Document:

Exhibit 10.22

 

SEPARATION AGREEMENT

 

This Separation Agreement (this “Agreement”)
is entered into between Laurie Hummel (“Ms. Hummel”) and Francesca’s Services Corporation, a Texas corporation
(the “Company”), and is dated as of August 20, 2017.

 

In consideration of the mutual covenants
undertaken and releases contained in this Agreement, Ms. Hummel and the Company hereby acknowledge and agree as follows:

 

1.                 
Termination of Employment. Ms. Hummel’s employment with the Company is deemed terminated “without Cause,”
effective September 19, 2017 (the “Severance Date”), pursuant to the Employment Letter Agreement dated October 26,
2015 (the “Employment Agreement”). As of the Severance Date, Ms. Hummel will no longer be an employee or hold any positions
as an officer of the Company. Ms. Hummel acknowledges and agrees that her termination constitutes (without necessity of any further
action) her resignation from any officer, or fiduciary position that she has with the Company, and she will provide written notice
effecting such resignation as required by the Company. Beginning on August 20, 2017, Ms. Hummel shall be on administrative leave
pursuant to Section 2(a) of the Employment Agreement. Ms. Hummel hereby acknowledges that she received no less than thirty (30)
days’ advance written notice of her termination “without Cause,” pursuant to Section 2(a) of the Employment Agreement.

 

2.                 
Compensation and Benefits. On or before thirty (30) days following the Severance Date, the Company will pay Ms. Hummel
(i) her normal pay in accordance with the Company’s normal payroll practices through the Severance Date, (ii) her accrued
and unused paid time off (if any), and (iii) any benefits that are due to her under the Company’s 401(k) plan in accordance
with the terms of that plan. As of the Severance Date, Ms. Hummel’s participation in all other Company benefit plans, including
the Company’s group health and dental insurance plans, shall cease. Ms. Hummel will receive a notice regarding the terms
of continuation of coverage under the Consolidated Omnibus Budget Reconciliation Act of 1986 (“COBRA”). Ms. Hummel
will be eligible to participate in COBRA for a period of up to eighteen (18) months. If Ms. Hummel chooses to participate in COBRA,
she will be responsible for all COBRA payment premiums.

 

3.                 
Consideration. In accordance with Section 2(b) and 2(c) of the Employment Agreement, and in consideration for the
releases and covenants by Ms. Hummel in this Agreement, the Company will pay Ms. Hummel an aggregate amount equal to $473,000.00
(Four Hundred Seventy-three Thousand Dollars and No Cents), which represents one (1) time the sum of Ms. Hummel’s Base Salary
(as that term is defined in Section 1(c) of the Employment Agreement) as in effect on the Severance Date (the “Severance
Benefit”) in substantially equal installments (each in the applicable fraction of the aggregate benefit) in accordance with
the Company’s standard payroll practices over a period of twelve (12) months, with the first installment payable in the month
following the month in which her Separation from Service (as that term is defined in the Employment Agreement) occurs, subject
to federal, state, and local income tax withholdings and other authorized deductions; provided, however, in accordance
with Section 2(c) of the Employment Agreement, (i) in order to receive the Severance Benefit, Ms. Hummel must execute this Agreement
within twenty-one (21) days of August 20, 2017, and not revoke this Agreement; and (ii) if Ms. Hummel breaches any obligation under
Section 6 of the Employment Agreement, from and after the date of such breach and not in any way in limitation of any right or
remedy otherwise available to the Company, Ms. Hummel will no longer be entitled to, and the Company will no longer be obligated
to pay, any remaining unpaid portion of the Severance Benefit. For the avoidance of doubt, Ms. Hummel understands and agrees that
she would not receive the Severance Benefit, except for her execution of this Agreement and the fulfillment of the obligations
contained herein. Ms. Hummel acknowledges and agrees that all payments, benefits, and distributions provided for in this Agreement
are subject to Sections 4 and 5 of the Employment Agreement, including, without limitation, the consideration provided in this
Section.

 

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4.                 
Indemnification of Ms. Hummel. The parties acknowledge that they are parties to a Director and Officer Indemnification
Agreement, effective as of November 23, 2015, and agree that such agreement remains in full force and effect, notwithstanding anything
to the contrary in such Director and Officer Indemnification Agreement or the Employment Agreement.

 

5.                 
Stock Options, Equity, or Equity-Based Awards. In accordance with Section 2(b) of the Employment Agreement, Ms. Hummel
will receive any stock options or other equity or equity-based awards granted by the Company, if any, that are vested through the
Severance Date, pursuant to the terms and conditions of any award agreement/plan documents that are applicable to those awards.

 

6.                 
No Other Compensation. In accordance with Section 2(d) of the Employment Agreement, Ms. Hummel acknowledges and agrees
that, except as otherwise expressly provided in this Agreement, she has received all amounts due from the Company relating in any
way to her employment with the Company and the Employment Agreement, including, but not limited to, wages, salary, stock options
or other equity or equity-based awards, severance pay, bonuses, commissions, fringe and aggregate benefits, benefits allowances,
medical benefits, insurance, retirement benefits, welfare benefits, contract pay, sick pay, personal leave pay, and/or vacation
pay, paid time off (PTO) pay, and that no other amounts are due.

