<SEC-DOCUMENT>0001193125-21-208840.txt : 20210706
<SEC-HEADER>0001193125-21-208840.hdr.sgml : 20210706
<ACCEPTANCE-DATETIME>20210706170310
ACCESSION NUMBER:		0001193125-21-208840
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20210630
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Material Modifications to Rights of Security Holders
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210706
DATE AS OF CHANGE:		20210706

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Torrid Holdings Inc.
		CENTRAL INDEX KEY:			0001792781
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-APPAREL & ACCESSORY STORES [5600]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40571
		FILM NUMBER:		211074950

	BUSINESS ADDRESS:	
		STREET 1:		18501 E. SAN JOSE AVENUE
		CITY:			CITY OF INDUSTRY
		STATE:			CA
		ZIP:			91748
		BUSINESS PHONE:		626-667-1002

	MAIL ADDRESS:	
		STREET 1:		18501 E. SAN JOSE AVENUE
		CITY:			CITY OF INDUSTRY
		STATE:			CA
		ZIP:			91748
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d68074d8k.htm
<DESCRIPTION>8-K
<TEXT>
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<TITLE>8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section&nbsp;13 or 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of Earliest Event Reported): June 30, 2021 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>TORRID HOLDINGS INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name of Registrant as Specified in its Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>001-40571</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">84-3517567</FONT></B></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>(State or Other Jurisdiction<BR>of Incorporation)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Commission<BR>File Number)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(IRS Employer<BR>Identification No.)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>18501 East San Jose Avenue </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>City of Industry, California 91748 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of Principal Executive Offices) (Zip Code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: (626) 667-1002 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17
CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities registered pursuant to Section&nbsp;12(b) of the Act: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title of each class</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Trading<BR>Symbol(s)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Name of each exchange<BR>on which registered</B></P></TD></TR>


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<TD VALIGN="top" ALIGN="center"><B>Common Stock, par value $0.01 per share</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>CURV</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>New York Stock Exchange</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of
1933 (&#167;230.405 of this chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 <FONT STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of this chapter). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emerging growth company &#9746; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange Act. &#9746; </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;1.01 Entry into a Material Definitive Agreement. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July 6, 2021, in connection with the closing of the initial public offering of Torrid Holdings Inc. (the &#147;Company&#148;) of its common
stock, par value $0.01 per share (the &#147;common stock&#148;), described in the Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-256871),</FONT> as amended (the
&#147;Registration Statement&#148;), the Company entered into the following agreements: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. Registration Rights Agreement, dated
July&nbsp;6, 2021, by and among the Company and certain holders identified therein (the &#147;Registration Rights Agreement&#148;); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. Stockholders Agreement, dated July&nbsp;6, 2021, by and between the Company and Sycamore Partners Torrid, L.L.C. (the &#147;Stockholders
Agreement&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Registration Rights Agreement and the Stockholders Agreement are filed herewith as Exhibits&nbsp;10.1 and 10.2,
respectively, and are incorporated herein by reference. The terms of these agreements are substantially the same as the terms described in the Registration Statement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item 3.03 Material Modification to Rights of Security Holders. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The information set forth under Item 5.03 below is incorporated by reference into this Item 3.03. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July 6, 2021, the Company filed the Amended and Restated Certificate of Incorporation (the &#147;Certificate of Incorporation&#148;) and the
Company&#146;s Amended and Restated Bylaws (the &#147;Bylaws&#148;) became effective on such date. The Certificate of Incorporation and the Bylaws are filed herewith as Exhibits 3.1 and 3.2, respectively, and are incorporated herein by reference.
The terms of the Certificate of Incorporation and Bylaws are substantially the same as the terms set forth in the forms previously filed as Exhibits 3.1 and 3.2, respectively, to the Registration Statement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;8.01 Other Events. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On
June&nbsp;30, 2021, the Company announced the pricing of the initial public offering of 11,000,000 shares of its common stock at a price to the public of $21.00 per share. The offering consists of 11,000,000 shares of common stock being sold by
Sycamore Partners Torrid, L.L.C. and certain other selling stockholders (the &#147;Selling Stockholders&#148;). In addition, the Selling Stockholders granted the underwriters a <FONT STYLE="white-space:nowrap">30-day</FONT> option to purchase up to
1,650,000 additional shares of common stock at the public offering price, less underwriting discounts and commissions. A copy of the Company&#146;s press release is attached hereto as Exhibit 99.1 to this Current Report on Form <FONT
STYLE="white-space:nowrap">8-K</FONT> and incorporated herein in its entirety. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July 6, 2021, the Company completed its initial public
offering of common stock. The Selling Stockholders sold 12,650,000 shares of common stock, including 1,650,000 shares of common stock after the underwriters fully exercised their option to purchase additional common stock from the Selling
Stockholders. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;9.01 Financial Statements and Exhibits. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(d) Exhibits. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Exhibit&nbsp;No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Description</B></P></TD></TR>


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<TD VALIGN="top" NOWRAP>3.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d68074dex31.htm">Amended and Restated Certificate of Incorporation of Torrid Holdings Inc., dated July 6, 2021. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d68074dex32.htm">Amended and Restated Bylaws of Torrid Holdings Inc., dated as of July 6, 2021. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
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<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d68074dex101.htm">Registration Rights Agreement, dated July&nbsp;6, 2021, by and among Torrid Holdings Inc. and certain holders identified therein. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d68074dex102.htm">Stockholders Agreement, dated July&nbsp;6, 2021, by and between Torrid Holdings Inc. and Sycamore Partners Torrid, L.L.C. </A></TD></TR>
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<TD HEIGHT="8"></TD>
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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d68074dex991.htm">Press Release of Torrid Holdings Inc., dated June&nbsp;30, 2021. </A></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">TORRID HOLDINGS INC.</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ George Wehlitz</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>George Wehlitz</TD></TR>
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<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Chief Financial Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: July 6, 2021 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 3.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDED AND RESTATED </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTIFICATE OF INCORPORATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OF </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TORRID HOLDINGS INC.
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Torrid Holdings Inc. (the &#147;<B>Corporation</B>&#148;), a corporation organized and existing under the General Corporation Law of
the State of Delaware (&#147;<B>DGCL</B>&#148;), does hereby certify as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) The original Certificate of Incorporation of the
Corporation was filed with the office of the Secretary of State of the State of Delaware on October&nbsp;29, 2019 (the &#147;<B>Certificate of Incorporation</B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) The Certificate of Incorporation was amended by the Certificate of Amendment to the Certificate of Incorporation on June&nbsp;22, 2021.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) This Amended and Restated Certificate of Incorporation (as amended or modified from time to time, this &#147;<B>Amended and Restated
Certificate of Incorporation</B>&#148;) was duly adopted in accordance with Sections&nbsp;228, 242 and 245 of the DGCL. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) This Amended
and Restated Certificate of Incorporation restates and integrates and further amends the Certificate of Incorporation of the Corporation in its entirety. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) The text of the Certificate of Incorporation hereby is amended and restated in entirety as follows: </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE I </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NAME </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The name of the Corporation is &#147;Torrid Holdings Inc.&#148;. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE II </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REGISTERED
OFFICE AND AGENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The address of the Corporation&#146;s registered office in the State of Delaware is 1209 Orange Street, in the City
of Wilmington, County of New Castle, Delaware 19801. The name of its registered agent at such address is The Corporation Trust Company. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE III </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PURPOSE
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The purpose of the Corporation is to engage in any lawful act or activity for which corporations may now or hereafter be organized
under the DGCL. </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CAPITAL STOCK </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>I. Authorized Capital.
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The total number of shares of all classes of capital stock which the Corporation shall have authority to issue is 1,005,000,000, which
shall be divided into two&nbsp;classes as follows: 1,000,000,000 shares of common stock, par value $0.01 per share (&#147;<B>Common Stock</B>&#148;) and 5,000,000 shares of preferred stock, par value $0.01 per share (&#147;<B>Preferred
Stock</B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The number of authorized shares of Preferred Stock or Common Stock may be increased or decreased (but not below the
number of shares thereof then-outstanding) by the affirmative vote of the holders of a majority in voting power of the stock of the Corporation entitled to vote thereon irrespective of the provisions of Section&nbsp;242(b)(2) of the DGCL (or any
successor provision thereto), and no vote of the holders of either the Common Stock or the Preferred Stock voting separately as a class shall be required therefor, unless a vote of any such holder is required pursuant to this Amended and Restated
Certificate of Incorporation (including any certificate of designation relating to any series of Preferred Stock). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>II. Common Stock. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A. <U>Voting Rights</U>. Except as otherwise provided in this Amended and Restated Certificate of Incorporation or otherwise required by
applicable law, each holder of Common Stock shall be entitled to one vote for each share of Common Stock held as of the applicable record date on any matter that is submitted to a vote or for the consent of the stockholders of the Corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">B. <U>Dividends</U>. Subject to the preferences applicable to any series of Preferred Stock, if any, outstanding at any time, the holders of
Common Stock shall be entitled to share equally, on a per share basis, in such dividends and other distributions of cash, property or shares of stock of the Corporation as may be declared by the Board of Directors of the Corporation (the
&#147;<B>Board</B>&#148;) from time to time with respect to the Common Stock out of assets or funds of the Corporation legally available therefor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">C. <U>Liquidation</U>. Subject to the preferences applicable to any series of Preferred Stock, if any, outstanding at any time, and after
payment or provision for payment of the debts and other liabilities of the Corporation, in the event of the voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Corporation, all assets of the Corporation of
whatever kind available for distribution to the holders of Common Stock shall be divided among and paid ratably to the holders of Common Stock. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>III.
Preferred Stock. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A. Preferred Stock may be issued, at any time and from time to time, by the Corporation for such consideration as may
be fixed by the Board. The Board is hereby expressly authorized, by resolution or resolutions, to provide, out of the unissued shares of Preferred Stock, for one or more series of Preferred Stock and, with respect to each such series, to fix,
without further stockholder approval, the designation of such series, the powers (including voting powers, if any), preferences and relative, participating, optional and other special rights, if any, and any qualifications, limitations or
restrictions thereof, of such series of Preferred Stock and the number of shares of such series, and as may be permitted by the DGCL. The powers, preferences and relative, participating, optional and other special rights of, and the qualifications,
limitations or restrictions thereof, of each series of Preferred Stock, if any, may differ from those of any and all other series at any time outstanding. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">B. Except as otherwise required by law, holders of Common Stock shall not be entitled to
vote on any amendment to this Amended and Restated Certificate of Incorporation (including any certificate of designation relating to any series of Preferred Stock) that relates solely to the terms of one or more outstanding series of Preferred
Stock if the holders of such affected series are entitled, either separately or together with the holders of one or more other such series, to vote thereon pursuant to this Amended and Restated Certificate of Incorporation (including any certificate
of designation relating to any series of Preferred Stock) or pursuant to the DGCL. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">C. Except as otherwise required by law, holders of any
series of Preferred Stock shall be entitled to only such voting rights, if any, as shall expressly be granted thereto by this Amended and Restated Certificate of Incorporation (including any certificate of designation relating to such series of
Preferred Stock). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE V </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDMENT OF THE CERTIFICATE OF INCORPORATION AND BYLAWS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A. Notwithstanding anything contained in this Amended and Restated Certificate of Incorporation to the contrary, from and after the date on
which Investors (as defined below) cease to beneficially own at least 50% of the outstanding shares of Common Stock (the &#147;<B>Trigger Event</B>&#148;), the following provisions in this Amended and Restated Certificate of Incorporation may be
amended, altered, repealed or rescinded, in whole or in part, or any provision inconsistent therewith or herewith may be adopted, only by the affirmative vote of the holders of at least 75% in voting power of all the then-outstanding shares of
Common Stock entitled to vote thereon: Article&nbsp;V, Article&nbsp;VI, Article&nbsp;VII, Article&nbsp;VIII, Article&nbsp;IX and Article&nbsp;X. For the purposes of this Amended and Restated Certificate of Incorporation, beneficial ownership of
shares shall be determined in accordance <FONT STYLE="white-space:nowrap">with&nbsp;Rule&nbsp;13d-3&nbsp;promulgated</FONT> under the Securities Exchange Act of 1934, as amended (the &#147;<B>Exchange Act</B>&#148;). For the purposes of this Amended
and Restated Certificate of Incorporation, except for Article IX, (i) &#147;<B>Affiliate</B>&#148; shall mean, with respect to any Person, any Person directly or indirectly controlling, controlled by or under common control with such Person;
(ii)&nbsp;&#148;<B>Person</B>&#148; shall mean any individual, corporation, limited liability company, limited or general partnership, joint venture, association, joint-stock company, trust, unincorporated organization or other entity, whether
domestic or foreign; (iii) &#147;<B>control</B>&#148; (including the terms &#147;controlled by&#148; and &#147;under common control with&#148;), with respect to the relationship between or among two or more Persons, shall mean the possession,
directly or indirectly, of the power to direct or cause the direction of the affairs or management of a Person, whether through the ownership of voting securities, by contract or otherwise; and (iv) &#147;<B>Investors</B>&#148; shall mean Sycamore
Partners Management, L.P., Sycamore Partners Torrid, L.L.C. and each of their respective Affiliates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">B. The Board is expressly authorized
to make, repeal, alter, amend and rescind, in whole or in part, the bylaws of the Corporation (as in effect from time to time, the &#147;<B>Bylaws</B>&#148;) without the assent or vote of the stockholders in any manner not inconsistent with the laws
of the State of Delaware or this Amended and Restated Certificate of Incorporation. Notwithstanding anything to the contrary contained in this Amended and Restated Certificate of Incorporation or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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any provision of law which might otherwise permit a lesser vote of the stockholders, from and after the Trigger Event, in addition to any vote of the holders of any class or series of capital
stock of the Corporation required herein (including any certificate of designation relating to any series of Preferred Stock), the Bylaws or applicable law, the affirmative vote of the holders of at least 75% in voting power of all the
then-outstanding shares of stock of the Corporation entitled to vote thereon, voting together as a single class, shall be required in order for the stockholders of the Corporation to alter, amend, repeal or rescind, in whole or in part, any
provision of the Bylaws or to adopt any provision inconsistent therewith. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VI </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BOARD OF DIRECTORS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A.
Except as otherwise provided in this Amended and Restated Certificate of Incorporation or the DGCL, the business and affairs of the Corporation shall be managed by or under the direction of the Board. Except as otherwise provided for or fixed
pursuant to the provisions of Article&nbsp;IV hereof (including any certificate of designation with respect to any series of Preferred Stock) and this Article&nbsp;VI relating to the rights of the holders of any series of Preferred Stock to elect
additional directors, the total number of directors shall be determined from time to time exclusively by resolution adopted by the Board. The directors (other than those directors elected by the holders of any series of Preferred Stock, voting
separately as a series or together with one or more other such series, as the case may be) shall be divided into three&nbsp;classes designated Class&nbsp;I, Class&nbsp;II and Class&nbsp;III. Each class shall consist, as nearly as possible, <FONT
STYLE="white-space:nowrap">of&nbsp;one-third&nbsp;of</FONT> the total number of such directors. Class&nbsp;I directors shall initially serve for a term expiring at the first annual meeting of stockholders following the date the Common Stock is first
publicly traded (the &#147;<B>IPO Date</B>&#148;), Class&nbsp;II directors shall initially serve for a term expiring at the second annual meeting of stockholders following the IPO Date and Class&nbsp;III directors shall initially serve for a term
expiring at the third annual meeting of stockholders following the IPO Date. At each succeeding annual meeting, successors to the class of directors whose term expires at that annual meeting shall be elected for a term expiring at the third
succeeding annual meeting of stockholders. If the number of such directors is changed, any increase or decrease shall be apportioned among the classes so as to maintain the number of directors in each class as nearly equal as possible, and any such
additional director of any class elected to fill a newly created directorship resulting from an increase in such class shall hold office for a term that shall coincide with the remaining term of that class, but in no case shall a decrease in the
number of directors remove or shorten the term of any incumbent director. Any such director shall hold office until the annual meeting at which his or her term expires and until his or her successor shall be elected and qualified, or his or her
death, resignation, retirement, disqualification or removal from office. The Board is authorized to assign members of the Board already in office to their respective class. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">B. Subject to the rights granted to the holders of any one or more series of Preferred Stock then outstanding, any newly-created directorship
on the Board that results from an increase in the number of directors and any vacancy occurring in the Board (whether by death, resignation, retirement, disqualification, removal or other cause) shall be filled by a majority of the directors then in
office, even if less than a quorum, by a sole remaining director or by the stockholders; <I>provided, however,</I> that from and after the Trigger Event, any newly-created directorship on the Board that results from an increase in the number of
directors and any vacancy occurring on the Board shall be filled only by a majority of the directors then in office, even if less than a quorum, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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or by a sole remaining director (and not by the stockholders). Any director elected to fill a vacancy or newly created directorship shall hold office until the next election of the class for
which such director shall have been chosen and until his or her successor shall be elected and qualified, or until his or her earlier death, resignation, retirement, disqualification or removal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">C. Any or all of the directors (other than the directors elected by the holders of any series of Preferred Stock of the Corporation, voting
separately as a series or together with one or more other such series, as the case may be) may be removed at any time either with or without cause by the affirmative vote of a majority in voting power of all outstanding shares of Common Stock
entitled to vote thereon; <I>provided, however</I>, that from and after the Trigger Event, any such director or all such directors may be removed only for cause and only by the affirmative vote of the holders of at least 75% in voting power of all
the then-outstanding shares of stock of the Corporation entitled to vote thereon, voting together as a single class. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">D. Elections of
directors need not be by written ballot unless the Bylaws shall so provide. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">E. During any period when the holders of any series of
Preferred Stock, voting separately as a series or together with one or more series, have the right to elect additional directors, then upon commencement and for the duration of the period during which such right continues: (i)&nbsp;the then
otherwise total authorized number of directors of the Corporation shall automatically be increased by such specified number of directors, and the holders of such Preferred Stock shall be entitled to elect the additional directors so provided for or
fixed pursuant to said provisions, and (ii)&nbsp;each such additional director shall serve until such director&#146;s successor shall have been duly elected and qualified, or until such director&#146;s right to hold such office terminates pursuant
to said provisions, whichever occurs earlier, subject to his or her earlier death, resignation, retirement, disqualification or removal. Except as otherwise provided by the Board in the resolution or resolutions establishing such series, whenever
the holders of any series of Preferred Stock having such right to elect additional directors are divested of such right pursuant to the provisions of such stock, the terms of office of all such additional directors elected by the holders of such
stock, or elected to fill any vacancies resulting from the death, resignation, disqualification or removal of such additional directors, shall forthwith terminate and the total authorized number of directors of the Corporation shall be reduced
accordingly. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VII </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>LIMITATION OF DIRECTOR LIABILITY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A. To the fullest extent permitted by the DGCL as it now exists or may hereafter be amended, a director of the Corporation shall not be
personally liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty owed to the Corporation or its stockholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">B. Neither the amendment nor repeal of this Article&nbsp;VII, nor the adoption of any provision of this Amended and Restated Certificate of
Incorporation, nor, to the fullest extent permitted by the DGCL, any modification of law shall eliminate, reduce or otherwise adversely affect any right or protection of a current or former director of the Corporation existing at the time of such
amendment, repeal, adoption or modification. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONSENT OF STOCKHOLDERS IN LIEU OF MEETING; </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ANNUAL AND SPECIAL MEETINGS OF STOCKHOLDERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A. Prior to the Trigger Event, any action required or permitted to be taken at any annual or special meeting of stockholders of the
Corporation may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by the holders of outstanding stock having not less than the minimum number
of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted and shall be delivered to the Corporation by delivery to its registered office in the State of
Delaware, its principal place of business, or an officer or agent of the Corporation having custody of the books in which proceedings of meetings of stockholders are recorded. Delivery made to the Corporation&#146;s registered office shall be made
by hand, overnight courier or by certified or registered mail, return receipt requested. From and after the Trigger Event, any action required or permitted to be taken by the stockholders of the Corporation must be effected at a duly called annual
or special meeting of such holders and may not be effected by any consent in writing by such holders;<I></I><I>&nbsp;provided</I>,<I></I><I>&nbsp;however</I>, that any action required or permitted to be taken by the holders of Preferred Stock,
voting separately as a series or separately as a class with one or more other such series, may be taken without a meeting, without prior notice and without a vote, to the extent expressly so provided by the applicable certificate of designation
relating to such series of Preferred Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">B. Except as otherwise required by law and subject to the rights of the holders of any series
of Preferred Stock, special meetings of the stockholders of the Corporation for any purpose or purposes may only be called in the manner provided in the Bylaws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">C. An annual meeting of stockholders for the election of directors to succeed those whose terms expire and for the transaction of such other
business as may properly come before the meeting, shall be held at such place, if any, on such date, and at such time as shall be fixed in the manner provided in the Bylaws. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IX </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COMPETITION
AND CORPORATE OPPORTUNITIES </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A. In recognition and anticipation that (i)&nbsp;certain directors, principals, members, officers,
associated funds, employees and/or other representatives of one or more of the Investors and their respective Affiliates (as defined below) may serve as directors, officers or agents of the Corporation, (ii)&nbsp;one or more of the Investors and
their respective Affiliates may now engage and may continue to engage in the same or similar activities or related lines of business as those in which the Corporation, directly or indirectly, may engage and/or other business activities that overlap
with or compete with those in which the Corporation, directly or indirectly, may engage, and (iii)&nbsp;members of the Board who are not employees of the Corporation (the &#147;<B><FONT STYLE="white-space:nowrap">Non-Employee</FONT>
Directors</B>&#148;) and their respective Affiliates may now engage and may continue to engage in the same or similar activities or related lines of business as those in which the Corporation, directly or indirectly, may engage and/or other business
activities that overlap with or compete with those in which the Corporation, directly or indirectly, may engage, the provisions of this Article&nbsp;IX are set forth to regulate and define the conduct of certain affairs of the Corporation with
respect to certain classes or categories of business opportunities as they may involve any of the Investors, <FONT STYLE="white-space:nowrap">the&nbsp;Non-Employee&nbsp;Directors</FONT> or their respective Affiliates and the powers, rights, duties
and liabilities of the Corporation and its directors, officers and stockholders in connection therewith. </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">B. None of (i)&nbsp;the Investors or any of their respective Affiliates or <FONT
STYLE="white-space:nowrap">(ii)&nbsp;any&nbsp;Non-Employee&nbsp;Director</FONT> (including <FONT STYLE="white-space:nowrap">any&nbsp;Non-Employee&nbsp;Director</FONT> who serves as an officer of the Corporation in both his or her director and
officer capacities) or his or her Affiliates (the Persons (as defined below) identified in (i)&nbsp;and (ii)&nbsp;above being referred to, collectively, as &#147;<B>Identified Persons</B>&#148; and, individually, as an &#147;<B>Identified
Person</B>&#148;) shall, to the fullest extent permitted by law, have any duty to refrain from directly or indirectly (1)&nbsp;engaging in the same or similar business activities or lines of business in which the Corporation or any of its Affiliates
now engages or proposes to engage or (2)&nbsp;otherwise competing with the Corporation or any of its Affiliates, and, to the fullest extent permitted by law, no Identified Person shall be liable to the Corporation or its stockholders or to any
Affiliate of the Corporation for breach of any fiduciary duty solely by reason of the fact that such Identified Person engages in any such activities. To the fullest extent permitted by law, the Corporation hereby renounces any interest or
expectancy in, or right to be offered an opportunity to participate in, any business opportunity which may be a corporate opportunity for an Identified Person and the Corporation or any of its Affiliates, except as provided in Section&nbsp;D of this
Article&nbsp;IX. Subject to Section&nbsp;D of this Article&nbsp;IX, in the event that any Identified Person acquires knowledge of a potential transaction or other matter or business opportunity which may be a corporate opportunity for itself,
herself or himself and the Corporation or any of its Affiliates, such Identified Person shall, to the fullest extent permitted by law, have no fiduciary duty or other duty (contractual or otherwise) to communicate, present or offer such transaction
or other business opportunity to the Corporation or any of its Affiliates and, to the fullest extent permitted by law, shall not be liable to the Corporation or its stockholders or to any Affiliate of the Corporation for breach of any fiduciary duty
or other duty (contractual or otherwise) as a stockholder, director or officer of the Corporation solely by reason of the fact that such Identified Person pursues or acquires such corporate opportunity for itself, herself or himself, offers or
directs such corporate opportunity to another Person, or does not present such corporate opportunity to the Corporation or any of its Affiliates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">C. The Corporation and its Affiliates do not have any rights in and to the business ventures of any Identified Person, or the income or
profits derived therefrom, and the Corporation agrees that each of the Identified Persons may do business with any potential or actual customer or supplier of the Corporation or may employ or otherwise engage any officer or employee of the
Corporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">D. The Corporation does not renounce its interest in any corporate opportunity offered to
<FONT STYLE="white-space:nowrap">any&nbsp;Non-Employee&nbsp;Director</FONT> (including <FONT STYLE="white-space:nowrap">any&nbsp;Non-Employee</FONT> Director who serves as an officer of the Corporation) if such opportunity is expressly offered to
such person in writing solely in his or her capacity as a director or officer of the Corporation, and the provisions of Section&nbsp;B of this Article&nbsp;IX shall not apply to any such corporate opportunity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">E. In addition to and notwithstanding the foregoing provisions of this Article&nbsp;IX, a corporate opportunity shall not be deemed to be a
potential corporate opportunity for the Corporation if it is a business opportunity that (i)&nbsp;the Corporation is neither financially or legally able, nor contractually permitted to undertake, (ii)&nbsp;from its nature, is not in the line of the
Corporation&#146;s business or is of no practical advantage to the Corporation or (iii)&nbsp;is one in which the Corporation has no interest or reasonable expectancy. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">F. For purposes of this Article&nbsp;IX, (i)&nbsp;&#148;<B>Affiliate</B>&#148; shall mean
(a)&nbsp;in respect of any Investor, any Person that, directly or indirectly, is controlled by such Investor, controls such Investor or is under common control with such Investor and shall include any principal, member, director, partner,
stockholder, officer, employee or other representative of any of the foregoing (other than the Corporation and any entity that is controlled by the Corporation), (b)&nbsp;in respect of
<FONT STYLE="white-space:nowrap">a&nbsp;Non-Employee&nbsp;Director,</FONT> any Person that, directly or indirectly, is controlled by <FONT STYLE="white-space:nowrap">such&nbsp;Non-Employee&nbsp;Director</FONT> (other than the Corporation and any
entity that is controlled by the Corporation) and (c)&nbsp;in respect of the Corporation, any Person that, directly or indirectly, is controlled by the Corporation; (ii)&nbsp;&#148;<B>Person</B>&#148; shall mean any individual, corporation, general
or limited partnership, limited liability company, joint venture, trust, association or any other entity; (iii) &#147;<B>control</B>&#148; (including the terms &#147;controlled by&#148; and &#147;under common control with&#148;), with respect to the
relationship between or among two or more Persons, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the affairs or management of a Person, whether through the ownership of voting securities, by
contract or otherwise; and (iv) &#147;<B>Investor</B>&#148; shall mean Sycamore Partners Management, L.P., Sycamore Partners Torrid, L.L.C. and each of their respective Affiliates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">G. To the fullest extent permitted by law, any Person purchasing or otherwise acquiring any interest in any shares of capital stock of the
Corporation shall be deemed to have notice of and to have consented to the provisions of this Article&nbsp;IX. Neither the alteration, amendment, addition to or repeal of this Article&nbsp;IX, nor the adoption of any provision of this Amended and
Restated Certificate of Incorporation (including any certificate of designation relating to any series of Preferred Stock) inconsistent with this Article&nbsp;IX, shall eliminate or reduce the effect of this Article&nbsp;IX in respect of any
business opportunity first identified or any other matter occurring, or any cause of action, suit or claim that, but for this Article&nbsp;IX, would accrue or arise, prior to such alteration, amendment, addition, repeal or adoption. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE X </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DGCL
SECTION&nbsp;203 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A. The Corporation hereby expressly elects not to be governed by Section&nbsp;203 of the DGCL. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE XI </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MISCELLANEOUS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A. If any
provision or provisions of this Amended and Restated Certificate of Incorporation shall be held to be invalid, illegal or unenforceable as applied to any circumstance for any reason whatsoever: (i)&nbsp;the validity, legality and enforceability of
such provisions in any other circumstance and of the remaining provisions of this Amended and Restated Certificate of Incorporation (including, without limitation, each portion of any paragraph of this Amended and Restated Certificate of
Incorporation containing any such provision held to be invalid, illegal or unenforceable that is not itself held to be invalid, illegal or unenforceable) shall not, to the fullest extent permitted by applicable law, in any way be affected or
impaired thereby and (ii)&nbsp;to the fullest </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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extent permitted by applicable law, the provisions of this Amended and Restated Certificate of Incorporation (including, without limitation, each such portion of any paragraph of this Amended and
Restated Certificate of Incorporation containing any such provision held to be invalid, illegal or unenforceable) shall be construed so as to permit the Corporation to protect its directors, officers, employees and agents from personal liability in
respect of their good faith service to or for the benefit of the Corporation to the fullest extent permitted by law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">B. <U>Exclusive
Forum</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Unless the Corporation consents in writing to the selection of an alternative forum, the Court of Chancery
of the State of Delaware shall, to the fullest extent permitted by law, be the sole and exclusive forum for (1)&nbsp;any derivative action or proceeding brought on behalf of the Corporation, (2)&nbsp;any action asserting a claim of breach of a
fiduciary duty owed by any director, officer or employee of the Corporation to the Corporation or the Corporation&#146;s stockholders, (3)&nbsp;any action asserting a claim against the Corporation or any director or officer of the Corporation
arising pursuant to any provision of the DGCL or this Amended and Restated Certificate of Incorporation or the Bylaws (as either may be amended and/or restated from time to time) or as to which the DGCL confers jurisdiction on the Court of Chancery
of the State of Delaware or (4)&nbsp;any action asserting a claim against the Corporation or any director or officer of the Corporation governed by the internal affairs doctrine. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Unless the Corporation consents in writing to the selection of an alternative forum, the federal district courts of the
United States of America shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act of 1933, as amended. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) To the fullest extent permitted by law, any person or entity purchasing or otherwise acquiring or holding any interest in
shares of capital stock of the Corporation shall be deemed to have notice of and consented to the provisions of this Section&nbsp;B of Article&nbsp;XI. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Remainder of Page Intentionally Left Blank</I>] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, Torrid Holdings Inc. has caused this Amended and Restated
Certificate of Incorporation to be executed by its duly authorized officer on this 6th day of July, 2021. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Torrid Holdings Inc.</P></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ George Wehlitz</TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Name: George Wehlitz</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Title: Chief Financial Officer</P></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 3.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDED AND RESTATED BYLAWS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OF </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TORRID HOLDINGS INC.
