Document:

Stock Purchase and Investors Rights Agreement

 Exhibit 10.8 
 EXECUTION VERSION 
 STOCK PURCHASE AND INVESTOR RIGHTS AGREEMENT

 THIS STOCK PURCHASE AND INVESTOR RIGHTS AGREEMENT (this “Agreement”) is made as of December 7,
2011, by and between PS Holdings of Delaware, LLC—Series A, a Delaware limited liability company (“Investor”), and Pacific Sunwear of California, Inc., a California corporation (the “Company”). Capitalized
terms used but not otherwise defined herein shall have the meaning ascribed to such term in Section 6M hereof. 

WHEREAS, Investor and/or its Affiliates has extended to the Company a term loan pursuant to that certain Credit Agreement, dated as of
the date hereof (the “Credit Agreement”), by and among the Company, as borrower, the guarantors named therein, PS Holdings Agency Corp., a Delaware corporation, as agent, and the other lenders party thereto; 

WHEREAS, concurrently with the consummation of the transactions contemplated by the Credit Agreement, Investor desires to purchase from
the Company, and the Company desires to sell to Investor, 1,000 shares of Convertible Series B Preferred Stock of the Company, $.01 par value (the “Series B Preferred Stock”), upon the terms and subject to the conditions set forth
herein; and 
 WHEREAS, the Company and Investor desire, for their mutual benefit and protection, to set forth in this Agreement
certain of their respective rights and obligations with respect to the capital stock of the Company (whether Series B Preferred Stock or the Company’s common stock, $.01 par value (the “Common Stock”), into which the Series B
Preferred Stock is convertible, and whether outstanding or issued or acquired hereafter, including all shares of capital stock of the Company issuable upon the exercise of warrants, options or other rights to acquire shares of capital stock of the
Company, or upon the conversion or exchange of any security) (collectively, the “Shares”). 
 NOW, THEREFORE,
in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

Section 1.     Purchase and Sale of the Series B Preferred Stock; Closing. 

1A.     Purchase and Sale of the Preferred Stock. Prior to the Closing (as defined below), the Company shall
have designated one thousand (1,000) shares of the Series B Preferred Stock in accordance with the Certificate of Determination of Preferences of Series B Preferred Stock attached hereto as Exhibit A (the “Certificate of
Determination”) and shall have authorized the sale and issuance of such Series B Preferred Stock to Investor at a purchase price of $100.00 per share of Series B Preferred Stock. 

At the Closing and upon the terms and subject to the conditions set forth in this Agreement, the Company shall issue and sell to
Investor, and Investor shall purchase from the Company, 1,000 shares of Series B Preferred Stock at a price per share equal to $100.00. The aggregate purchase price for all such shares of Series B Preferred Stock issued and sold by the Company, and
purchased by Investor, shall be $100,000.00 (the “Total Purchase Price”). 

 1B.     The Closing. Upon the terms and subject to the conditions
contained in this Agreement, the closing of the purchase and sale of the Series B Preferred Stock hereunder (the “Closing”) shall take place at the offices of Kirkland & Ellis LLP, 555 California Street, 27th Floor, San
Francisco, California, on the date hereof simultaneous with the execution of this Agreement. At the Closing, Investor shall deliver the Total Purchase Price to the Company by wire transfer of immediately available funds to a bank account designated
in writing by the Company and, upon receipt of the Total Purchase Price, the Company shall deliver to Investor (i) certificates representing the shares of Series B Preferred Stock purchased by Investor from the Company hereunder and
(ii) evidence of the due and effective filing, effective as of no later than the date hereof (and, in any event, prior to the effectiveness of the Closing hereunder), of the Certificate of Determination with the Secretary of State of the State
of California. 
 Section 2.     Representations and Warranties of the Company.

 As a material inducement to Investor to enter into this Agreement and purchase the Series B Preferred Stock hereunder, the
Company hereby represents and warrants to Investor as follows: 
 2A.     Organization, Good Standing,
Qualification. The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of California. 
 2B.     Authorization. The Company has the corporate power and authority to carry on its business as now conducted and presently proposed to be conducted. The Company has the
corporate power and authority to enter into this Agreement and to perform its obligations under, and consummate the transactions contemplated by, this Agreement. The execution, delivery and performance by the Company of this Agreement and the
adoption and filing of the Certificate of Determination and the consummation of the transactions contemplated hereby and thereby have been duly authorized by all necessary corporate actions on the part of the Company, and no further approval or
authorization in connection herewith or therewith is required on the part of the Company or its shareholders pursuant to the Articles, Bylaws, applicable law, the listing requirements of Nasdaq or otherwise. 

2C.     Enforceability. This Agreement constitutes a valid and legally binding obligation of Company,
enforceable in accordance with its terms, except as such enforceability may be limited by (i) applicable insolvency, bankruptcy, reorganization, moratorium or other similar laws affecting creditors’ rights generally, and
(ii) applicable equitable principles (whether considered in a proceeding at law or in equity). 

2D.     No Conflicts. None of the execution and delivery by the Company of this Agreement, the consummation of
the transactions contemplated herein or the Company’s performance of and compliance with the terms and provisions hereof will: (i) violate or conflict with any provision of the Articles of Incorporation or Bylaws; (ii) violate any
law, regulation, order, writ, judgment, injunction, decree or permit applicable to the Company; (iii) violate or materially conflict with any contractual provisions of, or cause an event of default or give rise to any right of acceleration
under, any indenture, loan agreement, mortgage, deed of trust, contract or other 

  
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agreement or instrument to which the Company is a party or by which the Company or any of the Company’s properties may be bound; or (iv) result in or require the creation of any lien,
security interest or other charge or encumbrance (other than those contemplated in or in connection with this Agreement) upon or with respect to the Company’s properties. 
 2E.     Valid Issuance of Series B Preferred Stock. The Series B Preferred Stock, when duly issued, delivered and paid for as provided herein, will be duly and validly issued,
fully paid and nonassessable, and will be free of restrictions on transfer other than restrictions on transfer under this Agreement, the Articles of Incorporation and the Certificate of Determination. 

2F.     Consents. No consent, approval, authorization or order of, or filing, registration or qualification
with, any court or governmental authority or other Person is required in connection with the execution, delivery or performance of this Agreement by the Company. 
 2G.     Capitalization. As of December 6, 2011, the Company’s authorized capital stock consists of 170,859,375 shares of Common Stock and 5,000,000 shares of Preferred
Stock, $.01 par value (the “Preferred Stock”). As of the date hereof, 67,401,389 shares of Common Stock were issued and outstanding, no shares of Preferred Stock (other than the Series B Preferred Stock issued to Investor hereunder)
were issued and outstanding, and 3,978,690 stock options and other Common Stock Equivalents were issued and outstanding under the Company’s restricted stock and stock option plans. There are no securities of the Company of any kind or class
having power generally to vote in the election of directors authorized or outstanding other than the Common Stock and the Series B Preferred Stock to be issued to Investor hereunder, and there are no other classes of capital stock of the Company
outstanding other than the Common Stock, the Series A Junior Participating Preferred Stock of the Company and the Series B Preferred Stock to be issued to Investor hereunder. The outstanding shares of Common Stock are duly authorized, validly
issued, fully paid and non-assessable. There are no preemptive rights other than as set forth in Section 4D of this Agreement or other outstanding rights, options, warrants, conversion rights or agreements or commitments of any character
relating to the Company’s authorized and issued or unissued shares of capital stock, and the Company has not issued any debt securities, other securities, rights or obligations that are currently outstanding and convertible into or exchangeable
for, or giving any Person a right to subscribe for or acquire, capital stock of the Company. The representations and warranties set forth in this Section 2G are a material inducement to Investor to enter into this Agreement, and to the
extent the representations and warranties set forth in this Section 2G are inaccurate in any respect, the number of shares of Conversion Stock into which the Series B Preferred Stock is convertible will be equitably adjusted upward (but
not downward), if necessary, such that the number of shares of Conversion Stock into which the Series B Preferred Stock was convertible, as of the date hereof, equals, in the aggregate, a number of shares of Conversion Stock equal to 19.99% of the
number of shares of Common Stock outstanding as of the date hereof, and the Company shall take all actions necessary to cause such equitable adjustment to be made. 
 2H.     Board Approvals. The Company’s Board of Directors (the “Board”) has granted all necessary approvals under the Company’s constituent
documentation and the California General Corporation Law with respect to the acquisition and conversion of the Series B Preferred Stock by Investor. 

