Document:

Severance Agreement

 Exhibit 10.1 
 Charlotte Russe Holding, Inc. 
 .4645 Morena Blvd. San Diego CA 92117 
 July 20, 2008 
 Mark A. Hoffman

 P.O. Box 8083 
 Rancho Sante Fe, CA 92067 
 Dear Mark: 
 This letter represents the agreement between
Charlotte Russe Holding, Inc. (“Charlotte Russe” or the “Company”) and Mark A. Hoffman (“you” and collectively with the Company, the “Parties”) with respect to your relationships with the Company (the
“Agreement”). The effective date of this Agreement is July 20, 2008 (the “Effective Date”). 
 1. Resignation
from the Board of Directors; Retirement. At the request of the Board of Directors (the “Board”) (including as to timing) and in consideration for the Company’s commitments contained in this Agreement, you hereby resign voluntarily
from the Board and terminate all your other management positions with the Company and (if applicable) its subsidiaries by retiring, both on July 20, 2008 (the “Retirement Date”). During the period between the Retirement Date and
March 16, 2009, you agree at the Company’s request to be available at reasonable times by telephone to provide cooperation and transition services to the Company but for no more than 10 hours per month with the Company providing a
comparable level of indemnification rights as for prior to the Retirement Date. You will not represent yourself as an agent of the Company to any third party without the Company’s written consent. 
 2. Accrued Obligations. Whether or not you sign this Agreement, the Parties recognize that you are already entitled to the following: 

(a) Timely payment/providing of all: statutory “wages,” Company benefits (of any and all kinds), Company equity (in all forms) and
reimbursable business expenses, all in accordance with the terms of the applicable pre-existing Company plans and agreements, that were/are earned/accrued up through and including the Retirement Date (or later if allowed by the underlying Company
plan or policy). 
  

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 (b) Your contractual severance amount of $735,000 (pursuant to the terms of your Employment Agreement (as
defined below), as the Company confirms that there are no “for Cause” reasons to terminate your employment). This severance amount is payable in equal installments over a one-year period following the Retirement Date on Charlotte
Russe’s normal payroll dates; provided, however, that because of the distribution delay requirements of Section 409(A)(2)(B)(i) of the Internal Revenue Code (“Code) (see paragraph 9 below), the payments of this severance amount that
otherwise would be paid within the six month period following the Retirement Date will instead accrue and be paid on the first business day following the six-month anniversary of the Retirement Date and any remaining severance amount shall be paid
at the same time as otherwise specified pursuant to this Agreement. Payments of this severance amount will cease when the payments made to you total the full $735,000 owed. 
 3. Additional Payments and Benefits. In exchange for your execution of this Agreement (which includes a release), the Company will make the
following additional payments and provide the following additional benefits: 
 (a) The amount of $186,875 will both be made payable to and be
paid to you during the first full week of January 2009. 
 (b) You will be reimbursed up to a maximum of $18,000 toward the total cost of
your professionals’ work to help effectuate this Agreement with the Company’s professional advisors, provided that you provide evidence to the Company of payment of your professional costs by the end of August 2008, for which you will be
reimbursed within 10 days of receipt of such proof.  
 (c) As of the Retirement Date, the Company agrees that you/ your spouse will
have fully qualified for the Retirement Benefit Program, relating to your/ her retiree medical coverage. If you obtain employment after the Retirement Date which provides you and her with medical insurance coverage, you/ she must elect that coverage
and promptly so advise the Company in writing. At that time that you/ she qualify for medical insurance coverage by any successor employer of yours and thereafter through the rest of your/ your spouse’s lives, the Company will provide
sufficient medical insurance coverage for you and your spouse, such that the aggregate medical insurance coverage provided is commensurate with that being provided to you and your spouse on the day prior to the Retirement Date. Coverage under the
Retirement Benefit Program relating to retiree medical coverage is subject to paragraph 9, below. 
 (d) Notwithstanding any other prior
agreements to the contrary, the following terms in this paragraph also apply. On the Retirement Date, you will be entitled to retain fully vested options to purchase a total of 137,667 shares of common stock 

  

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(the “Retained Options”) of the Company granted to you under the Company’s 1999 Equity Incentive Plan, of which (i) options to purchase
104,000 shares were already fully vested prior to the Retirement Date, (ii) options to purchase 20,000 shares of common stock, that would have vested on August 9, 2008, will instead become fully vested on the Retirement Date and
(iii) options to purchase 13,667 shares of common stock, that would have vested on October 1, 2008, will instead become fully vested on the Retirement Date. The Retained Options are fully exercisable in accordance with the terms of the
Plan and your option award certificates, except that you will also have the right to exercise any or all of the Retained Options before and through March 16, 2009. On the Retirement Date, you will forfeit your other unvested options to purchase
147,333 shares of common stock of the Company. On the Retirement Date you will be entitled to also receive fully vested the 6,000 shares of restricted stock granted to you under the Plan that would have otherwise vested on October 1, 2008, and
such shares are no longer subject to any forfeiture or other time-based limitation under the Plan or your restricted stock award agreement. On the Retirement Date, you will forfeit the remaining unvested 36,000 shares of Restricted Stock of the
Company granted to you under the Plan. 
 (e) You may retain possession and free and clear ownership of the Company laptop computer and all
associated peripherals (e.g., carrying case) that you have been most recently using in your Company work. You shall return your laptop and peripherals no later than the third business day following the Retirement Date and the Company shall have the
right to remove all Company-related files from such laptop and peripherals and will deliver the laptop and peripherals to you within ten (10) days after the Retirement Date. 
 4. Benefit Plans. Except to the extent inconsistent with the terms of this Agreement (which govern in such case), your benefits and rights under
all employee benefit plans and arrangements with Charlotte Russe will otherwise be governed by the terms and conditions of such other plans, including the Company’s stock option and restricted stock plans and arrangements. 
 5. Withholdings. The Company may withhold. from any payments under this agreement all taxes that the Company reasonably determines to be required
to be withheld pursuant to law, regulation or ruling. 
 6. Releases. In consideration of Charlotte Russe’s commitment to the
various arrangements described in this Agreement that are beyond those to which the Parties agree you are already entitled to receive, and except as specified in this Section 6 of this Agreement, you otherwise hereby generally and completely
release the Company and its directors, officers, employees, shareholders, members, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers, affiliates, and assigns (the “Company Releasees”) from any
and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring prior to your signing this Agreement. This general release includes, but 

