Document:

Francesca’s Holdings Corporation

 

 

December 14, 2012

 

John De Meritt

c/o Francesca’s Holdings Corporation

8760 Clay Road

Houston, Texas 77080

 

Dear Mr. De Meritt:

 

This letter concerns
our agreement regarding the outstanding stock options (the “Outstanding Options”) previously granted to you under
the Francesca’s Holdings Corporation 2010 Stock Incentive Plan and the Francesca’s Holdings Corporation
2011 Equity Incentive Plan (together, the “Plans”) and future transactions in the shares of common
stock (the “Common Stock”) of Francesca’s Holdings Corporation (the “Company”) that you currently
hold or may acquire prior to December 31, 2013. In connection with the termination of your employment with the Company due to
your retirement and your contemporaneous resignation as a member of the Board of Directors of the Company, and in consideration
of the mutual agreements set forth in this letter agreement, you and the Company agree to the following:

 

		1.	Effective immediately and until December 31, 2013, you will not offer, sell, contract to sell,
announce the intention to sell, pledge, grant any option to purchase, make any short sale or otherwise dispose of any shares of
Common Stock of the Company, or any options or warrants to purchase any shares of Common Stock of the Company, or any securities
convertible into, exchangeable for or that represent the right to receive shares of Common Stock of the Company, whether now owned
or hereafter acquired (regardless of the manner in which such securities are obtained), owned directly by you (including holding
as a custodian) or with respect to which you have beneficial ownership within the rules and regulations of the Securities and Exchange
Commission (collectively “Your Shares”), or exercise any right with respect to the registration of any of Your Shares,
or demand or cause to be filed any registration statement in connection therewith, under the Securities Act of 1933, as amended.
The foregoing restriction is expressly agreed to preclude you from engaging in any hedging or other transaction that is designed
to or that reasonably could be expected to lead to or result in a sale or disposition of Your Shares, even if such shares would
be disposed of by someone other than you. Such prohibited hedging or other transactions would include without limitation any short
sale or any purchase, sale or grant of any right (including without limitation any put or call option) with respect to any of Your
Shares or with respect to any security that includes, relates to, or derives any significant part of its value from such shares.

 

    	 

    	 

    

Notwithstanding the foregoing,
you may (i) transfer Your Shares to any trust for the direct or indirect benefit of you or your immediate family, provided that
the trustee of the trust agrees to be bound in writing by the restrictions set forth herein, and provided further that any such
transfer shall not involve a disposition for value or (ii) transfer Your Shares with the prior written consent (a “Waiver”)
of the Company, provided that in the case of clause (i), no filing under Section 16(a) of the Securities Exchange Act of 1934,
as amended, shall be required or shall be voluntarily made in connection with such transfer during the period covered by this Paragraph
1. The foregoing restrictions shall also not apply to the exercise by you of any stock options granted under the Plans (other than
any disposition of shares of Common Stock as a result of a “cashless” exercise of any such stock options) provided
that in each case all shares of Common Stock received by you upon such exercise shall thereafter be subject to the restrictions
contained in this letter agreement. For purposes of this letter agreement, “immediate family” shall mean any relationship
by blood, marriage or adoption, not more remote than first cousin.

 

		2.	Effective immediately, your Outstanding Options are hereby amended to provide that the period in
which you may exercise the Outstanding Options, to the extent such options were vested and exercisable on the effective date of
your termination of employment with the Company, will be extended through (and will terminate on) December 31, 2013, provided,
however, that in all cases such Outstanding Options will be subject to earlier termination at the end of the stated maximum term
of the Outstanding Options or in connection with a change in control of the Company (or similar event) as provided in the applicable
Plan and/or award agreements that evidence the Outstanding Options.

 

Except as expressly
set forth above, this letter agreement does not modify any other terms of your Outstanding Options (including, without limitation,
the effect of a termination of your employment as to any unvested portion of your Outstanding Options).

 

You and the Company
understand that if the termination of your employment does not become effective as of December 31, 2012, this letter agreement
shall terminate, and you and the Company shall be released from all obligations hereunder.

 

Please contact me if
you have any questions about this letter.

