Document:

EX-10.2

 Exhibit 10.2 

Certain portions of this exhibit (indicated by “[*****]”) have been omitted pursuant to Item 601(b)(10) of Regulation S-K. 
 FIRST AMENDED AND RESTATED FORBEARANCE AGREEMENT 

This FIRST AMENDED AND RESTATED FORBEARANCE AGREEMENT (this “Agreement”), dated as of July 15, 2020 (the
“Forbearance Amendment Date”), is by and among Jill Acquisition LLC, a Delaware limited liability company (“Jill Acquisition”), J.Jill Gift Card Solutions, Inc., a Florida corporation (“J.Jill Gift Card
Solutions” and together with Jill Acquisition, each a “Borrower” and collectively, the “Borrowers”), J.Jill, Inc., a Delaware corporation, as successor to JJill Holdings, Inc. and Jill Intermediate LLC (as
replacement “Parent” of Jill Holdings LLC) (“Parent”), the Agent (as defined below) and the Lenders party hereto. 

RECITALS 
 WHEREAS,
reference is made to the ABL Credit Agreement dated as of May 8, 2015 (as amended by that certain Amendment No. 1 to ABL Credit Agreement, dated as of May 27, 2016, as further amended by that certain Amendment No. 2 to ABL Credit
Agreement, dated as of August 22, 2018, as further amended by that certain Amendment No. 3 to ABL Credit Agreement, dated as of June 12, 2019, and as further amended, restated, amended and restated supplemented or otherwise modified
from time to time, the “Credit Agreement”), by and among the Borrowers, Parent, the Lenders from time to time party thereto and CIT Finance LLC, as administrative agent and collateral agent (in such capacities, the
“Agent”) (capitalized terms used herein but not defined herein shall have the meanings assigned to them in the Credit Agreement); 

WHEREAS, a Default or Event of Default has occurred pursuant to Section 11.01(c)(ii) of the Credit Agreement as a result of
(x) the failure of Borrowers to deliver to Agent annual audited financial statements without a going concern qualification for the Borrowers’ fiscal year ended February 1, 2020, required by Section 9.01(b) of the Credit Agreement
and (y) the failure of Credit Parties to timely and fully pay and perform their respective obligations under the leases applicable to the leased locations set forth on Exhibit A attached hereto (collectively, the “Specified
Locations”) required by Section 9.14 of the Credit Agreement for the months set forth on Exhibit A (such Defaults or Event of Defaults described in clauses (x) and (y) above, together, the “Specified
Defaults” and, together with any Default or Event of Default arising out of any inaccuracy of any representation and warranty or failure to give notice, solely relating to any Specified Default, the “Initial Specified
Defaults”); 
 WHEREAS, the Borrowers, Parent, the Lenders party thereto and the Agent are parties to that certain
Forbearance Agreement (the “Initial Forbearance Agreement”), dated as of June 15, 2020 (the “Forbearance Effective Date”), pursuant to which the Agent and the Lenders party thereto agreed to temporarily forbear
from the exercise of their Rights and Remedies (as defined below) as to the Initial Specified Defaults, subject to the terms and conditions set forth in the Initial Forbearance Agreement; 

WHEREAS, a Default or Event of Default has occurred (or may occur) pursuant to Section 11.01(c)(ii) of the Credit Agreement as a
result of the failure to deliver to the Agent quarterly financial statements for the first Fiscal Quarter of the 2020 Fiscal Year (the “Q1 2020 Financial Statements”) pursuant to Section 9.01(a) of the Credit Agreement (the
“Q1 2020 Financial Statement Default” and together 

 
with the Initial Specified Defaults, the “Specified Defaults” and, together with any Default or Event of Default arising out of any inaccuracy of any representation and warranty,
or failure to give notice, relating to any Specified Default, the “Forbearance Defaults”); 
 WHEREAS, the Required
Lenders and the Agent hereby provide notice to Borrowers of the Q1 2020 Financial Statement Default; 
 WHEREAS, upon the occurrence,
and during the continuance, of the Forbearance Defaults, the Agent (upon the written request of the Required Lenders) would be entitled to exercise all rights and remedies under the Credit Agreement and any other Credit Document (including the
charging of default interest, exercising rights of set off and conversion, and refusal to permit additional extensions of credit, as applicable) or applicable Law (collectively, all such rights and remedies the “Rights and
Remedies”); and 
 WHEREAS, for the purpose of engaging in discussions regarding a potential recapitalization, restructuring
or similar transaction, the Credit Parties have requested that the Lenders executing this Agreement (constituting Required Lenders) (x) continue to temporarily forbear from exercising their Rights and Remedies solely to the extent arising from
the occurrence and continuation of the Forbearance Defaults, and (y) extend the outside Termination Date set forth in Section 2.02(a) of the Initial Forbearance Agreement, in each case subject to the terms and conditions of this Agreement;

