Document:

EX-10.11

 Exhibit 10.11 

EXECUTION VERSION 

PERSONAL AND CONFIDENTIAL 

December 13, 2019 
 Ms. Elizabeth Muñoz-Guzman 
  

	 	Re:	 Employment Agreement 

Dear Ms. Muñoz-Guzman: 

In order to memorialize your position as Chief Executive Officer of Torrid LLC, a California limited liability company (the
“Company”) (it being acknowledged that you have served as Chief Executive Officer of the Company since August 28, 2018), the Company and you are entering into this employment agreement (the “Agreement”)
effective as of December 13, 2019 (the “Effective Date”). As Chief Executive Officer, you will report directly to the Board (as defined below). Your duties as Chief Executive Officer will involve such duties as are normally
associated with such position and such other matters related to the day-to-day executive management of the Company, consistent with your position as Chief Executive
Officer, as delegated to you by the Board. Your principal place of business will be at the Company’s office located in City of Industry, California, it being agreed and understood that you will engage in business travel to the extent necessary
or desirable for the performance of your duties as the Company’s Chief Executive Officer. For purposes hereof, “Parent Group” means, collectively, Sycamore Partners Torrid L.L.C., a Delaware limited liability company
(“Parent”), and each of its subsidiaries (including the Company). Any references to the “members of the Parent Group” and similar phrases shall be deemed to refer to Parent and its subsidiaries (including the Company). For
purposes hereof, “Board” shall mean (i) during any such period in which Torrid Intermediate LLC, a Delaware limited liability company, is the managing member of the Company and the Company shall not have a board of directors or
board of managers, the board of managers of Torrid Intermediate LLC, and (ii) otherwise, the board of directors or board of managers or other similar governing body, as applicable, of the Company. 

The specific terms of your employment are as follows: 

1.    Annual Base Salary. During the Term (as defined in Section 7
below), your annual base salary will be $900,000 (“Base Salary”), to be paid in regular installments in accordance with the Company’s general payroll practices for other executives of the Company. The Board will review your
Base Salary on an annual basis for potential increase thereto. All amounts payable to you pursuant to this Agreement shall be subject to any required withholding under applicable law. 

2.    Annual Bonus. For FY 2019 and each fiscal year thereafter during the Term, you will be eligible
to earn an annual bonus in an amount of 125% of your Base Salary, upon the achievement of annual plan goals (the “Target Bonus”). Your annual plan performance targets will be recommended by the management of the Company and
established annually (in consultation with you) prior to the start of each fiscal year (which targets will generally focus on financial metrics of the Company in comparison to budget). If you are employed on the last day of the applicable fiscal
year, you shall be entitled to payment of the full earned bonus amount for such fiscal year, determined based on the level of achievement of the applicable performance targets. 

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Any bonus earned under this Section 2 shall be paid as soon as practicable and within forty-five (45) days following the completion of Parent’s audit for the
fiscal year during which such bonus was earned under this Section 2, but in any event by December 31st immediately following the completion of such fiscal year. 

3.    Certain Matters Upon an IPO. 

(a)     If an IPO occurs during your employment hereunder, then you will be entitled to a
one-time grant of restricted stock units or restricted share awards (the “IPO Stock Award”) in respect of such number of shares of common stock of the IPO Issuer as is equal to
$1.5 million divided by the initial public offering price per share of common stock of the IPO Issuer offered to the public in the IPO. The IPO Stock Award will be granted as soon as reasonably practicable following the date of the IPO (the
“IPO Date”). The IPO Stock Award (i) shall vest as to (x) 50% of the shares of common stock subject to the IPO Stock Award as of the date of grant and (y) 50% of the shares of common stock subject to the IPO Stock Award in
equal installments on each of the first, second, and third anniversaries of the IPO Date, provided that you are employed by the Company through the applicable vesting date, and (ii) shall be subject to such other terms and conditions consistent
with the IPO Issuer’s grant of equity-based awards to similarly-situated employees. 
 (c)    In addition, if an
IPO occurs during your employment hereunder, you will be eligible to receive an annual incentive equity award grant in a form and at a time determined by the Compensation Committee of the board of directors of the IPO Issuer on terms and conditions
no less favorable to you than those provided to other senior management team members of the Company, with the amount of such annual incentive equity awards (and the timing of the grant of such awards) to be determined by the Compensation Committee
of the board of directors of the IPO Issuer. All such annual incentive equity awards granted to you will be subject to vesting and other terms of a company-wide equity plan to be implemented by the IPO Issuer in connection with the IPO. 

(d)    For purposes hereof, the following terms shall have the following meanings: 

(i)    “IPO” means an initial public offering and sale of any common stock of any member of the Parent
Group pursuant to an effective registration statement under the Securities Act. 
 (ii)    “IPO Issuer”
means the applicable member of the Parent Group whose common stock is registered in the IPO. 

(iii)    “Securities Act” means the Securities Act of 1933, as amended, and applicable rules and
regulations thereunder, and any successor to such statute, rules or regulations. Any reference herein to a specific section, rule or regulation of the Securities Act shall be deemed to include any corresponding provisions of future law. 

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 4.    Benefits; Reimbursement of Expenses. 

(a)    During the Term, you will be eligible to receive benefits in accordance with the Company’s standard benefit
plans approved by the Board which are provided to other senior executives of the Company (excluding any incentive equity compensation, which will be determined on a case by case basis), as the same may be amended, modified or replaced from time to
time, which at a minimum will include health insurance on the same terms and conditions provided to other senior management team members of the Company, paid time off in accordance with Company policy for senior management team members and
reimbursement of business expenses as described in Section 4(b) below. 
 (b)    Promptly
following your presentation to the Company of reasonable supporting documentation therefor, the Company shall reimburse you for all business travel, entertainment and other expenses, in each case, incurred by you in connection with the performance
by you of your duties pursuant to this Agreement which are consistent with the Company’s policies in effect from time to time regarding such business expenses. In addition, upon presentation of appropriate documentation, the Company shall pay
your reasonable attorneys’ fees incurred in connection with the negotiation and documentation of this Agreement, up to a maximum of $10,000 which shall be paid on or as soon as reasonably practicable following the Effective Date. 

(c)    To the extent any reimbursements or in-kind benefits under this Agreement
constitute “non-qualified deferred compensation” for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), (i) all such expenses, benefits or
other reimbursements under this Agreement shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by you, (ii) any right to such reimbursement or in kind benefits is not
subject to liquidation or exchange for another benefit, and (iii) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the
expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year. 

5.    Equity Award Matters. 

(a)    From and following the Effective Date, “Fair Market Value” for purposes of the repurchase right set forth
in Section 4 of that certain Incentive Unit Purchase Agreement, dated August 29, 2018 by and between you and Torrid Holding LLC (the “Incentive Unit Agreement”) the determination of “Fair Market Value” shall not
include any discounts for lack of marketability or minority ownership of the units being repurchased. 
 (b)    If a
Change of Control (as defined in the Incentive Unit Agreement) of the Company occurs prior to an IPO, then, so long as you remain continuously employed by the Company through the consummation of such Change of Control, any then-outstanding unvested
equity-based awards held by you as of immediately prior to such Change of Control will vest in full upon, and subject to the consummation of, such Change of Control. 

(c)    If during the two year period immediately following the consummation of a Change of Control that occurs following
an IPO, your employment with the Company and its subsidiaries is terminated for any reason other than for Cause, or you terminate your employment with the Company and its subsidiaries for Good Reason, any then-outstanding unvested equity-based
awards held by you as of immediately prior to the date of such termination of employment will vest in full on the 60th day following the date of your termination of employment, subject to the your execution and
non-revocation of a customary general release in the form attached hereto as Exhibit A prior to such date. 

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 6.    Payments on Termination of Employment. 

(a)    If your employment terminates for any reason, the Company shall pay to you (i) the portion of your Base Salary
and paid time off, if any, accrued and unpaid through the date of termination of your employment and (ii) any annual bonus earned for the prior fiscal year (i.e., for the fiscal year prior to the fiscal year in which your termination
occurs) pursuant to Section 2 hereof, if any, which has not been previously paid. The amounts payable to you pursuant to the preceding sentence will be paid to you at such times as you would have otherwise been entitled to
receive such amounts had your employment not been terminated (determined in accordance with the Company’s payroll practices at the time of termination). You shall also be entitled to elect to purchase benefits under the Consolidated Omnibus
Budget Reconciliation Act of 1985 (“COBRA”) from the Company and/or its provider on the same terms made available to other former employees of the Company. 

(b)    If your employment is terminated by reason of your death or Disability (as defined below), the Company will also
pay you (or your estate) a prorated portion of your annual Target Bonus described in Section 2 above earned for the fiscal year in which any such termination of your employment occurs, prorated based upon the number of days
you were employed during such fiscal year, which amount shall be paid at such time annual bonuses are paid to other senior executives of the Company, but in any event by December 31st immediately
following the completion of such fiscal year. 
 (c)    In addition, upon the Company’s termination of your
employment without Cause or your resignation of your employment for Good Reason, the Company will pay you the following: 

(i)    Severance; and 

(ii)    If you are eligible for, and timely elect, continued coverage under COBRA for yourself and/or your eligible
dependents under the Company’s group health insurance plans following the termination of your employment in accordance with this Section 6(c), the Company shall pay the COBRA premiums necessary to continue the health insurance coverage in
effect for you and/or your eligible dependents as of the date of your termination of employment with the Company until the earliest of (A) twelve (12) months following your termination date (the “COBRA Severance Period”); (B)
the expiration of your eligibility for continuation coverage under COBRA; and (C) the date on which you become eligible for group health insurance coverage in connection with new employment. If you become eligible for coverage under another
employers group health plan, or otherwise cease to be eligible for COBRA coverage during the COBRA Severance Period, you must immediately notify the Company of such event, and the Company’s obligation to pay COBRA premiums on your behalf will
cease. Notwithstanding the foregoing, provided, further, that the Company may modify the continuation coverage contemplated by this Section 6(c)(ii) to the extent reasonably necessary to avoid the imposition
of any excise taxes on the Company for failure to comply with the nondiscrimination requirements of the Patient Protection and Affordable Care Act of 2010, as amended, and/or the Health Care and Education Reconciliation Act of 2010, as amended (to
the extent applicable). 

