X0202 4 2006-12-28 0 0000863456 WET SEAL INC WTSLA 0001326150 Prentice Capital Management, LP 900 THIRD AVENUE, 11TH FLOOR NEW YORK NY 10022 1 0 0 0 0001326156 Zimmerman Michael 623 FIFTH AVENUE, 32ND FLOOR NEW YORK NY 10022 1 0 0 0 Class A Common Stock ("Common Stock") 2006-12-28 4 C 0 173667 3.00 A 3462409 I See Common Stock 2006-12-28 4 S 0 173667 6.00 D 3462409 I See Common Stock 2006-12-28 4 C 0 1149107 2.25 A 3462409 I See Common Stock 2006-12-28 4 S 0 1149107 6.00 D 3462409 I See Common Stock 2006-12-28 4 C 0 2209821 2.50 A 3462409 I See Common Stock 2006-12-28 4 S 0 2209821 6.00 D 3462409 I See Common Stock 2006-12-28 4 C 0 444497 2.75 A 3462409 I See Common Stock 2006-12-28 4 S 0 444497 6.00 D 3462409 I See Common Stock 2006-12-28 4 S 0 999913 6.00 D 2462496 I See Common Stock 2006-12-28 4 C 0 5835 3.00 A 2462496 I See Common Stock 2006-12-28 4 S 0 5835 6.00 D 2462496 I See Common Stock 2006-12-28 4 C 0 38412 3.00 A 2462496 I See Common Stock 2006-12-28 4 S 0 38412 6.00 D 2462496 I See Common Stock 2006-12-28 4 C 0 120907 3.00 A 2462496 I See Common Stock 2006-12-28 4 S 0 120907 6.00 D 2462496 I See Common Stock 2006-12-28 4 C 0 34846 3.00 A 2462496 I See Common Stock 2006-12-28 4 S 0 34846 6.00 D 2462496 I See Common Stock 2006-12-28 4 C 0 1021441 2.75 A 2462496 I See Common Stock 2006-12-28 4 S 0 1021441 6.00 D 2462496 I See Common Stock 2006-12-28 4 C 0 4572667 1.50 A 2462496 I See Common Stock 2006-12-28 4 S 0 4572667 6.00 D 2462496 I See Common Stock 2006-12-28 4 C 0 3902800 1.50 A 2462496 I See Common Stock 2006-12-28 4 S 0 3902800 6.00 D 2462496 I See Common Stock 2006-12-28 4 C 0 1839666 3.00 A 2462496 I See Common Stock 2006-12-28 4 S 0 1839666 6.00 D 2462496 I See Common Stock 2006-12-28 4 S 0 150087 6.00 D 2312409 I See Common Stock 2006-12-28 4 C 0 6165 3.00 A 2312409 I See Common Stock 2006-12-28 4 S 0 6165 6.00 D 2312409 I See Common Stock 2006-12-28 4 C 0 40588 3.00 A 2312409 I See Common Stock 2006-12-28 4 S 0 40588 6.00 D 2312409 I See Series C Convertible Preferred Stock 3.00 2006-12-28 4 C 0 173667 0 D Common Stock 2424667 2251000 I See Series B Warrants 2.25 2006-12-28 4 C 0 1149107 0 D Common Stock 1149107 0 I See Series C Warrants 2.50 2006-12-28 4 C 0 2209821 0 D Common Stock 2209821 0 I See Series D Warrants 2.75 2006-12-28 4 C 0 444497 0 D Common Stock 2308036 1863539 I See Series C Convertible Preferred Stock 3.00 2006-12-28 4 C 0 5835 0 D Common Stock 2251000 2245165 I See Series C Convertible Preferred Stock 3.00 2006-12-28 4 C 0 38412 0 D Common Stock 2245165 2206753 I See Series C Convertible Preferred Stock 3.00 2006-12-28 4 C 0 120907 0 D Common Stock 2206753 2085846 I See Series C Convertible Preferred Stock 3.00 2006-12-28 4 C 0 34846 0 D Common Stock 2085846 2051000 I See Series D Warrants 2.75 2006-12-28 4 C 0 1021441 0 D Common Stock 1863539 842098 I See Convertible Notes 1.50 2006-12-28 4 C 0 4572667 0 D Common Stock 8475467 3902800 I See Convertible Notes 1.50 2006-12-28 4 C 0 3902800 0 D Common Stock 3902800 0 I See Series C Convertible Preferred Stock 3.00 2006-12-28 4 C 0 1839666 0 D Common Stock 2051000 211334 I See Series C Convertible Preferred Stock 3.00 2006-12-28 4 C 0 6165 0 D Common Stock 211334 205169 I See Series C Convertible Preferred Stock 3.00 2006-12-28 4 C 0 40588 0 D Common Stock 205169 164851 I See Michael Zimmerman ("Mr. Zimmerman") controls, and is responsible for the supervision and conduct of all investment activities of, Prentice Capital Management, LP ("Prentice Capital," together with Mr. Zimmerman, the "Reporting Persons"), the investment manager of Prentice Capital Partners, LP, Prentice Capital Partners QP, LP, Prentice Capital Offshore, Ltd. and certain managed accounts (the "Investment Entities"). The Reporting Persons hold the reported securities indirectly through the Investment Entities. The Reporting Persons disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest therein. The notes, warrants and preferred stock are convertible at any time at the holder's election. THE REPORTING PERSONS AND THE INVESTMENT ENTITIES ARE PROHIBITED FROM CONVERTING OR EXERCISING THE SECURITIES LISTED BELOW IN (3), IF AFTER SUCH EXERCISE OR CONVERSION THEY, AS A GROUP, WOULD BENEFICIALLY OWN MORE THAN 9.99% OF THE OUTSTANDING COMMON STOCK. The Reporting Persons hold the following securities indirectly through the Investment Entities: 2,312,409 Shares of Common Stock; Series D Warrants exercisable into 842,098 Shares of Common Stock; Series E Warrants convertible into 3,683,036 Shares of Common Stock; and Warrant No. A-5 exercisable into 527,319 Shares of Common Stock. Note that the Form 4 filed by the Reporting Persons on April 12, 2006 inadvertently included 120,667 Shares of Common Stock for which the Investment Entities had no pecuniary interest and such shares are no longer included in the numbers set forth above. The Series C Convertible Preferred Stock has no expiration date. By: /s/ Michael Weiss 2006-12-28