  

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is not limited to: (1) all claims arising out of or in any way related to your employment with the Company or the termination of that employment;
(2) all claims arising from or related to the Amended and Restated Employment Agreement between you and the Company made and entered into as of January 4, 2008 (your “Employment Agreement”); (3) all claims related to your
compensation or benefits from the Company, including, but not limited to, salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership interests in the Company;
(4) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (5) all tort claims, including, but not limited to, claims for fraud, defamation, emotional distress, and
discharge in violation of public policy; and (6) all federal, state, and local statutory claims, including, but not limited to, claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal
Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990, and the California Fair Employment and Housing Act (as amended). The Parties further acknowledge that each has been advised by this writing that its/ his
waivers and releases do not apply to any rights or claims that may arise after the execution date of this Agreement. In granting the releases herein, the Parties hereby acknowledge that each has read and understand Section 1542 of the
California Civil Code: “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or
her settlement with the debtor.” The Parties hereby each expressly waive and relinquish all rights and benefits under that section and any law of any jurisdiction of similar effect with respect to the Parties’ mutual releases of claims
hereby. 
 Nevertheless, none of the waivers and releases anywhere in this Agreement shall waive, release, or limit in any way: a) your
rights that are not subject to waiver by private agreement and/or are created and/or maintained in this Agreement; b) any claims arising under either state unemployment insurance (which the Company agrees this Agreement does not limit any right you
may otherwise later have to such) or workers’ compensation laws; c) your rights, if any, to indemnification, duty to defend, and to be held harmless by the Company (with respect to all of your prior, existing and continuing capacities with, and
efforts for, the Company) pursuant to all applicable: existing agreements or contracts in any written form, Company insurance policies, statutes, common law, corporate bylaws, articles of incorporation; d) your legally-vested rights accrued as of
the Retirement Date through your employment, officership and/or Board membership under any Company or Company-sponsored agreement (e.g., the Company’s current standard Indemnification Agreement covering its senior executives), benefit or
benefit plan and/or pursuant to any Company insurance policies (e.g., 401(k), various forms of insurance, stock option and/or stock grant plans and/or agreements); e) except as set forth in Section 11 below, your rights as a current and future
Company shareholder and stock option holder; f) your rights to enforce the terms of this Agreement; and g) your rights regarding the Company’s or the Company’s Releasees’ acts or omissions that occur after the Effective Date.

  

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 7. Representation Concerning Filing of Legal Actions; No Knowledge of Claims. Each Party
represents that, as of the date of this Agreement, he/it has not knowingly filed any lawsuits, charges, complaints, petitions, administrative claims or any other formal accusatory pleadings against the other Party or any of their associated
Releasees in any court or with any governmental agency or other decision-making authority. Further, the Company hereby represents and warrants it is are unaware of any claims that it may have against you or of any reasonable basis for any such
claim. Similarly, the Company is not aware of any claim or any assertion of any basis for any claim that any third party may have against you. 
 8. Confidentiality. 
 (a) You previously executed and agreed to abide by the legally enforceable provisions of the Trade
Secret and Confidentiality Agreement (the “Confidentiality Agreement”) attached as Exhibit A to your Employment Agreement. You acknowledge that you will continue to be bound by sections 2, 3, 4, 6, and 7 of the Confidentiality Agreement to
the extent not modified in this Agreement which is controlling. You covenant and agree that you will not disclose to any person or entity, or use or otherwise exploit for your benefit or the benefit of another person or entity, any confidential
information that was disclosed to you or came within your knowledge while an employee of the Company that continues to be confidential, including but not limited to such confidential information of the Company and/or its clients, and you shall keep
and hold all such confidential information completely secret and confidential. 
 (b) Nothing in this Agreement shall limit any rights or
remedies of any Party under the California Uniform Trade Secrets Act (California Civil Code § 3426 et seq.) or otherwise available under law (e.g., California Bus. & Prof. Code Sec. 16600 and 17200). 
 9. Section 409A. This Agreement shall be interpreted to ensure that the payments made to you are exempt from, or comply with,
Section 409A of the Internal Revenue Code (“409A”); provided, however, that nothing in this Agreement shall be interpreted or construed to transfer any liability for any tax (including a tax or penalty due as a result of a failure to
comply with 409A) from you to the Company or to any other individual or entity. 
 (a) It is intended that the amounts payable under
paragraphs 2(a)(wages, equity awards, and expenses), 3(a) (bonus), (b) (professionals’ fees), (d) (retained options), and (e) (company laptop) are exempt from 409A pursuant to the “short-term deferral” rule set forth in
Section 1.409A-1(b)(4) of the Treasury Regulations or otherwise. 
 (b) With respect to amounts payable under paragraph 2(b)
(severance): 
 (i) such amounts are payable solely upon a “separation from service” within the meaning of Code
Section 409A(a)(2)(A)(i); and 
  

