Exhibit 10.27


 


FRANCESCA’S HOLDINGS CORPORATION


2015 EQUITY INCENTIVE PLAN


RESTRICTED STOCK AWARD AGREEMENT


 


THIS RESTRICTED
STOCK AWARD AGREEMENT (this “Award Agreement”) is dated as of ___________, 20__ by and between Francesca’s
Holdings Corporation, a Delaware corporation (the “Corporation”), and _______________ (the “Participant”).


 


WITNESSETH


 


WHEREAS, pursuant
to the Francesca’s Holdings Corporation 2015 Equity Incentive Plan (the “Plan”), the Corporation
hereby grants to the Participant, effective as of __________, 20__ (the “Award Date”), a restricted stock award
(the “Award”), upon the terms and conditions set forth herein and in the Plan.


 


NOW THEREFORE,
in consideration of services rendered and to be rendered by the Participant, and the mutual promises made herein and the mutual
benefits to be derived therefrom, the parties agree as follows:


 


1.    Defined
Terms. Capitalized terms used herein and not otherwise defined herein shall have the meaning assigned to such terms in
the Plan.


 


2.    Grant.
Subject to the terms of this Award Agreement, the Corporation hereby grants to the Participant an Award with respect to an aggregate
of _______ restricted shares of Common Stock of the Corporation (the “Restricted Stock”).


 


3.    Vesting.
Subject to the terms and conditions of this Award Agreement (including, without limitation, the terms of Section 8 below), the
Award shall vest, and restrictions (other than those set forth in Section 8.1 of the Plan) shall lapse, in ______ installments
on the ________ anniversaries of the Award Date. The Board reserves the right to accelerate the vesting of the Restricted Stock
in such circumstances as it, in its sole discretion, deems appropriate and any such acceleration shall be effective only when set
forth in a written instrument executed by an officer of the Corporation.


 


4.    Continuance
of Employment or Service. The vesting schedule requires continued employment or service through the applicable vesting
date as a condition to the vesting of the applicable installment of the Award and the rights and benefits under this Award Agreement.
Employment or service for only a portion of the vesting period, even if a substantial portion, will not entitle the Participant
to any proportionate vesting or avoid or mitigate a termination of rights and benefits upon or following a termination of employment
or services as provided in Section 8 below or under the Plan.


 


Nothing contained in
this Award Agreement or the Plan constitutes an employment or service commitment by the Corporation, affects the Participant’s
status as an employee at will who is subject to termination without cause, confers upon the Participant any right to remain employed
by or in service to the Corporation or any of its Subsidiaries, interferes in any way with the right of the Corporation or any
of its Subsidiaries at any time to terminate such employment or services, or affects the right of the Corporation or any of its
Subsidiaries to increase or decrease the Participant’s other compensation or benefits. Nothing in this Award Agreement, however,
is intended to adversely affect any independent contractual right of the Participant without his or her consent thereto.


 




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5.    Dividend
and Voting Rights. After the Award Date, the Participant shall be entitled to cash dividends with respect to the shares
of Restricted Stock subject to the Award even though such shares are not vested but shall not be entitled to voting rights with
respect to the shares of Restricted Stock, provided that such rights to cash dividends shall terminate immediately as to any shares
of Restricted Stock that are forfeited pursuant to Section 8 below; and provided, further, that the Participant agrees that promptly
following any such forfeiture of the shares of Restricted Stock, the Participant will make a cash payment to the Company equal
to the amount of any cash dividends received by the Participant in respect of any such unvested, forfeited shares. To the extent
the shares are forfeited after the record date and before the payment date for a particular dividend, the Participant shall, promptly
after the dividend is paid, make a cash payment to the Company equal to the amount of any such cash dividend received by the Participant
in respect of such forfeited shares.


 


6.    Restrictions
on Transfer. Prior to the time that they have become vested pursuant to Section 3 or Section 7 of the Plan, neither the
Restricted Stock, nor any interest therein, amount payable in respect thereof, or Restricted Property (as defined in Section 9
hereof) may be sold, assigned, transferred, pledged or otherwise disposed of, alienated or encumbered, either voluntarily or involuntarily.
The transfer restrictions in the preceding sentence shall not apply to (a) transfers to the Corporation, or (b) transfers by will
or the laws of descent and distribution.


 


7.    Stock
Certificates.


 


(a)          Book
Entry Form. The Corporation shall issue the shares of Restricted Stock subject to the Award either: (a) in certificate form
as provided in Section 7(b) below; or (b) in book entry form, registered in the name of the Participant with notations regarding
the applicable restrictions on transfer imposed under this Award Agreement.


