Document:

Letter Agreement - Francesca's Holdings Corp. and Richard J. Emmett

 Exhibit 10.23 
 Francesca’s Holdings Corporation 
 3480 West 12th Street 

Houston, Texas 77008 
 November 12, 2009 
 Mr. Richard J. Emmett 

[Address on file] 
  

	RE:	Service as a member of the Board of Directors of Francesca’s Holdings Corporation and subsidiary. 

Dear Rich: 
 On behalf of the
shareholders and the Boards of Directors of Francesca’s, I am pleased to inform you of your election to the Boards of Directors of Francesca’s Holdings Corporation, a Delaware corporation and its wholly-owned Texas corporation
Francesca’s Collections, Inc. (collectively the “Company”). 
 As discussed, following are the key terms which we
have agreed will govern your service on the Boards: 
 Compensation and Benefits. The effective date of your election
is                     , 2009. You will receive $40,000 per annum (prorated for partial year of service) as compensation for your services,
payable on the          day of the end of each calendar/fiscal quarter. Upon your acceptance of the position you will be granted an option to acquire 250 share of common equity of Francesca’s
Holdings Corporation in accordance with the terms of its 2007 Stock Incentive Plan (the “Plan”). The vesting period for the option is five years. The option and the underlying common-equity are non-transferable and may only be monetized
upon a liquidity event and after the existing shareholders (preferred and common) have received a return of their original investment. You will be required to execute the Option Agreement required under the Plan. You will be reimbursed for all
out-of-pocket expenses approved by the Boards in connection with your services. You will be eligible to receive a 50% discount for any purchases of Francesca’s Collections® merchandise. 
 Duties. You will be required to attend
(in person) four (4) meetings of the Boards annually as the same may be scheduled from time to time by the Boards. As one of the Independent directors, you will be required to serve on the Audit Committee, the Compensation Committee, and the
Governance Committee; each of the Board of Francesca’s Holdings Corporation. You agree to perform your duties in compliance with the rules established by the Boards for itself and each of the Committees on which you are required to serve, the
organic documents of the Company, and applicable law. Your actions taken within the scope of your duties on the Boards and its Committees will be covered by the Company’s Directors and Officers insurance policy. 

 Mr. Richard J. Emmett 
 November 12, 2009 
 Page 2 of 2 
 Termination. You may resign from the Boards at any time as you may deem appropriate. The shareholders of the Company reserve the right to terminate your services at any time by requisite action of
the shareholders. 
 Confidentiality Agreement. As a director of the Company you are required to execute the Non-Disclosure and
Confidentiality Agreement attached to this letter. Please review it and let me know if you have any concerns. 
 If the above
terms accurately describe our mutual understanding, please execute this letter where indicated below and return it to me at your earliest convenience. Upon receipt of the executed letter and confidentiality agreement, I will forward to you a package
containing additional information regarding the Company’s business and the operations of the Boards. 
 We are very excited
to have you as a Board member and look forward to working with you. Please do not hesitate to call me if you have any questions. 
  

			
	 Sincerely,
  

Francesca’s Holdings Corporation

		
	By:	 	/s/ John De Meritt
		 	 John De Meritt

President/CEO

  

			
	AGREED AND ACCEPTED:
		
	By:	 	/s/ Richard J. Emmett
		 	Richard J. Emmett
		
	Date:	 	11/12/09

 Attachment 

 CONFIDENTIALITY AND NONDISCLOSURE AGREEMENT 

This CONFIDENTIALITY AND NONDISCLOSURE AGREEMENT (this “Agreement”) is made and entered into
this 12th day of November, 2009, by and between
Francesca’s Holdings Corporation and subsidiary (the “Company”), and Richard J. Emmett (the “Prospective Member”). 
 WHEREAS, the Company has invited Prospective Member to serve as a member of its board of directors; 
 WHEREAS, for purposes of permitting Prospective Member to evaluate such invitation, the Company intends to furnish certain information of and about the Company to Prospective Member; and 

WHEREAS, as a condition to furnishing such information, the Company requires that all such information be treated confidentially, and
that without such agreement, the Company would not provide any such information. 
 NOW THEREFORE, in consideration of the
provision of such information, the Company and Prospective Member hereby mutually covenant and agree as follows: 
 1.
Confidential Information. Prospective Member will be provided selected information pertaining to the business or affairs of Company, including, without limitation, information, whether or not in written form and whether or not marked
“confidential” or otherwise, and all documents or other materials derived therefrom (collectively, the “Confidential Information”). “Confidential Information” does not include information about which
Prospective Member has actual knowledge that such information (i) is in the public domain; (ii) is previously known or independently developed by Prospective Member; (iii) is acquired by Prospective Member from any third party having
a right to disclose such information; or (iv) subject to the following paragraph, Prospective Member is obligated to produce under a court or governmental order. The Confidential Information does not, however, purport to be all-inclusive or to
contain all of the information that a prospective member of a company’s board of directors may desire or require. Company does not make any representation or warranty, express or implied, as to the accuracy or completeness of the Confidential
Information, and no liability of any kind whatsoever is assumed by Company with respect thereto. Prospective Member is expected to review independently all such information. 
 2. Nondisclosure. Prospective Member will retain no copies in any form of any Confidential Information and will return all Confidential Information upon request of Company or Company’s
representative. Prospective Member further agrees that Company is not granting any license, right, title or interest in and to any materials or disclosures that Company may provide Prospective Member. Prospective Member agrees that, without the
express written consent of Company, he will not disclose the Confidential Information; provided, however, that Prospective Member may disclose the foregoing as required by judicial process or applicable law, provided, that if
Prospective Member is served with a subpoena or order of any court or regulatory agency seeking disclosure of any Confidential Information, Prospective Member shall promptly notify Company and provide Company reasonable opportunity to seek an
appropriate protective order or other relief. 
 3. Restricted Use of Confidential Information. Prospective Member agrees
that the Confidential Information will be treated confidentially and used solely for the purpose of evaluating the invitation. Prospective Member will safeguard all Confidential Information against unauthorized use or disclosure to others;
provided, however, that Prospective Member may disclose Confidential Information to his legal counsel and other professional advisors who (i) require the Confidential Information for the purpose of evaluating the invitation,
(ii) are informed by Prospective Member of the confidentiality 