 WHEREAS, the Lenders executing this Agreement have agreed to such requests subject to the terms and conditions, and in reliance on
the representations and warranties, set forth in this Agreement; and 
 WHEREAS, Borrower and the Lenders executing this Agreement
desire to amend and restate the Initial Forbearance Agreement in its entirety by this Agreement in order to effectuate the foregoing. 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows: 
 SECTION I. ACKNOWLEDGMENTS 

1.01 Acknowledgments. Each of the Credit Parties hereby acknowledges, confirms and agrees, upon execution and delivery of this
Agreement, subject to the terms set forth herein, that: 
 (a) each Credit Party hereby acknowledges the accuracy of each
Recital, which are true and correct and incorporated herein by reference; 
 (b) the Forbearance Defaults would constitute an
Event of Default under the Credit Agreement upon the expiration of any cure period; 
 (c) each Credit Party hereby ratifies
and affirms (as of the date hereof) the Credit Documents and the Secured Obligations and Guaranteed Obligations owing thereunder and the grants of Liens on the Collateral to secure the Secured Obligations pursuant to the Security Documents, and
acknowledges (as of the date hereof) that the Credit Documents are and, after being amended by this Agreement, shall remain in full force and effect; 

  
 2 

 (d) (i) the Credit Documents constitute (and as amended by this
Agreement shall continue to constitute) legal, valid and binding obligations and agreements of each of the Credit Parties enforceable against each Credit Party in accordance with their respective terms, except to the extent that the enforceability
thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting creditors’ rights and by equitable principles (regardless of whether enforcement is sought in equity or at law),
(ii) the Credit Parties have no valid defense to the enforcement of such obligations and agreements and (iii) the Agent and the Lenders are entitled to the Rights and Remedies but have agreed to temporarily forbear from the exercise of such
Rights and Remedies solely as to the Forbearance Defaults during the Forbearance Period (as defined below) subject to the terms and conditions set forth herein; 

(e) Credit Parties are unconditionally indebted to the Lenders as of the Forbearance Amendment Date, in respect of the Loans
and all other Obligations in the aggregate principal amount of not less than $31,800,380, together with interest accrued and accruing thereon, and all fees, costs, expenses and other sums and charges now or hereafter payable by Credit Parties to the
Agent and the Lenders pursuant to the Credit Agreement and the other Credit Documents, all of which are unconditionally owing by Credit Parties to the Agent and the Lenders pursuant to the Credit Documents, in each case without offset, defense, set
off, counterclaim or challenge of any kind, nature or description whatsoever; 
 (f) the Agent and the Lenders have, and
shall continue to have valid, enforceable and perfected Liens upon the Collateral heretofore granted by such Credit Party to the Agent, for the benefit of the Lenders, pursuant to the Credit Documents or otherwise granted to or held by the Agent;

 (g) subject to the terms and conditions of this Agreement (including Section 2), the Lenders
have not waived, released or compromised, do not hereby waive, release or compromise, and may never waive, release or compromise any events, occurrences, acts, or omissions that may constitute or give rise to any Defaults or Events of Default
(including the Forbearance Defaults) that existed or may have existed, or may presently exist, or may arise in the future, nor does any Lender waive any Rights and Remedies, including the right to direct the Agent to exercise any Rights and
Remedies; 
 (h) the execution and delivery of this Agreement shall not, except as otherwise specifically set forth herein:
(i) constitute an extension, modification, or waiver of any aspect of any of the Credit Documents; (ii) extend the maturity of the Obligations or the due date of any payment or performance of any Obligations or other obligations under the
other Credit Documents or payable in connection with the Credit Documents; (iii) give rise to any obligation on the part of the Lenders to extend, modify or waive any term or condition of the Credit Documents; (iv) establish any course of
dealing with respect to the Credit Documents; or (v) give rise to any defenses or counterclaims to the right of the Lenders to compel payment of the Secured Obligations or otherwise enforce their Rights and Remedies; and 

