Exhibit 10.3


 





FRANCESCA’S HOLDINGS CORPORATION


2015 EQUITY INCENTIVE PLAN


PERFORMANCE STOCK AWARD AGREEMENT


 


THIS PERFORMANCE STOCK AWARD AGREEMENT
(this “Award Agreement”) is dated as of [______________], 2016 (the “Award Date”) by and
between Francesca’s Holdings Corporation, a Delaware corporation (the “Corporation”), and [__________________]
(the “Participant”).


 


W I T N E S S E T H


 


WHEREAS, pursuant to the Francesca’s
Holdings Corporation 2015 Equity Incentive Plan (the “Plan”), the Corporation hereby grants to
the Participant, effective as of the date hereof, a performance 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 [_______] shares of Common Stock of the Corporation, which aggregate number represents the maximum
number of shares of Common Stock that may become vested in accordance with the terms of this Award Agreement (the “Maximum
Number” of shares). Of the Maximum Number of shares of Common Stock subject to the Award, [________] shares represent
the “target” number of shares of Common Stock subject to the Award (the “Target Number” of shares).


 


The Target Number of shares shall be issued
to the Participant on or promptly following the Award Date as restricted shares of Common Stock of the Corporation (the “Restricted
Stock”) as provided in Section 7(a) hereof. The additional shares of Common Stock that may be issuable pursuant to the
Award (equal to the amount by which the Maximum Number of shares exceeds the Target Number of shares) are referred to herein as
the “Additional Shares” and, subject to vesting as set forth herein, shall be issuable as provided in Section
7(e) hereof.


 


3.     
Performance-Based and Time-Based Vesting. Subject to Section 8 below, the Award shall become eligible to vest
based on the achievement of certain performance goals as set forth in Section 3(a) of this Award Agreement for the [______]-year
period consisting of [the Corporation’s [________] fiscal years (each such fiscal year, a “Fiscal Year,”
and such [____]-year period, the “Performance Period”) and, with respect to any shares of Common Stock subject
to the Award that vest in accordance with this Section 3, such shares shall vest (and as to any such shares that are Restricted
Stock, restrictions (other than those set forth in Section 8.1 of the Plan) shall lapse) based on the achievement of the time-based
vesting requirements set forth in Section 3(b) of this Award Agreement.


 






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(a)   
Eligibility to Vest Based Upon Corporate Performance. The percentage of the Target Shares that become eligible to
vest, if any, based on the achievement of the performance goals during the Performance Period, as determined in accordance with
Exhibit A attached hereto, are referred to as the “Eligible Shares.” (For purposes of clarity, in no
event shall the maximum number of shares that are deemed to be Eligible Shares exceed the Maximum Shares subject to the Award.)
Any of the Target Shares that the Administrator determines shall not be Eligible Shares in accordance with this Section 3(a) shall
terminate and be forfeited as of the last day of the Performance Period, and the Participant shall have no further rights with
respect to any such Target Shares that are not determined to be Eligible Shares in accordance with this Section 3(a).


 


(b)              
Vesting. Subject to the terms and conditions of this Award Agreement, the number of shares subject to the Award that
(1) the Administrator has determined are Eligible Shares in accordance with Section 3(a) of this Award Agreement and (2) do not
otherwise vest in accordance with Section 8 of this Award Agreement, if any, shall vest on the [______] anniversary of the Award
Date (the “Vesting Date”), subject to the Participant’s continuous employment or service to the Corporation
through the Vesting Date.


 


4.     
Continuance of Employment. Except as expressly provided in Section 8 of this Award Agreement, the vesting schedule
requires continued employment or service through the 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 (except as expressly provided in Section 8) 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.


 


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 Corporation 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 Corporation equal to the amount of any such
cash dividend received by the Participant in respect of such forfeited shares. For purposes of clarity, the Participant shall have
no rights as a stockholder of the Corporation, no dividend rights and no voting rights, with respect to any Additional Shares until
such time (if any) as such shares are actually issued to and held of record by the Participant. No adjustments will be made for
dividends or other rights of a holder for which the record date is prior to the date of issuance of such shares.


 






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6.     
Restrictions on Transfer. Prior to the time that they have become vested pursuant to Section 3 or Section 8 hereof
or Section 7 of the Plan, neither the Restricted Stock, nor any interest therein, amount payable in respect thereof, nor any Restricted
Property (as defined in Section 9 hereof), nor any Additional Shares or rights with respect thereto, 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.     
Issuance of Shares.


 


(a)               
Book Entry Form. On or promptly following the Award Date, the Corporation shall issue the shares of Restricted Stock
subject to the Award (i.e. the Target Shares) 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. Any Additional Shares that vest and become issuable pursuant to the Award will be issued as provided
in Section 7(e).


 


(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.”


 


(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.


 






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(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 B, 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.


 


(e)               
Payment of Additional Shares. In the event that any Additional Shares vest pursuant to the terms hereof or under
the Plan, the Corporation shall deliver to the Participant such number of Additional Shares (in book-entry or certificate form
as provided in Section 7(a) and subject to tax withholding as provided in Section 10) on or as soon as practicable after (and in
all events within two and one-half months after) the applicable vesting date.


