Document:

Employment Letter Agreement

 Exhibit 10.21 
 FRANCESCA’S HOLDINGS CORPORATION 
 3480 W 12th Street 
 Houston, Texas 77008 

September 25, 2009 
 Dear
Kal: 
 The purpose of this letter agreement is to memorialize the salary and certain benefits that you are entitled to receive
from Francesca’s Holdings Corporation, a Delaware corporation (the “Company”) or an applicable subsidiary of the Company, in connection with your employment with the Company or its subsidiaries. Your execution of this
letter agreement (this “Agreement”) will confirm your understanding of such terms and serve as your acceptance of them. In consideration of your agreement to the terms and conditions of employment as stated below, you will
assume the title and responsibilities of Executive Vice President, General Counsel; effective October 5, 2009. You will report to the Company CEO. You will carry out your employment responsibilities in accordance with business principles and
strategies approved by the Board of Directors of the Company. 
 1. Nature of Agreement and
Relationship. This Agreement does not represent an employment contract for any specified term. Your employment relationship thus will remain “at-will,” meaning that, subject to the terms hereof, either party to this
Agreement may terminate your employment at any time for any lawful reason; provided, however, that (a) in no event will the Company terminate your employment without Cause (as defined in Section 8) within the 48-month
period following the date hereof and (b) in no event will you voluntarily resign without notifying the Company of the date you intend to resign, which date must not be less than 60 days after the date the Company receives your notice.

 2. Salary, Bonus and Equity Incentive. For the period beginning on the date hereof
and continuing until the termination of your employment with the Company (the “Employment Period”) your base salary will be $150,000 per annum (the “Base Salary”). During the period beginning on the
date hereof and ending December 31, 2009, the Base Salary will be pro rated on an annualized basis. You will be paid by the Company or its subsidiaries in regular installments in accordance with the Company’s or such subsidiary’s
general payroll policies and practices. The Base Salary will be reviewed on an annual basis for potential upward adjustments. In addition to the Base Salary, during the Employment Period, you shall be entitled to receive a bonus payment of $40,000
beginning in fiscal year 2010; based 50% on the Company achievement of target EBITDA (as reasonably determined by the CEO in consistency with past practices) and 50% on the performance review of goals and objectives established prior to the review
period and agreed to by you and the CEO. In the event that the Company’s EBITDA for each fiscal year is less than the target, the CEO shall determine the amount of the bonus to be paid to you. Any bonus payments shall be made in cash at the
same time annual bonuses are paid to the Company’s employees generally. Effective October 5, 2009, you are awarded a one percent (1%) equity position in the Company (“Equity Incentive”) pursuant
to a separate Employee Stock Option Agreement (“Option Agreement”) of even date herewith a copy of which is attached hereto and incorporated herein for all purposes. If following an
acceleration 

 
and related information in whatever form. Therefore, you agree that you shall not disclose or use for your own account any of such Confidential Information, except as reasonably necessary for the
performance of your duties as an employee of the Company and its subsidiaries, without prior written consent of the Board of Directors, unless and to the extent that any Confidential Information (i) becomes generally known to and available for
use by the public other than as a result of your improper acts or omissions to act or (ii) is required to be disclosed pursuant to any applicable law (including without limitations any rules of professional responsibility applicable to
lawyers), regulatory action or court order; provided, however, that you must give the Company prompt written notice of any such legal requirement, disclose no more information than is so required, and cooperate fully with all efforts
by the Company (at the Company’s sole expense) to obtain a protective order or similar confidentiality treatment for such information. Upon the termination of the Employment Period, you agree to deliver to the Company, upon request, all
memoranda, notes, plans, records, reports and other documents (and copies thereof) relating to the business of the Company or its subsidiaries (including, without limitation, all Confidential Information) that you may then possess or have under your
control, other than such documents as are generally or publicly known other than as a result of your breach or actions in violation of this Agreement; provided, however, that you may maintain copies of any documents which you are
required to retain under rules of professional responsibility applicable to lawyers. 
 (b) Ownership of Intellectual
Property. If you create, invent, design, develop, contribute to or improve any works of authorship, inventions, materials, documents or other work product or other intellectual property, either alone or in conjunction with third parties, at any
time during the Employment Period (collectively, “Works”), to the extent that such Works were created, invented, designed, developed, contributed to, or improved with the use of any Company resources and/or within the scope
of such employment (collectively, the “Company Works”), you shall promptly and fully disclose such Company Works to the Company. Any copyrightable work falling within the definition of Company Works shall be deemed a
“work made for hire” as such term is defined in 17 U.S.C. § 101. You hereby (i) irrevocably assign, transfer and convey, to the extent permitted by applicable law, all right, title and interest in and to the Company Works on a
worldwide basis (including, without limitation, rights under patent, copyright, trademark, trade secret, unfair competition and related laws) to the Company or such other entity as the Company shall designate, to the extent ownership of any such
rights does not automatically vest in the Company under applicable law and (ii) waive any moral rights therein to the fullest extent permitted under applicable law. You agree that you will not use any Company Works for your personal benefit,
the benefit of a competitor, or for the benefit of any person or entity other than the Company or its subsidiaries. You agree to execute any further documents and take any further reasonable actions requested by the Company to assist it in
validating, effectuating, maintaining, protecting, enforcing, perfecting, recording, patenting or registering any of its rights hereunder, all at the Company’s sole expense. Upon termination of the Employment Period, you shall deliver to the
Company all originals and all duplicates and copies of all documents, records, notebooks, and similar repositories of or containing Confidential Information then in your possession, whether prepared by you or not; and at any time thereafter, if any
such materials are brought to your attention or you discover them in your possession, you shall deliver such materials to the Company immediately upon such notice or discovery. 