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 Except as otherwise set forth in this Section 6, all of your rights to any
remuneration of any kind or nature whatsoever from the Company or any member of the Parent Group shall cease upon termination of your employment. 

(d)    For purposes of this Agreement, the following terms shall have the following meanings: 

(i)    “Cause” means your (A) conviction of a felony (or your entry of a plea of guilty or “no
contest” with respect to a felony), (B) fraudulent conduct, (C) willful refusal to materially perform your duties (except during periods when you are unable to perform such duties as a result of your illness (either physical or mental) or
other incapacity or excused absence or vacation) consistent with your position and title as reasonably directed by the Board, (D) willful misconduct which has a material adverse effect on the business or reputation of the Company or its
subsidiaries, or (E) a material breach by you of your obligations set forth in this Agreement; provided that you shall not be deemed to have been terminated for Cause in the case of clause (E) above, unless such breach is not fully
corrected prior to the expiration of the fifteen (15)-day period following delivery to you of the Company’s written notice of its intention to terminate your employment for Cause describing the basis
therefor in reasonable detail. For purposes of this “Cause” definition, an act or failure to act shall be considered “willful” only if done or omitted to be done without a good faith reasonable belief that such act or failure to
act was in the best interests of the Company and its subsidiaries. 
 (ii)    “Disability” (A) means
any incapacity due to a physical or mental illness or injury which results in your inability to perform your duties with reasonable accommodation for a total of 120 days during any twelve (12)-month period, as determined by the Board in its good
faith judgment and (B) will be deemed to have occurred on the 120th day of such inability to perform. 

(iii)    “Good Reason” means you resign your employment with the Company as a result of one or more of
the following events that occur without your written consent: (A) any material adverse change in your authority, responsibilities or duties such that you no longer have the title of, or serve or function as, the Company’s Chief Executive
Officer (except during periods when you are unable to perform such duties as a result of your illness (either physical or mental) or other incapacity or excused absence or vacation), (B) a material breach by the Company of this Agreement (including,
without limitation, any reduction in your Base Salary or your bonus opportunity described in Section 2(a) hereof), or (C) a relocation of your principal business location to an area outside of the Los Angeles,
California metropolitan area; provided that you must deliver to the Company written notice of your resignation no later than sixty (60) days after you become aware of the occurrence of any such event in order for your purported
resignation with Good Reason to be effective hereunder and such resignation will not be effective until the sixtieth (60th) day following receipt of any such written notice by the Company (the
“Notice of Termination”). Notwithstanding anything contained herein to the contrary, you shall not have Good Reason for termination if, within thirty (30) days after the receipt by the Company of your Notice of Termination, the
Company corrects the action or failure to act that constitutes the purported grounds for termination for Good Reason as set forth in the Notice of Termination. 

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 (iv)    “Severance” means, without duplication of
amounts, (A) an amount equal to twelve (12) months of your then-current Base Salary and (B) a prorated portion of your annual Target Bonus described in Section 2 above earned based on actual Company
performance for the fiscal year in which a termination of employment pursuant to Section 6(c) occurs, prorated based upon the number of days you were employed during such fiscal year, which amount shall be paid at such time
annual bonuses are paid to other senior executives of the Company, but in any event by December 31st immediately following the completion of such fiscal year. Subject to
Section 6(f), the amounts payable to you pursuant to the preceding sentence will be paid to you at such times as you would have otherwise been entitled to receive such amounts had your employment not been terminated
(determined in accordance with the Company’s payroll practices at the time of termination), except as otherwise provided herein. As a condition to the Company’s obligation to pay you Severance, you shall enter into and deliver a customary
general release in the form attached hereto as Exhibit A whereby you release any and all claims arising out of or related to your employment with the Company and the members of the Parent Group and the termination of your employment. Notwithstanding
anything in this Agreement to the contrary, the Company shall have no obligation to pay you Severance during such times as you are in violation of Sections 8, 9, 10 or 11 of this Agreement. 

(e)    Release. You shall forfeit all rights to Severance payments unless the release referred to in
Section 6(d)(iv) above is signed, delivered and not subject to revocation within sixty (60) days following the date of your termination of employment. If the foregoing release is executed, delivered and not subject to
revocation as provided in the preceding sentence, then the following shall apply: 
 (i)    To the extent that any such
cash payment or continuing benefit to be provided is not “nonqualified deferred compensation” for purposes of Code Section 409A, then such payment or benefit shall commence upon the first scheduled payment date immediately following
the date that the release is executed, delivered and not subject to revocation (the “Release Effective Date”). The first such cash payment shall include payment of all amounts that otherwise would have been due prior to the Release
Effective Date under the terms of this Agreement applied as though such payments commenced immediately upon your termination of employment, and any payments made thereafter shall continue as provided herein. The delayed benefits shall in any event
expire at the time such benefits would have expired had such benefits commenced immediately following your termination of employment. 

(ii)    To the extent that any such cash payment to be provided is “nonqualified deferred compensation” for
purposes of Code Section 409A, then such payments shall be made or commence upon the sixtieth (60th) day following your termination of employment. The first such cash payment shall include
payment of all amounts that otherwise would have been due prior thereto under the terms of this Agreement had such payments commenced immediately upon your termination of employment, and any payments made thereafter shall continue as provided
herein. 

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 (f)    In the event of your termination of employment, you will take all
reasonably necessary actions to effect a smooth transition of your duties with respect to each member of the Parent Group to such person or persons as may be designated by the Board. 

(g)    In the event the stock of the Company or any of its subsidiaries or their respective parent companies (including
any member of the Parent Group) is publicly traded and you are a “specified employee” as that term is defined under U.S. Department of Treasury Regulation (“Treasury Regulation”)
Section 1.409A-1(h)(3), as promulgated under the Code, then, except as otherwise permitted under Code Section 409A and the Treasury Regulations promulgated thereunder, (i) with respect to any
such amounts payable under Section 6(d)(iv)(A), you will begin receiving payments (without duplication of amounts) on the first scheduled payroll date in the seventh
(7th) month following the termination of the Term and the first such payment will include the accumulated payments during the first six (6) months following the termination of the Term that
otherwise would have been due under Section 6(d)(iv)(A) had such payments commenced immediately following the termination of the Term, and any remaining payments made thereafter with respect to
Section 6(d)(iv)(A) shall continue as provided in Section 6(d)(iv), and (ii) with respect to any such amounts payable under Section 6(d)(iv)(B), you will receive such
payment on the last to occur of (A) the date such payment would have otherwise been payable pursuant to Section 6(d)(iv)(B), and (B) the first schedules payroll date in the seventh (7th) month following the termination of the Term. 
 (h)    For purposes
of Code Section 409A, (i) references herein to your “termination of employment” or like reference shall refer to your separation from service with the Company within the meaning of Code Section 409A and (ii) the right
to a series of installment payments under this Agreement shall be treated as a right to a series of separate payments. 

(i)    It is the intent of the parties to this Agreement that this Agreement shall be interpreted, construed and operated
in compliance with any applicable provisions of Code Section 409A and the Treasury Regulations promulgated thereunder. To the extent that future regulations or guidance issued pursuant to Code Section 409A or the Treasury Regulations
promulgated thereunder require any amendments to this Agreement as to the form and timing of the payment of benefits hereunder, the parties agree that they will consent to, and make, such amendments, subject, in each such case, to the preservation
of the parties’ respective economic interests and legal rights and obligations hereunder. 

7.    Term. The term (the “Term”) of this Agreement shall commence as of the
Effective Date and shall terminate immediately upon the first to occur of (i) the effective date of your resignation with or without Good Reason (it being agreed that in the case of your resignation without Good Reason, you shall provide the
Company with not less than thirty (30) days written notice prior to the effective date of any such resignation), death or Disability (as defined below) and (ii) the termination of your employment by the Company for Cause or without Cause.
Any termination of this Agreement by the Company shall be effective as specified in a written notice to you from the Company. Your termination of employment with the Company for any reason shall be deemed to automatically remove you, without further
action, from any and all offices held by you with the Company and the members of the Parent Group (including, without limitation, any office as a member of the board of directors or board of managers or similar governing body of any member of the
Parent Group). You agree to promptly sign and submit notice(s) of resignation or any other documents reasonably requested in order for any member of the Parent Group to effectuate your removal from any offices held by you. 

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 8.    Confidential Information. 

(a)    You acknowledge that the information, observations and data (including, without limitation, trade secrets, know-how, research and product plans, customer lists, software, inventions, processes, formulas, technology, designs, drawings, specifications, marketing and advertising materials, distribution and sales methods and
systems, sales and profit figures and other technical and business information) concerning the business or affairs of the Company or any member of the Parent Group obtained by you while employed by the Company or any member of the Parent Group or
while serving as an officer, director or manager of the Company or any member of the Parent Group (“Confidential Information”) are the property of the Company and the members of the Parent Group. In addition to the above, you
specifically acknowledge and agree that proprietary or confidential information about the customers, suppliers, licensees, licensors and other business relations of Parent, the Company and/or any other members of the Parent Group is Confidential
Information and constitutes trade secrets of the Parent Group. Therefore, during the Term and at all times thereafter, you agree that you shall not disclose to any unauthorized person or use for your own purposes any Confidential Information without
the prior written consent of the Board or the applicable Parent Group member’s board of managers or other governing body, as the case may be, unless and to the extent that (i) the aforementioned matters become generally known to and
available for use by the public other than as a result of your acts or omissions to act or (ii) you are required to disclose such Confidential Information pursuant to applicable law (it being agreed you shall cooperate with the Company’s
efforts (and at the Company’s cost), if requested by the Company, to obtain a protective order or other assurances that such Confidential Information shall be accorded confidential treatment); provided that with respect to each portion of the
Confidential Information that qualifies as a trade secret under applicable law, each such portion of such Confidential Information shall be held and treated in accordance with the provisions of this Agreement for such maximum period of time as is
allotted for trade secrets under applicable law. You will deliver to the Company at the termination of your employment, or at any other time the Company may request, all memoranda, notes, plans, records, reports, computer tapes, printouts and
software and other documents and data (and copies thereof) to the extent containing Confidential Information, Work Product (as defined in Section 9 below) or related to the business of the Company or any member of the
Parent Group which you may then possess or have under your control. 
 (b)    18 U.S.C. § 1833(b) provides:
“An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that—(A) is made—(i) in confidence to a Federal, State, or local government official,
either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such
filing is made under seal.” Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by 18 U.S.C. § 1833(b). Accordingly, the parties to
this Agreement have the right to disclose in confidence trade secrets to federal, state, and local government officials, or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law. The parties also have the
right to disclose trade secrets in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public disclosure. 

