Document:

Letter Agreement

 Exhibit 10.1 

May 15, 2012 
 Mr. Stuart Haselden 
 Dear Stuart: 

Pursuant to our discussions regarding your continued employment with J. Crew Group, Inc. (the “Company”), we thought it
would be useful to lay out the terms and conditions of our agreement in this letter agreement (this “Agreement”) for all parties to sign. This Agreement will be effective May 15, 2012 (the “Commencement Date”).

 In consideration of the promises and mutual covenants herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, you and the Company hereby agree as follows: 
 1. Employment. 

(a) The Company hereby agrees to employ you during the “Employment Period” (as defined below) as its Chief
Financial Officer and you hereby agree to serve the Company in such capacity. You will report to the Chief Administrative Officer of the Company or such other equivalent or higher level officer, as designated by the Company from time to time. You
shall discharge the duties and responsibilities of your position and such other duties and responsibilities as are specified by the Chief Administrative Officer or the Chief Executive Officer reasonably consistent with such position. 

(b) During the Employment Period (as defined below), you shall devote your full business time and energy, attention, skills
and ability to the performance of your duties and responsibilities hereunder and shall faithfully and diligently endeavor to promote the business and best interests of the Company and its Affiliates (as defined below). Accordingly, you may not,
directly or indirectly, without the prior written consent of the Company, operate, participate in the management, operations or control of, or act as an employee, officer, consultant, agent or representative of, any type of business or service
(other than as an employee of the Company), provided that it shall not be a violation of the foregoing for you to (i) act or serve as a director, trustee or committee member of any civic or charitable organization, or (ii) manage your
personal, financial and legal affairs, so long as the activities described in clauses (i) or (ii) do not interfere with the performance of your duties and responsibilities to the Company and its Affiliates as provided hereunder. For
purposes of this Agreement, except as otherwise expressly provided herein, “Affiliate” means any entity or person directly or indirectly controlled by or in common control with either the Company or Chino Holdings, Inc.
(“Parent”). For the avoidance of doubt, except with respect to Section 4(c) of this Agreement, “Affiliate” does not include any other portfolio company or investment fund associate with TPG or LGP (each, as defined in
the Stockholders Agreement (as defined below)) other than Parent and its subsidiaries. 

  
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 2. Employment Period. 
 (a) Unless the Employment Period is terminated earlier pursuant to Section 2(b) hereof, the Company shall employ you on the terms and subject to the conditions of this Agreement for a
three (3)-year term commencing effective as of the Commencement Date and ending on the day immediately preceding the third anniversary of the Commencement Date (the “Employment Period”). Effective upon the expiration of the
Employment Period, the Employment Period will be automatically renewed for successive one (1)-year periods, unless at least four (4) months prior to the expiration of the Employment Period, you shall give written notice to the Company of your
intention not to renew the Employment Period or at least two (2) months prior to the expiration of the Employment Period, the Company shall give you written notice of its intention not to renew the Employment Period. 

(b) Your employment with the Company hereunder may be terminated prior to the expiration of the Employment Period upon the
earliest to occur of the following events: (i) your death or Disability (as defined below), (ii) voluntary termination of employment by you without Good Reason (as defined below) on at least two (2) months prior notice, unless waived
by the Company, (iii) voluntary termination of employment by you for Good Reason in accordance with the procedure outlined in Section 2(f) below, (iv) termination of employment by the Company without Cause (as defined below) or
(v) termination of employment by the Company for Cause. The date on which your employment is terminated hereunder for any reason (including upon the expiration of the Employment Period if your employment ends at that time) shall be referred to
as the “Termination Date”. 
 (c) 

i. Upon termination of your employment for any reason, you shall be entitled to any earned but unpaid Base Salary (as defined below) as
of the Termination Date. If the Company terminates the Employment Period without Cause (including a termination of your employment by the Company in conjunction with the Company’s giving notice of non-renewal of the Employment Period (a
“Company Non-Renewal Termination”)) or you terminate the Employment Period for Good Reason, you will be entitled to the following severance benefits (the “Severance Benefits”) (it being understood that the payment of such
Severance Benefits shall only commence, in accordance with the timing provisions set forth below, upon your “separation from service” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended, and any regulations
thereunder (the “Code”): (i) continuation of your Base Salary as in effect immediately prior to such termination (your “Ending Base Salary”, and such continuation of your Ending Base Salary being referred to herein
as the “Continuation Severance Payment”) in accordance with the regular payroll practices of the Company and your medical benefits (including those of your spouse and dependents, if applicable), which medical benefits the Company
may elect to provide by making a payment to you on a monthly basis equal to an amount that, after all applicable taxes are paid, is equal to the amount of the monthly COBRA premiums incurred by you (including your spouse and dependents, if
applicable), if any (the “Continuation Medical Benefit”), for a period of twelve (12) months (the “Severance Period”) after the Termination Date; and (ii) the Annual Bonus earned for the year immediately prior to
the year that includes the Termination Date, to the extent not yet paid; provided that the Severance Benefits are subject to and conditioned upon your execution of a valid general release