  
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 no adequate remedy at law. Therefore, in the event of a breach or threatened breach of Section 6 by you
or of Section 6(e) by the Company, the Company or its successors or assigns or you, as applicable, in addition to other rights and remedies existing in their or your favor, shall be entitled to specific performance and/or immediate
injunctive or other equitable relief from a court of competent jurisdiction in order to enforce, or prevent any violations of Section 6 (in the case of a breach by you) or Section 6(e) (in the case of a breach by the Company)
(without posting a bond or other security), without having to prove damages, and to the payment by the breaching party of all of the other party’s costs and expenses, including reasonable attorneys’ fees and costs, in addition to any other
remedies to which the other party may be entitled at law or in equity. The terms of this Section shall not prevent either party from pursuing any other available remedies for any breach or threatened breach hereof, including but not limited to the
recovery of damages from the other party. 
 8. Cause. For purposes of this Agreement,
“Cause” exists if: (i) you for any reason (other than death or disability) are materially unable to render or materially fail to render your duties for the Company and its subsidiaries, (ii) you materially violate
the policies or procedures of the Company and its subsidiaries (subject to a reasonable notice and opportunity to cure any such violation unless such violation is of the nature that notice and an opportunity to cure would be unreasonable), as such
policies and procedures are adopted or modified from time to time, or you fail to follow lawful directives of a higher level executive or the Company’s Board of Directors, (iii) you are grossly negligent or engage in willful misconduct in
connection with the performance of your duties for the Company and its subsidiaries, (iv) you commit any act of personal dishonesty intended to result in your personal enrichment at the expense of the Company or any of its subsidiaries or any
act of fraud or misappropriation of property of the Company or any of its subsidiaries in each instance to the material detriment of the Company, (v) you are convicted of or have entered a plea bargain or settlement admitting guilt for, any
felony or any misdemeanor, in each case, involving financial misconduct or matters relating to the business of the Company, (vi) you are the subject of any order, judicial or administrative, obtained or issued by the United States Securities
and Exchange Commission, for any securities violation involving fraud (other than any order attributable to the Company or its subsidiaries), including, for example, any such order consented to by you in which findings of facts or any legal
conclusions establishing liability are neither admitted nor denied or (vii) there is any material breach by you of this Agreement which after a reasonable cure period under the applicable circumstances remains uncured. This Agreement shall
automatically terminate upon your death or disability neither of which shall be deemed a termination for Cause. 
 9.
Entire Agreement. This Agreement (together with the Option Agreement) constitutes your entire agreement with the Company relating to the subject matter hereof, and supersedes in its entirety any and all prior agreements, understandings or
arrangements. 
 10. Amendment. The provisions of this Agreement may be amended or waived only with the prior
written consent of the Company and you. 
 11. Governing Law. All issues and questions concerning the
construction, validity, enforcement and interpretation of this Agreement and the exhibits and schedules hereto shall be governed by, and construed in accordance with, the laws of the State of Texas, without giving effect to any choice of law or
conflict of law rules or provisions (whether of the State of Texas or 

  
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 If the above correctly reflects our understanding and agreement with respect to the
foregoing matters, please so confirm by executing this letter agreement in the space provided below. 
  