 
obligations regarding the Confidential Information, (iii) agree to act in accordance with this Agreement, and (iv) for whose breach of this Agreement Prospective Member agrees to be
responsible. 
 4. Specific Performance. Prospective Member recognizes that Company may suffer material injury and damage
should Prospective Member breach the provisions hereof. Prospective Member specifically agrees that there is no remedy at law, that money damages would not be a sufficient remedy for any breach or threatened breach of this Agreement and that Company
shall be entitled, in addition to any other remedies at law or in equity it may have (each of which is hereby reserved by Company and may be enforced by Company), to specific performance, including, without limitation, injunctive relief for any
breach or threatened breach of this Agreement. 
 5. Indemnification. Prospective Member hereby agrees to indemnify,
defend and hold Company harmless of, from and against any and all claims, demands, liabilities, causes of action, losses, damages, costs and expenses (including attorneys’ fees) hereafter suffered or incurred by Company arising out of, directly
or indirectly, Prospective Member’s failure to observe (and to cause his agents, contractors, employees, lenders and consultants to observe) and comply with the terms and provisions hereof. 

6. Material Inducement. Prospective Member recognizes that his agreement to keep confidential all Confidential Information is a
material inducement to the Company in providing the Confidential Information and that, but for Prospective Member’s agreements set forth herein, the Company would not do so. 

7. Venue; Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Texas,
regardless of the laws that might otherwise govern under applicable Texas principles of conflicts of law. Harris County, Texas shall be a proper place of venue to enforce the terms and provisions hereof. 

8. Term. This Agreement shall remain effective for as long as the Confidential Information remains confidential. This Agreement
shall be binding upon Prospective Member’s successors and assigns and shall inure to the benefit of and be enforceable by Company’s successors and assigns. 
 9. Severability. If any provision of this Agreement is held by a court of competent jurisdiction to be invalid, void, or unenforceable, the remaining provisions shall remain in full force and
effect, as if this Agreement had been executed without any such invalid provisions having been included. Such invalid provision shall be reformed in a manner that is both (i) legal and enforceable, and (ii) most closely represents the
parties’ original intent. 
 10. Entire Agreement; Amendment. This Agreement contains the entire agreement of the
parties with respect to the subject matter hereof and supersedes all prior agreements with respect to the subject matter hereof, whether written or oral. This agreement may be waived, amended or modified only by a written instrument signed by the
parties hereto, which shall set forth specifically the provisions of this agreement that are to be so waived, amended or modified. This Agreement may not be assigned by either party without the express written consent of the other party. This
Agreement may be signed in counterparts. 
 [Remainder of page intentionally left blank] 

  
 2 

 IN WITNESS WHEREOF, this Agreement is executed by the parties as of the day and year first
above written. 
  

			
	Francesca’s Holdings Corporation
		
	By:	 	 /s/ John De Meritt

		 	John De Meritt, President/CEO
		
		 	 /s/ Richard J. Emmett

		 	Richard J. Emmett

  
 3Commitment Letter

 Exhibit 10.26 

 

			
	ROYAL BANK OF CANADA	    	KEYBANK NATIONAL ASSOCIATION
	Three World Financial Center	    	127 Public Square
	200 Vesey Street	    	Cleveland, OH 44114
	New York, NY 10281	    	

 Highly Confidential 

May 23, 2011 

Francesca’s Collections, Inc. 
 c/o
Mr. Joseph Scharfenberger, Jr. 
 Managing Director 
 CCMP Capital Advisors, LLC 
 245 Park Avenue, 16th Floor 
 New York, NY 10167 
 Attention:  Mr. Joseph Scharfenberger, Jr. 

Francesca’s Collections, Inc. 
 Commitment Letter 
 Ladies and Gentlemen: 

You have advised Royal Bank of Canada (“Royal Bank”) and KeyBank National Association (“KeyBank” and, together
with Royal Bank, the “Arrangers”, “we” or “us”) that (a) Francesca’s Collections, Inc., a Delaware corporation (“you” or the “Company”) desires to effect
an amendment and restatement (the “Amendment”) of that certain existing $100,000,000 Credit Agreement, dated as of November 17, 2010 (the “Existing Credit Agreement” and, as amended by the Amendment, the
“Revolving Credit Facility”), among the Company, as borrower, Francesca’s LLC, the guarantors thereto, Royal Bank, as administrative agent and collateral agent and each lender, issuer and agent from time to time party thereto,
in each case, upon and subject to terms and conditions to be agreed and as set forth in this letter (this “Commitment Letter”). Capitalized terms used but not defined in this Commitment Letter shall have the meanings assigned to
such terms in the Existing Credit Agreement. 
 In addition, you have proposed to Royal Bank and KeyBank that, in connection
with the consummation of the Amendment, the Francesca’s Holdings Corporation, the ultimate parent of the Company, will close an initial public offering (the “IPO”) certain of the proceeds of which, together with up to $50.0
million of borrowings under the Revolving Credit Facility, shall be used to repay the outstanding loans under the Existing Credit Agreement (the “Refinancing”). 