 

7.                 
Taxes. Notwithstanding anything else herein to the contrary, the Company may withhold (or cause there to be withheld,
as the case may be) from any amounts otherwise due or payable under or pursuant to this Agreement such federal, state, and local
income, employment, or other taxes as may be required to be withheld pursuant to any applicable law or regulation. Ms. Hummel agrees
that she shall be exclusively liable for the payment of all taxes that may be due as the result of any amounts payable pursuant
to this Agreement, and she hereby represents that she will make payments of such taxes at the time and in the amount required of
her. The Company makes no representations or warranties regarding the tax obligations or liabilities of Ms. Hummel. Ms. Hummel
agrees that, if she fails to comply with this Section, she will indemnify fully the Company from and against payment of any taxes,
interest, and/or penalties that are required of the Company by any government agency, at any time, as a result of payment of any
amounts payable pursuant to this Agreement.

 

8.                 
General Release. In consideration for the promises and covenants of the Company contained herein, Ms. Hummel, on
behalf of herself and her present or former descendants, dependents, successors, heirs, assigns, agents, personal representatives,
executors, and administrators (collectively, the “Releasors”), to the fullest extent permitted by law, fully releases,
and discharges the Company and any and all of the Company’s predecessors, successors, subsidiaries, parents, branches, divisions,
affiliates, and related entities, and its and their respective present and former officers, directors, managers, supervisors, employees,
attorneys, agents, and representatives (collectively, the “Releasees”), from and with respect to any and all claims,
actions, suits, liabilities, damages, debts, dues, sums of money, including attorneys’ or legal fees and costs, and demands
whatsoever, in law or in equity, whether known or unknown, suspected or unsuspected, which the Releasors ever had or now have,
at any time prior to the Effective Date of the Agreement, including, without limitation, any claims arising out of, concerning,
or relating to Ms. Hummel’s employment and/or separation from employment with the Company; the Employment Agreement; compensation,
wages, salary, stock options or other equity or equity-based awards, severance pay, contract pay, vacation pay, paid time off (PTO)
pay, fringe and aggregate benefits, benefits allowances, bonuses, commissions, sick pay, personal leave pay, insurance, medical
benefits, retirement benefits, welfare benefits, or any other benefits of any kind or nature; any contract, whether oral or written,
express or implied; tort, including defamation, libel, slander, negligent termination, wrongful discharge, or unpaid wages, whether
intentional or negligent; any and all terms and conditions of employment, including, without limitation, hiring, training, recruiting,
promotion, assignment, discipline, or termination; common law or public policy; harassment, discrimination, or retaliation; Title
VII of the Civil Rights Act of 1964, the Civil Rights Act of 1866, the Civil Rights Act of 1991, the Equal Pay Act, the Americans
with Disabilities Act, the Rehabilitation Act, the Age Discrimination in Employment Act (the “ADEA”), the Older Worker’s
Benefit Protection Act, the Worker Adjustment and Retraining Notification Act, the Family and Medical Leave Act, the Fair Labor
Standards Act, the Employment Retirement Income Security Act, the Fair Credit Reporting Act, the Texas Labor Code, the Uniform
Commercial Code, the United States Constitution, and the State of Texas Constitution, all as amended, if applicable; and other
federal, state, county, or municipal statutes, regulations, or ordinances.

 

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9.                 
ADEA Waiver. Ms. Hummel acknowledges and agrees that, by entering into this Agreement, she is waiving any and all
rights or claims that she may have under the ADEA, which have arisen on or before the Effective Date of this Agreement, as defined
below. She also expressly acknowledges and agrees that:

 

		a.	In return for this Agreement, she will receive consideration, i.e., something of value beyond that
to which she was already entitled before entering into this Agreement;

 

		b.	She is hereby advised in writing by this Agreement to consult with an attorney before signing this
Agreement and in fact did so;

 

		c.	She has twenty-one (21) days from the date on which she receives this Agreement within which to
consider this Agreement (although she need not take all twenty-one (21) days and may choose to voluntarily execute this Agreement
earlier); and

 

		d.	She has seven (7) days following the date that she executes this Agreement (the “Revocation
Period”) in which to revoke this Agreement. To be effective, such revocation must be in writing and delivered to the Company,
in accordance with Section 20 below, within the Revocation Period. The day following the last day of the Revocation Period shall
be the “Effective Date” of this Agreement, provided that Ms. Hummel has not revoked this Agreement.

 

Nothing herein shall
prevent Ms. Hummel from seeking a judicial determination as to the validity of the release with regard to age discrimination claims
consistent with the ADEA. In addition, nothing in this Agreement shall prevent Ms. Hummel from cooperating in any investigation
by a governmental agency. Ms. Hummel, however, hereby waives any right that she has to obtain an individual recovery if a governmental
agency pursues a claim against the Company based on any actions taken by the Company up to the Effective Date of this Agreement.