			
	Sincerely,
	  
 FRANCESCA’S HOLDINGS
CORPORATION

		
	By:	 	/s/ John De Meritt
	Name:	 	John De Meritt
	Title:	 	President/CEO

  

	
	Acknowledged and agreed as of the date first above written:
	
	/s/ Khalid (Kal) M. Malik
	Khalid (Kal) M. Malik

  
 7Agreement and First Amendment to Employment Letter Agreement

 Exhibit 10.22 
 AGREEMENT 
 AND 

FIRST AMENDMENT TO 

EMPLOYMENT LETTER AGREEMENT 
 This Agreement and First Amendment to Employment Letter Agreement (this “Agreement”), dated as of February 26, 2010 is entered into by Francesca’s Holdings Corporation, a
Delaware corporation (the “Company”), and Khalid M. (Kal) Malik (“Executive”). Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to them in the Employment Agreement (as
defined below). The recitals set forth below are incorporated into this Agreement and made a part hereof. 
 WHEREAS, the
Company and Executive are parties to an Employment Letter Agreement, dated as of September 25, 2009 (the “Employment Agreement”) and that certain Employee Stock Option Agreement, dated as of October 5, 2009 (the
“Original Option Agreement”), pursuant to the Company’s 2007 Stock Incentive Plan (the “Plan”). 
 WHEREAS, reference is made to (i) that certain Stock Purchase Agreement (the “Founder Purchase Agreement”), dated as of February 26, 2010, by and among CCMP Capital Investors
II, L.P., a Delaware limited partnership and CCMP Capital Investors (Cayman) II, L.P., a Cayman Islands exempted limited partnership (collectively, “CCMP”), and the Company and certain other holders of the Company’s common
stock, par value $0.01 per share (the “Common Stock”), and (ii) that certain Stock Purchase Agreement (the “BGCP Purchase Agreement”), dated as of February 26, 2010 by and among CCMP, Bear Growth Capital
Partners, LP and BGCP/Francesca’s Holdings, LP (the transactions contemplated by the Founder Purchase Agreement and the BGCP Purchase Agreement are collectively referred to as the “Stock Transactions”). 

WHEREAS, effective immediately prior to the closing of the Stock Transactions, the Executive has validly exercised the options granted to
him under the Original Option Agreement (the “Company Options”) through the payment in full of the aggregate purchase price in cash (by a check payable to the order of the Company) as contemplated in Section 5 of the Original
Option Agreement (the “Option Exercise”) and has thereby acquired 1,015 shares of Common Stock in the Company (the “Option Shares”). 
 WHEREAS, Executive is a party to the Founder Purchase Agreement, and pursuant thereto, shall sell approximately one-half (the same constituting 515 shares) of the Common Stock owned by him. 

WHEREAS, Executive is a party to that certain Stockholders’ Agreement, by and among the Company, CCMP, Francesca’s Collections,
Inc., a Texas corporation, the Management Stockholders (as defined therein) and any other persons signatory thereto from time to time, dated as of February 26, 2010 (as amended, modified, supplemented or restated from time to time, the
“Stockholders’ Agreement”). 
 WHEREAS, Executive and the Company desire to amend the Employment
Agreement immediately prior to the closing of the Stock Transactions, as further described herein. 
 NOW, THEREFORE, in
consideration of the mutual covenants and agreements herein and other valuable consideration the receipt and sufficiency of which is hereby acknowledged, the Company and Executive agree as follows: 

1. Compensation Adjustment. Effective February 26, 2010, Section 2 of the Employment Agreement is hereby amended and restated in its
entirety to read as follows: 
 “2. Salary, Bonus and Equity Incentive. For the period beginning as of
February 1, 2010 and continuing until the termination of your employment with the Company (the “Employment Period”), your base salary will be $225,000 per annum (the “Base
Salary”), payable in 