The Amendment and the Refinancing by the parties described herein and the other transactions contemplated hereby to be entered into and
consummated in connection are herein referred to as the “Transactions.” 
 Based upon the foregoing and subject
to the terms and conditions set forth below, Royal Bank and KeyBank are pleased to provide their commitments as follows: 
 1.
Commitment. Royal Bank and KeyBank (each acting alone or through or with affiliates selected by it, provided that Royal Bank and KeyBank shall remain ultimately liable to make the commitment hereunder available on the date of
consummation of the Transactions (the “Closing Date”)) 
  

Francesca’s - Commitment Letter 

  

 
each hereby commits, severally and not jointly, to provide to the Borrower 50% of the commitments under the Revolving Credit Facility, upon the principal terms and subject to the conditions set
forth or referred to herein, in the Fee Letter among us and you dated the date hereof (the “Fee Letter”) and in the Summary of Terms and Conditions attached hereto as Exhibit A (and incorporated by reference herein) (the
“Term Sheet”). Notwithstanding anything to the contrary in the foregoing, each of Royal Bank and KeyBank agrees that it will, except during the continuation of a payment default or a bankruptcy default, continue to hold no less than
25% of the outstanding loans and commitments under the Revolving Credit Facility. 
 2. Appointment of Roles. You hereby
appoint (a) Royal Bank (acting alone or through or with affiliates selected by it) to act as Joint Lead Arranger, Co Bookrunner and Administrative Agent (in such capacity, the “Administrative Agent”) and (b) KeyBank
(acting alone or through or with affiliates selected by it) to act as Joint Lead Arranger, Co Bookrunner and Syndication Agent. It is understood and agreed that no other agents, co-agents, arrangers, co-arrangers, bookrunners, placement agents,
initial purchasers, managers or co-managers will be appointed, no other titles will be awarded and no compensation (other than compensation expressly contemplated by the Term Sheet or the Fee Letter referred to below) will be paid in connection with
the Amendment unless you and we shall so agree. 
 3. Fees. As consideration for and a condition precedent to our
commitments hereunder and our undertakings to arrange, manage, structure and syndicate the Revolving Credit Facility, you agree to pay to us the fees and fulfill the other obligations set forth in the Term Sheet and in the Fee Letter. 

4. Conditions. Our commitments and undertakings hereunder are also subject to (a) our being satisfied that, after the date
hereof and prior to and during the syndication of the Revolving Credit Facility, there shall be no competing issues of debt securities or commercial bank or other credit facilities of you, any holding company owning you, directly or indirectly,
being offered, placed, announced or arranged (excluding the IPO); (b) your compliance with the terms of this Commitment Letter and the Fee Letter; and (c) satisfaction of the conditions set forth on Exhibit A hereto. 

5. Information. You hereby represent and warrant that (a) all information (other than the projections and information of a
general economic or industry nature) (the “Information”) that has been or will be made available to the Arrangers by or on behalf of you or any of your representatives or affiliates, is or will be, when furnished, correct in all
material respects and does not or will not, as the case may be, taken as a whole, contain any untrue statement of a material fact or omit to state any fact necessary in order to make the statements contained therein not materially misleading in
light of the circumstances under which such statements are made after giving effect to all supplements thereto (it being understood that Francesca’s Holdings Corporation’s Registration Statement on Form S-1 relating to the IPO and any
amendments thereto shall be deemed to constitute a part of the Information) and (b) the projections that have been made or will be made available to the Arrangers by or on behalf of you or any of your representatives or affiliates and that have
been or will be made available to us or any Lender in connection with the Transactions have been or will be, as the case may be, prepared in good faith based upon assumptions believed by you to be reasonable at the time so made available it being
recognized by us that such projections are not to be viewed as facts and that actual results during the period or periods covered by any such projections may differ significantly from the projected results, and that no assurance can be given that
the projected results will be realized. Until the Closing Date, if any of the representations in the preceding sentence would be incorrect in any material respect if made at such time, you agree to supplement the Information and the projections so
that such representations will be correct. In arranging the Revolving Credit Facility, including the syndication of the Revolving Credit Facility, we will be entitled to use and rely primarily on the Information and the projections without
responsibility for independent verification thereof. 
  