  
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 2I.     No Registration Requirement. None of the Company, its
subsidiaries or any of their respective Affiliates has directly, or through any agent, (i) sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any “security” (as defined in the Securities Act) that
is or would be integrated with the issuance of the Series B Preferred Stock in a manner that would require the registration under the Securities Act of the Series B Preferred Stock or (ii) engaged in any form of general solicitation or general
advertising (as those terms are used in Regulation D under the Securities Act) in connection with the offering of the Series B Preferred Stock or in any manner involving a public offering within the meaning of Section 4(2) of the
Securities Act. Assuming the accuracy of the representations and warranties of Investor in Section 3C hereof, it is not necessary in connection with the offer, sale and delivery of the Series B Preferred Stock to Investor in the manner
contemplated herein to register any of the Series B Preferred Stock under the Securities Act. 

Section 3.     Representations and Warranties of Investor. 

As a material inducement to the Company to enter into this Agreement and transfer the Series B Preferred Stock hereunder, Investor hereby
represents and warrants to the Company as follows: 
 3A.     Enforceability. This Agreement has been
duly authorized, executed and delivered by Investor and constitutes a valid and legally binding obligation of Investor, enforceable in accordance with its terms, except as such enforceability may be limited by (i) applicable insolvency,
bankruptcy, reorganization, moratorium or other similar laws affecting creditors’ rights generally, and (ii) applicable equitable principles (whether considered in a proceeding at law or in equity). 

3B.     No Conflicts. The execution, delivery and performance of this Agreement by Investor does not
(i) conflict with, violate or result in the breach of, any agreement, instrument, order, judgment, decree, law or governmental regulation to which Investor is a party or is subject or (ii) violate or materially conflict with any
contractual provisions of, or cause an event of default or give rise to any right of acceleration under, any indenture, loan agreement, mortgage, deed of trust, contract or other agreement or instrument to which Investor is a party or by which
Investor or any of Investor’s properties may be bound 
 3C.     Investment. Investor is
acquiring the Series B Preferred Stock purchased hereunder or acquired pursuant hereto for its own account with the present intention of holding such securities for purposes of investment, and has no intention of selling such securities in a public
distribution in violation of the federal securities laws or any applicable state securities laws. Investor is an “accredited investor” within the meaning of Rule 501 promulgated under the Securities Act, is sophisticated in financial
matters and is able to evaluate the risks and benefits of the investment in the Series B Preferred Stock and is able to bear the economic risk of its investment in the Series B Preferred Stock for an indefinite period of time because such securities
have not been registered under the Securities Act and, therefore, cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration is available. 

  
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 Section 4.     Covenants. 

4A.     Board Composition.  
 (i)     Investor shall initially have the right to designate two directors (each, a “GGC Appointee”) who shall be appointed to the Board (and the Company shall cause
their appointment to the Board) as of the Closing hereunder in the two seats currently vacant on the Board. The initial GGC Appointees shall be Joshua Olshansky, who shall be designated a Class I director of the Company, and Neale Attenborough, who
shall be designated a Class III director of the Company. 
 (ii)     The Company will permit the holders of
a majority of the outstanding Series B Preferred Stock to elect such directors to serve on the Board as is provided in the Certificate of Determination. Without limiting the rights and remedies of such holders, and notwithstanding the provisions of
the Certificate of Determination to the contrary, in the event such directors are not so elected then, subject to Sections 4A(iv), in connection with each meeting of shareholders at which directors in the same class year as a GGC Appointee
are to be elected to serve on the Board, the Company shall take all necessary steps to nominate the GGC Appointee then up for election (or such alternative persons who are proposed by Investor and notified to the Company on or prior to any date set
forth in the Company’s constituent documents or applicable law for Board nominees) and to use its reasonable best efforts to cause the Board to unanimously recommend that the shareholders of the Company vote in favor of such GGC Appointee for
election to the Board. If, for any reason, a candidate designated as a GGC Appointee is determined to be unqualified to serve on the Board because such appointment would constitute a breach of the Board’s fiduciary duties or applicable law,
Investor shall have the right to designate an alternative GGC Appointee to be so appointed and the provisions of this Section 4A(ii) shall apply, mutatis mutandis, to such alternative GGC Appointee. 

(iii)     Each appointed or elected GGC Appointee will hold his or her office as a director of the Company for such
term as is provided in the Company’s constituent documents or until his or her death, resignation or removal from the Board or until his or her successor has been duly elected and qualified in accordance with the provisions of this Agreement,
the Company’s constituent documents and applicable law. If any GGC Appointee ceases to serve as a director of the Company for any reason during his or her term, the vacancy created thereby shall be filled, and the Company will use its
reasonable best efforts to cause the Board to fill such vacancy, with a replacement designated by Investor. 

(iv)     Investor shall have the right to designate two GGC Appointees pursuant to this Section 4A until
such time as the number of shares of Underlying Stock then held by Investor, together with its Affiliates, is less than 66.67% of the aggregate number of shares of Underlying Stock held by Investor, together with its Affiliates, immediately
following the Closing. Investor shall have the right to designate one GGC Appointee pursuant to this Section 4A until such time as the number of shares of Underlying Stock then held by Investor, together with its Affiliates, is less than
33.33% of the aggregate number of shares of Underlying Stock held by Investor, together with its Affiliates, immediately following the Closing. Thereafter, the right of Investor to designate any GGC Appointees hereunder shall terminate and Investor
shall use commercially 

  
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reasonable efforts to cause any GGC Appointees then serving as directors to resign if requested by the Company in writing to do so. In the event that Investor shall have the right to designate
only one GGC Appointee in accordance with this Section 4A(iv), Investor shall have the right to designate which of the two GGC Appointees shall remain as the single GGC Appointee. 

(v)     The Company shall provide the same reimbursement of expenses incurred by each GGC Appointee, and the same
rights and benefits of indemnity to each GGC Appointee, as are provided to other non-employee directors on the Board; provided that the GGC Appointees shall be provided any retainers, including meeting fees, or other cash compensation or
equity compensation for their service on the Board or any committee thereof. The Company acknowledges that certain directors (including the GGC Appointees) may have certain rights to indemnification, advancement of expenses and/or insurance provided
by other sources with respect to such directors’ association with the Company and its subsidiaries (“Other Indemnitors”). Notwithstanding the existence of any Other Indemnitor with respect to any director, the Company shall be
the indemnitor of first resort (i.e., the Company’s obligations for indemnification and expense advancement to a director are primary and any obligations of any Other Indemnitor to advance expenses or to provide indemnification for the
same expenses or liabilities incurred by a director are secondary), with respect to any such directors’ association with the Company and its subsidiaries. The Company further agrees that no advancement or payment by the Other Indemnitors on
behalf of any director with respect to any claim for which such director has sought indemnification from the Company shall affect the foregoing, and such Other Indemnitors shall have a right of contribution and/or be subrogated to the extent of any
such advancement or payment to all of the rights of recovery of such director against the Company. The Other Indemnitors shall be express third party beneficiaries of the terms of this Section 4A(v). 

(vi)     For the avoidance of doubt, any members of the Board elected pursuant to Section 5(a) of the
Certificate of Determination shall be deemed to satisfy in whole or in part, as applicable, Investor’s right to designate the GGC Appointee(s) under this Section 4A. 