 
accordance with the Company’s payroll policies and practices. The Base Salary will be reviewed on an annual basis for potential upward adjustments. Additionally, you will be entitled to
receive an annual bonus payment of up to 40% of your annual Base Salary beginning in fiscal year 2010 based on the achievement of goals and objectives established prior to the review period and established by the Company’s Chief Executive
Officer (the “CEO”), and approved by the Company’s board of directors. Any bonus payments shall be made in cash at the same time annual bonuses are paid to the Company’s employees generally;
provided, that, you must be employed by the Company at the time the Company pays its annual bonuses generally with respect to any such fiscal year in order to be eligible for an annual bonus (and, if you are not so employed at such time, in
no event shall you have been considered to have “earned” any such annual bonus). No later than thirty (30) days following the closing of the Stock Transactions, the Company will grant you an option (the “Equity
Incentive”) to acquire up to one-half of one percent (0.50%) of issued and outstanding shares of Common Stock (on a non-fully diluted basis) at the grant, evidenced by an Employee Stock Option Agreement between you and the
Company (the “New Option Agreement”), which will be pursuant to either the Company’s 2007 Stock Incentive Plan or a new equity incentive plan, as determined in the discretion of the Company’s board of
directors. The Equity Incentive will vest in equal monthly installments (as of the last day of each month) during the period beginning on the date hereof and ending as of the fourth yearly anniversary of the date hereof, provided that you remain
employed by the Company on each applicable vesting date. The Equity Incentive will not be eligible for accelerated vesting. The New Option Agreement will provide that upon your termination for Cause, any outstanding options that you have (whether
vested or unvested) will terminate immediately upon such termination. The per-share price of the Equity Incentive shall be the fair market value of a share of Common Stock on the date of grant, as reasonably determined by the Company’s board of
directors.” 
 2. Restrictive Covenants. 
 (a) Non-Solicitation. During the period during which Executive is employed ‘by the Company and during the twelve (12) month period following Executive’s termination of employment for
any reason, Executive will not directly or indirectly through any other person (i) induce or attempt to induce any employee or independent contractor of the Company or any affiliate of the Company to leave the employ or service, as applicable,
of the Company or such affiliate, or in any way interfere with the relationship between the Company or any such affiliate, on the one hand, and any employee or independent contractor thereof, on the other hand, or (ii) hire any person who was
an employee of the Company or any affiliate of the Company until twelve months after such individual’s employment relationship with the Company or such affiliate has been terminated. 

(b) Understanding of Covenants. Executive acknowledges and agrees that, in the course of his past employment, with the Company and
its affiliates, he was provided, and became familiar, with the Trade Secrets and Confidential Information (as defined below) belonging to the Company and its affiliates because he had contractually agreed, inter alia, not to disclose such
information and that the Company and its affiliates would not have provided him access to such information but for his non-disclosure agreement contained in the Employment Agreement. Executive further acknowledges and agrees that the Company and its
affiliates shall provide to him, and he shall become familiar with, additional Trade Secrets and Confidential Information belonging to the Company and its affiliates only if he contractually agrees, pursuant to this Agreement, not to disclose any
Trade Secrets and Confidential Information of the Company and its affiliates, and not to engage in certain post-employment solicitation activities (as described above); and that the Company and its affiliates would not provide him access to such
information but for his non-solicitation agreement set forth in this Agreement. As used in this Agreement, the term “trade Secrets and Confidential Information” means information that is not generally known to the public and that is
used, developed or obtained by the Company in connection with its business, including, but not limited to, information, observations and data obtained by the Executive while employed by the Company or any predecessors thereof (including those
obtained prior to the date 