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 (c)    Notwithstanding anything to the contrary contained herein, no
provision of this Agreement shall be interpreted so as to impede you (or any other individual) from reporting possible violations of federal law or regulation to any governmental agency or entity, including, but not limited to, the Department of
Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures under the whistleblower provisions of federal law or regulation. You do not need the prior authorization of the Company to
make any such reports or disclosures and you shall not be required to notify the Company that such reports or disclosures have been made. 

9.    Inventions and Patents. 

(a)    You acknowledge that all inventions, innovations, improvements, developments, methods, designs, analyses, drawings,
reports and all similar or related information (whether or not patentable) which relate to the Company’s or any member of the Parent Group’s actual or anticipated business, research and development or existing or future products or
services and which are conceived, developed or made by you while employed by the Company or any member of the Parent Group (“Work Product”) belong to the Company or the other applicable members of the Parent Group. You shall
promptly disclose such Work Product to the Board and perform all actions requested by the Board (whether during or after your employment with the Company) to establish and confirm such ownership (including, without limitation, assignments, consents,
powers of attorney and other instruments). 
 (b)    Notwithstanding anything to the contrary herein, the provisions of
this Section 9 will not apply to any Work Product which qualifies fully under the provisions of California Labor Code Section 2870, including any idea or invention which is developed entirely on your own time without using the equipment,
supplies, facilities or trade secret information of the Parent Group, and which is not related to the business of the Parent Group (either actual or demonstrably anticipated), and which does not result from work performed for the Parent Group. 

10.    Conflict of Interest. 

(a)    In further consideration of the remuneration to be paid hereunder, you agree that during the Term, you shall devote
your full time and energies to fulfill all responsibilities to the Company in the capacity set forth herein. During the Term and during the twelve (12)-month period immediately thereafter (such period consisting of the Term and ending on twelve
(12)-month period immediately thereafter, the “Restrictive Term”), you shall not directly or indirectly (whether as an owner, partner, shareholder, agent, officer, director, employee, independent contractor, consultant or otherwise)
own any interest in, operate, invest in, manage, control, participate in, consult with, render services for (alone or in association with any person or entity), or in any manner engage in any business activity on behalf of a Competing Business
within any geographical area in which the Company or its subsidiaries operates or plan to operate. Nothing herein shall prohibit you from being a passive owner of not more than 2% of the outstanding stock of any class of a corporation which is
publicly traded, so long as you have no active participation in the business of such corporation. For purposes of this paragraph, “Competing Business” means 

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any person, entity or business in the United States of America engaged in any phase of the business of developing, manufacturing, marketing, selling, licensing or distributing of products or
services that are the same as, or are substantially similar to, or which otherwise compete with the products or services of the Company and its subsidiaries, including products or services the Company and/or its Subsidiaries have taken steps to
engage in as of the date of Executive’s termination of employment, (whether in the retail store channel, direct marketing or e-commerce channel or any combination of the foregoing or otherwise),
including, but not limited to, any apparel business or division thereof that is engaged in the development, manufacturing, marketing, sale, licensing or distribution of plus-size apparel; provided, that
the foregoing prohibition shall not apply to any such person, entity or business that competes with the Company or any of its subsidiaries through a division, subsidiary, or other business unit of such person, entity or business so long as you do
not work or consult with or for, render any services to, or otherwise give advice to or in any manner participate or engage in any business activity on behalf of, any such division, subsidiary, or business unit that does so compete. 

(b)    In further consideration of the remuneration to be paid hereunder, you agree that during the Restrictive Term, you
will not, either directly or indirectly, for yourself or any other person or entity (i) induce or attempt to induce any employee of Parent, the Company or any other member of the Parent Group to leave the employ of Parent, the Company or such
other member of the Parent Group, or in any way interfere with the relationship between Parent, the Company or any of the other members of the Parent Group, on the one hand, and any employee thereof, on the other, (ii) hire any person who is an
employee of Parent, the Company or any of the other members of the Parent Group (or in the case of a former employee, was an employee of Parent, the Company or any of the other members of the Parent Group at any time during the 180 day period prior
to any attempted hiring by you) or (iii) induce or attempt to induce any customer, supplier, licensee, licensor or other material business relation of Parent, the Company or any of the other members of the Parent Group to cease doing business
with Parent, the Company or such other member of the Parent Group, or in any way interfere with the relationship between any such customer, supplier, licensee, licensor or material business relation, on the one hand, and Parent, the Company or any
of the other members of the Parent Group, on the other (including, without limitation, making any negative statements or communications about Parent, the Company or any such other member of the Parent Group). Notwithstanding the foregoing, the
provisions of this Section 10(b)(i) and (ii) shall not be violated due to the solicitation or hiring of store-level employees by general advertising or solicitation not specifically targeted at Company-related person. You agree that the
aforementioned covenant contained in this Section 10 is reasonable with respect to its duration, geographical area and scope. 

11.    Nondisparagement. From and after the Effective Date and following termination of your
employment with the Company, (a) you agree not to make any statement that is intended to become public, or that should reasonably be expected to become public, and that criticizes, ridicules, disparages or is otherwise derogatory of the
Company, any of its subsidiaries and affiliates, or their respective employees, officers, directors or equityholders and (b) the Company agrees to direct its directors and executive officers not to make any statement that is intended to become
public, or that should reasonably be expected to become public, and that criticizes, ridicules, disparages or is otherwise derogatory to you. The foregoing shall not be violated by truthful statements in response to legal process, required
governmental testimony or filings, or administrative or arbitral proceedings (including, without limitation, depositions in connection with such proceedings). 

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 12.    Enforcement of Covenants. If, at the time of
enforcement of Sections 8, 9, 10 or 11 of this Agreement, a court holds that the restrictions stated herein are unreasonable under circumstances then existing, the parties hereto agree that the maximum period, scope or
geographical area reasonable under such circumstances shall be substituted for the stated period, scope or area. Because your services are unique and because you have access to Confidential Information and Work Product, the parties hereto agree that
money damages may not be an adequate remedy for any breach of this Agreement. Therefore, in the event of a breach or threatened breach of this Agreement, the Company may, in addition to other rights and remedies existing in its favor, apply to any
court for specific performance and/or injunctive or other relief in order to enforce, or prevent any violations of, the provisions hereof (without posting a bond or other security). In addition, in the event a court determines that you breached or
violated Section 10, the periods of such restrictive covenants will be tolled until such breach or violation ceases. 

13.    Other Businesses. As long as you are employed by the Company, you agree that you will
not, except with the express written consent of the Board, become engaged in, render services for, or permit your name to be used in connection with any business other than the business of the Company and Parent and the other members of the Parent
Group and will not serve as an officer, employee or director or in a similar capacity of any other entity. Notwithstanding the foregoing, you may devote a reasonable amount of your time to civic or charitable activities and to the management of your
personal investments so long as such activities do not interfere with the performance of your duties and responsibilities for the Company and the other members of the Parent Group. 

14.    Complete Agreement. This Agreement embodies the complete agreement and understanding
among the parties with respect to the subject matter hereof and thereof and supersedes and preempts any prior understandings, agreements or representations by or among the parties, written or oral, which may have related to the subject matter hereof
or thereof in any way, including, without limitation, any prior agreement between you and the Company or any of its affiliates (including Parent) or predecessors with respect to your employment by the Company or any of its affiliates (including
Parent) or predecessors. Sycamore Partners Management, L.P. shall be an intended third party beneficiary of the terms and conditions of this Section 14. 

15.    Counterparts. This Agreement may be executed in separate counterparts, each of which is deemed
to be an original and all of which taken together constitute one and the same Agreement. 

16.    Successors and Assigns. This Agreement is intended to bind and inure to the benefit of
and be enforceable by you and the Company, and your and its respective heirs, successors and assigns, except that you may not assign your rights or delegate your obligations hereunder. 

17.    Choice of Law; Waiver of Jury Trial. This Agreement will be governed by the internal
laws of the State of Delaware. Each of the undersigned submits to the co-exclusive jurisdiction of the United States District Court and any Delaware state court sitting in Wilmington,

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Delaware over any lawsuit under this Agreement and waives any objection based on venue or forum non conveniens with respect to any action instituted therein. You acknowledge and agree that you
were represented by counsel in connection with the negotiation of this Agreement. You acknowledge and agree that, pursuant to Section 925 of the California Labor Code, (i) you have waived the application of California law to this Agreement
and any disputes under this Agreement, (ii) you have waived any right to have any disputes under this Agreement adjudicated in California, and (iii) you acknowledge and agree that any disputes under this Agreement shall not be deemed to be
a controversy arising in California. Each of the undersigned waives the necessity for personal service of any and all process upon it and consents that all such service of process may be made by registered or certified mail (return receipt
requested), in each case directed to such party in accordance with Section 23 hereof, and service so made will be deemed to be completed on the date of delivery. Each of the undersigned consents to service of process as
aforesaid. Nothing in this Agreement will prohibit personal service in lieu of the service by mail contemplated herein. THE PARTIES HERETO HEREBY IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED
TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 18.    Certain Tax Matters.
Notwithstanding any other provision of this Agreement to the contrary, to the extent that any payment or distribution of any type to or for you by the Company (or by any affiliate of the Company, any person or entity who acquires ownership or
effective control of the Company or ownership of a substantial portion of the Company’s assets (within the meaning of Section 280G of the Code and the regulations thereunder)), or any affiliate of such person or entity, whether paid or
payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (the “Total Payments”), is or will be subject to the excise tax imposed under Section 4999 of the Code (the “Excise
Tax”), then the Total Payments shall be reduced (but not below zero) if and to the extent that a reduction in the Total Payments would result in your retaining a larger amount, on an after-tax basis
(taking into account federal, state and local income taxes and the Excise Tax), than if you received the entire amount of such Total Payments. The determination of whether the Total Payments shall be reduced and the amount of such reduction shall be
provided to you by the Company, together with detailed supporting calculations and documentation as soon as practicable following the occurrence of the relevant triggering event, and, absent manifest error, such determination shall be final and
binding upon you and the Company. In the event a portion of the Total Payments is required to be reduced, they shall be reduced in the following order of priority in a manner consistent with Section 409A: (a) first from cash compensation
that is exempt from Section 409A, (b) next from equity compensation that is exempt from Section 409A, then (c) from payments that are subject to Section 409A in reverse chronological order of scheduled distribution. 