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 (ii) such amounts are subject to delay pursuant to Code Section 409A(a)(2)(B)(i). 
 (c) With respect to amounts payable under paragraph 3(c) (retiree medical), to the extent such benefits are taxable: 
 (i) the only reimbursements of medical expenses or other medical benefits that shall be paid during the first six months following the Retirement Date are
reimbursements that meet the following requirements: (A) the expenses are incurred and paid by you (or incurred by you and paid by the Company directly to the service provider on your behalf); (B) the expenses would be allowable as a
deduction to you under Section 213 of the Code (disregarding the requirement that the deduction under that section apply only to expenses that exceed 7.5% of adjusted gross income); and (C) the expenses are not reimbursed from a source
other than the Company. 
 (ii) Any benefit that is prevented from being paid by clause (i) above shall instead be paid on the first
business day following the six-month anniversary of the Retirement Date. 
 (iii) In addition, beginning on the first business day following
the six-month anniversary of the Retirement Date, retiree medical benefits shall be provided pursuant to paragraph 3(c) subject to the following requirements: (1) all benefits shall be provided pursuant to a written plan or program that
provides an objectively determinable nondiscretionary description of the reimbursements or in-kind benefits provided; (2) all reimbursements shall be paid no later than the end of the calendar year following the year in which the expense was
incurred; (3) the amount of in-kind benefit or reimbursable expense incurred in one year shall not affect the amount of benefit or reimbursement available in another year (except to the extent that medical expense reimbursements are subject to
annual, lifetime, or similar limits under the terms of the applicable plan). 
 10. Nonsolicitation. You covenant and agree that for a
period of one year (1) year following the Retirement Date, you will not, directly or knowingly indirectly, either for yourself or for any other person, firm, corporation or legal entity, solicit any individual who, during the term of your
employment, was or is an employee of the Company or any affiliate thereof, to leave the employment of the Company or any such affiliate. 
 11. No Acquisitions, Beneficial Ownership, Mergers or Other Business Combination. In consideration of Charlotte Russe’s commitment to the various arrangements described in this Agreement, you agree that for a period of one year
after the Retirement Date, you will not, without the prior written consent of the Company, directly or knowingly indirectly: (i) acquire (other than 

  

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through the exercise of your Company stock options), or offer to acquire, by purchase or otherwise, beneficial ownership (as defined under Section 13D
of the Securities Exchange Act of 1934) of any equity securities of the Company, (ii) acquire (other than through the exercise of your Company stock options), or offer to acquire, beneficial ownership of any options or other rights to acquire
any equity securities of the Company (whether or not exercisable only after the passage of time or the occurrence of an event), (iii) initiate, or actively support, other than related to your potential voting of your Company shares for such, an
offer to enter into any merger, business combination, sale of all or substantially all assets, or similar transaction involving the Company or any acquisition of voting control of the Company, (iv) make, or in any way participate in the making
of, any “solicitation” of “proxies” (as such terms are used in the rules of the Securities and Exchange Commission) to vote, or seek to advise or influence any person or entity with respect to the voting of, any securities of the
Company, (v) directly or indirectly attempt to cause the formation of, any group (as defined under Section 13D of the Securities Exchange Act of 1934) which seeks to do any of the foregoing, (vi) propose, or publicly announce or
otherwise disclose any request for permission or any consent in respect of any of the foregoing (other than through the exercise of your Company stock options), or (vii) in any way to affirmatively and specifically advise, assist or encourage
any other person to do any of the foregoing. Nothing in this Agreement will prevent or prohibit for instance the acquisition, receipt or exchange by you of the direct and/or beneficial ownership of any equity securities of the Company from the
Company or pursuant to existing contracts to which the Company is a party. 
 12. Additional Covenants. 
 (a) Cooperation. You covenant and agree to reasonably (e.g., for reasonable payment for your time and reimbursement of your costs incurred for)
cooperate with and make yourself reasonably available to Charlotte Russe or its General Counsel, as Charlotte Russe may reasonably request, to assist it in any Company matter involving your past Company knowledge, including but not limited to,
providing information, giving truthful testimony in any litigation or potential litigation over which you may have knowledge, information or expertise, and signing routine documents for administrative purposes. 
 (b) Return of Company Property. You covenant and agree that you will promptly return any and all property of the Company (except as specified in
this Agreement or otherwise allowed by applicable law), including but not limited to all such records, files, notes, memoranda, reports, work product and similar items and any manuals, drawings, sketches, plans, tape recordings, computer programs,
computers, disks cassettes and other physical representations of such, whether or not constituting confidential information, and you have a continuing obligation to return to the Company any of the same that you discover over time and return of such
then will not be in breach of this provision. You shall not retain any copies of any such information returned to the Company. The Company will reasonably cooperate to return to you your personal property which the Company represents it has not
disturbed and will not disturb. 
  