Francesca’s - Commitment Letter 

  
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 6. Expenses. You agree to reimburse Royal Bank and KeyBank, upon presentation of a
reasonably detailed summary statement, for all reasonable and documented out-of-pocket costs and expenses incurred by the Arrangers or their affiliates (whether incurred before or after the date hereof) in connection with the Revolving Credit
Facility and the preparation, negotiation, execution and delivery of this Commitment Letter and Fee Letter, the definitive documentation for the Amendment (the “Facility Documentation”) and any security arrangements in connection
therewith, including without limitation, the reasonable fees and disbursements of counsel (except the allocated costs of in-house counsel); provided, that your reimbursement obligations under this paragraph shall be limited to $150,000 in the
aggregate. 
 7. Indemnification. You agree to indemnify and hold harmless the Arrangers and their respective affiliates
and our and their officers, directors, employees, advisors, agents, other representatives and controlling persons (the Arrangers and each such other person being an “Indemnified Person”; and such affiliates, officers, directors,
employees, advisors, agents, other representatives and controlling persons of any such Indemnified Person are referred to herein as its “related parties”), from and against any and all losses, claims, damages, liabilities and
expenses, joint or several, to which any such Indemnified Person may become subject arising out of or in connection with this Commitment Letter, the Fee Letter, the Term Sheet, the Transactions and the other transactions contemplated hereby, the
Revolving Credit Facility, the use of proceeds thereof or any claim, litigation, investigation or proceeding (any of the foregoing, a “Proceeding”) relating to any of the foregoing, regardless of whether any such Indemnified Person
is a party thereto or whether a Proceeding is brought by a third party or by you or any of your affiliates, and to reimburse, upon presentation of a reasonably detailed summary statement, each such Indemnified Person upon demand for any reasonable
and documented legal or other out-of-pocket expenses incurred in connection with investigating or defending any of the foregoing, provided that the foregoing indemnity will not, as to any Indemnified Person, apply to (A) losses, claims,
damages, liabilities or related expenses to the extent they have been determined in a final, non-appealable judgment of a court of competent jurisdiction to have resulted from (i) the willful misconduct, bad faith or gross negligence of such
Indemnified Person, (ii) a material breach by an Indemnified Person of its Obligations under this Commitment Letter or the Facility Documentation, or (iii) any claim, actions, suits, inquiries, litigation, investigation or proceeding that
does not involve an act or omission of you or any of your affiliates and that is brought by an Indemnified Person against any other Indemnified Person (other than any claim, actions, suits, inquiries, litigation, investigation or proceeding against
any Arranger), or (B) any settlement entered into by such Indemnified Person without your written consent (such consent not to be unreasonably withheld, delayed or conditioned); provided, however, that the foregoing indemnity will apply to any
such settlement in the event that you were offered the ability to assume the defense of the action that was the subject matter of such settlement and elected not to assume such defense). Notwithstanding any other provision of this Commitment Letter,
no Indemnified Person shall be liable for (i) any damages arising from the use by others of information or other materials obtained through electronic, telecommunications or other information transmission systems, except to the extent such
damages have been determined in a final, non-appealable judgment of a court of competent jurisdiction to have resulted from the willful misconduct, bad faith or gross negligence of any Indemnified Person or any of its related parties or
(ii) any special, indirect, consequential or punitive damages in connection with its activities related to this Commitment Letter or the Revolving Credit Facility. 
 You shall not, without the prior written consent of an Indemnified Person (which consent shall not be unreasonably withheld, delayed or conditioned), effect any settlement or consent to the entry of any
judgment of any pending or threatened Proceedings in respect of which indemnity could have been sought hereunder by such Indemnified Person unless (i) such settlement includes an unconditional release of such Indemnified Person in form and
substance satisfactory to such Indemnified Person from all liability on claims that are the subject matter of such Proceedings and (ii) does not include any statement as to or any admission of fault, culpability or a failure to act by or on
behalf of any Indemnified Person. 
  
 Francesca’s
- Commitment Letter 

  
 -3-

 The foregoing provisions shall be superseded in each case by the applicable provisions
contained in the definitive financing documentation upon execution thereof and thereafter shall have no further force and effect. 
 8. Confidentiality. You agree that you will not disclose, directly or indirectly, the Fee Letter and the contents thereof or, prior to your acceptance hereof, this Commitment Letter and the Term
Sheet and the contents thereof, or the activities of the Arrangers pursuant hereto or thereto to any person without prior written approval of the Arrangers, except that you may disclose (a) the Commitment Letter, the Term Sheet, the Fee Letter
and the contents hereof and thereof as required by applicable law, regulation or compulsory legal process (in which case you agree to provide prompt written notice thereof, such notice to be provided in advance to the extent permitted by applicable
law) and (b) to the extent required by applicable law, the existence and contents of this Commitment Letter and the Term Sheet in any public filing or prospectus in connection with the IPO. We shall be permitted to use information related to
the syndication and arrangement of the Revolving Credit Facility in connection with marketing, press releases or other transactional announcements or updates provided to investor or trade publications. You agree that you will permit us to review and
approve any reference to Royal Bank or KeyBank or any of their respective affiliates in connection with the Revolving Credit Facility or the Transactions contained in any press release or similar public disclosure prior to public release.

 You acknowledge that the Arrangers and their respective affiliates may be providing debt financing, equity capital or other
services (including, without limitation, financial advisory services) to other companies in respect of which you may have conflicting interests regarding the transactions described herein and otherwise (but not in the capacity of lead arranger,
agent or lender for any new financing). The Arrangers and their respective affiliates will not use confidential information obtained from you by virtue of the transactions contemplated by this Commitment Letter or any of its other relationships with
you in connection with the performance by them and their affiliates of services for other companies, and the Arrangers and their respective affiliates will not furnish any such information to other companies. By the same token, we will not make
available to you confidential information that we have obtained or may obtain from any other customer. You also acknowledge that the Arrangers and their respective affiliates have no obligation to use in connection with the transactions contemplated
by this Commitment Letter, or to furnish to you confidential information obtained by the Arrangers and their respective affiliates from other companies. You hereby acknowledge and agree that in connection with all aspects of the Transactions, you
and the Arrangers and their respective affiliates through which the Arrangers may be acting (each a “Transaction Affiliate”) have an arm’s length business relationship that creates no fiduciary duty on the part of the Arrangers
or any Transaction Affiliate and each expressly disclaims any fiduciary relationship. The Arrangers have not provided any legal, accounting, financial advisory, regulatory or tax advice with respect to the Transactions and the other transactions
contemplated by this Commitment Letter and the Term Sheet and you have consulted with your own legal, accounting, financial advisory, regulatory and tax advisors to the extent you have deemed it appropriate to do so. 