19.    Indemnification. The Company hereby covenants and agrees to indemnify you and hold you
harmless to the fullest extent permitted by applicable laws against and in respect to any and all actions, suits, proceedings, claims, demands, judgments, losses, damages and reasonable
out-of-pocket costs and expenses (including reasonable out-of-pocket attorney’s fees
and expenses) resulting from your good faith performance of your duties and obligations with Parent, the Company or any of their subsidiaries or as the fiduciary of any benefit plan of Parent, the Company or their subsidiaries. To the extent
permitted by applicable laws, the Company, within thirty (30) days of presentation of invoices, shall reimburse you for all reasonable out-of-pocket legal fees and
disbursements reasonably incurred by you in connection with any such 

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indemnifiable matter; provided that you shall consult with the Company prior to selecting your counsel and shall obtain the Company’s approval, which approval shall not be
unreasonably withheld, of such counsel. In addition, the Company shall cover you under its directors and officers liability insurance policy (and shall cause Parent to cover you under Parent’s directors and officers liability insurance policy)
both during the Term and during the six-year period thereafter in the same amount and to the same extent, if any, as the Company and Parent (as applicable) covers their respective other officers and directors
during any such period of time. In no event shall you be liable to the Company or any member of the Parent Group as a result of the performance of your duties hereunder except as a result of your willful misconduct or knowing violation of applicable
law. Each of the Company (on its own behalf and on behalf of Parent) shall ensure that their respective constituent documents shall at all times provide for the maximum limitation on liability for their officers and directors that is permitted by
applicable law as in effect from time to time. 
 20.    Amendment and Waiver. The
provisions of this Agreement may be amended or waived only with the prior written consent of the Board and you, and no course of conduct or failure or delay in enforcing the provisions of this Agreement shall affect the validity, binding effect or
enforceability of this Agreement. 
 21.    Company Representations. The Company represents
and warrants that this Agreement has been duly authorized and approved by the Board. 
 22.    Executive
Representations. You hereby represent and warrant that you are not restricted or prohibited, contractually or otherwise, from entering into and performing each of the terms and covenants contained in this Agreement, and that your
execution and performance of this Agreement will not violate or breach any other agreements between you and any other person or entity. 

23.    Notices. Notices and all other communications provided for in this Agreement shall be
delivered to the addresses set forth below: 
 To the Company: 

Torrid LLC 

18305 East San Jose Avenue 

City of Industry, California 91748 

Attn: Head of Human Resources 

With copies (which shall not constitute notice) to: 

Sycamore Partners 

9 West 57th Street 

31st Floor 

New York, NY 10019 

Attention: Stefan Kaluzny; Dary Kopelioff 

Telecopy: 212-796-8560 

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 Kirkland & Ellis LLP 

300 N. LaSalle Street 

Chicago, IL 60654 

Attention: James P. Faley, P.C. 

Telecopy: 312-862-2200 

to you, at the address then on file for you at the Company. 

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 Please countersign a copy of this Agreement to evidence your agreement to the terms and
conditions contained herein. 
  

			
	Sincerely,
	
	TORRID LLC
		
	By:	 	Torrid Intermediate LLC
		
	Its:	 	Manager
		
	By:	 	 /s/ Stephan Kaluzny

		 	Stephan Kaluzny
		 	Manager

 ACKNOWLEDGED, ACCEPTED AND AGREED: 
  

	
	 /s/ Elizabeth Muñoz-Guzman

	Elizabeth Muñoz-Guzman

 Date: December 13, 2019  

 Exhibit A 

Release Agreement 
 [See
Attached]EX-10.12

 Exhibit 10.12 

EXECUTION VERSION 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made as of December 13, 2019, by and between Torrid LLC, a California
limited liability company (the “Company”), and Marc Katz (“Executive”), a resident of New Jersey. This Agreement shall become effective as of the date hereof; provided that in the event the Commencement Date
(as defined below) does not occur by January 3, 2020, neither the Executive nor the Company will have any rights or obligations pursuant to this Agreement and this Agreement shall be null and void ab initio. 

WHEREAS, the Company desires to employ Executive during the Employment Period, and Executive is willing to accept employment with the Company,
on the terms and conditions set forth herein; and 
 WHEREAS, the agreements of Executive in Sections 6, 7 and 8 are
material inducements to enter into this Agreement, 
 In consideration of the mutual covenants contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1.
Definitions. In this Agreement: 
 “Base Salary” has the meaning given to that term in
Section 3(a). 
 “Board” shall mean (i) during any such period in which Torrid Intermediate
LLC, a Delaware limited liability company, or any affiliate thereof, is the managing member of the Company and the Company shall not have a board of directors or board of managers, the board of managers of Torrid Intermediate LLC, and
(ii) otherwise, the board of directors or board of managers or other similar governing body, as applicable, of the Company. 

“Cause” means Executive (i) is convicted of a felony or other crime involving either dishonesty towards the Company or
any of its Subsidiaries or material misuse of property of the Company or any of its Subsidiaries; (ii) engages in willful misconduct or fraud with respect to the Company or any of its Subsidiaries or any of their customers or suppliers or an
intentional act of dishonesty or disloyalty in the course of Executive’s employment; (iii) refuses to perform Executive’s material obligations under this Agreement (except in connection with a Disability) as reasonably directed by the
Board or the Company’s chief executive officer, which failure is not cured within 15 days after written notice thereof to Executive; (iv) misappropriates one or more of the Company’s or any of its Subsidiaries material assets or
business opportunities; or (v) breaches Sections 6, 7 or 8 hereof which breach, if capable of being cured, is not cured within 10 days after written notice thereof has been delivered to Executive. The Company may allow
Executive an extension of time to cure a breach if the Board, in its sole discretion, determines that such extension is appropriate under the circumstances. 

“Company” has the meaning set forth in the preamble above; together with its Subsidiaries and affiliates and includes all
predecessor entities. 

 “Confidential Information” has the meaning given to that term in
Section 6(a). 
 “Court” has the meaning given to that term in
Section 9(b). 
 “Disability” means Executive’s inability to perform the essential duties,
responsibilities and functions of Executive’s position with the Company and its Subsidiaries for a continuous period of 180 days as a result of any mental or physical disability or incapacity, as determined under the definition of disability in
the Company’s long-term disability plan so as to qualify Executive for benefits under the terms of that plan or as determined by an independent physician to the extent no such plan is then in effect. Executive shall reasonably cooperate in
all respects with the Company if a question arises as to whether Executive has become disabled (including, without limitation, submitting to an examination by a medical doctor or other health care specialists selected by the Company and authorizing
such medical doctor or such other health care specialist to discuss Executive’s condition with the Company). 
 “Employment
Period” means the period commencing on the date Executive commences employment with the Company, which shall be a date to be mutually agreed between the Company and Executive but in any event no later than January 3, 2020 (the
“Commencement Date”) and ending on the date of Executive’s termination of employment as contemplated in Section 5(a). 

“Fair Market Value” has the meaning set forth in the Fourth Amended and Restated Limited Liability Company Agreement of
Parent; provided, however, that (a) prior to an IPO, for purposes of the repurchase right set forth in Section 4 of that certain Incentive Unit Purchase Agreement dated December 13, 2019 by and between Executive and Torrid Holding LLC
the determination of “Fair Market Value” shall not include any discounts for lack of marketability or minority ownership of the units being repurchased and (b) following an IPO, the Fair Market Value of IPO Issuer shall mean, unless
otherwise required by any applicable provision of the Code or any regulations issued thereunder, the last sales price reported for the applicable security on the valuation date as reported on the principal national securities exchange in the United
States on which it is then traded. 
 “Good Reason” means the occurrence of any of the following events without the written
consent of Executive: (i) a material diminution of Executive’s duties or the assignment to Executive of duties that are inconsistent in any substantial respect with the position, authority or responsibilities associated with
Executive’s position as set forth pursuant to Section 2(b), other than any such authorities, duties or responsibilities assigned at any time which are by their nature, or which are identified at the time of assignment,
as being temporary or short-term; (ii) the Company’s requiring Executive to be based at a location which is fifty (50) or more miles from the City of Industry, California; or (iii) a material breach by the Company of its
obligations pursuant to this Agreement (including, without limitation, its obligations pursuant to Section 3) (which such breach goes uncured after notice and a reasonable opportunity to cure); provided,
however, no condition enumerated in the preceding shall be deemed to be “Good Reason” unless within thirty (30) days of the initial existence of such condition, Executive shall have given the Company written notice
thereof specifically describing the condition giving rise to “Good Reason” and allowing the Company a period of at least thirty (30) days from the date of receipt of the notice to remedy such condition. Notwithstanding the
foregoing, in no event will a 

  
 2 

 
condition give rise to “Good Reason” hereunder unless within ten (10) days after the expiration of the period provided in the Executive’s notice for the Company to
remedy said condition but in no event later than one hundred and twenty (120) days initial existence of said condition, Executive shall have actually terminated his employment with the Company by giving written notice of resignation for failure
of the Company to remedy such condition. 
 “IPO” means an initial public offering and sale of any common stock of any
member of the Parent Group pursuant to an effective registration statement under the Securities Act. 
 “IPO Issuer” means
the applicable member of the Parent Group whose common stock is registered in the IPO. 
 “Parent Group” means,
collectively, Torrid Holdings L.L.C., a Delaware limited liability company (“Parent”), and each of its subsidiaries (including the Company). Any references to the “members of the Parent Group” and similar phrases shall be
deemed to refer to Parent and its subsidiaries (including the Company). 
 “Termination Year” means the calendar year in
which the Employment Period is terminated. 
 “Securities Act” means the Securities Act of 1933, as amended, and applicable
rules and regulations thereunder, and any successor to such statute, rules or regulations. Any reference herein to a specific section, rule or regulation of the Securities Act shall be deemed to include any corresponding provisions of future law.