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>A Delaware corporation </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Adopted as of July&nbsp;6, 2021) </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE I </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OFFICES
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.01 <U>Registered Office</U>. The registered office and registered agent of Torrid Holdings Inc. (the
&#147;<B>Corporation</B>&#148;) in the State of Delaware shall be as set forth in the Amended and Restated Certificate of Incorporation (as defined below). The name of the Corporation&#146;s registered agent at such address is Corporation Trust
Company. The Corporation may also have offices in such other places in the United States or elsewhere (and may change the Corporation&#146;s registered agent) as the Board of Directors of the Corporation (the &#147;<B>Board</B>&#148;) may, from time
to time, determine or as the business of the Corporation may require. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE II </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MEETINGS OF STOCKHOLDERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.01 <U>Annual Meetings</U>. Annual meetings of stockholders of the Corporation may be held at such place, if any, either within
or without the State of Delaware, and at such time and date as the Board shall determine and state in the notice of meeting. The Board may, in its sole discretion, determine that any meeting of stockholders of the Corporation shall not be held at
any place, but may instead be held solely by means of remote communication as described in Section&nbsp;2.11 hereof and in accordance with the General Corporation Law of the State of Delaware (the &#147;<B>DGCL</B>&#148;). At the annual meeting, the
stockholders of the Corporation shall elect directors and transact such other business as may properly be brought before the annual meeting. The Board may postpone, reschedule or cancel any annual meeting of stockholders of the Corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.02 <U>Special Meetings</U>. Except as otherwise required by law and subject to the rights of the holders of any series of
Preferred Stock (as defined in the Corporation&#146;s Amended and Restated Certificate of Incorporation as then in effect (as the same may be amended and/or restated from time to time, the &#147;<B>Amended and Restated Certificate of
Incorporation</B>&#148;)), special meetings of the stockholders of the Corporation for any purpose or purposes may be called at any time only by or at the direction of the Board or the Chairman of the Board; <I>provided</I>, <I>however</I>, that at
any time before the Trigger Event (as defined in the Amended and Restated Certificate of Incorporation), special meetings of the stockholders of the Corporation for any purpose or purposes shall also be called by or at the direction of the Board or
the Chairman of the Board at the request of the holders of 50% or more of the voting power of all the outstanding shares of Common Stock (as defined in the Amended and Restated Certificate of Incorporation). Special meetings of the stockholders of
the Corporation may be held at such place, if any, either within or without the State of Delaware, and at such time and date as determined by the Board, the Chairman of the Board, the Chief Executive Officer of the Corporation (the
&#147;<B>CEO</B>&#148;) and, before the Trigger Event, by or at the direction of the Board, the Chairman of the Board or the CEO at the request of holders of 50% or more of the voting power of all the outstanding shares of Common Stock. The
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Board may postpone, reschedule or cancel any special meeting of stockholders of the Corporation; <I>provided</I>, <I>however</I>, that with respect to any special meeting of stockholders of the
Corporation previously scheduled at the request of holders of 50% or more of the voting power of all the outstanding shares of Common Stock, the Board shall not postpone, reschedule or cancel such special meeting without the prior written consent of
such holders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.03 <U>Notice of Stockholder Business and Nominations; Form and Requirements of Notice</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) <U>Annual Meetings of Stockholders</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) Nominations of persons for election to the Board and the proposal of other business to be considered by the stockholders of
the Corporation may be made at an annual meeting of stockholders of the Corporation only (a)&nbsp;pursuant to the Corporation&#146;s notice of meeting (or any supplement thereto) delivered pursuant to Section&nbsp;2.04 hereof; (b)&nbsp;by or at the
direction of the Board or any authorized committee thereof; or (c)&nbsp;by any stockholder of the Corporation who is entitled to vote at the meeting, who, subject to Section&nbsp;2.03(C)(4) hereof, complies with the notice procedures set forth in
Sections&nbsp;2.03(A)(2) and (A)(3) hereof and who is a stockholder of record at the time such notice is delivered to the Secretary of the Corporation (the &#147;<B>Secretary</B>&#148;), on the record date for the determination of stockholders of
the Corporation entitled to vote at the annual meeting, and at the time of the annual meeting. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) Without qualification,
for nominations or other business to be properly brought before an annual meeting by a stockholder of the Corporation pursuant to Section&nbsp;2.03(A)(1)(c) hereof, the stockholder must have given timely notice thereof in writing to the Secretary,
and, in the case of business other than nominations of persons for election to the Board, such other business must constitute a proper matter for stockholder action. To be timely, a stockholder&#146;s notice shall be delivered to the Secretary at
the principal executive offices of the Corporation in writing not later than the Close of Business (as defined below) on the 90th&nbsp;day nor earlier than the Close of Business on the 120th&nbsp;day prior to the first anniversary of the preceding
year&#146;s annual meeting (which anniversary date shall, for purposes of the Corporation&#146;s first annual meeting of stockholders of the Corporation after the shares of its Common Stock are first publicly traded (the &#147;<B>First Annual
Meeting</B>&#148;), be deemed to have occurred on July&nbsp;13, 2021); <I>provided</I>,<I> however</I>, that in the event that the date of the annual meeting is more than 30&nbsp;days before or more than 70&nbsp;days after the anniversary date of
the previous year&#146;s meeting, or if no annual meeting was held in the preceding year (other than in connection with the First Annual Meeting), notice by a stockholder of the Corporation to be timely must be so delivered not earlier than the
Close of Business on the 120th&nbsp;day prior to such annual meeting and not later than the Close of Business on the later of the 90th&nbsp;day prior to such annual meeting or the 10th&nbsp;day following the day on which Public Announcement (as
defined below) of the date of such meeting is first made. In no event shall the adjournment or postponement of an annual meeting (or the Public Announcement of the adjournment or postponement thereof) commence a new time period (or extend any time
period) for the giving of a stockholder&#146;s notice as described above. For the avoidance of doubt, a stockholder shall not be entitled to make additional or substitute nominations following expiration of the
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time periods set forth in these Bylaws. Notwithstanding anything in this Section&nbsp;2.03(A)(2) to the contrary, if the number of directors to be elected to the Board at an annual meeting is
increased effective after the time period for which nominations would otherwise be due under this Section&nbsp;2.03(A)(2) and there is no Public Announcement naming all of the nominees for the additional directorships or specifying the size of the
increased Board at least 100&nbsp;days prior to the first anniversary of the prior year&#146;s annual meeting of stockholders of the Corporation, then a stockholder&#146;s notice required by this Section&nbsp;2.03(A)(2) shall also be considered
timely, but only with respect to nominees for any new positions created by such increase, if it is received by the Secretary at the principal executive offices of the Corporation in writing not later than the Close of Business on the 10th&nbsp;day
following the day on which such Public Announcement is first made. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) To be in proper form, a stockholder&#146;s notice
to the Secretary (the stockholder providing such notice, the &#147;<B>Noticing Stockholder</B>&#148;) under this Section&nbsp;2.03(A) must: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) as to each person whom the Noticing Stockholder proposes to nominate for election or
<FONT STYLE="white-space:nowrap">re-election</FONT> as a director, set forth or provide (i)&nbsp;the name, age, business address and residence address of such person, (ii)&nbsp;the principal occupation or employment of such person (present and for
the past five years), (iii)&nbsp;the class or series and number of shares of the Corporation which are, directly or indirectly, owned beneficially and/or of record by such person (<I>provided</I>, <I>however</I>, that for purposes of this
Section&nbsp;2.03(A)(3)(a), such person shall in all events be deemed to beneficially own any shares of the Corporation as to which such person has a right to acquire beneficial ownership of at any time in the future), (iv)&nbsp;all information
relating to such person that is required to be disclosed in solicitations of proxies for election of directors in an election contest or that is otherwise required pursuant to and in accordance with Regulation 14A under the Securities Exchange Act
of 1934, as amended (the &#147;<B>Exchange Act</B>&#148;) and the rules and regulations promulgated thereunder, (v)&nbsp;a complete and accurate description of any current or prior agreements, arrangements and understandings, and any other material
relationships between or among the Noticing Stockholder, any beneficial owner on whose behalf the nomination or proposal is made (collectively with the Noticing Stockholder, the &#147;<B>Holders</B>&#148;), any of their respective affiliates and
associates within the meaning of <FONT STYLE="white-space:nowrap">Rule&nbsp;12b-2</FONT> under the Exchange Act, or others acting in concert therewith, on the one hand, and each proposed nominee, and his or her respective affiliates and associates,
or others acting in concert therewith, on the other hand, including all information that would be required to be disclosed pursuant to Rule&nbsp;404 promulgated under <FONT STYLE="white-space:nowrap">Regulation&nbsp;S-K</FONT> (or any successor
provision) if any Holder, any affiliate or associate thereof or person acting in concert therewith, were the &#147;registrant&#148; for purposes of such rule and the nominee were a director or executive officer of such registrant, (vi)&nbsp;a
complete and accurate description of all direct and indirect compensation and other material monetary agreements, arrangements and understandings (whether written or oral) during the past three years, between or among any Holder, any of its
affiliates or associates, or others acting in concert therewith, on the one hand, and each nominee, and his or her respective affiliates and associates, or others acting in concert therewith, on </P>
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the other hand, (vii)&nbsp;a notarized letter signed by such person stating his or her acceptance of the nomination by the Holder, stating his or her intention to serve as a director for a full
term on the Board, if elected, and consenting to being named as a nominee for director in a proxy statement relating to such election, (viii)&nbsp;a completed and signed questionnaire and written representation and agreement, each as may be required
by Section&nbsp;2.03(A)(4) hereof and (ix)&nbsp;all information relating to the nominee that would be required by this Section&nbsp;2.03(A) to be set forth in a stockholder&#146;s notice with respect to a director nomination if such nominee were a
stockholder providing notice of a director nomination to be made at the meeting; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) as to any business that the Noticing
Stockholder proposes to bring before the meeting, set forth or provide (i)&nbsp;a brief description of the business desired to be brought before the meeting, (ii)&nbsp;the text, if any, of the proposal (including the text of any resolutions proposed
for consideration and in the event that such business includes a proposal to amend the Amended and Restated Bylaws (&#147;<B>Bylaws</B>&#148;) of the Corporation, the language of the proposed amendment), (iii)&nbsp;the reasons for conducting such
business at the meeting and any material interest in such business of any Holder and (iv)&nbsp;a complete and accurate description of any current or prior agreements, arrangements and understandings, and any other material relationships between or
among the Holders, any of their respective affiliates and associates, or others acting in concert therewith, on the one hand, and each proposed nominee, and his or her respective affiliates and associates, or others acting in concert therewith, on
the other hand, in connection with the proposal of such business by such Noticing Stockholder, including all information that would be required to be disclosed pursuant to Rule&nbsp;404 promulgated under
<FONT STYLE="white-space:nowrap">Regulation&nbsp;S-K</FONT> (or any successor provision) if any Holder, any affiliate or associate thereof or person acting in concert therewith, were the &#147;registrant&#148; for purposes of such rule and the
nominee were a director or executive officer of such registrant; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) as to the Holders, set forth (i)&nbsp;the name
and address of the Noticing Stockholder as they appear on the Corporation&#146;s books, (ii)&nbsp;the name and address of all other Holders, if any, (iii)&nbsp;the class or series and number of shares of the Corporation that are, directly or
indirectly, owned beneficially and/or of record by each Holder (<I>provided</I>, <I>however</I>, that for purposes of this Section&nbsp;2.03(A)(3)(c), any such person shall in all events be deemed to beneficially own any shares of the Corporation as
to which such person has a right to acquire beneficial ownership of at any time in the future), any person controlling, directly or indirectly, or acting in concert with, any Holder and any person controlled by or under common control with any
Holder, (iv)&nbsp;the Ownership Information (as defined below) for each Holder and Stockholder Associated Person (as defined below), (v)&nbsp;a representation by the Noticing Stockholder that the Noticing Stockholder is a stockholder of record of
the Corporation entitled to vote at the meeting, will continue to be a stockholder of record of the Corporation entitled to vote at such meeting through the date of such meeting and intends to appear in person or by proxy at the meeting to propose
such business or nomination, (vi)&nbsp;a representation as to whether any Holder intends or is part of a group which intends to (A)&nbsp;deliver a proxy statement and/or form of proxy to holders of at least the percentage of the outstanding shares
</P>
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of the Corporation required to approve or adopt the proposal or elect the nominee and/or (B)&nbsp;otherwise solicit proxies from stockholders of the Corporation in support of such proposal or
nomination, (vii)&nbsp;a certification regarding whether each Holder has complied with all applicable federal, state and other legal requirements in connection with its acquisition of shares or other securities of the Corporation and such
Holder&#146;s acts or omissions as a stockholder of the Corporation and (viii)&nbsp;the Noticing Stockholder&#146;s representation as to the accuracy of the information set forth in the notice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Corporation may also, as a condition to any such nomination or business being deemed properly brought before an annual meeting, request
any Holder or proposed nominee to deliver to the Secretary, within five business days of any such request, including such other information as may be reasonably requested by the Corporation, including, without limitation, such other information as
may be reasonably required by the Board, in its sole discretion, to determine (i)&nbsp;the eligibility of a proposed nominee to serve as a director of the Corporation, (ii)&nbsp;whether such nominee qualifies as an &#147;independent director&#148;
or &#147;audit committee financial expert&#148; under applicable law, securities exchange rule or regulation, or any publicly disclosed corporate governance guideline or committee charter of the Corporation and (iii)&nbsp;such other information that
the Board determines, in its sole discretion, could be material to a reasonable stockholder&#146;s understanding of the independence, or lack thereof, of such nominee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A Noticing Stockholder shall further update and supplement its notice of any nomination or other business proposed to be brought before a
meeting, if necessary, so that the information provided or required to be provided in such notice pursuant to this Section&nbsp;2.03 shall be true and correct (i)&nbsp;as of the record date for the meeting and (ii)&nbsp;as of the date that is
10&nbsp;business days prior to the meeting or any adjournment, recess, rescheduling or postponement thereof and such update and supplement shall be delivered to the Secretary at the principal executive offices of the Corporation not later than five
business days after the record date for the meeting (in the case of the update and supplement required to be made as of the record date) and not later than seven business days prior to the date for the meeting, if practicable (or, if not
practicable, on the first practicable date prior to the meeting), or any adjournment, recess, rescheduling or postponement thereof (in the case of the update and supplement required to be made as of 10&nbsp;business days prior to the meeting or any
adjournment, recess, rescheduling or postponement thereof). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing provisions of this Section&nbsp;2.03, unless
otherwise required by law, if the Noticing Stockholder (or a qualified representative of the Noticing Stockholder) does not appear at the meeting of stockholders of the Corporation and present his or her proposed business or nomination(s), such
proposed business will not be transacted and any such nomination will be disregarded, notwithstanding that proxies in respect of such vote may have been received by the Corporation. For purposes of this Section&nbsp;2.03, to be considered a
qualified representative of a stockholder of the Corporation, a person must be a duly authorized officer, manager or partner of such stockholder or must be authorized by a writing executed by such stockholder (or a reliable reproduction or
electronic transmission of the writing) stating that such person is authorized to act for such stockholder as a proxy at the meeting of stockholders of the Corporation, and such person must produce proof that he or she is a duly authorized officer,
manager or partner of such stockholder or such writing or electronic transmission, or a reliable reproduction of the writing or electronic transmission, as well as valid government-issued photo identification, at the meeting of stockholders of the
Corporation. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding anything to the contrary contained in these Bylaws, if the person whom the
Noticing Stockholder proposes to nominate for election or <FONT STYLE="white-space:nowrap">re-election</FONT> as a director pursuant to the notice procedures set forth in Sections&nbsp;2.03(A)(2) and (A)(3) hereof becomes ineligible or unwilling to
serve on the Board, the Noticing Stockholder may not, at the annual meeting for which its notice for nomination has previously been given, propose to nominate any substitute, successor or replacement nominee for election or <FONT
STYLE="white-space:nowrap">re-election</FONT> as a director, unless it gives a new timely notice pursuant to Section&nbsp;2.03(A). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) For purposes of this section, &#147;<B>Ownership Information</B>&#148; means: (i)&nbsp;any option, warrant, convertible
security, stock appreciation right, or similar right with an exercise or conversion privilege or a settlement payment or mechanism at a price related to any class or series of shares of the Corporation or with a value derived in whole in or part
from the value of any class or series of shares of the Corporation, whether or not the instrument or right is subject to settlement in the underlying class or series of shares of the Corporation or otherwise (a &#147;<B>Derivative
Instrument</B>&#148;) that is directly or indirectly owned beneficially by any Holder, Stockholder Associated Person or proposed nominee and any other direct or indirect opportunity to profit or share in any profit derived from any increase or
decrease in the value of any security of the Corporation; (ii)&nbsp;any agreement, arrangement or understanding (including any contract to purchase or sell, acquisition or grant of any option, right or warrant to purchase or sell, swap or other
instrument) between any Holder, Stockholder Associated Person, proposed nominee and/or any others acting in concert with any of the foregoing the intent or effect of which may be to transfer to or from any such person, in whole or in part, any of
the economic consequences of ownership of any security of the Corporation or to increase or decrease the voting power of any such person or any of such person&#146;s affiliates or associates with respect to any security of the Corporation;
(iii)&nbsp;any proxy, contract, arrangement, understanding or relationship pursuant to which any Holder, Stockholder Associated Person or proposed nominee has a right to vote or has granted a right to vote any shares of the Corporation;
(iv)&nbsp;any short interest held by any Holder, Stockholder Associated Person or proposed nominee presently or within the last 12 months in any shares of the Corporation (for purposes of this Section&nbsp;2.03, a Holder, Stockholder Associated
Person or proposed nominee is deemed to hold a short interest in a security if such Holder, Stockholder Associated Person or proposed nominee, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has
the opportunity to profit or share in any profit derived from any decrease in the value of the subject security); (v)&nbsp;any right to dividends on shares of the Corporation owned beneficially by any Holder, Stockholder Associated Person or
proposed nominee that is separated or separable from the underlying shares of the Corporation; (vi)&nbsp;any proportionate interest in shares of the Corporation; (vii)&nbsp;any Derivative Instrument held, directly or indirectly, by a general or
limited partnership or limited liability company or similar entity in which any Holder, Stockholder Associated Person or proposed nominee is (a)&nbsp;a general partner or, </P>
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directly or indirectly, beneficially owns any interest in a general partner, or (b)&nbsp;is the manager or managing member or, directly or indirectly, beneficially owns any interest in the
manager or managing member of a limited liability company or similar entity; (vii)&nbsp;any performance-related fees (other than an asset-based fee) that any Holder, Stockholder Associated Person or proposed nominee is entitled to based on any
increase or decrease in the value of shares of the Corporation or any Derivative Instrument; (viii)&nbsp;any direct or indirect legal, economic or financial interest (including short interest) of any Holder, Stockholder Associated Person or proposed
nominee in the outcome of any vote to be taken at any annual or special meeting of stockholders of the Corporation or any other entity with respect to any matter that is substantially related, directly or indirectly, to any nomination or business
proposed by any Holder under these Bylaws and; (ix)&nbsp;any arrangement, right or other interest described in the preceding clauses of this paragraph held by any member of the immediate family of any Holder, Stockholder Associated Person or