 

 

[Signature page follow]

 

    	 

    	 

    

Francesca’s Holdings Corporation 2010 Stock Incentive
Plan

Francesca’s Holdings Corporation 2011 Equity Incentive
Plan

 

		By:	Compensation Committee of the Board as Plans Administrator

 

By:          /s/Greg Brenneman                                          

Greg Brenneman

Chairman, Compensation Committee

 

 

 

Francesca’s Holdings Corporation

 

By:          /s/Neill Davis                                              

Neill Davis, President

 

 

 

 

ACCEPTED AND AGREED:

 

 

By:          /s/John De Meritt                                        

John De Meritt, individually

 

 

 

The undersigned EverLong Holdings LP, a
Texas corporation hereby joins this letter agreement and agrees to be bound by the restrictions placed on John De Meritt.

 

 

 

EverLong Holdings LP, a Texas limited partnership

 

		By:	JDM LLC, its general partner

 

By:          /s/John De Meritt                              

John De Meritt, ManagerEXECUTION VERSION

 

SECOND AMENDMENT TO EXECUTIVE EMPLOYMENT
AGREEMENT

 

THIS SECOND AMENDMENT TO EXECUTIVE EMPLOYMENT
AGREEMENT (this “Amendment”) made this 14th day of December 2012 by and between ACURA PHARMACEUTICALS,
INC., a New York corporation (the “Corporation”), with offices at 616 N. North Court, Suite 120, Palatine,
Illinois 60067 and ROBERT B. JONES (the “Employee”).

 

RECITALS

 

	A.  	The Corporation and the Employee executed an Employee Employment Agreement dated as of March 18, 2008, as amended (as amended, the “Employment Agreement”).

 

	B.  	The Corporation and the Employee now desire to further amend the Employment Agreement as provided herein.

 

NOW, THEREFORE, in consideration
of the mutual covenants and undertakings herein contained, the parties agree as follows:

 

1. Sections 7.6(a) and 7.6(b) of the Employment
Agreement are hereby amended by deleting such Sections and replacing them with the following:

 

		7.6	Payment, Benefits and Stock Options Upon Termination Without Cause Or For Good Reason. 

 

(a)       Cash Payments
and Severance. In the event of a termination by the Corporation of the Employee's employment with the Corporation without Cause
or a termination by the Employee of his employment with the Corporation for Good Reason, during the Term, the Corporation shall
pay to the Employee,

 

(i) each of the following amounts:

 

		(x)	the Employee’s accrued and unpaid Base Salary through and including the date of termination;

 

		(y)	the Employee’s then accrued and unused vacation through and including the date of termination; and

 

		(z)	the Employee’s then accrued and unpaid Bonus for such year, calculated by pro-rating the annual Bonus, which would have
been payable to the Employee but for his termination and assuming full achievement of the Bonus Criteria for such year, based on
the number of days that the Employee remained in the employ of the Corporation during the year for which the Bonus is due;

 

    	 

    	 

    

 

The
payments provided in subsections (x) and (y) above, shall be paid in a single lump sum in cash within thirty (30) days after the
date of termination; and

 

		(ii)	one (1) year of the Employee's Base Salary in effect immediately prior to the date of termination
(”Severance Pay”). The amount of such Severance Pay together with the payment under 7.6(a)(i)(z) shall be paid (I)
in equal monthly installments over the Severance Period (as defined in Section 7.6(b)) if Employee is not a “specified employee”
(as defined in Section 7.8, below) at the time of termination and (II) if Employee is a specified employee at termination then
(A) one half of the aggregate of such Severance Pay together with the payment under 7.6(a)(i)(z) shall be paid six months and one
day after the date of termination, and (B) one-half of the aggregate of such Severance Pay together with the payment under 7.6(a)(i)(z)
shall be paid in six equal monthly installments commencing six months and one day after the date of termination. If Employee dies
within six months after termination and was a specified employee at termination, then he shall be paid the amounts that he would
have been paid through the date of death under clause (I) above within thirty days after death and the remaining payments shall
be made in accordance with clause (I). Notwithstanding any other provision of the Agreement, payments which are aggregated (as
part of the same plan of Employee under Code Section 409A) with those under Section 7.6(a)(ii) and/or the first paragraph of Section
7.7 under Code Section 409A shall be paid on termination on the schedules provided under Sections 7.6(a)(ii) (or Section 7.7 if
the termination is less than two years after a change control qualifying under Code Section 409A).