 

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10.               
Waiver. Ms. Hummel acknowledges that she may hereafter discover claims or facts in addition to or different from
those that she now knows or believes to exist with respect to the subject matter of this Agreement and which, if known or suspected
at the time of executing this Agreement, may have materially affected this Agreement. Nevertheless, Ms. Hummel hereby waives any
right, claim, or cause of action that might arise as a result of such different or additional claims or facts. Ms. Hummel, on behalf
of herself and the Releasors, agrees that if they initiate any claim in violation of this Agreement, they shall indemnify and hold
harmless the Releasees from and against any such legal action (including payment of reasonable attorneys’ fees and costs
actually incurred).

 

11.               
No Claims Filed. Ms. Hummel warrants and represents that she has not filed, caused to be filed, or presently is a
party to any claim, complaint, or action against the Company in any forum or form. Ms. Hummel agrees that she shall defend, indemnify,
and hold harmless the Company from and against any claim (including payment of reasonable attorneys’ fees and costs actually
incurred, whether or not arbitration or litigation is commenced) based on, in connection with, or arising out of any such claim
filed.

 

12.               
No Assignment. Ms. Hummel warrants and represents that she has not assigned or transferred or purported to assign
or transfer to any person or entity all or any part of any interest in any claim released under this Agreement. Ms. Hummel agrees
that she shall defend, indemnify, and hold harmless the Company from and against any claim (including payment of reasonable attorneys’
fees and costs actually incurred, whether or not arbitration or litigation is commenced) based on, in connection with, or arising
out of any such assignment or transfer made.

 

13.               
Continuing Obligations and Enforcement. In addition to Ms. Hummel’s obligations under this Agreement, Ms. Hummel
agrees that she shall remain subject to the restrictions and obligations set forth in Section 6 (including all subparts) of the
Employment Agreement in accordance with its terms. Ms. Hummel further agrees that she has not breached and will continue to abide
by such restrictions and obligations. In addition, Ms. Hummel agrees that Section 6(f) of the Employment Agreement remains in full
force and effect.

 

14.               
Company Property. Ms. Hummel agrees that:

 

		a.	She will cooperate fully with the Company (and any third-party designated by the Company) with
respect to the removal and deletion of any and all Company information and property stored on computer hard drives, disks, thumb
drives, or other storage or electronic devices, which are used, owned, and/or leased by Ms. Hummel.

 

		b.	On or before the Severance Date, she will return to the Company any and all Company information
(whether or not confidential) and property, including, without limitation, the following: data, material, books, records, documents,
plans, projects, files, reports, memoranda, notes, manuals (whether stored electronically or on computer hard drives, disks, thumb
drives, or other storage or electronic devices), software, equipment, disks, tapes, credit cards, keys, I.D. cards, and access
cards, as well as computers, printers, telephones, personal digital assistants, fax machines, and other electronic devices in her
possession, custody, or control, which are or were owned, leased, or in the possession of the Company in connection with the conduct
of the business of the Company (collectively referred to as “Company Property”), in addition to Ms. Hummel’s
obligations under Section 6(a) of the Employment Agreement.

 

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		c.	She has not retained or delivered, other than in connection with her duties and responsibilities
at the Company, to any person or entity (including herself by means of a Company or personal or other non-Company email account
or other electronic communication methods used or owned by her) copies of Company Property or permitted any copies of Company Property
to be made by any other person or entity.

 

15.               
Confidentiality of this Agreement; Agreement Inadmissible. Ms. Hummel agrees that she will maintain the confidentiality
of and not disclose the terms and conditions of this Agreement to any third-parties, other than Ms. Hummel’s attorneys, accountants,
financial advisors, or immediate family members, and Ms. Hummel will instruct each of the foregoing not to disclose the same. Ms.
Hummel further agrees that neither this Agreement nor anything contained in it shall be introduced in any proceeding, except a
proceeding to enforce this Agreement or to defend against any claim relating to the subject matter of the releases contained herein.
Any person to whom this Agreement is disclosed will be advised of, and agree to abide by, the terms of Ms. Hummel’s confidentiality
obligations hereunder.

 

16.               
Non-Publication. Ms. Hummel agrees that she will not disclose or allow disclosure of any information (whether or
not confidential or publicly available) about the Company or its present or former officers, directors, managers, supervisors,
employees, attorneys, agents, or representatives, or legal matters involving the Company and resolution thereof, or any aspects
of her employment with, or termination from employment with, the Company, to any: past current or prospective investor, activist,
research group of any variety, reporter, author, producer, or similar person or entity, or take any other action likely to result
in such information being made available to the general public in any form, including, without limitation, books, articles, or
writings of any kind, as well as film, videotape, television or other broadcasts, audio tape, electronic/internet format, or any
other medium. Ms. Hummel further agrees that she will not use or take any action likely to result in the use of any of the Company’s
names or any abbreviation thereof in connection with any publication to the general public in any medium. Notwithstanding anything
to the contrary contained herein, the foregoing restriction shall not apply to any biography or résumé disclosure
regarding her employment at the Company.