proposed nominee that shares the same household with such Holder or Stockholder Associated Person. &#147;<B>Stockholder Associated Person&#148; means as to any Holder (x)&nbsp;any person acting in concert with such Holder, (y)&nbsp;any person
controlling, controlled by or under common control with such Holder or any of their respective affiliates and associates, or person acting in concert therewith and (z)&nbsp;any member of the immediate family of such Holder or an affiliate or
associate of such Holder. As used in these Bylaws, the terms &#147;affiliate(s)&#148; and &#147;associate(s)&#148; shall have the meanings attributed to such terms in <FONT STYLE="white-space:nowrap">Rule&nbsp;12b-2</FONT> under the Exchange Act and
the rules and regulations promulgated thereunder. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) To be eligible to be a nominee for election or reelection as a
director of the Corporation pursuant to this Section&nbsp;2.03, a proposed nominee must deliver (in the case of nominee nominated by a stockholder of the Corporation pursuant to this Section&nbsp;2.03, in accordance with the time periods and other
requirements prescribed for delivery of notice under these Bylaws and applicable law) to the Secretary at the principal executive offices of the Corporation (i)&nbsp;a written questionnaire with respect to the background and qualification of such
person and the background of any other person or entity on whose behalf the nomination is being made (in the form to be provided by the Secretary upon written request of any stockholder of record identified by name within five business days of such
written request) and (ii)&nbsp;a written representation and agreement (in the form to be provided by the Secretary upon written request of any stockholder of record identified by name within five business days of such written request) that such
person (A)&nbsp;is not and will not become a party to (1)&nbsp;any agreement, arrangement or understanding (whether written or oral) with, and has not given any commitment or assurance to, any person or entity as to how such person, if elected as a
director of the Corporation, will act or vote in such capacity on any issue or question (a &#147;<B>Voting Commitment</B>&#148;) that has not been disclosed to the Corporation or (2)&nbsp;any Voting Commitment that could limit or interfere with such
person&#146;s ability to comply, if elected as a director of the Corporation, with such person&#146;s fiduciary duties under applicable law, (B)&nbsp;is not and will not become a party to any agreement, arrangement or understanding (whether written
or oral) with any person or entity other than the Corporation with respect to any direct or indirect compensation, reimbursement or indemnification in connection with service or action as a director of the Corporation that has not been disclosed to
the Corporation, (C)&nbsp;if elected as director of the Corporation, </P>
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intends to serve for a full term on the Board and (D)&nbsp;in such person&#146;s individual capacity and on behalf of any person or entity on whose behalf the nomination is being made, would be
in compliance, if elected as a director of the Corporation, and will comply with all applicable laws and all applicable rules of the U.S. exchanges upon which the securities of the Corporation are listed and all applicable publicly disclosed
corporate governance, conflict of interest, confidentiality and stock ownership and trading policies and other guidelines of the Corporation duly adopted by the Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) <U>Special Meetings of Stockholders of the Corporation</U>. Only such business shall be conducted at a special meeting of stockholders of
the Corporation as shall have been brought before the meeting pursuant to the Corporation&#146;s notice of meeting. Nominations of persons for election to the Board may be made at a special meeting of stockholders of the Corporation at which
directors are to be elected pursuant to the Corporation&#146;s notice of meeting (1)&nbsp;by or at the direction of the Board or (2)&nbsp;provided that the Board has determined that directors shall be elected at such meeting, by any stockholder of
the Corporation who is entitled to vote at the meeting, who (subject to Section&nbsp;2.03(C)(4)) complies with the notice procedures set forth in this Section&nbsp;2.03 and who is a stockholder of record at the time such notice is delivered to the
Secretary at the principal executive offices of the Corporation, on the record date for the determination of stockholders of the Corporation entitled to vote at the special meeting and at the time of the special meeting. In the event that the
Corporation calls a special meeting of stockholders of the Corporation for the purpose of electing one or more directors to the Board, any such stockholder entitled to vote in such election of directors may nominate a person or persons (as the case
may be) for election to such position(s) as specified in the Corporation&#146;s notice of meeting if the stockholder&#146;s notice as required, if such stockholder&#146;s notice for a special meeting were for an annual meeting, by
Section&nbsp;2.03(A)(2) hereof shall be delivered to the Secretary at the principal executive offices of the Corporation not earlier than the Close of Business on the 120th&nbsp;day prior to such special meeting and not later than the Close of
Business on the later of the 90th&nbsp;day prior to such special meeting or the 10th&nbsp;day following the day on which Public Announcement is first made of the date of such special meeting and of the nominees proposed by the Board to be elected at
such meeting. In no event shall the adjournment or postponement of a special meeting (or the Public Announcement of the adjournment or postponement thereof) commence a new time period (or extend any time period) for the giving of a
stockholder&#146;s notice as described above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) <U>General</U>. (1)&nbsp;Except as provided in Section&nbsp;2.03(C)(4) hereof, only
such persons who are nominated in accordance with the procedures set forth in this Section&nbsp;2.03 shall be eligible to serve as a director and only such business shall be conducted at an annual or special meeting of stockholders of the
Corporation as shall have been brought before the meeting in accordance with the procedures set forth in this Section&nbsp;2.03. Except as otherwise provided by law, the Amended and Restated Certificate of Incorporation or these Bylaws, the chairman
of any meeting of stockholders of the Corporation shall, in addition to making any other determination that may be appropriate for the conduct of the meeting, have the power and duty to determine whether a nomination or any business proposed to be
brought before the meeting was made or proposed, as the case may be, in accordance with the procedures set forth in these Bylaws and, if any proposed nomination or business is not in compliance with these Bylaws, to declare that such defective
proposal or nomination shall be disregarded. The date and time of the opening and the closing of the polls for each matter upon which the stockholders of the Corporation will vote at a meeting shall be announced at the meeting by the chairman of the
meeting. After the polls close, no ballots, </P>
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proxies or votes or any revocations or changes thereto shall be accepted. The Board may adopt by resolution such rules, regulations and procedures for the conduct of the meeting of stockholders
of the Corporation as it shall deem appropriate. Except to the extent inconsistent with such rules and regulations as adopted by the Board, the chairman of the meeting shall have the right and authority to convene and (for any or no reason) to
recess and/or adjourn the meeting, to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such chairman, are appropriate for the proper conduct of the meeting. Such rules, regulations or procedures,
whether adopted by the Board or prescribed by the chairman of the meeting, may include, without limitation, the following: (a)&nbsp;the establishment of an agenda or order of business for the meeting; (b)&nbsp;rules and procedures for maintaining
order at the meeting and the safety of those present; (c)&nbsp;limitations on attendance at or participation in the meeting to stockholders of the Corporation entitled to vote at the meeting, their duly authorized and constituted proxies or such
other persons as the chairman of the meeting shall determine; (d)&nbsp;restrictions on entry to the meeting after the time fixed for the commencement thereof; (e)&nbsp;limitations on the time allotted to questions or comments by participants; and
(f)&nbsp;restricting the use of cell phones, audio or video recording devices and similar devices at the meeting. Notwithstanding the foregoing provisions of this Section&nbsp;2.03, unless otherwise required by law, if the Noticing Stockholder (or a
qualified representative of the Noticing Stockholder) does not appear at the annual or special meeting of stockholders of the Corporation to present a nomination or business, such nomination shall be disregarded and such proposed business shall not
be transacted, notwithstanding that proxies in respect of such vote may have been received by the Corporation. Unless and to the extent determined by the Board or the chairman of the meeting, no meeting of stockholders of the Corporation shall be
required to be held in accordance with the rules of parliamentary procedure. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) Whenever used in these Bylaws,
(a)&nbsp;&#147;<B>Public Announcement</B>&#148; shall mean disclosure (i)&nbsp;in a press release issued by the Corporation, provided such press release is issued by the Corporation following its customary procedures, that is reported by the Dow
Jones News Service, Associated Press or comparable national news service, or is generally available on internet news sites or (ii)&nbsp;in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to
Section&nbsp;13, 14 or 15(d) of the Exchange Act and the rules and regulations promulgated thereunder; (b)&nbsp;the &#147;<B>Close of Business</B>&#148; means 5:00&nbsp;p.m. local time at the Corporation&#146;s principal executive offices, and if an
applicable deadline falls on the &#147;Close of Business&#148; on a day that is not a Business Day, then the applicable deadline shall be deemed to be the Close of Business on the immediately preceding Business Day; and (c)&nbsp;&#147;<B>Business
Day</B>&#148; means each&nbsp;Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in New York City are authorized or obligated by law or executive order to close. Further, &#147;<B>delivery</B>&#148; of
any notice or materials by a stockholder as required under this Section&nbsp;2.03 shall be made by both (1)&nbsp;hand delivery, overnight courier service, or by certified or registered mail, return receipt required, in each case, to the Secretary at
the principal executive offices of the Corporation, and (2)&nbsp;electronic mail to the Secretary at the principal executive offices of the Corporation or such other email address for the Secretary as may be specified in the Corporation&#146;s proxy
statement for the annual meeting of stockholders immediately preceding such delivery of notice or materials. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) Notwithstanding the foregoing provisions of this Section&nbsp;2.03, the
Noticing Stockholder shall also comply with all applicable requirements of the Exchange Act and the rules and regulations promulgated thereunder with respect to the matters set forth in this Section&nbsp;2.03; <I>provided</I>,<I> however</I>, that,
to the fullest extent permitted by law, any references in these Bylaws to the Exchange Act or the rules and regulations promulgated thereunder are not intended to and shall not limit any requirements applicable to nominations or proposals as to any
other business to be considered pursuant to these Bylaws (including Sections&nbsp;2.03 (A)(1)(c) and (B)&nbsp;hereof), and compliance with this Section&nbsp;2.03 shall be the exclusive means for a stockholder of the Corporation to make nominations
or submit other business at any meeting of stockholders of the Corporation (other than business properly brought under and in compliance with Rule <FONT STYLE="white-space:nowrap">14a-8</FONT> of the Exchange Act (or any successor provision)).
Nothing in these Bylaws shall be deemed to affect any rights of stockholders to request inclusion of proposals in the Corporation&#146;s proxy statement pursuant to <FONT STYLE="white-space:nowrap">Rule&nbsp;14a-8</FONT> under the Exchange Act or
the rights of the holders of any class or series of stock having a preference over the common stock of the Corporation as to dividends or upon liquidation to elect directors under specified circumstances (including any certificate of designation
relating to any series of Preferred Stock (as defined in the Amended and Restated Certificate of Incorporation)). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4)
Notwithstanding anything to the contrary contained in this Section&nbsp;2.03, prior to the Trigger Event, the Investors (as defined in the Amended and Restated Certificate of Incorporation) shall not be subject to the notice procedures set forth in
Sections&nbsp;2.03(A)(2), (A)(3) or (B)&nbsp;hereof with respect to any annual or special meeting of stockholders of the Corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.04 <U>Notice of Meetings</U>. Whenever stockholders of the Corporation are required or permitted to take any action at a
meeting, a timely notice in writing or by electronic transmission, in the manner provided in Section&nbsp;232 of the DGCL, of the meeting, which shall state the place, if any, date and time of the meeting, the means of remote communication, if any,
by which stockholders of the Corporation and proxyholders may be deemed to be present in person and vote at such meeting, the record date for determining the stockholders of the Corporation entitled to vote at the meeting, if such date is different
from the record date for determining stockholders of the Corporation entitled to notice of the meeting, and, in the case of a special meeting, the purposes for which the meeting is called, shall be mailed to or transmitted electronically by the
Secretary to each stockholder of record entitled to vote thereat as of the record date for determining the stockholders of the Corporation entitled to notice of the meeting. Unless otherwise provided by law, the Amended and Restated Certificate of
Incorporation or these Bylaws, the notice of any meeting shall be given not less than 10&nbsp;nor more than 60&nbsp;days before the date of the meeting to each stockholder of the Corporation entitled to vote at such meeting as of the record date for
determining the stockholders of the Corporation entitled to notice of the meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.05 <U>Quorum</U>. Unless otherwise
required by law, the Amended and Restated Certificate of Incorporation or the rules of any stock exchange upon which the Corporation&#146;s securities are listed, the holders of record of a majority of the voting power of the issued and outstanding
shares of the Corporation entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum for the transaction of business at all meetings of stockholders of the Corporation. Notwithstanding the foregoing, where a
separate vote by a class or series or classes or series is required, a majority in voting power of the outstanding shares of such class or series or classes or series, present in person or represented by proxy, shall constitute a quorum entitled to
take action with respect to the vote on that matter. Once a quorum is present at any meeting, it shall not be broken by the subsequent withdrawal of any stockholder of the Corporation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.06 <U>Voting</U>. Except as otherwise provided by or pursuant to the
provisions of the Amended and Restated Certificate of Incorporation, each stockholder entitled to vote at any meeting of stockholders of the Corporation shall be entitled to one vote for each share of Common Stock held by such stockholder that has
voting power upon the matter in question. Each stockholder entitled to vote at a meeting of stockholders of the Corporation or to express consent to corporate action in writing without a meeting may authorize another person or persons to act for
such stockholder by proxy in any manner provided by applicable law, but no such proxy shall be voted or acted upon after three&nbsp;years from its date, unless the proxy provides for a longer period. A proxy shall be irrevocable if it states that it
is irrevocable and if, and only as long as, it is coupled with an interest sufficient in law to support an irrevocable power. A stockholder of the Corporation may revoke any proxy that is not irrevocable by attending the meeting and voting in person
or by delivering to the Secretary a written revocation of the proxy or a new proxy bearing a later date. Unless required by the Amended and Restated Certificate of Incorporation or applicable law, or determined by the chairman of the meeting to be
advisable, the vote on any question need not be by ballot. On a vote by ballot, each ballot shall be signed by the stockholder voting, or by such stockholder&#146;s proxy, if there be such proxy. When a quorum is present or represented at any
meeting, the vote of the holders of a majority of the voting power of the shares of the Corporation present in person or represented by proxy and entitled to vote on the subject matter shall decide any question brought before such meeting, unless
the question is one upon which, by express provision of applicable law, of the rules or regulations of any stock exchange applicable to the Corporation, of any regulation applicable to the Corporation or its securities, of the Amended and Restated
Certificate of Incorporation or of these Bylaws, a different vote is required, in which case such express provision shall govern and control the decision of such question. Notwithstanding anything to the contrary in these Bylaws and subject to the
Amended and Restated Certificate of Incorporation, all elections of directors shall be determined by a plurality of the votes cast in respect of the shares present in person or represented by proxy at the meeting and entitled to vote on the election
of directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.07 <U>Chairman of Meetings</U>. The Chairman of the Board, if one is elected, or, in his or her absence or
disability, the CEO, or in the absence of the Chairman of the Board and the CEO, a person designated by the majority of the directors shall be the chairman of the meeting and, as such, shall preside at all meetings of the stockholders of the
Corporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.08 <U>Secretary of Meetings</U>. The Secretary shall act as secretary at all meetings of the stockholders of
the Corporation. In the absence or disability of the Secretary, the chairman of the meeting shall appoint a person to act as secretary at such meetings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.09 <U>Consent of Stockholders in Lieu of Meeting</U>. Any action required or permitted to be taken at any meeting of
stockholders of the Corporation may be taken without a meeting, without prior notice and without a vote only in the manner provided in the Amended and Restated Certificate of Incorporation and in accordance with applicable law. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.10 <U>Adjournment</U>. The chairman of any meeting of stockholders of the
Corporation shall have the power to adjourn the meeting from time to time, whether or not a quorum is present. At any meeting of stockholders of the Corporation, if less than a quorum be present, the chairman of the meeting or stockholders of the
Corporation holding a majority in voting power of the shares of stock of the Corporation, present in person or by proxy and entitled to vote thereat, shall have the power to adjourn the meeting from time to time without notice other than
announcement at the meeting until a quorum shall be present. Any business may be transacted at the adjourned meeting that might have been transacted at the meeting originally noticed. If the adjournment is for more than 30&nbsp;days, a notice of the
adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting. If after the adjournment a new record date for determination of stockholders of the Corporation entitled to vote is fixed for the adjourned meeting, the
Board shall fix as the record date for determining stockholders of the Corporation entitled to notice of such adjourned meeting the same or an earlier date as that fixed for determination of stockholders of the Corporation entitled to vote at the
adjourned meeting, and shall give notice of the adjourned meeting to each stockholder of record entitled to vote at such adjourned meeting as of the record date so fixed for notice of such adjourned meeting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.11 <U>Remote Communication</U>. If authorized by the Board in its sole discretion, and subject to such rules, regulations and
procedures as the Board may adopt, stockholders of the Corporation and proxyholders not physically present at a meeting of stockholders of the Corporation may, by means of remote communication: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) participate in a meeting of stockholders of the Corporation; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) be deemed present in person and vote at a meeting of stockholders of the Corporation whether such meeting is to be held at a designated
place or solely by means of remote communication; <I>provided</I>,<I> however</I>, that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the Corporation shall
implement reasonable measures to verify that each person deemed present and permitted to vote at the meeting by means of remote communication is a stockholder of the Corporation or proxyholder; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the Corporation shall implement reasonable measures to provide such stockholders of the Corporation and proxyholders a
reasonable opportunity to participate in the meeting and to vote on matters submitted to the stockholders of the Corporation, including an opportunity to read or hear the proceedings of the meeting substantially concurrently with such proceedings;
and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) if any stockholder of the Corporation or proxyholder votes or takes other action at the meeting by means of remote
communication, a record of such vote or other action shall be maintained by the Corporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.12 <U>Inspectors of
Election</U>. The Corporation may, and shall if required by law, in advance of any meeting of stockholders of the Corporation, appoint one or more inspectors of election, who may be employees of the Corporation, to act at the meeting or any
adjournment thereof and to make a written report thereof. The Corporation may designate one or more persons as alternate inspectors to replace any inspector who fails to act. In the event that no inspector so
</P>
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appointed or designated is able to act at a meeting of stockholders of the Corporation, the chairman of the meeting shall appoint one or more inspectors to act at the meeting. Each inspector,
before entering upon the discharge of his or her duties, shall take and sign an oath to execute faithfully the duties of inspector with strict impartiality and according to the best of his or her ability. The inspector or inspectors so appointed or
designated shall (a)&nbsp;ascertain the number of shares of the Corporation outstanding and the voting power of each such share, (b)&nbsp;determine the shares of the Corporation represented at the meeting and the validity of proxies and ballots,
(c)&nbsp;count all votes and ballots, (d)&nbsp;determine and retain for a reasonable period a record of the disposition of any challenges made to any determination by the inspectors and (e)&nbsp;certify their determination of the number of shares of
the Corporation represented at the meeting and such inspectors&#146; count of all votes and ballots. Such certification and report shall specify such other information as may be required by law. In determining the validity and counting of proxies
and ballots cast at any meeting of stockholders of the Corporation, the inspectors may consider such information as is permitted by applicable law. No person who is a candidate for an office at an election may serve as an inspector at such election.