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 (c) Nondisparagement. You covenant and agree that you will not directly make any statements,
written or oral (or intentionally encourage others to make any such statements) that materially, wrongfully: defame, disparage or in any way criticize the personal and/or business reputations, practices or conduct of the Company, its employees,
officers and directors. The Company agrees that it will not make any critical or disparaging statements about you. This non-disparagement provision shall not apply to any truthful statements, or any statements that are reasonably believed by the
maker to be true, that are made (1) in response to a subpoena or other legal process, (2) to a governmental or regulatory entity (e.g., any SEC filings), (3) in any legal, arbitral, or mediation proceeding, or (4) as otherwise
required by law. 
 (d) References. If any Company employee or management team member (including Board members) receives an inquiry
from any third party, the recipient of such contact shall inform the inquiring party, except as otherwise authorized by you in writing or as required by law, that the Company’s policy permits him or her to disclose only the following
information about you: (a) the facts and dates of your executive employment and director relationships; (b) your compensation levels as of the Retirement Date; (c) that you resigned from the Board and retired from the Company, and
(d) that you are eligible for re-hire. 
 13. No Admission of Liability. By entering into this Agreement, the Parties do not
admit and specifically deny, any liability or wrongdoing as to each other, and it is expressly understood and agreed that this Agreement is being entered into solely for the purposes of avoiding and amicably resolving all disputes and potential
claims between the Parties. 
 14. Reemployment or Reinstatement. You agree that the Company has no obligation, contractual or
otherwise, to rehire, reemploy or recall you in the future. 
 15. Entire Agreement and Severability. The Parties each agree that this
Agreement may not be modified, altered or changed except by a written agreement signed by the Parties. Except as provided otherwise in this Agreement, the Parties acknowledge that this expressly constitutes the entire agreement on the matters
addressed herein and except as set forth/ referenced herein, otherwise supersedes all prior agreements or understandings between the Parties with respect thereto, including without limitation the Employment Agreement. If the application of any
provision of this Agreement, or any section, subsection, subdivision, sentence, clause, phrase, word or portion of this Agreement is held to be invalid or unenforceable, the remaining provisions shall remain in full force and effect. 
  

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 16. Remedies. The Parties each acknowledge that damages at law would be an inadequate remedy for
material breaches of Paragraphs 8, 10 and 12(c) and agree in the event of any such material breach that the injured Party may obtain temporary and permanent injunctive relief restraining the breaching Party from such material breach, and, to the
extent permissible under the applicable statutes and rules of procedure, a temporary injunction may be granted immediately upon the commencement of any such suit. Nothing contained herein shall be construed as prohibiting either Party from pursuing
any other remedies available at law or equity for such material breach or threatened material breach. 
 17. Choice of Law and
Jurisdiction. The governing law of this Agreement shall be the substantive and procedural law of the State of California, without regard to conflict of law principles, and the venue of any litigation commenced hereunder shall be San Diego,
California. The Parties hereby submit to the jurisdiction of such California and federal courts with jurisdiction over that venue. 
 18.
Notices. Notices given under this Agreement may be given by registered or certified mail, return receipt requested, or by personal delivery. In your case, mailed notices shall be addressed to you at the home address that you have then most
recently communicated to the Company in writing. In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall be directed to the attention of its General Counsel. A mailed notice by either Party
shall be deemed received three (3) business days after postmarked and mailed. 
 19. Counterparts; Exchange. This Agreement may
be executed in one or more counterparts, each of which shall be deemed an original and shall constitute an effective and binding agreement on the part of the undersigned Parties, but all of which shall constitute one and the same instrument. This
Agreement may be exchanged by hand, mail, email, or facsimile/PDF, and such shall be treated as fully enforceable upon the Agreement’s Effective Date if promptly exchanged then or thereafter. 
 20. No Assignment. This Assignment may not be assigned or encumbered in any way by any Party, except the Company may assign this Agreement to any
bona fide successor (whether by merger, consolidation, or purchase of the Company’s stock) to all or a controlling interest in the Company’s business, in which case this Agreement shall be binding upon and inure to the benefit of such
successors and assigns. 
 21. Authority. Each signatory expressly represents and warrants that he and/or she has the full authority
and capacity to sign this Agreement on in your case, your behalf and in the case of the Company, the Company’s behalf. 
 22.
Acknowledgment. Each Party acknowledges having carefully read this Agreement and understanding all of its terms including the full and final release of claims set forth above. Each Party further acknowledges having had adequate time to
consider 

  

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the terms of this Agreement and knowingly and voluntarily entered into it; that each Party has not relied upon any representation or statement, written or
oral, not either set forth or referenced in this Agreement; that the only consideration for signing this Agreement is as set forth herein; that at least some of the consideration received for executing this Agreement is greater than that to which
each Party may otherwise be entitled; and that this document gives each Party the opportunity and advises each Party to consult with legal counsel of each Party’s choosing and to have this Agreement reviewed by such counsel and tax advisor
prior to signing it (and each Party acknowledges having done so or voluntarily choosing not to). You also acknowledge that you have seven days after signing this Agreement to revoke it in writing. Accordingly, no payments required under this
Agreement shall be made until the seven (7) days following your execution of this Agreement has expired and you have not revoked this Agreement during that period. You acknowledge that revocation of this Agreement does not reinstate you as
Chief Executive Officer of the Company. You further acknowledge that the revocation of this Agreement does not reinstate you as a member of the Board of Directors of the Company. 
 Each Party indicates that Party’s acceptance of the terms of this Agreement by signing that Party’s representative’s name in the space
provided below. 
 ACCEPTED AND AGREED: 
  

			
	On behalf of Charlotte Russe Holding, Inc.
	