4B.     Notice of Dividends. At any time when the Company declares any dividend on its Common Stock, it shall
give notice to Investor of any such declaration not less than 35 days prior to the related record date for payment of the dividend so declared. 
 4C.     Transfers. Subject to compliance with applicable federal or state securities laws, the Series B Preferred Stock and the Conversion Stock issuable upon conversion of the
Series B Preferred Stock shall be freely transferable. 
 4D.     Preemptive Rights. Without
duplication of the rights set forth in Section 7 of the Certificate of Determination, upon any issuance for cash of any equity securities or any securities or instruments containing options or rights to acquire any equity securities or any
securities or rights to acquire securities that are convertible or exchangeable into, or exercisable for or into, any equity securities of the Company for cash, subject to obtaining any required approval of the Company’s shareholders to comply
with NASDAQ Rule 5635, if Investor and its Affiliates still collectively hold at least 33.33% of the total number of shares of Underlying Stock that Investor and its Affiliates collectively hold immediately after the Closing hereunder, Investor (or
any Affiliate who is a transferee thereof) shall have additional subscription rights (at the same per “unit” price being paid by other Persons for such securities, instruments or rights) allowing Investor (or such Affiliate who

  
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is a transferee thereof) to maintain its proportionate, as-if-converted ownership interest in the Company based on the number of shares of Common Stock outstanding immediately prior to such
issuance. For the avoidance of doubt, obtaining such approval shall be a condition for the Company to undertake any issuance subject to this Section 4C. In the event that any issuance subject to this Section 4C involves a
public or Rule 144A offering, Investor and the Company shall negotiate in good faith as to the provision of such subscription rights so as not to materially delay or jeopardize the success of such public offering. The foregoing shall not apply
to any issuance of Excluded Securities. 
 4E.     Consent Upon Certain Issuances. So long as
Investor and its Affiliates collectively hold at least 33.33% of the total number of shares of Underlying Stock that Investor and its Affiliates collectively hold immediately after the Closing hereunder, the Company shall not issue any Qualifying
Employee or Director Stock consisting of any stock option or stock purchase right with an exercise price, or consisting of a grant of shares where the amount of the grant is denominated in dollars and the number of shares granted is determined by
reference to a share price, in either case that is lower than the closing price per share of Common Stock on the date of grant, without, in either such case, the prior written consent of the holders of a majority of the then outstanding shares of
Series B Preferred Stock (not to be unreasonably withheld, delayed or conditioned). 
 4F.     Affiliate
Transactions. Until the time at which Investor and its Affiliates collectively hold less than 33.33% of the total number of shares of Underlying Stock that Investor and its Affiliates collectively hold immediately after the Closing, any issuance
of shares of Common Stock to, or repurchase of any shares of Common Stock from, any Affiliate, other than Excluded Securities, shall be on terms no less favorable to the Company than those obtainable by a party who is not an Affiliate. 

4G.     HSR Act Compliance. If at any time Investor determines that a notification under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations promulgated thereunder (the “HSR Act”), is required or desirable in connection with the contemporaneous or future conversion of any
shares of Series B Preferred Stock by Investor, the Company shall reasonably cooperate with Investor by (i) promptly effecting all necessary notifications and other filings under the HSR Act that are required to be made by the Company and
(ii) responding as promptly as reasonably practicable to all inquiries or requests received from the United States Federal Trade Commission (the “FTC”), the Department of Justice (“DOJ”) or any other
governmental authority in connection with such notifications and other filings. For the avoidance of doubt, nothing in this Section 4G shall require that the Company or any of its subsidiaries commit to any divestiture, license or hold
separate or similar arrangement with respect to the business, assets or properties of the Company or any of its subsidiaries. Any such notifications and responses by the Company will be in full compliance with the requirements of the HSR Act. The
Company shall, to the extent legally permissible, keep Investor reasonably apprised of the status of any communications with, and any inquiries or requests for additional information from, the FTC, the DOJ or such other governmental authority.

 4H.     Issuances of Series B Preferred Stock. Except for the shares of Series B Preferred Stock
issued pursuant to this Agreement, the Company shall not issue or sell any shares of Series B Preferred Stock or any other securities convertible into or exchangeable for Series B Preferred Stock without the prior written consent of Investor.

  
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 4I.     No Inconsistent Agreements. The Company will not enter
into any agreement, arrangement or commitment that would conflict with, or otherwise result in the Company being unable to fully and timely perform, the Company’s obligations under this Agreement, the Certificate of Determination, the
Registration Rights Agreement, dated as of the date hereof, by and between Investor and the Company, the Credit Agreement or the agreements and instruments executed in connection with any of the foregoing. 

Section 5.     Standstill and Transfer Restriction. 

5A.     During the Standstill Period, Investor shall not, and shall cause its Affiliates directors, officers and
employees to not, assist or form a group within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, or act in concert or participate with or encourage other persons to, directly or indirectly: (A) acquire,
or seek, agree or offer to acquire, by means of a purchase, tender or exchange offer, business combination or in any other manner, beneficial ownership of any equity securities of the Company or its subsidiaries, including rights or options to
acquire such ownership; (B) seek or propose to influence, advise, change or control the management, board of directors, governing instruments or policies or affairs of the Company or its subsidiaries by making, or participating in, a
solicitation of proxies or (C) otherwise seek to influence, advise or direct the vote of any holder of voting securities in respect of any transaction proposed to the Board by Investor or any of its Affiliates or in respect of which Investor or
any of its Affiliates is the primary sponsor; provided, that the foregoing shall not apply in connection with the exercise by Investor or any of its Affiliates of any rights or remedies expressly set forth in this Agreement, the Certificate
of Determination, the Credit Agreement or the agreements and instruments executed in connection with any of the foregoing (as the same may be amended or modified from time to time in accordance with their terms); provided, further,
that the foregoing shall not prevent or otherwise limit Investor or its Affiliates from proposing such a transaction to the Board or from pursuing or consummating a going-private or other transaction approved by the Board; provided, further,
that the foregoing shall not restrict the activities of any individuals elected, designated or nominated by Investor or its Affiliates as directors to the Board solely in their capacities as such. 

5B.     Investor shall not transfer any shares of Series B Preferred Stock or any shares of Underlying Stock except
in a public offering or to one or more Permitted Transferees. 
 Section 6.    
Miscellaneous. 
 6A.     Expenses. The Company shall pay all reasonable and documented
out-of-pocket expenses of Investor (including the reasonable fees, disbursements and other charges of counsel to Investor) incurred in connection with the execution and delivery of this Agreement and the transactions contemplated hereby. 

6B.     Amendment and Waiver. The provisions of this Agreement may be amended or waived only with the prior
written consent of Investor. 

  
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 6C.     Successors and Assigns. Notwithstanding anything to the
contrary in this Agreement, nothing in this Agreement, express or implied, is intended to confer any rights or benefits on any persons that are not parties hereto, except as expressly provided for in this Section 6C. Investor shall be
entitled to assign any of its rights and obligations hereunder, except for Investor’s rights and obligations under Section 4A, 4E, and 4F, to any Permitted Transferee(s) (with such Permitted Transferee(s) thereafter
constituting the “Investor” hereunder); provided, that any such assignment shall not be permitted unless (i) Investor complies with all laws applicable thereto and provides written notice of assignment to the Company
promptly after such assignment is effected and (ii) such Permitted Transferee agrees in writing to be bound by this Agreement as if it were a party hereto and bound by all rights and obligations of Investor hereunder as set forth in this
Section 6C. 
 6D.     Severability. Whenever possible, each provision of this Agreement
shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such
prohibition or invalidity, without invalidating the remainder of this Agreement. 
 6E.    
Counterparts. This Agreement may be executed simultaneously in two or more counterparts (including via facsimile or electronic transmission), any one of which need not contain the signatures of more than one party, but all such counterparts
taken together shall constitute one and the same Agreement. 
 6F.     Descriptive Headings;
Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a substantive part of this Agreement. The use of the word “including” in this Agreement shall be by way of example
rather than by limitation. 
 6G.     Further Assurances. The parties hereto agree to execute and
deliver any and all papers and documents and to take such further actions, in each case as may be necessary to complete the transactions contemplated hereby in accordance with the terms set forth herein. 

6H.     Governing Law. All issues and questions concerning the construction, validity, enforcement and
interpretation of this Agreement and the exhibits and schedules hereto shall be governed by, and construed in accordance with, the laws of the State of California, without giving effect to any choice of law or conflict of law rules or provisions
(whether of the State of California or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of California. 
 6I.     Notices. All notices, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be
deemed to have been given when delivered personally to the recipient, sent to the recipient by reputable overnight courier service (charges prepaid) or mailed to the recipient by certified or registered mail, return receipt requested and postage
prepaid. Such notices, demands and other communications shall be sent to Investor and the Company at the addresses indicated below: 

  
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 If to Investor: 
 PS Holdings of Delaware, LLC - Series A 
 c/o Golden Gate Private Equity, Inc.