 


(b)          Certificates
to be Held by Corporation; Legend. Any certificates representing shares of Restricted Stock that may be delivered to the Participant
by the Corporation prior to vesting shall be redelivered to the Corporation to be held by the Corporation until the restrictions
on such shares shall have lapsed and the shares shall thereby have become vested or the shares represented thereby have been forfeited
hereunder. Such certificates shall bear the following legend and any other legends the Corporation may determine to be necessary
or advisable to comply with all applicable laws, rules, and regulations:


 


“The ownership of this
certificate and the shares of stock evidenced hereby and any interest therein are subject to substantial restrictions on transfer
under an Agreement entered into between the registered owner and Francesca’s Holdings Corporation. A copy of such Agreement
is on file in the office of the Secretary of Francesca’s Holdings Corporation.”


 




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(c)          Delivery
of Certificates Upon Vesting. Promptly after the vesting of any shares of Restricted Stock pursuant to Section 3 or Section
8 hereof or Section 7 of the Plan and the satisfaction of any and all related tax withholding obligations pursuant to Section 10,
the Corporation shall, as applicable, either remove the notations on any shares of Restricted Stock issued in book entry form which
have vested or deliver to the Participant a certificate or certificates evidencing the number of shares of Restricted Stock which
have vested (or, in either case, such lesser number of shares as may result after giving effect to Section 10). The Participant
(or the beneficiary or personal representative of the Participant in the event of the Participant’s death or disability,
as the case may be) shall deliver to the Corporation any representations or other documents or assurances as the Corporation or
its counsel may determine to be necessary or advisable in order to ensure compliance with all applicable laws, rules, and regulations
with respect to the grant of the Award and the delivery of shares of Common Stock in respect thereof. The shares so delivered shall
no longer be restricted shares hereunder.


 


(d)          Stock
Power; Power of Attorney. Concurrently with the execution and delivery of this Award Agreement, the Participant shall deliver
to the Corporation an executed stock power in the form attached hereto as Exhibit A, in blank, with respect to such shares.
The Corporation shall not deliver any share certificates in accordance with this Award Agreement unless and until the Corporation
shall have received such stock power executed by the Participant. The Participant, by acceptance of the Award, shall be deemed
to appoint, and does so appoint by execution of this Award Agreement, the Corporation and each of its authorized representatives
as the Participant’s attorney(s)-in-fact to effect any transfer of unvested forfeited shares (or shares otherwise reacquired
by the Corporation hereunder) to the Corporation as may be required pursuant to the Plan or this Award Agreement and to execute
such documents as the Corporation or such representatives deem necessary or advisable in connection with any such transfer.


 


8.    Effect
of Termination of Employment or Services; Change of Control.


 


(a)          General.
Except as expressly provided in Section 8(b), if the Participant ceases to be employed by or ceases to provide services to the
Corporation or a Subsidiary (the date of such termination of employment or service is referred to as the Participant’s “Severance
Date”), the Participant’s shares of Restricted Stock (and related Restricted Property as defined in Section 9 hereof)
shall be forfeited to the Corporation to the extent such shares have not become vested pursuant to Section 3 hereof or Section
7 of the Plan upon the Severance Date (regardless of the reason for such termination of employment or service, whether with or
without cause, voluntarily or involuntarily, or due to death or disability). Upon the occurrence of any forfeiture of shares of
Restricted Stock hereunder, such unvested, forfeited shares and related Restricted Property shall be automatically transferred
to the Corporation as of the Severance Date, without any other action by the Participant (or the Participant’s beneficiary
or personal representative in the event of the Participant’s death or disability, as applicable). No consideration shall
be paid by the Corporation with respect to such transfer. The Corporation may exercise its powers under Section 7(d) hereof and
take any other action necessary or advisable to evidence such transfer. The Participant (or the Participant’s beneficiary
or personal representative in the event of the Participant’s death or disability, as applicable) shall deliver any additional
documents of transfer that the Corporation may request to confirm the transfer of such unvested, forfeited shares and related Restricted
Property to the Corporation.


 




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(b)          Certain
Terminations in Connection with Change of Control. Notwithstanding Section 8(a), if a Change of Control (as defined below)
occurs and, in connection with or within twelve (12) months following the Change of Control, the Participant’s employment
or service is terminated by the Corporation or a Subsidiary without Cause (as defined below) or by the Participant for Good Reason
(as defined below), the shares of Restricted Stock, to the extent then outstanding and unvested, shall fully vest as of the Severance
Date; provided, however, that such accelerated vesting shall be subject to the Participant’s providing to the Corporation
upon or promptly following (and in all events within twenty-one (21) days, or such longer period of time as required by applicable
law, following) the Severance Date a separation agreement which shall contain a valid, executed general release of claims in a
form acceptable to the Corporation, and the Participant’s not revoking such release within any revocation period provided
by applicable law.