 “Subsidiaries” means any corporation or other entity of which the securities or other ownership interests having the
voting power to elect a majority of the board of directors or other governing body are, at the time of determination, owned by the Company, directly or through one of more Subsidiaries. 

“Work Product” has the meaning given to that term in Section 7. 

2. Employment, Position and Duties. 

(a) The Company shall employ Executive and Executive hereby accepts employment with the Company, upon the terms and conditions set forth in
this Agreement for the Employment Period. 
 (b) During the Employment Period, Executive shall serve as President & Chief Financial
Officer of the Company, working at the Company’s offices in City of Industry, California, and shall perform the normal duties, responsibilities and functions of an executive officer of a company of a similar size and type and shall have such
power and authority as shall reasonably be required to enable Executive to perform Executive’s duties hereunder, subject to the power and authority of the Board to expand or limit such duties, responsibilities, functions, power and authority
and to overrule actions of officers of the Company in a manner consistent with the traditional responsibilities of such office. 

  
 3 

 (c) During the Employment Period, Executive shall (i) render such administrative,
financial and other executive and managerial services to the Company and its Subsidiaries which are consistent with Executive’s position as the Board may from time to time direct, (ii) report to the Board or the Company’s chief
executive officer and shall devote Executive’s best efforts and Executive’s full business time and attention (except for permitted vacation periods and reasonable periods of illness or other incapacity) to the business and affairs of the
Company and its Subsidiaries and (iii) submit to the Board all business, commercial and investment opportunities presented to Executive or of which Executive becomes aware which relate to the business of the Company and its Subsidiaries, and
unless approved by the Board in writing, Executive shall not pursue, directly or indirectly, any such opportunities on Executive’s own behalf. Executive shall perform Executive’s duties, responsibilities and functions to the Company
and its Subsidiaries hereunder to the best of Executive’s abilities in a diligent, trustworthy and professional manner. 
 3.
Compensation and Benefits. 
 (a) During the Employment Period, Executive’s base salary shall be a minimum of Eight Hundred
Thousand Dollars ($800,000.00) per annum (as increased or decreased in accordance with this Agreement from time to time, the “Base Salary”), which salary shall be payable by the Company in regular installments in accordance with the
Company’s general payroll practices (in effect from time to time). Executive’s Base Salary will be subject to annual review and increase or decrease (but shall not be decreased below the Base Salary in effect on the date of this
Agreement) by the Board during the Employment Period. 
 (b) For each fiscal year of the Company during the Employment Period, commencing
with the fiscal year commencing on February 2, 2020, Executive shall be entitled to participate in the Company’s annual bonus plan for similarly-situated senior executives as such is approved by the Board or a committee thereof, as in
effect from time to time, with a target annual bonus of One-hundred percent (100%) of Executive’s Base Salary (“Target Bonus”) and a maximum annual bonus opportunity of up to Two-hundred percent (200%) of Executive’s Base Salary. Executive’s annual plan performance targets will be established annually by the Board prior to the start of each fiscal year (which targets will
generally focus on financial metrics of the Company in comparison to budget). Any bonus earned under this Section 3(b) shall be paid as soon as practicable and within forty-five (45) days following the completion of
Parent’s audit for the fiscal year during which such bonus was earned under this Section 3(b), subject to Executive’s continuous employment through the applicable payment date. In addition to the foregoing,
subject to Executive’s continued employment through the payment date thereof, Executive shall receive a Target Bonus in respect of the Company’s fiscal year ending February 1, 2020, pro rated based on the period of time between the
Commencement Date and February 1, 2020. 
 (c) As soon as reasonably practicable following the Commencement Date, Executive will be
granted 700,000 Class E Units and 700,000 Class F Units of Torrid Holding LLC (the “Incentive Units”), which are intended to be treated as “profits interests” for U.S. federal income tax purposes. The Incentive
Units will vest in accordance with and otherwise be subject to the terms and conditions of the Fourth Amended and Restated Limited Liability Company Agreement of Parent and an Incentive Unit Purchase Agreement substantially in the form attached
hereto as Exhibit B. 

  
 4 

 (d) The Board, or a committee or appointee thereof, during the term of this Agreement, shall
review annually, or at more frequent intervals which the Board determines is appropriate, Executive’s compensation and may award Executive compensation as the Board deems appropriate in its sole discretion; provided, however, that
Executive’s base salary shall not be reduced pursuant to any such review or otherwise. 
 (e) Executive shall be entitled to twenty
work days of paid vacation each calendar year in accordance with the Company’s policies, which if not taken in any year may not be carried forward to any subsequent calendar year and no compensation shall be payable in lieu thereof. Such
vacation will accrue as of January 1 of each year, except that if Executive’s employment commences after January 31 of any calendar year, Executive shall accrue twenty days of paid vacation pro rated for the number of full calendar
months remaining in the calendar year in which the Employment Period commences. 
 (f) During the Employment Period, the Company shall
reimburse Executive for all reasonable business expenses incurred by Executive in the course of performing Executive’s duties, responsibilities and functions under this Agreement which are consistent with the Company’s policies in effect
from time to time with respect to travel, entertainment and other business expenses, subject to the Company’s requirements with respect to reporting and documentation of such expenses. 

(g) Executive shall be eligible to receive benefits in accordance with the Company’s standard benefit plans approved by the Board which
are provided to other senior executives of the Company (excluding any incentive equity compensation, which will be determined on a case by case basis), as the same may be amended, modified or replaced from time to time, which at a minimum will
include health insurance on the same terms and conditions provided to other senior management team members of the Company. 
 (h) Executive
will be indemnified and defended for acts performed (or omissions made) in Executive’s capacity as an officer or director of the Company to the fullest extent specified in the Company’s operating agreement and as permitted under Delaware
or California law, as applicable. 
 (i) The Company will reimburse Executive for reasonable and demonstrated
out-of-pocket costs incurred in connection with the relocation of Executive’s principal residence to the vicinity of the Company’s headquarters in City of
Industry, grossed-up for any income or other taxes incurred by Executive due to such reimbursement, up to an aggregate amount not to exceed $250,000, including the value of any
gross-up amount, and otherwise in accordance with the Company’s relocation policy in effect from time to time (the “Relocation Expenses”). The Company’s relocation policy includes
the following moving-related expenses: (i) packing and moving of household goods, (ii) one house hunting trip to California, (iii) shipment of up to two automobiles, (iv) temporary housing and storage of household goods for up to
90 days, (v) standard and customary costs associated with the sale of Executive’s current home in New Jersey, including realtor fees/commissions not to exceed 6%, (vi) standard and customary closing

  
 5 

 
costs, excluding points on a loan, associated with the purchase of a home in California prior to January 1, 2021, and (vii) certain miscellaneous fees and expenses. All Relocation
Expenses payable under this Section 3(i) shall be reimbursed subject to Executive’s presentment to the Company of appropriate documentation. If Executive’s employment is terminated prior to the twelve (12)-month
anniversary of the Commencement Date for any reason other than by the Company without Cause, by Executive for Good Reason or due to Executive’s death or Disability, Executive will repay to the Company the amount of the Relocation Expenses
actually paid by the Company to Executive pursuant to this Section 3(i). 
 (j) Upon presentation of appropriate
documentation, the Company shall pay Executive’s reasonable attorneys’ fees incurred in connection with the negotiation and documentation of this Agreement, up to a maximum of $10,000 which shall be paid on or as soon as reasonably
practicable following the Commencement Date. 
 (k) To the extent any reimbursements or in-kind
benefits under this Agreement constitute “non-qualified deferred compensation” for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), (i)
all such expenses, benefits or other reimbursements under this Agreement shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by Executive, (ii) any right to such
reimbursement or in kind benefits is not subject to liquidation or exchange for another benefit, and (iii) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any
taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year. 

4. Certain Matters Upon an IPO. 

(a) If an IPO occurs during the Employment Period, then Executive shall be entitled to a one-time
grant of restricted stock units or restricted share awards (the “IPO Stock Award”) in respect of such number of shares of common stock of the IPO Issuer as is equal to $1.0 million divided by the initial public offering price
per share of common stock of the IPO Issuer offered to the public in the IPO. The IPO Stock Award will be granted as soon as reasonably practicable following the date of the IPO (the “IPO Date”). The IPO Stock Award (i) shall
vest as to (x) 50% of the shares of common stock subject to the IPO Stock Award as of the date of grant, (y) 50% of the shares of common stock subject to the IPO Stock Award in equal installments on each of the first, second, and third anniversaries
of the IPO Date, provided that Executive is employed by the Company through the applicable vesting date, and (ii) shall be subject to such other terms and conditions consistent with the IPO Issuer’s grant of equity-based awards to
similarly-situated employees. At the Executive’s election, the Executive may satisfy payment of any required withholding in respect of federal, state, local or foreign taxes by directing the IPO Issuer to withhold a number of shares of common
stock subject to the IPO Stock Award having a Fair Market Value as of the required withholding date equal to the minimum tax withholding requirement; provided the IPO Issuer is not, as of the date of required withholding, restricted from
selling such shares of common stock on Executive’s behalf on the securities exchange on which IPO Issuer is listed (pursuant to any underwriter lockup, blackout period or otherwise). 