  
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and waiver within sixty (60) days after your termination of employment (and any payment that otherwise would be made within such sixty (60)-day period pursuant to this paragraph shall be
paid at the expiration of such sixty (60)-day period) in the form attached hereto as Exhibit A and your compliance with the provisions set forth in Section 4 hereof. 
 ii. Notwithstanding anything herein to the contrary, your right to receive the Continuation Severance Payment during the Severance Period shall terminate effective immediately upon the date that you
become employed by a new employer or otherwise begin providing services for an entity as a consultant or otherwise (“New Employment”); provided that if the cash compensation you receive pursuant to such New Employment, including
without limitation guaranteed bonus payments relating to the Severance Period whether or not paid during the Severance Period, (“New Compensation”) is less than your Ending Base Salary, the Continuation Severance Payment shall not
terminate, but shall be reduced to an amount such that the New Compensation payments you receive together with such reduced Continuation Severance Payment will equal your Ending Base Salary on an annualized basis. In addition, your right to receive
the Continuation Medical Benefit shall cease immediately upon your being eligible for coverage under another group health plan. You shall immediately notify the Company upon obtaining New Employment. 

iii. Notwithstanding the foregoing paragraph, in the event the Company terminates the Employment Period without Cause or you terminate
the Employment Period for Good Reason, and you are a “specified employee” within the meaning of Section 409A of the Code (as determined in accordance with the methodology established by the Company as in effect on the Termination
Date), any amounts payable to you on account of your termination of employment during the six (6)-month period immediately following the date of your “separation from service” within the meaning of Section 409A of the Code (not
including any accrued but unpaid Base Salary as of your Termination Date) that constitute the payment of nonqualified deferred compensation within the meaning of Section 409A of the Code shall be deferred and accumulated for a period of six
(6) months from the date of separation from service and paid in a lump sum on the first day of the seventh month following such separation from service (or, if earlier, the date of your death). In addition, for purposes of clarification, each
amount payable to you under this Section 2(c) shall constitute a “separately identified amount” within the meaning of Treasury Regulation Section 1.409A-2(b)(2). 

(d) For purposes of this Agreement, the term “Cause” shall mean (i) the indictment for a felony or
any crime involving moral turpitude or being charged or sanctioned by a federal or state government or governmental authority or agency with violations of applicable federal or state laws in any judicial or administrative process or proceeding, or
having been found by any court or governmental authority or agency to have committed any such violation, (ii) willful misconduct or gross negligence in connection with the performance of your duties as an employee of the Company, (iii) a
material breach of this Agreement, including without limitation, your failure to perform your duties and responsibilities hereunder, after you have been given written notice specifying such breach and at least thirty (30) days to cure such
breach, to the extent reasonably susceptible to cure, (iv) a fraudulent act or omission by you adverse to the reputation of the Company or any affiliate, (v) the willful disclosure by you of any Confidential Information (as defined below)
to persons not authorized to know same, and (vi) your violation of or failure to comply with (A) any Company policy, including, without limitation, the Code of 

  
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Ethics and Business Practices, or (B) any legal or regulatory obligations or requirements, provided that with respect to this Section 2(d)(vi), you shall be given thirty (30) days
to cure such violation to the extent such violation is reasonably susceptible to cure. If subsequent to the termination of your employment, it is discovered that your employment could have been terminated for Cause pursuant to sections (i) or
(iv) of this Section 2(d), your employment shall, at the election of the Company, in its sole discretion, be deemed to have been terminated for Cause in which event the Company shall be entitled to immediately cease providing any Severance
Benefits to you or on your behalf and recover any payments previously made to you or on your behalf in the form of Severance Benefits. 
 (e) For purposes of this Agreement, the term “Disability” shall mean your incapacity due to physical or mental illness or injury, which results in your being unable to
perform your duties hereunder for a period of ninety (90) working days within a 180-day period. 
 (f) For
purposes of this Agreement, the term “Good Reason” shall mean (i) any action by the Company that results in a material and continuing diminution in your position, authority, duties or responsibilities, including without
limitation an adverse change in your title from Chief Financial Officer; (ii) a material reduction by the Company in your target Annual Bonus opportunity or Base Salary (other than as permitted by Section 3(a) below) as in effect on the
Commencement Date or as the same may be increased or decreased from time to time in accordance with Section 3(a); or (iii) a relocation of your principal place of employment to more than fifty (50) miles from such principal place of
employment as of the Commencement Date, in each case without your written consent. For a termination to qualify as a termination of your employment for “Good Reason”, you must deliver to the Board of Directors of the Company (the
“Board”) a written notice specifically identifying in reasonable detail the conduct of the Company which you believe constitutes “Good Reason” in accordance with this Section 2(f) within ninety (90) days of the
initial occurrence of the event(s) you believe constitute “Good Reason” and provide the Board and/or Company at least thirty (30) days to remedy such conduct after receipt of such written notice, and to the extent not cured, you must
terminate your employment within thirty (30) days after such failure to cure. 
 3. Compensation and Benefits. 