	 /s/    Jennifer Salopek

	By:	 	Jennifer Salopek
	Title:	 	Chairman of the Board
	
	Dated: July 20, 2008

  

	
	 /s/    Mark A. Hoffman

	Mark A. Hoffman

 Dated: July 21, 2008 
  

 10Employment Agreement

 Exhibit 10.2 
 Leonard H. Mogil 
 9335 Oak Strand Dr. 
 Bonita Springs,
FL 34135 
 Dear Leonard, 
 This letter and your employment will
be effective on your Start Date 
 (defined below) and sets forth our offer to you to join Charlotte Russe Holding, Inc. (the “Company”) as Interim
Chief Executive Officer. Your “Start Date” shall be July 21, 2008. 
 1) Duties and Scope of Employment. The Company
agrees to employ you on an “at-will” basis in the position of Interim Chief Executive Officer. You will report directly to the Company’s Board of Directors (the “Board”) and be given such duties, authorities, and
responsibilities that are consistent with your being the Company’s most senior executive officer as determined by the Board. During your employment, you will devote your full business efforts and time to the Company. You may engage in civic and
charitable activities in your individual capacity, and, subject to the consent of the Board, may serve on the board of directors of another company so long as such activities do not interfere with the performance of your responsibilities to the
Company. Your primary work place will be at the Company’s corporate headquarters in San Diego, California. 
 2) Board Service.
You agree to serve as a member of the Board, as well as a member of any Board committee to which you may be elected or appointed. Effective on the Start Date, you will resign from membership on the Audit Committee of the Board. 
 3) Salary and Incentive Compensation. 
 (a) Salary. During your employment, your monthly base salary will be U.S. $65,000.00, which totals an annual base salary of U.S. $780,000.00, payable every two weeks in accordance with the Company’s normal
payroll practices (your “Salary”). 
 (b) Incentive Equity Awards. You will be eligible to receive
incentive equity awards as described below. 
 (i) Stock Option Award. On your Start Date, you will be awarded a
nonqualified stock option to purchase a number of shares of the Company’s common stock (the “Options”), rounded to the nearest 500, such that the Black-Scholes value of the Options, as determined by the Compensation Committee of the
Board based upon the closing price of the Company’s common stock on the NASDAQ Global Select Market on the Start Date, shall be equal to 62.50% of your Salary, or $487,500, which Options will be subject to the terms and conditions of the
Company’s 1999 Equity Incentive Plan (the “Plan”) and the award agreement thereunder. The exercise price of the Options will be the closing price of the Company’s common stock on the NASDAQ Global Select Market on the Start Date.
The Options will vest monthly in equal installments, on the date of each month that corresponds to the start date, over a twelve month period. Upon termination of your employment, your vested Options shall continue to be exercisable for the longer
of (i) three months following termination of employment and (ii) the period that they would be exercisable if you had been granted the Options as a non-employee director of the Company (as specifically described in your stock option
agreement or certificate), but in no event shall they be exercisable beyond the expiration date of the Options. 
 (ii)
Restricted Stock Grant. On your Start Date, you will be awarded a number of shares of restricted common stock of the Company (the “Restricted Stock”), rounded to the nearest 500, such that the value of the Restricted Stock, as
determined by the Compensation Committee of the Board based upon the closing price of the Company’s common stock on the NASDAQ Global Select Market on the Start Date, shall be equal to 62.50% of your Salary, or $487,500, subject to the terms
and conditions of the Plan and the award agreement thereunder. The shares of Restricted Stock will vest monthly in equal installments, on the date of each month that corresponds to the start date, over a twelve month period. 