  
 6 

 (b) In addition, if an IPO occurs during the Employment Period, Executive shall be eligible
to receive an annual incentive equity award grant in a form and at a time determined by the Compensation Committee of the board of directors of the IPO Issuer on terms and conditions no less favorable to Executive than those provided to other senior
management team members of the Company, with the amount of such annual incentive equity awards (and the timing of the grant of such awards) to be determined by the Compensation Committee of the board of directors of the IPO Issuer. All such annual
incentive equity awards granted to Executive shall be subject to vesting and other terms of a company-wide equity plan to be implemented by the IPO Issuer in connection with the IPO. 

5. Termination and Payment Terms. 

(a) The Employment Period shall end (i) immediately upon Executive’s resignation, death or Disability and (ii) the Employment
Period may be terminated by the Company, with or without Cause at any time prior to such date. Except as otherwise provided herein, any termination of the Employment Period by the Company shall be effective as specified in a written notice from
the Company to Executive. 
 (b) If the Employment Period is terminated: 

(i) by the Company other than for Cause or by Executive resigning for Good Reason, Executive shall be entitled to receive (1) all
previously earned and accrued but unpaid Base Salary and vacation and unpaid business expenses up to the date of such termination, (2) any unpaid bonus earned by Executive for the fiscal year prior to the Termination Year, but then unpaid, and
any other amounts owed under Sections 3(i) or 3(j), (3) the pro rata portion of Executive’s annual bonus (pursuant to Section 3(b) hereof) during the Termination Year, based on the extent to which performance
conditions are achieved for such year, pro rated based on the number of days of the Termination Year, prior to the date of termination, which payment shall be made when the bonus payments for such Termination Year, are otherwise due;
(4) severance pay in the full amount of Base Salary at the time of termination or expiration from the date of termination, through the period ending on the first anniversary of the date of termination and (5) if Executive is eligible for,
and timely elects, continued coverage under COBRA for Executive and/or his eligible dependents under the Company’s group health insurance plans, the Company shall pay the COBRA premiums necessary to continue the health, life and other welfare
insurance coverage as may be in effect for Executive and/or his eligible dependents as of the date of Executive’s termination of employment with the Company until the earliest of (x) twelve (12) months following Executive’s
termination date (the “COBRA Severance Period”); (y) the expiration of Executive’s eligibility for continuation coverage under COBRA; and (z) the date on which Executive becomes eligible for group health insurance coverage
in connection with new employment. If Executive becomes eligible for coverage under another employers group health plan, or otherwise ceases to be eligible for COBRA coverage during the COBRA Severance Period, Executive must immediately notify the
Company of such event, and the Company’s obligation to pay COBRA premiums on Executive’s behalf will cease. The Company may modify the continuation coverage contemplated by this Section 5(b)(i)(5) to the extent
reasonably necessary to avoid the imposition of any excise taxes on the Company for failure to comply with the nondiscrimination requirements of the Patient Protection and Affordable Care Act of 2010, as amended, and/or the Health Care and Education
Reconciliation Act of 2010, as amended (to the extent applicable). 

  
 7 

 (ii) for any other reason, including as a result of Executive’s death, Disability,
voluntary resignation for other than Good Reason or by the Company for Cause, Executive’s sole entitlement shall be to receive all previously earned and accrued but unpaid Base Salary, vacation and unpaid business expenses up to the date of
such termination or expiration and Executive shall not be entitled to any further Base Salary, bonus payments or benefits for that year or any future year, except as required by the specific provisions of any benefit plan or by law, or to any other
severance compensation of any kind. 
 (c) Executive agrees that: (i) Executive shall be entitled to the payments and services provided
for in Sections 5(b)(i)(3), 5(b)(i)(4), and 5(b)(i)(5), if any, if and only if Executive has executed and delivered the Release (and no longer subject to revocation, if applicable) attached as Exhibit
A within sixty days following the date of termination and Executive has not breached as of the date of termination of the Employment Period the provisions of Sections 6, 7 and 8 hereof and docs
not breach such sections or such covenants at any time during the period for which such payments or services are to be made; and (ii) the Company’s obligation to make such payments and services will terminate upon the occurrence of any
such breach during such period. 
 (d) Except as stated above, any payments pursuant to Section 5(b) shall be paid by the Company in
regular installments in accordance with the Company’s general payroll practices, and following such payments the Company shall have no further obligation to Executive pursuant to this Section 5 except as provided by law; provided that to
the extent that the payment of any amount constitutes “nonqualified deferred compensation” for purposes of Section 409A of the Code (as defined in subsection (g) hereof), any such payment scheduled to occur during the first sixty
(60) days following the termination of employment shall not be paid until the first regularly scheduled pay period following the sixtieth (60th) day following such termination and shall include payment of any amount that was otherwise scheduled
to be paid prior thereto. All amounts payable to Executive as compensation hereunder shall be subject to all customary withholding, payroll and other taxes. The Company shall be entitled to deduct or withhold from any amounts payable to Executive
any federal, state, local or foreign withholding taxes, excise tax, or employment taxes imposed with respect to Executive’s compensation or other payments or Executive’s ownership interest in the Company (including, without limitation,
wages, bonuses, dividends, the receipt or exercise of equity options and/or the receipt or vesting of restricted equity). 
 (e) Executive
hereby agrees that except as expressly provided herein, no severance compensation of any kind, nature or amount shall be payable to Executive and except as expressly provided herein, Executive hereby irrevocably waives any other claim for severance
compensation. 
 (f) Except as provided in Sections 5(b)(i) and 5(b)(ii) above, all of Executive’s rights pursuant to
Sections 3 and 4 shall cease upon the termination of the Employment Period. 

  
 8 

 (g) Notwithstanding anything herein to the contrary, if, at the time any payment is payable
to Executive pursuant to the provisions of Section 5(b)(i) above as a result of Executive’s “separation from service” (within the meaning of Section 409A of the Internal revenue Code of 1986, as
amended (the “Code”) and the regulations promulgated thereunder, the Company or any company in the affiliate group in which the Company’s financial statements are consolidated in accordance with generally accepted accounting
principles has a class of equity securities traded on an established domestic or foreign securities market or otherwise including, without limitation, trading on an American exchange only as American Depositary receipts
(“ADR’S”) and Executive is designated a “specified person” (as such term is defined in Section 409A of the Code and the regulations promulgated thereunder) pursuant to Section 409A of the Code and the
regulations promulgated thereunder, then during the six month period from and after the date of Executive’s “separation from service” the amount payable to Executive pursuant to the provisions of
Section 5(b)(i) of the Employment Agreement shall not exceed the lesser of (x) two times Executive’s annual base compensation or (y) two times the amount determined pursuant to Section 401(a)(17) of the
Code, and any excess amount which accrues to Executive during such period shall be withheld during such period and paid to Executive in a lump sum upon the expiration of six months after the date of “separation from service” (or ,
if earlier than the end of such six month period, upon Executive’s death). Any further amounts payable to Executive pursuant to Section 5(b)(i) thereafter accruing shall be paid on their scheduled payment dates.

 6. Confidential Information. 

(a) Executive acknowledges and agrees that the information, observations and data (including trade secrets) obtained by Executive while
employed by the Parent, Company and its Subsidiaries concerning the business or affairs of the Company and its Subsidiaries are the confidential information (“Confidential Information”), and the property, of the Company and/or its
Subsidiaries. Without limiting the foregoing, the term “Confidential Information” shall be interpreted as broadly as possible to include all observations, data and other information of any sort that are (i) related to any
past, current or potential business of the Parent, Company or any of its Subsidiaries or any of their respective predecessors, and any other business related to any of the foregoing, and (ii) not generally known to and available for use by
those within the line of business or industry of the Company or by the public (except to the extent such information has become generally known to and available for use by the public as a direct or indirect result of Executive’s unauthorized
acts or omissions) including all (A) Work Product (as defined below); (B) non-public information concerning development, acquisition or investment opportunities in or reasonably related to the business or
industry of the Company or any of its Subsidiaries of which Executive is aware or becomes aware during the term of his employment; (C) non-public information identifying or otherwise concerning any
current, former or prospective suppliers, distributors, contractors, agents or customers of the Company or any of its Subsidiaries; (D) non-public development, transition, integration and transformation
plans, methodologies, processes and methods of doing business; (E) non-public strategic, marketing, promotional and financial information (including all financial statements), business and expansion
plans, including plans and information regarding planned, projected and/or potential sales, pricing, discount and cost information; (F) information identifying or otherwise concerning employees, independent contractors and consultants;
(G) information on new and existing programs and services, prices, terms, and related information; (H) the terms of this Agreement; 

  
 9 

 
(I) all information marked, or otherwise designated, as confidential by the Company or any of its Subsidiaries or which Executive should reasonably know is confidential or proprietary information
of the Company or any of its Subsidiaries; (J) all information or materials similar or related to any of the foregoing, in whatever form or medium, whether now existing or arising hereafter (and regardless of whether merely stored in the mind
of Executive or employees or consultants of the Company or any of its Subsidiaries, or embodied in a tangible form or medium); and (K) all tangible embodiments of any of the foregoing. 

(b) Therefore, Executive agrees that, except as required by law or court order, including, without limitation, depositions, interrogatories,
court testimony, and the like (and in such case provided that Executive must give the Company and/or its Subsidiaries, as applicable, prompt written notice of any such legal requirement, disclose no more information than is so required and permit
the Company to seek, at the Company’s sole cost and expense, confidential treatment where available and cooperate fully with all efforts by the Company and/or its Subsidiaries to obtain a protective order or similar confidentiality treatment
for such information), Executive shall not disclose to any unauthorized person or entity or use for Executive’s own purposes any Confidential Information without the prior written consent of the Board, unless and to the extent that the
Confidential Information becomes generally known to and available for use by the public other than as a direct or indirect result of Executive’s unauthorized acts or omissions. Executive shall deliver to the Company at the termination or
expiration of the Employment Period, or at any other time the Company may request, all memoranda, notes, plans, records, reports, computer tapes, printouts and software and other documents and data (and copies thereof) embodying or relating to the
Confidential Information (including any Work Product (as defined below)) or the business of the Company and its Subsidiaries which Executive may then possess or have under Executive’s control and if, at any time thereafter, any such materials
are brought to Executive’s attention or Executive discovers them in his possession or control, Executive shall deliver such materials to the Company immediately upon such notice or discovery. 