(a) Base Salary. During the Employment Period, your annual base salary shall not be less than $400,000 (“Base
Salary”); provided that your annual base salary may be reduced to less than the Base Salary if the annual base salaries in effect for all or the majority of other senior executive officers of the Company are similarly reduced. The Base
Salary shall be paid pursuant to regular Company payroll practices for the senior executives of the Company and shall be reviewed annually by the Company. For all purposes herein, Base Salary shall mean Base Salary as adjusted pursuant to this
Section 3(a). 
 (b) Annual Bonus. In addition to the Base Salary, for each fiscal year during the
Employment Period, you will have the opportunity to earn an annual bonus (“Annual Bonus”) at the following percentages of your Base Salary if both the Company achieves certain performance objectives (which will be determined by the
Company for each such fiscal year in accordance with the Company’s bonus plan) and you achieve your performance goals established by the Company: target bonus of 35%, up to a maximum bonus based upon the terms of the bonus plan

  
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as in effect from time to time. Any Annual Bonus will be paid only if you are actively employed with the Company and not in breach of this Agreement on the date of actual payment, except that
such requirement of continued employment shall not apply to the payment of any accrued but unpaid Annual Bonus payable pursuant to Section 2(c) hereof. 
 (c) Employee Benefits. During the Employment Period, you will be entitled to participate in the Company’s benefit package made generally available to associates of the Company,
subject to the applicable terms of each benefit plan. Currently, the Company’s benefit package includes paid time off days, holidays, life insurance, medical insurance, a matching 401(k) tax deferred savings plan, a health flexible spending
account, and the associate discount. The Company reserves the right to change these benefits at any time in its sole discretion. 
 (d) Equity. In accordance with the Chinos Holdings, Inc. 2011 Equity Incentive Plan (as amended from time to time, the “Plan”), you will be granted an additional
option to purchase 300,000 shares of Class A common stock of Parent, with an exercise price equal to the fair market value of a share of Class A common stock on the date of grant. The options are subject to the Plan, the terms of the award
agreement evidencing such options (including applicable performance conditions), the terms of the Management Stockholders’ Agreement by and among Parent and certain stockholders of Parent dated March 7, 2011 (the “Stockholders
Agreement”) and other restrictions and limitations generally applicable to common stock of Parent or equity awards held by Company executives or otherwise imposed by law. 
 4. Additional Agreements; Confidentiality. 
 (a) As
additional consideration for the Company entering into this Agreement, you agree that for a period of twelve (12) months following the Termination Date, you shall not, directly or indirectly, (i) engage (either as owner, investor, partner,
employer, employee, consultant or director) in or otherwise perform services for any Competitive Business (as defined below) which operates within a 100 mile radius of the location of any store of the Company or in the same area as the Company
directs its mail order operations, provided that the foregoing restriction shall not prohibit you from owning a passive investment of not more than five percent (5%) of the total outstanding securities of any publicly-traded company, or
(ii) solicit or cause another to solicit any customers or suppliers of the Company to terminate or otherwise adversely modify their relationship with the Company. The term “Competitive Business” means the retail, mail order and
internet apparel and accessories business and any other business the Company is engaged in on the Termination Date. For purposes of this Section 4, the term “Company” means the Company and/or its Affiliates. 

(b) During the Employment Period and for a period of eighteen (18) months following the Termination Date, you shall
not, directly or indirectly, solicit, hire, or seek to influence the employment decisions of, any employee of the Company on behalf of any person or entity other than the Company. 

(c) You agree that during the Employment Period and thereafter you will hold in strict confidence any proprietary or
Confidential Information (as defined below) related to the Company or its Affiliates, except to the extent that such Confidential Information (i) becomes a matter of public record or is published in a newspaper, magazine or other periodical
available to 