 


(c)          Defined
Terms. The following definitions shall apply for purposes of this Award Agreement:


 


(i)          “Cause”
with respect to the Participant means the definition of “Cause” provided in any written employment agreement (or offer
letter or similar written agreement) between the Participant and Corporation or any Subsidiary.  If the Participant is not
covered by such an agreement with the Corporation or a Subsidiary that defines such term, then “Cause” with respect
to the Participant means that one or more of the following has occurred:  (A) the Participant has committed a felony
or a crime involving moral turpitude (under the laws of the United States or any relevant state, or a similar crime or offense
under the applicable laws of any relevant foreign jurisdiction); (B) the Participant has engaged in acts of fraud, dishonesty
or other acts of material misconduct in the course of the Participant’s duties; (C) the Participant’s abuse of
narcotics or alcohol that has or may reasonably cause material harm the Corporation; (D) any material violation by the Participant
of the Corporation’s written policies that causes material harm to the Company; (E) the Participant’s material
failure to perform or uphold his or her duties and/or his or her material failure to comply with reasonable directives of the Corporation’s
Chief Executive Officer or Board of Directors, as applicable; or (F) any material breach by the Participant of this Award
Agreement or any other contract the Participant is a party to with the Corporation or any Subsidiary.


 


(ii)         “Change
of Control” means any of the following:


 


(a)         
The dissolution or liquidation of the Corporation, other than in the context of a Business Combination that does not constitute
a Change in Control Event under paragraph (c) below;


 


(b)         
The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange
Act of 1934, as amended (a “Person”)) of beneficial ownership (within the meaning of Rule 13d-3 promulgated
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of 50% or more of either (1) the
then-outstanding shares of common stock of the Corporation (the “Outstanding Company Common Stock”) or (2) the
combined voting power of the then-outstanding voting securities of the Corporation entitled to vote generally in the election of
directors (the “Outstanding Company Voting Securities”); provided, however, that, for purposes of this paragraph
(b), the following acquisitions shall not constitute a Change of Control; (A) any acquisition directly from the Corporation, (B)
any acquisition by the Corporation, (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained
by the Corporation or any of its affiliates or a successor to the Corporation or any of its affiliates, (D) any acquisition by
any entity pursuant to a Business Combination, or (E) any acquisition by a Person described in and satisfying the conditions of
Rule 13d-1(b) promulgated under the Exchange Act; or


 




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(c)         
Consummation of a reorganization, merger, statutory share exchange or consolidation or similar corporate transaction involving
the Corporation or any Subsidiary, a sale or other disposition of all or substantially all of the assets of the Corporation, or
the acquisition of assets or stock of another entity by the Corporation or any of its Subsidiaries (each, a “Business
Combination”), in each case unless, following such Business Combination, (1) all or substantially all of the individuals
and entities that were the beneficial owners of the Outstanding Company Common Stock and the Outstanding Company Voting Securities
immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding
shares of common stock and the combined voting power of the then-outstanding voting securities entitled to vote generally in the
election of directors, as the case may be, of the entity resulting from such Business Combination (including, without limitation,
an entity that, as a result of such transaction, owns the Corporation or all or substantially all of the Corporation’s assets
directly or through one or more subsidiaries (a “Parent”)), and (2) no Person (excluding any individual or entity
described in clauses (C) or (E) of paragraph (b) above) beneficially owns (within the meaning of Rule 13d-3 promulgated under the
Exchange Act), directly or indirectly, more than 50% of, respectively, the then-outstanding shares of common stock of the entity
resulting from such Business Combination or the combined voting power of the then-outstanding voting securities of such entity,
except to the extent that the ownership in excess of 50% existed prior to the Business Combination.


