Document:

Letter Agreement

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

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

[Address on file] 
  

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

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

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

			
	 Sincerely,
  

Francesca’s Holdings Corporation

		
	By:	 	/s/ John De Meritt
		 	 John De Meritt

President/CEO

  

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

 AttachmentAmendment to Letter Agreement

 Exhibit 10.24 
 Francesca’s Holdings Corporation 
 3480 West 12th Street 

Houston, TX 77008 

February 26, 2010 

Mr. Richard J. Emmett 
 [Address on
file] 
 Re: Amendment to Letter Agreement. 
 Dear Rich, 
 Reference is made to that certain letter agreement by and between you
and Francesca’s Holdings Corporation, a Delaware corporation (“Holdings”) (together with its wholly-owned subsidiary, Francesca’s Collections, Inc. collectively, the “Company”) dated November 12, 2009
(the “November Agreement”). The purpose of this letter is to confirm our mutual understanding regarding the amendment to your November Agreement, as set forth herein. Capitalized terms used but not defined herein shall have the
meaning ascribed to them in the November Agreement. 
  

	 	1.	Equity Award Adjustment. As of the date hereof, you agree that the paragraph entitled “Compensation and Benefits” shall be amended and restated in its
entirety to read as follows: 

 “Compensation and Benefits. The effective date of your election is
November 15, 2009. You will receive $40,000 per annum (prorated for partial year of service) as compensation for your services, payable on the last day of the end of each calendar quarter. No later than thirty (30) days following the
closing of the transactions contemplated in (i) that certain Stock 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, and Holdings 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,
dated as of February 26, 2010 by and among CCMP, Bear Growth Capital Partners, LP and BGCP/Francesca’s Holdings, LP, Holdings will grant you an option (the “Equity Incentive”) to acquire up to 100 issued and outstanding
shares of Common Stock, 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, and subject to the terms and conditions
of a written stock option agreement in a form used by the Company to evidence its stock option grants. The Equity Incentive shall be subject to vesting as determined by the Company’s board of directors and set forth in the written stock option
agreement. 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. You will be reimbursed for all out-of-pocket expenses approved by the Boards in connection
with your services. You will be eligible to receive a 50% discount for any purchases of Francesca’s®
Collections merchandise.” 
 2. No Breach of November Agreement. You hereby agree that the Company’s failure to grant you an
option in accordance with the terms of the November Agreement shall not be a breach of the November Agreement and that the grant of the Equity Incentive contemplated by Section 1 hereof fully satisfies the Company’s obligation to grant you
an option in accordance with the terms of the November Agreement. 
 3. Effect on November Agreement; Entire Agreement; Amendments.
Except as expressly amended hereby, the November Agreement remains in full force and effect. The November Agreement and this letter agreement constitute the entire agreement and supersedes all prior understandings and agreements, written or oral, of
the parties hereto with respect to the subject matter hereof. This letter agreement may only be amended in a writing signed by each of the parties hereto. For the avoidance of doubt, the Confidentiality and Nondisclosure Agreement by and between you
and the Company, dated November 12, 2009, remains in full force and effect. 
 * * * * * 

  
 2 

 
			
	 Sincerely,

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

  

			
	AGREED AND ACCEPTED:
		
	By:	 	/s/ Richard J. Emmett
		 	Richard J. Emmett
	
	Date: 2/25/10

 Emmett Amendment
to Letter AgreementForm of Lock-up Agreement

 Exhibit 10.25 
 EXECUTION VERSION 
 Francesca’s Holdings Corporation 

Lock-Up Agreement 
                         , 2011 

Goldman, Sachs & Co. 
 200 West Street

 New York, New York 10282 
 J.P.
Morgan Securities LLC 
 383 Madison Avenue 
 New York, New York 10179 
  

	 	Re:	Francesca’s Holdings Corporation - Lock-Up Agreement 

 Ladies and Gentlemen: 
 The undersigned understands that you, as representatives
(the “Representatives”), propose to enter into an underwriting agreement (the “Underwriting Agreement”) on behalf of the several Underwriters named in Schedule I to such agreement (collectively, the “Underwriters”),
with Francesca’s Holdings Corporation, a Delaware corporation (the “Company”), and with the selling stockholders named in Schedule II to such agreement, providing for a public offering (the “Public Offering”) of shares (the
“Shares”) of common stock of the Company with a par value of $0.01 (the “Common Stock”) pursuant to a Registration Statement on Form S-1 to be filed with the Securities and Exchange Commission (the “SEC”). 