  
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the general public, other than as a result of your act or omission, (ii) is required to be disclosed by any law, regulation or order of any court, other tribunal, regulatory commission or
administrative agency, provided that you give prompt notice of such requirement to the Company to enable to the Company to seek an appropriate protective order prior to such disclosure, or (iii) is required to be used or disclosed by you to
perform properly your duties under this Agreement. For purposes of this Agreement, the term “Confidential Information” shall mean all information of the Company in whatever form which is not generally known to the public, including
without limitation, customer lists, trade practices, marketing techniques, fit specifications, design, pricing structures and practices, research, trade secrets, processes, systems, programs, methods, software, merchandising, distribution, planning,
inventory and financial control, store design and staffing. Upon termination of your employment, you shall not take, without the prior written consent of the Company, any drawing, specification or other document or computer record (in whatever form)
of the Company embodying any Confidential Information and will return any such information (in whatever form) then in your possession. 
 (d) You agree to deliver promptly to the Company upon termination of the Employment Period for any reason, or at any other time that the Company may so request, all documents (and all copies
thereof), whether written, electronic, or in any other form, relating to the business of the Company and all property associated therewith, which you may then possess or have under your control. You agree that all sketches, drawings, samples, design
samples, designs, patterns, methods, processes, techniques, themes, layouts, mechanicals, trade secrets, copyrights, trademarks, patents, ideas, specifications, business or marketing practices, concepts, strategies and techniques and other material
or work product (“Intellectual Property”) created, developed or assembled, whether or not by you, during your employment with the Company, shall become the permanent and exclusive property of the Company to be used in any manner it
sees fit, in its sole discretion and that all rights to Intellectual Property are vested in the Company. You shall not communicate to the Company any ideas, concepts, or information of any kind (i) which were earlier communicated to you in
confidence by any third party, or (ii) which you know or have reason to know is the proprietary information of any third party, or (iii) which is subject to any claim of proprietary interest by any third party. Further, you shall adhere to
and comply with the Company’s Code of Ethics and Business Practices. All Intellectual Property created or assembled in connection with your employment with the Company shall be the permanent and exclusive property of the Company. You and the
Company mutually agree that all Intellectual Property and work product created in connection with this Agreement, which is subject to copyright, shall be deemed to be “work made for hire,” and that all rights to copyrights shall be vested
in the Company. If for any reason the Company cannot be deemed to have commissioned “work made for hire,” and its rights to copyright are thereby in doubt, then you agree not to claim to be the proprietor of the work prepared for the
Company, and to irrevocably assign to the Company, at the Company’s expense, all rights in the copyright of the work prepared for the Company. You further agree to execute any documentation necessary to assign over or vest any Intellectual
Property in the Company. 
 (e) You agree that during the Employment Period and thereafter you shall not defame or
disparage the Company or any of its Affiliates or their respective officers, directors, members, executives or associates; provided, however, that this Section 4(e) shall not prevent you from having any communications with your
immediate family or your financial and tax advisors, accountants or attorneys or from giving testimony that may be required before any court, other 

  
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tribunal, regulatory commission or administrative agency or pursuant to compulsory process of law or other applicable law. You agree to reasonably cooperate with the Company in refuting any
defamatory or disparaging remarks by any third party made in respect of the Company or any of its Affiliates or their respective officers, directors, members, executives or associates. 

(f) You agree that during the Employment Period and thereafter, in the event that you are served with legal process or
other request purporting to require you to testify, plead, respond or defend and/or produce documents in connection with any legal or governmental proceeding, threatened proceeding, investigation or inquiry involving the Company or any of its
affiliates or their respective officers, directors, members, executives or associates, you will: (1) provide testimony or Company documents only if served with a subpoena, court order or similar process from a regulatory agency or with the
prior written consent of the Company; (2) within three (3) business days or as soon thereafter as practical, provide oral notification to the Company’s General Counsel of your receipt of such process or request to testify or produce
documents; and (3) provide the Company’s General Counsel by overnight delivery service a copy of all legal papers and documents served upon you. You further agree that in the event you are served with such process, you will meet and confer
with the Company’s designee(s) in advance of giving such testimony or information. You also agree to reasonably cooperate with the Company and/or, at the Company’s request, any of its Affiliates and their respective officers, directors,
members, executives or associates in connection with any existing, future or threatened litigation or governmental proceeding, investigation or inquiry involving the foregoing parties, whether administrative, civil or criminal in nature, in which
and to the extent the Company deems your cooperation reasonably necessary. The Company agrees to reimburse you for your reasonable out-of-pocket expenses incurred in connection with the performance of your obligations under this Section 4(f)
upon the presentation of statements of such expenses in accordance with the Company’s policies and procedures as may be in effect from time to time; provided that such reimbursement shall be paid to you no later than the end of the
calendar year immediately following the calendar year in which such expenses were incurred. 
 (g) You also agree
that breach of the provisions provided in this Section 4 would cause the Company to suffer irreparable harm for which money damages would not be an adequate remedy and therefore, if you breach any of the provisions in this Section 4, the
Company will be entitled to seek an injunction restraining you from violating such provision without the posting of any bond. If the Company shall institute any action or proceeding to enforce the terms of any such provision, you hereby waive the
claim or defense that the Company has an adequate remedy at law and you agree not to assert in any such action or proceeding the claim or defense that the Company has an adequate remedy at law. The foregoing shall not prejudice the Company’s
right to require you to account for and pay over to the Company, and you hereby agree to account for and pay over, the compensation, profits, monies, accruals and other benefits derived or received by you as a result of any transaction constituting
a breach of any of the provisions set forth in this Section 4. Without limiting the foregoing, you further agree that, in the event your employment is terminated due to a Company Non-Renewal Termination and you fail to comply with
Section 4(a) or 4(b) of this Agreement, the Company shall have the immediate right to cease making any severance payments under Section 2(c) of this Agreement and shall have the right to require you to repay any severance payments that had
been paid to you prior to the date of such breach. 