 

17.               
Non-Disparagement; Non-Compete; Non-Solicitation. In accordance with Section 2(c) of the Employment Agreement, Ms.
Hummel agrees that she will not disparage, ridicule, or criticize the Company or its present and former employees, directors, and
officers, or make any remarks or statements that could reasonably be construed as disparaging, ridiculing, or criticizing any of
them. Further, Ms. Hummel agrees not to make any statements that disparage the reputation of the Company or any of the Releasees,
or their products or services. She further agrees not to take any action to interfere with or damage the Company’s relationship
with its investors, shareholders, vendors, lenders, suppliers and/or customers. Ms. Hummel agrees that any breach or violation
of this non-disparagement and non-interference provision shall entitle the Company to terminate the Severance Benefit and/or sue
her under this Agreement for the immediate recovery of any damages caused by such breach. The foregoing shall not prohibit any
person from giving truthful testimony in any legal proceeding pending before any agency or court of the United States or state
government or in any arbitration proceeding relating to this Agreement.

 

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For a period of twelve (12) months beginning
as of the Effective Date (the “Restricted Period”), Ms. Hummel agrees not to directly or indirectly, individually or
on behalf of any other person or entity, manage, participate in, work for, consult with, render services for, or take an interest
in (as an owner, stockholder, partner or lender) any Competitor. For purposes of this Agreement, “Competitor”
means a Person anywhere in the world (the “Restricted Area”) that at any time during the period of time during
which you are employed by the Company, or any time during the Restricted Period engages in the business of operating retail stores
for the sale of women’s apparel, jewelry, accessories, gifts, greeting cards, picture frames and related items or any other
business that the Company is engaged in, or reasonably anticipates becoming engaged in. The parties hereto agree that the Company
intends to engage in business throughout the Restricted Area, even if it does not currently do so, and therefore its scope is reasonable.
Nothing herein shall prohibit Ms. Hummel 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 she has no active participation in the business of such corporation. The term
“Person” as used in this Agreement shall be construed broadly and shall include, without limitation, an individual,
a partnership, a limited liability company, a corporation, an association, a joint stock company, a trust, a joint venture, an
unincorporated organization and a governmental entity or any department, agency or political subdivision thereof.

 

During the Restricted Period Ms. Hummel
agrees not to, and she may be enjoined (if necessary) from being able to 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 (12) months after such individual’s
employment relationship with the Company or such affiliate has been terminated.

 

During the Restricted Period Ms. Hummel
agrees not to in any manner communicate with, or deliver any information of any nature (regardless of whether such information
is negative or positive) relating to the Company to, any Person not affiliated with the Company who is an actual or potential holder
of the Company’s securities or is a Person acting on their behalf.

 

Ms. Hummel agrees that the foregoing covenants
set forth in this Section 17 (the “Restrictive Covenants”) are reasonable, including in temporal and geographical scope,
and in all other respects, and necessary to protect the Company’s and its affiliates’ Confidential Information, good
will, stable workforce, and customer relations. Ms. Hummel acknowledges that the Restrictive Covenants shall be deemed to be a
series of separate covenants, one for each county or province of each and every state or jurisdiction within the Restricted Area
and one for each month of the Restricted Period. Ms. Hummel understands that the Restrictive Covenants may limit her ability to
earn a livelihood in a business similar to the business of the Company and any of its affiliates, but she nevertheless believes
that she has received and will receive sufficient consideration and other benefits under this Agreement to clearly justify such
restrictions which, in any event (given her education, skills and ability), she does not believe would prevent her from otherwise
earning a living. Ms. Hummel agrees that the Restrictive Covenants do not confer a benefit upon the Company disproportionate to
her detriment. She understands and agrees that the Company shall have the right to and will terminate any and all payments under
this Agreement, recover from her any payments previously made to her under this Agreement, and/or sue her for breach of this Agreement
if she violates any of the provisions of Sections 14, 17, 18 or otherwise fail to comply with this Agreement. Ms. Hummel specifically
agrees that any violation of Section 14, 17, and 18, specifically including but not limited to, the use or retention of Company
information, are material violations entitling the Company to recover and/or terminate all payments under this Agreement. Ms. Hummel
further acknowledges that but for her agreements to comply with her obligations in this Agreement, the Company would not provide
her with the payments in this Agreement. Ms. Hummel agrees that a breach by her of any of the covenants in this Section 17 would
cause immediate and irreparable harm to the Company that would be difficult or impossible to measure, and that damages to the Company
for any such injury would therefore be an inadequate remedy for any such breach. Therefore, she agrees that in the event of any
breach or threatened breach of any provision of this Section 17, the Company shall be entitled, in addition to and without limitation
upon all other remedies the Company may have under this Agreement, at law or otherwise, to obtain specific performance, injunctive
relief and/or other appropriate relief (without posting any bond or deposit) in order to enforce or prevent any violations of the
provisions of this Section 17, or require her to account for and pay over to the Company all compensation, profits, moneys, accruals,
increments or other benefits derived from or received as a result of any transactions constituting a breach of this Section 17,
if and when final judgment of a court of competent jurisdiction is so entered against her.