(c) 18 U.S.C. § 1833(b) provides: “An individual shall not be held criminally or civilly liable under any Federal or State trade
secret law for the disclosure of a trade secret that—(A) is made—(i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or
investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.” Nothing in this Agreement is intended to conflict with 18 U.S.C. §
1833(b) or create liability for disclosures of trade secrets that are expressly allowed by 18 U.S.C. § 1833(b). Accordingly, the parties to this Agreement have the right to disclose in confidence trade secrets to federal, state, and local
government officials, or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law. The parties also have the right to disclose trade secrets in a document filed in a lawsuit or other proceeding, but only if the
filing is made under seal and protected from public disclosure. 
 (d) Notwithstanding anything to the contrary contained herein, no
provision of this Agreement shall be interpreted so as to impede Executive (or any other individual) from reporting possible violations of federal law or regulation to any governmental agency or entity, including, but not limited to, the Department
of Justice, the Securities and Exchange 

  
 10 

 
Commission, the Congress, and any agency Inspector General, or making other disclosures under the whistleblower provisions of federal law or regulation. Executive does not need the prior
authorization of the Company to make any such reports or disclosures and Executive shall not be required to notify the Company that such reports or disclosures have been made. 

(e) From and after the Commencement Date and following termination of Executive’s employment with the Company, (i) Executive agrees
not to make any statement that is intended to become public, or that should reasonably be expected to become public, and that criticizes, ridicules, disparages or is otherwise derogatory of the Company, any of its subsidiaries and affiliates, or
their respective employees, officers, directors or equityholders and (ii) the Company agrees to direct its directors and executive officers not to make any statement that is intended to become public, or that should reasonably be expected to
become public, and that criticizes, ridicules, disparages or is otherwise derogatory of Executive. The foregoing shall not be violated by truthful statements in response to legal process, required governmental testimony or filings, or administrative
or arbitral proceedings (including, without limitation, depositions in connection with such proceedings). 
 7. Intellectual Property,
Inventions and Patents.
 (a) Executive acknowledges and agrees that all discoveries, concepts, ideas, inventions, innovations,
improvements, developments, methods, specifications, designs, analyses, drawings, reports, patents and patent applications, processes, programs, systems, software, firmware, materials, plans, sketches, models,
know-how, devices, developments, data, databases, technology, trade secrets, works of authorship, copyrightable works and mask works (whether or not including any confidential information) and all
registrations or applications related thereto, all other intellectual property or proprietary information and all similar or related information (whether or not patentable or copyrightable and whether or not reduced to tangible form or practice)
which relate to the Parent’s, Company’s or any Subsidiaries’ actual or anticipated business, research and development or existing or future products or services and which are conceived, developed or made by Executive (whether alone or
jointly with others) while employed by the Parent, Company or its Subsidiaries (“Work Product”) shall be deemed to be “work made for hire” (as defined in the Copyright Act, 17 U.S.C.A. §101 et seq., as amended)
and owned exclusively by the Company. To the extent that any Work Product is not deemed to be “work made for hire” under applicable law, and all right, title and interest in and to such Work Product have not automatically
vested in the Company, Executive hereby (A) irrevocably assigns, transfers and conveys, and shall assign transfer and convey, to the full extent permitted by applicable law, all right, title and interest in and to the Work Product on a
worldwide basis to the Company (or such other person or entity as the Company shall designate), without further consideration, and (B) waives all moral rights in or to all Work Product, and to the extent such rights may not be waived, agrees
not to assert such rights against the Company or its respective licensees, successors or assigns. Executive shall, at the Company’s expense, execute all documents and perform all actions reasonably requested by the Board (whether during or
after the Employment Period) to establish, confirm, evidence, effectuate, maintain, protect, enforce, perfect, record, patent or register any of the Company’s rights hereunder (including, without limitation, assignments, consents, powers of
attorney and other instruments). 

  
 11 

 (b) Notwithstanding anything to the contrary herein, the provisions of this
Section 7 will not apply to any Work Product which qualifies fully under the provisions of California Labor Code Section 2870, including any idea or invention which is developed entirely on Executive’s own time
without using the equipment, supplies, facilities or trade secret information of the Parent Group, and which is not related to the business of the Parent Group (either actual or demonstrably anticipated), and which does not result from work
performed for the Parent Group. 
 8. Conflict of Interest. 

(a) In further consideration of the compensation to be paid to Executive hereunder, Executive acknowledges and agrees that during the course
of Executive’s employment with the Company and its Subsidiaries Executive shall become familiar with the Company’s trade secrets and with other Confidential Information and that Executive’s services have been and shall be of special,
unique and extraordinary value to the Company and its Subsidiaries, and therefore, Executive agrees that, during his employment with the Company and for a period of one year thereafter (the “Restrictive Term”), Executive shall not
directly or indirectly (whether as an owner, partner, shareholder, agent, officer, director, employee, independent contractor, consultant or otherwise) own any interest in, operate, invest in, manage, control, participate in, consult with, render
services for (alone or in association with any person or entity), or in any manner engage in any business activity on behalf of a Competing Business within any geographical area in which the Company or its Subsidiaries operates or plan to
operate. Nothing herein shall prohibit Executive from being a passive owner of not more than 2% of the outstanding stock of any class of a corporation which is publicly traded, so long as Executive has no active participation in the business of
such corporation. For purposes of this paragraph, “Competing Business” means any person, entity or business in the United States of America engaged in any phase of the business of developing, manufacturing, marketing, selling,
licensing or distributing of products or services that are are the same as, or are substantially similar to, or which otherwise compete with the products or services of the Company and its subsidiaries, including products or services the Company
and/or its Subsidiaries have taken steps to engage in as of the date of Executive’s termination of employment, (whether in the retail store channel, direct marketing or e-commerce channel or any
combination of the foregoing or otherwise), including, but not limited to, any apparel business or division thereof that is engaged in the development, manufacturing, marketing, sale, licensing or distribution of
plus-size apparel; provided, that the foregoing prohibition shall not apply to any such person, entity or business that competes with the Company or any of its subsidiaries through a division,
subsidiary, or other business unit of such person, entity or business so long as Executive does not work or consult with or for, render any services to, or otherwise give advice to or in any manner participate or engage in any business activity on
behalf of, any such division, subsidiary, or business unit that does so compete. 
 (b) During the Restrictive Term, Executive shall not,
directly or indirectly, and shall ensure that any person or entity controlled by Executive does not, (i) induce or attempt to induce any employee of Parent, the Company or any Subsidiary to leave the employ of Parent, the Company or such
Subsidiary, or in any way interfere with the relationship between the Parent, the Company or any Subsidiary and any employee thereof, (ii) hire, directly or through another person, any person (whether or not solicited) who was an executive of
the Parent, the 

  
 12 

 
Company or any Subsidiary at any time within the one year period before Executive’s termination from employment, (iii) induce or attempt to induce any customer, supplier, licensee,
licensor, franchisee or other business relation of the Parent, the Company or any Subsidiary to cease doing business with the Parent, the Company or any Subsidiary, engage in or assist any person or entity in engaging in any Competing Business or in
any way interfere with the relationship between any such customer, supplier, licensee or business relation and the Parent, the Company or any Subsidiary (Executive understands that any person or entity that Executive contacted during the one year
period prior to the date of Executive’s termination of employment for the purpose of soliciting sales from such person or entity shall be regarded as a “potential customer” of Parent, the Company and its Subsidiaries as to whom
the Company has a protectible proprietary interest) or (iv) make or solicit or encourage others to make or solicit directly or indirectly any defamatory statement or communication about Parent, the Company or any of its Subsidiaries or any of
their respective businesses, products, services or activities (it being understood that such restriction shall not prohibit truthful testimony compelled by valid legal process). 

9. Enforcement. 
 (a)
Executive acknowledges and agrees that the Company entered into this Agreement in reliance on the provisions of Sections 6, 7 and 8 and the enforcement of this Agreement is necessary to ensure the preservation, protection and
continuity of the business of Parent, the Company and its Subsidiaries and other Confidential Information and goodwill of Parent, the Company and its Subsidiaries to the extent and for the periods of time expressly agreed to herein. Executive
acknowledges and agrees that he has carefully read this Agreement and has given careful consideration to the restraints imposed upon Executive by this Agreement, and is in full accord as to their necessity for the reasonable and proper protection of
confidential and proprietary information of Parent, the Company or any of its Subsidiaries now existing or to be developed in the future. Executive expressly acknowledges and agrees that each and every restraint imposed by this Agreement is
reasonable with respect to subject matter, time period and geographical area. 
 (b) Notwithstanding any provision to the contrary herein,
the Company or its Subsidiaries may pursue, at its discretion, enforcement of Sections 6, 7 and 8 in any court of competent jurisdiction (each a “Court”). 

(c) 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 invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any
other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. More specifically, if any Court determines that any of
the covenants set forth in Sections 6, 7 and 8 are overbroad or unreasonable under applicable law in duration, geographical area or scope, the parties to this Agreement specifically agree and authorize such Court to rewrite this
Agreement to reflect the maximum duration, geographical area and/or scope permitted under applicable law. 

  
 13 

 (d) Because Executive’s services are unique and because Executive has intimate
knowledge of and access to Confidential Information and Work Product, the parties hereto agree that money damages would not be an adequate remedy for any breach of Sections 6, 7 and 8, and any breach of the terms of Sections
6, 7 and 8 would result in irreparable injury and damage to the Company and its Subsidiaries for which the Company and its Subsidiaries would have no adequate remedy at law. Therefore, in the event of a breach or threatened
breach of Sections 6, 7 and 8, the Company or its successors or assigns, in addition to any other rights and remedies existing in their favor at law or in equity, shall be entitled to specific performance and/or immediate
injunctive or other equitable relief from a Court in order to enforce, or prevent any violations of, the provisions hereof (without posting a bond or other security), without having to prove damages. The terms of this
Section 9 shall not prevent the Company or any of its Subsidiaries from pursuing any other available remedies for any breach or threatened breach of this Agreement, including the recovery of damages from Executive. 