  
 3 

 (i) the Lenders’ agreement to temporarily forbear from the exercise of
their Rights and Remedies solely as to the Forbearance Defaults, and to perform as provided herein, (i) shall not, except as expressly provided herein, invalidate, impair, negate or otherwise affect the Agent’s or Lenders’ ability to
exercise their Rights and Remedies under the Credit Documents or otherwise and (ii) this Agreement shall not be deemed or construed to be a compromise, satisfaction, reinstatement, accord and satisfaction, novation or release of any of the
Credit Documents, or any rights or obligations thereunder. 
 SECTION II. FORBEARANCE 

2.01 Forbearance. In consideration of the Credit Parties’ agreement to timely comply with the terms of this Agreement, and in
reliance upon the representations, warranties, agreements and covenants of the Credit Parties set forth herein, subject to the satisfaction of each of the conditions precedent to the effectiveness of this Agreement, during the Forbearance Period,
Agent and each Lender (severally and not jointly) hereby agree to forbear (the “Forbearance”) from exercising any of the Rights and Remedies with respect to the Forbearance Defaults. For the avoidance of doubt, during the
Forbearance Period, each Lender agrees that it (individually or collectively) will not deliver any notice or instruction to the Agent directing the Agent, in each case, to exercise any of the Rights and Remedies under the Credit Documents or
applicable Law against the Credit Parties with respect to the Forbearance Defaults. For the avoidance of doubt, this Agreement shall not, except as provided herein, (a) prevent the Lenders from receiving payments of principal and interest when
due or (b) limit any other available rights or remedies of the Agent and/or the Lenders. The agreements set forth herein shall not constitute a waiver of the Forbearance Defaults nor shall it be an agreement to forbearance with regard to any
other Defaults or Events of Default that may be continuing on the date hereof, or any Defaults or Events of Default that may occur after the date hereof, whether similar in kind or otherwise to the Forbearance Defaults and shall not constitute a
waiver, express or implied, of any of the rights and remedies of the Agent and the Lenders under the terms of the Credit Agreement or any other Credit Documents on any future occasion or otherwise. The Forbearance set forth herein shall not impose
or imply any obligation on the Agent or the Lenders to grant a forbearance of any Event of Default on any future occasion. 
 2.02
Forbearance Period. The Forbearance shall commence on the Forbearance Effective Date and continue until the earlier of (a) July 23, 2020 at 12:01 a.m. New York City time and (b) the date on which any Event of Termination (as defined
below) shall have occurred (the earlier of clause (a) and clause (b), the “Termination Date” and the period commencing on the Forbearance Effective Date and ending on the Termination Date, the “Forbearance
Period”); provided that the Forbearance Period may be extended by written confirmation (including, at the option of the Lenders constituting the Required Lenders, in their sole discretion, via
e-mail, which may be provided by Stradley (defined below)) from Lenders constituting Required Lenders). Upon the Termination Date, the Forbearance Period shall immediately and automatically terminate (without
further notice or action by the Agent or any Lender) and have no further force or effect, and each of the Lenders shall be released from any and all obligations and agreements under this Agreement and shall be entitled to exercise any of the Rights
and Remedies as if this Agreement 

  
 4 

 
had never existed, and all of the Rights and Remedies shall be available without restriction or modification, as if this Agreement had not been effectuated. The Agent and the Lenders have not
waived any of such Rights and Remedies (but have agreed to temporarily forbear from the exercise of such Rights and Remedies as to the Forbearance Defaults during the Forbearance Period subject to the terms and conditions set forth herein), and
nothing in this Agreement, nor the making of any Loans from and after the date hereof or after the Termination Date, nor any delay on the Agent’s or the Lenders’ part after the Termination Date in exercising any such Rights and Remedies,
can be construed as a waiver of any such Rights and Remedies. 
 SECTION III. EVENTS OF TERMINATION. 