 

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18.               
Cooperation. Ms. Hummel agrees that she will assist and cooperate with the Company in connection with any current,
ongoing, or future investigation, proceeding, dispute, or claim that may be made against, by, or with respect to the Company, or
that may involve the Company, whether actual or threatened, including any proceeding before any arbitral, administrative, regulatory,
self-regulatory, judicial, legislative, or other body or agency (including, but not limited to, making herself available for factual
interviews or investigations; providing declarations or affidavits that provide truthful information; appearing and preparing for
testimony of any kinds, including court hearings, depositions, or sworn statements or testimony, without requiring service of a
subpoena or other legal process; and turning over to the Company any relevant documents that are or come into her possession),
to the extent such investigations, proceedings, disputes, or claims relate to her involvement in the business of the Company, services
performed or required to be performed by Ms. Hummel, or pertinent knowledge possessed by Ms. Hummel. Ms. Hummel’s failure
to cooperate with the Company as outlined in this Section shall constitute a material breach of this Agreement. Any expense reimbursements
by the Company to Ms. Hummel will be in accordance with the Director and Officer Indemnification Agreement, effective as of the
Effective Date.

 

19.               
Permitted Conduct. Nothing in this Agreement shall prohibit or restrict Ms. Hummel or the Company, or their respective
attorneys, from: (i) making any disclosure of relevant and necessary information or documents in any action, investigation, or
proceeding relating to this Agreement, or as required by law or legal process (including notifying investors of Ms. Hummel’s
departure from the Company); or (ii) participating, cooperating, or testifying in any action, investigation, or proceeding with,
or providing information to, any governmental agency or legislative body, any self-regulatory organization, and/or pursuant to
the Sarbanes-Oxley Act; provided that, to the extent permitted by law, upon Ms. Hummel’s receipt of any subpoena,
court order, or other legal process compelling the disclosure of any such information or documents, she must give prompt written
notice to the Company, in accordance with Section 20 below, and wait at least ten (10) days, or until the expiration of the response
period provided by the subpoena, court order, or legal process if that period is shorter than ten (10) days, before responding
to such subpoena, court order, or other legal process, in order to permit the Company to protect its interests in confidentiality
to the fullest extent possible. Ms. Hummel acknowledges and agrees, however, that she is waiving any right to recover monetary
damages or any other form of personal relief in connection with any such action, investigation, or proceeding, except with respect
to rights that arise under, or are expressly preserved by, this Agreement.

 

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20.               
Notices. Any notices, requests, or other communications provided for by this Agreement shall be in writing and shall
be deemed to have been given at the time when mailed by Federal Express or overnight delivery, return receipt requested, and addressed
to the address of the respective party stated below or to such changed address as such party may have fixed by like notice similarly
given:

 

	 	To the Company:	
        Kal Malik

        Chief Administrative Officer

        Francesca’s Services Corporation

        8760 Clay Road

        Houston, Texas 77080

         

	 	To Ms. Hummel:	
        Laurie Hummel

        10023 Valley Forge Drive

        Houston, Texas 77042

 

 

21.               
Successors and Assigns. This Agreement is personal to Ms. Hummel and without the prior written consent of the Company
shall not be assignable by Ms. Hummel otherwise than by will or the laws of descent and distribution. This Agreement shall inure
to the benefit of and be enforceable by Ms. Hummel’s legal representatives. This Agreement shall inure to the benefit of
and be binding upon the Company and its successors and assigns.

 

22.               
Non-Admission. Ms. Hummel understands and agrees that neither the execution of this Agreement nor the terms of this
Agreement constitute an admission of liability to Ms. Hummel by the Company, and such liability is expressly denied. Ms. Hummel
further understands and agrees that she shall not use this Agreement or the consideration hereunder as evidence of an admission
of liability, as such liability is expressly denied.

 

23.               
No Wrongdoing. By signing this Agreement, Ms. Hummel acknowledges that she is not aware of any wrongdoing or violation
of any law, statute, regulation, or policy by the Company, and this Agreement is being entered into solely for the purpose of amicably
resolving all matters concerning the termination of her employment.

 

24.               
Governing Law. This Agreement will be governed by and construed in accordance with the laws of the State of Texas,
without giving effect to any choice of law or conflicting provision or rule that would cause the laws of any jurisdiction other
than the State of Texas to be applies.

 

25.               
Severability. If any provision of this Agreement is found by any court of competent jurisdiction to be invalid or
unenforceable for any reason, such finding shall not affect, impair, or invalidate the remainder of this Agreement. If any aspect
of any restriction herein or referenced herein is too broad or restrictive to permit enforcement to its fullest extent, Ms. Hummel
and the Company agree that any court of competent jurisdiction shall modify such restriction to the minimum extent necessary to
make it enforceable and then enforce the provision as modified.

 

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26.               
Entire Agreement, Amendment, and Waiver. This Agreement constitutes the entire agreement between Ms. Hummel and the
parties hereto with respect to the subject matter hereof and supersedes any and all prior or contemporaneous oral or written communications
respecting such subject matter, except as provided herein, including, without limitation, Section 6 of the Employment Agreement.
This Agreement shall not be modified, amended, or in any way altered, except by written instrument signed by Ms. Hummel and the
then Chief Executive Officers of the Company. A waiver by any of the parties hereto of any rights or remedies hereunder on any
occasion shall not be a bar to the exercise of the same right or remedy on any subsequent occasions or of any other right or remedy
at any time.