9. Termination. Our commitments and undertakings hereunder shall terminate in their entirety automatically without further notice
or action by us on the first to occur of (a) August 15, 2011 if the Closing Date shall not have occurred, the (b) the date of execution and delivery of the Facility Documentation by the Borrower and us. Our commitments and
undertakings hereunder may also be terminated by us if you fail to perform your obligations under this Commitment Letter or the Fee Letter on a timely basis. 
 The Fee Letter, the final sentence of paragraph 1 hereto and the compensation, reimbursement, indemnification, syndication, jurisdiction, absence of fiduciary relationship, governing law, waiver of jury
trial and confidentiality provisions contained herein shall remain in full force and 
  

Francesca’s - Commitment Letter 

  
 -4-

 
effect regardless of whether the Facility Documentation shall be executed and delivered and notwithstanding the termination of this Commitment Letter or any of our commitments hereunder;
provided that your obligations under this Commitment Letter (other than your obligations with respect to (a) assistance to be provided in connection with the syndication of the Revolving Credit Facility and (b) confidentiality)
shall automatically terminate and be superseded by the provisions of the Facility Documentation upon the execution and delivery thereof, and you shall automatically be released from all liability hereunder in connection therewith at such time.

 10. Assignment; etc. This Commitment Letter and our commitments and undertakings hereunder shall not be assignable by
any party hereto without the prior written consent of each other party hereto, and any attempted assignment shall be void and of no effect; provided, however, that nothing contained in this paragraph shall prohibit us (in our sole
discretion), subject to the terms of the Facility Documentation, from granting participations in, or selling assignments of all or a portion of, the commitments or the advances under the Revolving Credit Facility. This Commitment Letter is intended
to be solely for the benefit of the parties hereto and is not intended to confer any benefits upon, or create any rights in favor of, any person other than the parties hereto and the Indemnified Persons, except that the Arrangers may perform the
duties and activities described hereunder through any of their respective affiliates and the provisions of the third preceding paragraph shall apply with equal force and effect to any of such affiliates so performing any such duties or activities.

 11. Governing Law; Waiver of Jury Trial; etc. This Commitment Letter and the Fee Letter shall be governed by and
construed in accordance with the laws of the State of New York, and together constitute the entire agreement between the parties relating to the subject matter hereof and thereof and supersede any previous agreement, written or oral, between the
parties with respect to the subject matter hereof and thereof. Each of the parties hereto waives all right to trial by jury in any action, proceeding or counterclaim (whether based upon contract, tort or otherwise) related to or arising out of this
Commitment Letter, the Fee Letter each element of the Transactions or the performance by us or any of our affiliates of the services contemplated hereby. In addition, with respect to any action or proceeding arising out of or relating to this
Commitment Letter, the Fee Letter or the Transactions or the performance of any of the parties hereunder, each of the parties hereto irrevocably (a) submits to the exclusive jurisdiction of any New York State or Federal court sitting in New
York, New York; (b) agrees that all claims with respect to such action or proceeding may be heard and determined in such New York State or Federal court; (c) waives the defense of any inconvenient forum to such New York State or Federal
court; (d) agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in another jurisdiction by suit on the judgment or in any other manner provided by law; and (e) consents to service of process
by mailing or delivering a copy of such process to you at your address set forth on the first page of this letter and agree that such service shall be effective when sent or delivered.  

12. Amendments; Counterparts; etc. No amendment or waiver of any provision hereof, the Fee Letter or of the Term Sheet shall be
effective unless in writing and signed by the parties hereto and then only in the specific instance and for the specific purpose for which given. This Commitment Letter, the Term Sheet and the Fee Letter are the only agreements between the parties
hereto with respect to the matters contemplated hereby and thereby and set forth the entire understanding of the parties with respect thereto. This Commitment Letter may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page of this Commitment Letter by
facsimile transmission (or in “pdf” or similar format by electronic mail) shall be effective as delivery of a manually executed counterpart of this Commitment Letter. 

 
 Francesca’s - Commitment Letter 

  
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 13. PATRIOT Act Notification. We hereby notify you that pursuant to the requirements
of the USA PATRIOT Act, Title III of Pub. L. 107-56 (signed into law October 26, 2001) (as the same may be extended and in effect from time to time, the “PATRIOT Act”), each of Royal Bank and KeyBank is required to obtain,
verify and record information that identifies the Borrower and the Guarantors, which information includes the name, address, tax identification number and other information regarding the Borrower and the Guarantors that will allow Royal Bank and
KeyBank to identify the Borrower and the Guarantors in accordance with the PATRIOT Act. This notice is given in accordance with the requirements of the PATRIOT Act and is effective as to Royal Bank and KeyBank. You hereby acknowledge and agree that
Royal Bank and KeyBank shall be permitted to share any or all such information with other lenders party to the Facility Documentation. 
 14. Public Announcements; Notices. We may, subject to your prior written consent (not to be unreasonably withheld, delayed or conditioned), at our expense, publicly announce as we may choose the
capacities in which we or our affiliates have acted hereunder. Any notice given pursuant hereto shall be mailed or hand delivered in writing, if to (a) you, at your address set forth on page one hereof, (b) Royal Bank, at 3 World Financial
Center, 200 Vesey Street, New York, NY 10281, Attention: John Flores and (c) KeyBank, at 127 Public Square, Cleveland, OH 44114, Attention: Marianne Meil. 
 If the foregoing proposal is acceptable to you, please so confirm by executing counterparts hereof and of the Fee Letter. Unless we receive your executed counterparts hereof and thereof by 5:00 p.m., New
York City time, on May 23, 2011, our offer hereunder will automatically expire at such time without further action or notice. 
 [remainder of page intentionally left blank] 
  
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 We are pleased to have this opportunity and we look forward to working with you on this
transaction 
  

			
	Very truly yours,
	
	ROYAL BANK OF CANADA
		
	By:	 	 /s/ Authorized Signatory

		 	Name: 
		 	Title: 
	
	KEYBANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ Authorized Signatory

		 	Name: 
		 	Title: 

  
 Francesca’s - Commitment Letter 

  

 Accepted and agreed to as of 
 the date first written above: 
  

			
	FRANCESCA’S COLLECTIONS, INC.
		