</P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE III </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BOARD
OF DIRECTORS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.01 <U>Powers</U>. Except as otherwise provided in the Amended and Restated Certificate of Incorporation
or the DGCL, the business and affairs of the Corporation shall be managed by or under the direction of the Board. The Board may exercise all such authority and powers of the Corporation and do all such lawful acts and things as are not, by the DGCL
or the Amended and Restated Certificate of Incorporation, directed or required to be exercised or done by the stockholders of the Corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.02 <U>Number and Term; Chairman</U>. Subject to the Amended and Restated Certificate of Incorporation, the number of directors
shall be fixed exclusively by resolution of the Board. The term of each director elected to the Board shall be as set forth in the Amended and Restated Certificate of Incorporation. Directors need not be stockholders of the Corporation. The Board
shall elect a Chairman of the Board, who shall have the powers and perform such duties as provided in these Bylaws and as the Board may from time to time prescribe. The Chairman of the Board shall preside at all meetings of the Board at which he or
she is present. If the Chairman of the Board is not present at a meeting of the Board, the CEO (if the CEO is a director and is not also the Chairman of the Board) shall preside at such meeting, and, if the CEO is not present at such meeting or is
not a director, a majority of the directors present at such meeting shall elect one&nbsp;of their members to preside. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.03
<U>Resignations</U>. Any director may resign at any time upon notice given in writing or by electronic transmission to the Board, the Chairman of the Board, the CEO or the Secretary. The resignation shall take effect at the time or upon the
happening of any event specified therein, and if no specification is so made, at the time of its receipt. The acceptance of a resignation shall not be necessary to make it effective unless otherwise expressly provided in the resignation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.04 <U>Removal</U>. Directors of the Corporation may be removed in the manner provided in the Amended and Restated Certificate
of Incorporation and applicable law. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.05 <U>Vacancies and Newly-Created Directorships</U>. Except as otherwise
provided by applicable law, vacancies occurring in any directorship (whether by death, resignation, retirement, disqualification, removal or other cause) and newly-created directorships resulting from any increase in the number of directors shall be
filled in accordance with the Amended and Restated Certificate of Incorporation. Any director elected to fill a vacancy or newly-created directorship shall hold office until the next election of the class for which such director shall have been
chosen and until his or her successor shall be elected and qualified, or until his or her earlier death, resignation, retirement, disqualification or removal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.06 <U>Meetings</U>. Regular meetings of the Board may be held at such places and times as shall be determined from time to time
by the Board, either within or without the State of Delaware. Special meetings of the Board may be called by the CEO of the Corporation or the Chairman of the Board or as provided by the Amended and Restated Certificate of Incorporation, and shall
be called by the CEO or the Secretary if directed by the Board and shall be at such places and times as they or he or she shall fix. Before the Trigger Event, special meetings of the Board may also be called by holders of 50% or more of the voting
power of all the outstanding shares of Common Stock, and shall be at such places and times as such holders shall fix. Notice need not be given of regular meetings of the Board. At least 24&nbsp;hours before each special meeting of the Board, written
notice, notice by electronic transmission or oral notice (either in person or by telephone) of the time, date and place of the meeting shall be given to each director. Unless otherwise indicated in the notice thereof, any and all business may be
transacted at a special meeting of the Board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.07 <U>Quorum, Voting and Adjournment</U>. A majority of the total number of
directors shall constitute a quorum for the transaction of business at a meeting of the Board. Except as otherwise provided by law, the Amended and Restated Certificate of Incorporation or these Bylaws, the act of a majority of the directors present
at a meeting of the Board at which a quorum is present shall be the act of the Board. In the absence of a quorum, a majority of the directors present thereat may adjourn such meeting to another time and place. Notice of such adjourned meeting need
not be given if the time and place of such adjourned meeting are announced at the meeting so adjourned. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.08 <U>Committees;
Committee Rules</U>. The Board may, by resolution passed by a majority of the directors, designate one or more committees, each such committee to consist of one or more of the directors of the Corporation. The meetings of any such committee shall be
held in compliance with these Bylaws. The Board may designate one or more directors as alternate members of any committee to replace any absent or disqualified member at any meeting of the committee. Any such committee, to the extent provided in the
resolution of the Board establishing such committee, shall have and may exercise all the powers and authority of the Board in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed
to all papers that may require it. Notwithstanding the foregoing, no committee shall have the power or authority of the Board in reference to the following matters: (a)&nbsp;approving or adopting, or recommending to the stockholders of the
Corporation, any action or matter (other than the election or removal of directors) expressly required by the DGCL to be submitted to stockholders of the Corporation for approval or (b)&nbsp;adopting, amending or repealing any Bylaw of the
Corporation. All committees of the Board shall keep minutes of their meetings and shall report their proceedings to the Board when requested or required by the Board. Each </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

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committee of the Board may fix its own rules of procedure and shall hold its meetings as provided by such rules, except as may otherwise be provided by a resolution of the Board designating such
committee. Unless otherwise provided in such a resolution, (i)&nbsp;the presence of at least a majority of the members of the committee shall be necessary to constitute a quorum for the transaction of business at a meeting of the committee unless
the committee shall consist of one or two members, in which event one member shall constitute a quorum and (ii)&nbsp;all matters shall be determined by a majority vote of the members present at a meeting of the committee at which a quorum is
present. In the absence of a quorum, a majority of the directors present may adjourn the meeting of the committee to another time and place. Notice of such adjourned meeting need not be given if the time and place of such adjourned meeting are
announced at the meeting so adjourned. Unless otherwise provided in such a resolution, in the event that a member and that member&#146;s alternate, if alternates are designated by the Board, of such committee is or are absent or disqualified, the
member or members thereof present at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint another member of the Board to act at the meeting in place of any such absent or
disqualified member, to the extent permitted by applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.09 <U>Action Without a Meeting</U>. Unless otherwise
restricted by the Amended and Restated Certificate of Incorporation, any action required or permitted to be taken at any meeting of the Board or of any committee thereof may be taken without a meeting if all members of the Board or any committee
thereof, as the case may be, consent thereto in writing or by electronic transmission, and the writing or writings or electronic transmission or transmissions are filed in the minutes of proceedings of the Board or committee. Such filing shall be in
paper form if the minutes are maintained in paper form or shall be in electronic form if the minutes are maintained in electronic form. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.10 <U>Remote Meeting</U>. Unless otherwise restricted by the Amended and Restated Certificate of Incorporation, members of the
Board, or any committee designated by the Board, may participate in a meeting by means of conference telephone or other communications equipment in which all persons participating in the meeting can hear each other. Participation in a meeting by
means of conference telephone or other communications equipment shall constitute presence in person at such meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.11
<U>Compensation</U>. The Board shall have the authority to fix the compensation, including fees and reimbursement of expenses, of directors for services to the Corporation in any capacity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.12 <U>Reliance on Books and Records</U>. A member of the Board, or a member of any committee designated by the Board shall, in
the performance of such person&#146;s duties, be fully protected in relying in good faith upon records of the Corporation and upon such information, opinions, reports or statements presented to the Corporation by any of the Corporation&#146;s
officers or employees, or committees of the Board, or by any other person as to matters the member reasonably believes are within such other person&#146;s professional or expert competence and who has been selected with reasonable care by or on
behalf of the Corporation or the Board. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IV </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OFFICERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.01 <U>Number</U>. The officers of the Corporation shall include a CEO, a Chief Financial Officer and a Secretary, each of whom
shall be elected by the Board and who shall hold office for such terms as shall be determined by the Board and until their successors are elected and qualify or until their earlier resignation or removal. In addition, the Board may elect one or more
Vice Presidents, including one or more Executive Vice Presidents, Senior Vice Presidents, a Treasurer and one or more Assistant Treasurers and one or more Assistant Secretaries, who shall hold their office for such terms and shall exercise such
powers and perform such duties as shall be determined from time to time by the Board. Any number of offices may be held by the same person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.02 <U>Other Officers and Agents</U>. The Board may appoint such other officers and agents as it deems advisable, who shall hold
their office for such terms and shall exercise and perform such powers and duties as shall be determined from time to time by the Board. The Board may appoint one or more officers called a Vice Chairman, each of whom does not need to be a member of
the Board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.03 <U>Chief Executive Officer</U>. The CEO shall have general executive charge, management, and control of the
properties and operations of the Corporation in the ordinary course of its business, with all such powers with respect to such properties and operations as may be reasonably incident to such responsibilities. If the Board has not elected a Chairman
of the Board or in the absence or inability to act as the Chairman of the Board, the CEO shall exercise all of the powers and discharge all of the duties of the Chairman of the Board, but only if the CEO is a director of the Corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.04 <U>Chief Financial Officer</U>. The Chief Financial Officer shall have the custody of the corporate funds and securities;
shall keep full and accurate accounts of receipts and disbursements in books belonging to the Corporation as shall be necessary or desirable in accordance with applicable law or generally accepted accounting principles; shall deposit all monies and
other valuable effects in the name and to the credit of the Corporation as may be ordered by the Chairman of the Board or the Board of Directors; shall receive, and give receipts for, moneys due and payable to the Corporation from any source
whatsoever; shall cause the funds of the Corporation to be disbursed when such disbursements have been duly authorized, taking proper vouchers for such disbursements; and shall render to the Board of Directors, at its regular meeting or when the
Board of Directors so requires, an account of the Corporation; shall have such powers and perform such duties as the Board of Directors, the Chairman of the Board, the Chief Executive Officer, or these Bylaws may, from time to time, prescribe. The
Treasurer, if any, shall in the absence or disability of the Chief Financial Officer, perform the duties and exercise the powers of the chief financial officer, subject to the power of the board of directors. The Treasurer, if any, shall perform
such other duties and have such other powers as the board of directors may, from time to time, prescribe. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.05 <U>Vice
Presidents</U>. Each Vice President, if any are appointed, of whom one or more may be designated an Executive Vice President or Senior Vice President, shall have such powers and shall perform such duties as shall be assigned to him or her by the CEO
or the Board. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.06 <U>Secretary</U>. The Secretary shall: (a)&nbsp;cause minutes of all
meetings of the stockholders of the Corporation and directors to be recorded and kept properly; (b)&nbsp;cause all notices required by these Bylaws or otherwise to be given properly; (c)&nbsp;see that the minute books, stock books and other
nonfinancial books, records and papers of the Corporation are kept properly; and (d)&nbsp;cause all reports, statements, returns, certificates and other documents to be prepared and filed when and as required. The Secretary shall have such further
powers and perform such other duties as prescribed from time to time by the CEO or the Board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.07 <U>Assistant Treasurers
and Assistant Secretaries</U>. Each Assistant Treasurer and each Assistant Secretary, if any are appointed, shall be vested with all the powers and shall perform all the duties of the Treasurer and Secretary, respectively, in the absence or
disability of such officer, unless or until the CEO or the Board shall otherwise determine. In addition, Assistant Treasurers and Assistant Secretaries shall have such powers and shall perform such duties as shall be assigned to them by the CEO or
the Board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.08 <U>Corporate Funds and Checks</U>. The funds of the Corporation shall be kept in such depositories as shall
from time to time be prescribed by the Board or its designees selected for such purposes. All checks or other orders for the payment of money shall be signed by the CEO, the Chief Financial Officer, a Vice President, the Treasurer or the Secretary
or such other person or agent as may from time to time be authorized and with such countersignature, if any, as may be required by the Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.09 <U>Contracts and Other Documents</U>. The CEO and the Secretary, or such other officer or officers as may from time to time
be authorized by the Board or any other committee given specific authority in the premises by the Board during the intervals between the meetings of the Board, shall have power to sign and execute on behalf of the Corporation deeds, conveyances and
contracts and any and all other documents requiring execution by the Corporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.10 <U>Ownership of Stock of Another
Corporation</U>. Unless otherwise directed by the Board, the CEO, the Chief Financial Officer, a Vice President, the Treasurer or the Secretary, or such other officer or agent as shall be authorized by the Board, shall have the power and authority,
on behalf of the Corporation, to attend and to vote at any meeting of securityholders of any entity in which the Corporation holds securities or equity interests and may exercise, on behalf of the Corporation, any and all of the rights and powers
incident to the ownership of such securities or equity interests at any such meeting, including the authority to execute and deliver proxies and consents on behalf of the Corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.11 <U>Delegation of Duties</U>. In the absence, disability or refusal of any officer to exercise and perform his or her duties,
the Board may delegate to another officer such powers or duties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.12 <U>Resignation and Removal</U>. Any officer of the
Corporation may be removed from office for or without cause at any time by the Board. Any officer may resign at any time in the same manner prescribed under Section&nbsp;3.03 hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.13 <U>Vacancies</U>. The Board shall have the power to fill vacancies occurring in any office. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.14 <U>Compensation</U>. Compensation of all executive officers shall be
approved by the Board, and no officer shall be prevented from receiving such compensation by virtue of his or her also being a director of the Corporation; <I>provided</I>, <I>however</I>, that compensation of all executive officers may be
determined by a committee established for that purpose if so authorized by the unanimous vote of the Board. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE V </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>STOCK </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.01
<U>Shares With Certificates</U>. The shares of stock of the Corporation shall be represented by certificates; <I>provided</I>, <I>however</I>, that the Board may provide by resolution or resolutions that some or all of any or all classes or series
of the Corporation&#146;s stock shall be uncertificated shares. Any such resolution shall not apply to shares represented by a certificate until such certificate is surrendered to the Corporation. Every holder of stock in the Corporation represented
by certificates shall be entitled to have a certificate signed by, or in the name of the Corporation by any two authorized officers of the Corporation (it being understood that each of the Chairman of the Board, the Vice Chairman of the Board, the
CEO, the Chief Financial Officer, or a Vice President, the Treasurer or an Assistant Treasurer or the Secretary or an Assistant Secretary of the Corporation shall be an authorized officer for such purpose), certifying the number and class of shares
of the Corporation owned by such holder. Any or all of the signatures on the certificate may be a facsimile. The Board shall have the power to appoint one or more transfer agents and/or registrars for the transfer or registration of certificates of
stock of any class, and may require stock certificates to be countersigned or registered by one or more of such transfer agents and/or registrars. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.02 <U>Shares Without Certificates</U>. If the Board chooses to issue shares of stock without certificates, the Corporation, if
required by the DGCL, shall, within a reasonable time after the issuance or transfer of shares without certificates, send the stockholder of the Corporation a written statement of the information required by the DGCL. The Corporation may adopt a
system of issuance, recordation and transfer of its shares of stock by electronic or other means not involving the issuance of certificates; <I>provided</I>, <I>however</I>, that the use of such system by the Corporation is permitted by applicable
law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.03 <U>Transfer of Shares</U>. Shares of stock of the Corporation shall be transferable upon its books by the holders
thereof, in person or by their duly authorized attorneys or legal representatives, in the manner prescribed by law, the Amended and Restated Certificate of Incorporation and in these Bylaws, upon surrender to the Corporation by delivery thereof (to
the extent evidenced by a physical stock certificate) to the person in charge of the stock and transfer books and ledgers. Certificates representing such shares, if any, shall be cancelled and new certificates, if the shares are to be certificated,
shall thereupon be issued. Shares of the Corporation that are not represented by a certificate shall be transferred in accordance with applicable law. A record shall be made of each transfer. Whenever any transfer of shares shall be made for
collateral security, and not absolutely, it shall be so expressed in the entry of the transfer if, when the certificates are presented, both the transferor and transferee request the Corporation to do so. The Board shall have power and authority to
make such rules and regulations as it may deem necessary or proper concerning the issuance, transfer and registration of certificates for shares of stock of the Corporation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.04 <U>Lost, Stolen, Destroyed or Mutilated Certificates</U>. A new
certificate of stock or uncertificated shares may be issued in the place of any certificate previously issued by the Corporation alleged to have been lost, stolen or destroyed, and the Corporation may, in its discretion, require the owner of such
lost, stolen or destroyed certificate, or his or her legal representative, to give the Corporation a bond, in such sum as the Corporation may direct, in order to indemnify the Corporation against any claims that may be made against it in connection
therewith. A new certificate or uncertificated shares of stock may be issued in the place of any certificate previously issued by the Corporation that has become mutilated upon the surrender by such owner of such mutilated certificate and, if
required by the Corporation, the posting of a bond by such owner in an amount sufficient to indemnify the Corporation against any claim that may be made against it in connection therewith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.05 <U>List of Stockholders Entitled To Vote</U>. The Corporation shall prepare and make, at least 10&nbsp;days before every
meeting of stockholders of the Corporation, a complete list of the stockholders of the Corporation entitled to vote at the meeting (<I>provided</I>, <I>however</I>, that if the record date for determining the stockholders of the Corporation entitled
to vote is less than 10&nbsp;days before the date of the meeting, the list shall reflect the stockholders of the Corporation entitled to vote as of the 10th day before the meeting date), arranged in alphabetical order and showing the address of each
stockholder of the Corporation and the number of shares registered in the name of each such stockholder. Such list shall be open to the examination of any stockholder of the Corporation, for any purpose germane to the meeting at least 10&nbsp;days
prior to the meeting (a)&nbsp;on a reasonably accessible electronic network (<I>provided</I>, <I>however</I>, that the information required to gain access to such list is provided with the notice of meeting) or (b)&nbsp;during ordinary business
hours at the principal place of business of the Corporation. In the event that the Corporation determines to make the list available on an electronic network, the Corporation may take reasonable steps to ensure that such information is available
only to stockholders of the Corporation of the Corporation. If the meeting is to be held at a place, then a list of stockholders of the Corporation entitled to vote at the meeting shall be produced and kept at the time and place of the meeting
during the whole time thereof and may be examined by any stockholder of the Corporation who is present. If the meeting is to be held solely by means of remote communication, then the list shall also be open to the examination of any stockholder of
the Corporation during the whole time of the meeting on a reasonably accessible electronic network and the information required to access such list shall be provided with the notice of the meeting. Except as otherwise provided by law, the stock
ledger shall be the only evidence as to who are the stockholders of the Corporation entitled to examine the list of stockholders of the Corporation required by this Section&nbsp;5.05 or to vote in person or by proxy at any meeting of stockholders of
the Corporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.06 <U>Fixing Date for Determination of Stockholders of Record</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) In order that the Corporation may determine the stockholders of the Corporation entitled to notice of any meeting of stockholders of the
Corporation or any adjournment thereof, the Board may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board, and which record date shall, unless otherwise required by
law, not be more than 60 nor less than 10&nbsp;days before the date of such meeting. If the Board so fixes a date, such date shall also be the record date for determining the stockholders of the Corporation entitled to vote at such meeting unless
the Board determines, at the time it fixes such record date, that a later date on or before the date of the meeting shall be the </P>
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date for making such determination. If no record date is fixed by the Board, the record date for determining stockholders of the Corporation entitled to notice of or to vote at a meeting of
stockholders of the Corporation shall be at the Close of Business on the day next preceding the day on which notice is given, or, if notice is waived, at the Close of Business on the day next preceding the day on which the meeting is held. A
determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders of the Corporation shall apply to any adjournment of the meeting; <I>provided</I>,<I> however</I>, that the Board may fix a new record date for
determination of stockholders of the Corporation entitled to vote at the adjourned meeting and in such case shall also fix as the record date for stockholders of the Corporation entitled to notice of such adjourned meeting the same or an earlier
date as that fixed for determination of stockholders of the Corporation entitled to vote in accordance herewith at the adjourned meeting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) In order that the Corporation may determine the stockholders of the Corporation entitled to receive payment of any dividend or other
distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board may fix a record date, which record date shall not precede
the date upon which the resolution fixing the record date is adopted, and which record date shall not be more than 60&nbsp;days prior to such action. If no such record date is fixed, the record date for determining stockholders of the Corporation
for any such purpose shall be at the Close of Business on the day on which the Board adopts the resolution relating thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) Unless
otherwise restricted by the Amended and Restated Certificate of Incorporation, in order that the Corporation may determine the stockholders of the Corporation entitled to express consent to corporate action in writing without a meeting, the Board
may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board and which record date shall not be more than 10&nbsp;days after the date upon which the resolution fixing
the record date is adopted by the Board. Subject to the provisions of the Amended and Restated Certificate of Incorporation, any stockholder of record seeking to have the stockholders of the Corporation authorize or take corporate action by written
consent shall, by written notice to the Secretary, request that the Board fix a record date, which notice shall include the text of any proposed resolution. If no record date for determining stockholders of the Corporation entitled to express
consent to corporate action in writing without a meeting is fixed by the Board, (a)&nbsp;when no prior action of the Board is required by law, the record date for such purpose shall be the first date on which a signed written consent setting forth
the action taken or proposed to be taken is delivered to the Corporation in accordance with applicable law and (b)&nbsp;if prior action by the Board is required by law, the record date for such purpose shall be at the Close of Business on the day on
which the Board adopts the resolution taking such prior action. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.07 <U>Registered Stockholders</U>. Prior to the surrender
to the Corporation of the certificate or certificates for a share or shares of stock or notification to the Corporation of the transfer of uncertificated shares with a request to record the transfer of such share or shares, the Corporation may treat
the registered owner of such share or shares as the person entitled to receive dividends, to vote, to receive notifications and otherwise to exercise all the rights and powers of an owner of such share or shares. To the fullest extent permitted by
law, the Corporation shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other person, whether or not it shall have express or other notice thereof. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VI </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTICE AND WAIVER OF NOTICE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.01 <U>Notice</U>. If mailed, notice to stockholders of the Corporation shall be deemed given when deposited in the United
States mail, postage prepaid, directed to the stockholder of the Corporation at such stockholder&#146;s address as it appears on the records of the Corporation, and if given by any other form, including any form of electronic transmission permitted
by the DGCL shall be deemed given as provided in the DGCL. Without limiting the manner by which notice otherwise may be given effectively to stockholders of the Corporation, any notice to stockholders of the Corporation may be given by electronic
transmission in the manner provided in Section&nbsp;232 of the DGCL. Notice shall be deemed to have been given to all stockholders of record who share an address if notice is given in accordance with the &#147;householding&#148; rules set forth in <FONT
STYLE="white-space:nowrap">Rule&nbsp;14a-3(e)</FONT> under the Exchange Act and Section&nbsp;233 of the DGCL. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.02 <U>Waiver
of Notice</U>. A written waiver of any notice, signed by a stockholder of the Corporation or director, or waiver by electronic transmission by such person, whether given before or after the time of the event for which notice is to be given, shall be
deemed equivalent to the notice required to be given to such person. Neither the business nor the purpose of any meeting need be specified in such a waiver. Attendance at any meeting (in person or by remote communication) shall constitute waiver of
notice except attendance for the express purpose of objecting at the beginning of the meeting to the transaction of any business because the meeting is not lawfully called or convened. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VII </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INDEMNIFICATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.01 <U>Right to Indemnification</U>. Each person who was or is made a party or is threatened to be made a party to or is
otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative (each a &#147;<B>proceeding</B>&#148;), by reason of the fact that he or she is or was a director or an officer of the Corporation or,
while a director or officer of the Corporation, is or was serving at the request of the Corporation as a director, officer, employee, agent or trustee of another corporation or of a partnership, joint venture, trust or other enterprise, including
service with respect to an employee benefit plan (an &#147;<B>indemnitee</B>&#148;), whether the basis of such proceeding is alleged action in an official capacity as a director, officer, employee, agent or trustee or in any other capacity while
serving as a director, officer, employee, agent or trustee, shall be indemnified and held harmless by the Corporation to the fullest extent permitted by Delaware law, as the same exists or may hereafter be amended (but, in the case of any such
amendment, if permitted, only to the extent that such amendment permits the Corporation to provide broader indemnification rights than such law permitted the Corporation to provide prior to such amendment), against all expense, liability and loss
(including attorneys&#146; fees, judgments, fines, ERISA excise taxes or penalties and amounts paid in settlement) reasonably incurred or suffered by such indemnitee in connection therewith; <I>provided</I>,<I> however</I>, that, except as provided
in Section&nbsp;7.03 hereof with respect to proceedings to enforce rights to indemnification or advancement of expenses or with respect to any compulsory counterclaim brought by such indemnitee, the Corporation shall indemnify any such indemnitee in
connection with a proceeding (or part thereof) initiated by such indemnitee only if such proceeding (or part thereof) was authorized by the Board. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.02 <U>Right to Advancement of Expenses</U>. In addition to the right to
indemnification conferred in Section&nbsp;7.01 hereof, an indemnitee shall also have the right to be paid by the Corporation the expenses (including attorneys&#146; fees) incurred in appearing at, participating in or defending any such proceeding in
advance of its final disposition or in connection with a proceeding brought to establish or enforce a right to indemnification or advancement of expenses under this Article&nbsp;VII (which shall be governed by Section&nbsp;7.03 hereof) (hereinafter
an &#147;<B>advancement of expenses</B>&#148;); <I>provided</I>, <I>however</I>, that, if the DGCL requires or in the case of an advance made in a proceeding brought to establish or enforce a right to indemnification or advancement, an advancement
of expenses incurred by an indemnitee in his or her capacity as a director or officer (and not in any other capacity in which service was or is rendered by such indemnitee, including service to an employee benefit plan) shall be made solely upon
delivery to the Corporation of an undertaking (an &#147;<B>undertaking</B>&#148;), by or on behalf of such indemnitee, to repay all amounts so advanced if it shall ultimately be determined by final judicial decision from which there is no further
right to appeal (a &#147;<B>final adjudication</B>&#148;) that such indemnitee is not entitled to be indemnified or entitled to advancement of expenses under Sections&nbsp;7.01 and 7.02 hereof or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.03 <U>Right of Indemnitee to Bring Suit</U>. If a claim under Section&nbsp;7.01 or 7.02 hereof is not paid in full by the
Corporation within (a)&nbsp;45 days after a written claim for indemnification has been received by the Corporation or (b)&nbsp;20 days after a claim for an advancement of expenses has been received by the Corporation, the indemnitee may at any time
thereafter bring suit against the Corporation to recover the unpaid amount of the claim or to obtain advancement of expenses, as applicable. To the fullest extent permitted by law, if successful in whole or in part in any such suit, or in a suit
brought by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking or otherwise, the indemnitee shall be entitled to be paid also the expense (including attorneys&#146; fees) of prosecuting or defending such
suit. In (a)&nbsp;any suit brought by the indemnitee to enforce a right to indemnification hereunder (but not in a suit brought by the indemnitee to enforce a right to an advancement of expenses) it shall be a defense that the indemnitee has not met
any applicable standard for indemnification set forth in the DGCL and (b)&nbsp;any suit brought by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking or otherwise, the Corporation shall be entitled to
recover such expenses upon a final adjudication that the indemnitee has not met any applicable standard for indemnification set forth in the DGCL. Neither the failure of the Corporation (including its directors who are not parties to such action, a
committee of such directors, independent legal counsel, or its stockholders) to have made a determination prior to the commencement of such suit that indemnification of the indemnitee is proper in the circumstances because the indemnitee has met the
applicable standard of conduct set forth in the DGCL, nor an actual determination by the Corporation (including its directors who are not parties to such action, a committee of such directors, independent legal counsel, or its stockholders) that the
indemnitee has not met such applicable standard of conduct, shall create a presumption that the indemnitee has not met the applicable standard of conduct or, in the case of such a suit brought by the indemnitee, be a defense to such suit. In any
suit brought by the indemnitee to enforce a right to indemnification or to an advancement of expenses hereunder, or brought by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking or otherwise, the burden of
proving that the indemnitee is not entitled to be indemnified, or to such advancement of expenses, under this Article&nbsp;VII or otherwise shall be on the Corporation. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.04 <U>Indemnification Not Exclusive</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) The provision of indemnification to or the advancement of expenses and costs to any indemnitee under this Article&nbsp;VII, or the
entitlement of any indemnitee to indemnification or advancement of expenses and costs under this Article&nbsp;VII, shall not limit or restrict in any way the power of the Corporation to indemnify or advance expenses and costs to such indemnitee in
any other way permitted by law or be deemed exclusive of, or invalidate, any right to which any indemnitee seeking indemnification or advancement of expenses and costs may be entitled under any law, agreement, vote of stockholders of the Corporation
or disinterested directors or otherwise, both as to action in such indemnitee&#146;s capacity as an officer, director, employee or agent of the Corporation and as to action in any other capacity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) Given that certain jointly indemnifiable claims (as defined below) may arise due to the service of the indemnitee as a director and/or
officer of the Corporation at the request of the indemnitee-related entities (as defined below), the Corporation shall be fully and primarily responsible for the payment to the indemnitee in respect of indemnification or advancement of all expenses
judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of the Amended and Restated Certificate of Incorporation or these Bylaws (or any other agreement between the Corporation and such
persons) in connection with any such jointly indemnifiable claims, pursuant to and in accordance with the terms of this Article&nbsp;VII, irrespective of any right of recovery the indemnitee may have from the indemnitee-related entities. Any
obligation on the part of any indemnitee-related entities to indemnify or advance expenses to any indemnitee shall be secondary to the Corporation&#146;s obligation and shall be reduced by any amount that the indemnitee may collect as
indemnification or advancement from the Corporation. The Corporation irrevocably waives, relinquishes and releases the indemnitee-related entities from any and all claims against the indemnitee-related entities for contribution, subrogation or any
other recovery of any kind in respect thereof. Under no circumstance shall the Corporation be entitled to any right of subrogation or contribution by the indemnitee-related entities and no right of advancement or recovery the indemnitee may have
from the indemnitee-related entities shall reduce or otherwise alter the rights of the indemnitee or the obligations of the Corporation hereunder. In the event that any of the indemnitee-related entities shall make any payment to the indemnitee in
respect of indemnification or advancement of expenses with respect to any jointly indemnifiable claim, the indemnitee-related entity making such payment shall be subrogated to the extent of such payment to all of the rights of recovery of the
indemnitee against the Corporation and the indemnitee shall execute all papers reasonably required and shall do all things that may be reasonably necessary to secure such rights, including the execution of such documents as may be necessary to
enable the indemnitee-related entities effectively to bring suit to enforce such rights. Each of the indemnitee-related entities shall be third-party beneficiaries with respect to this Section&nbsp;7.04(B), entitled to enforce this
Section&nbsp;7.04(B). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of this Section&nbsp;7.04(B), the following terms shall have the following meanings: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) The term &#147;<B>indemnitee-related entities</B>&#148; means any corporation, limited liability company, partnership,
joint venture, trust, employee benefit plan or other enterprise (other than the Corporation or any other corporation, limited liability company, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

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partnership, joint venture, trust, employee benefit plan or other enterprise for which the indemnitee has agreed, on behalf of the Corporation or at the Corporation&#146;s request, to serve as a
director, officer, employee or agent and which service is covered by the indemnity described herein) from whom an indemnitee may be entitled to indemnification or advancement of expenses with respect to which, in whole or in part, the Corporation
may also have an indemnification or advancement obligation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) The term &#147;<B>jointly indemnifiable claims</B>&#148;
shall be broadly construed and shall include, without limitation, any action, suit or proceeding for which the indemnitee shall be entitled to indemnification or advancement of expenses from both the indemnitee-related entities and the Corporation
pursuant to Delaware law, any agreement or Amended and Restated Certificate of Incorporation, bylaws, partnership agreement, operating agreement, certificate of formation, certificate of limited partnership or comparable organizational documents of
the Corporation or the indemnitee-related entities, as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.05 <U>Corporate Obligations; Reliance</U>. The rights
granted pursuant to the provisions of this Article&nbsp;VII shall vest at the time a person becomes a director or officer of the Corporation and shall be deemed to create a binding contractual obligation on the part of the Corporation to the persons
who from time to time are elected as officers or directors of the Corporation and such persons in acting in their capacities as officers or directors of the Corporation or any subsidiary shall be entitled to rely on such provisions of this
Article&nbsp;VII without giving notice thereof to the Corporation. Such rights shall continue as to an indemnitee who has ceased to be a director or officer and shall inure to the benefit of the indemnitee&#146;s heirs, executors and administrators.