 

27.               
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original
as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument.

 

28.               
Interpretation. The parties to this Agreement cooperated in the drafting and preparation of this Agreement. Hence,
in any construction or interpretation of this Agreement, the same shall not be construed against any party on the basis that such
party was the drafter.

 

29.             
Section Titles. Section titles contained in this Agreement are inserted as a matter of convenience and for reference
purposes only and in no way define, limit, extend, or describe the scope of this Agreement or the intent of any provision thereof.

 

30.             
Voluntary and Knowing Agreement. By their authorized signatures below, the parties certify that they have carefully
read and fully considered the terms of this Agreement, they have had an opportunity to discuss these terms with attorneys or advisors
of their own choosing and have in fact done so, they agree to all of the terms of this Agreement, they intend to be bound by such
terms and to fulfill the promises set forth herein, and they voluntarily and knowingly enter into this Agreement with full understanding
of its binding legal consequences.

 

 

 

Signature page
follows

 

    	 	9	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto, intending to be legally bound, have caused this Agreement to be executed as of the dates set forth below.

 

 

 

 

	
        By:/s/ Laurie Hummel                                                      

        Laurie Hummel

         

         
	
                              9/8/2017                                         

                                 Date

	FRANCESCA’S SERVICES CORPORATION	 
	 	 
	
        By:/s/ Steven Lawrence                                                  

                    Steve Lawrence

            Chief Executive Officer

         
	
         

                             9/11/2017                                        

                                 Date

 

 

 

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ACKNOWLEDGMENT AND WAIVER

 

I, Laurie Hummel, hereby
acknowledge that I was given 21 days to consider the foregoing Agreement and voluntarily chose to sign the Agreement prior to the
expiration of the 21-day period.

 

I declare under penalty
of perjury under the laws of the State of Texas that the foregoing is true and correct.

 

EXECUTED on September 8, 2017,
at 12:00 pm.

 

 

	 	Signed:        /s/ Laurie
    Hummel                                    

 

 

 

    	 	11Exhibit 10.23

 

AMENDMENT TO SEPARATION
AGREEMENT

 

This
Amendment to Separation Agreement (this “Amendment”) is entered into between Laurie Hummel (“Ms. Hummel”)
and Francesca’s Services Corporation, a Texas corporation (the “Company”), and is dated January 22, 2018, with
the effective date of January 25, 2018.

 

		A.	Recitals

 

Whereas,
Ms. Hummel and the Company entered into a Separation Agreement dated August 20, 2017, which was effective as of September 19, 2017
(“Separation Agreement”);

 

Whereas, that Separation Agreement contained restrictive
covenants at §17;

 

Whereas,
Ms. Hummel filed her Original Petition for Declaratory Judgment in Cause No. 2017-77977, Laurie Hummel v. Francesca’s
Services, Corp., in the 189th Judicial District Court of Harris County, Texas (“the
Litigation”) on or about November 21, 2017 , the Company filed its Original Answer, Counterclaim and Request for Disclosure
on or about December 11, 2017, and Ms. Hummel filed her Original Answer to Defendant’s Counterclaim on or about December
14, 2017, over the restrictive covenant in the Separation Agreement;

 

Whereas,
Ms. Hummel and the Company wish to resolve the Litigation, and this Amendment will resolve the Litigation;

 

Whereas,
this Amendment should not be construed as any admission by the Company as to the unenforceability of the non-compete clause in
the Employment Agreement;

 

Whereas,
the reference to the Employment Agreement shall mean that Employment Agreement executed by Ms. Hummel and the Company on October
28, 2015;

 

In consideration
of the amendments to the mutual covenants in this Agreement, Ms. Hummel and the Company hereby acknowledge and agree as follows:

 

		B.	Ms. Hummel’s Covenants

 

		1.	Ms. Hummel shall show the terms of this Amendment, including the non-competition
and non-solicitation provisions, to personnel in human resources, upper management and the legal department of any prospective
employer who has extended a tentative or conditional offer of employment to her, in advance of the date she is to commence employment
with said prospective employer.

 

		2.	Ms. Hummel, after accepting an offer of employment with a prospective employer,
will advise the Company of the identity of that employer on the commencement of employment.

 

		3.	If Ms. Hummel’s new place of employment hires anyone, within 12 months
from the commencement of Ms. Hummel’s employment, from the home office of the Company, Ms. Hummel will provide to the Company
upon request, a notarized sworn statement detailing any involvement and communications she had with 1) the employee regarding the
Company and Hummel’s new employer; and 2) her new employer concerning the Company’s employee. This statement shall
be provided within ten (10) days of the receipt of the request by Ms. Hummel by certified mail from the Company. The statement
shall provide the content of the communications, date of such communications, all persons present, and identify the form of media
of such communications. Ms. Hummel’s failure to provide such a statement, or any hiring of any home office employee of the
Company with whom Hummel has communicated (directly or through another individual), will be considered a material breach of this
Amendment and the Separation Agreement, the remedy for which shall be the forfeiture of all severance payments made to Ms. Hummel,
including all severance payments already paid to Hummel under §§ 2 and 3 of the Separation Agreement.