In consideration of the agreement by the Underwriters to offer and sell the Shares, and of other good and valuable consideration the
receipt and sufficiency of which is hereby acknowledged, the undersigned agrees that, during the period specified in the following paragraph (the “Lock-Up Period”), the undersigned will not offer, sell, contract to sell, announce the
intention to sell, pledge, grant any option to purchase, make any short sale or otherwise dispose of any shares of Common Stock of the Company, or any options or warrants to purchase any shares of Common Stock of the Company, or any securities
convertible into, exchangeable for or that represent the right to receive shares of Common Stock of the Company, whether now owned or hereafter acquired, owned directly by the undersigned (including holding as a custodian) or with respect to which
the undersigned has beneficial ownership within the rules and regulations of the SEC (collectively the “Undersigned’s Shares”), or exercise any right with respect to the registration of any of the Undersigned’s Shares, or demand
or cause to be filed any registration statement in connection therewith, under the Securities Act of 1933, as amended. The foregoing restriction is expressly agreed to preclude the undersigned from engaging in any hedging or other transaction which
is designed to or which reasonably could be expected to lead to or result in a sale or disposition of the Undersigned’s Shares even if such Shares would be disposed of by someone other than the undersigned. Such prohibited hedging or other
transactions would include without limitation any short sale or any purchase, sale or grant of any right (including without limitation any put or call 

 
option) with respect to any of the Undersigned’s Shares or with respect to any security that includes, relates to, or derives any significant part of its value from such Shares. 

The initial Lock-Up Period will commence on the date of this Lock-Up Agreement and continue for 180 days after the Public Offering date
set forth on the final prospectus used to sell the Shares (the “Public Offering Date”) pursuant to the Underwriting Agreement; provided, however, that if (1) during the last 17 days of the initial Lock-Up Period, the Company releases
earnings results or announces material news or a material event or (2) prior to the expiration of the initial Lock-Up Period, the Company announces that it will release earnings results during the 15-day period following the last day of the
initial Lock-Up Period, then in each case the Lock-Up Period will be automatically extended until the expiration of the 18-day period beginning on the date of release of the earnings results or the announcement of the material news or material
event, as applicable, unless the Representatives waive, in writing, such extension. 
 The undersigned hereby acknowledges that
the Company has agreed in the Underwriting Agreement to provide written notice of any event that would result in an extension of the Lock-Up Period pursuant to the previous paragraph to the undersigned (in accordance with Section 13 of the
Underwriting Agreement) and agrees that any such notice properly delivered will be deemed to have been given to, and received by, the undersigned. The undersigned hereby further agrees that, prior to engaging in any transaction or taking any other
action that is subject to the terms of this Lock-Up Agreement during the period from the date of this Lock-Up Agreement to and including the 34th day following the expiration of the initial Lock-Up Period, it will give notice thereof to the Company
and will not consummate such transaction or take any such action unless it has received written confirmation from the Company that the Lock-Up Period (as such may have been extended pursuant to the previous paragraph) has expired. 

