Exhibit 4.7


 





DESCRIPTION OF FRANCESCA’S
HOLDINGS CORPORATION’S Purchase Rights of Series A Junior Participating Preferred
Stock


 


The following description of the Rights (as defined below) of
Francesca’s Holdings Corporation (the “Company”) and provisions of the Company’s certificate of incorporation,
as amended, certificate of designation relating to the Rights, the Rights Agreement (as defined below) and bylaws, are summaries
only. These summaries are subject to and qualified by reference to the Company’s certificate of incorporation, as amended,
certificate of designation relating to the Rights, Rights Agreement, bylaws and by the provisions of applicable law.


 


Distribution Date; Exercisability; Expiration


 


On July 31, 2019, the Board of Directors of Francesca’s
Holdings Corporation (the “Company”) declared a dividend of one preferred share purchase right (a “Right”)
for each outstanding share of common stock, par value $0.01 per share, of the Company (the “Common Stock”). The dividend
is payable on August 29, 2019 to the stockholders of record at the close of business on August 15, 2019 (the “Record Date”).
Each Right initially entitles the registered holder to purchase from the Company one five-thousandth of a share of Series A Junior
Participating Preferred Stock, par value $0.01 per share, of the Company (the “Preferred Stock”) at a price of $18.00
per one five-thousandth of a share of Preferred Stock (the “Purchase Price”), subject to adjustment. The description
and terms of the Rights are set forth in a Rights Agreement, dated as of August 1, 2019, as the same may be amended from time to
time (the “Rights Agreement”), between the Company and Computershare Trust Company, N.A, as Rights Agent (the “Rights
Agent”).


 


Until the earlier to occur of (i) 10 business days following
a public announcement that a person or group of affiliated or associated persons has become an Acquiring Person (as defined below)
or (ii) 10 business days (or such later date as may be determined by action of the Board of Directors of the Company prior to such
time as any person or group of affiliated or associated persons becomes an Acquiring Person) following the commencement of, or
public announcement of an intention to make, a tender or exchange offer the consummation of which would result in any person or
group of affiliated or associated persons becoming an Acquiring Person (the earlier of such dates being called the “Distribution
Date”), the Rights will be evidenced, with respect to certificates representing Common Stock (or book entry shares of Common
Stock) outstanding as of the Record Date, by such certificates (or such book entry shares) together with a copy of a summary of
the Rights (the “Summary of Rights”). Except in certain situations, a person or group of affiliated or associated persons
becomes an “Acquiring Person” upon acquiring beneficial ownership of 15% or more of the outstanding shares of Common
Stock. With respect to any person or group of affiliated or associated persons that beneficially owns 15% or more of the outstanding
shares of Common Stock prior to the issuance of the press release announcing the adoption of the Rights Agreement, such person
or group of affiliated or associated persons will become an “Acquiring Person” only after becoming the beneficial owner
of any additional shares of Common Stock, subject to certain exceptions.


 


The Rights Agreement provides that, until the Distribution Date
(or earlier expiration of the Rights), the Rights will be transferred with and only with the Common Stock. Until the Distribution
Date (or earlier expiration of the Rights), new Common Stock certificates issued after the Record Date upon transfer or new issuances
of Common Stock will contain a notation incorporating the Rights Agreement by reference. Until the Distribution Date (or earlier
expiration of the Rights), the surrender for transfer of any certificates for shares of Common Stock (or book entry shares of Common
Stock) outstanding as of the Record Date, even without such notation or a copy of the Summary of Rights, will also constitute the
transfer of the Rights associated with the shares of Common Stock represented thereby. As soon as practicable following the Distribution
Date, separate certificates evidencing the Rights (“Right Certificates”) will be mailed to holders of record of the
Common Stock as of the close of business on the Distribution Date or the book entry accounts of such holders shall be credited
and direct registration transaction advice shall be given to such holders and such separate Right Certificates or book-entry shares
alone will evidence the Rights.


 


The Rights are not exercisable until the Distribution Date.
The Rights will expire on August 1, 2022 (the “Final Expiration Date”), unless the Final Expiration Date is advanced
or extended, or the Rights are earlier redeemed or exchanged by the Company as described below.


 






     


     


    

 


The Purchase Price payable, and the number of shares of Preferred
Stock or other securities or property issuable, upon exercise of the Rights is subject to adjustment from time to time to prevent
dilution (i) in the event of a stock dividend on, or a subdivision, combination or reclassification of, the Preferred Stock, (ii)
upon the grant to holders of the Preferred Stock of certain rights or warrants to subscribe for or purchase Preferred Stock at
a price, or securities convertible into Preferred Stock with a conversion price, less than the then-current market price of the
Preferred Stock or (iii) upon the distribution to holders of the Preferred Stock of evidences of indebtedness or assets (excluding
regular periodic cash dividends or dividends payable in Preferred Stock) or of subscription rights or warrants (other than those
referred to above).