Any amendment, alteration or repeal of this Article&nbsp;VII that adversely affects any right of an indemnitee or any indemnitee-related entity or their respective successors shall be prospective only and shall not limit, eliminate, or impair any
such right with respect to any proceeding involving any occurrence or alleged occurrence of any action or omission to act that took place prior to such amendment or repeal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.06 <U>Insurance</U>. The Corporation may maintain insurance, at its expense, to protect itself and any director, officer,
employee or agent of the Corporation or another corporation, partnership, joint venture, trust or other enterprise against any expense, liability or loss, whether or not the Corporation would have the power to indemnify such person against such
expense, liability or loss under the DGCL. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.07 <U>Indemnification of Employees and Agents of the Corporation</U>. The
Corporation may, to the extent authorized by the Board, grant rights to indemnification and to the advancement of expenses to any employee or agent of the Corporation to the fullest extent of the provisions of this Article&nbsp;VII with respect to
the indemnification and advancement of expenses of directors and officers of the Corporation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VIII </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MISCELLANEOUS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.01 <U>Electronic Transmission</U>. For purposes of these Bylaws, &#147;<B>electronic transmission</B>&#148; means any form of
communication, not directly involving the physical transmission of paper, that creates a record that may be retained, retrieved and reviewed by a recipient thereof, and that may be directly reproduced in paper form by such a recipient through an
automated process. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.02 <U>Corporate Seal</U>. The Board may provide a suitable seal, containing the name of the
Corporation, which seal shall be in the charge of the Secretary. If and when so directed by the Board or a committee thereof, duplicates of the seal may be kept and used by the Chief Financial Officer, the Treasurer or by an Assistant Secretary or
Assistant Treasurer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.03 <U>Fiscal Year</U>. The fiscal year of the Corporation shall be fixed by resolution of the Board
of Directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.04 <U>Section Headings</U>. Section headings in these Bylaws are for convenience of reference only and shall
not be given any substantive effect in limiting or otherwise construing any provision herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.05 <U>Inconsistent
Provisions</U>. In the event that any provision of these Bylaws is or becomes inconsistent with any provision of the Amended and Restated Certificate of Incorporation, the DGCL or any other applicable law, such provision of these Bylaws shall not be
given any effect to the extent of such inconsistency but shall otherwise be given full force and effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.06
<U>Severability</U>. If any provision of these Bylaws shall be held to be invalid, illegal or unenforceable as applied to any person or entity or circumstance for any reason whatsoever, then, to the fullest extent permitted by law, the validity,
legality and enforceability of such provision in any other circumstance and of the remaining provisions of these Bylaws and the application of such provision to other persons or entities or circumstances shall not in any way be affected or impaired
thereby. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IX </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDMENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.01 <U>Amendments</U>. The Board is authorized to make, repeal, alter, amend and rescind, in whole or in part, these Bylaws
without the assent or vote of the stockholders of the Corporation in any manner not inconsistent with the laws of the State of Delaware or the Amended and Restated Certificate of Incorporation. Before the Trigger Event, the affirmative vote of the
holders of a majority in voting power of all the then-outstanding shares of Common Stock entitled to vote thereon shall be required in order for the stockholders of the Corporation to alter, amend, repeal or rescind, in whole or in part, any
provision of the Bylaws or to adopt any provision inconsistent therewith. Notwithstanding any other provisions of these Bylaws or any provision of law that might otherwise permit a lesser vote of the stockholders of the Corporation, from and after
the Trigger Event, in addition to any vote of the holders of any class or series of shares of the Corporation required by the Amended and Restated Certificate of Incorporation (including any certificate of designation relating to any series of
Preferred Stock), these Bylaws or applicable law, the affirmative vote of the holders of at least 75% in voting power of all the then-outstanding shares of Common Stock entitled to vote thereon shall be required in order for the stockholders of the
Corporation to alter, amend, repeal or rescind, in whole or in part, any provision of these Bylaws (including this Section&nbsp;9.01) or to adopt any provision inconsistent herewith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Remainder of Page Intentionally Left Blank</I>] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TORRID HOLDINGS INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>REGISTRATION RIGHTS AGREEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">THIS REGISTRATION RIGHTS AGREEMENT (this &#147;<U>Agreement</U>&#148;) is made as of July&nbsp;6, 2021 among Torrid Holdings Inc., a Delaware
corporation (the &#147;<U>Company</U>&#148;), each investor listed on the signature pages hereto under the caption &#147;Sponsor Investors&#148; (collectively, the &#147;<U>Sponsor Investors</U>&#148;), each Person listed on the signature pages
under the caption &#147;Other Investors&#148; or who executes a Joinder as an &#147;Other Investor&#148; (collectively, the &#147;<U>Other Investors</U>&#148;) and each of the executives listed on the signature pages under the caption
&#147;Executives&#148; or who executes a Joinder as an &#147;Executive&#148; (collectively, the &#147;<U>Executives</U>&#148;). Except as otherwise specified herein, all capitalized terms used in this Agreement are defined in <U>Exhibit A</U>
attached hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1 <U>Demand
Registrations</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Requests for Registration</U>. At any time and from time to time, the holders of the majority of the Sponsor
Investor Registrable Securities may request registration under the Securities Act of all or any portion of their Registrable Securities on Form <FONT STYLE="white-space:nowrap">S-1</FONT> or any similar long-form registration statement
(&#147;<U>Long-Form Registrations</U>&#148;) or on Form <FONT STYLE="white-space:nowrap">S-3</FONT> or any similar short-form registration statement (&#147;<U>Short-Form Registrations</U>&#148;), if available (any such requested registration, a
&#147;<U>Demand Registration</U>&#148;). The Sponsor Investor may request that any Demand Registration be made pursuant to Rule 415 under the Securities Act (a &#147;<U>Shelf Registration</U>&#148;) and (if the Company is a WKSI at the time any such
request is submitted to the Company or will become one by the time of the filing of such Shelf Registration) that such Shelf Registration be an automatic shelf registration statement (as defined in Rule 405 under the Securities Act) (an
&#147;<U>Automatic Shelf Registration Statement</U>&#148;). Each request for a Demand Registration must specify the approximate number or dollar value of Registrable Securities requested to be registered by the requesting Holders and (if known) the
intended method of distribution. The holders of a majority of the Sponsor Investor Registrable Securities will be entitled to request an unlimited number of Demand Registrations for which the Company will pay all Registration Expenses, whether or
not any such registration is consummated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Notice to Other Holders</U>. Within four (4)&nbsp;Business days after receipt of any
such request, the Company will give written notice of the Demand Registration to all other Holders and, subject to the terms of <U>Section</U><U></U><U>&nbsp;1(e)</U>, will include in such Demand Registration (and in all related registrations and
qualifications under state blue sky laws and in any related underwriting) all Registrable Securities with respect to which the Company has received written requests for inclusion therein within ten (10)&nbsp;days after the receipt of the
Company&#146;s notice; <U>provided</U> that, with the written consent of the holders of a majority of the Sponsor Investor Registrable Securities, the Company may, or at the written request of the Sponsor Investors, the Company shall, instead
provide notice of the Demand Registration to all other Holders within three (3)&nbsp;Business Days following the <FONT STYLE="white-space:nowrap">non-confidential</FONT> filing of the registration statement with respect to the Demand Registration so
long as such registration statement is not an Automatic Shelf Registration Statement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>Form of Registrations</U>. All Long-Form Registrations will be underwritten
registrations unless otherwise approved by the Sponsor Investor. Demand Registrations will be Short-Form Registrations whenever the Company is permitted to use any applicable short form unless otherwise requested by the Sponsor Investor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <U>Shelf Registrations</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) For so long as a registration statement for a Shelf Registration (a &#147;<U>Shelf Registration Statement</U>&#148;) is and remains
effective, the holders of a majority of the Sponsor Investor Registrable Securities will have the right at any time or from time to time to elect to sell pursuant to an offering (including an underwritten offering) Registrable Securities pursuant to
such registration statement (&#147;<U>Shelf Registrable Securities</U>&#148;). If the holders of a majority of the Sponsor Investor Registrable Securities desire to sell Registrable Securities pursuant to an underwritten offering, then the holders
of a majority of the Sponsor Investor Registrable Securities may deliver to the Company a written notice (a &#147;<U>Shelf Offering Notice</U>&#148;) specifying the number of Shelf Registrable Securities that the Sponsor Investors desire to sell
pursuant to such underwritten offering (the &#147;<U>Shelf Offering</U>&#148;). As promptly as practicable, but in no event later than two Business Days after receipt of a Shelf Offering Notice, the Company will give written notice of such Shelf
Offering Notice to all other Holders of Shelf Registrable Securities that have been identified as selling stockholders in such Shelf Registration Statement and are otherwise permitted to sell in such Shelf Offering, which such notice shall request
that each such Holder specify, within seven (7)&nbsp;days after the Company&#146;s receipt of the Shelf Offering Notice, the maximum number of Shelf Registrable Securities such Holder desires to be disposed of in such Shelf Offering. The Company,
subject to <U>Section</U><U></U><U>&nbsp;1(e)</U> and <U>Section</U><U></U><U>&nbsp;7</U>, will include in such Shelf Offering all Shelf Registrable Securities with respect to which the Company has received timely written requests for inclusion. The
Company will, as expeditiously as possible (and in any event within fourteen (14)&nbsp;days after the receipt of a Shelf Offering Notice), but subject to <U>Section</U><U></U><U>&nbsp;1(e)</U>, use its best efforts to consummate such Shelf Offering.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) If the holders of a majority of the Sponsor Investor Registrable Securities desire to engage in an underwritten block trade or
bought deal pursuant to a Shelf Registration Statement (either through filing an Automatic Shelf Registration Statement or through a take-down from an already existing Shelf Registration Statement) (each, an &#147;<U>Underwritten Block
Trade</U>&#148;), then notwithstanding the time periods set forth in <U>Section</U><U></U><U>&nbsp;1(d)(</U><U>i</U><U>)</U>, then the holders of a majority of the Sponsor Investor Registrable Securities may notify the Company of the Underwritten
Block Trade not less than two (2)&nbsp;Business Days prior to the day such offering is first anticipated to commence. If requested by the holders of a majority of the Sponsor Investor Registrable Securities, the Company will promptly notify other
Holders of such Underwritten Block Trade and such notified Holders (each, a &#147;<U>Potential Participant</U>&#148;) may elect whether or not to participate no later than the next Business Day (<I>i.e.</I> one (1)&nbsp;Business Day prior to the day
such offering is to commence) (unless a longer period is agreed to by the Sponsor Investor), and the Company will as promptly as reasonably practicable use its best efforts to facilitate such Underwritten Block Trade (which may close as early as two
Business Days after the date it commences); provided further that, notwithstanding the provisions of <U>Section</U><U></U><U>&nbsp;1(d)(</U><U>i</U><U>)</U>, no Holder (other than Holders of Sponsor Investor Registrable Securities) will be permitted
to participate in an Underwritten Block Trade without the written consent of the Sponsor Investor. Any Potential Participant&#146;s request to participate in an Underwritten Block Trade shall be binding on the Potential Participant. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-2- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) All determinations as to whether to complete any Shelf Offering and as to the timing,
manner, price and other terms of any Shelf Offering contemplated by this <U>Section</U><U></U><U>&nbsp;1(d)</U> shall be determined by the Sponsor Investors, and the Company shall use its best efforts to cause any Shelf Offering to occur in
accordance with such determinations as promptly as practicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) The Company will, at the request of the Sponsor Investor, file any
prospectus supplement or any post-effective amendments and otherwise take any action necessary to include therein all disclosure and language deemed necessary or advisable by the Sponsor Investor to effect such Shelf Offering. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) Subject to the terms of <U>Section</U><U></U><U>&nbsp;1(f)</U>, the Company will use best efforts to keep the Shelf Registration Statement
continuously effective until the date on which all Registrable Securities covered by the Shelf Registration Statement have been sold thereunder in accordance with the plan and method of distribution disclosed in the prospectus included in the Shelf
Registration Statement, or otherwise (the &#147;<U>Shelf Period</U>&#148;). Subject to <U>Section</U><U></U><U>&nbsp;1(f)</U>, the Company shall not be deemed to have used its best efforts to keep the Shelf Registration Statement effective during
the Shelf Period if the Company voluntarily takes any action or omits to take any action that would result in Holders of Registrable Securities covered thereby not being able to offer and sell any Registrable Securities pursuant to such Shelf
Registration Statement during the Shelf Period, unless such action or omission is required by applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) <U>Priority on Demand
Registrations and Shelf Offerings</U>. The Company will not include in any Demand Registration any securities which are not Registrable Securities without the prior written consent of the Sponsor Investor. If a Demand Registration or a Shelf
Offering is an underwritten offering and the managing underwriters advise the Company in writing that in their opinion the number of Registrable Securities and (if permitted hereunder) other securities requested to be included in such offering
exceeds the number of Registrable Securities and other securities (if any), which can be sold therein without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, then the Company will
include in such offering (prior to the inclusion of any securities which are not Registrable Securities)&nbsp;(i) first, the number of Sponsor Investor Registrable Securities requested to be included which, in the opinion of such underwriters, can
be sold, without any such adverse effect, pro rata among the respective Participating Sponsor Investors on the basis of the number of Sponsor Investor Registrable Securities owned by each such Participating Sponsor Investor; and (ii)&nbsp;second,
the number of Registrable Securities requested to be included by any other Holders which, in the opinion of such underwriters, can be sold, without any such adverse effect, pro rata among such Holders on the basis of the number of Registrable
Securities owned by each such Holder. Notwithstanding anything to the contrary herein, if any Holders of Executive Registrable Securities have requested to include such securities in an underwritten offering and the managing underwriters for such
offering advise the Company that in their opinion the inclusion of some or all of such Executive Registrable Securities could adversely affect the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-3- </P>

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marketability, proposed offering price, timing and/or method of distribution of the offering, then the Company shall exclude from such offering the number of such Executive Registrable Securities
identified by the managing underwriters as having any such adverse effect prior to the exclusion of any Registrable Securities of any other Holders as set forth in this <U>Section</U><U></U><U>&nbsp;1(e)</U>, which, for the avoidance of doubt, may
be all such Executive Registrable Securities requested to be included such offering. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) <U>Restrictions on Demand Registration and Shelf
Offerings</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) The Company may postpone, for up to 180 days (or with the consent of the holders of a majority of Sponsor Investor
Registrable Securities, a longer period) from the date of the request (the &#147;<U>Suspension Period</U>&#148;), the filing or the effectiveness of a registration statement for a Demand Registration or suspend the use of a prospectus that is part
of a Shelf Registration Statement (and therefore suspend sales of the Shelf Registrable Securities) by providing written notice to the Holders if the following conditions are met: (A)&nbsp;the Company determines that the offer or sale of Registrable
Securities would reasonably be expected to have a material adverse effect on any proposal or plan by the Company or any Subsidiary to engage in any material acquisition of assets or stock (other than in the ordinary course of business) or any
material merger, consolidation, tender offer, recapitalization, reorganization, financing or other transaction involving the Company and (B)&nbsp;upon advice of counsel, the sale of Registrable Securities pursuant to the registration statement would
require disclosure of material <FONT STYLE="white-space:nowrap">non-public</FONT> information not otherwise required to be disclosed under applicable law, and either (x)&nbsp;the Company has a bona fide business purpose for preserving the
confidentiality of such transaction, (y)&nbsp;disclosure would have a material adverse effect on the Company or the Company&#146;s ability to consummate such transaction, or (z)&nbsp;such transaction renders the Company unable to comply with SEC
requirements, in each case under circumstances that would make it impractical or inadvisable to cause the registration statement (or such filings) to become effective or to promptly amend or supplement the registration statement on a post effective
basis, as applicable. The Company may delay or suspend the effectiveness of a Demand Registration or Shelf Registration Statement pursuant to this <U>Section</U><U></U><U>&nbsp;1(f)(</U><U>i</U><U>)</U> only once in any twelve (12)-month period (for
avoidance of doubt, in addition to the Company&#146;s rights and obligations under <U>Section</U><U></U><U>&nbsp;4(a)(vi)</U>) unless additional delays or suspensions are approved by the Sponsor Investor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) In the case of an event that causes the Company to suspend the use of a Shelf Registration Statement as set forth in
<U>Section</U><U></U><U>&nbsp;1(f)(i)</U> above or pursuant to <U>Section</U><U></U><U>&nbsp;4(a)(vi)</U> (a &#147;<U>Suspension Event</U>&#148;), the Company will give a notice to the Holders whose Registrable Securities are registered pursuant to
such Shelf Registration Statement (a &#147;<U>Suspension Notice</U>&#148;) to suspend sales of the Registrable Securities and such notice must state generally the basis for the notice and that such suspension will continue only for so long as the
Suspension Event or its effect is continuing. Each Holder agrees not to effect any sales of its Registrable Securities pursuant to such Shelf Registration Statement (or such filings) at any time after it has received a Suspension Notice from the
Company and prior to receipt of an End of Suspension Notice. A Holder may recommence effecting sales of the Registrable Securities pursuant to the Shelf Registration Statement (or such filings) following further written notice to such effect (an
&#147;<U>End of Suspension Notice</U>&#148;) from the Company, which End of Suspension Notice will be given by the Company to the Holders promptly following the conclusion of any Suspension Event (and in any event during the permitted Suspension
Period). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) <U>Selection of Underwriters</U>. The Sponsor Investor shall select the legal counsel to
the Company, the investment banker(s) and manager(s) to administer any underwritten offering in connection with any Demand Registration or Shelf Offering. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) <U>Distributions of Registrable Securities to Partners or Members</U>. In the event the Sponsor Investor requests to participate in a
registration pursuant to this <U>Section</U><U></U><U>&nbsp;1</U> in connection with a distribution of Registrable Securities to its partners or members, the registration shall provide for resale by such partners or members, if requested by the
Sponsor Investor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) <U>Other Registration Rights</U>. Except as provided in this Agreement, the Company will not grant to any Person(s)
the right to request the Company or any Subsidiary to register any equity securities of the Company or any Subsidiary, or any securities convertible or exchangeable into or exercisable for such securities, without the prior written consent of the
Sponsor Investor; provided that, with the prior approval of the Sponsor Investor, the Company may grant rights to employees of the Company and its Subsidiaries to participate in Piggyback Registrations so long as they sign a Joinder as an
&#147;Executive&#148; and Holder of &#147;Executive Registrable Securities&#148; hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) <U>Revocation of Demand Notice or Shelf
Offering Notice</U>. At any time prior to the effective date of the registration statement relating to a Demand Registration or the &#147;pricing&#148; of any offering relating to a Shelf Offering Notice, the Sponsor Investors who initiated such
Demand Registration or Shelf Offering may revoke or withdraw such notice of a Demand Registration or Shelf Offering Notice on behalf of all Holders participating in such Demand Registration or Shelf Offering without liability to such Holders
(including, for the avoidance of doubt, the other Participating Sponsor Investor), in each case by providing written notice to the Company, and the Company shall immediately cease all efforts to secure effectiveness of such registration statement.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) <U>Confidentiality</U>. Each Holder agrees to treat as confidential the receipt of any notice hereunder (including notice of a Demand
Registration, a Shelf Offering Notice and a Suspension Notice) and the information contained therein, and not to disclose or use the information contained in any such notice (or the existence thereof) without the prior written consent of the Company
until such time as the information contained therein is or becomes available to the public generally (other than as a result of disclosure by such Holder in breach of the terms of this Agreement). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2 <U>Piggyback Registrations</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Right to Piggyback</U>. Whenever the Company proposes to register any of its equity securities under the Securities Act (including
primary and secondary registrations, and other than pursuant to an Excluded Registration) (a &#147;<U>Piggyback Registration</U>&#148;), the Company will give prompt written notice (and in any event within three Business Days after the public filing
of the registration statement relating to the Piggyback Registration) to all Holders of its intention to effect such Piggyback Registration and, subject to the terms of <U>Section</U><U></U><U>&nbsp;2(b)</U> and
<U>Section</U><U></U><U>&nbsp;2(c)</U>, will include in such Piggyback Registration (and in all related registrations or qualifications under blue sky laws and in any related underwriting) all Registrable Securities with respect to
</P>
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which the Company has received written requests for inclusion therein within ten (10)&nbsp;days after delivery of the Company&#146;s notice; provided that the Company shall not be required to
provide such notice or include any Registrable Securities in such registration if the Sponsor Investors elect not to include any Sponsor Investor Registrable Securities in such registration, unless the Sponsor Investor otherwise consents in writing.
