Catherine Spear

Chief Executive Officer and Director

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NOTICE OF ANNUAL MEETING OF STOCKHOLDERS			6

PROXY STATEMENT			7
Proposals			7
Recommendations of the Board			7
Information About This Proxy Statement			8

QUESTIONS AND ANSWERS ABOUT THE 2026 ANNUAL MEETING OF STOCKHOLDERS			9

PROPOSALS TO BE VOTED ON			13
Proposal 1: Election of Directors			13
Proposal 2: Ratification of Appointment of Independent Registered Public Accounting Firm			17
Report of the Audit Committee of the Board of Directors			18
Independent Registered Public Accounting Firm Fees and Other Matters			19
Proposal 3: Approval, on an Advisory (Non-Binding) Basis, of the Compensation of our Named Executive Officers (“Say-on-Pay Vote”)			20

EXECUTIVE OFFICERS			21

CORPORATE GOVERNANCE			22
General			22
Board Composition			22
Voting Agreement			23
Stockholders Agreement			23
Director Independence			23
Controlled Company Exemption			23
Executive Sessions			23
Director Candidates			24
Investor Outreach			24
Communications from Interested Parties			24
Board Leadership Structure and Role in Risk Oversight			25
Code of Business Conduct and Ethics			25
Insider Trading Policies and Procedures; Anti-Hedging Policy			26
Attendance by Members of the Board of Directors at Meetings			26
Corporate Responsibility			26

COMMITTEES OF THE BOARD			29
Audit Committee			29
Compensation Committee			30
Nominating and Corporate Governance Committee			30

EXECUTIVE COMPENSATION			32
Compensation Discussion and Analysis			32
Executive Compensation Tables			44
Summary Compensation Table			44
Grants of Plan-Based Awards in Fiscal Year 2025			45
Narrative Disclosure to Summary Compensation Table and Grants of Plan-Based Awards Table			45
Outstanding Equity Awards at Fiscal Year-End Table			46
Option Exercises and Stock Vested in Fiscal Year 2025			48
Potential Payments Upon Termination or Change in Control			48
Pay Versus Performance Table			50
CEO Pay Ratio			54
Compensation Risk Assessment			55
DIRECTOR COMPENSATION			56

EQUITY COMPENSATION PLAN INFORMATION			58

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT			59

CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS			62

STOCKHOLDERS’ PROPOSALS			64

OTHER MATTERS			64

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SOLICITATION OF PROXIES			64

FIGS’ ANNUAL REPORT ON FORM 10-K			65

APPENDIX			A-1

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FIGS, INC.

2834 Colorado Avenue, Suite 400

Santa Monica, California 90404

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS

TO BE HELD WEDNESDAY, JUNE 3, 2026

The Annual Meeting of Stockholders (the “Annual Meeting”) of FIGS, Inc., a Delaware corporation (the “Company”), will be held at 1:30 p.m. Pacific time on Wednesday, June 3, 2026. The Annual Meeting will be a completely virtual meeting, which will be conducted via live webcast. You will be able to attend the Annual Meeting online and submit your questions during the meeting by visiting www.virtualshareholdermeeting.com/FIGS2026 and entering your 16-digit control number included in your Notice of Internet Availability of Proxy Materials, on your proxy card or on the instructions that accompanied your proxy materials. The Annual Meeting will be held for the following purposes:

•To elect Heather Hasson, Kenneth Lin and Melanie Whelan as Class II Directors to serve until the 2029 Annual Meeting of Stockholders, and until their respective successors have been duly elected and qualified;

•To ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2026;

•To approve, on an advisory (non-binding) basis, the compensation of our named executive officers; and

•To transact such other business as may properly come before the Annual Meeting or any continuation, postponement or adjournment of the Annual Meeting.

Holders of record of our Class A common stock and Class B common stock as of the close of business on April 8, 2026 are entitled to notice of and to vote at the Annual Meeting, or any continuation, postponement or adjournment of the Annual Meeting. A complete list of such stockholders will be open to the examination of any stockholder for a period of ten days prior to the Annual Meeting for a purpose that is relevant to the meeting by sending an email to legal@wearfigs.com, stating the purpose of the request and providing proof of ownership of Company stock. The list of these stockholders will also be available on the bottom of your screen during the Annual Meeting after entering the 16-digit control number included on your Notice of Internet Availability of Proxy Materials, on your proxy card or on the instructions that accompanied your proxy materials. The Annual Meeting may be continued or adjourned from time to time without notice other than by announcement at the Annual Meeting.

It is important that your shares be represented regardless of the number of shares you may hold. Whether or not you plan to attend the Annual Meeting online, we urge you to vote your shares via the toll-free telephone number or over the Internet, as described in the enclosed materials. If you received a copy of the proxy card by mail, you may sign, date and mail the proxy card in the enclosed return envelope. Promptly voting your shares will help ensure the presence of a quorum at the Annual Meeting and will save us the expense of further solicitation. Submitting your proxy now will not prevent you from voting your shares at the Annual Meeting if you desire to do so, as your proxy is revocable at your option.

By Order of the Board of Directors

Todd Maron

Chief Legal Officer and Secretary

Santa Monica, California

April 23, 2026

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FIGS, INC.

2834 Colorado Avenue, Suite 400

Santa Monica, California 90404

PROXY STATEMENT

This proxy statement (“Proxy Statement”) is furnished in connection with the solicitation by the Board of Directors (the “Board”) of FIGS, Inc. of proxies to be voted at our Annual Meeting of Stockholders to be held on Wednesday, June 3, 2026 (the “Annual Meeting”), at 1:30 p.m. Pacific time, and at any continuation, postponement or adjournment of the Annual Meeting. The Annual Meeting will be a completely virtual meeting, which will be conducted via live webcast. We believe the virtual meeting technology provides expanded stockholder access while providing stockholders the same rights and opportunities to participate as they would have at an in-person meeting. You will be able to attend the Annual Meeting online and submit your questions during the meeting by visiting www.virtualshareholdermeeting.com/FIGS2026 and entering your 16-digit control number included in your Notice of Internet Availability of Proxy Materials, on your proxy card or on the instructions that accompanied your proxy materials.

Holders of record of outstanding shares of our capital stock, composed of Class A common stock, $0.0001 par value per share, and Class B common stock, $0.0001 par value per share (together, “Common Stock”), as of the close of business on April 8, 2026 (the “Record Date”) will be entitled to notice of and to vote at the Annual Meeting and any continuation, postponement or adjournment of the Annual Meeting, and will vote together as a single class on all matters presented at the Annual Meeting. Each share of our Class A common stock entitles its holder to one vote per share on all matters presented to our stockholders generally, and each share of Class B common stock entitles its holder to twenty votes per share on all matters presented to our stockholders generally. As of the Record Date, there were 158,761,109 shares of Class A common stock and 8,283,641 shares of Class B common stock outstanding and entitled to vote at the Annual Meeting, representing approximately 48.9% and 51.1% of the voting power of our Common Stock, respectively.

This Proxy Statement and the Company’s Annual Report to Stockholders for the year ended December 31, 2025 (the “2025 Annual Report”) will be released on or about April 23, 2026 to our stockholders on the Record Date.

In this Proxy Statement, “FIGS,” “Company,” “we,” “us” and “our” refer to FIGS, Inc.

IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE STOCKHOLDER MEETING TO BE HELD ON WEDNESDAY, JUNE 3, 2026

This Proxy Statement and our 2025 Annual Report to Stockholders are available at http://www.proxyvote.com/

Proposals

At the Annual Meeting, our stockholders will be asked:

1.To elect Heather Hasson, Kenneth Lin and Melanie Whelan as Class II Directors to serve until the 2029 Annual Meeting of Stockholders, and until their respective successors have been duly elected and qualified;

2.To ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2026;

3.To approve, on an advisory (non-binding) basis, the compensation of our named executive officers; and

4.To transact such other business as may properly come before the Annual Meeting or any continuation, postponement or adjournment of the Annual Meeting.

Recommendations of the Board

The Board recommends that you vote your shares as indicated below. If you return a properly completed proxy card, or vote your shares by telephone or Internet, your shares of Common Stock will be voted on your behalf as you direct. If not otherwise specified, the shares of Common Stock represented by the proxies will be voted, and the Board recommends that you vote:

•FOR the election of Heather Hasson, Kenneth Lin and Melanie Whelan as Class II Directors;

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•FOR the ratification of the appointment of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2026; and

•FOR the approval, on an advisory (non-binding) basis, of the compensation of our named executive officers.

We know of no other business that will be presented at the Annual Meeting. If any other matter properly comes before the stockholders for a vote at the Annual Meeting, however, the proxy holders named on the Company’s proxy card will vote your shares in accordance with their best judgment.

Information About This Proxy Statement

Why you received this Proxy Statement. You are viewing or have received these proxy materials because FIGS’ Board is soliciting your proxy to vote your shares at the Annual Meeting. This Proxy Statement includes information that we are required to provide to you under the rules of the Securities and Exchange Commission (“SEC”) and that is designed to assist you in voting your shares.

Notice of Internet Availability of Proxy Materials. As permitted by SEC rules, FIGS is making this Proxy Statement and its 2025 Annual Report available to its stockholders electronically via the Internet. On or about April 23, 2026, we mailed to our stockholders a Notice of Internet Availability of Proxy Materials (the “Internet Notice”) containing instructions on how to access this Proxy Statement and our 2025 Annual Report and vote online. If you received an Internet Notice by mail, you will not receive a printed copy of the proxy materials in the mail unless you specifically request them. Instead, the Internet Notice instructs you on how to access and review all of the important information contained in the Proxy Statement and 2025 Annual Report. The Internet Notice also instructs you on how you may submit your proxy over the Internet. If you received an Internet Notice by mail and would like to receive a printed copy of our proxy materials, you should follow the instructions for requesting such materials contained on the Internet Notice.

Printed Copies of Our Proxy Materials. If you received printed copies of our proxy materials, then instructions regarding how you can vote are contained on the proxy card included in the materials.

Householding. The SEC’s rules permit us to deliver a single set of proxy materials to one address shared by two or more of our stockholders. This delivery method is referred to as “householding” and can result in significant cost savings. To take advantage of this opportunity, we have delivered only one set of proxy materials to multiple stockholders who share an address, unless we received contrary instructions from the impacted stockholders prior to the mailing date. We agree to deliver promptly, upon written or oral request, a separate copy of the proxy materials, as requested, to any stockholder at the shared address to which a single copy of those documents was delivered. If you prefer to receive separate copies of the proxy materials, contact Broadridge Financial Solutions, Inc. at 1-866-540-7095 or in writing at Broadridge, Householding Department, 51 Mercedes Way, Edgewood, New York 11717.

If you are currently a stockholder sharing an address with another stockholder and wish to receive only one copy of future proxy materials for your household, please contact Broadridge at the above phone number or address.

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QUESTIONS AND ANSWERS ABOUT THE 2026 ANNUAL MEETING OF STOCKHOLDERS

1.Who is entitled to vote at the Annual Meeting?

The Record Date for the Annual Meeting is April 8, 2026. You are entitled to vote at the Annual Meeting only if you were a stockholder of record at the close of business on the Record Date, or if you hold a valid proxy for the Annual Meeting. Each outstanding share of our Class A common stock is entitled to one vote for all matters before the Annual Meeting and each outstanding share of our Class B common stock is entitled to twenty votes for all matters before the Annual Meeting. Holders of Class A common stock and holders of Class B common stock vote together as a single class on any matter (including the election of directors) that is submitted to a vote of our stockholders, unless otherwise required by law or our amended and restated certificate of incorporation. At the close of business on the Record Date, there were 158,761,109 shares of Class A common stock and 8,283,641 shares of Class B common stock outstanding and entitled to vote at the Annual Meeting, representing 48.9% and 51.1% of the total voting power of our Common Stock, respectively.

2.What is the difference between being a “record holder” and holding shares in “street name”?

A record holder holds shares in his or her name. Shares held in “street name” means shares that are held in the name of a bank or broker on a person’s behalf.

3.Am I entitled to vote if my shares are held in “street name”?

Yes. If your shares are held by a bank or a brokerage firm, you are considered the “beneficial owner” of those shares held in “street name.” If your shares are held in street name, these proxy materials are being provided to you by your bank or brokerage firm, along with a voting instruction card if you received printed copies of our proxy materials. As the beneficial owner, you have the right to direct your bank or brokerage firm how to vote your shares, and the bank or brokerage firm is required to vote your shares in accordance with your instructions. If your shares are held in street name, you may not vote your shares online at the Annual Meeting, unless you obtain a legal proxy from your bank or brokerage firm.

4.How many shares must be present to hold the Annual Meeting?

A quorum must be present at the Annual Meeting for any business to be conducted. The presence at the Annual Meeting, online or by proxy, of the holders of a majority in voting power of the Common Stock issued and outstanding and entitled to vote on the Record Date will constitute a quorum.

5.Who can attend the Annual Meeting?

You may attend the Annual Meeting online only if you are a FIGS stockholder who is entitled to vote at the Annual Meeting, or if you hold a valid proxy for the Annual Meeting. You may attend and participate in the Annual Meeting by visiting the following website: www.virtualshareholdermeeting.com/FIGS2026. To attend and participate in the Annual Meeting, you will need the 16-digit control number included in your Internet Notice, on your proxy card or on the instructions that accompanied your proxy materials. If your shares are held in “street name,” you should contact your bank or broker to obtain your 16-digit control number or otherwise vote through the bank or broker. If you lose your 16-digit control number, you may join the Annual Meeting as a “Guest,” but you will not be able to vote, ask questions or access the list of stockholders as of the Record Date. The meeting webcast will begin promptly at 1:30 p.m. Pacific time / 4:30 p.m. Eastern Time. We encourage you to access the meeting prior to the start time. Online check-in will begin at 1:15 p.m. Pacific time / 4:15 p.m. Eastern Time, and you should allow ample time for the check-in procedures.

6.What if a quorum is not present at the Annual Meeting?

If a quorum is not present at the scheduled time of the Annual Meeting, the Chairperson of the Annual Meeting is authorized by our Amended and Restated Bylaws to adjourn the meeting, without the vote of stockholders.

7.What does it mean if I receive more than one Internet Notice or more than one set of proxy materials?

It means that your shares are held in more than one account at the transfer agent and/or with banks or brokers. Please vote all of your shares. To ensure that all of your shares are voted, for each Internet Notice or set of proxy materials, please submit your proxy by phone, via the Internet, or, if you received printed copies of the proxy materials, by signing, dating and returning the enclosed proxy card in the enclosed envelope.

8.How do I vote?

Stockholders of Record. If you are a stockholder of record, you may vote:

•by Internet—You can vote over the Internet at www.proxyvote.com by following the instructions on the Internet Notice or proxy card;

•by Telephone—You can vote by telephone by calling 1-800-690-6903 and following the instructions on the proxy card;

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•by Mail—You can vote by mail by signing, dating and mailing the proxy card, which you may have received by mail; or

•Electronically at the Meeting—If you attend the meeting online, you will need the 16-digit control number included in your Internet Notice, on your proxy card or on the instructions that accompanied your proxy materials to vote electronically during the meeting.

Internet and telephone voting facilities for stockholders of record will be available 24 hours a day and will close at 8:59 p.m. Pacific time / 11:59 p.m. Eastern time, on June 2, 2026. To participate in the Annual Meeting, including to vote via the Internet or telephone, you will need the 16-digit control number included on your Internet Notice, on your proxy card or on the instructions that accompanied your proxy materials.

Whether or not you expect to attend the Annual Meeting online, we urge you to vote your shares as promptly as possible to ensure your representation and the presence of a quorum at the Annual Meeting. If you submit your proxy, you may still decide to attend the Annual Meeting and vote your shares electronically.

Beneficial Owners of Shares Held in “Street Name.” If your shares are held in “street name” through a bank or broker, you will receive instructions on how to vote from the bank or broker. You must follow their instructions in order for your shares to be voted. Internet and telephone voting also may be offered to stockholders owning shares through certain banks and brokers. If your shares are not registered in your own name and you would like to vote your shares online at the Annual Meeting, you should contact your bank or broker to obtain your 16-digit control number or otherwise vote through the bank or broker. If you lose your 16-digit control number, you may join the Annual Meeting as a “Guest,” but you will not be able to vote, ask questions or access the list of stockholders as of the Record Date. You will need to obtain your own Internet access if you choose to attend the Annual Meeting online and/or vote over the Internet.

9.Can I change my vote after I submit my proxy?

Yes.

If you are a registered stockholder, you may revoke your proxy and change your vote:

•by submitting a duly executed proxy bearing a later date;

•by granting a subsequent proxy through the Internet or telephone;

•by giving written notice of revocation to the Secretary of FIGS prior to or at the Annual Meeting; or

•by voting online at the Annual Meeting.

Your most recent proxy card or Internet or telephone proxy is the one that is counted. Your attendance at the Annual Meeting by itself will not revoke your proxy unless you give written notice of revocation to the Secretary before your proxy is voted or you vote online at the Annual Meeting.

If your shares are held in street name, you may change or revoke your voting instructions by following the specific directions provided to you by your bank or broker, or you may vote online at the Annual Meeting by obtaining your 16-digit control number or otherwise voting through the bank or broker.

10.Who will count the votes?

A representative of Broadridge Financial Solutions, Inc., our inspector of election, will tabulate and certify the votes.

11.What if I do not specify how my shares are to be voted?

If you submit a proxy but do not indicate any voting instructions, the persons named as proxies will vote in accordance with the recommendations of the Board. The Board’s recommendations are indicated on page 7 of this Proxy Statement, as well as with the description of each proposal in this Proxy Statement.

12.Will any other business be conducted at the Annual Meeting?

We know of no other business that will be presented at the Annual Meeting. If any other matter properly comes before the stockholders for a vote at the Annual Meeting, however, and you have properly submitted a proxy, the proxy holders named on the Company’s proxy card will vote your shares in accordance with their best judgment.

13.Why hold a virtual meeting?