  
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 5. Representations. 
 The parties hereto hereby represent and warrant that they have the authority to enter into this Agreement and perform their respective obligations hereunder. You hereby represent and warrant to the
Company that (i) the execution and delivery of this Agreement and the performance of your duties hereunder shall not constitute a breach of or otherwise violate any other agreements, arrangements or commitments with any other party to which you
are a party or by which you are bound, and (ii) you will not use or disclose any confidential and/or proprietary information or trade secrets obtained by you in connection with your former employments with respect to your duties and
responsibilities hereunder. You further represent that you are not aware of any facts or circumstances that would adversely affect your ability to serve as the Company’s Chief Financial Officer. 

6. Indemnification. 
 The Company agrees that if you are made a party or threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or
investigative (a “Proceeding”), other than any Proceeding related to any contest or dispute between you and the Company or any of its affiliates with respect to this Agreement or the services described hereunder, by reason of the
fact that you are or were an officer or a director of the Company or any subsidiary of the Company or are or were serving at the request of the Company as a director, officer, member, employee or agent of another corporation or a partnership, joint
venture, trust or other enterprise, the Company shall indemnify you for, and hold you harmless against, all expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by you to the
fullest extent authorized by the Company’s Certificate of Incorporation and Bylaws (including, without limitation, the advancement of expenses in accordance with the Company’s Bylaws). 

7. Miscellaneous. 

(a) Any notice or other communication required or permitted under this Agreement shall be effective only if it is in writing
and shall be deemed to be given when delivered personally or four days after it is mailed by registered or certified mail, postage prepaid, return receipt requested or one day after it is sent by a reputable overnight courier service and, in each
case, addressed as follows: 
 If to the Company: 
 J. Crew Group, Inc. 
 770 Broadway 

New York, NY 10003 
 Attention: General Counsel 
 If to you: 

To the address on file with the Company. 
 or to such other address as any party may designate by notice to the other. 

  
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 (b) This Agreement and any other agreement specifically referred to herein
constitute the entire agreement between you and the Company with respect to the subject matter hereof and thereof, and supersede and are in full substitution for any and all prior understandings or agreements with respect to the subject matter
hereof and thereof. 
 (c) This Agreement shall inure to the benefit of and be an obligation of the Company’s
assigns and Successors (as defined below), provided that, in connection with and notwithstanding any assignment to an Affiliate of the Company, the Company shall continue to be liable and responsible for all of its obligations hereunder, as stated
herein, without termination or modification (unless mutually agreed by you and the Company); however you may not assign any of your rights or duties hereunder to any other party. The term “Successor” shall mean, with respect to the
Company, any other business entity that, by merger, consolidation, purchase of the assets, or otherwise, acquires all or a material part of its assets. Any assignment by the Company of its rights or obligations hereunder to any Affiliate of or
Successor to the Company shall not be a termination of the Employment Period for purposes of this Agreement. Notwithstanding anything herein to the contrary, in the event of any transaction that results in a Successor (other than a transaction in
which the Company survives following the transaction), the Company shall require such Successor to assume its obligations under this Agreement in connection with such transaction. 

(d) No provision of this Agreement may be amended or waived, unless such amendment or waiver is specifically agreed to in
writing and signed by you and an officer of the Company duly authorized to execute such amendment. The failure by either you or the Company at any time to require the performance by the other of any provision hereof shall in no way affect the full
right to require such performance at any time thereafter, nor shall the waiver by you or the Company of a breach of any provision hereof be taken or held to be a waiver of any succeeding breach of such provision or a waiver of the provision itself
or a waiver of any other provision of this Agreement. 
 (e) You and the Company acknowledge and agree that each
of you has reviewed and negotiated the terms and provisions of this Agreement and has had the opportunity to contribute to its revision. Accordingly, the rule of construction to the effect that ambiguities are resolved against the drafting party
shall not be employed in the interpretation of this Agreement. Rather, the terms of this Agreement shall be construed fairly as to both parties and not in favor or against either party. 

(f) Any provision of this Agreement (or portion thereof) which is deemed invalid, illegal or unenforceable in any
jurisdiction shall, as to that jurisdiction and subject to this Section, be ineffective to the extent of such invalidity, illegality or unenforceability, without affecting in any way the remaining provisions thereof in such jurisdiction or rendering
that or any other provisions of this Agreement invalid, illegal, or unenforceable in any other jurisdiction. If any covenant should be deemed invalid, illegal or unenforceable because its scope is considered excessive, such covenant shall be
modified so that the scope of the covenant is reduced only to the minimum extent necessary to render the modified covenant valid, legal and enforceable. 