	By:	 	 /s/ John DeMeritt

		 	Name: John DeMeritt
		 	Title:   President/CEO

  

Francesca’s - Commitment Letter 

  

 Francesca’s Collections, Inc. 

Summary of Terms and Conditions 
 $65,000,000 Senior Secured Revolving Credit Facility 
 May 23, 2011

  
  

Summary of Terms and Conditions (“Summary of Terms” or “Term Sheet”) is for discussion purposes only and does not represent
a financing commitment on the part of Royal Bank of Canada, KeyBank or their respective affiliates. It is for internal use only and not to be disclosed to outside third parties without the Arrangers’ consent. This Term Sheet is intended as an
outline of certain of the material terms of the Revolving Credit Facility and does not purport to summarize all of the conditions, covenants, representations, warranties and other provisions which would be contained in definitive documentation for
the Revolving Credit Facility contemplated hereby. 
  

			
	BORROWER:	  	Francesca’s Collections, Inc. (the “Borrower”).
		
	GUARANTORS:	  	The obligations of the Borrower under the Revolving Credit Facility and under any treasury management, interest protection, foreign exchange protection or other hedging
arrangements entered into with a Lender (or any affiliate thereof) will be jointly and severally guaranteed by Francesca’s LLC, the immediate parent of the Borrower (the “Parent”), and each existing and future direct and indirect
domestic subsidiary of the Borrower (collectively with the Parent, the “Guarantors”). All guarantees will be guarantees of payment and not of collection.
		
	JOINT LEAD ARRANGERS & CO-BOOKRUNNERS	  	Royal Bank of Canada (“Royal Bank” or “Agent”) and KeyBank National Association (“KeyBank” and, together with Royal Bank, the
“Arrangers”).
		
	ADMINISTRATIVE AGENT:	  	Royal Bank.
		
	SYNDICATION AGENT:	  	KeyBank.
		
	REVOLVING CREDIT FACILITY:	  	A senior secured revolving credit facility of up to $65,000,000 (the “Revolving Credit Facility”). KeyBank will commit $32,500,000, Royal Bank will commit $32,500,000
and both of the Arrangers will serve as initial lenders (together with the lenders party to the Revolving Credit Facility from time to time, the “Lenders”). The Revolving Credit Facility will be documented as an amendment and
restatement.
		
	ISSUING BANK:	  	For purposes of the issuance of Letters of Credit under the Revolving Credit Facility, KeyBank will be the “Issuing Bank.”
		
	INCREASE OPTION:	  	At any time prior to maturity, the Borrower shall have the right, subject to (a) the Agent’s reasonable satisfaction with any eligible financial institutions providing new
commitments, (b) compliance with all applicable conditions precedent and (c) no default or event of default existing before or after giving effect to the incurrence of such increase including pro forma compliance with the financial covenants in the
Revolving Credit Facility, to request an increase of up to $25,000,000 in the aggregate amount of the commitments under the Revolving Credit Facility by requesting that the existing Lenders (at their sole option) increase their commitments or for
other eligible financial institutions to provide new commitments; provided that no existing Lender will be obligated to provide any such increase in their commitments. The Borrower may make a request for such an increase no more than two
times, and each such request shall be in a minimum amount of $10,000,000.
		
	MATURITY:	  	Five years from the closing date.

 Summary of Terms and Conditions 

May 23, 2011 
  

			
	LETTERS OF CREDIT:	  	The Revolving Credit Facility will include a sub-limit of $5,000,000 for the issuance of Letters of Credit. Availability under the Revolving Credit Facility will be reduced by
any outstanding Letters of Credit.
		
	USE OF PROCEEDS:	  	The proceeds of the Revolving Credit Facility will be used to refinance existing indebtedness and for general corporate purposes, including working capital, acquisitions, and the
payment of certain fees and expenses associated with the closing of the facility.
		
	LETTER OF CREDIT FEES:	  	 The Borrower shall pay, with respect to each Letter of Credit, an annual Letter of Credit fee equal to the LIBOR margin for the
Revolving Credit Facility listed under the Applicable Margin section below, as effective at the time of issuance.
  
 The Borrower shall also pay the Issuing Bank a 1/4 of 1% fronting fee at the time of issuance of any Letter of Credit, plus such commissions, issuance fees, transfer fees and other fees and charges in
connection with the administration of each Letter of Credit as the Borrower and the Issuing Bank agree.

		
	SECURITY:	  	 Substantially the same as under the Borrower’s existing credit agreement.

 
 The collateral shall ratably secure, on a first priority basis, the relevant
party’s obligations in respect of the Revolving Credit Facility, and, at the Borrower’s option, any treasury management arrangements and any interest rate swap, other hedging arrangements or similar agreements with a Lender (or an
affiliate) under the Revolving Credit Facility. All such security interests will be created pursuant to and will comply with documentation reasonably satisfactory to the Agent. On the closing date, such security interests will have become perfected
(or arrangements for the perfection thereof reasonably satisfactory to the Agent will have been made).

		
	VOLUNTARY PREPAYMENTS AND COMMITMENT REDUCTIONS:	  	The Borrower may voluntarily prepay all or any part of the Revolving Credit Facility, and/or reduce unused commitments, subject to concurrent payments of any applicable LIBOR or
fixed rate breakage costs.
		
	REPRESENTATIONS & WARRANTIES:	  	Substantially the same as under the Borrower’s existing credit agreement with such modifications as appropriate for a public company.
		
	AFFIRMATIVE COVENANTS AND FINANCIAL REPORTING REQUIREMENTS:	  	 General Affirmative Covenants. Substantially the same as under the Borrower’s existing credit agreement.