Any Participating Sponsor Investor may withdraw its request for inclusion at any time prior to executing the underwriting agreement, or if none, prior to the applicable registration statement becoming effective. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Priority on Primary Registrations</U>. If a Piggyback Registration is an underwritten primary registration on behalf of the Company,
and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the
marketability, proposed offering price, timing or method of distribution of the offering, the Company will include in such registration (i)&nbsp;first, the securities the Company proposes to sell, (ii)&nbsp;second, the Sponsor Investor Registrable
Securities requested to be included in such registration which, in the opinion of such underwriters, can be sold, without any such adverse effect, pro rata among the respective Participating Sponsor Investors on the basis of the number of Sponsor
Investor Registrable Securities owned by each such Participating Sponsor Investor, (iii)&nbsp;third, the Registrable Securities requested to be included in such registration by any other Holders which, in the opinion of such underwriters, can be
sold, without any such adverse effect, pro rata among such Holders on the basis of the number of Registrable Securities owned by each such Holder and (iv)&nbsp;fourth, other securities requested to be included in such registration which, in the
opinion of the underwriters, can be sold without any such adverse effect. Notwithstanding anything to the contrary herein, if any Holders of Executive Registrable Securities have requested to include such securities in a Piggyback Registration that
is an underwritten primary offering on behalf of the Company and the managing underwriters for such offering advise the Company in writing that in their opinion the inclusion of some or all of such Executive Registrable Securities could adversely
affect the marketability, proposed offering price, timing and/or method of distribution of the offering, the Company shall first exclude from such offering the number (which may be all) of such Executive Registrable Securities identified by the
managing underwriters as having any such adverse effect prior to the exclusion of any securities in such offering. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>Priority on
Secondary Registrations</U>. If a Piggyback Registration is an underwritten secondary registration on behalf of holders of the Company&#146;s equity securities (other than pursuant to <U>Section</U><U></U><U>&nbsp;1</U> hereof), and the managing
underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability, proposed
offering price, timing or method of distribution of the offering, the Company will include in such registration (i)&nbsp;first, the securities requested to be included therein by the holders initially requesting such registration which, in the
opinion of the underwriters, can be sold without any such adverse effect, (ii)&nbsp;second, the Sponsor Investor Registrable Securities requested to be included in such registration which, in the opinion of such underwriters, can be sold, without
any such adverse effect, pro rata among the respective Participating Sponsor Investors on the basis of the number of Sponsor Investor Registrable Securities on the basis of the number of Registrable Securities owned by each such Participating
Sponsor Investor, (iii)&nbsp;third, the Registrable Securities requested to be included in such registration by any other </P>
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Holders which, in the opinion of such underwriters, can be sold, without any such adverse effect, pro rata among such Holders on the basis of the number of Registrable Securities owned by each
such Holder and (iv)&nbsp;fourth, other securities requested to be included in such registration which, in the opinion of the underwriters, can be sold without any such adverse effect. Notwithstanding anything to the contrary herein, if any Holders
of Executive Registrable Securities have requested to include such securities in a Piggyback Registration that is an underwritten secondary offering and the managing underwriters for such offering advise the Company in writing that in their opinion
the inclusion of some or all of such Executive Registrable Securities could adversely affect the marketability, proposed offering price, timing or method of distribution of the offering, the Company shall be permitted to first exclude from such
offering the number (which may be all) of such Executive Registrable Securities identified by the managing underwriters as having any such adverse effect prior to the exclusion of any securities in such offering. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <U>Right to Terminate Registration</U>. The Company will have the right to terminate or withdraw any registration initiated by it under
this <U>Section</U><U></U><U>&nbsp;2</U>, whether or not any holder of Registrable Securities has elected to include securities in such registration; provided, that Holders may continue the registration as a Demand Registration pursuant to the terms
of <U>Section</U><U></U><U>&nbsp;1</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) <U>Selection of Underwriters</U>. If any Piggyback Registration is an underwritten offering,
the Sponsor Investor shall select the legal counsel for the Company, the investment banker(s) and manager(s) for the offering. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3 <U>Stockholder <FONT STYLE="white-space:nowrap">Lock-Up</FONT> Agreements and Company Holdback Agreement</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Stockholder <FONT STYLE="white-space:nowrap">Lock-up</FONT> Agreements</U>. In connection with any underwritten Public Offering, each
Holder will enter into any <FONT STYLE="white-space:nowrap">lock-up,</FONT> holdback or similar agreements requested by the underwriter(s) managing such offering, in each case with such modifications and exceptions as may be approved by the Sponsor
Investor. Without limiting the generality of the foregoing, each Holder hereby agrees that in connection with the initial Public Offering and in connection with any Demand Registration, Shelf Offering or Piggyback Registration that is an
underwritten Public Offering, not to (i)&nbsp;offer, sell, contract to sell, pledge or otherwise dispose of (including sales pursuant to Rule 144), directly or indirectly, any equity securities of the Company (including equity securities of the
Company that may be deemed to be beneficially owned by such Holder in accordance with the rules and regulations of the SEC) (collectively, &#147;<U>Securities</U>&#148;), or any securities, options or rights convertible into or exchangeable or
exercisable for Securities (collectively, &#147;<U>Other Securities</U>&#148;), (ii) enter into a transaction which would have the same effect as described in clause (i)&nbsp;above, (iii) enter into any swap, hedge or other arrangement that
transfers, in whole or in part, any of the economic consequences or ownership of any Securities or Other Securities, whether such transaction is to be settled by delivery of such Securities or Other Securities, in cash or otherwise (each of (i),
(ii) and (iii)&nbsp;above, a &#147;<U>Sale Transaction</U>&#148;), or (iv)&nbsp;publicly disclose the intention to enter into any Sale Transaction, commencing on the date on which the Company gives notice to the Holders that a preliminary prospectus
has been circulated for such underwritten Public Offering or the &#147;pricing&#148; of such offering and continuing to the date that is (x) 180 days following the date of the final prospectus </P>
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for such underwritten Public Offering in the case of the initial Public Offering or (y) 90 days following the date of the final prospectus in the case of any other such underwritten Public
Offering (each such period, or such shorter period as agreed to by the managing underwriters, a &#147;<U>Holdback Period</U>&#148;), in each case with such modifications and exceptions as may be approved by the Sponsor Investor; provided, however,
that the foregoing restrictions shall not apply to (i)&nbsp;Securities acquired in the public market subsequent to the initial Public Offering,
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">(ii)&nbsp;distributions-in-kind</FONT></FONT> to a Holder&#146;s partners or members, (iii)&nbsp;transfers to Affiliates, but only if such Affiliates agree to be bound by the
restrictions herein and (iv)&nbsp;the extent otherwise set forth in the <FONT STYLE="white-space:nowrap">lock-up,</FONT> holdback or similar agreements requested by the underwriter(s) managing agreements signed by each Holder in connection with any
underwritten Public Offering. The Company may impose stop-transfer instructions with respect to any Securities or Other Securities subject to the restrictions set forth in this <U>Section</U><U></U><U>&nbsp;3(a)</U> until the end of such Holdback
Period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Company Holdback Agreement</U>. The Company (i)&nbsp;will not file any registration statement for a Public Offering or
cause any such registration statement to become effective, or effect any public sale or distribution of its Securities or Other Securities during any Holdback Period (other than as part of such underwritten Public Offering, or a registration on Form
<FONT STYLE="white-space:nowrap">S-4</FONT> or Form <FONT STYLE="white-space:nowrap">S-8</FONT> or any successor or similar form which is (x)&nbsp;then in effect or (y)&nbsp;shall become effective upon the conversion, exchange or exercise of any
then outstanding Other Securities) and (ii)&nbsp;will cause each holder of Securities and Other Securities (including each of its directors and executive officers) to agree not to effect any Sale Transaction during any Holdback Period, except as
part of such underwritten registration (if otherwise permitted), unless approved in writing by the Sponsor Investor and the underwriters managing the Public Offering and to enter into any <FONT STYLE="white-space:nowrap">lock-up,</FONT> holdback or
similar agreements requested by the underwriter(s) managing such offering, in each case with such modifications and exceptions as may be approved by the Sponsor Investor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4 <U>Registration Procedures</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Company Obligations</U>. Whenever the Holders have requested that any Registrable Securities be registered pursuant to this Agreement
or have initiated a Shelf Offering, the Company will use its best efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended method of disposition thereof, and pursuant thereto the Company will as
expeditiously as possible: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) prepare and file with (or submit confidentially to) the SEC a registration statement, and all amendments
and supplements thereto and related prospectuses, with respect to such Registrable Securities and use its best efforts to cause such registration statement to become effective, all in accordance with the Securities Act and all applicable rules and
regulations promulgated thereunder (provided that before filing or confidentially submitting a registration statement or prospectus or any amendments or supplements thereto, the Company will furnish to the counsel selected by the Sponsor Investor
covered by such registration statement copies of all such documents proposed to be filed or submitted, which documents will be subject to the review and comment of such counsel); </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) notify each Holder of (A)&nbsp;the issuance by the SEC of any stop order suspending the
effectiveness of any registration statement or the initiation of any proceedings for that purpose, (B)&nbsp;the receipt by the Company or its counsel of any notification with respect to the suspension of the qualification of the Registrable
Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, and (C)&nbsp;the effectiveness of each registration statement filed hereunder; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection
therewith as may be necessary to keep such registration statement effective for a period ending when all of the securities covered by such registration statement have been disposed of in accordance with the intended methods of distribution by the
sellers thereof set forth in such registration statement (but not in any event before the expiration of any longer period required under the Securities Act or, if such registration statement relates to an underwritten Public Offering, such longer
period as in the opinion of counsel for the underwriters a prospectus is required by law to be delivered in connection with sale of Registrable Securities by an underwriter or dealer) and comply with the provisions of the Securities Act with respect
to the disposition of all securities covered by such registration statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth in such registration statement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) furnish, without charge, to each seller of Registrable Securities thereunder and each underwriter, if any, such number of copies of such
registration statement, each amendment and supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus) (in each case including all exhibits and documents incorporated by reference therein), each
amendment and supplement thereto, each Free Writing Prospectus and such other documents as such seller or underwriter, if any, may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such seller (the
Company hereby consenting to the use in accordance with all applicable laws of each such registration statement, each such amendment and supplement thereto, and each such prospectus (or preliminary prospectus or supplement thereto) or Free Writing
Prospectus by each such seller of Registrable Securities and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such registration statement or prospectus); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) use its best efforts to register or qualify such Registrable Securities under such other securities or blue sky laws of such jurisdictions
as any seller reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable Securities owned by such seller
(provided that the Company will not be required to (A)&nbsp;qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subparagraph or (B)&nbsp;consent to general service of process in any
such jurisdiction or (C)&nbsp;subject itself to taxation in any such jurisdiction); </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(vi) notify in writing each seller of such Registrable Securities (A)&nbsp;promptly after it
receives notice thereof, of the date and time when such registration statement and each post-effective amendment thereto has become effective or a prospectus or supplement to any prospectus relating to a registration statement has been filed and
when any registration or qualification has become effective under a state securities or blue sky law or any exemption thereunder has been obtained, (B)&nbsp;promptly after receipt thereof, of any request by the SEC for the amendment or supplementing
of such registration statement or prospectus or for additional information, and (C)&nbsp;at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the happening of any event or of any information or
circumstances as a result of which the prospectus included in such registration statement contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading, and, subject to
<U>Section</U><U></U><U>&nbsp;1(f)</U>, if required by applicable law or to the extent requested by the Sponsor Investor, the Company will use its best efforts to promptly prepare and file a supplement or amendment to such prospectus so that, as
thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading and (D)&nbsp;if at any
time the representations and warranties of the Company in any underwriting agreement, securities sale agreement, or other similar agreement, relating to the offering shall cease to be true and correct; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(vii) (A) use best efforts to cause all such Registrable Securities to be listed on each securities exchange on which similar securities
issued by the Company are then listed and, if not so listed, to be listed on a securities exchange and, without limiting the generality of the foregoing, to arrange for at least two market markers to register as such with respect to such Registrable
Securities with FINRA, and (B)&nbsp;comply (and continue to comply) with the requirements of any self-regulatory organization applicable to the Company, including without limitation all corporate governance requirements; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(viii) use best efforts to provide a transfer agent and registrar for all such Registrable Securities not later than the effective date of
such registration statement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ix) enter into and perform such customary agreements (including, as applicable, underwriting agreements in
customary form) and take all such other actions as the Sponsor Investor or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (including, without limitation, making
available the executive officers of the Company and participating in &#147;road shows,&#148; investor presentations, marketing events and other selling efforts and effecting a stock or unit split or combination, recapitalization or reorganization);
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(x) obtain for each selling Holder and any underwriter an opinion of counsel for the Company, covering the matters customarily covered in
opinions requested in underwritten offerings and such other matters as may be reasonably requested by such selling Holder and/or underwriters; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xi) make available for inspection by any seller of Registrable Securities, any underwriter participating in any disposition or sale pursuant
to such registration statement and any attorney, accountant or other agent retained by any such seller or underwriter, all financial and other records, pertinent corporate and business documents and properties of the Company, as will be necessary to
enable them to exercise their due diligence responsibility, and cause the Company&#146;s officers, directors, employees, agents, representatives and independent accountants to supply all information reasonably requested by any such seller,
underwriter, attorney, accountant or agent in connection with such registration statement and the disposition of such Registrable Securities pursuant thereto; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xii) take all actions to ensure that any Free-Writing Prospectus utilized in connection
with any Demand Registration or Piggyback Registration or Shelf Offering hereunder complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby, is retained in accordance
with the Securities Act to the extent required thereby and, when taken together with the related prospectus, prospectus supplement and related documents, will not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xiii) otherwise use
its best efforts to comply with all applicable rules and regulations of the SEC, and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12)&nbsp;months beginning
with the first day of the Company&#146;s first full calendar quarter after the effective date of the registration statement, which earnings statement will satisfy the provisions of Section&nbsp;11(a) of the Securities Act and Rule 158 thereunder;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xiv) permit any Holder which, in its sole and exclusive judgment, might be deemed to be an underwriter or a controlling person of the
Company, to participate in the preparation of such registration or comparable statement and to allow such Holder to provide language for insertion therein, in form and substance satisfactory to the Company, which in the reasonable judgment of such
Holder and its counsel should be included; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xv) use its best efforts to (A)&nbsp;make Short-Form Registration available for the sale of
Registrable Securities and (B)&nbsp;prevent the issuance of any stop order suspending the effectiveness of a registration statement, or the issuance of any order suspending or preventing the use of any related prospectus or suspending the
qualification of any Common Equity included in such registration statement for sale in any jurisdiction use, and in the event any such order is issued, best efforts to obtain promptly the withdrawal of such order; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xvi) use its best efforts to cause such Registrable Securities covered by such registration statement to be registered with or approved by
such other governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate the disposition of such Registrable Securities; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xvii) cooperate with the Holders covered by the registration statement and the managing underwriter or agent, if any, to facilitate the
timely preparation and delivery of certificates (not bearing any restrictive legends) representing securities to be sold under the registration statement, or the removal of any restrictive legends associated with any account at which such securities
are held, and enable such securities to be in such denominations and registered in such names as the managing underwriter, or agent, if any, or such Holders may request; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xviii) have appropriate officers of the Company prepare and make presentations at any
&#147;road shows&#148; and before analysts and rating agencies, as the case may be, take other actions to obtain ratings for any Registrable Securities (if they are eligible to be rated) and otherwise use its best efforts to cooperate as reasonably
requested by the selling Holders and the underwriters in the offering, marketing or selling of the Registrable Securities; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xix) have
appropriate officers of the Company, and cause representatives of the Company&#146;s independent registered public accountants, to participate in any due diligence discussions reasonably requested by any selling Holder or any underwriter; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xx) if requested by any underwriter or the Sponsor Investor, agree, and cause the Company and any directors or officers of the Company to
agree, to be bound by customary <FONT STYLE="white-space:nowrap">&#147;lock-up&#148;</FONT> agreements restricting the ability to dispose of Company securities and file or cause the filing of any registration statement under the Securities Act; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xxi) if requested by any managing underwriter, include in any prospectus or prospectus supplement updated financial or business information
for the Company&#146;s most recent period or current quarterly period (including estimated results or ranges of results) if required for purposes of marketing the offering in the view of the managing underwriter; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xxii) use reasonable best efforts to cooperate and assist in any filings required to be made with the FINRA and in the performance of any due
diligence investigation by any underwriter that is required to be undertaken in accordance with the rules and regulations of FINRA; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xxiii) otherwise use best efforts to cooperate as reasonably requested by the selling Holders and the underwriters in the offering, marketing
or selling of the Registrable Securities; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xxiv) otherwise use best efforts to comply with all applicable rules and regulations of the
SEC and all reporting requirements under the rules and regulations of the Exchange Act; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xxv) cause any officer of the Company to
participate fully in the sale process in a manner customary for persons in like positions and consistent with his or her other duties with the Company, including the preparation of the registration statement and the preparation and presentation of
any road shows and other investor meetings; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xxvi) take no direct or indirect action prohibited by Regulation M under the Exchange Act;
provided, however, that to the extent that any prohibition is applicable to the Company, the Company will take such action as is necessary to make any such prohibition inapplicable; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xxvii) cooperate with each Holder covered by the registration statement and each underwriter or agent participating in the disposition of
such Registrable Securities and their respective counsel in connection with the preparation and filing of applications, notices, registrations and responses to requests for additional information with FINRA, the New York Stock Exchange, Nasdaq or
any other national securities exchange on which the shares of Common Equity are or are to be listed, and (B)&nbsp;to the extent required by the rules and regulations of FINRA, retain a Qualified Independent Underwriter acceptable to the managing
underwriter; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xxviii) in the case of any underwritten offering, use its best efforts to obtain, and
deliver to the underwriter(s), in the manner and to the extent provided for in the applicable underwriting agreement, one or more cold comfort letters from the Company&#146;s independent public accountants in customary form and covering such matters
of the type customarily covered by cold comfort letters; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xxix) use its best efforts to provide (A)&nbsp;a legal opinion of the
Company&#146;s outside counsel, dated the effective date of such registration statement addressed to the Company, (B)&nbsp;on the date that such Registrable Securities are delivered to the underwriters for sale in connection with a Demand
Registration or Shelf Offering, if such securities are being sold through underwriters, or, if such securities are not being sold through underwriters, on the closing date of the applicable sale, (1)&nbsp;one or more legal opinions of the
Company&#146;s outside counsel, dated such date, in form and substance as customarily given to underwriters in an underwritten public offering or, in the case of a <FONT STYLE="white-space:nowrap">non-underwritten</FONT> offering, to the broker,
placement agent or other agent of the Holders assisting in the sale of the Registrable Securities and (2)&nbsp;one or more &#147;negative assurances letters&#148; of the Company&#146;s outside counsel, dated such date, in form and substance as is
customarily given to underwriters in an underwritten public offering or, in the case of a <FONT STYLE="white-space:nowrap">non-underwritten</FONT> offering, to the broker, placement agent or other agent of the Holders assisting in the sale of the
Registrable Securities, in each case, addressed to the underwriters, if any, or, if requested, in the case of a <FONT STYLE="white-space:nowrap">non-underwritten</FONT> offering, to the broker, placement agent or other agent of the Holders assisting
in the sale of the Registrable Securities and (3)&nbsp;customary certificates executed by authorized officers of the Company as may be requested by any Holder or any underwriter of such Registrable Securities; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xxx) if the Company files an Automatic Shelf Registration Statement covering any Registrable Securities, use its best efforts to remain a
WKSI (and not become an ineligible issuer (as defined in Rule 405 under the Securities Act)) during the period during which such Automatic Shelf Registration Statement is required to remain effective; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xxxi) if the Company does not pay the filing fee covering the Registrable Securities at the time an Automatic Shelf Registration Statement is
filed, pay such fee at such time or times as the Registrable Securities are to be sold; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xxxii) if the Automatic Shelf Registration
Statement has been outstanding for at least three (3)&nbsp;years, at the end of the third year, refile a new Automatic Shelf Registration Statement covering the Registrable Securities, and, if at any time when the Company is required to <FONT
STYLE="white-space:nowrap">re-evaluate</FONT> its WKSI status the Company determines that it is not a WKSI, use its best efforts to refile the Shelf Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> and, if such form is not
available, Form <FONT STYLE="white-space:nowrap">S-1</FONT> and keep such registration statement effective during the period during which such registration statement is required to be kept effective; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xxxiii) if requested by any Participating Sponsor Investor, cooperate with such Participating Sponsor Investor and with the managing
underwriter or agent, if any, on reasonable notice to facilitate any Charitable Gifting Event and to prepare and file with the SEC such amendments and supplements to such Registration Statement and the Prospectus used in connection therewith as may
be necessary to permit any such recipient Charitable Organization to sell in the underwritten offering if it so elects; and </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xxxiv) use best efforts to take any action requested by the selling Holders, including any
action described in clauses (i)&nbsp;through (xxxiii) above to prepare for and facilitate any &#147;over-night deal&#148; or other proposed sale of Registrable Securities over a limited timeframe. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Officer Obligations</U>. Each Holder that is an officer of the Company agrees that if and for so long as he or she is employed by the
Company or any Subsidiary thereof, he or she will participate fully in the sale process in a manner customary for persons in like positions and consistent with his or her other duties with the Company, including the preparation of the registration
statement and the preparation and presentation of any road shows. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>Automatic Shelf Registration Statements</U>. If the Company
files any Automatic Shelf Registration Statement for the benefit of the holders of any of its securities other than the Holders, and the Sponsor Investors do not request that their Registrable Securities be included in such Shelf Registration
Statement, the Company agrees that, at the request of the Sponsor Investors, it will include in such Automatic Shelf Registration Statement such disclosures as may be required by Rule 430B in order to ensure that the Sponsor Investor may be added to
such Shelf Registration Statement at a later time through the filing of a prospectus supplement rather than a post-effective amendment. If the Company has filed any Automatic Shelf Registration Statement for the benefit of the holders of any of its
securities other than the Holders, the Company shall, at the request of the Sponsor Investor, file any post-effective amendments necessary to include therein all disclosure and language necessary to ensure that the holders of Registrable Securities
may be added to such Shelf Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <U>Additional Information</U>. The Company may require each seller of Registrable
Securities as to which any registration is being effected to furnish the Company such information regarding such seller and the distribution of such securities as the Company may from time to time reasonably request in writing, as a condition to
such seller&#146;s participation in such registration. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) <U><FONT STYLE="white-space:nowrap">In-Kind</FONT> Distributions</U>. If any
Sponsor Investor (and/or any of their Affiliates) seeks to effectuate an <FONT STYLE="white-space:nowrap">in-kind</FONT> distribution of all or part of their Registrable Securities to their respective direct or indirect equityholders, the Company
will, subject to applicable <FONT STYLE="white-space:nowrap">lock-up,</FONT> holdback or similar agreements pursuant to <U>Section</U><U></U><U>&nbsp;3(a)</U>, reasonably cooperate with and assist the Sponsor Investors (and/or any of their
Affiliates), such equityholders and the Company&#146;s transfer agent to facilitate such <FONT STYLE="white-space:nowrap">in-kind</FONT> distribution in the manner reasonably requested by the Sponsor Investors (including the delivery of instruction
letters by the Company or its counsel to the Company&#146;s transfer agent and the delivery of Registrable Securities without restrictive legends, to the extent no longer applicable). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) <U>Suspended Distributions</U>. Each Person participating in a registration hereunder agrees that, upon receipt of any notice from the
Company of the happening of any event of the kind described in <U>Section</U><U></U><U>&nbsp;4(a)(vi)</U>, such Person will immediately discontinue the disposition of its Registrable Securities pursuant to the registration statement until such
Person&#146;s receipt of the copies of a supplemented or amended prospectus as contemplated by <U>Section</U><U></U><U>&nbsp;4(a)(vi)</U>, subject to the Company&#146;s compliance with its obligations under
<U>Section</U><U></U><U>&nbsp;4(a)(vi)</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) <U>Other</U>. To the extent that any of the Participating Sponsor Investors is or may be
deemed to be an &#147;underwriter&#148; of Registrable Securities pursuant to any SEC comments or policies, the Company agrees that (i)&nbsp;the indemnification and contribution provisions contained in <U>Section</U><U></U><U>&nbsp;6</U> shall be
applicable to the benefit of such Participating Sponsor Investor in its role as an underwriter or deemed underwriter in addition to their capacity as a holder and (ii)&nbsp;such Participating Sponsor Investor shall be entitled to conduct the due
diligence which they would normally conduct in connection with an offering of securities registered under the Securities Act, including without limitation receipt of customary opinions and comfort letters addressed to such Participating Sponsor
Investor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5 <U>Registration Expenses</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Except as expressly provided herein, all <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT>
expenses incurred by the Company or any Sponsor Investor in connection with the performance of or compliance with this Agreement and/or in connection with any Demand Registration, Piggyback Registration or Shelf Offering, whether or not the same
shall become effective, shall be paid by the Company, including, without limitation: (i)&nbsp;all registration and filing fees, and any other fees and expenses associated with filings required to be made with the SEC or FINRA, (ii)&nbsp;all fees and
expenses in connection with compliance with any securities or &#147;blue sky&#148; laws, (iii)&nbsp;all printing, duplicating, word processing, messenger, telephone, facsimile and delivery expenses (including expenses of printing certificates for
the Registrable Securities in a form eligible for deposit with The Depository Trust Company or other depositary and of printing prospectuses and Company Free Writing Prospectuses), (iv) all fees and disbursements of counsel for the Company and of
all independent certified public accountants of the Company (including the expenses of any special audit and cold comfort letters required by or incident to such performance), (v) Securities Act liability insurance or similar insurance if the
Company so desires or the underwriters so require in accordance with then-customary underwriting practice, (vi)&nbsp;all fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange on which
similar securities of the Company are then listed (or on which exchange the Registrable Securities are proposed to be listed in the case of the initial Public Offering), (vii) all applicable rating agency fees with respect to the Registrable
Securities, (viii)&nbsp;all fees and disbursements of legal counsel for the Company, (ix)&nbsp;all reasonable fees and disbursements of one legal counsel for selling Holders selected by the Sponsor Investors (which may be the same counsel as
selected for the Company) together with any necessary local counsel as may be required by the Sponsor Investors, (x)&nbsp;any fees and disbursements of underwriters customarily paid by issuers or sellers of securities, (xi)&nbsp;all fees and
expenses of any special experts or other Persons retained by the Company or the Sponsor Investors in connection with any Registration (xii)&nbsp;all of the Company&#146;s internal expenses (including all salaries and expenses of its officers and
employees performing legal or accounting duties) and (xiii)&nbsp;all expenses related to the &#147;road-show&#148; for any underwritten offering, including all travel, meals and lodging. All such expenses are referred to herein as
&#147;<U>Registration Expenses</U>.&#148; The Company shall not be required to pay, and each Person that sells securities pursuant to a Demand Registration, Shelf Offering or Piggyback Registration hereunder will bear and pay, all underwriting
discounts and commissions applicable to the Registrable Securities sold for such Person&#146;s account and all transfer taxes (if any) attributable to the sale of Registrable Securities. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6 <U>Indemnification and Contribution</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>By the Company</U>. The Company will indemnify and hold harmless, to the fullest extent permitted by law and without limitation as to
time, each Holder, such Holder&#146;s officers, directors employees, agents, fiduciaries, stockholders, managers, partners, members, affiliates, direct and indirect equityholders, consultants and representatives, and any successors and assigns
thereof, and each Person who controls such holder (within the meaning of the Securities Act) (the &#147;<U>Indemnified Parties</U>&#148;) against all losses, claims, actions, damages, liabilities and expenses (including with respect to actions or