 One Embarcadero Center, 39th Floor 
 San Francisco, CA 94111 
 Telephone No.:   (415) 983-2700

 Fax No.:   (415) 983-2701 
 Attention:   Joshua Olshansky 
 E-mail:    
jolshansky@goldengatecap.com 
 With a copy (which shall not constitute notice) to: 

Kirkland & Ellis LLP 
 555 California Street 
 San Francisco, California 94104 

Attention:   David Breach and Stephen Oetgen 
 Telephone:   (415) 439-1400 
 Facsimile:  
(415) 439-1500 
 E-mail:   dbreach@kirkland.com and soetgen@kirkland.com 

If to the Company: 
 Pacific Sunwear of California, Inc. 
 3450 E. Miraloma Avenue 

Anaheim, CA 92806 

Attention:   Craig Gosselin, SVP and General Counsel 
 Telephone:   (714) 414-4000 
 Facsimile:  
(714) 414-4294 
 E-mail:   cgosselin@pacificsunwear.com 

With a copy (which shall not constitute notice) to: 
 Sullivan & Cromwell LLP 
 1888 Century Park East, 21st Floor 

Los Angeles, California 90067-1725 
 Attention:   Alison Ressler 
 Telephone:   (310) 712-6630

 Facsimile:   (310) 712-8800 
 E-mail:   resslera@sullcrom.com 
 to such other address or to the attention of such
other person as the recipient party has specified by prior written notice to the sending party. 

  
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 6J.     No Strict Construction. The parties hereto have
participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or
burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. 
 6K.     Complete Agreement. This Agreement and all counterparts thereto, embodies the complete agreement and understanding among the parties and supersede and preempt any prior
understandings, agreements or representations by or among the parties, written or oral, which may have related to the subject matter hereof in any way. 
 6L.     Remedies. The parties hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that the
Company and Investor will have the right to seek injunctive relief, in addition to all of its rights and remedies at law or in equity, to enforce the provisions of this Agreement. Nothing contained in this Agreement will be construed to confer upon
any Person who is not a signatory hereto or any successor or permitted assign of a signatory hereto any rights or benefits, as a third party beneficiary or otherwise. 
 6M.     Certain Definitions. For purposes of this Agreement, the following terms shall have the following meanings (except where otherwise defined in this Agreement):

 “Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling,
controlled by, or under common control with such Person. 
 “Articles of Incorporation” means the
Company’s Third Amended and Restated Articles of Incorporation, as amended from time to time and any certificates of determination associated therewith. 
 “Bylaws” means the Company’s Fifth Amended and Restated Bylaws, as amended from time to time. 
 “Common Stock Equivalents” means, collectively, any warrant, right or option to acquire any shares of Common Stock or any security convertible into or exchangeable for shares of Common
Stock. 
 “control” (including, with correlative meanings, the terms “controlling,” “controlled
by,” and “under common control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through
the ownership of voting securities or by contract or otherwise. 
 “Conversion Price” has the meaning ascribed
to such term in the Certificate of Determination. 
 “Conversion Stock” has the meaning ascribed to such term
in the Certificate of Determination. 

  
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 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or
any similar federal statute, and the rules and regulations of the SEC thereunder. 
 “Excluded Securities”
means (i) Qualifying Employee or Director Stock; (ii) the Conversion Stock; and (iii) any shares of Common Stock or Common Stock Equivalents issued as non-cash consideration in connection with any merger, consolidation, acquisition or
similar business combination, provided that if any such transaction involves an Affiliate of the Company, such transaction is made on an arms’-length basis and supported by a fairness opinion from an Independent Financial Expert.

 “Fair Market Value” has the meaning ascribed to such term in the Certificate of Determination. 

“Independent Financial Expert” has the meaning ascribed to such term in the Certificate of Determination. 

“Permitted Transferee” shall mean any Person that, after any transfer pursuant to the terms of Section 6C
hereof, will not beneficially own greater than 14.99% of the Company’s Common Stock. 
 “Person” means an
individual, corporation, partnership, joint venture, association, joint-stock company, limited liability company, trust, unincorporated organization, other entity or government or other agency or political subdivision thereof. 

“Qualifying Employee or Director Stock” means all equity of the Company, or rights or options related thereto, and any
restricted stock and restricted stock units of the Company issued in the ordinary course of business under any Company-sponsored employee benefit plan or agreement, any Company-sponsored director compensation plan or agreement, any employment or
consulting agreement, any employment offer letter or any similar written agreement, and any Common Stock issued after the date hereof upon exercise of such rights and options. 
 “Rule 144A” means Rule 144A promulgated under the Securities Act (or any successor provision), as such rules may be amended from time to time. 

“Securities Act” means the Securities Act of 1933, as amended, or any similar federal statute, and the rules and
regulations of the SEC thereunder, all as the same shall be in effect from time to time. 
 “Standstill Period”
means the period starting on the date hereof and continuing until such time as the number of shares of Underlying Stock then held by Investor, together with its Affiliates, is less than 50% of the aggregate number of shares of Underlying Stock held
by Investor, together with its Affiliates, immediately following the Closing. 
 “Underlying Stock” means,
without duplication, the Conversion Stock plus any other Common Stock, Common Stock Equivalents or other shares of capital stock of the Company held by Investor and its Affiliates. 

  
 12 

 * * * * * 

  
 13 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first
written above. 
  

									
	INVESTOR:	 		 	 COMPANY:
  

	PS Holdings of Delaware, LLC - Series A	 		 	Pacific Sunwear of California, Inc.
					
	By:	 	 	 		 	By:	 	 
	Name:	 	Joshua Olshansky	 		 	Name:	 	Craig Gosselin
	Its:	 	Manager	 		 	Its:	 	Senior Vice President & General Counsel

 {Pacific Sunwear of California, Inc. -  
 Stock Purchase and Investor Rights Agreement} 
  

  
 S-1

 Exhibit A 

(Certificate of Determination)Registration Rights Agreement

 Exhibit 10.9 
 EXECUTION VERSION 
 CONFIDENTIAL 

REGISTRATION RIGHTS AGREEMENT 
 THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of December 7, 2011, by and between Pacific Sunwear of California, Inc., a California corporation (the
“Company”), and PS Holdings of Delaware, LLC – Series A, a Delaware limited liability company (“Investor”). 
 RECITALS 
 WHEREAS, pursuant to that certain Credit Agreement, dated
as of the date hereof, by and among the Company, as borrower, the guarantors named therein, PS Holdings Agency Corp., a Delaware corporation, as agent, and the other lenders party thereto (the “Loan Agreement”), Investor agreed to
loan to the Company the aggregate principal amount of $60,000,000 on the terms contained therein, 
 WHEREAS, pursuant to
that certain Stock Purchase and Investors Rights Agreement, dated as of the date hereof, by and between the Company and Investor (the “Purchase Agreement”), Investor agreed to purchase from the Company, and the Company agreed to
issue and sell to Investor, an aggregate of 1,000 shares of Convertible Series B Preferred Stock of the Company, par value $0.01 per share (the “Convertible Preferred Stock”), which shares are convertible into shares of the
Company’s common stock, par value $0.01 per share (the “Common Stock”); and 
 WHEREAS, as a
condition to the consummation of the transactions contemplated by each of the Loan Agreement and the Purchase Agreement, the Company has agreed to enter into this Agreement in order to grant certain registration rights to Investor, as set forth
below. 
 NOW, THEREFORE, in consideration of the foregoing promises and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 SECTION 1.     GENERAL

 1.1     Definitions. As used in this Agreement, the following terms shall have the following
respective meanings: 
 “Affiliate” of any Person means any other Person controlling, controlled by or under
common control with such particular person or entity. The term “control” (including the terms “controlling,” “controlled” and “under common control with”) as used with respect to any Person means the
possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 

“Agreement” has the meaning set forth in the preamble. 

“Business Day” means a day, other than a Saturday or Sunday, on which banks in California are open for the general
transaction of business. 