 


(iii)        “Good
Reason” with respect to the Participant means the definition of “Good Reason” provided in any written employment
agreement (or offer letter or similar written agreement) between the Participant and Corporation or any Subsidiary.  If the
Participant is not covered by such an agreement with the Corporation or a Subsidiary that defines such term, then “Good Reason”
with respect to the Participant means the occurrence (without the Participant’s consent) of any one or more of the following
conditions: (A) a material diminution in the Participant’s rate of base salary; (B) a material diminution in the Participant’s
authority, duties, or responsibilities; (C) a material change in the geographic location of the Participant’s principal office
with the Corporation (for this purpose, in no event shall a relocation of such office to a new location that is not more than fifty
(50) miles from the current location of the Corporation’s executive offices constitute a “material change”);
or (D) a material breach by the Corporation of this Award Agreement; provided, however, that any such condition or conditions,
as applicable, shall not constitute Good Reason unless both (x) the Participant provides written notice to the Corporation of the
condition claimed to constitute Good Reason within sixty (60) days of the initial existence of such condition(s) (such notice to
be delivered in accordance with Section 11), and (y) the Corporation fails to remedy such condition(s) within thirty (30) days
of receiving such written notice thereof; and provided, further, that in all events the termination of the Participant’s
employment with the Corporation shall not constitute a termination for Good Reason unless such termination occurs not more than
one hundred and twenty (120) days following the initial existence of the condition claimed to constitute Good Reason.


 




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9.    Adjustments
Upon Specified Events. Upon the occurrence of certain events relating to the Corporation’s stock contemplated by
Section 7.1 of the Plan, the Administrator shall make adjustments in accordance with such section in the number and kind of securities
that may become vested under the Award. If any adjustment shall be made under Section 7.1 of the Plan or an event described in
Section 7.2 of the Plan shall occur and the shares of Restricted Stock are not fully vested upon such event or prior thereto, the
restrictions applicable to such shares of Restricted Stock shall continue in effect with respect to any consideration, property
or other securities (the “Restricted Property” and, for the purposes of this Award Agreement, “Restricted
Stock” shall include “Restricted Property”, unless the context otherwise requires) received in respect of such
Restricted Stock. Such Restricted Property shall vest at such times and in such proportion as the shares of Restricted Stock to
which the Restricted Property is attributable vest, or would have vested pursuant to the terms hereof if such shares of Restricted
Stock had remained outstanding. To the extent that the Restricted Property includes any cash (other than regular cash dividends),
such cash shall be invested, pursuant to policies established by the Administrator, in interest bearing, FDIC-insured (subject
to applicable insurance limits) deposits of a depository institution selected by the Administrator, the earnings on which shall
be added to and become a part of the Restricted Property.


 


10.  Tax
Withholding. Subject to Section 8.1 of the Plan, upon any vesting of the Restricted Stock, the Corporation shall automatically
withhold and reacquire the appropriate number of whole shares of Restricted Stock, valued at their then fair
market value (with the “fair market value” of such shares determined in accordance with the applicable provisions of
the Plan), to satisfy any withholding obligations of the Corporation or its Subsidiaries with respect to such vesting
at the minimum applicable withholding rates. In the event that the Corporation cannot satisfy such withholding obligations by withholding
and reacquiring shares of Restricted Stock, or in the event that the Participant makes or has made an election pursuant to Section
83(b) of the Code or the occurrence of any other withholding event with respect to the Award, the Corporation (or a Subsidiary)
shall be entitled to require a cash payment by or on behalf of the Participant and/or to deduct from other compensation payable
to the Participant any sums required by federal, state or local tax law to be withheld with respect to such vesting of any Restricted
Stock or such Section 83(b) election or other withholding event.


 


11.  Notices.
Any notice to be given under the terms of this Award Agreement shall be in writing and addressed to the Corporation at its principal
office to the attention of the Secretary, and to the Participant at the Participant’s last address reflected on the Corporation’s
payroll records. Any notice shall be delivered in person or shall be enclosed in a properly sealed envelope, addressed as aforesaid,
registered or certified, and deposited (postage and registry or certification fee prepaid) in a post office or branch post office
regularly maintained by the United States Government. Any such notice shall be given only when received, but if the Participant
is no longer an Eligible Person, shall be deemed to have been duly given five business days after the date mailed in accordance
with the foregoing provisions of this Section 11.


 




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12.  Plan.
The Award and all rights of the Participant under this Award Agreement are subject to the terms and conditions of the provisions
of the Plan, incorporated herein by reference. The Participant agrees to be bound by the terms of the Plan and this Award Agreement.
The Participant acknowledges having read and understanding the Plan, the Prospectus for the Plan, and this Award Agreement. Unless
otherwise expressly provided in other sections of this Award Agreement, provisions of the Plan that confer discretionary authority
on the Board or the Administrator do not (and shall not be deemed to) create any rights in the Participant unless such rights are
expressly set forth herein or are otherwise in the sole discretion of the Board or the Administrator so conferred by appropriate
action of the Board or the Administrator under the Plan after the date hereof.