We believe that hosting virtual meetings is in the best interest of the Company and its stockholders. A virtual meeting enables increased stockholder attendance and participation because stockholders can participate from any location around the world. You will be able to attend the Annual Meeting online and submit your questions by visiting www.virtualshareholdermeeting.com/FIGS2026. You also will be able to vote your shares electronically at the Annual Meeting by following the instructions above.

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14.What if during the check-in time or during the Annual Meeting I have technical difficulties or trouble accessing the virtual meeting website?

We will have technicians ready to assist you with technical difficulties you may have accessing the virtual meeting website, and the information for assistance will be located on www.virtualshareholdermeeting.com/FIGS2026.

15.Will there be a question and answer session during the Annual Meeting?

As part of the Annual Meeting, we will hold a live Q&A session, during which we intend to answer questions submitted online during the meeting that are pertinent to the Company and the meeting matters, as time permits. Only stockholders that have accessed the Annual Meeting as a stockholder (rather than a “Guest”) by following the procedures outlined above in “Who can attend the Annual Meeting?” will be permitted to submit questions during the Annual Meeting. Each stockholder is limited to no more than one question. Questions should be succinct and only cover a single topic. We will not address questions that are, among other things:

•in excess of the one question limit;

•irrelevant to the business of the Company or to the business of the Annual Meeting;

•related to material non-public information of the Company, including the status or results of our business since our last periodic report filed with the SEC;

•related to any pending, threatened or ongoing litigation;

•related to personal grievances;

•derogatory references to individuals or that are otherwise in bad taste;

•substantially repetitious of questions already made by another stockholder;

•in furtherance of the stockholder’s personal or business interests; or

•out of order or not otherwise suitable for the conduct of the Annual Meeting as determined by the Chairperson of the Annual Meeting or Secretary in their reasonable judgment.

Additional information regarding the Q&A session will be available in the “Rules of Conduct” available on the Annual Meeting webpage for stockholders that have accessed the Annual Meeting as a stockholder (rather than a “Guest”) by following the procedures outlined above in “Who can attend the Annual Meeting?”.

16.How many votes are required for the approval of the proposals to be voted upon and how will votes withheld, abstentions and broker non-votes be treated?


Proposal	Votes required	Effect of Votes Withheld / Abstentions and Broker Non-Votes
Proposal 1: Election of Directors	The plurality of the votes cast. This means that the three nominees receiving the highest number of affirmative “FOR” votes will be elected as Class II Directors.	Votes withheld and broker non-votes will have no effect.
Proposal 2: Ratification of Appointment of Independent Registered Public Accounting Firm	The affirmative vote of the holders of a majority in voting power of the votes cast (excluding abstentions and broker non-votes).	Abstentions and broker non-votes will have no effect. We do not expect any broker non-votes on this proposal.
Proposal 3: Approval, on an advisory (non-binding) basis, of the compensation of our named executive officers.	The affirmative vote of the holders of a majority in voting power of the votes cast (excluding abstentions and broker non-votes).	Abstentions and broker non-votes will have no effect.

17.What is a “vote withheld” and an “abstention” and do they count for determining a quorum?

A “vote withheld,” in the case of the proposal regarding the election of directors, or an “abstention,” in the case of the other proposals before the Annual Meeting, represents a stockholder’s affirmative choice to decline to vote on a proposal. Votes withheld and abstentions are counted as present and entitled to vote for purposes of determining a quorum.

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18.What are broker non-votes and do they count for determining a quorum?

Generally, broker non-votes occur when shares held by a broker in “street name” for a beneficial owner are not voted with respect to a particular proposal because the broker (1) has not received voting instructions from the beneficial owner and (2) lacks discretionary voting power to vote those shares. A broker is entitled to vote shares held for a beneficial owner on routine matters, such as the ratification of the appointment of Ernst & Young LLP as our independent registered public accounting firm, without instructions from the beneficial owner of those shares. On the other hand, absent instructions from the beneficial owner of such shares, a broker is not entitled to vote shares held for a beneficial owner on non-routine matters. Proposals 1 and 3 are non-routine matters. Broker non-votes count for purposes of determining whether a quorum is present.

19.Where can I find the voting results of the Annual Meeting?

We plan to announce preliminary voting results at the Annual Meeting and we will report the final results in a Current Report on Form 8-K, which we intend to file with the SEC after the Annual Meeting.

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PROPOSALS TO BE VOTED ON

Proposal 1: Election of Directors

At the Annual Meeting, three (3) Class II Directors are to be elected to hold office until the Annual Meeting of Stockholders to be held in 2029 and until each such director’s respective successor is elected and qualified or until each such director’s earlier death, resignation or removal.

We currently have nine (9) directors on our Board. The Board has nominated our current Class II Directors, Heather Hasson, Kenneth Lin and Melanie Whelan, for re-election at the Annual Meeting.

As set forth in our Amended and Restated Certificate of Incorporation, the Board is currently divided into three classes with staggered, three-year terms. At each annual meeting of stockholders, the successors to directors whose terms then expire will be elected to serve from the time of election and qualification until the third annual meeting following election. The current class structure is as follows: Class I, whose current term will expire at the 2028 Annual Meeting of Stockholders; Class II, whose current term will expire at the Annual Meeting and, if elected at the Annual Meeting, whose subsequent term will expire at the 2029 Annual Meeting of Stockholders; and Class III, whose current term will expire at the 2027 Annual Meeting of Stockholders. The current Class I Directors are Catherine Spear, Sheila Antrum and Mario Marte; the current Class II Directors are Heather Hasson, Kenneth Lin and Melanie Whelan; and the current Class III Directors are Jeffrey Wilke, Jerry Jao and J. Martin Willhite.

Our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws provide that, subject to the rights of the holders of any series of preferred stock to elect directors and subject to the terms of the Voting Agreement (as defined below), the authorized number of directors may be changed from time to time by the Board. Any additional directorships resulting from an increase in the number of directors will be distributed among the three classes so that, as nearly as possible, each class will consist of one-third of the directors. The division of our Board into three classes with staggered three-year terms ensures continuity from year to year and may delay or prevent a change of our management or a change in control of our Company. Subject to the rights of the holders of any series of preferred stock to elect directors and the rights granted pursuant to the Voting Agreement (as defined below), our directors may be removed only for cause by the affirmative vote of the holders of a majority of our outstanding voting stock entitled to vote in the election of directors, voting together as a single class.

We are party to a voting agreement (the “Voting Agreement”) with our co-founders, Ms. Hasson and Ms. Spear, and certain related persons and trusts, pursuant to which such parties have agreed to take all necessary action to include each of Ms. Hasson and Ms. Spear in the slate of nominees nominated by the Board for the applicable class of directors for election or re-election by the stockholders of the Company and to vote, or cause to vote, all of their outstanding shares of our Common Stock for the election of Ms. Hasson and Ms. Spear. Pursuant to the Voting Agreement, the Board has nominated Ms. Hasson for election as a Class II Director at the Annual Meeting.

As a result of the Voting Agreement and the aggregate voting power of the parties thereto, we expect that the parties acting together will control the election of directors of the Company. For more information, see “Corporate Governance—Voting Agreement” and “—Controlled Company Exemption” below.

In addition, we are party to a stockholders agreement (as amended, the “Stockholders Agreement”) with Baron Capital Management, Inc. (“BCM”) and BAMCO, Inc. (“BAMCO” and, together with BCM, “Baron”), which, along with its affiliates, own a significant portion of our Class A common stock. Under the Stockholders Agreement, among other things, Baron and its affiliates (collectively, the “Stockholder Group”) has agreed to vote certain shares of our Class A common stock that it owns in excess of 25% of our outstanding shares of Class A common stock in favor of all persons nominated to serve as directors by the Board.

If you submit a proxy but do not indicate any voting instructions, the persons named as proxies will vote the shares of Common Stock represented thereby for the election as Class II Directors of the persons whose names and biographies appear below. In the event that any of the nominees should become unable to serve, or for good cause will not serve, as a director, it is intended that votes will be cast for a substitute nominee designated by the Board or the Board may elect to reduce its size. The Board has no reason to believe that the nominees named below will be unable to serve if elected. Each of the nominees named below has consented to being named in this Proxy Statement and to serve if elected.

Recommendation of the Board of Directors


			The Board of Directors unanimously recommends a vote FOR the election of the below Class II Director nominees.

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Nominees for Class II Director (terms to expire at the 2029 Annual Meeting):

The current members of the Board who are also nominees for election to the Board as Class II Directors are as follows:

Name

Age

Served as a Director Since

Position with FIGS

Heather Hasson

2013

Director, Co-Founder and Executive Chairman

Kenneth Lin

2022

Director

Melanie Whelan

2025

Director

The principal occupations and business experience, for at least the past five years, of each Class II Director nominee for election at the Annual Meeting are as follows:

Heather Hasson

Ms. Hasson co-founded our company and currently serves as the Executive Chairman of our Board, having previously served as our Co-Chief Executive Officer until August 2022. Ms. Hasson also currently serves as the Chief Executive Officer and as a member of the board of directors of OOG, Inc., a healthcare education technology company. Prior to co-founding FIGS, Ms. Hasson was an entrepreneur, having served as founder and CEO of Heather Hasson bags, a high-end bag line, and FIGS Ties, a tie and scarf company. From 2021 to 2023, Ms. Hasson also served as a member of the board of directors of G Squared Ascend I Inc. and G Squared Ascend II Inc., two special purpose acquisition companies. Since January 2020, Ms. Hasson has also served as a member of the board of directors of RxArt, a non-profit whose mission is to help children heal through the extraordinary power of visual art. Ms. Hasson holds a B.A. in Political Science from the University of Wisconsin-Madison. We believe that Ms. Hasson is qualified to serve as a member of our Board based on her experience in the apparel industry and the knowledge of our company she brings as our co-founder and Executive Chairman.

Kenneth Lin

Mr. Lin has served as a member of our Board since April 2022. From March 2007 to August 2024, Mr. Lin served as the Chief Executive Officer of Credit Karma, a consumer finance company that he founded and that was acquired by Intuit in 2020. He previously founded Multilytics Marketing, a data driven marketing agency and has served as a member of the board of trustees of Boston University since December 2021. Mr. Lin holds a B.A. in Economics and Mathematics from Boston University and was selected to join the Aspen Institute’s Henry Crown Fellows in 2018. We believe that Mr. Lin is qualified to serve as a member of our Board due to his extensive leadership, technology and internet company experience.

Melanie Whelan

Ms. Whelan has served as a member of our Board since January 2025. Ms. Whelan has served as Advisory Partner at Summit, a growth equity investment firm, since January 2025. Before that from June 2020 to December 2024, Ms. Whelan served as Managing Director at Summit Partners, and from January to June 2020, as an Executive in Residence. Previously, from June 2015 to November 2019, Ms. Whelan served as Chief Executive Officer of SoulCycle Inc., an indoor cycling fitness company, and before that as Chief Operating Officer from April 2012 until May 2015. Prior to joining SoulCycle, from January 2007 to April 2012, Ms. Whelan was Vice President of Business Development at Equinox Holdings, Inc., a luxury fitness company. Prior to Equinox, she also held leadership positions with Virgin Management, where she was on the founding team of Virgin America, and with Starwood Hotels & Resorts, a hospitality company. Ms. Whelan also previously served on the board of directors of Chegg, Inc., an education technology company, from June 2019 to June 2025, and has served on the Board of Trustees of Southern New Hampshire University since 2020. Ms. Whelan holds a B.A. in Engineering and Economics from Brown University. We believe that Ms. Whelan is qualified to serve as a member of our board of directors based on her extensive experience in business operations, international growth and consumer marketing.

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Continuing Members of the Board of Directors:

Class I Directors (terms to expire at the 2028 Annual Meeting)

The current members of the Board who are Class I Directors are as follows:

Name

Age

Served as a Director Since

Position with FIGS

Catherine Spear

2013

Director, Co-Founder and Chief Executive Officer

Sheila Antrum

2021

Director

Mario Marte

2023

Director

The principal occupations and business experience, for at least the past five years, of each Class I Director are as follows:

Catherine Spear

Ms. Spear co-founded our company and serves as our Chief Executive Officer and as a member of our Board. Prior to co-founding FIGS, Ms. Spear served as an associate at the Blackstone Group Inc., a leading global alternative investment business, in the firm’s hedge fund group. Ms. Spear began her career at Citigroup Global Markets Inc., where she spent four years in its investment banking and private equity divisions. Since February 2024, Ms. Spear has served as a member of the board of directors and audit committee of Amer Sports, Inc., a global group of sports and outdoor brands, including Arc'teryx, Salomon and Wilson. From August 2020 to July 2021, Ms. Spear also served as a member of the board of directors of One, a special purpose acquisition company. Ms. Spear holds a B.A. in Economics from Tufts University and an M.B.A. from Harvard Business School. She was also selected to join the Aspen Institute’s Henry Crown Fellows in 2018. We believe that Ms. Spear is qualified to serve as a member of our Board based on the perspective and experience she brings as our co-founder and Chief Executive Officer.

Sheila Antrum

Ms. Antrum has served as a member of our Board since May 2021. Since 2007, Ms. Antrum has served in roles of increasing responsibility at the University of California, including serving as the Senior Vice President and Chief Operating Officer of UCSF Health since August 2017, UCSF Health President-Adult Services since September 2015 and the Chief Nursing Officer of UCSF Medical Center from September 2007 to 2017 and again as interim Chief Nursing Officer from 2019 to 2020. Before that, from 2003 to 2007, Ms. Antrum served as the Chief of Ambulatory Operations and Associate Director of Clinical Cancer Center Operations at the University of California San Diego Medical Center. Ms. Antrum also has served on the board of directors of Integer Holdings Corporation since February 2021. Ms. Antrum holds a B.A. of Science in Nursing from Hampton University and a Master’s in Health Services Administration from the University of Michigan School of Public Health. We believe that Ms. Antrum is qualified to serve as a member of our Board based on her extensive leadership experience in the healthcare industry.

Mario Marte

Mr. Marte has served as a member of our Board since November 2023. From September 2018 to July 2023, Mr. Marte served as Chief Financial Officer of Chewy, Inc., a leading online pet product and service retailer. Before that, from April 2015 until September 2018, Mr. Marte served as Vice President—Finance & Treasurer at Chewy. Mr. Marte previously served as the Vice President—Financial Planning & Analysis for Hilton Worldwide Holdings, Inc., and in various other roles at Hilton, American Airlines Group Inc. and Accenture LLC, a consulting firm. Since January 2021, Mr. Marte has served on the board of directors of Best Buy Co., Inc. and as chair of its audit committee since June 2023. Mr. Marte holds a B.S. in Computer Engineering from the University of South Florida and an M.B.A. from Duke University’s Fuqua School of Business. We believe that Mr. Marte is qualified to serve as a member of our Board based on his extensive financial expertise, his deep knowledge in eCommerce and consumer businesses, and his leadership experience at private and publicly traded companies.

Class III Directors (terms to expire at the 2027 Annual Meeting)

The current members of the Board who are Class III Directors are as follows:

Name

Age

Served as a Director Since

Position with FIGS

Jeffrey Wilke

2022

Director

Jerry Jao

2025

Director

J. Martin Willhite

2019

Director

The principal occupations and business experience, for at least the past five years, of each Class III Director are as follows:

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Jeffrey Wilke

Mr. Wilke has served as a member of our Board since April 2022. Since March 2021, Mr. Wilke has served as Chairman of the board of directors of Re:Build Manufacturing, a privately-held industrial manufacturing group that provides manufacturing solutions. Before that, from 1999 through 2021, Mr. Wilke served in various senior executive roles at Amazon.com, Inc., including CEO of Worldwide Consumer, from April 2016 to March 2021, Senior Vice President, Consumer Business, from February 2012 until April 2016, and as Senior Vice President, North America Retail, from January 2007 until February 2012. Prior to Amazon.com, Mr. Wilke held executive positions at AlliedSignal (now Honeywell International Inc.), an aerospace firm. He began his career writing code and managing software development projects at Andersen Consulting (now Accenture plc), a consulting firm. Mr. Wilke holds a B.S.E. in Chemical Engineering from Princeton University and an M.S. in Chemical Engineering and M.B.A. from Massachusetts Institute of Technology. We believe that Mr. Wilke is qualified to serve as a member of our Board based on his broad leadership experience in the direct to consumer, supply chain, logistics and technology industries.

Jerry Jao

Mr. Jao has served as a member of our Board since April 2025. Since February 2026, Mr. Jao has served as the Chief Executive Officer of Employ, Inc., a global provider of intelligent hiring and talent management solutions. Before that, from August 2020 to January 2026, Mr. Jao served as SVP and GM at Constant Contact, Inc., a global provider of digital marketing solutions. Mr. Jao served as Chief Executive Officer of Retention Science, the AI-powered personalization and marketing SaaS company that he founded, from January 2013 until it was acquired by Constant Contact in August 2020. Earlier in his career, he served as an Engagement Manager at KPMG LLP and an Analyst at Morgan Stanley. Mr. Jao holds a B.S. from the Haas School of Business at the University of California, Berkeley. We believe that Mr. Jao is qualified to serve as a member of our board of directors due to his extensive marketing, technology and finance expertise.

J. Martin Willhite

Mr. Willhite has served as a member of our Board since February 2019. Since June 2017, Mr. Willhite has served as Vice Chairman at Tulco, LLC, an investment firm. Before that, from October 2011 to June 2017, Mr. Willhite served as General Counsel at Legendary Entertainment, a film and television production company, where he also served as Chief Operating Officer from April 2013 to June 2017. Before that, Mr. Willhite was a Partner at Munger, Tolles & Olson, LLP, a law firm. Since October 2024, Mr. Willhite has also served as a member of the board of trustees of Loyola Marymount University. Mr. Willhite holds a B.A. in Philosophy from Brigham Young University and a J.D. from Loyola Law School. We believe that Mr. Willhite is qualified to serve as a member of our Board based on his broad leadership, operational, legal and transactional experience.