3.01 Events of Termination. The Forbearance Period shall automatically terminate immediately upon the occurrence of any of the
following events (each, an “Event of Termination”): 
 (a) the Credit Parties’ failure to timely and fully pay and
perform their obligations under the leases for the Specified Locations (i) where, individually, Inventory of the Credit Parties with a book value in excess of $1,000,000, or in the aggregate, Inventory of the Credit Parties (or any of them)
with a book value in excess of $1,000,000, is stored or located, or (ii) where any Credit Party’s books and records are kept or maintained, results in (x) the termination of the leases with respect to such Specified Locations,
(y) the termination of a Credit Party’s access rights with respect to such Specified Locations, or (z) the commencement of any other enforcement action by the lessors with respect to such Specified Locations; 

(b) the failure of any Credit Party to comply with any term, condition or covenant set forth in this Agreement; 

(c) the occurrence of a “Default” or “Event of Default” under the Credit Agreement, other than the Forbearance Defaults;

 (d) the occurrence and continuance of any “Event of Default” under the Term Loan Credit Agreement, dated as of May 8, 2015
(as amended by that certain Amendment No. 1 to Term Loan Credit Agreement, dated as of May 27, 2016, and as may be further amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Term
Loan Credit Agreement”), by and among the Jill Acquisition, Parent, the other guarantors from time to time party thereto, the lenders from time to time party thereto and Jefferies Finance LLC, as administrative agent (the “Term Loan
Agent”) (other than the Forbearance Defaults (as defined in the First Amended and Restated Forbearance Agreement, dated as of the date hereof, with respect to the Term Loan Credit Agreement (the “Term Loan Forbearance
Agreement”)); 
 (e) the expiry or termination of the Term Loan Forbearance Agreement; 

(f) a proceeding shall be commenced or any petition shall be filed in a court of competent jurisdiction seeking (i) relief in respect of
any Credit Party or of a substantial part of the property or assets of any Credit Party, under Title 11 of the United States Code, as now constituted or hereafter amended, or any other Federal, state or foreign bankruptcy, insolvency, receivership
or similar law, (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Credit Party or for a substantial part of the property or assets of any Credit Party or (iii) the winding-up or liquidation of any Credit Party; or 

  
 5 

 (g) any Credit Party shall assert any claim or any cause of action to repudiate or assert a
defense to this Agreement, the Credit Agreement or any other Credit Document or initiate any judicial, administrative or arbitration proceeding against the Agent or any Lender related to the foregoing. 

SECTION IV. OTHER AGREEMENTS 

4.01 Additional Covenants. In consideration of the Agent and the Lenders (constituting the Required Lenders) entering into this
Agreement in accordance with the terms and conditions hereof, and in addition to (and not limited by) the covenants under the Credit Agreement, each Credit Party hereby covenants and agrees that the Credit Parties shall at all times through the
Termination Date comply with each of the following covenants: 
 (a) The Credit Parties shall deliver to the Agent and the Lenders party
hereto copies of any financial or other reporting provided to the Term Loan Agent and/or the Term Loan Secured Creditors under either the Term Loan Credit Agreement or the Term Loan Forbearance Agreement as and when delivered to the Term Loan Agent
and/or the Term Loan Secured Parties, which shall be certified by an Authorized Officer of the Credit Parties to the Agent and the Lenders as true, correct and complete if and to the extent required to be certified to the Term Loan Agent and/or
Secured Parties under the Term Loan Forbearance Agreement. 
 (b) The Credit Parties shall satisfy reasonable diligence requests of the Agent
or the Lenders party hereto within a reasonable period of time after the receipt of each request. 
 (c) The Credit Parties shall promptly
provide to the Agent written notice of the occurrence of an Event of Termination. 
 (d) No later than 5:00 p.m. New York City time on
July 31, 2020, the Credit Parties shall deliver the Q1 2020 Financial Statements. 
 4.02 Monthly Reporting. The Agent and the
Lenders executing this Agreement (constituting the Required Lenders) agree that, solely during the Forbearance Period, the financial statements required to be delivered pursuant to Section 9.01(c) of the Credit Agreement shall consist of the
unaudited consolidated statements of income of the Borrowers and their Subsidiaries, which such financial statements shall be delivered in the manner and timeframe required under the Term Loan Forbearance Agreement. 