 
 Financial Reporting Requirements. Substantially the same as under the Borrower’s
existing credit agreement and annual (audited) and quarterly financial statements including Francesca’s Holdings Corporation’s (“Holdings”) initial financial reporting obligations under SEC rules (it being understood that
deliveries of 10-K’s and 10-Q’s will suffice).

		
	NEGATIVE COVENANTS:	  	 Substantially the same as under the Borrower’s existing credit agreement with such modifications as appropriate for a public
company.
  
 Covenants related to permitted acquisitions will be customary for
facilities and transactions of this type. Permitted acquisitions will enable the Borrower and its subsidiaries to make acquisitions, subject to (i) such acquisitions not being done on a hostile basis and meeting applicable collateral requirements
with certain exceptions and grace periods to be agreed, (ii) at least $5,000,000 of

  
 2 

 Summary of Terms and Conditions 

May 23, 2011 
  

					
		  	availability under the Revolving Credit Facility, and (iii) a $75,000,000 limit (with any equity contributions or equity offering proceeds (other than any IPO
proceeds used to repay the Borrower’s existing credit agreement) increasing such limit dollar for dollar) for all permitted acquisitions.
		
	FINANCIAL COVENANTS:	  	 The Revolving Credit Facility shall include the following financial covenants (with EBITDA determined in a manner
substantially consistent with the definition thereof under the Borrower’s existing credit agreement, with modifications to be mutually agreed upon):
  

> Maximum total lease adjusted leverage ratio of 4.25 to 1.0, with no stepdowns. Lease adjusted leverage ratio will be defined in the Credit Agreement
as a ratio of Lease Adjusted Debt (to be defined to include 6x rentals) to EBITDAR.
  
 > Minimum interest coverage ratio of 4.0 to 1.0, with no step-ups.
  
 > Maximum capital expenditures, with an annual cap of $25,000,000, with any unused portion allowed to be carried over to the subsequent year in an additional amount of up to 50% of the annual
cap.

		
	EVENTS OF DEFAULT:	  	Substantially the same as under the Borrower’s existing credit agreement with such modifications as appropriate for a public company.
		
	CONDITIONS PRECEDENT TO CLOSING AND FUNDING:	  	Substantially the same as under the Borrower’s existing credit agreement, including the
following:

					
		 	1.	  	Substantially concurrently with the closing, Holdings shall have closed on an initial public offering (“IPO”) of its common stock. Up to $50.0 million of borrowings
under the Revolving Credit Facility may be drawn at closing and used to repay outstanding loans under the Borrower’s existing credit facilities. All other outstanding amounts under the Borrower’s existing credit facilities shall be repaid
on the closing date out of proceeds of the IPO (such repayments, collectively, the “Refinancing”).
			
		 	2.	  	Execution of all appropriate documentation contemplated herein or other documentation that is customary for transactions of this type, including, without limitation, an amended
and restated credit agreement, security documents (or amendments thereto or ratifications thereof) and legal opinions, in each case in form and substance reasonably satisfactory to the Agent and the Lenders.
			
		 	3.	  	Since December 31, 2010, there shall not have occurred any change, development, or event that has or would reasonably be expected to have a material adverse effect on the
operations, business, properties, prospects or condition (financial or otherwise) of the Borrower and its subsidiaries, taken as a whole (a “Material Adverse Effect”); provided, however, that if the IPO has priced, the condition
precedent from and after the time of such pricing shall instead be that (i) neither Holdings nor any of its subsidiaries shall have sustained, since the date of the latest audited financial statements included in the pricing prospectus issued in
connection with the IPO (the “Pricing Prospectus”), any material loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor disturbance or dispute or court
or governmental action, order or decree,

  
 3 

 Summary of Terms and Conditions 

May 23, 2011 
  

							
		 		  	otherwise than as set forth or contemplated in the Pricing Prospectus, and (ii) since the respective dates as of which information is given in the Pricing Prospectus
there shall not have been any change in the capital stock or long-term debt of Holdings or any of its subsidiaries or any change, or any development involving a prospective change, in or affecting the general affairs, management, properties,
financial position, stockholders’ equity or results of operations of the Holdings and its subsidiaries, otherwise than as set forth or contemplated in the Pricing Prospectus, the effect of which, in any such case described in clause (i) or
(ii), is so material and adverse as to make it impracticable or inadvisable to proceed with the IPO or the delivery of the shares being delivered on the terms and in the manner contemplated in the Pricing Prospectus.
			
		 	4.	  	The Borrower shall have paid all fees negotiated with respect to the transaction, and all accrued reasonable and documented expenses of the Agent and the Lenders
(including the reasonable and documented fees and expenses of counsel for the Agent (it being understood that there shall be one firm of counsel for the Agent and the Lenders, other than local counsel)) shall have been paid. It is understood and
agreed that this condition shall only apply as to any such expenses for which invoices have been presented reasonably prior to the closing date, with such invoices received subsequent to the closing date to be paid reasonably
promptly.
			
		 	5.	  	Within 30 days following the end of each month ended after the date hereof, the Borrower shall have delivered to the Agent monthly financial information for such
month in the form customarily prepared by the Borrower for internal use. It is understood and agreed that this requirement for delivery of monthly financials shall cease upon the occurrence of the closing date or the termination of this Commitment
Letter.