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Proposal 2: Ratification of Appointment of Independent Registered Public Accounting Firm

Our Audit Committee has appointed Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2026. Our Board has directed that this appointment be submitted to our stockholders for ratification at the Annual Meeting. Although ratification of our appointment of Ernst & Young LLP is not required, we value the opinions of our stockholders and believe that stockholder ratification of our appointment is a good corporate governance practice.

Ernst & Young LLP also served as our independent registered public accounting firm for the fiscal year ended December 31, 2025. Neither Ernst & Young LLP nor any of its members has any direct or indirect financial interest in or any connection with us in any capacity other than as our auditors, providing audit and non-audit services. A representative of Ernst & Young LLP is expected to attend the Annual Meeting and be available to respond to appropriate questions from stockholders.

In the event that the appointment of Ernst & Young LLP is not ratified by the stockholders, the Audit Committee will consider this fact when it appoints the independent auditors for the fiscal year ending December 31, 2027. Even if the appointment of Ernst & Young LLP is ratified, the Audit Committee retains the discretion to appoint a different independent auditor at any time if it determines that such a change is in the interest of the Company.

Recommendation of the Board of Directors


			The Board of Directors unanimously recommends a vote FOR the ratification of the appointment of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2026.

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REPORT OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS

The Audit Committee has reviewed the audited consolidated financial statements of FIGS, Inc., a Delaware corporation (the “Company”) for the fiscal year ended December 31, 2025 and has discussed these financial statements with management and the Company’s independent registered public accounting firm. The Audit Committee has also received from, and discussed with, the Company’s independent registered public accounting firm various communications that such independent registered public accounting firm is required to provide to the Audit Committee, including the matters required to be discussed by the applicable requirements of the Public Company Accounting Oversight Board (“PCAOB”) and the Securities and Exchange Commission.

The Company’s independent registered public accounting firm also provided the Audit Committee with a formal written statement required by the applicable requirements of the PCAOB describing all relationships between the independent registered public accounting firm and the Company, including the disclosures required by the applicable requirements of the PCAOB regarding the independent registered public accounting firm’s communications with the Audit Committee concerning independence. In addition, the Audit Committee discussed with the independent registered public accounting firm its independence from the Company.

Based on its discussions with management and the independent registered public accounting firm, and its review of the representations and information provided by management and the independent registered public accounting firm, the Audit Committee recommended to the Board of Directors that the audited consolidated financial statements be included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Jerry Jao (Chair)

Mario Marte

Jeffrey Wilke

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INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FEES AND OTHER MATTERS

The following table summarizes the fees of Ernst & Young LLP, our independent registered public accounting firm, billed to us for each of the last two fiscal years for audit services and billed to us in each of the last two fiscal years for other services:


Fee Category	2025		2024
Audit Fees	$	2,266,000	$	2,618,000
Audit Related Fees	—		—
Tax Fees	76,615		97,627
All Other Fees	—		—
Total Fees	$	2,342,615	$	2,715,627

Audit Fees

Audit fees for the fiscal years ended December 31, 2025 and 2024 include fees billed for professional services rendered in connection with the audit of our consolidated financial statements, reviews of our unaudited quarterly consolidated financial statements and the audit of the effectiveness of our internal control over financial reporting.

Audit Related Fees

There were no audit related fees for the fiscal years ended December 31, 2025 and 2024.

Tax Fees

Tax fees for the fiscal years ended December 31, 2025 and 2024 include fees billed primarily for tax advisory and tax compliance services.

All Other Fees

There were no other fees for the fiscal years ended December 31, 2025 and 2024.

Audit Committee Pre-Approval Policy and Procedures

The Audit Committee has adopted a policy (the “Pre-Approval Policy”) that sets forth the procedures and conditions pursuant to which audit and non-audit services proposed to be performed by the independent auditor may be pre-approved. The Pre-Approval Policy generally provides that we will not engage Ernst & Young LLP to render any audit, audit-related, tax or permissible non-audit service unless the service is either (i) explicitly approved by the Audit Committee (“specific pre-approval”) or (ii) entered into pursuant to the pre-approval policies and procedures described in the Pre-Approval Policy (“general pre-approval”). Unless a type of service to be provided by Ernst & Young LLP has received general pre-approval under the Pre-Approval Policy, it requires specific pre-approval by the Audit Committee or by a designated member of the Audit Committee to whom the committee has delegated the authority to grant pre-approvals. Any proposed services exceeding pre-approved cost levels or budgeted amounts will also require specific pre-approval. For both types of pre-approval, the Audit Committee will consider whether such services are consistent with the SEC’s rules on auditor independence. The Audit Committee will also consider whether the independent auditor is best positioned to provide the most effective and efficient service, for reasons such as its familiarity with the Company’s business, people, culture, accounting systems, risk profile and other factors, and whether the service might enhance the Company’s ability to manage or control risk or improve audit quality. All such factors will be considered as a whole, and no one factor should necessarily be determinative. The Audit Committee may, on a periodic basis, review and generally pre-approve the services (and related fee levels or budgeted amounts) that may be provided by Ernst & Young LLP without first obtaining specific pre-approval from the Audit Committee. The Audit Committee may revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee pre-approved all services performed since the Pre-Approval Policy was adopted.

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Proposal 3: Approval, on an Advisory (Non-Binding) Basis, of the Compensation of our Named Executive Officers (“Say-on-Pay Vote”)

As required by Section 14A(a)(1) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the below resolution enables our stockholders to vote to approve, on an advisory (non-binding) basis, the compensation of our named executive officers as disclosed in this Proxy Statement. This proposal, commonly known as a “Say-on-Pay Vote,” gives our stockholders the opportunity to express their views on our named executive officers’ compensation. The Say-on-Pay Vote is not intended to address any specific item of compensation, but rather the overall compensation of our named executive officers and the philosophy, policies and practices described in this Proxy Statement.

We encourage you to carefully review the “Executive Compensation” section of this Proxy Statement for additional details on the Company’s executive compensation for the fiscal year ended December 31, 2025.

As an advisory approval, this proposal is not binding upon us or our Board. However, the Compensation Committee, which is responsible for the design and administration of our executive compensation program, values the opinions of our stockholders expressed through your vote on this proposal. The Board and Compensation Committee will consider the outcome of this vote in making future compensation decisions for our named executive officers. Accordingly, we ask our stockholders to vote “FOR” the following resolution at the Annual Meeting:

“RESOLVED, that the stockholders of FIGS, Inc. approve, on an advisory (non-binding) basis, the compensation of FIGS, Inc.’s named executive officers as disclosed pursuant to Item 402 of Regulation S-K, including in the “Compensation Discussion & Analysis,” compensation tables and related narrative disclosure set forth in FIGS, Inc.’s definitive proxy statement for the 2026 Annual Meeting of Stockholders.”

At our 2023 Annual Meeting of Stockholders, our stockholders recommended, on an advisory basis, an annual Say-on-Pay Vote, and our Board subsequently adopted that recommendation. Accordingly, our next advisory Say-on-Pay Vote (following the non-binding advisory vote at this Annual Meeting) is expected to occur at our 2027 Annual Meeting of Stockholders.

Recommendation of the Board of Directors


			The Board of Directors unanimously recommends a vote FOR the resolution to approve, on an advisory (non-binding) basis, the compensation of our named executive officers, as described in the Compensation Discussion & Analysis, the compensation tables and related narrative disclosure set forth in this Proxy Statement.

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EXECUTIVE OFFICERS

The following table identifies our current executive officers:

Name

Age

Position(s)

Catherine Spear (1)

Director, Co-Founder and Chief Executive Officer

Heather Hasson (2)

Director, Co-Founder and Executive Chairman

Sarah Oughtred (3)

Chief Financial Officer

(1)See biography on page 15 of this Proxy Statement.

(2)See biography on page 14 of this Proxy Statement.

(3)Ms. Oughtred has served as our Chief Financial Officer since August 2024. Prior to joining FIGS, Ms. Oughtred served in roles of increasing responsibility within the finance department at Lululemon Athletica Inc., a multinational athletic apparel retailer, since 2007, most recently serving as SVP, FP&A from August 2021 to June 2024, and as VP, FP&A from October 2018 to August 2021. In her latest role at Lululemon, Ms. Oughtred led a global team of over 100 finance team members, served as a key partner to the senior executive team, drove the financial component of strategic and operational planning and led the company's annual and quarterly financial planning and earnings processes. Before Lululemon, Ms. Oughtred spent three years at PricewaterhouseCoopers LLP in the audit and assurance practice. Ms. Oughtred holds a Bachelor’s of Commerce from the University of Victoria, a Master’s of Professional Accounting from the University of Saskatchewan and a Chartered Professional Accountant designation in Canada.

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CORPORATE GOVERNANCE

General

Our Board has adopted Corporate Governance Guidelines, a Code of Business Conduct and Ethics, and charters for our Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee to assist the Board in the exercise of its responsibilities and to serve as a framework for the effective governance of the Company. You can access our current committee charters, our Corporate Governance Guidelines, and our Code of Business Conduct and Ethics in the “Governance” section under “Governance Documents” on the “Investor Relations” section of our website located at www.ir.wearfigs.com, or by writing to our Secretary at our offices at FIGS, Inc., 2834 Colorado Avenue, Suite 400, Santa Monica, California 90404.

Board Composition

Our Board currently consists of nine members: Catherine Spear, Heather Hasson, Jeffrey Wilke, Jerry Jao, Kenneth Lin, Mario Marte, J. Martin Willhite, Melanie Whelan and Sheila Antrum.

Our directors contribute a range of backgrounds, experience, perspectives and skills relevant to our company. As described in greater detail in their biographies above, our directors have backgrounds as retail, operational and financial experts, technologists, investors and advisors. Many of our directors have experience serving with other public companies, and have an understanding of corporate governance practices and trends and different business processes, challenges and strategies. In particular, among their many other skills:

•Catherine Spear brings financial and business experience, after having worked for Blackstone and Citibank and from her unique knowledge of our company and the community we serve due to her role as our co-founder and Chief Executive Officer;

•Heather Hasson brings experience from the apparel industry, as an entrepreneur and from her unique knowledge of our company and the community we serve due to her role as our co-founder and Executive Chairman;

•Jeffrey Wilke brings public company experience as one of the world’s foremost operations leaders, with a deep understanding of the direct-to-consumer supply chain, logistics and technology spaces, based on his over 20 years of prior service in various senior executive roles at Amazon.com, Inc., including as CEO of Worldwide Consumer;

•Jerry Jao brings experience in e-commerce, marketing and finance, based on his prior service as the Chief Executive Officer of Retention Science, in his current role as Chief Executive Officer of Employ, Inc. and in financial services roles earlier in his career;

•Kenneth Lin brings experience as a successful founder and technology leader with a deep understanding of how to engage with consumers in the digital age, based on his prior role as founder and Chief Executive Officer of Credit Karma;

•Mario Marte brings finance, strategy, e-commerce operations and growth expertise, based on his prior service as the Chief Financial Officer of Chewy, Inc, and in various roles at other public companies;

•J. Martin Willhite brings leadership, operational, legal and transactional experience, based on his service as a lawyer and a business executive, including at Munger, Tolles & Olson LLP, Legendary Entertainment and Tulco;

•Melanie Whelan brings e-commerce, business operations and consumer marketing experience, based on her prior service as the Chief Executive Officer of SoulCycle, Inc., and in various other roles at other public companies; and

•Sheila Antrum brings healthcare and operations experience, based on her many decades of service in the healthcare industry, initially as a healthcare professional and then as an executive, including as Chief Operating Officer of UCSF Health.

As set forth in our Amended and Restated Certificate of Incorporation, the Board is currently divided into three classes with staggered, three-year terms. At each annual meeting of stockholders, the successors to directors whose terms then expire will be elected to serve from the time of election and qualification until the third annual meeting following election. Our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws provide that the authorized number of directors may be changed only by resolution of the Board. Any additional directorships resulting from an increase in the number of directors will be distributed among the three classes so that, as nearly as possible, each class will consist of one-third of the directors.

The division of our Board into three classes with staggered three-year terms may delay or prevent a change of our management or a change in control of our company. At this stage of the Company’s development, where our focus remains on ensuring growth over the long-term, we believe that having a staggered board is beneficial for the Company and our stockholders, as it promotes consistency and continuity on the Board. It also ensures that a majority of directors—including our co-founders—at any given time will have prior experience with, and in-depth knowledge of, the Company and its policies, strategies and businesses and is positioned to make decisions that are best for the Company and its stockholders.

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Subject to the rights of the holders of any series of preferred stock to elect directors and the rights granted pursuant to the Voting Agreement, our directors may be removed only for cause by the affirmative vote of the holders of a majority in voting power of the outstanding shares of our capital stock entitled to vote in the election of directors.

Voting Agreement

We and our co-founders, Heather Hasson and Catherine Spear, are parties to a Voting Agreement, under which the investor parties (as defined in the Voting Agreement) have agreed to vote their shares for the election of each of Heather Hasson and Catherine Spear and to vote against their removal. Thomas Tull, the founder, chairman and chief executive officer of Tulco, LLC, and his family trust (together, the “Tull Parties”) were parties to the Voting Agreement until January 11, 2025, when the Tull Parties sold all Common Stock held by them to BAMCO. As a result of this sale, the rights and obligations of the Tull Parties under the Voting Agreement terminated.

The Voting Agreement will be in effect until: (1) the time at which neither Ms. Hasson nor Ms. Spear nor any of their permitted transferees hold shares of Class B common stock or (2) the earlier of (a) the date fixed by our Board that is not less than 60 days or more than 180 days following the death or disability of both Ms. Hasson and Ms. Spear and (b) June 1, 2031, the 10-year anniversary of the date of the closing of the IPO, each of which we refer to as a final conversion event. The conversion of our Class B common stock to Class A common stock is provided for in our Amended and Restated Certificate of Incorporation.

Pursuant to the Voting Agreement, Heather Hasson, Catherine Spear and J. Martin Willhite were initially designated as directors of the Board, serving as Class I, II and III directors, respectively. As a result of the termination of the Tull Parties’ rights and obligations under the Voting Agreement as of January 11, 2025, the Tull Parties are no longer entitled to designate a director of the Board. For more information, see “Proposals to be Voted On—Proposal 1: Election of Directors” above.

Stockholders Agreement

On February 26, 2025, we entered into the Stockholders Agreement with Baron, which, along with its affiliates, own a significant portion of our Class A common stock. Under the Stockholders Agreement, among other things, the Stockholder Group has agreed to vote certain shares of our Class A common stock that it owns in excess of 25% of our outstanding shares of Class A common stock in favor of all persons nominated to serve as directors by the Board.

Director Independence

Our Board has determined that each of Jeffrey Wilke, Jerry Jao, Kenneth Lin, Mario Marte, J. Martin Willhite, Melanie Whelan and Sheila Antrum (the “Independent Directors”) qualifies as “independent” in accordance with the listing requirements of the New York Stock Exchange (“NYSE”). In making these determinations, our Board reviewed and discussed information provided by the directors and us with regard to each director’s business and personal activities and relationships as they may relate to us and our management, and determined that all of the Independent Directors, are independent under NYSE listing requirements. There are no family relationships among any of our directors or executive officers.

Controlled Company Exemption

Heather Hasson and Catherine Spear, by virtue of the Voting Agreement and the obligations and rights thereunder, including provisions relating to the coordination of the voting of shares of our company’s Common Stock held by the parties thereto, are a “group” within the meaning of Section 13(d) of the Exchange Act. Together these parties, through their beneficial ownership of our shares directly or indirectly, in the aggregate, control more than 50% of the voting power for the election of directors, and, as a result, we are considered a “controlled company” for the purposes of the NYSE listing requirements. As such, we qualify for exemptions from certain corporate governance requirements. Accordingly, our stockholders may not have the same protections afforded to stockholders of companies that are subject to all of the corporate governance requirements of the NYSE.

If at any time we cease to be a “controlled company” under the rules of NYSE, our Board intends to take all action necessary to comply with the NYSE corporate governance rules applicable to non-controlled companies in the required timeframe.

Executive Sessions

Our independent directors meet in executive session on a regularly scheduled basis without non-independent directors or management present on a regularly scheduled basis, but no less than twice per year. Each executive session of the independent directors is presided over by Kenneth Lin, our Lead Independent Director.

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Director Candidates

The Nominating and Corporate Governance Committee is primarily responsible for searching for qualified director candidates for election to the Board and filling vacancies on the Board, subject to any obligations and procedures governing the nomination of directors to the Board that may be included in the Nomination Agreement. To facilitate the search process, the Nominating and Corporate Governance Committee may solicit current directors and executives of the Company for the names of potentially qualified candidates or ask directors and executives to pursue their own business contacts for the names of potentially qualified candidates. The Nominating and Corporate Governance Committee may also consult with outside advisors or retain search firms to assist in the search for qualified candidates, or consider director candidates recommended by our stockholders. Once potential candidates are identified, the Nominating and Corporate Governance Committee reviews the backgrounds of those candidates, evaluates candidates’ independence from the Company and potential conflicts of interest and determines if candidates meet the qualifications desired by the Nominating and Corporate Governance Committee for candidates for election as a director. Melanie Whelan was initially recommended to serve on our Board by our Chief Executive Officer and, after several interviews with the Board and members of the Company’s leadership team, Ms. Whelan was appointed in January 2025.