 4) Benefits. During your employment with the Company hereunder, you will be eligible to
participate in the Company’s employee benefit plans on terms and conditions generally applicable to other senior executives of the Company, subject to the terms of the plans. Notwithstanding the foregoing, you will not be eligible for any
post-retirement medical insurance coverage made available to senior executives of the Company. 
 (a) Vacation. Under
the current policy (which is subject to change from time to time), you will be eligible for one week of paid vacation per quarter during your employment (totaling four weeks per year). 
 (b) Housing Allowance; Brokerage Fees. During your employment with the Company hereunder, you will be provided with a monthly
housing allowance not to exceed $5000 to cover housing expenses in San Diego, California, which will be grossed up to cover all applicable federal, state, and local withholding taxes. In addition, you will be reimbursed for reasonable and customary
brokerage fees paid in connection with obtaining housing in San Diego, California, which will be grossed up to cover all applicable federal, state, and local withholding taxes. Any reimbursements made to you under the preceding sentence will be made
on or before December 31, 2008, subject to your prior submission of appropriate supporting documentation in accordance with the Company’s policies. 
 (c) Car Allowance. During your employment with the Company hereunder, you will be provided with a monthly automobile allowance of
$1250, which will be grossed up to cover all applicable federal, state, and local withholding taxes. 
 (d) Travel
Expenses. During your employment with the Company hereunder, you will be provided with two round-trip first class airline tickets from San Diego, California to Fort Myers, Florida every five weeks, and you will be grossed up to cover all
applicable federal, state, and local withholding taxes in connection therewith. 
 5) Indemnification. The Company shall
indemnify you to the maximum extent permitted by applicable law and the Company’s bylaws for all expenses incurred or damages paid or payable by you with respect to a bona fide claim against you or the Company, including amounts paid or payable
by you upon the settlement of a bona fide claim against you or the Company, where such claim is based on actions or failures to act by you in your capacity as a service provider of the Company, and you shall also be covered under a directors and
officers liability insurance policy(ies) paid for by the Company during your employment hereunder. The Company shall maintain directors and officers liability insurance for your benefit on terms and conditions generally applicable to the
Company’s other senior executives. 
 6) Expenses. During your employment hereunder, you will be authorized to incur necessary
and reasonable travel, entertainment and other business expenses in connection with your duties hereunder, and the Company shall promptly reimburse you for such expenses upon presentation of appropriate supporting documentation, all in accordance
with the Company’s applicable policies. If any business expense is taxable, reimbursement will not be paid later than December 31 of the year following the year in which the expense is incurred. 
 7) Termination of Your Employment. The Company, at its option, may terminate your employment for any reason or no reason at any time, and you, at
your option, may terminate your employment for any reason or no reason at any time. Any party terminating your employment under this section shall provide the other party with written notice thereof 30 days before the date such termination shall be
effective (“Termination Notice”), unless your employment is terminated by the Company for Cause (as defined in Section 10) in which case the effective date of termination will be the date of the Company’s Termination Notice,
although the Company may provide a later effective date in the Termination Notice.  

 8) Termination for Any Reason. Upon the termination of your employment for any reason, you
will be entitled to: (a) all unpaid Salary through the Termination Date, payable on the Company’s normal payroll cycle; (b) your Salary for any accrued but unused vacation; (c) any unpaid housing or car allowance amounts under
Sections 4(b) or 4(c) for the month in which the Termination Date occurs, payable within 30 days of the Termination Date; (d) any unreimbursed travel expenses described in Section 4(d) incurred before the Termination Date, upon
presentation of appropriate supporting documentation, payable within 30 days of the Termination Date; and (e) unreimbursed expenses under Section 4(b) or 6, payable in accordance with Section 4(b) or 6, as the case may be. In
addition, any vested Options as of the Termination Date will remain exercisable in accordance with the terms of the Plan and the applicable award agreements. Except as provided in the preceding sentence and under Sections 5 and 9, upon the
termination of your employment, the Company will have no further obligations to you, and you will forfeit all unvested Options and unvested shares of Restricted Stock as of the Termination Date. For all purposes under this letter, “Termination
Date” means the effective date of your termination of employment with the Company. 
 9) Termination by the Company other than For
Cause Before Sixth Month Anniversary of Start Date. In the event that your employment is terminated by the Company for reasons other than for Cause before the six-month anniversary of your Start Date, in addition to the amounts set forth in
Section 8, the Company will provide you with the following in exchange for your (x) providing an executed release of any claims in a form reasonably acceptable to the Company no later than sixty (60) days following your Termination
Date and (y) permitting such release to become effective in accordance with its terms: (i) your Salary, at regular pay cycle intervals, through the six month anniversary of your Start Date; (ii) accelerated vesting of that portion of
your Options that would have been vested as of the end of the sixth month anniversary of your Start Date (i.e. 50% of your Options will be fully vested and exercisable on the Termination Date); and (iii) accelerated vesting of that portion of
your shares of Restricted Stock that would have been vested as of the end of the sixth month anniversary of your Start Date (i.e. 50% of your shares of Restricted Stock will be fully vested on the Termination Date). You will forfeit the remaining
50% of the Options and 50% of the shares of Restricted Stock. In the event that your employment is terminated by the Company for reasons other than for Cause on or after the sixth-month anniversary of your Start Date, you will be entitled to the
amounts set forth in Section 8. In no event will the payment under Section 9(i) be made later than March 15, 2009. 
 10) Termination for Cause. The Company may terminate this Agreement at any time for Cause. In such an event, you will be entitled only to the amounts set forth in Section 8 and not to any of the severance amounts or
benefits set forth in Section 9. For all purposes under this letter, the term “Cause” shall mean any of the following committed by you: (i) willful failure to follow the reasonable and lawful directions of the Board;
(ii)conviction of a felony (or a plea of guilty or nolo contendere by you to a felony); (iii) acts of fraud, material dishonesty or misappropriation committed by you against the Company and intended to result in personal enrichment;
(iv) willful misconduct by you in the performance of your material duties required by this letter which is likely to materially damage the Company’s financial position or reputation; (v) a material breach of this letter;
(vi) your material breach of the Company’s policies and procedures; or (vii) any breach by you of the Company’s Code of Business Conduct. To terminate your employment for “Cause”, the Board must determine in good faith
that Cause has occurred, the Company must give you written notice detailing the specific clause of the definition of Cause on which termination is based and the Company must deliver to you a copy of a resolution duly adopted by a majority of the
entire Board (excluding you) at a meeting of the Board called and held for such purpose that finds in the good faith opinion of the Board, Cause has occurred and states the basis of that belief. With respect to Sections 10(i), (v), (vi), and (vii),
the Board shall give you 10 business days notice of its good faith determination that Cause has occurred and shall give you 10 business days following the end of such notice period during which to cure the applicable failure or breach to the good
faith satisfaction of a majority of the entire Board (excluding you) at a meeting of the Board called and held for such purpose. 