10. Executive’s Representations. Executive hereby represents and warrants to the Company that (i) the execution, delivery and
performance of this Agreement by Executive do not and shall not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which Executive is a party or by which he is bound,
(ii) Executive is not a party to or bound by any employment agreement, noncompete agreement or confidentiality agreement with any other person or entity and (iii) upon the execution and delivery of this Agreement by the Company, this
Agreement shall be the valid and binding obligation of Executive, enforceable in accordance with its terms. EXECUTIVE HEREBY ACKNOWLEDGES, AGREES AND REPRESENTS THAT EXECUTIVE HAS CONSULTED WITH INDEPENDENT LEGAL COUNSEL REGARDING
EXECUTIVE’S RIGHTS AND OBLIGATIONS UNDER THIS AGREEMENT AND THE TERMS OF THE RELEASE ATTACHED AS EXHIBIT A AND THAT EXECUTIVE FULLY UNDERSTANDS THE TERMS AND CONDITIONS CONTAINED HEREIN AND THEREIN. 

11. Company’s Representation. The Company represents and warrants to Executive that (i) it is duly incorporated and
authorized to enter into this Agreement and (ii) upon execution this Agreement will be a lawful and binding obligation of the Company. 

12. Survival. The provisions of Sections 3(h) and 3(k) and Sections 5 through 23, inclusive, shall
survive and continue in full force in accordance with their terms notwithstanding the termination of the Employment Period. 
 13.
Notices. Any notice provided for in this Agreement shall be in writing and shall be either personally delivered, sent by reputable overnight courier service with confirmation of delivery, sent by facsimile (with evidence of transmission)
or mailed by first class mail, return receipt requested, to the recipient at the address below indicated: 
 To Executive, at the address
then on file for Executive at the Company. 

  
 14 

 To the Company: 

Torrid LLC 
 18305 East San Jose
Avenue 
 City of Industry, California 91748 

Attn: Head of Human Resources 

With copies (which shall not constitute notice) to: 

Sycamore Partners 
 9 West 57th
Street 
 31st Floor 
 New York,
NY 10019 
 Attention: Stefan Kaluzny; Dary Kopelioff 

Telecopy: 212-796-8560 

Kirkland & Ellis LLP 

300 N. LaSalle Street 
 Chicago,
IL 60654 
 Attention: James P. Faley, P.C. 

Telecopy: 312-862-2200 

or such other address or to the attention of such other person as the recipient party shall have specified by prior written notice to the sending
party. Any notice under this Agreement shall be deemed to have been given when personally delivered, one (1) business day following delivery to the overnight courier service, if given by facsimile, when such facsimile is transmitted to the
applicable fax number specified above and the appropriate facsimile confirmation is received, or if so mailed, on receipt. 
 14.
Complete Agreement. This Agreement and those other documents expressly referred to herein embody the complete agreement and understanding among the parties hereto and supersede and preempt any prior understandings, agreements or
representations by or among the parties hereto, written or oral, which may have related to the subject matter hereof in any way. 
 15.
Counterparts. This Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same agreement. 

16. Successors and Assigns. This Agreement is intended to bind and inure to the benefit of and be enforceable by Executive, the
Company and their respective heirs, successors and assigns; provided, that the services provided by Executive under this Agreement are of a personal nature and rights and obligations of Executive under this Agreement shall not be assignable. 

17. Choice of Law. All issues and questions concerning the construction, validity, enforcement and interpretation of this
Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that
would cause the application of the laws of any jurisdiction other than the State of Delaware. In furtherance of the foregoing, the internal law of the State of Delaware shall control the interpretation and construction of this Agreement, even
though under that jurisdiction’s choice of law or conflict of law analysis, the substantive law of some other jurisdiction would ordinarily apply. 

  
 15 

 18. Consent to Jurisdiction. Each of the undersigned submits to the co-exclusive jurisdiction of the United States District Court and any Delaware state court sitting in Wilmington, Delaware over any lawsuit under this Agreement and waives any objection based on venue or forum non
conveniens with respect to any action instituted therein. Executive acknowledges and agrees that Executive was represented by counsel in connection with the negotiation of this Agreement, namely Preti, Flaherty, Beliveau & Pachios,
Chartered, LLP. Executive acknowledges and agrees that, pursuant to Section 925 of the California Labor Code, (a) Executive has waived the application of California law to this Agreement and any disputes under this Agreement,
(b) Executive has waived any right to have any disputes under this Agreement adjudicated in California, and (c) Executive acknowledges and agrees that any disputes under this Agreement shall not be deemed to be a controversy arising in
California. Each of the undersigned waives the necessity for personal service of any and all process upon it and consents that all such service of process may be made by registered or certified mail (return receipt requested), in each case directed
to such party in accordance with Section 13 hereof, and service so made will be deemed to be completed on the date of delivery. Each of the undersigned consents to service of process as aforesaid. Nothing in this Agreement
will prohibit personal service in lieu of the service by mail contemplated herein. 
 19. Waiver of Jury Trial. AS A
SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS AGREEMENT AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL, EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING
RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY. 
 20. Amendment and Waiver. The
provisions of this Agreement may be amended or waived only with the prior written consent of the Company (as approved by the Board) and Executive, and no course of conduct or course of dealing or failure or delay by any party hereto in enforcing or
exercising any of the provisions of this Agreement (including, without limitation, the Company’s right to terminate the Employment Period for Cause) shall affect the validity, binding effect or enforceability of this Agreement or be deemed to
be an implied waiver of any provision of this Agreement. 
 21. Key Man Life Insurance. The Company may apply for and obtain and
maintain a key man life insurance policy in the name of Executive together with other executives of the Company in an amount deemed sufficient by the Board, the beneficiary of which shall be the Company. Executive shall submit to physical
examinations and answer reasonable questions in connection with the application and, if obtained, the maintenance of, as may reasonably be required, such insurance policy. 

  
 16 

 22. Executive’s Cooperation. During the Employment Period and thereafter,
Executive shall reasonably cooperate with the Company and its Subsidiaries in any internal investigation or administrative, regulatory or judicial proceeding as reasonably requested by the Company (including, without limitation, Executive being
available to the Company upon reasonable notice for interviews and factual investigations, appearing at the Company’s request to give testimony without requiring service of a subpoena or other legal process, volunteering to the Company all
pertinent information and turning over to the Company all relevant documents which are or may come into Executive’s possession, all at times and on schedules that are reasonably consistent with Executive’s other permitted activities and
commitments). In the event the Company requires Executive’s cooperation in accordance with this section after the termination of the Employment Period, the Company shall reimburse Executive for all of Executive’s reasonable costs and
expenses incurred, in connection therewith, plus pay Executive a reasonable amount per day for Executive’s time spent. 
 23.
Certain Tax Matters. 
 (a) The intent of the parties is that payments and benefits under this Agreement comply with
Section 409A of the Code and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that
may be imposed on the Executive by Section 409A of the Code or damages for failing to comply with Section 409A of the Code. To the extent that reimbursements or other in-kind benefits under this
Agreement constitute “nonqualified deferred compensation” for purposes of Code Section 409A, (i) all expenses or other reimbursements hereunder shall be made on or prior to the last day of the taxable year following the taxable
year in which such expenses were incurred by the Executive, (ii) any right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (iii) no such
reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or
in-kind benefits to be provided, in any other taxable year. For purposes of Code Section 409A, the Executive’s right to receive any installment payments pursuant to this Agreement shall be treated as
a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole
discretion of the Company. Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes “nonqualified deferred compensation” for purposes of Code
Section 409A be subject to offset by any other amount unless otherwise permitted by Code Section 409A. 
 (b) Notwithstanding any
other provision of this Agreement to the contrary, to the extent that any payment or distribution of any type to or for Executive by the Company (or by any affiliate of the Company, any person or entity who acquires ownership or effective control of
the Company or ownership of a substantial portion of the Company’s assets (within the meaning of Section 280G of the Code and the regulations thereunder)), or any affiliate of such person or entity, whether paid or payable or distributed
or distributable pursuant to the terms of this Agreement or otherwise (the “Total Payments”), is or will be subject to the excise tax imposed under Section 4999 of the Code (the “Excise Tax”), then the Total
Payments shall be reduced (but not below zero) if and to the extent that a reduction in the Total Payments would result in Executive retaining a larger amount, on an after-tax basis (taking into account
federal, state and local income taxes and the Excise Tax), than if Executive received the entire amount of 

  
 17 

 
such Total Payments. The determination of whether the Total Payments shall be reduced and the amount of such reduction shall be provided to Executive by the Company, together with detailed
supporting calculations and documentation as soon as practicable following the occurrence of the relevant triggering event, and, absent manifest error, such determination shall be final and binding upon Executive and the Company. In the event a
portion of the Total Payments is required to be reduced, they shall be reduced in the following order of priority in a manner consistent with Section 409A: (i) first from cash compensation that is exempt from Section 409A,
(ii) next from equity compensation that is exempt from Section 409A, then (iii) from payments that are subject to Section 409A in reverse chronological order of scheduled distribution. 

*    *    *    *    * 

  
 18 

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

			
	TORRID LLC
		
	By:	 	Torrid Intermediate LLC
		
	Its:	 	Member
		
	By:	 	/s/ Stefan Kaluzny
		 	Stefan Kaluzny
		 	Manager

 ACKNOWLEDGED, ACCEPTED AND AGREED: 
  

	
	/s/ Marc Katz
	Marc Katz

  
 19 

Date:                 

Exhibit A 
 GENERAL RELEASE

Date:                 

Exhibit B 
 INCENTIVE UNIT
PURCHASE AGREEMENT

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