In evaluating the suitability of individual candidates (both new candidates and current Board members), the Nominating and Corporate Governance Committee, in recommending candidates for election, and the Board, in approving (and, in the case of vacancies, appointing) such candidates, may take into account many factors, including: personal and professional integrity, ethics and values; experience in corporate management, such as serving as an officer or former officer of a publicly held company; strong finance experience; relevant social policy concerns; experience relevant to the Company’s industry; experience as a board member or executive officer of another publicly held company; relevant academic expertise or other proficiency in an area of the Company’s operations; diversity of expertise and experience in substantive matters pertaining to the Company’s business relative to other Board members; diversity of background and perspective; practical and mature business judgment, including, but not limited to, the ability to make independent analytical inquiries; and any other relevant qualifications, attributes or skills. The Board evaluates each individual in the context of the Board as a whole, with the objective of assembling a group that can best perpetuate the success of the business and represent stockholder interests through the exercise of sound judgment using its diversity of experience in these various areas. Stockholders may recommend individuals to the Nominating and Corporate Governance Committee for consideration as potential director candidates by submitting the names of the recommended individuals, together with appropriate biographical information and background materials, to the Nominating and Corporate Governance Committee, c/o Secretary, FIGS, Inc., 2834 Colorado Avenue, Suite 400, Santa Monica, California 90404. In the event there is a vacancy, and assuming that appropriate biographical and background material has been provided on a timely basis, the Nominating and Corporate Governance Committee will evaluate stockholder-recommended candidates by following substantially the same process, and applying substantially the same criteria, as it follows for candidates submitted by others.

Investor Outreach

In 2025, our Board and management continued its practice of maintaining dialogue with our stockholders regarding our corporate governance practices. We maintain a program of periodic investor outreach so that our Board and management can seek to understand and consider the issues that matter most to our stockholders. Senior members of management and members of the Board have directly participated, and we expect that they will participate in the future, in meetings with a broad base of investors regarding both general and FIGS-specific corporate governance topics. In 2025 and 2026, senior members of management held meetings with our institutional investors, during which senior management shared information regarding our corporate governance practices and corporate responsibility initiatives, and listened to investor perspectives. Through this program, we have received and hope to continue to periodically receive helpful input regarding a number of corporate governance-related matters, and we consider such input as we review potential adjustments to our corporate governance practices.

While we expect to maintain our investor outreach program, we do not expect that we will always be able to address all of our stockholders’ feedback. However, we seek to optimize our corporate governance by continually refining our relevant policies, procedures and practices to align the needs of the Company with evolving regulations and best practices, issues raised by our stockholders, and otherwise as circumstances warrant.

Communications from Interested Parties

Anyone who would like to communicate with, or otherwise make their concerns known directly to the Lead Independent Director, Chairperson of the Board, chairperson of any of the Audit, Nominating and Corporate Governance, and Compensation Committees, or to the non-management or independent directors as a group, may do so by addressing such communications or concerns to the Secretary of the Company, FIGS, Inc., 2834 Colorado Avenue, Suite 400, Santa Monica, California 90404, who will forward such communications to the appropriate party. Such communications may be done confidentially or anonymously.

Our Secretary is primarily responsible for monitoring these communications and for providing copies or summaries to the directors as the Secretary considers appropriate.

Communications are forwarded to the appropriate director(s) if they relate to important substantive matters and include suggestions or comments that our Secretary considers to be important for the directors to know. In general, communications relating to corporate governance and long-term corporate strategy are more likely to be forwarded than communications relating to ordinary business affairs, personal grievances and matters as to which we tend to receive repetitive or duplicative communications.

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Board Leadership Structure and Role in Risk Oversight

Our Amended and Restated Bylaws and Corporate Governance Guidelines provide our Board with flexibility to combine or separate the positions of Chairperson of the Board and Chief Executive Officer in accordance with its determination that utilizing one or the other structure would be in the best interests of our company. Currently, we operate with Ms. Spear serving as a director and our Chief Executive Officer and Ms. Hasson serving as Executive Chairman of the Board, having previously served as Co-Chief Executive Officer until her transition to Executive Chairman in August 2022. We believe that the separation of the Chairperson of the Board and Chief Executive Officer positions is appropriate at this time and suits the talents, expertise and experience that each of Ms. Hasson and Ms. Spear bring to the Company. In addition, we believe that the separation of the positions of Chairperson of the Board and Chief Executive Officer creates an environment that encourages objective oversight of management’s performance and enhances the effectiveness of the Board as a whole. Our Board also benefits from the strong leadership of Mr. Lin, our Lead Independent Director, and participation of our other independent directors, and is comprised of individuals with extensive experience in finance and accounting, the apparel and healthcare industries and public company management. For these reasons and because of the strong leadership of Ms. Hasson as Executive Chairman and Mr. Lin as Lead Independent Director, our Board has concluded that our current leadership structure is appropriate at this time. However, our Board will continue to periodically review our leadership structure and may make such changes in the future as it deems appropriate.

Our Corporate Governance Guidelines provide that, if the Chairperson of the Board is a member of management or does not otherwise qualify as independent, the independent members of our Board may elect among themselves a lead independent director. Kenneth Lin has served as our Lead Independent Director since May 2024. The Lead Independent Director’s responsibilities include, but are not limited to, presiding over all meetings of the Board at which the Chairperson of the Board is not present, including any executive sessions of the independent directors, approving the Board’s meeting schedules and agendas, and acting as liaison between the independent directors of the Board and the Chief Executive Officer and the Chairperson of the Board.

Risk assessment and oversight are an integral part of our governance and management processes. Our Board encourages management to promote a culture that incorporates risk management into our corporate strategy and day-to-day business operations. Management’s involvement in day-to-day risk management enables the Company’s disclosure committee, which consists of members of management, to assist our Chief Executive Officer and Chief Financial Officer in the effective design, establishment, maintenance, review, and evaluation of the Company’s disclosure controls and procedures. Moreover, management discusses existing and emerging strategic and operational risks at regular management meetings and conducts specific strategic planning and review sessions during the year that include a focused discussion and analysis of existing and emerging risks facing us. Throughout the year, senior management reviews these risks with the Board at regular Board meetings as part of management presentations that focus on particular business functions, operations or strategies, and presents the steps taken by management to mitigate or eliminate such risks. The Board and each of its committees may also consult with outside advisors or experts when appropriate depending on the nature of the risk involved or as part of its assessment of future threats or trends.

Our Board administers its oversight function directly through the Board as a whole, as well as through various standing committees of the Board that address risks inherent in their respective areas of oversight. Our Board is responsible for monitoring and assessing overall strategic risk exposure.

Our Audit Committee is responsible for overseeing our enterprise risk assessment process, as well as our major financial risk and enterprise exposures and the steps our management has taken to mitigate such exposures, including the structure, design, adoption and implementation of our risk management policies and internal control systems. The Audit Committee also approves or disapproves related person transactions and is also responsible for oversight of cybersecurity and data privacy risks and the oversight of management’s implementation of our cybersecurity risk management program. The Audit Committee is also responsible for reviewing and providing oversight with respect our risks concerning environmental and social matters. The Audit Committee supports the Board by receiving regular updates from management on a broad range of topics, including the Company’s investments and assessing whether they are consistent with the Company’s investment policy, the Company’s cybersecurity and data privacy risks, the current cybersecurity landscape, the status of ongoing cybersecurity initiatives and the Company’s strategy and risks concerning environmental and social matters. The Audit Committee reports to the full Board regarding its activities.

Our Compensation Committee is responsible for overseeing the management of risks relating to our compensation plans and arrangements. Our Nominating and Corporate Governance Committee manages risks associated with the independence of our Board and governance matters.

The allocation of risk oversight responsibility delegated to each committee by the Board may change, from time to time, based on the evolving needs of the Company. The Board does not believe that its role in the oversight of our risks affects the Board’s leadership structure.

Code of Business Conduct and Ethics

We have adopted a written code of business conduct and ethics (the “Code of Business Conduct and Ethics”) that applies to our directors, officers and employees, including our principal executive officers, principal financial officer, principal accounting officer or controller or persons performing similar functions. A current copy of the Code of Business Conduct and Ethics is posted on the Investor Relations section of our website at ir.wearfigs.com under “Governance Documents” under the section titled “Governance.” We intend to satisfy the disclosure requirement under Item 5.05 of Form 8-K regarding amendment to, or waiver from, a provision of

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our Code of Business Conduct and Ethics, as well as NYSE’s requirement to disclose waivers with respect to directors and executive officers, by posting such information on our website at the address and location specified above.

Insider Trading Policies and Procedures; Anti-Hedging Policy

Our Board has adopted an Insider Trading Compliance Policy (the “Insider Trading Policy”) that governs the purchase, sale and/or other disposition of the Company’s securities by our officers, directors and employees. We believe our Insider Trading Policy is reasonably designed to promote compliance with insider trading laws, rules and regulations, as well as any listing standards applicable to the Company. In addition, with regard to any trading by the Company in its own securities, it is the Company’s policy to comply with the federal securities laws and the applicable exchange listing requirements. The Insider Trading Policy was filed as Exhibit 19.1 to our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 26, 2026.

The Insider Trading Policy also prohibits our directors, officers and employees and any entities they control from purchasing financial instruments such as prepaid variable forward contracts, equity swaps, collars, and exchange funds, or otherwise engaging in transactions that hedge or offset, or are designed to hedge or offset, any decrease in the market value of the Company’s equity securities, or that may cause an officer, director, or employee to no longer have the same objectives as the Company’s other stockholders. In addition, the policy prohibits pledging the Company’s equity securities as collateral to secure loans.

Attendance by Members of the Board of Directors at Meetings

There were eight meetings of the Board during the fiscal year ended December 31, 2025. During the fiscal year ended December 31, 2025, each director attended at least 75% of the aggregate of (i) all meetings of the Board and (ii) all meetings of the committees on which the director served during the period in which he or she served as a director.

Under our Corporate Governance Guidelines, which is available on our investor relations website at www.ir.wearfigs.com, a director is expected to spend the time and effort necessary to properly discharge his or her responsibilities. Accordingly, a director is expected to regularly prepare for and attend meetings of the Board and all committees on which the director sits (including separate meetings of the independent directors), with the understanding that, on occasion, a director may be unable to attend a meeting. A director who is unable to attend a meeting of the Board or a committee of the Board is expected to notify the Chairperson of the Board or the Chairperson of the appropriate committee in advance of such meeting, and, whenever possible, participate in such meeting via teleconference in the case of an in-person meeting. We do not maintain a formal policy regarding director attendance at the Annual Meeting; however, it is expected that absent compelling circumstances directors will attend. All of our directors attended our 2025 annual meeting of stockholders.

Corporate Responsibility

Our company culture mirrors our mission to celebrate, empower and serve those who serve others. We understand that authentically serving humans starts from within, and we are passionate about supporting our community and enabling our company to reflect the world we want to live in.

Human Capital

As of December 31, 2025, we employed 388 team members, including 382 in the United States across our Santa Monica, California headquarters, our Goodyear, Arizona fulfillment center location, our Community Hubs and remote locations, and 6 employees in Canada. As of December 31, 2025, 85% of our team members were full-time. Additionally, we rely on independent contractors and temporary personnel to supplement our workforce from time to time.

As of December 31, 2025, our workforce predominantly remains in a hybrid work environment, and we have provided resources to enable employees to effectively manage remote work, such as web conferencing, project collaboration solutions, equipment and supplies for at-home offices. We have also supported our team with hybrid-focused learning and development training.

Culture, Engagement and Perks

We believe that to be successful, each of our employees must feel empowered to be their true authentic selves. As we continue to grow, we are proactive in enabling every single person at FIGS to have a platform to be seen, heard and celebrated. To accomplish this goal, we are intensely focused on our culture, team-building initiatives and well-being. We strive to foster an empowering, supportive and healthy experience for all FIGS employees and enable all FIGS voices to be represented and heard. Our Company-wide events and programming also provide a way for our employees to support our Awesome Humans and give back to our community, driving connections and making an impact on a wide variety of people and organizations in need.

In early 2026, we conducted a confidential employee engagement survey to give our employees the opportunity to provide input about their experiences with us. We are proud of our engagement index score of 81%, which is above the national average of organizations benchmarked, with 66% participation. The 2026 engagement survey revealed that 96% of our team members were proud to work at FIGS and 92% felt aligned with the FIGS mission and values. Employees also reported feeling connected and supported, with 90% of respondents reporting their manager genuinely cares about their well-being and that they feel respected working at FIGS, indicating a

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positive and supportive team dynamic. We value the input of our team members and utilize the survey results to better understand the needs of our team members, identify opportunities for improvement and to create action plans based on employee feedback.

Community Connections

FIGS is made possible by our healthcare professionals, whom we call Awesome Humans, and we strive to incorporate feedback from them across aspects of our business. Our FIGS Healthcare Advisory Board, which is comprised of 12 accomplished healthcare professionals who provide critical input, expertise and a direct line to our Awesome Humans, enabling FIGS to make an even greater and lasting impact on healthcare and the healthcare community. The members of our Advisory Board represent a diverse set of perspectives from a variety of healthcare professions and will advise us on product development, messaging and community-building, giving and other initiatives to better equip us to transform the healthcare experience.

Our community of Awesome Humans is inherently diverse and inclusive, and we partner with models and ambassadors who reflect this dynamic community. Fit inclusivity is also a core aspect of our philosophy. Following extensive work on our product fit, we are proud that we offer product in sizes ranging from XXS-6XL. The model selector feature on our website further allows our healthcare professionals to better visualize how certain products look across different body types and sizes.

Impact and Advocacy

In line with our purpose-driven mission, giving back is ingrained in everything we do at FIGS and has been from the beginning. When we started FIGS, we created an initiative called Threads for Threads to donate scrubs to healthcare professionals who lack access to the proper uniforms needed to do their jobs. To date, through Threads for Threads, we have donated over one million FIGS and partnered with over 100 nonprofit organizations supporting healthcare professionals in need in 85 countries worldwide.

This simple belief—that everyone deserves to #wearFIGS—has also grown into a global effort to strengthen healthcare by supporting the people at its center. In 2025, we donated $700,000 to a range of causes providing critical support to healthcare professionals, including $100,000 to support Dr. Elisabeth Potter’s nonprofit work defending access to breast cancer care and patient-centered medical decision making and $100,000 to The Dr. Lorna Breen Heroes’ Foundation to advance stigma-free mental health support and protect the wellbeing of healthcare professionals worldwide.

Advocacy is another core part of how FIGS supports healthcare professionals. We maintain an advocacy platform focused on bipartisan solutions to the underlying challenges healthcare professionals face, including compensation, mental health and well-being, workplace safety, administrative burden and training. Our year-round advocacy includes a trip to Washington, D.C., in which we invite a group of healthcare professionals to share their lived experiences directly with policymakers and advocate for meaningful and lasting change.

In 2025, we took our commitment to healthcare professionals to a new level by establishing the FIGS Awesome Humans Foundation, a 501(c)(3) public charity dedicated to our community. The foundation is designed to provide direct support to healthcare professionals in crisis, scholarships to visionary healthcare students, partnership to non-profits serving the distinct needs of our community and recognition for those going above and beyond to change healthcare for the better.

Sustainability

The healthcare community fundamentally exists to promote and protect humanity, and serving the healthcare community means that we must respect humanity at every stage of our business, from how our supply chain partners operate their factories and treat their employees to the materials that we use in our products. We continue to evaluate and update our sustainability practices and goals with this in mind.

Supply Chain

We have a diversified and flexible supply chain that leverages global third-party suppliers and manufacturers spread across multiple continents to produce our raw materials, product components and finished products. We directly and actively coordinate with our suppliers and manufacturers on every step of our product development and production process and carefully evaluate all of our suppliers and manufacturers for alignment with our standards for quality of manufacturing, ethical working conditions and sustainability practices.

We contractually commit all of our direct suppliers and manufacturers (“Tier I Suppliers”) to certain ethical requirements so that they share our standards for quality of manufacturing, ethical working conditions and sustainability practices. Our Tier I Suppliers are contractually required to adhere to the Vendor Code of Conduct in our Vendor Manual, through which they commit to providing working conditions that meet or exceed the labor standards established by the United Nations International Labor Organisation Declaration on Fundamental Principles and Rights at Work, local labor laws and the standards established by the Fair Labor Association. The Vendor Code of Conduct outlines our requirements for the fair treatment and compensation of all workers, and expressly prohibits specific abusive labor practices. Under our Vendor Code of Conduct, all labor must be voluntary and the use of forced labor or human trafficking in any part of the Tier I Supplier’s supply chain is prohibited.

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As part of our quality assurance procedures, FIGS team members or our contractors visit all Tier I Suppliers at least two times each month, and make periodic visits to our Tier I Suppliers’ direct suppliers (“Tier II Suppliers”), to the extent nominated by FIGS, to review their operations and our quality requirements. Further, pursuant to our Vendor Manual, our Tier I Suppliers are contractually required to hold Tier II Suppliers to substantially the same standards to which we hold our Tier I Suppliers, regardless of whether such Tier II suppliers are subject to our monthly reviews.

In line with our values, and in addition to having deep long-standing partnerships with our Tier I Suppliers, we also require all of our apparel Tier I Suppliers to be certified through the Worldwide Responsible Accredited Production (“WRAP”) program (or in limited cases, from other similar accredited organizations), which is an organization focused on promoting safe, lawful, humane and ethical manufacturing. Through their commitment to adhere to our Vendor Manual, all of our Tier I Suppliers are contractually required to commit to upholding these standards. As part of our Tier I Suppliers’ required certification with WRAP, they commit to regular audits by WRAP directly to promote their compliance with WRAP’s 12 Principles, which are: (1) compliance with laws and workplace regulations, (2) prohibition of forced labor, (3) prohibition of child labor, (4) prohibition of harassment and abuse, (5) compensation and benefits, (6) hours of work, (7) prohibition of discrimination, (8) health and safety, (9) freedom of association and collective bargaining, (10) environment, (11) customs compliance and (12) security.

WRAP awards Gold certifications to facilities that demonstrate full compliance with WRAP’s 12 principles, and WRAP awards Platinum certifications to facilities that have demonstrated full compliance with WRAP’s 12 principles for three consecutive certification audits. Platinum facilities are required to successfully pass every WRAP audit with no corrective actions or observations and maintain continuous certification without gaps. FIGS Tier I Suppliers must have a Gold or Platinum certification in order to continue to work with us, and we have a contractual right to terminate, without a cure period, our relationship with any Tier I Supplier who fails to meet our ethical standards.