 

    	 	1	 

     

    

 

		4.	Ms. Hummel shall file a Notice of Dismissal of the Litigation and Francesca’s
shall file dismissal of their counterclaim with prejudice within five (5) business days of the Effective Date of this Amendment.

 

		C.	The Company’s Obligations and Rights regarding Ms. Hummel’s New Employment

 

		5.	The payments by the Company referenced in §§ 2 and 3 of the Separation
Agreement shall cease on the date Ms. Hummel commences employment with her new employer.

 

		6.	The Company, through Steve Lawrence, or anyone responding to a prospective
employer’s inquiry concerning Hummel’s employment with the Company, will respond to such inquiry only by giving a neutral
reference - only Hummel’s dates of employment with the Company and the titles of the positions held by Ms. Hummel.

 

		D.	Mutual Releases

 

		7.	General Mutual Release. In consideration for the promises and covenants
of the Company contained herein, Ms. Hummel, on behalf of herself and her present or former descendants, dependents, successors,
heirs, assigns, agents, personal representatives, executors, and administrators (collectively, the “Releasors”), to
the fullest extent permitted by law, fully releases, and discharges the Company and any and all of the Company’s predecessors,
successors, subsidiaries, parents, branches, divisions, affiliates, and related entities, and its and their respective present
and former officers, directors, managers, supervisors, employees, attorneys, agents, and representatives (collectively, the “Releasees”),
from and with respect to any and all claims, actions, suits, liabilities, damages, debts, dues, sums of money, including attorneys’
or legal fees and costs, and demands whatsoever, in law or in equity, whether known or unknown, suspected or unsuspected, which
the Releasors ever had or now have, at any time prior to the Effective Date of the Agreement, including, without limitation, any
claims in the Litigation, any claims arising out of, concerning, or relating to Ms. Hummel’s employment and/or separation
from employment with the Company; the Employment Agreement; the Separation Agreement; compensation, wages, salary, stock options
or other equity or equity-based awards, severance pay, contract pay, vacation pay, paid time off (PTO) pay, fringe and aggregate
benefits, benefits allowances, bonuses, commissions, sick pay, personal leave pay, insurance, medical benefits, retirement benefits,
welfare benefits, or any other benefits of any kind or nature; any contract, whether oral or written, express or implied; tort,
including defamation, libel, slander,
negligent termination, wrongful discharge, or unpaid wages, whether intentional or negligent; any and all terms and conditions
of employment, including, without limitation, hiring, training, recruiting, promotion, assignment, discipline, or termination;
common law or public policy; harassment, discrimination, or retaliation; Title VII of the Civil Rights Act of 1964, the Civil Rights
Act of 1866, the Civil Rights Act of 1991, the Equal Pay Act, the Americans with Disabilities Act, the Rehabilitation Act, the
Age Discrimination in Employment Act (the “ADEA”), the Older Worker’s Benefit Protection Act, the Worker Adjustment
and Retraining Notification Act, the Family and Medical Leave Act, the Fair Labor Standards Act, the Employment Retirement Income
Security Act, the Fair Credit Reporting Act, the Texas Labor Code, the Uniform Commercial Code, the United States Constitution,
and the State of Texas Constitution, all as amended, if applicable; and other federal, state, county, or municipal statutes, regulations,
or ordinances.

  

    	 	2	 

     

    

 

			In consideration for the promises and covenants of Ms.
Hummel contained herein, the Company, its successor and assigns, hereby fully releases and discharges Ms. Hummel from and with
respect to any and all claims and counterclaims made by the Company in the Litigation or which could have been made in the Litigation,
in law or in equity, at any time prior to the Effective Date of this Amendment.

 

		E.	Non-Disparagement; Non-Compete; Non-Solicitation (amendment to § 17 of the Separation
Agreement)

 

		8.	In accordance with Section 17 of the Separation Agreement Ms. Hummel agrees
that during the twelve month period beginning on September 19, 2017, she will not disparage, ridicule, or criticize the Company
or its present and former employees, directors, and officers, or make any remarks or statements that could reasonably be construed
as disparaging, ridiculing, or criticizing any of them. Further, Ms. Hummel agrees not to make any statements that disparage the
reputation of the Company or any of the Releasees, or their products or services. She further agrees not to take any action to
interfere with or damage the Company's relationship with its investors, shareholders, vendors, lenders, suppliers and/or customers.
Ms. Hummel agrees that any breach or violation of this non-disparagement and non-interference provision shall entitle the Company
to terminate the Severance Benefit and/or sue her under this Agreement for the immediate recovery of any damages caused by such
breach. The foregoing shall not prohibit any person from giving truthful testimony in any legal proceeding pending before any agency
or court of the United States or state government or in any arbitration proceeding relating to this Agreement.

