On December 28, 2012, Francesca's Collections Inc. and Francesca's Holdings Corporation entered into amended and restated employment letter agreements with each of Mr. Neill Davis, Ms. Theresa Backes and Mr. Kal Malik. The executives entered into the Employment Letters in connection with each executive's assumption of a new role with the company. Effective as of January 1, 2013, Mr. Davis will assume the role of Chief Executive Officer and Ms. Backes will assume the role of President and Chief Operating Officer, and effective as of December 4, 2012 Mr. Malik assumed the role of Chief Administrative Officer.