4.03 Payment of Expenses. The Credit Parties agree to pay and reimburse the Agent promptly for all of its reasonable and documented out-of-pocket costs and expenses in accordance with Section 13.01(i) of the Credit Agreement arising in connection with this Agreement and which have arisen prior to the
date hereof in connection with the Credit Agreement, including the reasonable fees and disbursements of Stradley Ronon Stevens & Young, LLP (“Stradley”). 

  
 6 

 4.04 Release. 

(a) In consideration of the benefits received by the Credit Parties under this Agreement, and for other good and valuable consideration (the
receipt, adequacy and sufficiency of which are hereby acknowledged), effective on the date of this Agreement, each of the Credit Parties, on behalf of itself, its Affiliates and its and its Affiliates’ agents, representatives, officers,
directors, advisors, employees, Subsidiaries, Affiliates, successors and assigns (collectively, “Releasors”), hereby forever waives, releases and discharges each Lender, each Issuing Lender, each Joint Lead Arranger, the Agent, and
each of their Affiliates and each of their and their Affiliates’ respective officers, directors, partners, general partners, limited partners, managing directors, members, stockholders, trustees, shareholders, representatives, employees,
principals, agents, parents, subsidiaries, joint ventures, financial advisors, investment advisors, consultants, predecessors, successors, assigns, beneficiaries, heirs, executors, personal or legal representatives and attorneys of any of them, each
in their capacities as such, (collectively, the “Releasees”), of and from any and all claims, causes of action, suits, obligations, demands, debts, agreements, promises, liabilities, controversies, costs, damages, expenses and fees
whatsoever, whether arising from any act, failure to act, omission, misrepresentation, fact, event, transaction or other cause, and whether based on any federal, state, local or foreign law or right of action, at law or in equity or otherwise,
foreseen or unforeseen, matured or unmatured, known or unknown, accrued or not accrued, which any Releasor now has, has ever had or may hereafter have against any Releasee arising contemporaneously with or prior to the date of this Agreement or on
account of or arising out of any matter, cause, circumstance or event occurring contemporaneously with or prior to the date of this Agreement that (in each case) relate to, arise out of, or otherwise are in connection with any or all of the Credit
Documents or this Agreement, or the transactions contemplated hereby or thereby (collectively, the “Released Claims”), in each case, other than any such Released Claims arising from the gross negligence, bad faith or willful
misconduct of any Releasee, as determined by a final, non-appealable judgement by a court of competent jurisdiction. Each of the Credit Parties, on behalf of itself and its agents, representatives, officers,
directors, advisors, employees, Subsidiaries, Affiliates, successors and assigns, hereby unconditionally and irrevocably agrees that it will not sue any Releasee on the basis of any Released Claim. The Credit Parties’ obligations under this
Section 4.04 shall survive termination of this Agreement. 
 (b) Releasors understand, acknowledge and agree that the release set forth
above may be pleaded as a full and complete defense and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the provision of such release. 

(c) Releasors agree that no fact, event, circumstance, evidence or transaction which could now be asserted or which may hereafter be discovered
shall affect in any manner the final and unconditional nature of the release set forth above. 
 (d) Credit Parties represent and warrant
that Credit Parties: (i) understand fully the terms of this Agreement and the consequences of the execution and delivery hereof, (ii) have been afforded an opportunity to have this Agreement reviewed by, and to discuss the same with, such
attorneys and other persons as Credit Parties may wish, and (iii) have entered into this Agreement of their own free will and accord and without threat, duress or other coercion of any kind by any Person. Credit Parties acknowledge and agree
that the terms and conditions of this Agreement are the result of negotiation between the parties hereto. 