 11) Internal Revenue Code Section 409A. This Agreement shall be interpreted to ensure that
the payments made to you are exempt from, or comply with, Section 409A of the Internal Revenue Code (“409A”); provided, however, that nothing in this Agreement shall be interpreted or construed to transfer any liability for any
tax (including a tax or penalty due as a result of a failure to comply with 409A) from you to the Company or to any other individual or entity. Any gross up payments made to you pursuant to Sections 4(b), 4(c), 4(d), 19 or 20 shall be made by the
end of the calendar year following the calendar year in which you remit the related taxes, including through the withholding of taxes. It is intended that any cash severance benefits provided pursuant to Section 9 will be payable pursuant to
the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations. 
 12) No Conflicts
with this Offer/Representations. You represent and warrant that you do not have any agreements, obligations, relationships or commitments to any other person or entity that conflict or would conflict with accepting this offer or fully performing
your duties and obligations of this position, including, without limitation any ongoing obligations you may have to your former employer.  
 13) Abide by Company Policies. You agree to abide by all applicable Company policies. You also agree to execute and abide by the attached Confidentiality, Non-Solicitation & Non-Disparagement Agreement before, during
and after your employment with Company. 
 14) Choice of Law/Remedies for Breach. The validity, interpretation, construction
and performance of this letter shall be governed by the laws of the State of California (except their provisions governing the choice of law). It is specifically understood and agreed that any breach of the attached Confidentiality, Non-Solicitation
and Non-Disparagement Agreement and certain provisions of this letter (including, without limitation, Sections 1 and 12) is likely to result in irreparable injury to the Company and that, in addition to any other remedy it may have, the Company
shall, to the extent enforceable, be entitled to seek to enforce the specific performance of any obligation by you and to obtain both temporary and permanent injunctive relief without the necessity of proving actual damages. The parties hereby
submit themselves to the Superior Court of California in and for the County of San Diego for the purpose of enforcing this letter. 
 15)
Successors. This letter shall be binding upon any successor (whether direct or indirect and whether by purchase, lease, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets,
and the Company will require any such successor to expressly assume and agree in writing to perform this letter in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. For all
purposes under this letter, the term “Company” shall include any successor to the Company’s business and/or assets which becomes bound by this letter by contract, operation of law or otherwise. This letter will inure to the benefit of
and be enforceable by you and your personal or legal representatives, executors, estate, trustee, administrators, successors, heirs, distributees, devisees and legatees, as applicable. If you die and any amounts become payable under this letter, the
Company will pay those amounts to your estate or named beneficiary, as applicable, except as otherwise may be required by applicable law. 
 16) Notice. Notices and all other communications contemplated by this letter shall be in writing and shall be deemed to have been duly given when personally delivered, mailed by overnight courier, or sent by confirmed facsimile. In
your case, mailed notices shall be addressed to you at the home address that you most recently communicated to the Company in writing. In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall
be directed to the attention of its General Counsel. 
 17) Modifications and Waivers. No provision of this letter shall be modified,
waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by you and by the General Counsel of the Company. No waiver by either party of any breach of, or of compliance with, any condition or provision of
this letter by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. 

 18) Whole Agreement. Except for those agreements or plans specifically referenced herein, this
letter contains the entire understanding of the parties with respect to the subject matter hereof and supersedes any other agreements, representations or understandings (whether oral or written and whether express or implied) with respect to the
subject matter hereof. In the event of any conflict in terms between this letter and any other agreement not specifically referenced herein executed by and between you and the Company, the terms of this letter shall prevail and govern. For the
avoidance of doubt, in the case of a conflict between this letter and the terms of the Options or Restricted Stock, as set forth in the Plan (and the related award agreements), the terms set forth in the Plan (and the related award agreements) shall
control. The attached Confidentiality, Non-Solicitation & Non-Disparagement Agreement shall be considered part of this letter for all purposes. 
 19) Legal Fees. The Company shall reimburse you for all reasonable legal fees and expenses and reasonable fees of your tax advisors incurred in connection with the negotiation, preparation and execution of this
letter not to exceed $5000 in the aggregate, which will be grossed up to cover all applicable federal, state, and local withholding taxes. Any reimbursements made to you under this Section will be made on or before December 31, 2008, subject to
your prior submission of appropriate supporting documentation in accordance with the Company’s policies. 
 20) Withholding
Taxes. All payments made under this letter shall be subject to reduction to reflect taxes or other charges required to be withheld by law. To the extent you are personally subject to more tax on your Salary than if employed exclusively in the
State of Florida as a result of performing services for the Company, you will be provided tax equalization payments (on a grossed up basis) by the Company, provided that you take all reasonable efforts to minimize such personal taxes which will
include, without limitation, your claiming credit against your state income tax liability for any State of California tax suffered in respect of your Salary received from the Company. 
 21) Severability. The invalidity or unenforceability of any provision or provisions of this letter shall not affect the validity or enforceability
of any other provision hereof, which shall remain in full force and effect. 
 22) Assignment. The Company may assign its rights under
this letter to any entity that expressly in writing assumes the Company’s obligations hereunder in the same manner and to the same extent that the Company would be required to perform such obligations in connection with any sale or transfer of
all or substantially all of the Company’s assets to such entity. 
 23) No Mitigation. In the event of your termination of your
employment, you will be under no obligation to seek other employment or take any other action by way of mitigation of the amounts payable, or benefits provided, to you under this letter. 
 24) Cooperation. Following termination of your employment for any reason, you shall reasonably cooperate with, assist and provide information to
the Company and its respective affiliates concerning any matters about which you have knowledge because of your prior employment with the Company or their respective affiliates or your prior involvement as an officer or director of the Company
and/or any of its affiliates. Your agreement to cooperate with, assist and/or provide information to the Company and their respective affiliates includes, if necessary, assistance by you in any litigation matters. Such assistance and cooperation
will be scheduled at times and locations personally convenient for you and not inconsistent with the responsibilities you may have with subsequent employment or rendering of services, except where such scheduling is unreasonable or impracticable
(giving the needs of both parties equal weight) under all of the circumstances. The Company or their respective affiliates shall pay, or reimburse you, for reasonable, out-of-pocket costs incurred by you in providing such assistance (e.g.,
reasonable travel costs and reasonable legal fees). In the event that you shall be required to provide services pursuant to this Section, you shall be compensated at a rate of $5,000 per 8-hour day (pro-rated for any partial days of service);
provided, however, that you shall not be compensated for any service that you otherwise are required to perform pursuant to applicable law. 