 

		9.	For a period of twelve (12) months following September 19, 2017 (the “Restricted
Period”), Ms. Hummel shall not directly or indirectly, individually or on behalf of any other person or entity, manage, participate
in, work for, consult with, render services for, or take an interest in (as an owner, stockholder, partner or lender) any Competitor.
For purposes of this Agreement, “Competitor” means a Person anywhere in North America (the “ Restricted Area”)
that at any time during the period of time during which you are employed by the Company, or any time during the Restricted Period
engages in the business of operating retail stores and/or websites for the sale of women’s apparel, jewelry, accessories,
gifts, greeting cards, picture frames and related items or any other business that the Company is engaged in, or reasonably anticipates
becoming engaged in. As used herein, the term ‘retail stores’ shall not include: (i) stores that are operated in thirty-thousand
or greater square feet; (ii) department stores such as Macy’s, Dillard’s, JCPenney, Nordstrom, Target, Walmart etc.,
(iii) the following named stores; Burlington Coat Factory, Marshall’s, Dollar General, Family Dollar, DSW, FootLocker, and
Dick’s Sporting Goods. The parties hereto agree that the Company intends to engage in business throughout the Restricted
Area, even if it does not currently do so, and therefore its scope is reasonable. Nothing herein shall prohibit Ms. Hummel 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 Ms. Hummel has no active participation in the business of such corporation. The term “Person” as used in this Agreement
shall be construed broadly and shall include, without limitation, an individual, a partnership, a limited liability company, a
corporation, an association, a joint stock company, a trust, a joint venture, an unincorporated organization and a governmental
entity or any department, agency or political subdivision thereof.

 

    	 	3	 

     

    

 

		10.	During the Restricted Period, Ms. Hummel agrees not to, and she may be enjoined
(if necessary) from being able to 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 (12) months after such individual’s employment relationship with the
Company or such affiliate has been terminated.

 

		11.	During the twelve month period beginning September 19, 2017, Ms. Hummel
agrees not to in any manner communicate with, or deliver any information of any nature (regardless of whether such information
is negative or positive) relating to the Company to any Person not affiliated with the Company who is an actual or potential holder
of the Company’s securities or is a Person acting on their behalf.

 

		12.	Ms. Hummel agrees that the foregoing covenants set forth in this Section
E (the “Restrictive Covenants”) are reasonable, including in temporal and geographical scope, and in all other respects,
and necessary to protect the Company’s and its affiliates’ Confidential Information, good will, stable workforce, and
customer relations. Ms. Hummel acknowledges that the Restrictive Covenants shall be deemed to be a series of separate covenants,
one for each county or province of each and every state or jurisdiction within the Restricted Area and one for each month of the
Restricted Period. Ms. Hummel understands that the Restrictive Covenants may limit her ability to earn a livelihood in a business
similar to the business of the Company and any of its affiliates, but she nevertheless believes that she has received and will
receive sufficient consideration and other benefits under this Agreement to clearly justify such restrictions which, in any event
(given her education, skills and ability), she does not believe would prevent her from otherwise earning a living. Ms. Hummel agrees
that the Restrictive Covenants do not confer a benefit upon the Company disproportionate to her detriment. She understands and
agrees that the Company shall have the right to recover from her any payments previously made to her under the Separation Agreement,
including severance payments, and/or sue her for breach of this Amendment to this Agreement if she violates any of the restrictive
covenants set forth in this Section “E”. Ms. Hummel specifically agrees that any violation of Section 8, 9, 10 and
11 are material violations entitling the Company to recover all payments made to her under the Separation Agreement, including
severance payments. Ms. Hummel agrees that a breach by her of any of the Covenants in this Section would cause immediate and irreparable
harm to the Company that would be difficult or impossible to measure, and that damages to the Company for any such injury would
therefore be an inadequate remedy for any such breach. Therefore, she agrees that in the event of any breach or threatened breach
of any provision of this Section “E”, the Company shall be entitled, in addition to and without limitation upon all
other remedies the Company may have under this Amendment, at law or otherwise, to obtain specific performance, injunctive relief
and/or other appropriate relief (without posting any bond or deposit) in order to enforce or prevent any violations of the provisions
of this Section, or require her to account for and pay over to the Company all compensation, profits, moneys, accruals, increments
or other benefits derived from or received as a result of any transactions constituting a breach of this Section, if and when final
judgment of a court of competent jurisdiction is so entered against her.

 

    	 	4	 

     

    

 

		F.	Miscellaneous Provisions

 

		13.	This Amendment shall supersede only the sections, subject matters and provisions
referenced herein of the parties’ Separation Agreement. All other provisions of the Separation Agreement remain intact.

 

		14.	To the extent a conflict appears between the provisions of this Amendment
and the Separation Agreement, this Amendment prevails.

 

		15.	This Amendment shall become effective as of the date both parties have executed it.

 

 

 

 

 

 

 

 

 

Signature page
follows

 

    	 	5	 

     

    

 

IN WITNESS WHEREOF, the
parties hereto, intending to be legally bound, have caused this Agreement to be executed as of the dates set forth below.

 

 

 

	By: /s/ Laurie Hummel                                                  	       1/25/18       
	             Laurie Hummel	          Date
	 	 
	 	 
	FRANCESCA’S SERVICES CORPORATION	 
	 	 
	By: /s/ Steve Lawrence                                                 	 
	             Steve Lawrence	       1/25/18       
	             Chief Executive Officer	          Date

 

 

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