proceedings, whether commenced or threatened, and including reasonable attorney fees and expenses) (collectively, &#147;<U>Losses</U>&#148;) caused by, resulting from, arising out of, based upon or related to any of the following (each, a
&#147;<U>Violation</U>&#148;) by the Company: (i)&nbsp;any untrue or alleged untrue statement of material fact contained in (A)&nbsp;any registration statement, prospectus, preliminary prospectus or Free-Writing Prospectus, or any amendment thereof
or supplement thereto or (B)&nbsp;any application or other document or communication (in this <U>Section</U><U></U><U>&nbsp;6</U>, collectively called an &#147;<U>application</U>&#148;) executed by or on behalf of the Company or based upon written
information furnished by or on behalf of the Company filed in any jurisdiction in order to qualify any securities covered by such registration under the &#147;blue sky&#148; or securities laws thereof, (ii)&nbsp;any omission or alleged omission of a
material fact required to be stated therein or necessary to make the statements therein not misleading or (iii)&nbsp;any violation or alleged violation by the Company of the Securities Act or any other similar federal or state securities laws or any
rule or regulation promulgated thereunder applicable to the Company and relating to action or inaction required of the Company in connection with any such registration, qualification or compliance. In addition, the Company will reimburse such
Indemnified Party for any legal or any other expenses reasonably incurred by them in connection with investigating or defending any such Losses. Notwithstanding the foregoing, the Company will not be liable in any such case to the extent that any
such Losses result from, arise out of, are based upon, or relate to an untrue statement, or omission, made in such registration statement, any such prospectus, preliminary prospectus or Free-Writing Prospectus or any amendment or supplement thereto,
or in any application, in reliance upon, and in conformity with, written information prepared and furnished in writing to the Company by such Indemnified Party expressly for use therein or by such Indemnified Party&#146;s failure to deliver a copy
of the registration statement or prospectus or any amendments or supplements thereto after the Company has furnished such Indemnified Party with a sufficient number of copies of the same. In connection with an underwritten offering, the Company will
indemnify such underwriters, their officers and directors, and each Person who controls such underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the Indemnified Parties
or as otherwise agreed to in the underwriting agreement executed in connection with such underwritten offering. Such indemnity and reimbursement of expenses shall remain in full force and effect regardless of any investigation made by or on behalf
of such Indemnified Party and shall survive the transfer of such securities by such seller. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>By Holders</U>. In connection with any
registration statement in which a Holder is participating, each such Holder will furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such registration statement or
prospectus and, to the extent permitted by law, will indemnify the Company, its officers, directors, employees, agents and representatives, and each Person who controls the Company (within the meaning of the Securities Act) against any Losses
resulting from (as determined by a final and appealable judgment, order or decree of a court of competent </P>
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jurisdiction) any untrue statement of material fact contained in the registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission of
a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing by such
Holder expressly for use therein; provided that the obligation to indemnify will be individual, not joint and several, for each Holder and will be limited to the net amount of proceeds received by such Holder from the sale of Registrable Securities
pursuant to such registration statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>Claim Procedure</U>. Any Person entitled to indemnification hereunder will (i)&nbsp;give
prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice will impair any Person&#146;s right to indemnification hereunder only to the extent such
failure has prejudiced the indemnifying party) and (ii)&nbsp;unless in such indemnified party&#146;s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such
indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party will not be subject to any liability for any settlement made by the indemnified
party without its consent (but such consent will not be unreasonably withheld, conditioned or delayed). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees and expenses
of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of
such indemnified parties with respect to such claim. In such instance, the conflicted indemnified parties will have a right to retain one separate counsel, chosen by the majority of the conflicted indemnified parties involved in the indemnification
and approved by the Sponsor Investor, at the expense of the indemnifying party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <U>Contribution</U>. If the indemnification provided
for in this <U>Section</U><U></U><U>&nbsp;6</U> is held by a court of competent jurisdiction to be unavailable to, or is insufficient to hold harmless, an indemnified party or is otherwise unenforceable with respect to any Loss referred to herein,
then such indemnifying party will contribute to the amounts paid or payable by such indemnified party as a result of such Loss, (i)&nbsp;in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and
of the indemnified party on the other hand in connection with the statements or omissions which resulted in such Loss as well as any other relevant equitable considerations or (ii)&nbsp;if the allocation provided by clause (i)&nbsp;of this
<U>Section</U><U></U><U>&nbsp;6(d)</U> is not permitted by applicable law, then in such proportion as is appropriate to reflect not only such relative fault but also the relative benefit of the Company on the one hand and of the sellers of
Registrable Securities and any other sellers participating in the registration statement on the other in connection with the statement or omissions which resulted in such Losses, as well as any other relevant equitable considerations; provided that
the maximum amount of liability in respect of such contribution will be limited, in the case of each seller of Registrable Securities, to an amount equal to the net proceeds actually received by such seller from the sale of Registrable Securities
effected pursuant to such registration. The relative fault of the indemnifying party and of the indemnified party will be determined by reference to, among other things, whether the untrue (or, as applicable alleged) untrue statement of a material
fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-17- </P>

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party and the parties&#146; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just
or equitable if the contribution pursuant to this <U>Section</U><U></U><U>&nbsp;6(d)</U> were to be determined by pro rata allocation or by any other method of allocation that does not take into account such equitable considerations. The amount paid
or payable by an indemnified party as a result of the Losses referred to herein will be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending against any action or
claim which is the subject hereof. No person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the Securities Act) will be entitled to contribution from any Person who is not guilty of such fraudulent
misrepresentation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) <U>Release</U>. No indemnifying party will, except with the consent of the indemnified party, consent to the entry
of any judgment or enter into any settlement that does not include as an unconditional term thereof giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) <U><FONT STYLE="white-space:nowrap">Non-exclusive</FONT> Remedy; Survival</U>. The indemnification and contribution provided for under
this Agreement will be in addition to any other rights to indemnification or contribution that any indemnified party may have pursuant to law or contract (and the Company and its Subsidiaries shall be considered the indemnitors of first resort in
all such circumstances to which this <U>Section</U><U></U><U>&nbsp;6</U> applies) and will remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person
of such indemnified party and will survive the transfer of Registrable Securities and the termination or expiration of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7 <U>Cooperation with Underwritten Offerings</U>. No Person may participate in any underwritten registration hereunder unless
such Person (i)&nbsp;agrees to sell such Person&#146;s securities on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such arrangements (including, without limitation, pursuant to
the terms of any over-allotment or &#147;green shoe&#148; option requested by the underwriters; provided that no Holder will be required to sell more than the number of Registrable Securities such Holder has requested to include in such
registration) and (ii)&nbsp;completes, executes and delivers all questionnaires, powers of attorney, stock powers, custody agreements, indemnities, underwriting agreements and other documents and agreements required under the terms of such
underwriting arrangements or as may be reasonably requested by the Company and the lead managing underwriter(s). To the extent that any such agreement is entered into pursuant to, and consistent with, <U>Section</U><U></U><U>&nbsp;3</U>,
<U>Section</U><U></U><U>&nbsp;4</U> and/or this <U>Section</U><U></U><U>&nbsp;7</U>, the respective rights and obligations created under such agreement will supersede the respective rights and obligations of the Holders, the Company and the
underwriters created thereby with respect to such registration. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8 <U>Subsidiary Public Offering</U>. If, after an initial
Public Offering of the common equity securities of one of its Subsidiaries, the Company distributes securities of such Subsidiary to its equityholders, then the rights and obligations of the Company pursuant to this Agreement will apply, <I>mutatis
mutandis</I>, to such Subsidiary, and the Company will cause such Subsidiary to comply with such Subsidiary&#146;s obligations under this Agreement as if it were the Company hereunder. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-18- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9 <U>Rules 144 and 144A and Regulation S</U>. The Company covenants that it
will file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder (or, if the Company is not required to file such reports, it will, upon the reasonable request
of the Sponsor Investor, make publicly available such necessary information for so long as necessary to permit sales pursuant to Rule 144, Rule 144A or Regulation S under the Securities Act, as such rules may be amended from time to time), and it
will take such further action as the Sponsor Investor may reasonably request, all to the extent required from time to time to enable the Sponsor Investor to sell Registrable Securities without registration under the Securities Act within the
limitation of the exemptions provided by (i)&nbsp;Rule 144, Rule 144A or Regulation S under the Securities Act, as such rules may be amended from time to time, or (ii)&nbsp;any similar rule or regulation hereafter adopted by the SEC. Upon the
reasonable request of any Holder, the Company will deliver to such Holder a written statement as to whether it has complied with such requirements and, if not, the specifics thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10 <U>Trading Windows</U>. The Company shall (i)&nbsp;use its reasonable best efforts to notify the Sponsor Investor of each
&#147;closing&#148; and &#147;opening&#148; date under the trading windows established by the Company&#146;s insider trading policy, in each case, at least two Business Days prior to each such date and (ii), at the request of the Sponsor Investor,
confirm to the Sponsor Investor whether a trading window is open at such time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11 <U>Joinder; Additional Parties</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Joinder</U>. The Company may from time to time (with the prior written consent of the Sponsor Investor) permit any Person who acquires
Common Equity (or rights to acquire Common Equity) to become a party to this Agreement and to be entitled to and be bound by all of the rights and obligations as a Holder by obtaining an executed joinder to this Agreement from such Person in the
form of <U>Exhibit B</U> attached hereto (a &#147;<U>Joinder</U>&#148;). Upon the execution and delivery of a Joinder by such Person, the Common Equity held by such Person shall become the category of Registrable Securities (i.e., Sponsor Investor
Registrable Securities, Other Investor Registrable Securities or Executive Registrable Securities), and such Person shall be deemed the category of Holder (i.e., Sponsor Investor, Other Investor or Executive), in each case as set forth on the
signature page to such Joinder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Legend</U>. Each certificate (if any) evidencing any Registrable Securities and each certificate
issued in exchange for or upon the transfer of any Registrable Securities (unless such Registrable Securities would no longer be Registrable Securities after such transfer) will be stamped or otherwise imprinted with a legend in substantially the
following form: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">&#147;THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER AND OTHER PROVISIONS SET
FORTH IN A REGISTRATION RIGHTS AGREEMENT DATED AS OF JULY&nbsp;6, 2021 AMONG THE ISSUER OF SUCH SECURITIES (THE &#147;COMPANY&#148;) AND CERTAIN OF THE COMPANY&#146;S EQUITYHOLDERS, AS AMENDED. A COPY OF SUCH AGREEMENT WILL BE FURNISHED WITHOUT
CHARGE BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST.&#148; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company will imprint such legend on certificates evidencing Registrable Securities outstanding prior to
the date hereof. The legend set forth above will be removed from the certificates evidencing any securities that have ceased to be Registrable Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;12 <U>General Provisions</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Amendments and Waivers</U>. Except as otherwise provided herein, the provisions of this Agreement may be amended, modified or waived
only with the prior written consent of the Company and the Sponsor Investor; provided that no such amendment, modification or waiver that would treat a specific Holder or group of Holders of Registrable Securities (i.e., Sponsor Investors, Other
Investors or Executives) in a manner materially and adversely different than any other Holder or group of Holders will be effective against such Holder or group of Holders without the consent of the holders of a majority of the Registrable
Securities that are held by the group of Holders that is materially and adversely affected thereby. The failure or delay of any Person to enforce any of the provisions of this Agreement will in no way be construed as a waiver of such provisions and
will not affect the right of such Person thereafter to enforce each and every provision of this Agreement in accordance with its terms. A waiver or consent to or of any breach or default by any Person in the performance by that Person of his, her or
its obligations under this Agreement will not be deemed to be a consent or waiver to or of any other breach or default in the performance by that Person of the same or any other obligations of that Person under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Remedies</U>. The parties to this Agreement will be entitled to enforce their rights under this Agreement specifically (without posting
a bond or other security), to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other rights existing in their favor. The parties hereto agree and acknowledge that a breach of this Agreement would
cause irreparable harm and money damages would not be an adequate remedy for any such breach and that, in addition to any other rights and remedies existing hereunder, any party will be entitled to specific performance and/or other injunctive relief
from any court of law or equity of competent jurisdiction (without posting any bond or other security) in order to enforce or prevent violation of the provisions of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>Severability</U>. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement is held to be prohibited, invalid, illegal or unenforceable in any respect and to any extent under any applicable law or regulation in any jurisdiction, (i)&nbsp;the application of that
provision to another Person or circumstances shall not be affected thereby and that provision shall be enforced to the greatest extent permitted by law and (ii)&nbsp;such prohibition, invalidity, illegality or unenforceability will not affect the
validity, legality or enforceability of any other provision of this Agreement in such jurisdiction or in any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such prohibited, invalid, illegal
or unenforceable provision had never been contained herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <U>Entire Agreement</U>. Except as otherwise provided herein, this
Agreement contains the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by or among the parties hereto,
written or oral, which may have related to the subject matter hereof in any way. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-20- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) <U>Successors and Assigns</U>. Except as otherwise provided herein, this Agreement will
bind and inure to the benefit and be enforceable by the Company and its successors and permitted assigns and the Holders and their respective successors and permitted assigns (whether so expressed or not). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) <U>Notices</U>. Any notice, demand or other communication to be given under or by reason of the provisions of this Agreement will be in
writing and will be deemed to have been given (i)&nbsp;when delivered personally to the recipient, (ii)&nbsp;when sent by electronic mail or facsimile if sent during normal business hours of the recipient; but if not, then on the next Business Day,
(iii)&nbsp;one Business Day after it is sent to the recipient by reputable overnight courier service (charges prepaid) or (iv)&nbsp;three Business Days after it is mailed to the recipient by first class mail, return receipt requested. Such notices,
demands and other communications will be sent to the Company at the address specified below or any Joinder and to any holder, or at such address or to the attention of such other Person as the recipient party has specified by prior written notice to
the sending party. Any party may change such party&#146;s address for receipt of notice by giving prior written notice of the change to the sending party as provided herein. The Company&#146;s address is: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Torrid Holdings Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">18501 East
San Jose Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">City of Industry, California 91748 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Attn: Brian Park, Secretary </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Facsimile: BPark@Torrid.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><U>With a copy to</U>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Kirkland&nbsp;&amp; Ellis LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">601 Lexington Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">New York,
New York 10022 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Attn: Joshua N. Korff, P.C., Michael Kim, P.C., and Aslam A. Rawoof </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Michael Kim, P.C. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Facsimile:
(212) <FONT STYLE="white-space:nowrap">446-4900</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Email: joshua.korff@kirkland.com, michael.kim@kirkland.com and
aslam.rawoof@kirkland.com </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">or to such other address or to the attention of such other person as the recipient party has specified by prior written notice
to the sending party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) <U>Business Days</U>. If any time period for giving notice or taking action hereunder expires on a day that is
not a Business Day, the time period will automatically be extended to the Business Day immediately following such Saturday, Sunday or legal holiday. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-21- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) <U>Governing Law</U>. The corporate law of the State of Delaware will govern all issues
and questions concerning the relative rights of the Company and its equityholders. All other issues and questions concerning the construction, validity, interpretation and enforcement of this Agreement and the exhibits and schedules hereto will be
governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the
application of the laws of any jurisdiction other than the State of Delaware. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) <U>MUTUAL WAIVER OF JURY TRIAL</U>. AS A SPECIFICALLY
BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR
ARISING IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) <U>CONSENT TO JURISDICTION AND SERVICE OF PROCESS</U>.
EACH OF THE PARTIES IRREVOCABLY SUBMITS TO THE <FONT STYLE="white-space:nowrap">NON-EXCLUSIVE</FONT> JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE, FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT
OF THIS AGREEMENT, ANY RELATED AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. EACH OF THE PARTIES HERETO FURTHER AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S. REGISTERED MAIL TO SUCH PARTY&#146;S RESPECTIVE
ADDRESS SET FORTH ABOVE WILL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING WITH RESPECT TO ANY MATTERS TO WHICH IT HAS SUBMITTED TO JURISDICTION IN THIS PARAGRAPH. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY
WAIVES ANY OBJECTION TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE,
AND HEREBY AND THEREBY FURTHER IRREVOCABLY AND UNCONDITIONALLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) <U>No Recourse</U>. Notwithstanding anything to the contrary in this Agreement, the Company and each Holder agrees and acknowledges that
no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement, will be had against any current or future director, officer, employee, general or limited partner or member of any Holder or any Affiliate
or assignee thereof, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it being expressly agreed and acknowledged that no personal liability
whatsoever will attach to, be imposed on or otherwise be incurred by any current or future officer, agent or employee of any Holder or any current or future member of any Holder or any current or future director, officer, employee, partner or member
of any Holder or of any Affiliate or assignee thereof, as such for any obligation of any Holder under this Agreement or any documents or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason of
such obligations or their creation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-22- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) <U>Descriptive Headings; Interpretation</U>. The descriptive headings of this Agreement
are inserted for convenience only and do not constitute a part of this Agreement. The use of the word &#147;including&#148; in this Agreement will be by way of example rather than by limitation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m) <U>No Strict Construction</U>. The language used in this Agreement will be deemed to be the language chosen by the parties hereto to
express their mutual intent, and no rule of strict construction will be applied against any party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(n) <U>Counterparts</U>. This
Agreement may be executed in multiple counterparts, any one of which need not contain the signature of more than one party, but all such counterparts taken together will constitute one and the same agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(o) <U>Electronic Delivery</U>. This Agreement, the agreements referred to herein, and each other agreement or instrument entered into in
connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent executed and delivered by means of a photographic, photostatic, facsimile or similar reproduction of such signed writing using a
facsimile machine or electronic mail will be treated in all manner and respects as an original agreement or instrument and will be considered to have the same binding legal effect as if it were the original signed version thereof delivered in
person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto will <FONT STYLE="white-space:nowrap">re-execute</FONT> original forms thereof and deliver them to all other parties. No party
hereto or to any such agreement or instrument will raise the use of a facsimile machine or electronic mail to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a
facsimile machine or electronic mail as a defense to the formation or enforceability of a contract and each such party forever waives any such defense. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(p) <U>Further Assurances</U>. In connection with this Agreement and the transactions contemplated hereby, each Holder agrees to execute and
deliver any additional documents and instruments and perform any additional acts that may be necessary or appropriate to effectuate and perform the provisions of this Agreement and the transactions contemplated hereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(q) <U>Dividends, Recapitalizations, Etc.</U> If at any time or from time to time there is any change in the capital structure of the Company
by way of a stock split, stock dividend, combination or reclassification, or through a merger, consolidation, reorganization or recapitalization, or by any other means, appropriate adjustment will be made in the provisions hereof so that the rights
and privileges granted hereby will continue. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(r) <U>No Third-Party Beneficiaries</U>. No term or provision of this Agreement is intended
to be, or shall be, for the benefit of any Person not a party hereto, and no such other Person shall have any right or cause of action hereunder, except as otherwise expressly provided herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * * </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-23- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the
date first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><B>TORRID HOLDINGS INC.</B></TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ George Wehlitz</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Its:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Financial Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page to Registration Rights Agreement] </I></P>
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<TD VALIGN="top" COLSPAN="3" ROWSPAN="2"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SPONSOR INVESTOR:</B></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>SYCAMORE PARTNERS TORRID, L.L.C.</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3" ROWSPAN="2"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">By: Sycamore Partners GP, L.L.C.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Its: Managing Member</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: Sycamore Partners MM, L.L.C.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Its: Managing Member</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Stefan Kaluzny</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Its:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Member</TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3">Address:
<U>[*****]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page to Registration Rights Agreement] </I></P>
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<TD VALIGN="top"><B>OTHER INVESTORS:</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><B>&nbsp;</B></P></TD></TR>
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<TD VALIGN="top">Name:</TD></TR>
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<TD HEIGHT="8"></TD></TR>
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<TD VALIGN="top">Address: ___________________________________</TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page to Registration Rights Agreement] </I></P>
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<TD VALIGN="top"><B>EXECUTIVES:</B></TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Elizabeth Mu&ntilde;oz</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name: Elizabeth Mu&ntilde;oz</TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top">Address:
<U>[*****]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ George Wehlitz</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name: George Wehlitz</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Address:
<U>[*****]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Anne Stephenson</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name: Anne Stephenson</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top">Address:
<U>[*****]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Michael Salmon</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name: Michael Salmon</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Address:
<U>[*****]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Lisa Harper</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name: Lisa Harper</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top">Address:
<U>[*****]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page to Registration Rights Agreement] </I></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><U>EXHIBIT A </U></B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DEFINITIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Affiliate</U>&#148; of any Person means any other Person controlled by, controlling or under common control with such Person and, in
the case of an individual, also includes any member of such individual&#146;s Family Group; provided that the Company and its Subsidiaries will not be deemed to be Affiliates of any holder of Registrable Securities. As used in this definition,
&#147;control&#148; (including, with its correlative meanings, &#147;controlling,&#148; &#147;controlled by&#148; and &#147;under common control with&#148;) will mean possession, directly or indirectly, of power to direct or cause the direction of
management or policies (whether through ownership of securities, by contract or otherwise). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Agreement</U>&#148; has the meaning
set forth in the recitals. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Automatic Shelf Registration Statement</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;1(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Business Day</U>&#148; means a day that is not a Saturday or Sunday or a day on which
banks in New York City or the City of Industry, California, are authorized or requested by law to close. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Charitable Gifting
Event</U>&#148; means any transfer by a Sponsor Investor, or any subsequent transfer by such holder&#146;s members, partners or other employees, in connection with a bona fide gift to any Charitable Organization on the date of, but prior to, the
execution of the underwriting agreement entered into in connection with any underwritten offering. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Charitable
Organization</U>&#148; means a charitable organization as described by <U>Section</U><U></U><U>&nbsp;501(c)(3)</U> of the Internal Revenue Code of 1986, as in effect from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Common Equity</U>&#148; means the Company&#146;s shares of common stock, par value $0.01 per share. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Company</U>&#148; has the meaning set forth in the preamble and shall include its successor(s). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Demand Registrations</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;1(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>End of Suspension Notice</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;1(f)(ii)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Exchange Act</U>&#148; means the Securities Exchange Act of 1934, as amended from time to time, or any successor federal law then in
force, together with all rules and regulations promulgated thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excluded Registration</U>&#148; means any registration
(i)&nbsp;pursuant to a Demand Registration (which is addressed in <U>Section</U><U></U><U>&nbsp;1(a)</U>), or (ii)&nbsp;in connection with registrations on Form <FONT STYLE="white-space:nowrap">S-4</FONT> or
<FONT STYLE="white-space:nowrap">S-8</FONT> promulgated by the SEC or any successor or similar forms). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Executives</U>&#148; has the meaning set forth in the recitals. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Executive Registrable Securities</U>&#148; means, irrespective of which Person actually holds such securities, any Common Equity held
by the management employees of the Company who are listed as &#147;Executives&#148; on the signature page hereto or to a Joinder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Family Group</U>&#148; means with respect to any individual, such individual&#146;s current or former spouse, their respective
parents, descendants of such parents (whether natural or adopted) and the spouses of such descendants, any trust, limited partnership, corporation or limited liability company established solely for the benefit of such individual or such
individual&#146;s current or former spouse, their respective parents, descendants of such parents (whether natural or adopted) or the spouses of such descendants. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>FINRA</U>&#148; means the Financial Industry Regulatory Authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Free Writing Prospectus</U>&#148; means a free-writing prospectus, as defined in Rule 405. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Holdback Period</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;3(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Holder</U>&#148; means a holder of Registrable Securities who is a party to this Agreement (including by way of Joinder). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indemnified Parties</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;6(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Inspectors</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;4(a)(xi)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Joinder</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;9(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Long-Form Registrations</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;1(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Losses</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;6(c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Other Investors</U>&#148; has the meaning set forth in the recitals. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Other Investor Registrable Securities</U>&#148; means, irrespective of which Person actually holds such securities, (i)&nbsp;any
Common Equity held (directly or indirectly) by any Other Investors or any of their Affiliates, and (ii)&nbsp;any equity securities of the Company or any Subsidiary issued or issuable with respect to the securities referred to in clause
(i)&nbsp;above by way of dividend, distribution, split or combination of securities, or any recapitalization, merger, consolidation or other reorganization. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Participating Sponsor Investors</U>&#148; means any Sponsor Investor(s) participating in the request for a Demand Registration, Shelf
Offering, Piggyback Registration or Underwritten Block Trade. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Transferee</U>&#148; means any transferee pursuant to a transfer of
Common Equity (i)&nbsp;by any Holder to or among such Holder&#146;s Family Group (including, without limitation, for estate planning purposes) or pursuant to applicable laws of descent and distribution, provided that (x)&nbsp;Common Equity may not
be transferred to a Holder&#146;s spouse in connection with a divorce proceeding and (y)&nbsp;any Holder that is a trust or estate planning vehicle or entity must remain for the benefit of the same person(s) for so long as such trust holds Common
Equity or (ii)&nbsp;in the case of the Sponsor Investor, to any of its Affiliates (other than the Company or any of its Subsidiaries) or limited partners. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Person</U>&#148; means an individual, a partnership, a corporation, a limited liability company, 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Piggyback Registrations</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;2(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Preemption Notice</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;1(i)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Public Offering</U>&#148; means any sale or distribution by the Company, one of its Subsidiaries and/or Holders to the public of
Common Equity or other securities convertible into or exchangeable for Common Equity pursuant to an offering registered under the Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Registrable Securities</U>&#148; means Sponsor Investor Registrable Securities, Other Investor Registrable Securities and Executive
Registrable Securities. As to any particular Registrable Securities, such securities will cease to be Registrable Securities when they have been (a)&nbsp;sold or distributed pursuant to a Public Offering, (b)&nbsp;sold in compliance with Rule 144
following the consummation of the initial Public Offering, (c)&nbsp;distributed to the direct or indirect partners or members of a Sponsor Investor or (d)&nbsp;repurchased by the Company or a Subsidiary of the Company. For purposes of this