 “Common Stock” has the meaning set forth in the recitals. 

“Company” has the meaning set forth in the preamble. 

“Convertible Preferred Stock” has the meaning set forth in the recitals. 

“Demand Registration Requests Available” shall mean the number equal to three (3) less (i) the number of
Registration Statements requested by Investor pursuant to Section 2.1(b) and (ii) the number of underwritten shelf takedowns requested by Investor pursuant to Section 2.1(g). 

“Effective Date” means, with respect to a Registration Statement filed pursuant to Section 2.1, the date
that such Registration Statement is first declared effective by the Commission. 
 “Effectiveness
Deadline” means, with respect to any Registration Statement required to be filed pursuant to Section 2.1, the tenth (10th) Business Day after the date the Company is notified (orally or in writing, whichever is earlier) by the SEC that
such Registration Statement will not be “reviewed” or will not be subject to further review; provided, that if the Effectiveness Deadline falls on a day that the Commission is closed for business, the Effectiveness Deadline
shall be extended to the next Business Day on which the Commission is open for business. 
 “Exchange Act”
means the Securities Exchange Act of 1934, as amended, or similar federal statute successor thereto, and the rules and regulations of the Commission promulgated thereunder, as they each may, from time to time, be in effect at the time. 

“Form S-1” means a Registration Statement on Form S-1 under the Securities Act or any successor or similar registration
form under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

“Form S-3” means a Registration Statement on Form S-3 under the Securities Act or similar registration form under the
Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

“Investor” has the meaning set forth in the preamble. 

“Investor Affiliates” has the meaning set forth in Section 2.6(a). 

“Loan Agreement” has the meaning set forth in the recitals. 

“Misstatement” has the meaning set forth in Section 2.4. 

“Person” means any individual, corporation, partnership, sole proprietorship, joint venture, limited liability company,
business trust, joint stock company, trust, association or unincorporated organization or any government or any agency or political subdivision thereof. 

  
 2 

 “Prospectus” means the prospectus included in any Registration Statement,
as amended or supplemented by any prospectus supplement with respect to the terms of the offering of any of the Registrable Securities covered by such Registration Statement and by all other amendments and supplements to the prospectus, including
post-effective amendments and all material incorporated by reference in such prospectus. 
 “Register,”
“registered,” and “registration” shall refer to a registration effected by preparing and filing a Registration Statement in compliance with the Securities Act, and the declaration or ordering of effectiveness of
such Registration Statement. 
 “Registrable Securities” means the Shares or other securities issuable at any
time upon conversion of the Convertible Preferred Stock. Registrable Securities shall continue to be Registrable Securities (whether they continue to be held by Investor or they are sold to other Persons) until (i) they are sold pursuant to an
effective Registration Statement under the Securities Act, or (ii) they may be sold by their holder pursuant to Rule 144 without regard to the manner of sale and volume requirements thereunder; provided, that, in the case of
the foregoing clause (ii), to the extent that any of such securities subsequently become ineligible for sale pursuant to Rule 144 or again cannot be sold in full without limitation of any kind, they shall be deemed Registrable Securities again.

 “Registration Expenses” shall mean all fees and expenses incurred by the Company and Investor relating to
any registration, qualification or compliance pursuant to this Agreement, including, without limitation, all registration and filing fees, exchange listing fees, transfer agent’s and registrar’s fees, cost of distributing Prospectuses in
preliminary and final form as well as any supplements thereto, printing expenses, fees and disbursements of counsel for the Company, blue sky fees and expenses, expenses of the Company’s independent accountants, and fees and expenses of
underwriters (excluding discounts and commissions) and any other Persons retained by the Company, but shall not include Selling Expenses and the compensation of regular employees of the Company, which shall be paid by the Company. 

“Registration Statement” means any registration statement (including a Shelf Registration) filed by the Company under
the Securities Act pursuant to the registration rights provided hereunder, including the Prospectus, any amendments and supplements to such registration statement, including post-effective amendments, and all exhibits and all material incorporated
by reference in such registration statement. 
 “Rule 144” means Rule 144 promulgated by the Commission
pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 

“SEC” or “Commission” means the Securities and Exchange Commission or any successor agency. 

“Securities Act” shall mean the Securities Act of 1933, as amended, or similar federal statute successor thereto, and
the rules and regulations of the Commission promulgated thereunder, as they each may, from time to time, be in effect. 

  
 3 

 “Selling Expenses” shall mean all underwriting discounts, selling
commissions and stock transfer taxes applicable to the sale of Registrable Securities and any fees and disbursements of any counsel representing Investor in connection with a Registration Statement or the sale of Registrable Securities. 

“Shares” refers to the shares of Common Stock issuable upon conversion of the Convertible Preferred Stock. 

“Shelf Registration” has the meaning set forth in Section 2.1(a). 

“Suspension Notice” has the meaning set forth in Section 2.4(b). 

“Termination Date” has the meaning set forth in Section 2.1(a) 

“Underwritten Offering Requests Available” shall mean the number equal to three (3) less (i) the number of
underwritten offerings requested by Investor pursuant to Section 2.1(g) and (ii) the number of Registration Statements requested by Investor pursuant to Section 2.1(b) that do not involve an underwriter. 

“Violation” has the meaning set forth in Section 2.6(a). 

SECTION 2.     REGISTRATION 
 2.1     Shelf Registration. 

(a)     Upon the written request of Investor from time to time, the Company shall use its commercially reasonable
efforts to file with the SEC a Registration Statement on Form S-3 with respect to the resale from time to time, subject to the restrictions in Section 2.1(g), whether underwritten or otherwise, of the Registrable Securities by Investor
(a “Shelf Registration”); provided, that the Company shall not be required to effect any Shelf Registration if Form S-3 is not available for such offering and no other form is available on which to register such
offering on a continuous or delayed basis, in which event Investor shall have the right to request that number of registrations for resale under the Securities Act of all or part of the Registrable Securities in accordance with
Section 2.1(b) hereof equal to the number of Demand Registration Requests Available, if any; provided, further, that the Company shall not be required to effect a Shelf Registration at any time that another Shelf Registration
requested under this Section 2.1(a) remains effective. The Company shall use its commercially reasonable efforts to cause the Shelf Registration to be filed within sixty (60) days after the initial request and shall use its
commercially reasonable efforts to cause such Registration Statement to be declared effective by the SEC as soon as reasonably practicable after filing and no later than the Effectiveness Deadline. The Company shall use its commercially reasonable
efforts to cause each Shelf Registration, once filed and effective, to remain effective until the date which is the earlier of (i) the date on which all Registrable Securities included in the Registration Statement shall have been publicly sold
or shall have otherwise ceased to be Registrable Securities or (ii) the date on which all Registrable Securities covered thereby are eligible for sale pursuant to Rule 144 without regard to the manner of sale and volume requirements of Rule 144
promulgated under the Securities Act (or any successor provision) and without the requirement for the Company to be in compliance with the current public information requirements under Rule 144(c)(1) (or Rule 144(i)(2), if applicable), as determined
by counsel to the Company (a “Termination Date”). 