  

					
		
	ASSIGNMENTS AND PARTICIPATIONS:	  	Each Lender will be permitted to make assignments in respect of the Revolving Credit Facility in minimum amounts of $2,500,000 to other financial institutions
approved by the Agent and, so long as no Event of Default has occurred and is continuing, the Borrower, which approvals shall not be unreasonably withheld; provided, however, that neither such approval shall be required in connection with
assignments to other Lenders, to any affiliate of a Lender, or to any Approved Fund (to be defined in a manner consistent with the definition thereof in the Borrower’s existing credit agreement). Notwithstanding the foregoing, any Lender
assigning a commitment under the Revolving Credit Facility shall be required to obtain the approval of the Agent and the Issuing Bank, unless the proposed assignee is already a Lender under the Revolving Credit Facility. The Lenders will be
permitted to sell participations with voting rights limited to significant matters such as changes in amount, rate, maturity date and releases of the Borrower or all or substantially all of the collateral. An assignment fee of $3,500 shall be
payable by the applicable Lender to the Agent upon the effectiveness of any assignment (including, but not limited to, an assignment by a Lender to another Lender).
		
	INDEMNIFICATIONS:	  	Substantially the same as under the Borrower’s existing credit agreement.
		
	FEES & EXPENSES:	  	The Borrower will pay all reasonable and documented costs and expenses associated with the preparation, due diligence and all documentation executed in connection
with the Revolving Credit Facility, including without limitation, all reasonable and documented expenses and legal fees of counsel to the Agent

  
 4 

 Summary of Terms and Conditions 

May 23, 2011 
  

			
		  	(it being understood that there shall be one firm of counsel for Agent and the Lenders, other than local counsel) regardless of whether the Revolving Credit Facility is closed,
and all enforcement costs and expense of the Agent and the Lenders.
		
	REQUIRED LENDERS:	  	“Required Lenders” means at any time (a) Lenders then holding more than fifty percent (50%) of the sum of the Revolving Credit Facility Loan Commitment then in effect,
or (b) if the Revolving Credit Facility Loan Commitment has terminated, Lenders then holding more than fifty percent (50%) of the sum of the aggregate unpaid principal amount of Loans then outstanding and outstanding Letter of Credit obligations;
provided, that if at any time there are two (2) Lenders (where a Lender and its Affiliates or Approved Funds count as one Lender), “Required Lenders” shall mean all Lenders.
		
	COUNSEL TO AGENT:	  	Shearman & Sterling LLP
		
	GOVERNING LAW:	  	State of New York.

  
 5 

 Summary of Terms and Conditions 

May 23, 2011 
 ANNEX I TO SUMMARY TERMS AND CONDITIONS 
 APPLICABLE MARGIN: 

The interest rates per annum applicable to the Revolving Credit Facility will be LIBOR plus the Applicable Margin or the Base Rate plus
the Applicable Margin. The “Applicable Margin” for the Revolving Credit Facility and the Term Loan Facility will be based on the following grid. Based on expected leverage at close, the Applicable Margin is expected to be level II pricing
as per the following grid. 
  

											
	 Level
	  	 Total Debt/

EBITDA
	  	LIBOR
Margin (bps)	 	  	Base Rate
Margin 
(bps)	 
	 I
	  	< 1.00x	  	 	225.0	  	  	 	125.0	  
	 II
	  	3 1.00x < 1.50x	  	 	250.0	  	  	 	150.0	  
	 III
	  	3 1.50x < 2.00x	  	 	275.0	  	  	 	175.0	  
	 IV
	  	3 2.00x < 2.50x	  	 	300.0	  	  	 	200.0	  
	 V
	  	3 2.50x	  	 	325.0	  	  	 	225.0	  

 For purposes of this
Term Sheet, (a) “LIBOR” means the greater of (i) the London Interbank Offered Rate quoted by recognized financial sources such as Reuters or Bloomberg, adjusted if necessary for any statutory reserves and (ii) 1.50% per
annum, and (b) “Base Rate” means, for any day, such fluctuating interest rate per annum as shall be in effect from time to time, which rate per annum shall at all times be equal to the greatest of (i) the rate of interest
established by Royal Bank, from time to time, as its “prime rate,” whether or not publicly announced, which interest rate may or may not be the lowest rate charged by it for commercial loans or other extensions of credit; (ii) the
Federal Funds Rate in effect from time to time, determined one Business Day in arrears, plus 1/2 of 1% per annum; and (iii) the then-applicable LIBOR rate for one month interest periods, plus 1.00% per annum. 

LIBOR loans will be available for interest periods of one, two, three or six months and, if agreeable to all Lenders, nine and twelve
months and available in amounts not less than $250,000 each. 
 Upon the occurrence and during the continuance of any Event of
Default, at the option of the Required Lenders, the applicable interest rates on all overdue obligations owing under the loan documentation shall increase by 200 basis points per annum over the rate otherwise applicable. 

 Summary of Terms and Conditions 

May 23, 2011 
  

 APPLICABLE MARGIN 
 (Continued): 
  

 The Borrower shall pay a commitment fee calculated on the average daily-unused amount
of the Revolving Credit Facility, payable quarterly in arrears commencing on the closing date. The commitment fee will be determined quarterly upon receipt of financial statements and based on the following grid. Based on expected leverage at close,
the commitment fee is expected to be level II pricing as per the following grid. 
  

							
	 Level
	  	 Total Debt/

EBITDA
	  	Commitment 
Fee
(bps)	 
	 I
	  	< 1.00x	  	 	25.0	  
	 II
	  	3 1.00x < 1.50x	  	 	30.0	  
	 III
	  	3 1.50x < 2.00x	  	 	35.0	  
	 IV
	  	3 2.00x < 2.50x	  	 	40.0	  
	 V
	  	3 2.50x	  	 	45.0	  

 All calculations of
interest and fees shall be made on the basis of actual number of days elapsed and a 360-day year, other than calculations of interest based on the Base Rate (which shall be made on the basis of actual number of days elapsed and a 365/366-day year).

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