  
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hereof) concerning (i) the business or affairs of the Company (or such predecessors), (ii) products or services, (iii) fees, costs and pricing structures, (iv) designs,
(v) analyses, (vi) drawings, photographs and reports, (vii) computer software, including operating systems, applications and program listings, (viii) flow charts, manuals and documentation, (ix) data bases,
(x) accounting and business methods, (xi) inventions, devices, new developments, methods and processes, whether patentable or unpatentable and whether or not reduced to practice, (xii) customers and clients and customer or client
lists, (xiii) other copyrightable works, (xiv) all production methods, processes, technology and trade secrets, and (xv) all similar and related information in whatever form. Trade Secrets and Confidential Information will not include
any information that has been published (other than a disclosure by Executive in breach of this Agreement) in a form generally available to the public prior to the date Executive proposes to disclose or use such information. Trade Secrets and
Confidential Information will not be deemed to have been published merely because individual portions of the information have been separately published, but only if all material features comprising such information have been published in
combination. 
 (c) Executive affirmatively represents, acknowledges and agrees that the foregoing non-solicitation covenant set
forth in Section 2(a) (the “Restrictive Covenant”) is: (i) reasonable in all respects, including in temporal scope; (ii) necessary to protect the Company’s legitimate business interests, including it and its
affiliates’ Trade Secrets and Confidential Information, goodwill, contractual and business relationships, investment in its workforce, and customer relations; and (iii) narrowly tailored, based upon input from all parties, to protect the
Company’s legitimate business interests without unduly circumscribing Executive’s rights and interests. 
 Without
limiting the generality of Executive’s agreement in the preceding paragraph, the Executive (i) represents that he is familiar with and has carefully considered the Restrictive Covenant, (ii) represents that he is fully aware of his
obligations hereunder, (iii) agrees to the reasonableness of the length of time and scope, as applicable, of the Restrictive Covenant, and (iv) agrees that the Restrictive Covenant will continue in effect for the applicable periods set
forth above in this Section 2 regardless of whether Executive is then entitled to receive severance pay or benefits from the Company. Executive understands that the Restrictive Covenant may limit his ability to earn a livelihood in a business
similar to the business of the Company and any of its affiliates, but he nevertheless believes that he has received and will receive sufficient consideration and other benefits as an employee of the Company and as otherwise provided hereunder or as
described in the recitals hereto to clearly justify such restrictions which, in any event (given his education, skills and ability), Executive does not believe would prevent him from otherwise earning a living. Executive agrees that the Restrictive
Covenant does not confer a benefit upon the Company disproportionate to the detriment of the Executive. 
 3. Enforcement. Executive
agrees that the provisions of Section 7 of the Employment Agreement “Enforcement” shall apply to Section 2 of this Agreement as if set forth herein. 
 4. Acknowledgement. Executive acknowledges that upon the Company’s issuance of the Option Shares to him, he shall have no further right to acquire any additional shares of the Company’s
Common Stock under the Original Option Agreement. Executive acknowledges and agrees that notwithstanding anything to the contrary in the Original Option Agreement or the Plan, the Option Shares are subject to the terms, conditions and limitations
set forth in the Stockholders’ Agreement. 
 5. Release; Indemnity. 

(a) Executive hereby releases, acquits and forever discharges the Company and its subsidiaries and their respective predecessors,
successors, assigns, officers, directors, partners, members, managers, stockholders, employees and agents (for the benefit of the Company, its subsidiaries, and their affiliates) (i) from all actions, causes of action, demands, suits,
contracts, agreements, encumbrances, Liabilities (as such term is defined in the Founder Purchase Agreement), or losses of any type, on account of, arising out of, or in any way related to Executive’s receipt, holding and exercise of any
Company Options or the issuance of any securities in connection with the exercise thereof, including any and all 

  
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Taxes (as such term is defined in the Founder Purchase Agreement) related thereto, and (ii) from any and all obligations of the Company with respect to any “Liquidity Bonus” (as
such term is used in the Employment Agreement). 
 (b) Executive hereby acknowledges and agrees that the consideration received
by him herein and in connection with the Stock Transactions in accordance with the terms and conditions of the Founder Purchase Agreement shall be deemed to satisfy in full all such “Liquidity Bonus” obligations of the Company, and that
the terms of the Employment Agreement applicable to such “Liquidity Bonus” are hereby terminated, declared null and void, and of no further force or effect. 
 (c) From and after the Closing (as such term is defined in the Founder Purchase Agreement), Executive shall indemnify, save and hold harmless the Company and its affiliates from any Liability (as such
term is defined in the Founder Purchase Agreement) related to any Taxes (as such term is defined in the Founder Purchase Agreement) incurred by the Company and its affiliates as a result of the issuance, holding or exercise of any Company Options or
the issuance of any securities in connection with the exercise thereof (it being understood that the Company shall not be entitled to a deduction related to the Company Options until such options are exercised). 

6. Entire Agreement. The Employment Agreement, this Agreement, the Original Option Agreement, the Founder Purchase Agreement and the
Stockholders’ Agreement constitute the entire agreement between Executive and the Company relating to the subject matter hereof, and supersede, in their entirety any and all prior agreements, understandings or arrangements. 

7. Ratification. Except as otherwise expressly provided in this Agreement, the Employment Agreement and the Original Option Agreement are hereby
ratified and confirmed and shall continue in full force and effect in accordance with their terms. 
 8. Counterparts. This Agreement may
be executed in identical counterparts, which when taken together shall constitute one and the same instrument. A counterpart transmitted by facsimile shall be deemed an original for all purposes. 

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

			
	 FRANCESCA’S HOLDINGS CORPORATION,
 a Delaware corporation

		
	By:	 	/s/ John De Meritt
		 	John De Meritt, President/CEO
	
	Executive:
		
		 	/s/ Khalid (Kal) M. Malik
		 	Khalid (Kal) M. Malik

  
 Malik
Amendment to Employment Agreement

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