  
 4 

 (b)     In the event no Shelf Registration can occur due to the
unavailability of Form S-3 for the registration requested under Section 2.1(a) above, then Investor may make the number of requests for registration of all or part of the Registrable Securities equal to the Demand Registration Requests
Available, if any, at which times the Company shall file a Registration Statement on Form S-1 or any similar long-form registration statement as the Company may elect or is required to use, and the Company shall use its commercially reasonable
efforts to keep such registration current and effective until the applicable Termination Date; provided, that the Company shall not be required to effect a registration if the aggregate offering price of the securities to be offered in such
registration is less than $10,000,000 unless the Registrable Securities to be offered constitute all of the then outstanding Registrable Securities. Without the prior written consent of Investor, such Registration Statement shall not include shares
of Common Stock for sale for the account of any Person other than Investor. If any of the Registrable Securities are to be sold in an underwritten offering pursuant to this Section 2.1(b), Investor shall select the managing underwriter
or underwriters therefor, subject to the prior approval of the Company (such approval not to be unreasonably withheld, conditioned or delayed). A request for registration under Section 2.1 shall not count against the number of Demand
Registration Requests Available or Underwritten Offering Requests Available if (i) after the applicable Registration Statement has become effective, such Registration Statement or the related offer, sale or distribution of Registrable
Securities thereunder becomes the subject of any stop order, injunction or other order or restriction imposed by the SEC or any other governmental agency or court for any reason attributable to the Company and such interference is not thereafter
eliminated so as to permit the completion of the contemplated distribution of Registrable Securities or (ii) in the case of an underwritten offering, the conditions specified in the related underwriting agreement, if any, are not satisfied or
waived for any reason attributable to the Company or for any reason not attributable to the selling holder(s) or its Affiliates, and as a result of any such circumstances described in clause (i) or (ii), less than all of the Registrable
Securities covered by the Registration Statement are sold by the selling holder(s) pursuant to the Registration Statement. In addition, in circumstances other than those described in clauses (i) and (ii) of the immediately preceding
sentence, a Registration Statement shall not count against the number of Demand Registration Requests Available or Underwritten Requests Available unless and until it has become effective and Investor is able to register at least a majority of the
Registrable Securities requested by Investor to be included in such registration. 
 (c)     In addition, if
at any time the Company has registered or has determined to register any of its securities for its own account or for the account of other security holders of the Company on any registration form (other than Form S-4 or S-8) which permits the
inclusion of the Registrable Securities for the purposes of conducting a public offering (a “Piggyback Registration”), the Company will give Investor written notice thereof no less than fifteen (15) days prior to the
anticipated filing date and, subject to Sections 2.1(d), shall include in such registration all Registrable Securities requested in writing by Investor to be included therein; provided, that any such written request by Investor
shall be provided to the Company no later than ten (10) days after receipt by Investor of the Company’s notice to Investor of a Piggyback Registration. The Company shall not grant to any Person the right to request the Company to register
any Common Stock in a Piggyback Registration that would contravene the provisions of Sections 2.1(c)-(f). 

  
 5 

 (d)     If the Piggyback Registration is for an underwritten offering,
the Company shall so advise in the notice provided to Investor under Section 2.1(c). In such event, the right of Investor to be included in a Piggyback Registration shall be conditioned upon Investor’s participation in such
underwriting and entry into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company. 
 (e)     The Company shall have the right to terminate or withdraw any Piggyback Registration initiated by it prior to the effectiveness of such registration, irrespective of whether
Investor has elected to include Registrable Securities in such registration. The Registration Expenses of such withdrawn registration under this Section 2.1(e) shall be borne by the Company in accordance with Section 2.2.

 (f)     If a Piggyback Registration is initiated as an underwritten offering and the managing
underwriters advise the Company and Investor that, in their reasonable opinion, the number of shares of Common Stock and other Registrable Securities proposed to be included in such registration exceeds the number of shares of Common Stock that can
be sold in such underwritten offering without materially delaying or jeopardizing the success of the offering (including the offering price per share), the Company shall include in such registration: (i) in the case of a primary underwritten
offering on behalf of the Company, first, the number of shares of Common Stock that the Company proposes to sell; and second, the number of shares of Common Stock and other Registrable Securities requested to be included therein by
holders of Common Stock and other Registrable Securities, including Investor, pro rata among all such holders on the basis of the number of shares of Common Stock and other Registrable Securities requested to be included therein by all such holders
or as such holders and the Company may otherwise agree and (ii) in the case of an underwritten registration on behalf of a holder of shares of Common Stock other than Investor, first, the number of shares of Common Stock to be included
therein by the holder(s) requesting such registration; second, the number of shares of Common Stock and other Registrable Securities requested in good faith by the Company and Investor (if Investor has elected to include Registrable
Securities in such Piggyback Registration), pro rata among the Company and Investor on the basis of the number of shares of Common Stock and other Registrable Securities requested in good faith to be included therein by Investor and the Company.

 (g)     Investor shall have the right to make a number of written requests, which requests shall state
the number of shares of Registrable Securities to be disposed of, equal to the Underwritten Offering Requests Available, if any, for underwritten offerings of its Registrable Securities pursuant to a Registration Statement. 

2.2     Expenses of Registration. Except as specifically provided herein, all Registration Expenses incurred
in connection with any Registration, qualification or compliance hereunder shall be borne by the Company. The obligation of the Company to bear Registration Expenses shall apply irrespective of whether a registration once properly demanded or
requested becomes effective or is withdrawn or suspended. All Selling Expenses incurred in connection with any registrations hereunder shall be borne by Investor. 

  
 6 

 2.3 Obligations of the Company. Whenever required to effect the registration of any
Registrable Securities, the Company shall: 
 (a)     Comply with the requirements of
Section 2.1 above, including preparing and filing with the SEC a Registration Statement with respect to a proposed offering of Registrable Securities and preparing and filing all amendments and supplements related to such Registration
Statement and Prospectus and any related issuer free writing prospectuses as may be necessary to comply with applicable securities laws, and the Company shall use its commercially reasonable efforts to have such Registration Statement declared
effective as promptly as reasonably practicable, provided, that before filing a Registration Statement or Prospectus or any amendments or supplements thereto and issuer free writing prospectuses, the Company shall furnish to
Investor’s counsel copies of all such documents proposed to be filed and give such counsel a reasonable opportunity to review and comment on such documents before they are filed and the opportunity to object to any information pertaining to
Investor that is contained therein, and the Company shall make any changes, with respect to information regarding Investor, reasonably requested by such counsel, to such documents prior to filing. 

(b)     Furnish to Investor such number of copies of the Prospectus, including a preliminary prospectus, and each
amendment and supplement thereto, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities. 

(c)     Use its commercially reasonable efforts to register and qualify the securities covered by such Registration
Statement under such other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by Investor or any managing underwriter, to keep such registration in effect for so long as such Registration Statement remains in effect
and use its commercially reasonable efforts to take any other action which may be reasonably necessary to enable Investor to consummate the disposition in such jurisdiction of the securities owned by Investor; provided, that the
Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such jurisdictions. 

(d)     In the event of any underwritten public offering involving Registrable Securities, enter into and perform its
obligations under an underwriting agreement, in usual and customary form, substance and scope, with the managing underwriter of such offering and use its commercially reasonable efforts to take all such other actions reasonably requested by Investor
or by the managing underwriter(s), if any, to expedite or facilitate the underwritten disposition of such Registrable Securities, and in connection therewith (i) make such representations and warranties to Investor and the managing
underwriter(s), if any, with respect to the business of the Company and its subsidiaries, and the Registration Statement, Prospectus and documents, if any, incorporated or deemed to be incorporated by reference therein, in each case, in form,
substance and scope as are customarily made by the issuer in similar underwritten offerings of equity securities by similar companies, and, if true, confirm the same if and when requested, (ii) if an underwriting agreement is entered into, use
its commercially reasonable efforts to ensure it contains indemnification provisions and procedures customarily present in similar underwritten offerings of equity securities by similar companies and consistent with the provisions of
Section 2.6 hereof, and (iii) deliver such documents and certificates as are customarily delivered in 

  
 7 

 
similar underwritten offerings of equity securities by similar companies, if any, to evidence the continued validity of the representations and warranties made pursuant to clause (i) above
and to evidence compliance with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company. Investor shall also enter into and perform its obligations under any such agreement. 