Agreement, a Person will be deemed to be a holder of Registrable Securities, and the Registrable Securities will be deemed to be in existence, whenever such Person has the right to acquire, directly or indirectly, such Registrable Securities (upon
conversion or exercise in connection with a transfer of securities or otherwise, but disregarding any restrictions or limitations upon the exercise of such right), whether or not such acquisition has actually been effected, and such Person will be
entitled to exercise the rights of a holder of Registrable Securities hereunder (it being understood that a holder of Registrable Securities may only request that Registrable Securities in the form of Common Equity be registered pursuant to this
Agreement). Notwithstanding the foregoing, following the consummation of an initial Public Offering, any Registrable Securities held by any Person (other than any Sponsor Investor or its Affiliates) that may be sold under Rule 144(b)(1)(i) without
limitation under any of the other requirements of Rule 144 will be deemed not to be Registrable Securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Registration
Expenses</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;5</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Repurchase Rights</U>&#148; means the right of the Company, the Sponsor Investor
and/or any designee thereof to repurchase Common Equity from any director, officer, employee, other service provider or consultant of the Company and/or its Subsidiaries upon the termination of such Person&#146;s employment or engagement with the
Company and/or its Subsidiaries or other event pursuant to an agreement approved by the board of directors of the Company between the Company and such Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Rule 144</U>&#148;, &#147;<U>Rule 144A</U>&#148;, &#147;<U>Rule 158</U>&#148;, &#147;<U>Rule 405</U>&#148;, &#147;<U>Rule
415</U>&#148;, &#147;<U>Rule 403B</U>&#148;, &#147;<U>Rule 462</U>&#148; and &#147;<U>Regulation S</U>&#148; mean, in each case, such rule promulgated under the Securities Act (or any successor provision) by the SEC, as the same will be amended from
time to time, or any successor rule then in force. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Sale of the Company</U>&#148; means any transaction or series of transactions
pursuant to which any Person(s) or a group of related Persons (other than any Sponsor Investor and/or its Affiliates) in the aggregate acquires: (i)&nbsp;Common Equity of the Company entitled to vote (other than voting rights accruing only in the
event of a default, breach, event of noncompliance or other contingency) to elect directors with a majority of the voting power of the Company&#146;s board of directors (whether by merger, consolidation, reorganization, combination, sale or transfer
of the Company&#146;s Common Equity) or (ii)&nbsp;all or substantially all of the Company&#146;s and its Subsidiaries&#146; assets determined on a consolidated basis; provided that a Public Offering will not constitute a Sale of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Sale Transaction</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;3(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>SEC</U>&#148; means the United States Securities and Exchange Commission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Securities</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;3(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Securities Act</U>&#148; means the Securities Act of 1933, as amended from time to time, or any successor federal law then in force,
together with all rules and regulations promulgated thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Shelf Offering</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;1(d)(i)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Shelf Offering Notice</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;1(d)(i)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Shelf Period</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;1(d)(v)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Shelf Registration</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;1(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Shelf Registrable Securities</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;1(d)(i)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Shelf Registration Statement</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;1(d)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Short-Form Registrations</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;1(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Sponsor Investor</U>&#148; has the meaning set forth in the recitals; provided that any
decision to be made under this Agreement by the Sponsor Investor shall be made by the holders of a majority of all Sponsor Investor Registrable Securities. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Sponsor Investor Registrable Securities</U>&#148; means, irrespective of which
Person actually holds such securities, (i)&nbsp;any Common Equity held (directly or indirectly) by any Sponsor Investor or any of its Affiliates or Permitted Transferees, and (ii)&nbsp;any equity securities of the Company or any Subsidiary issued or
issuable with respect to the securities referred to in clause (i)&nbsp;above by way of dividend, distribution, split or combination of securities, or any recapitalization, merger, consolidation or other reorganization. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Subsidiary</U>&#148; means, with respect to the Company, any corporation, limited liability company, partnership, association or
other business entity of which (i)&nbsp;if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at
the time owned or controlled, directly or indirectly, by the Company or one or more of the other Subsidiaries of the Company or a combination thereof, or (ii)&nbsp;if a limited liability company, partnership, association or other business entity, a
majority of the limited liability company, partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by the Company or one or more Subsidiaries of the Company or a combination thereof. For
purposes hereof, a Person or Persons will be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity if such Person or Persons will be allocated a majority of limited liability
company, partnership, association or other business entity gains or losses or will be or control the managing director or general partner of such limited liability company, partnership, association or other business entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Suspension Event</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;1(f)(ii)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Suspension Notice</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;1(f)(ii)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Suspension Period</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;1(f)(i)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Violation</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;6(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>WKSI</U>&#148; means a &#147;well-known seasoned issuer&#148; as defined under Rule 405. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT B </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The undersigned is executing and delivering this Joinder pursuant to the Registration Rights Agreement dated as of _______________, 2021 (as
amended, modified and waived from time to time, the &#147;<U>Registration Agreement</U>&#148;), among Torrid Holdings Inc., a Delaware corporation (the &#147;<U>Company</U>&#148;), and the other persons named as parties therein (including pursuant
to other Joinders). Capitalized terms used herein have the meaning set forth in the Registration Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">By executing and delivering
this Joinder to the Company, the undersigned hereby agrees to become a party to, to be bound by, and to comply with the provisions of, the Registration Agreement as a Holder in the same manner as if the undersigned were an original signatory to the
Registration Agreement, and the undersigned will be deemed for all purposes to be a Holder, an Other Investor thereunder and the undersigned&#146;s ____ shares of Common Equity will be deemed for all purposes to be Other Investor Registrable
Securities under the Registration Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Accordingly, the undersigned has executed and delivered this Joinder as of the ___ day of
____________, 2021. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Signature</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Print Name</P></TD></TR>
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<TD VALIGN="top"></TD></TR>
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<TD VALIGN="top">Address:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE></DIV>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3">Agreed and Accepted as of</TD></TR>
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<TD VALIGN="top" COLSPAN="3">________________, 2021:</TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3"><B>TORRID HOLDINGS INC.</B></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
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<TD VALIGN="top">Its:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.2 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>STOCKHOLDERS AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS STOCKHOLDERS AGREEMENT (this &#147;<U>Agreement</U>&#148;) is made and entered into as of July&nbsp;6, 2021, by and among Torrid Holdings
Inc., a Delaware corporation (the &#147;<U>Company</U>&#148;) and Sycamore Partners Torrid, L.L.C, a Delaware limited liability company (the &#147;<U>Stockholder</U>&#148;). Unless otherwise indicated herein, capitalized terms used herein are
defined in <U>Section</U><U></U><U>&nbsp;4</U> hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, as of the date hereof, the Company will effectuate an initial
public offering of shares of the its common stock, par value $0.01 per share (the &#147;<U>Common Stock</U>&#148;), pursuant to a registration statement filed with the Securities and Exchange Commission (the &#147;<U>Initial Public
Offering</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the parties hereto desire to enter into this Agreement to set forth certain rights and obligations
of the Stockholder with respect to the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW, THEREFORE</B>, in consideration of the mutual covenants and undertakings
contained herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Voting Agreement; Board Nomination Rights</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) From and after the date hereof and until the provisions of this <U>Section</U><U></U><U>&nbsp;1</U> cease to be effective and subject to
the terms and conditions of this Agreement, the Stockholder (or its indirect beneficial owners) shall have the right to nominate persons for election to the Board (each a &#147;<U>Nominee</U>&#148;) as follows (and the Stockholder hereby agrees that
it shall vote, or cause to be voted, all voting securities of the Company over which the Stockholder has the power to vote or direct the voting, and shall take all other reasonably necessary or desirable actions within the Stockholder&#146;s control
(but only in the Stockholder&#146;s capacity as a stockholder of the Company, including without limitation, attendance at meetings in person, via telephone or by proxy for purposes of obtaining a quorum and execution of written consents in lieu of
meetings so that each such Nominee shall be elected to the Board): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) (x) the majority of the representatives nominated
by the Stockholder, so long as the Stockholder&#146;s Ownership Percentage is at least 50%, (y) a number of representatives nominated by the Stockholder in proportion to the Stockholder&#146;s Ownership Percentage, rounded up to the nearest whole
number, so long as the Stockholder&#146;s Ownership Percentage is less than 50% but at least 10%, and (z)&nbsp;the greater of (1)&nbsp;a number of representatives nominated by the Stockholder in proportion to the Stockholder&#146;s Ownership
Percentage, rounded up to the nearest whole number and (2)&nbsp;one director, in the case of this clause (z), so long as the Stockholder&#146;s Ownership Percentage is less than 10% but at least 5%; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) subject to the provisions of this <U>Section</U><U></U><U>&nbsp;1</U>, the Board shall determine the size (i.e., number of
Board seats) of the Board, which as of the date hereof consists of not less than six (6)&nbsp;Board members (which, for the avoidance of doubt, may include one or more vacancies). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The representatives designated hereunder by the Stockholder shall be nominated to serve as a Class&nbsp;I, Class&nbsp;II or Class&nbsp;III
director (as defined in the Company&#146;s Certificate of Incorporation), as the case may be, as set forth on the <U>Schedule of Directors</U> attached hereto. The initial term of each Class&nbsp;I, Class&nbsp;II and Class&nbsp;III director shall
expire as set forth in the Company&#146;s Certificate of Incorporation. Any director nominated by the Stockholder hereunder to fill a vacancy on the Board shall be designated as the same class of director as the director whose termination of
services as a director created such vacancy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) The Company shall pay the reasonable <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses incurred by each director in connection with attending the meetings of the Board and any committee thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) At every meeting of the Board, or a committee thereof, for which directors are nominated to stand for election by stockholders of the
Company, the Stockholder will have the right to select those persons to be nominated for election to the Board for each Retiring Director that was a prior Nominee of the Stockholder in accordance with this <U>Section</U><U></U><U>&nbsp;1</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) If a vacancy occurs because of the death, disability, disqualification, resignation or
removal of a Nominee, the Stockholder shall be entitled to nominate such person&#146;s successors in accordance with this Agreement and the Board, subject to a determination of the Board in good faith, after consultation with outside legal counsel
that such action would not constitute a breach of its fiduciary duties or applicable law, shall fill the vacancy with such successor Nominee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) If a Nominee is not nominated or elected to the Board because of the Nominee&#146;s death, disability, disqualification, withdrawal as a
nominee or for other reason is unavailable or unable to serve on the Board, the Stockholder who nominated such person shall be entitled to nominate promptly another Nominee and the director position for which such Nominee was nominated shall not be
filled pending such nomination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Company Obligations</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Company agrees to use its commercially reasonable efforts to assure that (i)&nbsp;each Nominee is included in the Board&#146;s slate
of nominees to the stockholders for each election of directors, and (ii)&nbsp;each Nominee is included in the proxy statement prepared by management of the Company in connection with soliciting proxies for every meeting of the stockholders of the
Company called with respect to the election of members of the Board, and at every adjournment or postponement thereof, and on every action or approval by written consent of the stockholders of the Company or the Board with respect to the election of
members of the Board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Notwithstanding anything herein to the contrary, the Company shall not be obligated to cause to be nominated
for election to the Board or recommend to the stockholders the election of any Nominee (i)&nbsp;who fails to submit to the Company on a timely basis such questionnaires as the Company may reasonably require of its directors generally and such other
information as the Company may reasonably request in connection with the preparation of its filings under the Securities Laws, or (ii)&nbsp;the Board or the Nominating Committee determines in good faith, after consultation with outside legal
counsel, that such action would constitute a breach of its fiduciary duties or applicable law or violate the Company&#146;s Certificate of Incorporation; <U>provided</U>, <U>however</U>, that upon the occurrence of either (i)&nbsp;or (ii) above, the
Company shall promptly notify the Stockholder of the occurrence of such event and permit the Stockholder to provide an alternate Nominee sufficiently in advance of any Board action, meeting of the stockholders called or written action of
stockholders with respect to such election of Nominees and the Company shall use commercially reasonable efforts to perform its obligations under <U>Section</U><U></U><U>&nbsp;2(a)</U> with respect to such alternate Nominee (<U>provided that</U> if
the Company provides at least 45 days advance notice of the occurrence of any such event such alternative Nominee must be designated by the applicable Stockholder not less than 30 days in advance of any Board action, notice of meeting of the
stockholders or written action of stockholders with respect to such election of Nominees). The Company shall use commercially reasonable efforts to perform its obligations under <U>Section</U><U></U><U>&nbsp;2(a)</U> with respect to such alternate
Nominee, <U>provided that</U> in no event shall the Company be obligated to postpone, reschedule or delay any scheduled meeting of the stockholders with respect to such election of Nominees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) At any time a vacancy occurs because of the death, disability, resignation or removal of a Nominee, then the Board, or any committee
thereof, shall not fill such vacancy until the earliest to occur of (i)&nbsp;the Stockholder has nominated a successor Nominee and the Board has filled the vacancy and appointed such successor Nominee, (ii)&nbsp;the Stockholder fails to nominate a
successor Nominee within 30 Business Days after receiving notification of the vacancy from the Company, and (iii)&nbsp;the Stockholder has specifically waived its right under this <U>Section</U><U></U><U>&nbsp;2(c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) At any time that the Stockholder shall have any nomination rights under <U>Section</U><U></U><U>&nbsp;1</U>, the Company shall not take
any action to reduce the size of the Board from six (6), except as otherwise provided herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>Insurance</U>.<I> </I>The Company
shall, for so long as any director designated pursuant to the terms of this Agreement serves as a director of the Board, maintain directors&#146; and officers&#146; liability insurance in an amount determined by the Board to be reasonable and
customary and that provides coverage with respect to each such director;<U>&nbsp;provided</U>, that upon such director ceasing to serve on the Board for any reason, the Company shall take all actions reasonably necessary to extend such
directors&#146; and officers&#146; liability insurance coverage for a period of not less than six (6)&nbsp;years from the time at which such director ceases to serve on the Board in respect of any act or omission occurring at or prior to such time.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <U>Definitions</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Affiliate</U>&#148; means, with respect to any Person, any other Person which directly or indirectly controls, is controlled by or is
under common control with such Person. For purposes of this definition, &#147;<U>control</U>&#148; (including, with correlative meanings, the terms &#147;<U>controlled by</U>&#148; and &#147;<U>under common control with</U>&#148;), as applied to any
Person, means the possession, directly or indirectly, of the power to vote a majority of the securities having voting power for the election of directors (or other Persons acting in similar capacities) of such Person or otherwise to direct or cause
the direction of the management and policies of such Person through the ownership of voting securities, by contract or otherwise. For purposes of this Agreement, the Stockholder shall not, by reason of this Agreement, be deemed to be an Affiliate of
the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Board</U>&#148; means the board of directors of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Business Day</U>&#148; means a day, other than Saturday, Sunday or other day on which commercial banks in New York, New York or the
City of Industry, California, are authorized or required by law to close. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Certificate of Incorporation</U>&#148; means the
Company&#146;s Amended and Restated Certificate of Incorporation, as the same may be amended from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>GAAP</U>&#148;
means generally accepted accounting principles in the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Nominating Committee</U>&#148; means the Nominating and
Corporate Governance Committee of the Board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Person</U>&#148; means an individual, corporation, partnership, association, trust,
limited liability company, joint venture, unincorporated organization or any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Retiring Director</U>&#148; means any director whose term expires at the next annual meeting of the stockholders of the Company
pursuant to the terms of the Company&#146;s Certificate of Incorporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Securities Act</U>&#148; means the Securities Act of
1933, as amended. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Securities Laws</U>&#148; means the Securities Act and the Securities Exchange Act of 1934, as amended, and
the rules promulgated thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Stockholder&#146;s Ownership Percentage</U>&#148; means, at any time, the fraction (expressed
as a percentage) that results from dividing (i)&nbsp;the number of shares of Common Stock owned by the Stockholder and its Affiliates at such time by (ii)&nbsp;the total number of shares of Common Stock, in each case, as adjusted for stock splits,
combinations, recapitalizations and the like). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Subsidiary</U>&#148; means, at any time, with respect to any Person, any entity
of which securities or other ownership interests having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions are at the time owned or controlled directly or indirectly by such Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <U>Amendment and Waiver</U>. Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in
writing and is signed, in the case of an amendment, by each party to this Agreement, or in the case of a waiver, by the party against whom the waiver is to be effective. No failure or delay by any party in exercising any right, power or privilege
hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be
cumulative and not exclusive of any rights or remedies provided by law. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <U>Benefit of Parties</U>. This Agreement shall be binding upon and shall inure to the
benefit of the parties hereto and their respective successors and assigns. Except as otherwise expressly provided herein, nothing herein contained shall confer or is intended to confer on any third party or entity that is not a party to this
Agreement any rights under this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. <U>Headings</U>. Headings are for ease of reference only and shall not form a part of this
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <U>Governing Law</U>. This Agreement shall be construed in accordance with and governed by the law of the State of Delaware
without giving effect to the principles of conflicts of laws thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. <U>Jurisdiction</U>. Any suit, action or proceeding seeking to
enforce any provision of, or based on any matter arising out of or in connection with, this Agreement may be brought against any of the parties in any federal court located in the State of Delaware or any Delaware state court, and each of the
parties hereby consents to the exclusive jurisdiction of such court (and of the appropriate appellate courts) in any such suit, action or proceeding and waives any objection to venue laid therein. Process in any such suit, action or proceeding may
be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, the parties agree that service of process upon such party at the address referred to in Section&nbsp;16,
together with written notice of such service to such party, shall be deemed effective service of process upon such party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. <U>WAIVER
OF JURY TRIAL</U>. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. <U>Entire Agreement</U>. This Agreement (including the Schedules constituting a part of this Agreement) and any other writing signed by
authorized representatives of each of the parties after the date hereof that specifically references this Agreement, constitute the entire agreement among the parties with respect to the subject matter hereof and supersede all prior agreements,
understandings and negotiations, both written and oral between the parties with respect to the subject matter hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.
<U>Counterparts; Effectiveness</U>. This Agreement may be signed in any number of counterparts, each of which shall be deemed an original. This Agreement shall become effective when each party shall have received a counterpart hereof signed by each
of the other parties. An executed copy or counterpart hereof delivered by facsimile shall be deemed an original instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13.
<U>Severability</U>. If any provision of this Agreement or the application thereof to any Person or circumstance shall be invalid or unenforceable to any extent, the remainder of this Agreement and the application of such provisions to other Persons
or circumstances shall not be affected thereby and shall be enforced to the greatest extent permitted by law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14. <U>Further
Assurances</U>. The Stockholder shall execute and deliver such further instruments and do such further acts and things as may be required to carry out the intent and purpose of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15. <U>Specific Performance</U>.<I> </I>The parties hereto agree that irreparable damage would occur if any provision of this Agreement were
not performed in accordance with the terms hereof and that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement or to enforce specifically the performance of the terms and provisions hereof in any
federal or state court located in the State of Delaware, in addition to any other remedy to which they are entitled at law or in equity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16. <U>Notices</U>. Any notice, demand or other communication to be given under or by reason of the provisions of this Agreement will be in
writing and will be deemed to have been given (i)&nbsp;when delivered personally to the recipient, (ii)&nbsp;when sent by electronic mail or facsimile if sent during normal business hours of the recipient; but if not, then on the next Business Day,
(iii)&nbsp;one Business Day after it is sent to the recipient by reputable overnight courier service (charges prepaid) or (iv)&nbsp;three Business Days after it is mailed to the recipient by first class mail, return receipt requested. Such notices,
demands and other communications will be sent to the Company and the Stockholder at the respective addresses specified below, or at such address or to the attention of such other Person as the recipient party has specified by prior written notice to
the sending party. Any party may change such party&#146;s address for receipt of notice by giving prior written notice of the change to the sending party as provided herein. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company&#146;s address is: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Torrid Holdings Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">18501 East
San Jose Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">City of Industry, California 91748 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Attention: Brian Park, Secretary </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">E-mail:</FONT> BPark@Torrid.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">With a copy to (which shall not constitute notice): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Kirkland&nbsp;&amp; Ellis LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">601 Lexington Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">New York,
New York 10022 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Attention: Joshua N. Korff, P.C., Michael Kim, P.C. and Aslam A. Rawoof </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Facsimile: (212) <FONT STYLE="white-space:nowrap">446-4800</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">E-mail:</FONT> joshua.korff@kirkland.com, michael.kim@kirkland.com and aslam.rawoof@kirkland.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If to the Stockholder: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Sycamore Partners Torrid, L.L.C. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">c/o Sycamore Partners </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">9 West
57th Street, 31st Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">New York, New York 10019 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Attention: Dary Kopelioff </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="white-space:nowrap">E-mail:</FONT> dkopelioff@sycamorepartners.com </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">With a copy to (which shall not constitute notice): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Kirkland&nbsp;&amp; Ellis LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">601 Lexington Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">New York,
New York 10022 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Attention: Joshua N. Korff, P.C., Michael Kim, P.C. and Aslam A. Rawoof </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Facsimile: (212) <FONT STYLE="white-space:nowrap">446-4800</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">E-mail:</FONT> joshua.korff@kirkland.com, michael.kim@kirkland.com and aslam.rawoof@kirkland.com </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have executed this Stockholders Agreement on the day
and year first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>TORRID HOLDINGS INC.</B></P></TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ George Wehlitz</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: George Wehlitz</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Chief Financial Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>SYCAMORE PARTNERS TORRID, L.L.C.</B></P></TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="bottom" COLSPAN="3">By: Sycamore Partners GP, L.L.C.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3">Its: Managing Member</TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="bottom" COLSPAN="3">By: Sycamore Partners MM, L.L.C.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3">Its: Managing Member</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="bottom">By:</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Stefan Kaluzny</P></TD></TR>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Stefan Kaluzny</TD></TR>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: Managing Member</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page to Stockholders Agreement] </I></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>SCHEDULE OF DIRECTORS </U></B></P>
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<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Name</B></P></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Class&nbsp;of&nbsp;Director</B></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Lisa Harper</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">I</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Stefan L. Kaluzny</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">I</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Elizabeth Mu&ntilde;oz</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">II</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Theophlius Killion</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">II</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dary Kopelioff</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">III</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Vacant</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">III</TD>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Torrid Holdings Inc. Announces Pricing of Initial Public Offering </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CITY OF INDUSTRY, CA &#150; June</B><B></B><B>&nbsp;30, 2021 &#150;</B> Torrid Holdings Inc. (&#147;Torrid&#148; or the &#147;Company&#148;) today
announced the pricing of its initial public offering of 11.0&nbsp;million shares of its common stock to be sold by certain of Torrid&#146;s existing shareholders at a price of $21.00 per share. In addition, the selling shareholders have granted the
underwriters a <FONT STYLE="white-space:nowrap">30-day</FONT> option to buy an additional 1.65&nbsp;million shares of common stock from such selling shareholders at the initial public offering price, less the underwriting discount and commissions.
Torrid will not receive any proceeds from the sale of the shares by the selling shareholders. The shares are expected to begin trading on the New York Stock Exchange (&#147;NYSE&#148;) on July&nbsp;1, 2021, under the ticker symbol &#147;CURV&#148;.
The offering is expected to close on July&nbsp;6, 2021, subject to customary closing conditions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Morgan Stanley, BofA Securities, Inc., Goldman
Sachs&nbsp;&amp; Co. LLC and Jefferies LLC are acting as joint lead book-running managers for the offering. Baird, Cowen and William Blair are acting as joint book-running managers for the offering. Telsey Advisory Group LLC is acting as a <FONT
STYLE="white-space:nowrap">co-manager</FONT> for the offering. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The initial public offering is being made only by means of a prospectus. When available,
copies of the final prospectus related to the offering may be obtained from: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Morgan Stanley&nbsp;&amp; Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New
York 10014 </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">BofA Securities, Inc., Attention: Prospectus Department, <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">NC1-004-03-43,</FONT></FONT></FONT> 200 North College Street, 3rd floor, Charlotte, North Carolina, 28255-0001, or by email at <U>dg.prospectus_requests@bofa.com</U> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Goldman Sachs&nbsp;&amp; Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, or by
email at <U><FONT STYLE="white-space:nowrap">prospectus-ny@ny.email.gs.com</FONT></U> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY
10022, by telephone at (877) <FONT STYLE="white-space:nowrap">821-7388</FONT> or by email at <U>prospectus_department@jefferies.com</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A registration statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> relating to this offering was declared effective on June&nbsp;30, 2021, by the
Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About TORRID </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">TORRID is a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">direct-to-consumer</FONT></FONT> brand of apparel, intimates and accessories in
North America targeting the <FONT STYLE="white-space:nowrap">25-</FONT> to <FONT STYLE="white-space:nowrap">40-year</FONT> old woman who is curvy and wears sizes 10 to 30. TORRID is focused on fit and offers high quality products across a broad
assortment that includes tops, bottoms, denim, dresses, intimates, activewear, footwear and accessories. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This press release contains forward looking statements, including statements regarding the initial public offering. These statements are not historical facts
but rather are based on Torrid&#146;s current expectations and projections regarding its business, operations and other factors relating thereto. Words such as &#147;may,&#148; &#147;will,&#148; &#147;could,&#148; &#147;would,&#148;
&#147;should,&#148; &#147;anticipate,&#148; &#147;predict,&#148; &#147;potential,&#148; &#147;continue,&#148; &#147;expects,&#148; &#147;intends,&#148; &#147;plans,&#148; &#147;projects,&#148; &#147;believes,&#148; &#147;estimates&#148; and similar
expressions are used to identify these forward looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Actual
results may differ materially from those in the forward looking statements as a result of a number of factors, including those in Torrid&#146;s registration statement filed with the Securities and Exchange Commission. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Contacts </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Investors </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ICR </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jean Fontana </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">646-277-1214</FONT></FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>jean.fontana@icrinc.com </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Media </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Joele Frank, Wilkinson Brimmer Katcher </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Leigh Parrish / Lyle Weston </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(212)
<FONT STYLE="white-space:nowrap">355-4449</FONT> </P>
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