  
 7 

 SECTION V. REPRESENTATIONS AND WARRANTIES 

In consideration of the foregoing agreements, the Credit Parties jointly and severally hereby represent and warrant to Agent and each Lender,
as follows: 
 5.01 Representation and Warranties. Immediately after giving effect to this Agreement and the transactions contemplated
by this Agreement, the representations and warranties set forth in Section 8 of the Credit Agreement shall be, in each case, true and correct in all material respects (other than with respect to any such representations and warranties that are
affected by the Forbearance Defaults); provided that, to the extent that such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material respects as of such earlier date;
provided, further, that any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language shall be true and correct (after giving effect to any qualification there-in) in all respects on such respective dates. 
 5.02 No Violation. Neither the execution,
delivery and performance by each Credit Party of this Agreement nor the consummation of the transactions contemplated hereunder will (a) contravene any provision of any law, statute, rule or regulation or any order, writ, injunction or decree
of any court or Governmental Authority, (b) conflict with or result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to
create or impose) any Lien upon any of the property or assets of any Credit Party or any of its Restricted Subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, credit agreement or loan agreement, or any other agreement,
contract or instrument to which any Credit Party or any of its Restricted Subsidiaries is a party or by which it or any of its property or assets is bound or (c) violate any provision of the certificate or articles of incorporation, certificate
of formation, limited liability company agreement or by-laws (or equivalent organizational documents), as applicable, of any Credit Party or any of its Restricted Subsidiaries, except with respect to any
violation or conflict referred to in clauses (a) and (b) to the extent that such violation or conflict could not reasonably be expected to have individually or in the aggregate a Material Adverse Effect. 

5.03 Authority. Each Credit Party has the company power and authority to execute, deliver and perform the terms and provisions of the
Agreement and has taken all necessary company action to authorize the execution, delivery and performance by it of the Agreement. Each Credit Party has duly executed and delivered this Agreement and this Agreement constitutes a legal, valid and
binding obligation of the Credit Parties hereto, enforceable against each Credit Party in accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
or other similar laws generally affecting creditors’ rights and by equitable principles (regardless of whether enforcement is sought in equity or at law). 

5.04 No Event of Default. As of the Forbearance Effective Date, no Event of Default or Default (other than the Forbearance Defaults)
has occurred and is continuing or will result from the consummation of the transactions contemplated by this Agreement. 

  
 8 

 SECTION VI. MISCELLANEOUS 

6.01 Condition Precedent to Effectiveness of this Agreement. This Agreement and the Forbearance shall become effective upon: 

(a) the parties to this Agreement receiving counterparts of this Agreement duly executed by the (i) Credit Parties,
(ii) the Agent and (ii) the Lenders, who collectively constitute the Required Lenders; 
 (b) each of the Credit
Parties, the Term Loan Agent and the Term Loan Secured Parties shall have entered into the Term Loan Forbearance Agreement, which shall be in form and substance and shall contain terms and conditions that are reasonably acceptable to the Agent and
the Lenders (including a stated termination date no earlier than July 23, 2020), and which Term Loan Forbearance Agreement shall be in full force and effect and not subject to any unfulfilled conditions and the Agent shall have received a fully
executed copy of the Term Loan Forbearance Agreement; and 
 (c) (i) as of the Forbearance Effective Date, no Default or
Event of Default (other than the Forbearance Defaults) shall have occurred and be continuing, and (ii) all representations and warranties contained in the Credit Agreement and in the other Credit Documents shall be true and correct in all
material respects with the same effect as though such representations and warranties had been made on the Forbearance Effective Date (other than with respect to any such representations and warranties that are affected by the Forbearance Defaults)
(it being understood and agreed that (x) any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date and (y) any
representation or warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language shall be true and correct in all respects on such date). 

6.02 Counterparts. This Agreement may be executed and delivered in any number of counterparts with the same effect as if the signatures
on each counterpart were upon the same instrument. Any counterpart delivered by facsimile or by other electronic method of transmission shall be deemed an original signature thereto. 

6.03 GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL. Section 13.08 (Governing Law; Submission to
Jurisdiction; Venue; Waiver of Jury Trial) of the Credit Agreement is hereby incorporated by reference, mutatis mutandis. 
 6.04
Successors and Assigns. This Agreement shall be binding upon each of the Credit Parties, the Agent the Lenders and their respective successors and permitted assigns, and shall inure to the benefit of each such person and their permitted
successors and permitted assigns. 
 6.05 Headings. Section headings in this Agreement are included herein for convenience of
reference only and shall not constitute a part of this Agreement for any other purpose. 
 6.06 Amendment. This Agreement may only be
amended or modified in writing by the Credit Parties and the Required Lenders (or the Agent at the direction of the Required Lenders), subject to any additional requirements under the Credit Agreement, if applicable; provided that, at the
option of the Required Lenders in their sole discretion, any such amendment may be effectuated through e-mail confirmation. 