Notwithstanding the foregoing, the undersigned may (i) transfer the Undersigned’s Shares as a bona fide gift or gifts, provided
that the donee or donees thereof agree to be bound in writing by the restrictions set forth herein, (ii) transfer the Undersigned’s Shares to any trust for the direct or indirect benefit of the undersigned or the immediate family of the
undersigned, provided that the trustee of the trust agrees to be bound in writing by the restrictions set forth herein, and provided further that any such transfer shall not involve a disposition for value, (iii) sell shares of Common Stock
acquired by the Undersigned in open market transactions after the completion of the Public Offering, or (iv) transfer the Undersigned’s Shares with the prior written consent (a “Waiver”) of the Representatives on behalf of the
Underwriters, provided that in the case of clauses (i), (ii) and (iii), no filing under Section 16(a) of the Securities Exchange Act of 1934, as amended, shall be required or shall be voluntarily made in connection with such transfer
during the Lock-Up Period. The foregoing restrictions shall also not apply (a) to the registration of or sale to the Underwriters of any shares of Common Stock pursuant to the Underwriting Agreement as part of the Public Offering and
(b) the exercise by the Undersigned of any stock options granted under any Company stock incentive plan as described in the prospectus related to the Public Offering (other than any disposition of shares of Common Stock as a result of a
“cashless” exercise of any such stock options) provided that in each case all shares of Common Stock received by the Undersigned upon such exercise shall thereafter be subject to the restrictions contained in this Lock-Up Agreement. For
purposes of this Lock-Up Agreement, “immediate family” shall mean any relationship by blood, marriage or adoption, not more remote than first cousin. In addition, notwithstanding the foregoing, if the undersigned is a corporation, limited
partnership, limited liability company or other entity, the undersigned may transfer shares of Common Stock to its limited partners, members or stockholders, or any wholly-

 
owned subsidiary of the undersigned; provided, however, that in any such case, it shall be a condition to the transfer that the transferee execute an agreement stating that the transferee is
receiving and holding such shares of Common Stock subject to the provisions of this Lock-Up Agreement and there shall be no further transfer of such shares of Common Stock except in accordance with this Lock-Up Agreement, and provided further that
any such transfer shall not involve a disposition for value and no filing under Section 16(a) of the Securities Exchange Act of 1934, as amended, shall be required or shall be voluntarily made in connection with such transfer during the Lock-Up
Period. The undersigned now has, and, except as contemplated by clause (i), (ii), (iii) or (iv) above, for the duration of this Lock-Up Agreement will have, good and marketable title to the Undersigned’s Shares, free and clear of all
liens, encumbrances, and claims whatsoever. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company’s transfer agent and registrar against the transfer of the Undersigned’s Shares except in
compliance with the foregoing restrictions. 
 For any Waiver to be granted by the Representatives on behalf of the
Underwriters, at least two business days before such Waiver takes effect, the Representatives will notify the Company of the impending Waiver and announce the impending Waiver through a major news service as referred to in FINRA Rule 5131(d)(2)(B),
except where the Waiver is effected solely to permit a transfer of shares of Common Stock that is not for consideration and where the transferee has agreed in writing that the transferee is receiving and holding such shares of Common Stock subject
to the provisions of this Lock-Up Agreement. 
 If the undersigned is an officer or director of the Company, the undersigned
further agrees that the foregoing provisions shall be equally applicable to any issuer-directed Shares, as referred to in FINRA Rule 5131(d)(2)(A), the undersigned may purchase in the Public Offering pursuant to an allocation of Shares that is
directed in writing by the Company. 
 Notwithstanding anything herein to the contrary, the Underwriters and their affiliates,
other than the undersigned, may engage in brokerage, investment advisory, financial advisory, anti-raid advisory, merger advisory, financing, asset management, trading, market making, arbitrage, principal investing and other similar activities
conducted in the ordinary course of their affiliates’ business. 
 The undersigned understands that the Company and the
Underwriters are relying upon this Lock-Up Agreement in proceeding toward consummation of the offering. The undersigned further understands that this Lock-Up Agreement is irrevocable and shall be binding upon the undersigned’s heirs, legal
representatives, successors, and assigns. 
 This agreement and any matters related to this Lock-Up Agreement shall be governed
by and construed in accordance with the laws of the State of New York without regard to principles of conflict of laws that would result in the application of any law other than the laws of the State of New York. The undersigned agrees that any suit
or proceeding arising in respect of this Lock-Up Agreement will be tried exclusively in the U.S. District Court for the Southern District of New York or, if that court does not have subject matter jurisdiction, in any state court located in the City
and County of New York and the undersigned agrees to submit to the jurisdiction of, and to venue in, such courts. 

 
	
	Very truly yours,
	
	  
	Exact Name of Shareholder
	
	  
	Authorized Signature
	
	  
	Title

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