 

(b)       Benefits. In
addition, the Employee shall be entitled to any benefits under any employee benefit plans, and for twelve (12) months from the
date of termination (“Severance Period”), the Employee will continue to receive all benefits to which he was entitled
pursuant to Section 5(a) of this Agreement as of the date of termination including continued medical, dental, disability, and life
insurance coverage for the Employee and the Employee's family, on terms substantially as in effect on the date of termination,
subject to the payment by the Employee of all applicable employee contributions. If for any reason at any time the Corporation
is unable to treat the Employee as being or having been an employee of the Corporation under any benefits plan in which he is entitled
to participate and as a result thereof the Employee receives reduced benefits under such plan during the period that the Employee
is continuing to receive payments pursuant to this Section 7.6(b), then the Corporation shall provide the Employee with such benefits
by direct payment or, at the Corporation’s option, by making available equivalent benefits from other sources. During the
Severance Period, the Employee shall not be entitled to receive salary and/or benefits except as provided herein and shall not
be entitled to participate in any employee benefit plan of, or receive any other benefit from, the Corporation that is introduced
after the date of termination, except that an appropriate adjustment shall be made if such new employee benefit or employee benefit
plan is a replacement for or amendment to an employee benefit or employee benefit plan in effect as of the date of termination.

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2. Section 7.7 of the Employment Agreement
is hereby amended by deleting the first paragraph thereof and replacing it with the following:

 

7.7       Change of Control.
In the event that (i) a Change of Control (as hereinafter defined) occurs during the Term and (ii) the Employee's
employment with the Corporation is terminated by the Corporation without Cause or the Employee resigns or terminates his employment
hereunder for Good Reason, the Employee shall be entitled to the accrued salary, unused vacation, bonus, Severance Pay, benefits,
and stock option treatment as are provided in Sections 7.6(a), (b), and (c) above, on the same schedule as provided in Section
7.6, except, that the amount provided in Section 7.6(a)(i)(z) and Severance Pay shall be payable in a lump sum in cash (x) within
thirty-one (31) days after the date of such termination; provided such termination occurs within two years after the Change of
Control and such Change of Control meets the requirements for a “change of control” (i.e. a change in ownership, change
in effective control or a change in ownership of a substantial portion of assets) under Code Section
26 USC 409A, and the regulations thereunder (“Code Section 409A”) if Employee is not a “specified employee”
under Code Section 409A at termination or (y) (A) the earlier of thirty days after death and (B) six
months and one day after such termination if  Employee is a “specified employee” at termination. The Employee
shall give the Corporation not less than sixty (60) days' prior written notice of a termination of employment with the Corporation
following a Change of Control transaction if the Employee is terminating for Good Reason. Notwithstanding any language to the contrary
contained in any Option agreement with the Employee, the Employee shall be entitled to exercise his vested Option shares for twelve
(12) months following the date of termination without Cause or resignation for Good Reason. At the expiration of such twelve (12)
month period, all Options shall terminate.

 

		2.	Section 7.8 is added to the Employment Agreement as follows:

 

		7.8	Section 409A of the Code. The intent of the parties is that payments and benefits under
this Agreement comply with, or be exempt from, Code Section 409A and, accordingly, to the maximum extent permitted, this Agreement
shall be interpreted to be in compliance therewith. If the Employee notifies the Corporation (with specificity as to the reason
therefor) that the Employee believes that any provision of this Agreement (or of any award of compensation, including equity compensation
or benefits) would cause the Employee to incur any additional tax or interest under Code Section 409A, the Corporation shall, after
consulting with the Employee, reform such provision to try to comply with Code Section 409A through good faith modifications to
the minimum extent reasonably appropriate to conform with Code Section 409A. To the extent that any provision hereof is modified
in order to comply with, or be exempt from, Code Section 409A, such modification shall be made in good faith and shall, to the
maximum extent reasonably possible, maintain the original intent and economic benefit to the Employee and the Corporation of the
applicable provision without violating the provisions of Code Section 409A.

 

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3.        Except as
expressly amended by this Amendment, the Employment Agreement remains in full force and effect. Capitalized terms used herein shall
have the same meaning as in the Employment Agreement unless otherwise defined herein. This Amendment shall be governed and construed
and enforced in accordance with the local laws of the State of New York applicable to agreements made and to be performed entirely
in New York.

 

4.       This Amendment may be executed in
one or more facsimile or original counterparts, each of which shall be deemed an original, but all of which taken together will
constitute one and the same instrument.

 

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IN WITNESS WHEREOF, the parties have
executed this Amendment as of the date first above written.

 

	 	ACURA PHARMACEUTICALS, INC.
	 	 	 
	 	By:	/s/ Peter Clemens	 
	 	 	Name: Peter A. Clemens
	 	 	Title: Sr. Vice President and
	 	 	Chief Financial Officer
	 	 	 
	 	EMPLOYEE
	 	 	 
	 	By:	/s/ Robert Jones	 
	 	 	Robert B. Jones

 

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