Our California Transparency in Supply Chains Act disclosure statement, which is available on our website, also promotes responsible sourcing practices and our firm opposition to child labor and forced labor. Neither this statement nor the contents of our website is incorporated by reference herein.

Sustainable Materials

We are committed to the sustainability of our products and packing and to making our products with safe, high-quality materials that healthcare professionals deserve. Our Chief Product Officer leads the continued build out of a product portfolio that is both inclusive and innovative, oversees our global supply chain strategy to enable it to have a diversified network of manufacturing partners, is charged with digitizing production and operational processes and leads our sustainability efforts. We also participate in environmental, social and product compliance working groups through the American Apparel and Footwear Association.

We have obtained OEKO-TEX® certifications for our FIONx™ fabric and product-level OEKO-TEX® certifications for all products in our core scrubwear collection. STANDARD 100 by OEKO-TEX® certification requires testing of all fabrics and trims so that our products are safe from harmful substances. OEKO-TEX® tests for hundreds of chemicals, including pesticides, carcinogenic colorants, heavy metals and a wide variety of other harmful substances.

Safety

We are committed to the health and safety of our employees. The core elements of our employee health and safety strategy are risk analysis, incident management and training, including for our team members at our fulfillment center and retail locations, and we require that our third-party logistics provider, which operates our fulfillment center, maintains robust safety practices as well. We also maintain a whistleblower hotline through which employees can report health and safety risks, among other concerns.

We are also committed to the health and safety of all workers in our supply chain. Our Vendor Manual, which all of our Tier I Suppliers are required to adhere to contractually, requires that our suppliers and manufacturers must meet or exceed the labor standards established by the United Nations International Labor Organisation Declaration on Fundamental Principles and Rights at Work, local laws and operate and maintain their facilities in compliance with the standards, rules and regulations established by the Fair Labor Association, including the Workplace Code of Conduct. It also requires that they post in a clearly visible, legible and readily understandable manner, a list of worker’s rights, and those rights must be clearly explained to all employees and any other persons providing services in their own respective languages. To promote compliance with these requirements, our Tier I Suppliers must also make their facilities available to FIGS and FIGS’ authorized representatives for inspection during normal business hours upon twenty-four (24) hours’ prior written notice.

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COMMITTEES OF THE BOARD

Our Board has established three standing committees—Audit, Compensation, and Nominating and Corporate Governance—each of which operates under a written charter that has been approved by our Board.

The members of each of the Board committees and committee Chairpersons are set forth in the following chart.

Name

Audit

Compensation

Nominating and
Corporate
Governance

Jeffrey Wilke

Jerry Jao

Chairperson

Kenneth Lin

Mario Marte

J. Martin Willhite

Chairperson

Melanie Whelan

Chairperson

Sheila Antrum

Audit Committee

Our Audit Committee oversees our corporate accounting and financial reporting process. Our Audit Committee’s responsibilities include, among other things:

•appointing, compensating, retaining, evaluating and overseeing our independent registered public accounting firm;

•discussing with our independent registered public accounting firm their independence;

•reviewing with our independent registered public accounting firm the scope and results of their audit;

•approving all audit and permissible non-audit services to be performed by our independent registered public accounting firm;

•overseeing the financial reporting process and discussing with management and our independent registered public accounting firm the interim and annual financial statements that we file with the SEC;

•reviewing and monitoring our accounting principles, accounting policies, financial and accounting controls and compliance with legal and regulatory requirements;

•establishing procedures for the confidential anonymous submission of concerns regarding questionable accounting, internal controls or auditing matters;

•reviewing and approving or ratifying any related person transactions;

•overseeing management of cybersecurity and data privacy risks;

•reviewing and providing oversight with respect to the Company’s strategy, initiatives, policies and risks concerning environmental and social matters; and

•preparing the audit committee report required by the SEC rules (which is included on page 18 of this Proxy Statement).

The Audit Committee charter is available on our investor relations website at www.ir.wearfigs.com. The members of the Audit Committee are Messrs. Wilke, Jao and Marte. Mr. Jao serves as the Chairperson of the Audit Committee. Our Board has affirmatively determined that each of Messrs. Wilke, Jao and Marte is independent for purposes of serving on an audit committee under Rule 10A-3 promulgated under the Exchange Act and the NYSE Rules, including those related to Audit Committee membership.

The members of our Audit Committee meet the requirements for financial literacy under the applicable NYSE rules. In addition, our Board has determined that each member of our Audit Committee is an “audit committee financial expert,” as such term is defined in Item 407(d)(5) of Regulation S-K. No Audit Committee member currently serves on the audit committee of more than three public companies.

The Audit Committee met four times in 2025.

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Compensation Committee

Our Compensation Committee oversees policies relating to the compensation and benefits of our executive officers and directors. Our Compensation Committee’s responsibilities include, among other things:

•reviewing and approving the corporate goals and objectives, evaluating the performance of and reviewing and approving (either alone, or if directed by the Board, in connection with a majority of the independent members of the Board) the compensation of our Chief Executive Officer;

•reviewing and setting or making recommendations to our Board regarding the compensation of our other executive officers;

•reviewing and approving or making recommendations to our Board regarding our incentive compensation and equity-based plans, policies and programs;

•making recommendations to our Board regarding the compensation of our directors;

•overseeing and reviewing with management the Company’s strategies, policies and practices with respect to human capital management and talent development; and

•appointing and overseeing any compensation consultants.

The Compensation Committee generally considers our Chief Executive Officer’s recommendations when making decisions regarding the compensation of non-employee directors and executive officers (other than the Chief Executive Officer). Pursuant to the Compensation Committee’s charter, which is available on our investor relations website at www.ir.wearfigs.com, the Compensation Committee has the authority to retain or obtain the advice of compensation consultants, legal counsel and other advisors to assist in carrying out its responsibilities. Since 2022, the Compensation Committee has engaged Pay Governance LLC (“Pay Governance”), a compensation consulting firm, to serve as its compensation consultant. For more information about the role of Pay Governance, see “Executive Compensation—Compensation Discussion and Analysis—Determination of Executive Compensation—Role of the Compensation Consultant” below.

The Compensation Committee may delegate its authority under its charter to one or more subcommittees as it deems appropriate from time to time. The Compensation Committee may also delegate to an officer the authority to grant equity awards to certain employees, as further described in its charter and subject to the terms of our equity plans. In 2023, the Compensation Committee delegated authority to our Chief Executive Officer and Chief Financial Officer (together, the “Management Designees”), to grant annual and new hire equity awards under the Company’s Policies and Procedures for the Grant of Equity Based Awards (the “Equity Grant Policy”) to employees who are not executive officers or directors of the Board. In February 2026, the Compensation Committee renewed this delegation for twelve months. This authority is subject to a cap on both the aggregate number of shares approved for issuance and the dollar amount of any individual award.

Any grants made by the Management Designees pursuant to the Equity Grant Policy must be reported to the Compensation Committee (including the recipients, award levels and grant rationale) at the next regularly scheduled Compensation Committee meeting following the applicable grant date. For more information about the Equity Grant Policy, see “Executive Compensation—Compensation Discussion and Analysis—Other Policies and Considerations—Equity Grant Policy” below.

The members of our Compensation Committee are Mr. Jao, Mr. Willhite and Ms. Whelan. Ms. Whelan serves as the Chairperson of the Compensation Committee. Our Board has determined that each member of our Compensation Committee qualifies as an independent director under NYSE’s heightened independence standards for members of a compensation committee and as a “non-employee director” as defined in Rule 16b-3 of the Exchange Act.

The Compensation Committee met seven times in 2025.

Nominating and Corporate Governance Committee

Our Nominating and Corporate Governance Committee oversees and assists our Board in reviewing and recommending nominees for election as directors and developing and maintaining our corporate governance policies. Our Nominating and Corporate Governance Committee’s responsibilities include, among other things:

•identifying individuals qualified to become members of our Board, consistent with criteria approved by our Board;

•recommending to the Board the persons to be nominated for election as directors and to each Board committee;

•making recommendations to the Board with respect to management succession planning;

•developing and recommending to the Board Corporate Governance Guidelines, and reviewing and recommending to our Board proposed changes to our Corporate Governance Guidelines from time to time; and

•overseeing an annual evaluation of the Board, its committees, its leadership structure and its committee structure and membership.

The Nominating and Corporate Governance Committee charter is available on our investor relations website at www.ir. wearfigs.com. The members of our Nominating and Corporate Governance Committee are Mr. Willhite, Ms. Whelan and Ms. Antrum. Mr. Willhite serves as the Chairperson of the Nominating and Corporate Governance Committee. Our Board has determined that each member of our Nominating and Corporate Governance Committee meets the definition of “independent director” under the NYSE rules. The

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Nominating and Corporate Governance Committee has the authority to consult with outside advisors or retain search firms to assist in the search for qualified candidates, or consider director candidates recommended by our stockholders.

The Nominating and Corporate Governance Committee met once in 2025.

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EXECUTIVE COMPENSATION

COMPENSATION DISCUSSION AND ANALYSIS

General

In this Compensation Discussion and Analysis, we provide an overview and analysis of the compensation awarded to or earned by our executive officers during the fiscal year ended December 31, 2025, including the elements of our executive compensation program, material compensation decisions made under that program during the year and the material factors considered in making those decisions. Our executive officers for the fiscal year ended December 31, 2025 are:

•Catherine Spear, our Chief Executive Officer;

•Heather Hasson, our Executive Chairman; and

•Sarah Oughtred, our Chief Financial Officer.

As used in this proxy statement, the term “NEOs” refers to Mses. Spear, Hasson and Oughtred.

Executive Summary

Our executive compensation program is designed to compensate, retain and motivate each of our NEOs for each of their unique contributions in leading and driving the success of our company. As a general matter, our executive compensation program consists of annual base salary, target annual cash incentive opportunities and equity-based long-term incentives. Our annual cash incentive opportunities are meant to align cash compensation with annual business performance and key business priorities, while our equity-based long-term incentives provide alignment with our stockholders and promote sustainable, long-term stockholder value creation. Moreover, because a significant portion of our executives’ compensation has been in the form of equity-based long-term incentives, the value of which relies on company performance (which impacts our stock price), we believe our executive compensation program has been reasonable and competitive, and has appropriately balanced the goals of attracting, motivating, rewarding and retaining executives while directly aligning their interests with those of our stockholders.

2025 Business Highlights

The relationship between pay and performance is demonstrated by our sustained and profitable growth, as well as our financial and operational achievements spanning multiple fiscal years. In 2025, we exceeded our top and bottom line expectations, exhibiting strong demand momentum, improving profitability and record cash on the balance sheet, each of which is a testament to the strength of our strategy and execution of our team. Highlights of our fiscal year 2025 outperformance include:

•Net revenues of $631.1 million, an increase of 13.6% year over year.

•Gross margin of 66.5%.

•Net income of $34.3 million.

•Net income margin(1) of 5.4%.

•Adjusted EBITDA(2) of $74.5 million.

•Adjusted EBITDA margin(1)(2) of 11.8%.

•Active customers(3) as of December 31, 2025 of 2.9 million.

•Net revenues per active customer(3) of $216.

•Average order value(3) of $120.

•FIGS Class A common stock price increased from $5.89 to $11.36(4)

(1) Net income margin and adjusted EBITDA margin are calculated by dividing net income and adjusted EBITDA, respectively, by net revenues.

(2) Adjusted EBITDA and adjusted EBITDA margin are non-GAAP financial measures. For more information regarding the Company’s use of non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures, see “Non-GAAP Financial Measures and Key Operating Metrics” in the Appendix.

(3) Active customers, net revenues per active customer and average order value are key operational and business metrics that are important to understanding our performance. For more information regarding how we calculate these key operational and business metrics, see “Non-GAAP Financial Measures and Key Operating Metrics” in the Appendix.

(4) Represents the increase from the closing per share price of our Class A common stock on the NYSE on January 2, 2025 to the closing per share price on December 31, 2025.

2025 Compensation Highlights

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Consistent with our compensation philosophy, key compensation decisions for 2025 included the following:

•Base Salaries and Target Annual Cash Incentive Opportunities. The 2025 base salaries and target bonuses for our NEOs represented no change from 2024 levels.

•Annual Cash Incentive Design. For 2025, we adopted an annual cash bonus program (the “2025 Bonus Program”) which was similar to the annual cash bonus program adopted in 2024. Payouts under the 2025 Bonus Program were based on the achievement of pre-set key financial metrics and individual performance. Our NEOs, other than Ms. Hasson, were eligible to earn bonuses based on the achievement of three weighted target metrics: net revenues (weighted 37.5%), adjusted EBITDA margin (weighted 37.5%) and an individual performance score (weighted 25% and subject to adjustment to mirror the actual results of the net revenues and adjusted EBITDA margin components), and were eligible to earn up to 200% of their target bonuses to the extent the Company achieved up to maximum milestones.

•Annual Cash Incentive and Special Bonus Payouts. Based on an assessment of the Company’s actual performance relative to the net revenues and adjusted EBITDA margin metrics, as well as a review of each of the NEOs’ individual performance, which considered the Company’s broader financial performance, each NEO (other than Ms. Hasson) received a payment equal to 200% of her target bonus opportunity under the 2025 Bonus Program. In addition, in March 2026, Ms. Spear received a one-time special bonus payment in the amount of $500,000, in recognition of her leadership and the Company’s extraordinary performance in 2025. For additional information, see “—Elements of Compensation—Cash Incentive Compensation—Chief Executive Officer Special Bonus” below.

•Annual Equity Program. As part of our annual equity award program, Mses. Spear and Oughtred each received an award of restricted stock units (“RSUs”). For additional information about these awards, see “—Elements of Compensation—Equity-Based Long-Term Incentive Awards” below.

•Executive Chairman RSU Award. In July 2025, the independent directors of our Board approved the grant of an RSU award to Ms. Hasson, with a dollar-denominated value of $6.0 million. The grant vests quarterly over a four-year period. For additional information about this award, see “—Elements of Compensation—Equity-Based Long-Term Incentive Awards—2025 Awards” below.

•Stock Option Repricing. In July 2025, the independent directors of our Board approved a repricing on a one-for-one basis of certain fully vested, outstanding and underwater options to purchase shares of our Class A common stock held by Mses. Spear and Hasson. As a condition of the repricing, the vesting schedules of the repriced options were extended. For additional information about the Repricing, see “—Elements of Compensation—Equity-Based Long-Term Incentive Awards—2025 Option Repricing” below.

Compensation Governance and Best Practices

We are committed to having strong governance standards with respect to our compensation programs, procedures and practices. Our key compensation practices include the following:

What We Do

What We Do Not Do

✓

Emphasize performance-based, at risk compensation.

Do not grant uncapped cash incentives or guaranteed equity compensation.

✓

Maintain a peer group to align pay with market competitive practices.

Do not provide significant perquisites.

✓

Emphasize the use of equity compensation to promote executive retention and reward long-term value creation.

Do not provide tax gross-ups in connection with severance and/or change in control payments.

✓

Weight the overall pay mix towards incentive compensation for senior executives.

Do not have defined benefit pension plans or supplemental executive retirement plans.

✓

Regular review of share utilization, dilution, and cost.

Do not allow hedging or pledging of stock.

✓

Conduct an annual risk assessment to mitigate any compensation program-related risk reasonably likely to have a material adverse effect on the organization.

Do not pay dividends on unvested shares.

✓

Engage an independent compensation consultant to advise our Compensation Committee.

✓

Maintain a clawback policy for recovery of erroneously awarded incentive compensation from executive officers.

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Stockholder Advisory Vote on Executive Compensation

We are asking our stockholders to vote at the Annual Meeting on the Say-on-Pay Vote. At our 2023 Annual Meeting of Stockholders, consistent with the recommendation of our Board, our stockholders voted in a non-binding, advisory vote in favor of having a Say-on-Pay Vote once every year. At our 2025 Annual Meeting of Stockholders, approximately 98% of the votes cast in the Say-on-Pay Vote were in favor of the Say-on-Pay Vote. We view this level of stockholder support as affirmation of our current executive compensation programs and policies and our pay for performance philosophy. Consistent with the stated preference of a majority of our stockholders, we expect to hold our next advisory vote on our NEOs’ compensation (following the vote at this Annual Meeting) at our 2027 Annual Meeting of Stockholders. For more information, see “Proposals to be Voted On—Proposal 3: Approval, on an Advisory (Non-Binding) Basis, of the Compensation of our Named Executive Officers (‘Say-on-Pay Vote’)” above.

Executive Compensation Objectives and Philosophy

The key objectives of our executive compensation program, as well as the compensation program for all of our employees, are to attract, motivate, reward and retain high caliber talent for their unique skills and contributions in leading and driving the success of our company, while cultivating an inclusive and diverse culture and maximizing stockholder value. Our executive compensation program is designed to:

•Attract and retain talented and experienced executives in a competitive and dynamic market;

•Motivate our NEOs to help our company achieve the best possible financial and operational results;

•Provide reward opportunities consistent with our performance on both a short-term and long-term basis; and

•Align the long-term interests of our NEOs with those of our stockholders.

We strive to set our overall total compensation at a competitive level. Executives are compensated based on factors such as experience, performance, scope of position and the competitive demand for proven executive talent, as further described under “—Determination of Executive Compensation” below.

We aim to align with best practices, ensure strong corporate governance and avoid excessive risk-taking behaviors.

Determination of Executive Compensation

Role of Compensation Committee

Our Compensation Committee administers the executive compensation program for our NEOs and executive officers of the Company. The Compensation Committee may at times be directed by the Board to consult with a majority of the independent directors of the Board with respect to compensation of our Chief Executive Officer.

In setting executive compensation, the Compensation Committee considers a number of factors, including the recommendations of our Chief Executive Officer (other than with respect to the Chief Executive Officer’s own compensation) and our human resources team, current and past total compensation, competitive market data and analysis provided by the Compensation Committee’s independent compensation consultant, equity dilution and burn rate, retention needs, Company performance and each executive’s impact on performance, relative scope of responsibility, individual performance, potential and demonstrated leadership, and internal equity pay considerations. Our Chief Executive Officer’s recommendations are based on her evaluation of each other executive officer’s individual performance and contributions, of which our Chief Executive Officer has direct knowledge.