(e)     Promptly notify Investor in writing, when Registrable Securities are covered by such Registration Statement,
at any time when the Prospectus is required to be delivered under the Securities Act of the happening of any event as a result of which the Prospectus, as then in effect, includes an untrue statement of a material fact or omits to state a material
fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances under which they were made and the Company shall promptly prepare and file with the SEC (and furnish to Investor a reasonable
number of copies of) a supplement or amendment to such Prospectus so that, as thereafter delivered to Investor and the purchasers of such Registrable Securities, such Prospectus shall not contain an untrue statement of a material fact or omit to
state any fact necessary to make the statements therein not misleading in light of the circumstances under which they were made. 
 (f)     Promptly notify Investor in writing (i) when any Registration Statement filed pursuant to Section 2.1 or any amendment thereto has been filed with the
Commission and when such Registration Statement or any post-effective amendment thereto has become effective, (ii) of any request by the Commission for amendments or supplements to any Registration Statement or the Prospectus included therein
or for additional information, and (iii) of the receipt by the Company or its legal counsel of any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or
threatening of any proceeding for such purpose. 
 (g)     Use its commercially reasonable efforts to
furnish, on the date that such Registrable Securities are delivered to the underwriters for sale, if such securities are being sold through underwriters, (i) an opinion, dated as of such date, of the outside counsel representing the Company for
the purposes of such registration, in form, scope and substance as is customarily given to underwriters in similar underwritten public offerings of equity securities by similar companies, addressed to the underwriters, if any, and (ii) a
“comfort” letter dated as of such date, from the independent registered public accountants of the Company (and, if necessary, any other independent certified public accountant of any business acquired by the Company for which financial
statements and financial data are included in the Registration Statement), in form, scope and substance as is customarily given by independent registered public accountants to underwriters in similar underwritten public offerings of equity
securities by similar companies addressed to the underwriters, if any. 
 (h)     Use commercially
reasonable efforts to prevent the issuance of, and promptly notify Investor in writing if Registrable Securities are covered by such Registration Statement in the event of the issuance of, any stop order suspending the effectiveness of a
Registration Statement, or any order suspending or preventing the use of any related Prospectus or suspending the qualification of any equity securities included in such Registration Statement for sale in any jurisdiction, and use its commercially
reasonable efforts promptly to obtain the withdrawal of such order. 

  
 8 

 (i)     Cooperate with Investor and use commercially reasonable efforts
to procure the timely preparation and delivery of Registrable Securities (whether through The Depository Trust Company, book-entry or physical certificates), which certificates shall be free, to the extent permitted under law, of all restrictive
legends, and to enable such Registrable Securities to be in such denominations and registered in such name as Investor may reasonably request. Registrable Securities in certificated form and free from all restrictive legends may be transmitted by
the transfer agent to Investor by crediting the account of Investor’s prime broker with DTC as directed by Investor. 

(j)     Otherwise use commercially reasonable efforts to comply with all applicable rules and regulations of the
Commission under the Securities Act and the Exchange Act, including Rule 172, notify Investor promptly if the Company no longer satisfies the conditions of Rule 172 and take such other actions as may be reasonably necessary to facilitate the
registration of the Registrable Securities hereunder. 
 (k) (i)     Use commercially reasonable efforts to
list the Registrable Securities covered by such Registration Statement with any national securities exchange on which the Common Stock of the Company is then listed or national market interdealer quotation system on which the Common Stock is then
listed, and enter into such customary agreements, including a supplemental listing application and indemnification agreement in customary form; provided, however, that the applicable listing requirements are satisfied, and (ii) provide a
transfer agent and registrar for such Registrable Securities covered by such Registration Statement no later than the Effective Date of such Registration Statement. The Company shall bear the cost of all reasonable expenses associated with any
listing. A copy of any opinion of counsel accompanying a listing application by the Company with respect to such Registrable Securities shall be furnished to Investor. 
 (l)     Make available for inspection by a single representative of Investor and the managing underwriter(s), if any, and their respective attorneys or accountants, at the offices
where normally kept, during reasonable business hours, financial and other records, pertinent corporate documents and properties of the Company, and cause the officers, directors and employees of the Company to supply all information in each case
reasonably requested by any such representative, managing underwriter(s), attorney or accountant in connection with such Registration Statement. 
 (m)     Make reasonably available senior executives of the Company to participate in “road show” and other customary marketing presentations from time to time as reasonably
requested by the managing underwriter(s); provided, that the Company shall not be obligated to participate in such “road show” and other customary marketing presentations more than one (1) time in any 180 day period;
provided, further, that the Company shall not be obligated to participate in any such “road show” and other customary marketing presentations that would materially interfere with the performance of such senior
executives’ duties to the Company. 
 2.4     Suspension of Sales. Upon (a) receipt of any
notice from the Company that: (i) the SEC has issued a stop order suspending the effectiveness of any Registration Statement, or has initiated or threatened any proceeding for such purpose; (ii) the Company has received a

  
 9 

 
notification with respect to the suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction, or the initiation of any
proceeding for such purpose; (iii) the SEC has made a request for an amendment or supplement to any Registration Statement or any Prospectus or (iv) any Registration Statement or any Prospectus relating thereto is found to contain an
untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances under which they were made (a
“Misstatement”); or (b) receipt of written notice from the Company that the Company’s Board of Directors has determined, in good faith, based upon the advice of counsel, that a registration or disposition of Registrable
Securities would require the disclosure of material non-public information, the disclosure of which would have a material adverse effect on the Company and its subsidiaries, taken as a whole, or would adversely affect a material financing,
acquisition, disposition, merger, reorganization or other comparable transaction (the written notices referred to in the preceding clauses (a) and (b), each, a “Suspension Notice”), the Company shall be entitled, for a
reasonable period of time, to postpone the filing or effectiveness of, or suspend the effectiveness of, such Registration Statement (or any amendment thereto) or suspend the use of any related Prospectus and, except in the case of
Section 2.4(a)(iii) or Section 2.4(a)(iv) above, as applicable, shall not be required to amend or supplement such Registration Statement, any related Prospectus or any document incorporated by reference therein, and Investor
shall forthwith discontinue disposition of Registrable Securities pursuant to such Registration Statement, until, in the case of Section 2.4(a)(iii) or Section 2.4(a)(iv) above, as applicable, Investor has received copies of
any supplemented or amended Prospectus that corrects any Misstatement, or until Investor is advised in writing by the Company that the use of the Prospectus may be resumed. If so directed by the Company in connection with a Prospectus subject to a
suspension of sales under this Section 2.4, Investor shall deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in Investor’s possession, of such Prospectus as soon as reasonably
practicable following receipt of such notice. In the case of clauses (a)(iv) and (b) of this Section 2.4, (y) notice from the Company that disposition of Registrable Securities may resume shall be given not later
than ninety (90) days after the Suspension Notice and (z) at least thirty (30) days shall elapse between such notice and any subsequent Suspension Notice. The Company shall use its commercially reasonable efforts to minimize the
duration of any suspension under this Section 2.4, which shall not, in the case of clauses (a)(iv) and (b) of this Section 2.4, exceed ninety days in any twelve month period. 

2.5     Delay of Registration; Furnishing Information. It shall be a condition precedent to the obligations of
the Company to take any action pursuant to Section 2.1 that Investor shall furnish to the Company such information regarding Investor, the Registrable Securities held by Investor and the intended method of disposition of such securities
as shall be required to effect the registration of their Registrable Securities. 
 2.6    
Indemnification. In the event any Registrable Securities are included in a Registration Statement under this Section 2: 
 (a)     To the extent permitted by law, the Company will indemnify and hold harmless Investor and its officers, directors, agents, general partners, managing members, managers and
employees and each Person, if any, who controls Investor within the meaning of the Securities Act or the Exchange Act against any losses, claims, damages, or liabilities (joint or 

  
 10 

 
several) to which they may become subject under the Securities Act, or the Exchange Act or other federal or state law, insofar as such losses, claims, damages, or liabilities (or actions in
respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively, a “Violation”): (i) any untrue statement or alleged untrue statement of a material fact contained in such
Registration Statement, including any Prospectus, except to the extent that such untrue statement or alleged untrue statement is based solely upon information provided in writing by Investor expressly for use therein, (ii) the omission or
alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, except to the extent that such omission or alleged omission is based solely upon information provided in
writing by Investor expressly for use therein or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities law or any rule or regulation promulgated under the Securities Act, the
Exchange Act or any state securities law; and the Company will pay to Investor or any controlling Person, as accrued, any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage,
liability, or action; provided, however, that the indemnity agreement contained in this Section 2.6(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, or action if such settlement is
effected without the prior written consent of the Company (such consent not to be unreasonably withheld, conditioned or delayed). 
 (b)     To the extent permitted by law and provided that Investor is not entitled to indemnification pursuant to Section 2.6(a) above with respect to such matter, Investor,
when selling Registrable Securities, will indemnify and hold harmless the Company, each of its directors, each of its officers who has signed the Registration Statement, and each Person, if any, who controls the Company within the meaning of the
Securities Act or the Exchange Act, against any losses, claims, damages, or liabilities to which any of the foregoing persons may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses,
claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any (i) untrue statement or alleged untrue statement of a material fact regarding Investor and provided in writing by Investor expressly for use in
such Registration Statement, including any Prospectus or free writing prospectus thereto or (ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not
misleading, in each case to the extent (and only to the extent) that such untrue statement or alleged untrue statement or omission or alleged omission was made in such Registration Statement, preliminary or final Prospectus, amendment, supplement or
free writing prospectuses thereto, in reliance upon and in conformity with written information furnished by Investor expressly for use in connection with such Registration Statement; and Investor will pay the Company or controlling Person, as
accrued, any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability, or action as a result of Investor’s untrue statement or omission; provided, however,
that the indemnity agreement contained in this Section 2.6(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of Investor;
provided, that in no event shall the aggregate of all indemnification payments by Investor under this Section 2.6(b) exceed the net proceeds from the offering received by Investor. 