 25) Counterparts. This letter may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument. 
 Please review and sign this letter, which incorporates the
Confidentiality, Non-Solicitation & Non-Disparagement Agreement attached. We must receive your signed letter before the Start Date. 
  

	
	Yours sincerely,
	
	/s/ Jennifer Salopek
	Jennifer Salopek
	 Chairman of the Board

	
	Confirmed this 20th day of July, 2008
	
	/s/ Leonard H. Mogil
	Leonard H. Mogil

 CONFIDENTIALITY, NON-SOLICITATION & NON-DISPARAGEMENT AGREEMENT 
 I, Leonard H. Mogil, in consideration of the offer of employment with Charlotte Russe Holding, Inc. (the “Company”), acknowledge that the
services I will perform for the Company are unique and extraordinary and that I will be in a relationship of confidence and trust with the Company. As a result, during my employment with the Company, I will acquire “Confidential
Information” that is (1) owned or controlled by the Company, (2) in the possession of the Company and belonging to third parties, and/or (3) conceived, originated, discovered or developed in whole or in part by me. Confidential
Information includes trade secrets and other confidential or proprietary business, technical, strategic, marketing, legal, personnel or financial information (including, without limitation, financial forecasts or reports and pro-forma financial
models), whether or not my work product, in written, graphic, oral or other tangible or intangible forms, including, but not limited to: board or executive presentations; strategic plans; unannounced product information, specifications, samples or
designs; sales and pricing practices; computer programs; drawings, photographs, diagrams, models; vendor or customer names; the products a vendor supplies to the Company; customer research results; employee lists or organizational charts; company
e-mail or telephone directories; individual employee compensation and benefits information; business or marketing plans; studies, analyses, projections and reports; communication with attorneys; and software systems and processes. Any information
that is not readily available to the public shall be considered to be a trade secret and confidential and proprietary.
 I agree that I will
keep the Confidential Information in strictest confidence and trust. I will not, without the prior written consent of the Company’s General Counsel, directly or indirectly use or disclose to any person or entity any Confidential Information,
during or after my employment, except as is necessary in the ordinary course of performing my duties while employed by the Company, or if required to be disclosed by order of a court of competent jurisdiction, administrative agency or governmental
body, or by subpoena, summons or other legal process, provided that prior to such disclosure, the Company is given reasonable advance notice of such order and an opportunity to object to such disclosure. 
 I agree that in the event of my employment termination for any reason, I will immediately deliver to the Company all company property, including all
documents, materials or property of any description, or any reproduction of such materials, containing or pertaining to any Confidential Information. 
 In order to protect the Confidential Information, I agree that so long as I am employed by the Company, and for a period of one year thereafter, I will not directly or indirectly, on behalf of me, any other person or
entity, solicit, call upon, recruit, or attempt to solicit any of the Company’s employees or in any way encourage any Company employee to leave their employment with the Company. For this purpose, advertisements for employment that do not
directly or indirectly identify me placed in newspapers of general circulation will not be considered solicitation. I further agree that I will not directly or indirectly, on behalf of me, any other person or entity, interfere or attempt to
interfere with the Company’s relationship with any person who at any time was an employee, consultant, customer or vendor or otherwise has or had a business relationship with the Company. 
 I agree now, and after my employment with the Company terminates, not to directly or indirectly, disparage the Company in any way or to make negative,
derogatory or untrue statements about the Company, its business activities, or any of its directors, managers, officers, employees, affiliates, agents or representatives to any person or entity. 
 ACKNOWLEDGED AND AGREED TO THIS 20TH DAY OF JULY, 2008. 
  

	
	
	/s/ Leonard H. Mogil
	Leonard H. Mogil

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