 


13.  Entire
Agreement. This Award Agreement and the Plan together constitute the entire agreement and supersede all prior understandings
and agreements, written or oral, of the parties hereto with respect to the subject matter hereof. The Plan may be amended pursuant
to Section 8.6 of the Plan. This Award Agreement may be amended by the Board from time to time. Any such amendment must be
in writing and signed by the Corporation. Any such amendment that materially and adversely affects the Participant’s rights
under this Award Agreement requires the consent of the Participant in order to be effective with respect to the Award. The Corporation
may, however, unilaterally waive any provision hereof in writing to the extent such waiver does not adversely affect the interests
of the Participant hereunder, but no such waiver shall operate as or be construed to be a subsequent waiver of the same provision
or a waiver of any other provision hereof.


 


14.  Counterparts.
This Award Agreement may be executed simultaneously in any number of counterparts, each of which shall be deemed an original but
all of which together shall constitute one and the same instrument.


 


15.  Section
Headings. The section headings of this Award Agreement are for convenience of reference only and shall not be deemed to
alter or affect any provision hereof.


 


16.  Governing
Law. This Award Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware
without regard to conflict of law principles thereunder.


 


17.  Clawback
Policy. The Restricted Stock is subject to the terms of the Corporation’s recoupment, clawback or similar policy
as it may be in effect from time to time, as well as any similar provisions of applicable law, any of which could in certain circumstances
require repayment or forfeiture of the Restricted Stock or other cash or property received with respect to the Restricted Stock
(including any value received from a disposition of the Restricted Stock).


 


18.  Waiver
of Jury Trial. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
AGAINST OUT OF OR RELATING TO THE PLAN OR THIS RESTRICTED STOCK AWARD AGREEMENT (INCLUDING THESE TERMS).


 




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19.  No
Advice Regarding Grant. The Participant is hereby advised to consult with his or her own tax, legal and/or investment advisors
with respect to any advice the Participant may determine is needed or appropriate with respect to the Restricted Stock (including,
without limitation, to determine the foreign, state, local, estate and/or gift tax consequences with respect to the Award, the
advantages and disadvantages of making an election under Section 83(b) of the Code with respect to the Award, and the process and
requirements for such an election). Neither the Corporation nor any of its officers, directors, affiliates or advisors makes any
representation (except for the terms and conditions expressly set forth in this Award Agreement) or recommendation with respect
to the Award or the making an election under Section 83(b) of the Code with respect to the Award. In the event the Participant
desires to make an election under Section 83(b) of the Code with respect to the Award, it is the Participant’s sole responsibility
to do so timely. Except for the withholding rights set forth in Section 10 above, the Participant is solely responsible for any
and all tax liability that may arise with respect to the Award.


 


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intentionally left blank]


 




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IN WITNESS WHEREOF, the Corporation
has caused this Award Agreement to be executed on its behalf by a duly authorized officer and the Participant has hereunto set
his or her hand as of the date and year first above written.


 


	 	FRANCESCA’S HOLDINGS CORPORATION,
	 	a Delaware corporation
	 	 	 
	 	By:	 


 


	 	Print Name:	 


 


	 	Its:	 


 


	 	PARTICIPANT
	 	 
	 	 
	 	Signature
	 	 
	 	Print Name




 




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CONSENT OF SPOUSE


 


In consideration of
the execution of the foregoing Restricted Stock Award Agreement by Francesca’s Holdings Corporation, I, _____________________________,
the spouse of the Participant therein named, do hereby join with my spouse in executing the foregoing Restricted Stock Award Agreement
and do hereby agree to be bound by all of the terms and provisions thereof and of the Plan.


 


Dated: _____________, 20__


 


	 	 
	 	Signature of Spouse
	 	 
	 	 
	 	Print Name


 




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EXHIBIT A


 


STOCK POWER


 


FOR VALUE RECEIVED
and pursuant to that certain Restricted Stock Award Agreement between Francesca’s Holdings Corporation, a Delaware corporation
(the “Corporation”), and the individual named below (the “Individual”) dated as of _____________, 20__,
the Individual, hereby sells, assigns and transfers to the Corporation, an aggregate ________ shares of Common Stock of the Corporation,
standing in the Individual’s name on the books of the Corporation and represented by stock certificate number(s) _____________________________________________
to which this instrument is attached, and hereby irrevocably constitutes and appoints _________________ ____________________________________
as his or her attorney in fact and agent to transfer such shares on the books of the Corporation, with full power of substitution
in the premises.


 


Dated _____________, ________


 


	 	 
	 	Signature
	 	 
	 	Print Name


 


(Instruction: Please do not fill in
any blanks other than the signature line. The purpose of the assignment is to enable the Corporation to exercise its sale/purchase
option set forth in the Restricted Stock Award Agreement without requiring additional signatures on the part of the Individual.)