 


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


 


(a)               
General. Except as expressly provided in Section 8(b) and 8(c) below, if the Participant ceases to be employed by
or ceases to provide services to the Corporation or a Subsidiary at any time prior to the Vesting Date (the date of such termination
of employment or service is referred to as the Participant’s “Severance Date”), (i) the Participant’s
shares of Restricted Stock (and related Restricted Property as defined in Section 9 hereof) shall be forfeited to the Corporation
and (ii) any right of the Participant to receive any Additional Shares hereunder shall immediately terminate without payment or
other consideration therefor (in each case, 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)              
Termination Without Cause, With Good Reason or Due to Death. Subject to Section 8(c), in the event the Participant
ceases to be employed by or ceases to provide services to the Corporation or a Subsidiary prior to the Vesting Date, and such termination
of employment is by the Corporation or a Subsidiary without Cause (as defined below), by the Participant for Good Reason (as defined
below) or due to the death of the Participant, the following shall apply with respect to the Award:


 


(i)The Performance Period shall be deemed
to end as of the Severance Date (such shortened performance period being referred to herein as the “Shortened Performance
Period”). A portion of the Target Shares subject to the Award shall be allocated to the Shortened Performance Period
equal to (x) the total number of Target Shares multiplied by (y) a fraction, the numerator of which is the total number of calendar
days in the Shortened Performance Period and the denominator of which is the total number of calendar days in the Performance Period
(the “Shortened Period Target Shares”).


 


(ii)To determine the vesting of such
Shortened Period Target Shares, the applicable performance goals for the Performance Period shall be pro-rated based on the ratio
of the number of calendar days in the Shortened Performance Period to the total number of calendar days in the Performance Period,
and the performance conditions applicable to such Shortened Period Target Shares shall be determined based on actual performance
for the Shortened Performance Period against such pro-rated goals, with the number of Shortened Period Target Shares that may become
eligible to vest determined in accordance with Exhibit A attached hereto (as modified to give effect to the preceding provisions
of this Section 8(b)). (For purposes of clarity, such pro-ration shall be applied to the performance goals only and not the vesting
percentages applicable to each performance level so that if the maximum performance level (as determined with reference to the
pro-rated performance goals) is achieved, the vesting percentage shall be the maximum vesting percentage as provided in Exhibit
A.)


 


(iii)With respect to any shares of Common
Stock subject to the Award that vest in accordance with this Section 8(b), such shares shall vest (and as to any such shares that
are Restricted Stock, restrictions (other than those set forth in Section 8.1 of the Plan) shall lapse) as of the Severance Date.
To the extent that the total number of Target Shares subject to the Award exceeds the total number of Eligible Shares determined
and vested under this Section 8(b), such excess Target Shares shall be forfeited to the Corporation as of the Severance Date in
accordance with Section 8(a) of this Award Agreement.


 


(c)               
Change of Control. In the event a Change of Control (as defined below) occurs prior to the last day of the Performance
Period and either (1) the Award is to be terminated pursuant to Section 7.2 of the Plan in connection with such event and not assumed,
substituted for, exchanged or otherwise continued after such event, or (2) the Award is or would be assumed, substituted for, exchanged
or otherwise continued after such event 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 occurrence of an event described in the foregoing clause (1) or clause
(2), a “Trigger Event”), the following shall apply with respect to the Award:


 






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(i)The Performance Period shall be deemed
to end as of the last day of the Fiscal Year prior to the Fiscal Year in which the Trigger Event occurs (such shortened performance
period being referred to herein as the “CIC Shortened Performance Period”). A portion of the Target Shares subject
to the Award shall be allocated to the CIC Shortened Performance Period equal to (x) the total number of Target Shares multiplied
by (y) a fraction, the numerator of which is the total number of whole Fiscal Years in the CIC Shortened Performance Period and
the denominator of which is three (3) (the “CIC Shortened Period Target Shares”).


 


(ii)To determine the vesting of such
CIC Shortened Period Target Shares, the applicable performance goals for the Performance Period shall be pro-rated based on the
ratio of the number of Fiscal Years in the CIC Shortened Performance Period to the total number of Fiscal Years in the Performance
Period (i.e., three), and the performance conditions applicable to such CIC Shortened Period Target Shares shall be determined
based on actual performance for the CIC Shortened Performance Period against such pro-rated goals, with the number of CIC Shortened
Period Target Shares that may become eligible to vest determined in accordance with Exhibit A attached hereto (as modified
to give effect to the preceding provisions of this Section 8(b)). (For purposes of clarity, such pro-ration shall be applied to
the performance goals only and not the vesting percentages applicable to each performance level so that if the maximum performance
level (as determined with reference to the pro-rated performance goals) is achieved, the vesting percentage shall be the maximum
vesting percentage as provided in Exhibit A.) The vesting percentage for the CIC Shortened Performance Period as determined
under this Section 8(c)(ii) is referred to as the “CIC Vesting Percentage.”