  
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 (g) The Company may withhold from any amounts payable to you hereunder all
federal, state, city or other taxes that the Company may reasonably determine are required to be withheld pursuant to any applicable law or regulation (it being understood, that you shall be responsible for payment of all taxes in respect of the
payments and benefits provided herein). 
 (h) This Agreement may be executed in two counterparts, both of which
shall be deemed an original, but all of which shall constitute one and the same instrument. 
 (i) The headings in
this Agreement are inserted for convenience of reference only and shall not be a part of or control or affect the meaning of any provision hereof. 
 (j) This Agreement and all amendments thereof shall, in all respects, be governed by and construed and enforced in accordance with the internal laws (without regard to principles of
conflicts of law) of the State of New York. Each party hereto hereby agrees to and accepts the exclusive jurisdiction of any court in New York County or the U.S. District Court for the Southern District of New York in respect of any action or
proceeding relating to the subject matter hereof, expressly waiving any defense relating to jurisdiction or forum non conveniens, and consents to service of process by U.S. certified or registered mail in any action or proceeding with respect
to this Agreement. 
 (k) It is the intent of the parties that this Agreement be interpreted in a manner that
complies with the requirements of Section 409A of the Code. If any provision of this Agreement (or any award of compensation or benefits provided under this Agreement) would cause you to incur any additional tax or interest under
Section 409A of the Code, the Company and you shall reasonably cooperate to reform such provision to comply with 409A and the Company agrees to maintain, to the maximum extent practicable without violating 409A of the Code, the original intent
and economic benefit to you of the applicable provision; provided that nothing herein shall require the Company to provide you with any gross-up for any tax, interest or penalty incurred by you under Section 409A of the Code. Notwithstanding
anything herein to the contrary, any amount of expenses eligible for reimbursement pursuant to any particular section of this Agreement during a calendar year shall not affect the amount of such expenses eligible for reimbursement during any other
calendar year. In addition, the right to reimbursement of expenses pursuant to any particular section of this Agreement shall not be subject to liquidation or exchange for any other benefit. 

(signatures on following page) 

  
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 If the terms of this Agreement meet with your approval, please sign and return one copy to
me. 
  

	
	Sincerely,
	
	 /s/ James Scully

	James Scully
	EVP & Chief Administrative Officer

  

	
	AGREED TO AND ACCEPTED:
	
	 /s/ Stuart C. Haselden

	Stuart C. Haselden
	
	Dated: May 24, 2012

  
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 EXHIBIT A 

General Release 
 1.
General Release of All Claims: In exchange for the Company’s payment of the benefits described in Section 2(c) of your employment agreement with the Company dated May 15, 2012 (the “Employment Agreement”), as amended from
time to time, you voluntarily, fully and unconditionally release and forever discharge the Company and its past and present parents, subsidiaries, affiliates, predecessors, successors, assigns, and their respective officers, directors, employees,
agents and plan administrators, in their individual and corporate capacities (hereinafter collectively referred to as “Releasees”) from any and all charges, actions, causes of action, demands, debts, dues, bonds, accounts, covenants,
contracts, liabilities, or damages of any nature whatsoever, whether now known or unknown, to whomever made, which you have or may have against any or all of the Releasees for or by reason of any cause, nature or thing whatsoever arising out of or
related to your employment with the Company, the termination of such employment, or otherwise, from the beginning of time up to and including the date on which you sign this Agreement, except as otherwise specifically stated in this Agreement.

 Such claims, obligations, or liabilities include, but are not limited to: claims for compensation allegedly due or owing; claims sounding in
contract or implied contract; claims for wrongful dismissal; claims sounding in tort; claims arising under common law, civil law, equity, or federal, state, or local statutes or ordinances, including but not limited to, the Age Discrimination in
Employment Act, as amended; Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; Section 1981 of the Civil Rights Act of 1866; the Equal Pay Act; the Americans with Disabilities Act and/or the Rehabilitation Act
of 1973; the Employee Retirement Income Security Act; the WARN Act; the Consolidated Omnibus Budget Reconciliation Act; the Family Medical Leave Act, as amended; the Genetic Information Nondiscrimination Act of 2008; state statutes governing the
payment of wages, discrimination in the workplace, or any other statute or laws governing the employer-employee relationship, including but not limited to, the New York State Human Rights Law, the New York Labor Law, the New York State Constitution,
the New York Civil Rights Law, the New York wage-hour laws, the New York City Human Rights Law; the Virginia Human Rights Act; the North Carolina Equal Employment Practices Act, the North Carolina Persons with Disabilities Protection Act, the North
Carolina Retaliatory Employment Discrimination Act, the North Carolina Wage & Hour Act; any other claim pursuant to any other federal, state or local employment laws, statutes, standards or human rights legislation; or any claim for
severance pay, notice, pay in lieu of notice, salary, bonus, incentive or additional compensation, vacation pay, insurance, other benefits, interest, and/or attorney’s fees. You acknowledge that this general release is not made in connection
with any exit incentive or other employment termination program offered to a group or class of employees. 
 Notwithstanding the foregoing,
nothing in this Agreement waives your right to (a) pursue a claim that cannot be released by private agreement, including, workers compensation claims, claims arising after the date on which you sign this Agreement, and your right to file
administrative charges with certain government agencies; or (b) challenge the Company’s failure to comply with its obligation in Paragraph 1 above or under Section 6 of the Employment Agreement. 