Role of Compensation Consultant

Since 2022, our Compensation Committee has engaged Pay Governance as an independent compensation consultant to provide executive compensation advisory services. In assisting the Compensation Committee with its annual calendar, Pay Governance has helped evaluate our compensation philosophy and objectives, provided guidance in administering our executive compensation program and helped with selecting our compensation peer group. The Compensation Committee has evaluated Pay Governance’s independence pursuant to the requirements of NYSE and SEC rules and has determined that Pay Governance does not have any conflicts of interest in advising the Compensation Committee. Pay Governance did not provide any other services to the Company in 2025 beyond those pursuant to its engagement by the Compensation Committee.

In consultation with Pay Governance, in October 2024 our Compensation Committee reviewed benchmarking information representative of a group of similarly situated peer companies to inform fiscal year 2025 pay decisions. Recognizing that FIGS has few direct competitors, we aim to select peers that meet some or all of the following criteria:

•Similar in size, primarily revenue and market capitalization

•Similar scope, complexity and brand affinity as FIGS

•Operating e-commerce and direct to consumer business models

•Operating in apparel industries

•At similar life cycle stage and operating in similar geographies

•Profitability

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In evaluating the prior compensation peer group based on the criteria described above, the Compensation Committee removed Poshmark due to its acquisition, and AllBirds, Beyond Meat, Bumble, Chewy, Freshpet, GoodRx and Peloton for one or more of the following reasons: not meeting the defined size or profitability criteria, or being in an industry deemed less relevant for FIGS. The Compensation Committee added Boot Barn Holdings, Inc., e.l.f. Beauty, Inc., J. Jill, Inc., Movado Group, Inc., On Holding AG and The Buckle, Inc. based on the criteria described above and to shift our focus to apparel and other retail companies.

Following a review that included input from Pay Governance, the Compensation Committee approved the following compensation peer group to be used to review our executive compensation program designs and pay levels for 2025:

•Boot Barn Holdings, Inc.

•Canada Goose Holdings Inc.

•e.l.f. Beauty, Inc.

•Etsy, Inc.

•J. Jill, Inc.

•Movado Group, Inc.

•On Holding AG

•Revolve Group, Inc.

•Stitch Fix, Inc.

•The Buckle, Inc.

•The Honest Company, Inc.

•The RealReal, Inc.

•Warby Parker Inc.

•YETI Holdings, Inc.

As of October 2024, as compared to such peer group, we were at the 7th percentile for revenues for the preceding four quarters, the 36th percentile for 30-day average market cap, 33rd percentile for EBITDA and 64th percentile for one year revenues growth.

In making compensation decisions for the NEOs, the Compensation Committee reviews analysis of data derived from members of our peer group and, with respect to all full-time permanent employees other than the NEOs, also utilized industry- and size-appropriate survey data provided by Radford. For 2025, the Compensation Committee used these analyses to help ensure that our executive compensation program is competitive, by considering market data and using comparable positions at companies with which we compete for talent as a reference point for individual compensation decisions. While the Compensation Committee does not establish compensation levels solely based on a review of competitive data or benchmark to any particular level, it believes such data is a useful tool in its deliberations as our compensation policies and practices must be competitive in the marketplace for us to be able to attract, motivate and retain qualified executive officers.

In October 2025, the Compensation Committee further reviewed the compensation peer group in consultation with Pay Governance, and determined the above peer group remained appropriate to review our executive compensation program design and pay levels for 2026.

Elements of Compensation

The primary elements of our NEOs’ compensation and the main objectives of each are:

•Base Salary. Base salary attracts and retains talented executives, recognizes individual roles and responsibilities, and provides stable income.

•Annual Performance-Based Cash Incentive Compensation. Annual performance bonuses encourage focus on performance objectives and reward executives for their contributions toward achieving those objectives.

•Equity-Based Long-Term Incentive Compensation. Equity compensation, provided in the form of RSUs, aligns executives’ interests with our stockholders’ interests and emphasizes long-term financial and operational performance. We provide both new-hire equity grants and annual equity grants for our executive officers, including our NEOs. We believe awarding annual equity grants aligns with market practice, reduces the impact of stock price volatility and drives retention of our executive officers through long-term vesting.

The vast majority of our NEOs’ target annual compensation for 2025 is in the form of compensation that is variable or “at-risk,” and dependent upon our financial and operating performance, individual performance factors and the value of our stock price. The at-risk elements of our compensation program for fiscal year 2025 included (i) our 2025 Bonus Program and (ii) annual equity-based long term incentive award grants, in the form of RSU awards. Other than Ms. Hasson, who does not earn a salary and is not eligible to receive a bonus under the 2025 Bonus Program, our NEOs’ respective target total annual compensation opportunity for fiscal year 2025 is set forth below:(1)

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(1) The chart titled “CEO Compensation Mix” excludes any compensation value attributable to (i) our 2025 stock option repricing and (ii) Ms. Spear’s one-time special bonus payment in recognition of her leadership and the Company’s extraordinary performance in 2025, neither of which are typical elements of our annual compensation program. For additional information about the repricing, see “—Elements of Compensation—Equity-Based Long-Term Incentive Awards—2025 Option Repricing” below and for additional information about Ms. Spear’s special bonus, see “—Elements of Compensation—Cash Incentive Compensation—Chief Executive Officer Special Bonus” below.

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* The dollar-denominated value of the long-term incentive RSU award used to calculate the percentage in this table is different from the grant-date fair value of the RSU award disclosed in our Summary Compensation Table below, because the number of RSUs underlying the award was calculated based on the 20-day average of our closing stock price ending on and including the date of the grant.

In addition, our U.S.-based NEOs are eligible to participate in our health and welfare programs and our 401(k) plan on the same basis as our other employees (except for Ms. Hasson, with respect to our 401(k) plan). Ms. Oughtred resides in Canada, and therefore is not eligible to participate in our U.S.-based 401(k) plan or health and welfare programs. We also maintain severance and change in control arrangements, which aid in attracting and retaining executive talent and help executives to remain focused and dedicated during potential transition periods due to a change in control. Each of these elements of compensation for 2025 is described further below.

Base Salary

The base salaries of our employees, including our NEOs, are an important part of their total compensation package, and are intended to reflect their respective positions, duties and responsibilities. Base salary is a fixed component of our compensation program and provides our NEOs with a reasonable degree of financial certainty and stability. Our Compensation Committee annually reviews and determines the base salaries of our NEOs and evaluates the base salaries of new hires at the time of hire.

In February 2025, our Compensation Committee decided to maintain the base salaries for Mses. Spear, Hasson and Oughtred at 2024 levels. In making this decision, the Compensation Committee reviewed base salary ranges in comparison with general market ranges for each role and the overall financial performance of the Company.

Our NEOs’ annual base salaries during 2025 are set forth below:


Name			2025 Annualized Base Salary
Catherine Spear			$1,000,000
Heather Hasson(1)			$0
Sarah Oughtred			$500,000

(1) Ms. Hasson does not receive an annual base salary for her services as Executive Chairman.

The actual salaries paid to our NEOs in fiscal year 2025 are set forth in the Summary Compensation Table below.

Cash Incentive Compensation

2025 Bonus Program

Annual cash incentive compensation is an important part of our compensation philosophy that emphasizes pay for performance by aligning compensation with financial and operational achievements, incentivizing our NEOs and other bonus-eligible employees to drive operating performance that is aligned with stockholder value creation. The 2025 Bonus Program was based on achievement of the following metrics and weightings:

•37.5% based on Company achievement of net revenues goals (the “Net Revenues Component”);

•37.5% based on Company achievement of adjusted EBITDA margin goals (the “Adjusted EBITDA Component” and, together with the Net Revenues Component, the “Financial Performance Components”); and

•25% based on individual performance, the target payout for which is subject to adjustment to mirror the actual results of the Financial Performance Components (the “Individual Performance Component”).

In fiscal year 2025, the following NEOs were eligible to participate in our 2025 Bonus Program at the following target bonuses:


Named Executive Officer			Target Bonus Opportunity
Catherine Spear			100% of base salary
Sarah Oughtred			$300,000

The following table sets forth the threshold, target and maximum bonus opportunities established by the Compensation Committee with respect to the 2025 Bonus Program’s Net Revenues Component, Adjusted EBITDA Component and Individual Performance Component:

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Component	Weight	Minimum	Threshold	Target	Maximum
Net Revenues	37.5%	-	$510M	$556.0M	$600.0M
Adjusted EBITDA Margin	37.5%	-	8.3%	9.3%	9.5%
Individual Performance	25%	“Below Threshold”	“Below Target”	“On Target”	“Above Target”
Percentage Payout of Component Target Opportunity		0%	50%	100%	200%

These targets reflected a rigorous goal-setting process in which management and the Compensation Committee worked collaboratively to set targets reflective of the then-current market and our growth expectations. When approving the Net Revenues Component and Adjusted EBITDA Component, the Compensation Committee determined the goals were appropriate due to the Company’s recent performance prior to 2025 and the challenging and uncertain economic environment at the time.

The following table sets forth the actual achievement of the Net Revenues Component and Adjustment EBITDA Component for 2025:


Component	Actual Achievement	Actual Percentage Achievement of Component Target Opportunity
Net Revenues	$631.1M	200%
Adjusted EBITDA Margin(1)	11.8%	200%
Average of Financial Performance Components		200%

(1) For purposes of the 2025 Bonus Program, adjusted EBITDA margin is a non-GAAP measure as defined in the section titled “Non-GAAP Financial Measures and Key Operating Metrics” in the Appendix.

The following table sets forth the actual achievement by our bonus-eligible NEOs of the Individual Performance Component of the 2025 Bonus Program:


Named Executive Officer			Actual Percentage Achievement of Component Target Opportunity(1)
Catherine Spear			100%
Sarah Oughtred			100%

(1) As further discussed below, each of Mses. Spear and Oughtred achieved 100% of their respective Individual Performance Component targets, which, when adjusted by the actual achievement of the Financial Performance Components pursuant to the terms of the 2025 Bonus Plan, resulted in a payout of 200% for this metric.

In determining the achievement of Ms. Spear’s Individual Performance Component target, the Compensation Committee considered both the overall financial and operational outperformance of the Company, as well as Ms. Spear’s commitment to continuous improvement and excellence, and focus on team performance to drive longer-term success. Based on its review, the Compensation Committee recommended to the independent directors of the Board, and the independent directors of the Board determined, that the Individual Performance Component of Ms. Spear’s bonus was achieved at 100%. Pursuant to the terms of the 2025 Bonus Program, Ms. Spear’s Individual Performance Component achievement was then modified to mirror the actual results of the Financial Performance Components, resulting in a payout of 200% for this metric.

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In determining the achievement of Ms. Oughtred’s Individual Performance Component target, the Compensation Committee considered the recommendation from Ms. Spear and Ms. Oughtred’s overall performance across key strategic goals. In particular, the Compensation Committee recognized Ms. Oughtred’s role in driving the Company’s above-target net revenues and Adjusted EBITDA Margin and her leadership in helping further develop the Company’s strategic plans. Based on its review, the Compensation Committee determined that the Individual Performance Component of Ms. Oughtred’s bonus was achieved at 100%. Pursuant to the terms of the 2025 Bonus Program, Ms. Oughtred’s Individual Performance Component achievement was then modified to mirror the actual results of the Financial Performance Components, resulting in a payout of 200% for this metric.

Based on the Company’s achievement of the Financial Performance Components, and the achievement by the NEOs’ of the Individual Performance Component, the bonus-eligible NEOs achieved the following percentages of their applicable target bonus opportunities:


Named Executive Officer			Actual Percentage Payout of Target Bonus Opportunity
Catherine Spear			200%
Sarah Oughtred			200%

The NEOs’ 2025 annual bonus payments are set forth in the columns titled “Bonus” and “Non-Equity Incentive Plan Compensation” in the Summary Compensation Table below.

Chief Executive Officer Special Bonus

In March 2026, the Compensation Committee recommended to the independent directors of the Board, and the independent directors of the Board approved, a one-time special bonus payment to Ms. Spear, in the amount of $500,000, in recognition of her leadership and the Company’s extraordinary performance in 2025. The special bonus is included in the column titled “Bonus” in the Summary Compensation Table below.

Equity-Based Long-Term Incentive Awards

We view equity-based compensation as a critical component of our balanced total compensation program. Equity-based compensation creates an ownership culture among our employees that provides an incentive to contribute to the continued growth and development of our business and aligns the interests of executives with those of our stockholders. Our Compensation Committee believes it is essential to provide equity-based compensation to our executive officers in order to link the interests and risks of our executive officers with those of our stockholders, reinforcing our commitment to ensuring a strong linkage between company performance and pay.

2025 Awards

We issue new-hire and annual equity awards to eligible executive level employees to align with common market practice, reduce the impact of stock price volatility, and help ensure employees held sufficient outstanding and unvested equity incentives on a continuous basis. Annual grants provide the Chief Executive Officer and the Compensation Committee a chance to review grants annually and ensure grant values are aligned with individual performance and competitive with the external market data.

The following table sets forth equity awards issued to our NEOs in 2025:


Named Executive Officer	Restricted Stock Unit Value(1)	Number of Restricted Stock Units
Catherine Spear(2)	$4,500,000	847,458
Heather Hasson(3)	$6,000,000	947,868
Sarah Oughtred(4)	$1,704,918	321,077

(1) The number of RSUs underlying each award was calculated based on the 20-day average of our closing stock price ending on and including the date of the grant. As such, the dollar-denominated value set forth in this table may be different from the grant-date fair value of the RSU award disclosed in our Summary Compensation Table below.

(2) In March 2025, our Board granted an award of RSUs with a value of $4,500,000 to Ms. Spear pursuant to our annual equity grant practices. The RSU award vests in equal quarterly installments over a four-year period, subject to continued employment (except as described in “—Executive Compensation Tables—Potential Payments Upon Termination or Change in Control”). In determining the amount and form of this award, the Compensation Committee and Board considered market data provided by Pay Governance,

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annual grants made to chief executive officers within our peer group, individual performance, and the vested and unvested equity awards held by Ms. Spear.

(3) In August 2025, our Board granted an award of RSUs with a value of $6,000,000 to Ms. Hasson in recognition of her expanded role within our company, including in connection with product innovation, marketing, digital experience and retail. The RSU award vests in equal quarterly installments over a four-year period, subject to continued employment (except as described in “—Executive Compensation Tables—Potential Payments Upon Termination or Change in Control).” In determining the amount and form of this award, the Compensation Committee and Board considered market data provided by Pay Governance, grants made to executive chairmen within our peer group, individual performance, Ms. Hasson’s expanded role within our Company and the vested and unvested equity awards held by Ms. Hasson.

(4) In March 2025, the Compensation Committee granted an award of RSUs with a value of $1,704,918 to Ms. Oughtred pursuant to our annual equity grant practices. The RSU award vests as to 1/16 of the shares of Class A common stock underlying the RSU award on August 1, 2025, and as to 1/16th of the shares of Class A Common Stock underlying the RSUs on each quarterly anniversary thereafter, subject to continued employment. In determining the amount and form of this award, the Compensation Committee considered market data provided by Pay Governance, annual grants made to chief financial officers within our peer group, individual performance, the vested and unvested equity awards held by Ms. Oughtred, and Ms. Oughtred’s partial year of service as our Chief Financial Officer in 2024.

For more information regarding equity awards granted to the NEOs in 2025, see “—Executive Compensation Tables—Grants of Plan-Based Awards in Fiscal 2025” below.

2025 Option Repricing

On July 31 2025 (the “Repricing Approval Date”), as permitted by the Company’s 2021 Equity Incentive Award Plan, the independent directors of our Board approved a repricing on a one-for-one basis of certain fully vested, outstanding and underwater options to purchase shares of our Class A common stock held by Mses. Spear and Hasson (the “Repricing”), effective as of August 12, 2025 (the “Repricing Effective Date”). On the Repricing Approval Date, the closing per share price of our Class A common stock was $6.50. On the Repricing Effective Date, 727,097 options granted to each of Mses. Spear and Hasson on May 26, 2021 with an original exercise price of $22.00 and 2,863,828 options granted to Ms. Hasson on August 9, 2022 with an original exercise price of $11.79 were each repriced to have an exercise price of $6.63, which was the closing per share price of our Class A common stock on the Repricing Effective Date (the “Repriced Options”).

As a condition of the Repricing and in order to further incentivize continued service to the Company, the vesting schedules of the Repriced Options were amended such that, while fully vested prior to the Repricing, (i) the options originally granted on May 26, 2021 were deemed unvested in connection with the Repricing and given a new vesting schedule of 24 equal monthly installments and (ii) the options originally granted on August 9, 2022 were also deemed unvested in connection with the Repricing and given a new vesting schedule of 48 equal monthly installments, in each case starting on September 12, 2025.

The independent directors of our Board approved the Repricing following the recommendation of the Compensation Committee, each of which engaged in extensive discussion and careful consideration of various alternatives and other factors, including (i) the extensive period of time during which the Repriced Options had been significantly underwater, (ii) the fact that the Repriced Options would be subject to new vesting schedules, (iii) the retentive and incentivizing value of the Repricing, (iv) the importance of Mses. Spear’s and Hasson’s roles with the Company, including Ms. Hasson’s expanded role within product innovation, marketing, digital experience and retail; (v) an analysis performed by Pay Governance, and (vi) Ms. Spear’s stated intention to voluntarily forego additional equity compensation in 2026 and potentially beyond.

