Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 5, 2023, Mr. Michael Salmon, the former Chief Strategy Officer of
Torrid Holdings Inc. (the "Company") entered into a Separation Agreement (the
"Agreement") with the Company. The Agreement provides that, subject to Mr.
Salmon not revoking the Agreement within a seven day period, Mr. Salmon will
become entitled to the following separation benefits: (i) twelve months of base
pay in the gross amount of $550,000, 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 the Consolidated
Omnibus Budget Reconciliation Act ("COBRA") through January 31, 2024 or until
Mr. Salmon becomes re-insured under a different plan, whichever occurs first.
The foregoing is a summary description of certain terms of the Separation
Agreement and, by its nature, is incomplete. It is qualified in its entirety by
the full text of the Separation Agreement, a copy of which will be filed with
the Company's Annual Report on Form 10-K for the year ending January 28, 2023.
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