  

 2. No Claims Filed: You represent that you have not filed or permitted to be filed against the
Releasees, individually or collectively, any lawsuits, actions or claims, and you covenant and agree that you will not do so at any time hereafter with respect to the subject matter of this Agreement and claims released pursuant to this Agreement
(including, without limitation, any claims relating to your employment and/or the termination of your employment). 
 You understand that
nothing in this Agreement shall limit you from filing a charge with, or participating in any investigation or proceeding conducted by, the Equal Employment Opportunity Commission, National Labor Relations Board and/or any other federal, state or
local agency. However, by signing this Agreement, you hereby waive any and all rights to recover monetary damages in any charge, complaint or lawsuit filed by you or by anyone else on your behalf. 

3. Waiver: By signing this Agreement, you acknowledge that: 
  

	 	(a)	You have received and carefully read this Agreement; 

  

	 	(b)	You fully understand all of the terms contained in this Agreement; 

  

	 	(c)	You are freely and voluntarily entering into this Agreement and knowingly releasing the Releasees in accordance with the terms contained in Paragraph 4 above;

  

	 	(d)	Before signing this Agreement, you were advised of your right and had an opportunity to consult with an attorney of your choice; 

 

	 	(e)	In accordance with Paragraph 4 above, you hereby expressly waive, among other claims, any and all claims arising under the Age Discrimination in Employment Act of 1967
(29 U.S.C. § 621 et seq.), which you have or may have against the Releasees; 

  

	 	(f)	The release of claims described in Paragraph 4, above, of this Agreement does not waive any rights or claims that you may have against the Company and/or the Releasees
arising after the date on which this Agreement becomes effective; 

  

	 	(g)	You have received or shall receive something of value from the Company which you would not otherwise be entitled to receive; 

 

	 	(h)	Before signing this Agreement, you were given up to twenty-one (21) calendar days to consider its terms and, should you sign this Agreement without waiting the
full 21 days, you attest that your decision in this regard is knowing and voluntary and not induced through fraud, coercion, misrepresentation or a threat to withdraw or alter the offer contained herein, and agree that any changes to this Agreement
do not restart the running of the 21 day period; 

  

	 	(i)	The period of time until [DATE], that you had to consider your rights and obligations under this Agreement was reasonable; and 

  

	 	(j)	For a period of seven (7) calendar days following the date on which you sign this Agreement, you may revoke this Agreement; and 

 

	 	(k)	This Agreement, absent its timely revocation, shall become binding on the Company and you on the eighth calendar day following the date on which you sign this
Agreement. The Company shall not be required to perform any of its obligations under this Agreement until after your time to revoke this Agreement has expired. 

 4. Return of Signed Agreement: You should return this signed Agreement to [—], Human Resources, 770 Broadway, New York, NY 10003 by no later
than [DATE]. 
 5. Effective Date: You will not receive the benefits identified in Section 2(c) of the Employment Agreement
until after the revocation period has expired and this Agreement becomes effective. You have seven (7) days from the date that you sign this Agreement to change your mind. Any revocation within this period must be (a) submitted in writing
to the Company; (b) state “I hereby revoke my execution of the Separation Agreement and General Release”; and (c) be personally delivered to the Company’s Executive Vice President, Human Resources, or mailed to their
attention at J.Crew, 770 Broadway, New York, NY 10003 within seven (7) days of the execution of this Agreement. 
  

			
	Very truly yours,
	
	J. CREW
		
	By	 	  

		 	[Name / Title]

  

	
	Received, Read, Understood and Agreed:
	
	  

	Stuart Haselden
	
	Dated:             , 20    

  

 Acknowledgement of Receipt of 

General Release 
 I acknowledge
receiving today a General Release in connection with the termination of my employment with J.Crew. I have been informed of the time periods for my consideration of the Agreement and for its revocation after I sign it if I later change my mind.

  

							
	Date	 	  
	 		 	  

		 		 		 	Stuart HaseldenAmendment to Amended and Restated License, Development and Commercialization

 Exhibit 10.46 
 NINTH AMENDMENT TO 
 AMENDED AND RESTATED LICENSE, 

DEVELOPMENT AND COMMERCIALIZATION AGREEMENT 
 This Ninth Amendment to Amended and Restated License, Development and Commercialization Agreement (the “Ninth Amendment”) is entered into effective as of May 24, 2012 (the
“Effective Date”) by and between Vanda Pharmaceuticals Inc., a Delaware corporation (“Vanda”) and Bristol-Myers Squibb Company, a Delaware corporation (“BMS”). 