Retirement Savings, Health and Welfare Benefits

We currently maintain a 401(k) retirement savings plan (the “401(k) plan”) for our eligible U.S. employees, including our NEOs. Ms. Spear is eligible to participate in the 401(k) plan on the same terms as other full-time employees. The Internal Revenue Code (the “Code”) allows eligible employees to defer a portion of their compensation, within prescribed limits, on a pre-tax basis through contributions to the 401(k) plan. Currently, we match contributions made by participants in the 401(k) plan up to a specified percentage of the employee contributions, and these matching contributions are fully vested as of the date on which the contribution is made, provided that the participant has completed one year of service with us. We believe that providing a vehicle for tax-deferred retirement savings through our 401(k) plan, and making fully vested matching contributions, adds to the overall desirability of our compensation package and further incentivizes our employees, including our NEOs, in accordance with our compensation policies.

Employee Benefits and Perquisites

All of our full-time U.S. employees, including our U.S.-based NEOs, are eligible to participate in our health and welfare plans, including medical, dental and vision benefits and life insurance. We offer all of our full-time employees paid time off and paid parental leave.

We also maintain an employee stock purchase plan, which provides eligible employees an opportunity to purchase FIGS stock at a discounted price. In addition, we offer our employees, including our NEOs, several well-being perks, including food delivery stipends, and access to live and virtual fitness classes.

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We believe the employee benefits and perquisites described above are necessary and appropriate to provide a competitive compensation package to our NEOs.

We only provide limited tax “gross-ups” to our NEOs, including tax gross ups in nominal amounts provided to all employees in connection with employee gifts and stipends.

In the future, our Compensation Committee may decide to provide different and/or additional compensation components, benefits and/or perquisites to our NEOs to ensure that our compensation structure is balanced and comprehensive. We believe that it is important to maintain flexibility to adapt our compensation structure to properly attract, motivate and retain the top executive talent for which we compete.

Severance and Change in Control Arrangements

Pursuant to their respective employment agreements, each of our NEOs is entitled to certain payments and benefits in certain termination situations or upon a change in control. We believe that our severance arrangements facilitate an orderly transition in the event of changes in management. For more information about severance payments and benefits, see “—Executive Compensation Tables—Potential Payments Upon Termination or Change in Control” below.

Other Policies and Considerations

Equity Grant Policy

Our Compensation Committee administers the Equity Grant Policy, which provides the following:

•The grant date of equity awards occurs on or after the date on which the applicable award is approved, which, to the extent reasonably practicable, is the 10th day of each month or the immediately following business day.

•New hire grants made by the Management Designees to employees vest over four years from the employee’s start date. RSUs vest quarterly and options vest monthly, subject to a one-year cliff from the employee’s start date.

•Annual grants made by the Management Designees to employees vest over four years from the grant date. RSUs vest quarterly and options vest monthly, subject to a one-year cliff from the employee’s start date if the annual grant occurred prior to the one-year anniversary of such employee’s start date.

•Grants made by the Management Designees to consultants vest over two years from the grant date. RSUs vest quarterly, subject to a discretionary cliff that may be applied as determined by the Management Designees. The Management Designees may deviate from the foregoing suggested vesting schedule on a case-by-case basis.

•The number of shares of our Class A common stock subject to options is determined by dividing the dollar-denominated value of the applicable option by the per share Black-Scholes valuation as of the applicable grant date, utilizing the same assumptions that the Company uses in preparation of its financial statements.

•The number of shares of our Class A common stock subject to RSUs is determined by dividing the dollar-denominated value of the applicable RSU award by the average closing price of our Class A common stock over the 20-trading day period ending on (and including) the applicable grant date.

In addition, pursuant to the Equity Grant Policy, option awards may not be granted four days before or one day after the filing of any Form 10-Q, 10-K or an 8-K with material non-public information. We do not grant equity awards in anticipation of the release of material non-public information, and we do not time the disclosure of material non-public information for the purpose of affecting the value of executive compensation. During fiscal year 2025, the Company did not grant any stock options, SARs or any similar awards with “option-like” features to the NEOs, however, as disclosed above under “2025 Option Repricing” certain of the outstanding stock options held by Mses. Spear and Hasson were repriced. The timing of the Repricing was consistent with the Equity Grant Policy.

Clawback Policy

Our Board has adopted a Policy for Recovery of Erroneously Awarded Compensation (the “Clawback Policy”), which applies to our current and former executive officers. Under the Clawback Policy, we are required to recoup certain compensation on a pre-tax basis within a specified lookback period in the event of certain restatements, subject to limited impracticability exceptions. Covered restatements include both a restatement to correct an error that is material to previously issued financial statements or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period. The amount required to be recovered is the excess of the amount of incentive-based compensation received over the amount that otherwise would have been received had it been determined based on the restated financial measure, and may be recouped from incentive-based compensation, time- or performance-based equity awards or other compensation.

Anti-Hedging/Pledging Policy

Our Board has adopted an Insider Trading Compliance Policy, which applies to all of our directors, officers and employees. The policy prohibits our directors, officers and employees and any entities they control from purchasing financial instruments such as prepaid variable forward contracts, equity swaps, collars and exchange funds, or otherwise engaging in transactions that hedge or offset, or are designed to hedge or offset, any decrease in the market value of the Company’s equity securities, or that may cause an

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officer, director, or employee to no longer have the same objectives as the Company’s other stockholders. In addition, the policy prohibits pledging the Company’s equity securities as collateral to secure loans.

Section 409A

The Compensation Committee takes into account whether components of the compensation for our executive officers will be adversely impacted by the penalty tax imposed by Section 409A of the Code, and aims to structure these components to be compliant with or exempt from Section 409A to avoid such potential adverse tax consequences.

“Golden Parachute” Payments

Sections 280G and 4999 of the Code provide that certain executive officers and other service providers who are highly compensated or hold significant equity interests may be subject to an excise tax if they receive payments or benefits in connection with a change in control of the Company that exceeds certain prescribed limits, and that we, or a successor, may forfeit a tax deduction on the amounts subject to this additional tax. While the Compensation Committee may take the potential forfeiture of such tax deduction into account when making compensation decisions, it will award compensation that it determines to be consistent with the goals of our executive compensation program even if such compensation is not deductible by us. We do not provide any tax gross-ups to cover excise taxes under Section 4999 in connection with a change in control.

Accounting for Share-Based Compensation

We follow Financial Accounting Standard Board Accounting Standards Codification Topic 718, (“ASC Topic 718”), for our share-based compensation awards. ASC Topic 718 requires companies to measure the compensation expense for all share-based payment awards made to employees and directors, including stock options and RSUs, based on the grant date “fair value” of these awards. This calculation is performed for accounting purposes and reported in the compensation tables below, even though our NEOs may never realize any value from their awards.

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Compensation Committee Report

The Compensation Committee of the Board of Directors of FIGS, Inc. has reviewed and discussed the Compensation Discussion and Analysis required by Item 402(b) of Regulation S-K with management and, based on such review and discussions, the Compensation Committee recommended to the Board of Directors that the Compensation Discussion and Analysis be included in this Proxy Statement.

Melanie Whelan, Chairperson

Jerry Jao, Committee Member

J. Martin Willhite, Committee Member

The foregoing Compensation Committee Report is not soliciting material, is not deemed filed with the SEC and is not to be incorporated by reference in any filing of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing.

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EXECUTIVE COMPENSATION TABLES

Summary Compensation Table

The following table contains information about the compensation earned by each of our NEOs during the years ended December 31, 2023, 2024 and 2025. The dollar amounts shown are in U.S. dollars.


Name and Principal Position	Year	Salary ($)	Bonus ($)(1)	Stock Awards ($)(2)	Option Awards ($)(3)	Non-Equity Incentive Compensation Plan ($)(4)	All Other Compensation ($)(5)	Total ($)
Catherine Spear Chief Executive Officer	2025	1,000,000	1,000,000	4,059,324	631,892	1,500,000	20,730	8,211,946
	2024	1,000,000	85,700	3,606,522	—	257,100	20,742	4,970,064
	2023	1,000,000	192,600	3,449,132	3,000,002	723,750	22,851	8,388,335
Heather Hasson Executive Chairman	2025	—	—	6,284,365	1,799,876	—	30	8,084,271
	2024	—	—	—	—	—	42	42
	2023	—	—	—	—	—	351	351
Sarah Oughtred Chief Financial Officer(6)	2025	502,874	149,120	1,537,959	—	447,361	—	2,637,314
	2024	209,833	10,996	4,172,142	—	32,988	—	4,425,959

__________________

(1) Amounts for 2025 represent (i) bonuses earned by our NEOs based on individual performance under the Individual Performance Component of our 2025 Bonus Program and (ii) for Ms. Spear, a one-time special bonus of $500,000. For a description of the 2025 Bonus Program, see “—Compensation Discussion and Analysis—Elements of Compensation—Cash Incentive Compensation—2025 Bonus Program” above.

(2) Amounts for 2025 reflect the full grant-date fair value of RSU awards computed in accordance with ASC Topic 718, rather than the amounts paid to or realized by the named individual. We provide information regarding the assumptions used to calculate the value of all stock awards made to our NEOs in 2025 in Note 2 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025.

(3) Amounts for 2025 represent the incremental fair value resulting from the Repricing computed in accordance with ASC Topic 718. For additional information about the Repricing, see “—Compensation Discussion and Analysis—Elements of Compensation—Equity-Based Long-Term Incentive Awards—2025 Option Repricing” above.

(4) Amounts for 2025 represent bonuses earned by our NEOs based on the Company’s achievement of pre-established financial metrics under the Financial Performance Components of our 2025 Bonus Program. For a description of the 2025 Bonus Program, see “—Compensation Discussion and Analysis—Elements of Compensation—Cash Incentive Compensation--2025 Bonus Program” above.

(5) Amounts for 2025 include (i) for Ms. Spear, 401(k) match in the amount of $20,700 and Company-paid life insurance premiums and (ii) for Ms. Hasson, Company-paid life insurance premiums.

(6) Ms. Oughtred’s salary for 2025 was converted from Canadian dollars actually paid back to U.S. dollars for this table using the Bank of Canada’s average exchange rate for fiscal year 2025 of CDN$1.00 to USD$1.3978. Ms. Oughtred’s payouts under the Individual Performance Component and Financial Performance Components of our 2025 Bonus Program were converted from Canadian dollars actually paid back to U.S. dollars for this table using the Bank of Canada’s exchange rate on the date of payment of CDN$1.00 to USD$1.3642.

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Grants of Plan-Based Awards in Fiscal Year 2025

The following table provides supplemental information relating to grants of plan-based awards made during fiscal year 2025 to help explain information provided above in our Summary Compensation Table.


Name	Grant Date	Approval Date(1)	Estimated Possible Payouts Under Non-Equity Incentive Plan Awards(2)			All Other Stock Awards: Number of Shares of Stock or Units (#)	All Other Option Awards: Number of Securities Underlying Options (#)	Exercise or Base Price of Option Awards ($/Sh)	Grant Date Fair Value of Stock and Option Awards ($)(3)
			Threshold ($)	Target ($)	Maximum ($)
Catherine Spear	N/A	N/A	375,000	750,000	1,500,000
	3/4/2025(4)	2/24/2025				847,458			4,059,324
	8/12/2025(5)	7/31/2025					727,097	6.63	631,892
Heather Hasson	8/12/2025(6)	7/31/2025				947,868			6,284,365
	8/12/2025(5)	7/31/2025					727,097	6.63	631,892
	8/12/2025(7)	7/31/2025					2,863,828	6.63	1,167,984
Sarah Oughtred	N/A	N/A	112,500	225,000	450,000
	3/4/2025(8)	2/24/2025				321,077			1,537,959

__________________

(1) For Mses. Spear and Hasson, represents the date of Board approval. For Ms. Oughtred, represents the date of Compensation Committee approval.

(2) Amounts reflect potential payouts under the portion of our 2025 Bonus Program based on the Company’s achievement of pre-established financial metrics, assuming the Financial Performance Components of the 2025 Bonus Program were met at their respective “Threshold,” “Target” and “Maximum” levels. For more information about the 2025 Bonus Program, see “—Compensation Discussion and Analysis—Elements of Compensation—Cash Incentive Compensation—2025 Bonus Program” above.

(3) For RSU awards, amounts reflect the grant-date fair value in accordance with ASC Topic 718. We provide information regarding the assumptions used to calculate these values in Note 2 to the consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. For Mses. Spear and Hasson’s option awards, amounts reflect the incremental fair value resulting from the Repricing computed in accordance with ASC Topic 718.

(4) Represents the grant of RSUs that vested as to 1/16th of the shares of Class A common stock underlying the RSUs on July 1, 2025 and vests as to 1/16th of the shares of Class A Common Stock underlying the RSUs on each quarterly anniversary thereafter.

(5) Represents 727,097 options originally granted to each of Mses. Spear and Hasson on May 26, 2021 with an original exercise price of $22.00 that were repriced on August 12, 2025 to an exercise price of $6.63. Although these options were fully vested, the vesting schedules of the options were amended such that they will vest and become exercisable monthly over a new two-year period.

(6) Represents the grant of RSUs that vested as to 1/16th of the shares of Class A common stock underlying the RSUs on November 1, 2025 and vests as to 1/16th of the shares of Class A Common Stock underlying the RSUs on each quarterly anniversary thereafter.

(7) Represents 2,863,828 options originally granted to Ms. Hasson on August 9, 2022 with an original exercise price of $11.79 that were repriced on August 12, 2025 to an exercise price of $6.63. Although these options were fully vested, the vesting schedule of the options was amended such that they will vest and become exercisable monthly over a new four-year period.

(8) Represents the grant of RSUs that vested as to 1/16th of the shares of Class A common stock underlying the RSUs on August 1, 2025 and vests as to 1/16th of the shares of Class A Common Stock underlying the RSUs on each quarterly anniversary thereafter.

Narrative Disclosure to Summary Compensation Table and Grants of Plan-Based Awards Table

Executive Compensation Arrangements

The following is a summary of the compensatory agreements we have entered into with our NEOs.

Amended and Restated Employment Agreement with Catherine Spear

We are party to an amended and restated employment agreement with Ms. Spear, with a five-year term ending on May 26, 2026, which the Company expects to renew. Pursuant to the amended and restated employment agreement, Ms. Spear is entitled to receive a base salary of $1,000,000 and is eligible to receive an annual bonus with a target amount equal to 100% of her base salary, which, consistent with the 2025 Bonus Program, may be earned in an amount up to 200% of her base salary if maximum performance goals are achieved, as determined by the Compensation Committee in its sole discretion, and subject to Ms. Spear’s continued employment through the bonus payment date. In addition, Ms. Spear is eligible to participate in the health, welfare, retirement, vacation and other employee benefit plans, practices, policies and programs generally available to other senior executives, and the Company will pay the

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filing and legal fees associated with any required filings under the Hart-Scott-Rodino Act with respect to the acquisition of our securities.

Pursuant to the terms of Ms. Spear’s amended and restated employment agreement and in connection with our IPO, we approved the grant to Ms. Spear of a stock option and RSU award with an aggregate value of $10,000,000. The stock option and RSU award became fully vested on the four year anniversary of our IPO, and the stock option was subject to the Repricing.

Ms. Spear is also subject to the terms and conditions of an employee confidential information and invention assignment agreement, a one-year post-termination non-solicitation covenant, and an indefinite mutual non-disparagement covenant.

Ms. Spear’s amended and restated employment agreement provides for severance and change in control payments as more fully described under “—Potential Payments Upon Termination or Change in Control.”

Second Amended and Restated Employment Agreement with Heather Hasson

We were party to an amended and restated employment agreement with Ms. Hasson which concluded by its terms on December 31, 2024, at which point Ms. Hasson continued as an at-will employee of the Company, as provided by the agreement. For 2025, the Company continued to honor all terms of Ms. Hasson’s amended and restated employment agreement and the Company and Ms. Hasson intend to enter into a letter agreement extending certain of the terms into 2026. Ms. Hasson’s amended and restated employment agreement provides that Ms. Hasson is not eligible to receive any base salary or annual bonus. Ms. Hasson continues to be eligible (i) to participate (at the sole cost of the Company and on a tax-neutral basis to Ms. Hasson) in the health, welfare, retirement, vacation and other employee benefit plans, practices, policies and programs generally available to other senior executives and (ii) for Company payment of the filing and legal fees associated with any required filings under the Hart-Scott-Rodino Act, as amended, with respect to the acquisition of our securities. All outstanding equity awards held by Ms. Hasson remain outstanding and continue to vest and become exercisable (if applicable) in accordance with their terms.

In connection with Ms. Hasson’s appointment and pursuant to her amended and restated employment agreement, we granted equity awards to Ms. Hasson with a value equal to $24,923,668, of which $13,603,183 was granted in the form of a nonqualified stock option and $11,320,485 was granted in the form of an RSU award. The RSU award has fully vested and the option award was subject to the Repricing.

Ms. Hasson also continues to be subject to the terms and conditions of an employee confidential information and invention assignment agreement, a one-year post-termination non-solicitation covenant, and an indefinite mutual non-disparagement covenant.

Ms. Hasson’s amended and restated employment agreement provides for severance and change in control payments as more fully described under “—Potential Payments Upon Termination or Change in Control.”

Employment Agreement with Sarah Oughtred

In connection with Ms. Oughtred’s appointment as Chief Financial Officer, FIGS Canada, Inc., a wholly owned subsidiary of the Company, entered into an employment agreement with Ms. Oughtred, effective as of July 29, 2024, pursuant to which Ms. Oughtred receives an annual base salary of $500,000 and an annual target bonus opportunity of $300,000. The payment of any earned annual bonus is subject to her continued employment through the bonus payment date and was pro-rated for fiscal year 2024.

Pursuant to the employment agreement, we granted an award of RSUs to Ms. Oughtred, with a value equal to $4,000,000. The RSU award vested as to 25% of the shares of Class A common stock underlying the RSU award on the one-year anniversary of August 1, 2024, and vests in equal quarterly installments over the following three year period, subject to Ms. Oughtred’s continued service through the applicable vesting date (except as otherwise described under “—Potential Payments Upon Termination or Change in Control”). Ms. Oughtred is also eligible to participate in the Company’s annual equity award program, with a target annual grant amount to be determined by the Board (or a committee thereof) in its sole discretion by reference to the 50th percentile of annual equity-based awards granted to chief financial officers in the Company’s executive compensation peer group.