 


(iii)In addition to the vesting provided
in Section 8(c)(ii), a number of Target Shares shall be eligible to vest equal to (x) the total number of Target Shares subject
to the Award, less (y) the total number of CIC Shortened Period Target Shares; provided, however, that if the CIC Vesting Percentage
determined under Section 8(c)(ii) is greater than one hundred percent (100%), the number of shares eligible to vest under this
Section 8(c)(iii) shall equal (A) the CIC Vesting Percentage, multiplied by (B)(I) the total number of Target Shares subject to
the Award, less (II) the total number of CIC Shortened Period Target Shares; and provided, further, that if the Trigger Event occurs
during the first Fiscal Year of the Performance Period, Sections 8(c)(i) and 8(c)(ii) shall not apply, and the Award shall vest
upon the Trigger Event with respect to the total number of Target Shares subject to the Award.


 


(iv)With respect to any shares of Common
Stock subject to the Award that vest in accordance with this Section 8(c), such shares shall vest (and as to any such shares that
are Restricted Stock, restrictions (other than those set forth in Section 8.1 of the Plan) shall lapse) as of the Trigger Event.
To the extent that the total number of Target Shares subject to the Award exceeds the total number of Eligible Shares determined
and vested under this Section 8(c), such excess Target Shares shall be forfeited to the Corporation as of the Trigger Event in
accordance with Section 8(a) of this Award Agreement.


 


In the event a Change of Control occurs on
or after the last day of the Performance Period and prior to the Vesting Date and either (x) the Award is to be terminated pursuant
to Section 7.2 of the Plan in connection with such event and not assumed, substituted for, exchanged or otherwise continued after
such event, or (y) the Award is or would be assumed, substituted for, exchanged or otherwise continued after such event and
in connection with the Change of Control or at any time following the Change of Control and prior to the Vesting Date, the Participant’s
employment or service is terminated by the Corporation or a Subsidiary without Cause or by the Participant for Good Reason, any
shares of Common Stock subject to the Award that have been deemed to be Eligible Shares as provided herein shall immediately vest
(and as to any such shares that are Restricted Stock, restrictions (other than those set forth in Section 8.1 of the Plan) shall
lapse) as of the date of such event.


 






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For purposes of this Section 8(c), a termination
of the Participant’s employment or service shall not be considered to be “in connection with” a Change of Control
if such termination occurs more than sixty (60) days before the Change in Control.


 


(d)              
Release. Notwithstanding the foregoing provisions, the treatment of the Award in connection with a termination of
the Participant’s employment or service by the Corporation or a Subsidiary without Cause or by the Participant for Good Reason
pursuant to either Section 8(b) or 8(c) above shall be subject to 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.


 


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


 


(i)“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 Corporation or any of its Subsidiaries; (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;


 






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(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


 


(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 Award, the Corporation shall automatically
withhold and reacquire the appropriate number of whole shares of Restricted Stock (or, in the case of vesting of any Additional
Shares, shall automatically reduce the number of Additional Shares to be delivered by the appropriate number of whole shares),
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 such a reduction in the number of Additional Shares to be delivered, as applicable), 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 Additional Shares) or such Section
83(b) election or other withholding event.


 






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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.


 


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. 
Construction. It is intended that the terms of the Award will not result in the imposition of any tax liability
pursuant to Section 409A of the Code. This Award Agreement shall be construed and interpreted consistent with that intent.


 






    	 	 10	 



     


    

 


18. 
Clawback Policy. The Award and the shares of Common Stock that are or may be acquired pursuant to the Award are
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 Award or such shares or other cash or property received with respect to the Award (including any value received from a disposition
of the shares acquired pursuant to the Award).


 


19. 
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 PERFORMANCE STOCK AWARD AGREEMENT (INCLUDING THESE TERMS).


 


20. 
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 Award
(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 Restricted Stock
under 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 Restricted
Stock under the Award. In the event the Participant desires to make an election under Section 83(b) of the Code with respect to
the Restricted Stock, 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.


 


 


 


 


 


[Remainder of page
intentionally left blank]


 




    	 	 11	 



     


    

  


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	 	 







 




    	 	 12	 



     


    

 


CONSENT OF SPOUSE


 


In consideration of the execution of the
foregoing Performance 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 Performance 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 
	



  











    	 	 13	 



     


    

 


EXHIBIT A


 


PERFORMANCE-BASED VESTING REQUIREMENTS


 


 


This Exhibit A is subject to the other provisions
of the Award Agreement (including, without limitation, Sections 4, 8 and 9 of the Award Agreement).


 


[Performance goals and metrics
and methodology to determine the vesting percentage of the Award to be determined at the time of grant.]


 


 




     


     


    

 


EXHIBIT B


 


STOCK POWER


 


 


FOR VALUE RECEIVED and pursuant to that
certain Performance 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 Performance Stock Award Agreement without requiring additional signatures on the part of the Individual.)