 


The number of outstanding Rights is subject to adjustment in
the event of a stock dividend on the Common Stock payable in shares of Common Stock or subdivisions, consolidations or combinations
of the Common Stock occurring, in any such case, prior to the Distribution Date.


 


Shares of Preferred Stock purchasable upon exercise of the Rights
will not be redeemable. Each share of Preferred Stock will be entitled, when, as and if declared, to a minimum preferential quarterly
dividend payment of the greater of (a) $50.00 per share, and (b) an amount equal to 5,000 times the dividend declared per share
of Common Stock. In the event of liquidation, dissolution or winding up of the Company, the holders of the Preferred Stock will
be entitled to a minimum preferential payment of the greater of (a) $5,000 per share (plus any accrued but unpaid dividends), and
(b) an amount equal to 5,000 times the payment made per share of Common Stock. Each share of Preferred Stock will have 5,000 votes,
voting together with the Common Stock. Finally, in the event of any merger, consolidation or other transaction in which outstanding
shares of Common Stock are converted or exchanged, each share of Preferred Stock will be entitled to receive 5,000 times the amount
received per share of Common Stock. These rights are protected by customary anti-dilution provisions.


 


Because of the nature of the Preferred Stock’s dividend,
liquidation and voting rights, the value of the one five-thousandth interest in a share of Preferred Stock purchasable upon exercise
of each Right should approximate the value of one share of Common Stock.


 


Flip-in Event


 


In the event that any person or group of affiliated or associated
persons becomes an Acquiring Person, each holder of a Right, other than Rights beneficially owned by the Acquiring Person (which
will thereupon become void), will thereafter have the right to receive upon exercise of a Right that number of shares of Common
Stock, in lieu of Preferred Stock, having a market value of two times the exercise price of the Right.


 


Flip-over Event


 


In the event that, after a person or group has become an Acquiring
Person, the Company is acquired in a merger or other business combination transaction or 50% or more of its consolidated assets
or earning power are sold, proper provisions will be made so that each holder of a Right (other than Rights beneficially owned
by an Acquiring Person which will have become void) will thereafter have the right to receive upon the exercise of a Right that
number of shares of common stock of the person with whom the Company has engaged in the foregoing transaction (or its parent) that
at the time of such transaction have a market value of two times the exercise price of the Right.


 


At any time after any person or group becomes an Acquiring Person
and prior to the earlier of one of the events described in the previous paragraph or the acquisition by such Acquiring Person of
50% or more of the outstanding shares of Common Stock, the Board of Directors of the Company may exchange the Rights (other than
Rights owned by such Acquiring Person which will have become void), in whole or in part, for shares of Common Stock or Preferred
Stock (or a series of the Company’s preferred stock having equivalent rights, preferences and privileges), at an exchange
ratio of one share of Common Stock, or a fractional share of Preferred Stock (or other preferred stock) equivalent in value thereto,
per Right.


 


With certain exceptions, no adjustment in the Purchase Price
will be required until cumulative adjustments require an adjustment of at least 1% in such Purchase Price. No fractional shares
of Preferred Stock or Common Stock will be issued (other than fractions of Preferred Stock which are integral multiples of one
five-thousandth of a share of Preferred Stock, which may, at the election of the Company, be evidenced by depositary receipts),
and in lieu thereof an adjustment in cash will be made based on the current market price of the Preferred Stock or the Common Stock.


 






     


     


    

 


Redemption


 


At any time prior to the time an Acquiring Person becomes such,
the Board of Directors of the Company may redeem the Rights in whole, but not in part, at a price of $0.001 per Right (the “Redemption
Price”) payable, at the option of the Company, in cash, shares of Common Stock or such other form of consideration as the
Board of Directors of the Company shall determine. The redemption of the Rights may be made effective at such time, on such basis
and with such conditions as the Board of Directors of the Company in its sole discretion may establish. Immediately upon any redemption
of the Rights, the right to exercise the Rights will terminate and the only right of the holders of Rights will be to receive the
Redemption Price.


 


For so long as the Rights are then redeemable, the Company may,
except with respect to the Redemption Price, amend the Rights Agreement in any manner. After the Rights are no longer redeemable,
the Company may, except with respect to the Redemption Price, amend the Rights Agreement in any manner that does not adversely
affect the interests of holders of the Rights.


 


Rights of Holders


 


Until a Right is exercised or exchanged, the holder thereof,
as such, will have no rights as a stockholder of the Company, including, without limitation, the right to vote or to receive dividends.