  
 11 

 (c)     Promptly after receipt by an indemnified party under this
Section 2.6 of notice of the commencement of any claim or action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this
Section 2.6, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other
indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties which may be represented without
conflict by one counsel) shall have the right to retain one separate counsel, with the reasonable fees and expenses of such counsel to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the
indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying
party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to the indemnified party under this Section 2.6, except to the extent such failure to give notice has a
material adverse effect on the ability of the indemnifying party to defend such action. 
 (d)     If the
indemnification provided for in this Section 2.6 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to therein, then the
indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage, or expense in such proportion as is
appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other in connection with the statements or omissions that resulted in such loss, liability, claim, damage, or expense as well as
any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the
omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or
omission. Notwithstanding the foregoing, the amount Investor will be obligated to contribute pursuant to this Section 2.6(d) will be limited to an amount equal to the net proceeds received by Investor from the offering giving rise to
such obligation to contribute (less the aggregate amount of any damages which Investor has otherwise been required to pay in respect of such loss, liability, claim, damage, or expense or any substantially similar loss, liability, claim, damage, or
expense arising from the sale of such Registrable Securities). No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution hereunder from any person who was not
guilty of such fraudulent misrepresentation. 
 (e)     Notwithstanding the foregoing, to the extent that
the provisions on indemnification and contribution contained in any underwriting agreement entered into in connection with the underwritten public offering of Registrable Securities are in conflict with the foregoing provisions, the provisions in
the underwriting agreement shall control; provided, that the indemnification provisions of Investor in any underwriting agreement may not conflict with the provisions of this Section 2.6 without the consent of Investor.

  
 12 

 (f)     The obligations of the Company and Investor under this
Section 2.6 shall survive the completion of any offering of shares of Common Stock in a Registration Statement under this Section 2.6, and otherwise, regardless of (i) any termination of any underwriting or agency
agreement or (ii) the consummation of the sale or successive resales of the registered securities. The indemnity and contribution agreements contained in this Section 2.6 are in addition to any liability that an indemnifying party
may have to an indemnified party. 
 2.7     Lock-up Agreement. Whenever the Company proposes either
to register any of its equity securities under the Securities Act or offer for sale its registered equity securities in an underwritten offering for its own account (other than on Form S-4 or S-8 or any similar successor form or another form used
for a purpose similar to the intended use of such forms), Investor agrees not to effect any sale or distribution, including any sale pursuant to Rule 144, or to request registration under Section 2.1(a) of any Registrable Securities for
the time period reasonably requested by the managing underwriter for the underwritten offering; provided, that in no event shall such period exceed ninety (90) days after the Effective Date of the Registration Statement relating
to such registration or the pricing of any such offering, as applicable. The Company agrees that, in connection with an underwritten offering in respect of which Registrable Securities are being sold, if requested by the managing underwriter(s), it
will not, directly or indirectly, sell, offer to sell, grant any option for the sale of (other than under the terms of any employment or consulting agreement, any employment offer letter or any similar written agreement for the employment of
employees of the Company), or otherwise dispose of, any Common Stock or securities convertible into or exchangeable or exercisable for Common Stock (subject to customary exceptions), other than any such sale or distribution of Common Stock upon
conversion of the Convertible Preferred Stock, in the case of an underwritten offering, for a period of ninety (90) days from the Effective Date of the Registration Statement pertaining to such Registrable Securities or such shorter period to
which Investor is subject. If requested by such managing underwriter(s), each of the Company and Investor agrees to execute a lock-up agreement, in customary form and subject to customary exceptions, consistent with the terms of this
Section 2.7. 
 2.8     Current Public Information. The Company shall file all reports
required to be filed by it under the Securities Act and the Exchange Act and shall take such further action as any holder or holders of Registrable Securities may reasonably request, all to the extent required to enable such holders to sell
Registrable Securities pursuant to Rule 144 or a registration on Form S-3. Upon request, the Company shall deliver to any holder of Registrable Securities a written statement as to whether the Company has complied with the requirements of this
Section 2.8. 
 SECTION 3.     MISCELLANEOUS 

3.1     Successors and Assigns. Nothing in this Agreement, express or implied, is intended to confer any rights
or benefits on any persons that are not parties hereto, except as expressly provided in this Agreement; provided, that Investor shall be entitled to assign any or all of its rights under this Agreement, in whole or in part, to any
transferee of Registrable Securities if such transferee, after such transfer, will hold greater than 25% of the aggregate number of shares of Registrable Securities held by Investor immediately following the closing of the Purchase Agreement.

  
 13 

 3.2    Governing Law. This Agreement shall be governed by and
construed under the laws of the State of California without regard to its conflicts of laws rules. 

3.3    Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument. 
 3.4    Titles and
Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 
 3.5    Notices. Unless otherwise provided, any notice required or permitted under this Agreement shall be given in writing and shall be deemed effectively given upon personal
delivery to the party to be notified or upon deposit with the United States Post Office, by registered or certified mail, postage prepaid and addressed to the party to be notified at the address set forth below, or at such other address as such
party may designate, or with a reliable overnight delivery service. 
  

					
	 To the Company:
	  		  	 Pacific Sunwear of California, Inc.
 3450 East Miraloma Avenue 
 Anaheim, CA 92806

Telephone No.: (714) 414-4667
 Fax No.:
(714) 414-4294
 Attention: Craig Gosselin

			
	 To Investor:
	  		  	 PS Holdings of Delaware, LLC—Series A
 c/o Golden Gate Private Equity, Inc.
 One Embarcadero Center, 39th Floor

San Francisco, CA 94111
 Telephone No.:
(415) 983-2700
 Fax No.: (415) 983-2701
 Attention: Joshua Olshansky

			
		  		  	with a copy (which shall not constitute notice) to:
			
		  		  	 Kirkland & Ellis LLP

555 California Street, 27th Floor
 San Francisco,
CA 94104
 Telephone No.: (415) 439-1400
 Fax No.: (415) 439-1500
 Attention: David A. Breach and Stephen D. Oetgen

 3.6    Amendments and Waivers. Any term of this Agreement may be amended and
the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and Investor as long as Investor holds Registrable
Securities. Any amendment or waiver effected in accordance with this paragraph shall be binding upon Investor and the Company. 

  
 14 

 3.7     Severability. If one or more provisions of this Agreement
are held to be unenforceable under applicable law, such provision shall be excluded from this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its
terms. 
 3.8     Entire Agreement. This Agreement constitutes the full and entire understanding and
agreement between the parties with regard to the subject matter hereof. 
 * * * * * 

  
 15 

 IN WITNESS WHEREOF, the parties hereto have caused and this Agreement to be executed
by their respect undersigned officers thereunder duly authorizing as of the date first set forth above. 
  

			
	PACIFIC SUNWEAR OF CALIFORNIA, INC.
		
	By:	 	 
		 	Name:     Craig Gosselin
		 	Title:    Senior Vice President & General Counsel
		 	

  

			
	PS HOLDINGS OF DELAWARE, LLC -SERIES A
		
	By:	 	 
		 	Name:    Joshua Olshansky
		 	Title:    Manager

 {Registration Rights Agreement}

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