Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 31, 2023, Ms. Anne Stephenson, the former Chief Merchandising and
Product Officer of Torrid Holdings Inc. (the "Company") entered into a
Separation Agreement (the "Agreement") with the Company. The Agreement provides
that, subject to Ms. Stephenson not revoking the Agreement within a seven-day
period, Ms. Stephenson will become entitled to the following separation
benefits: (i) six months of base pay in the gross amount of $300,000, less
applicable withholding and deductions, paid through salary continuation; and
(ii) payment of the premium to the third-party administrator for health
insurance coverage under COBRA through September 2023 or until Ms. Stephenson
becomes re-insured under a different plan, whichever occurs first.
The Agreement includes a customary release of claims by Ms. Stephenson in favor
of the Company and its affiliates, as well as other customary provisions
relating to confidentiality and restrictive covenants.
The foregoing is a summary description of certain terms of the Agreement and, by
its nature, is incomplete. It is qualified in its entirety by the full text of
the Agreement, a copy of which will be filed with the Company's Form 10-Q for
the quarter ending April 29, 2023.
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