WHEREAS, Vanda and BMS are parties to that certain Amended and Restated License, Development and Commercialization Agreement effective
February 25, 2004, as amended by prior amendments (the “License Agreement”) relating to certain compounds including tasimelteon (VEC-162, formerly designated as BMS-214778); 

WHEREAS, Vanda and BMS entered into an Amendment to Amended and Restated License, Development and Commercialization Agreement effective
as of April 15, 2010 (“Eighth Amendment”) that amended and restated certain provisions of the License Agreement; 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, Vanda and BMS agree as follows. 
 1. All capitalized terms used in this Ninth Amendment shall have the meaning ascribed to such terms in the License Agreement, unless otherwise specified herein. Unless otherwise expressly stated, the
Sections referred to herein refer to the Sections in the License Agreement. 
 2. Section 3.1.1 of the License Agreement
was amended under the Eighth Amendment to extend the period for Vanda to enter into a Development and Commercialization Agreement with a Third Party for a Product containing tasimelteon (VEC-162) under Section 3.1.1 of the License Agreement
until May 31, 2013. The parties now desire to further extend this period until the earlier of (a) the commencement of the BMS Option Period as specified in Section 3.2.1 of the License Agreement and (b) December 31, 2013.
Accordingly, with respect to a Product containing tasimelteon (VEC-162), Section 3.1.1 is hereby amended such that the amended sentences in Section 3.1.1 shall read as follows (only the amended sentences of Section 3.1.1 are set forth
below): 
 If, during the thirty (30) day review period BMS does not formally notify Vanda in writing of its intention to
enter into a Development and Commercialization Agreement or informs Vanda that it is not interested in entering into such an agreement or if BMS does notify Vanda of its intention to enter into such an agreement but does not enter into a such an
agreement for the Product during such ninety (90) day period of exclusivity, then Vanda shall have until the end of day of the earlier of (a) the day immediately prior to the day that the BMS Option Period commences as specified in
Section 3.2.1 and (b) December 31, 2013, to negotiate and enter into a Development and Commercialization Agreement with a Third Party for the Product. If Vanda does not enter into such an agreement with a Third Party prior to the
earlier of (i) the commencement of the BMS Option Period as specified in Section 3.2.1 and (ii) January 1, 2014 (the “Option Suspension Date”), then the Vanda Third Party Development Option shall be suspended from the
Option Suspension Date until the end of the BMS Option Period for the Product. 
 3. Section 5.2.2 of the License Agreement
was amended under the Eighth Amendment to extend the NDA-filing diligence deadline set forth in Section 5.2.2 of the License Agreement until June 1, 2013. In order to allow for the development activity necessary to support an NDA filing,
the parties now 

 
desire to further extend this diligence deadline to December 31, 2013. Accordingly, with respect to a Product containing tasimelteon (VEC-162), Section 5.2.2 is hereby amended such that
the amended sentence in Section 5.2.2 shall read as follows (only the amended sentence of Section 5.2.2 is set forth below): 
 In any event, Vanda (a) shall initiate Phase II Clinical Studies for the first Product no later than six (6) months after the Effective Date, (b) shall complete (at least) one Phase II
Clinical Study for the first Product no later than twelve (12) months after commencement of the first Phase II Clinical Study (i.e., the date when the first patient in the study is dosed), (c) shall initiate Phase III Clinical Studies for
the first Product no later than twenty-four (24) months after completing the first Phase II Clinical Study, and (d) shall file an NDA for the first Product no later than January 1, 2014. 

4. This Ninth Amendment shall not amend or modify the terms, conditions, rights and obligations of the parties under the License
Agreement (as amended), except as specifically set forth herein. The License Agreement (as amended) shall continue in full force and effect in accordance with its terms as amended by this Ninth Amendment. 

5. This Ninth Amendment may be executed in counterparts, each of which shall be deemed an original, but both of which together shall
constitute one and the same instrument. 
 IN WITNESS WHEREOF, BMS and Vanda have caused this Ninth Amendment to be executed by
their duly authorized representatives. 
  

			
	BRISTOL-MYERS SQUIBB COMPANY
		
	By:	 	 /s/ Ranya Dajam

		 	(Signature of Authorized Representative)

  

			
	Printed Name:	 	 Ranya Dajam

 

			
	Title:	 	 Executive Director, Strategic Transactions

	
	VANDA PHARMACEUTICALS INC.

 

			
	By:	 	 /s/ Mihael H. Polymeropoulos, M.D.

		 	(Signature of Authorized Representative)

  

			
	Printed Name:	 	 Mihael H. Polymeropoulos,
M.D.

  

			
	Title:	 	 CEO

  
 -2-

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