Ms. Oughtred’s employment with us may be terminated by her or by us at any time, with or without cause, subject to mandatory notice periods. Ms. Oughtred’s employment agreement provides for severance and change in control payments as more fully described under “—Potential Payments Upon Termination or Change in Control.”

Cash Sale Bonus Letters

On February 22, 2018, we entered into cash sale bonus letter agreements with each of Mses. Hasson and Spear. These letter agreements provide for cash change in control payments as more fully described under “—Potential Payments Upon Termination or Change in Control.”

Outstanding Equity Awards at Fiscal Year-End Table

The following table summarizes the number of shares of common stock underlying incentive plan awards for each NEO as of December 31, 2025. Unless otherwise specified, each equity award listed in the following table was granted under the Company’s 2021 Equity Incentive Award Plan (“2021 Plan”) and covers our Class A common stock. Shares underlying equity awards identified by an asterisk in the following table held by Mses. Spear and Hasson are exchangeable for Class B common stock pursuant to the

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Equity Award Exchange Agreement (as defined below in the section of this Proxy Statement titled “Certain Relationships and Related Person Transactions”). The market value of unvested RSUs in the following table are based on a closing price of our Class A common stock on December 31, 2025, the last trading day of the last completed fiscal year, of $11.36 per share.


Name	Grant Date	Option Awards				Stock Awards
		Number of Securities Underlying Unexercised Options (#) Exercisable	Number of Securities Underlying Unexercised Options (#) Unexercisable	Option Exercise Price ($)	Option Expiration Date	Number of Shares or Units of Stock That Have Not Vested (#)	Market Value of Shares or Units of Stock That Have Not Vested ($)
Catherine Spear	02/22/2018(1)*†	7,695,000	—	0.85	02/21/2028	—	—
	06/27/2018(2)*†	900,000	—	1.37	06/26/2028	—	—
	09/16/2020(3)*†	10,236,060	—	5.10	09/15/2030	—	—
	05/26/2021(4)	121,182	605,915	6.63	05/25/2031	—	—
	05/09/2023(5)	538,194	295,140	7.91	05/8/2033	—	—
	05/09/2023(6)	—	—	—	—	190,771	2,167,159
	03/04/2024(6)	—	—	—	—	407,609	4,630,438
	03/04/2025(6)	—	—	—	—	741,526	8,423,735
Heather Hasson	02/22/2018(1)*†	313,336	—	0.85	02/21/2028	—	—
	06/27/2018(2)*†	900,000	—	1.37	06/26/2028	—	—
	09/16/2020(3)*†	10,236,060	—	5.10	09/15/2030	—	—
	05/26/2021(4)	121,182	605,915	6.63	05/25/2031	—	—
	08/09/2022(7)	238,652	2,625,176	6.63	08/08/2032	—	—
	8/12/2025(6)	—	—	—	—	888,627	10,094,803
Sarah Oughtred	08/12/2024(8)	—	—	—	—	451,561	5,129,733
	03/04/2025(9)	—	—	—	—	280,943	3,191,512

__________________

* Following the exercise of this option, the resulting shares of Class A common stock may be exchanged at a 1:1 ratio for shares of the Company’s Class B common stock at the election of the holder pursuant to the Equity Award Exchange Agreement.

† The option is fully vested.

(1) This option was granted under the Company’s Amended 2016 Equity Incentive Plan (the “2016 Plan”) and vested and became exercisable as to 1/48th of the total number of shares of Class A common stock underlying the option on each monthly anniversary of the vesting commencement date.

(2) This option was granted under the 2016 Plan and vested and became exercisable as to 1/48th of the total number of shares of Class A common stock underlying the option on each monthly anniversary of the vesting commencement date.

(3) This option was granted under the 2016 Plan and vested and became exercisable as to 1/60th of the total number of shares of Class A common stock underlying the option on each monthly anniversary of the grant date, subject to continued service through the applicable vesting date. The vesting of the option held by Ms. Hasson was accelerated in connection with our IPO.

(4) This option originally vested and became exercisable as to 1/48th of the total number of shares of Class A common stock underlying the option on each monthly anniversary of the grant date, subject to continued service through the applicable vesting date. On August 12, 2025, the option was repriced from an original exercise price of $22.00 to an exercise price of $6.63. The option was deemed unvested as of the Repricing and the vesting schedule was amended such that the option will vest and become exercisable monthly over a two-year period starting on September 12, 2025. If the executive’s service terminates due to a termination by us without “cause” or by the executive for “good reason,” or due to death or “disability” (each, as defined in the applicable executive’s amended and restated employment agreement), then 100% of the then-unvested shares subject to the option will accelerate and vest.

(5) This option vests and becomes exercisable as to 1/48th of the total number of shares of Class A common stock underlying the option on each monthly anniversary of the grant date, subject to continued service through the applicable vesting date. If Ms. Spear’s service terminates due to a termination by us without “cause” or by her for “good reason,” or due to death or “disability” (each, as defined in Ms. Spear’s amended and restated employment agreement), then 100% of the then-unvested shares subject to the option will accelerate and vest.

(6) This RSU award vests as to 1/16th of the total number of shares of Class A common stock underlying the RSU award on each quarterly anniversary of the vesting commencement date, subject to continued service through the applicable vesting date. With respect to the RSUs granted to Ms. Spear, if Ms. Spear’s service terminates due to a termination by us without “cause” or by her for “good reason,” or due to death or “disability” (each, as defined in Ms. Spear’s amended and restated employment agreement), then 100% of the then-unvested shares subject to the RSU award will accelerate and vest. With respect to the RSUs granted to Ms. Hasson, if (i) Ms. Hasson’s service is terminated by us without “cause” or by her for “good reason” (each, as defined in her amended and restated employment agreement), and, in each case, such termination occurs during the period beginning three months prior and ending 12 months following a change in control (as defined in the 2021 Plan) or (ii) Ms. Hasson’s service is terminated due to her death or “disability” (as defined in her amended and restated employment agreement), then 100% of the then-unvested shares subject to the RSU award will accelerate and vest.

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(7) This option originally vested and became exercisable in 29 substantially equal installments on each monthly anniversary of August 4, 2022 (with the last installment vesting on December 31, 2024). On August 12, 2025, the option was repriced from an original exercise price of $11.79 to an exercise price of $6.63. The option was deemed unvested as of the Repricing and the vesting schedule was amended such that the option will vest and become exercisable monthly over a four-year period starting on September 12, 2025. If (i) Ms. Hasson’s service is terminated by us without “cause” or by her for “good reason” (each, as defined in her amended and restated employment agreement), and, in each case, such termination occurs during the period beginning three months prior and ending 12 months following a change in control (as defined in the 2021 Plan) or (ii) Ms. Hasson’s service is terminated due to her death or “disability” (as defined in her amended and restated employment agreement), then 100% of the then-unvested shares subject to the option will accelerate and vest. If Ms. Hasson’s service is terminated by us other than for “cause” or by her for “good reason,” in each case, other than within the change in control period described in the preceding sentence, then 50% of the then-unvested shares subject to the option will accelerate and vest.

(8) This RSU award vests as to 25% of the shares of Class A common stock underlying the RSU award on the one-year anniversary of the vesting commencement date, and in equal quarterly installments over the following three year period, subject to continued service through the applicable vesting date. If Ms. Oughtred’s employment is terminated by us without “cause” or by her for “good reason,” in either case, within 12 months following a “change in control” (as defined in the 2021 Plan), then 100% of the then-unvested shares subject to the RSU award will vest in full.

(9) This RSU award vested as to 1/16th of the total number of shares of Class A common stock underlying the RSU award on August 1, 2025 and vests as to 1/16th of the shares of Class A common stock underlying the RSU award on each quarterly anniversary of the thereafter, subject to continued service through the applicable vesting date.

Option Exercises and Stock Vested in Fiscal Year 2025


Name	Option Awards		Stock Awards
	Number of Shares Acquired on Exercise (#)	Value Realized on Exercise ($)	Number of Shares Acquired on Vesting(1) (#)	Value Realized on Vesting(2) ($)
Catherine Spear	—	—	399,295	2,461,156
Heather Hasson	—	—	73,446	518,464
Sarah Oughtred	—	—	245,388	1,594,410

__________________

(1) Represents the gross number of shares acquired upon vesting of RSUs, without taking into account any shares withheld or sold to satisfy applicable tax obligations.

(2) Amounts are calculated by multiplying the number of shares vested by our closing stock price on the vesting date.

Potential Payments Upon Termination or Change in Control

As referenced above, we are party to employment agreements with each of our NEOs which provide for severance payments and benefits in the event the NEO is terminated without “cause” or resigns for “good reason.” These severance payments are enhanced if the qualifying termination occurs: (i) for Mses. Spear and Hasson, within three months prior to or 12 months following a change in control, or (ii) for Ms. Oughtred, within 12 months following a change in control. Additionally, each of Mses. Spear’s and Hasson’s employment agreements provides for accelerated vesting of certain equity awards if the executive’s employment is terminated due to death or disability, or if a change in control of the Company occurs (regardless of whether the executive experiences a termination).

We are also party to cash sale bonus letter agreements with each of Mses. Spear and Hasson that provide for payment in connection with a qualifying change in control.

The benefits payable to our NEOs pursuant to these arrangements are described in detail below.

Catherine Spear

Pursuant to Ms. Spear’s amended and restated employment agreement, if her employment is terminated by us without “cause” or by Ms. Spear for “good reason” during the period beginning three months prior to and ending 12 months following a “change in control” (each, as defined in her amended and restated employment agreement), Ms. Spear will receive the following severance payments and benefits: (i) continued payments of base salary for 24 months following the date of termination, (ii) 100% accelerated vesting and exercisability of all outstanding equity awards held by her, (iii) a lump-sum amount equal to 200% of the cost of 18 months of COBRA premiums and (iv) a pro-rated target bonus for the year in which the termination occurs and an amount equal to 200% of Ms. Spear’s target bonus for the year in which the termination occurs. If Ms. Spear’s employment is terminated by us without “cause” or by Ms. Spear for “good reason” not within the change in control period described above, Ms. Spear will receive the severance payments and benefits set forth in items (i) through (iii) above. The severance payments and benefits described above are subject to Ms. Spear’s execution of a release of claims against us and continued compliance with the restrictive covenants set forth in her amended and restated employment agreement.

Additionally, if Ms. Spear’s employment is terminated due to death or disability, Ms. Spear will receive 100% accelerated vesting (and exercisability, if applicable) of all outstanding equity awards held by her.

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Additionally, Ms. Spear is party to a cash sale bonus letter agreement. This letter agreement provides that upon the occurrence of a sale of our company in which the implied equity valuation of our company is equal to or greater than $400 million and either (i) the cash consideration actually received by our stockholders is equal to or greater than $400 million or (ii) the cash consideration actually received by our stockholders is equal to or greater than $300 million and the sum of such cash consideration plus any publicly traded equity securities actually received by our stockholders is equal to or greater than $400 million, and, in either case, provided that such sale qualifies as a change in control event under Section 409A of the Code (a “Qualifying Cash Sale”), Ms. Spear will be eligible to earn a transaction bonus equal $3,750,000, paid in a single lump sum within ten days following the Qualifying Cash Sale. Ms. Spear need not be employed or engaged by our company on the date of the Qualifying Cash Sale in order to receive the bonus.

Heather Hasson

Pursuant to Ms. Hasson’s amended and restated employment agreement, if Ms. Hasson’s employment was terminated by us without “cause” or by her for “good reason” during the period beginning three months prior to and ending 12 months following a “change in control” (each as defined in Ms. Hasson’s amended and restated employment agreement), Ms. Hasson was entitled to receive the following severance payments and benefits: (i) 100% accelerated vesting (and exercisability, if applicable) of all outstanding equity awards granted to Ms. Hasson, (ii) a lump-sum amount equal to 200% of the cost of 18 months of COBRA premiums and (iii) if the termination had occurred prior to the payment of Ms. Hasson’s annual bonus for 2022, an amount equal to Ms. Hasson’s target annual bonus for 2022. During the term of Ms. Hasson’s amended and restated employment agreement, if Ms. Hasson’s employment were terminated by us without “cause” or by her for “good reason” not within the change in control period described above, she was entitled to receive (i) 50% accelerated vesting (and exercisability, if applicable) of the option award granted in connection with Ms. Hasson’s transition to Executive Chairman in 2022 and 100% accelerated vesting (and exercisability, if applicable) of all other outstanding equity awards granted to Ms. Hasson prior to her appointment as Executive Chairman and (ii) a lump-sum amount equal to 200% of the cost of 18 months of COBRA premiums. The severance payments and benefits described above were subject to Ms. Hasson’s execution of a release of claims against us and continued compliance with the restrictive covenants set forth in her amended and restated employment agreement.

If Ms. Hasson’s employment is terminated due to death or disability, she will receive 100% accelerated vesting (and exercisability, if applicable) of all outstanding equity awards held by her.

Additionally, Ms. Hasson is party to a cash sale bonus letter agreement. This letter agreement provides that upon the occurrence of a sale of our company in which the implied equity valuation of our company is equal to or greater than $400 million and either (i) the cash consideration actually received by our stockholders is equal to or greater than $400 million or (ii) the cash consideration actually received by our stockholders is equal to or greater than $300 million and the sum of such cash consideration plus any publicly traded equity securities actually received by our stockholders is equal to or greater than $400 million, and, in either case, provided that such sale is a Qualifying Cash Sale, Ms. Hasson will be eligible to earn a transaction bonus equal to $1,500,000, paid in a single lump sum within ten days following the Qualifying Cash Sale. Ms. Hasson need not be employed or engaged by our company on the date of the Qualifying Cash Sale in order to receive the bonus.

Sarah Oughtred

Pursuant to Ms. Oughtred’s employment agreement with FIGS Canada, Inc., if Ms. Oughtred’s employment is terminated by us without “cause” or by her for “good reason” (each, as defined in the employment agreement), in either case, we will comply with the minimum requirements of the applicable employment standards legislation, as amended or replaced (“ESA”), including with respect to notice, termination pay, severance pay, wages, benefits and vacation pay. In addition, if such termination occurs (i) prior to July 29, 2025, then Ms. Oughtred is entitled to receive continued payments of her base salary for six months following the date of termination or (ii) on or after July 29, 2025, then Ms. Oughtred is entitled to receive continued payments of her base salary for 12 months following the date of termination (“Additional Severance Pay”), provided that any Additional Severance Pay will be reduced by the aggregate number of weeks represented by any notice period required by the ESA (or pay in lieu of such notice) and severance pay required by the ESA. If the payments required by the ESA equal or exceed the Additional Severance Pay, Ms. Oughtred will only receive the required statutory payments.

Additionally, if Ms. Oughtred’s employment is terminated by us without “cause” or by her for “good reason,” in either case, within 12 months following a “change in control” (as defined in the 2021 Plan), then 100% of the then-unvested shares subject to the RSU award granted to Ms. Oughtred in August 2024 in connection with her appointment as Chief Financial Officer will vest in full.

The severance payments that exceed her statutory entitlements are subject to Ms. Oughtred’s timely execution and non-revocation of a release of claims in our favor and her continued compliance with the non-competition, non-solicitation and other restrictive covenants in her employment agreement.

Estimated Potential Payments

The following table summarizes the payments that would be made to our NEOs upon the occurrence of certain qualifying terminations of employment or a change in control, in any case, occurring on December 31, 2025.

Amounts shown do not include (i) accrued but unpaid base salary through the date of termination or (ii) other benefits earned or accrued by the NEO during her employment that are available to all salaried employees, such as accrued vacation.

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Name	Benefit	Death / Disability ($)	Termination Without Cause or for Good Reason (no Change in Control) ($)	Change in Control (no Termination) ($)	Termination Without Cause or for Good Reason in Connection with a Change in Control ($)
Catherine Spear	Cash	--	2,000,000	--	5,000,000
	COBRA Premiums(1)	--	27,910	--	27,910
	Restricted Stock Units Acceleration(2)	15,221,332	15,221,332	--	15,221,332
	Stock Options Acceleration(2)	3,884,211	3,884,211	--	3,884,211
	Cash Sale Bonus(3)	--	--	3,750,000	3,750,000
	Total(4)	19,105,543	21,133,453	3,750,000	27,883,453
Heather Hasson	Cash	--	--	--	--
	COBRA Premiums(1)	--	51,427	--	51,427
	Restricted Stock Units Acceleration(2)	10,094,803	--	--	10,094,803
	Stock Options Acceleration(2)	15,283,060	9,074,519	--	15,283,060
	Cash Sale Bonus(3)	--	--	1,500,000	1,500,000
	Total(4)	25,377,863	9,125,946	1,500,000	26,929,290
Sarah Oughtred	Cash(5)	--	500,000	--	500,000
	COBRA Premiums(1)	--	--	--	--
	Restricted Stock Units Acceleration(2)	--	--	--	5,129,733
	Stock Options Acceleration(2)	--	--	--	--
	Total(4)	--	500,000	--	5,629,733

__________________

(1) Represents the estimated value of COBRA premium reimbursement based upon the monthly cost of such benefits to the Company as of December 31, 2025.

(2) With respect to stock options, the value of equity acceleration was calculated by (i) multiplying the number of accelerated shares of common stock underlying the options by $11.36, the closing trading price of our Class A common stock on December 31, 2025, the last trading day of fiscal year 2025 and (ii) subtracting the exercise price for the options. With respect to RSUs, the value of equity acceleration was calculated by multiplying the number of accelerated RSUs by $11.36, the closing trading price of our Class A common stock on December 31, 2025.

(3) Pursuant to each of the Cash Sale Bonus Letters dated February 22, 2018, by and between the Company and each of Mses. Hasson and Spear, Mses. Hasson and Spear are entitled to a lump-sum payment equal to $1,500,000 and $3,750,000, respectively, upon a Qualifying Cash Sale, as defined in the Cash Sale Bonus Letters.

SEC Form DEF 14A filed by FIGS Inc.