  
 9 

 6.07 Credit Document. This Agreement is a Credit Document. 

6.08 Entire Agreement. This Agreement and the other Credit Documents embody the entire understanding and agreement among the parties
hereto with respect to the subject matter hereof and supersedes any and all prior or contemporaneous agreements or understandings with respect to the subject matter hereof, whether express or implied, oral or written. 

6.09 No Implied Waivers. No failure or delay on the part of the Agent or any Lender in exercising, and no course of dealing with
respect to, any right, power or privilege under this Agreement, the Credit Agreement or any other Credit Document shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege under this Agreement, the
Credit Agreement or any other Credit Document preclude any other or further exercise thereof or the exercise of any other right, power or privilege. 

6.10 Division. For all purposes under the Credit Agreement, in connection with any division or plan of division under Delaware
law (or any comparable event under a different jurisdiction’s law): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been
transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its Equity Interests at
such time. 
 6.11 Indemnification. The indemnification provisions set forth in Section 13.01 of the Credit Agreement shall
apply to this Agreement. 
 6.12 Tolling of Statutes of Limitation. The parties hereto agree that all applicable statutes of
limitations with respect to this Agreement, the Credit Agreement or any other Credit Document shall be tolled from the date hereof until the Termination Date. 

6.13 Severability. In case any one or more of the provisions contained in this Agreement shall for any reason be held to be invalid,
illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision hereof, and this Agreement shall be construed as if such invalid, illegal, or unenforceable provision had never been
contained herein. 
 6.14 Notices. Except as otherwise set forth herein, all notices, requests, demands and other communications
under this Agreement will be given in accordance with the provisions of the Credit Agreement. 
 6.15 Construction. Unless the
context requires otherwise: (a) any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa;
(b) references to Sections refer to Sections of this Agreement; (c) the terms “include,” “includes,” “including” or words of like import shall be deemed to be followed by the words “without
limitation”; and (d) the terms “hereof,” “herein” or “hereunder” refer to this Agreement as a whole and not to any particular provision of this Agreement. 

[SIGNATURE PAGES FOLLOW] 

  
 10 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers as of the day and year first above written. 
  

			
	PARENT:
	
	J.JILL, INC.
		
	By:	 	 /s/ Mark Webb

		 	Name: Mark Webb
		 	Title: Chief Financial Officer
	
	BORROWERS:
	
	JILL ACQUISITION LLC
		
	By:	 	 /s/ Mark Webb

		 	Name: Mark Webb
		 	Title: Chief Financial Officer
	
	J. JILL GIFT CARD SOLUTIONS, INC.
		
	By:	 	 /s/ Mark Webb

		 	Name: Mark Webb
		 	Title: Chief Financial Officer

 [Signature Page to ABL First Amended Forbearance Agreement] 

 
			
	
	AGENT:
	
	CIT FINANCE LLC
		
	By:	 	 /s/ Robert L. Klein

		 	Name: Robert L. Klein
		 	Title: Director

 [Signature Page to ABL First Amended Forbearance Agreement] 

 
			
	
	REQUIRED LENDERS:
	
	[****]
		
	By:	 	 [****]

		 	Name: [****]
		 	Title: [****]

 Exhibit A 

Specified Locations 

[****]Exhibit
10.1 

 

Scholar
Rock, INC.

 

EMPLOYMENT
AGREEMENT

 

This Employment Agreement (“Agreement”)
is made as of the 14th day of July, 2020, between Scholar Rock, Inc., a Delaware corporation (the “Company”),
and Stuart A. Kingsley (the “Employee”) and is effective commencing on the Employee’s first day of employment
at the Company (the “Effective Date”).

 

NOW, THEREFORE, in consideration of the
mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the parties agree as follows:

 

		1.	Employment.

 

(a)          Term.
The term of this Agreement shall commence on the Effective Date and continue until terminated in accordance with the provisions
hereof (the “Term”). The Employee’s employment with the Company will be “at will,” meaning
that the Employee’s employment may be terminated by the Company or the Employee at any time and for any reason subject to
the terms of this Agreement.

 

(b)          Position
and Duties. The Employee shall initially serve as CEO Elect to the Company during the period between the Effective Date and
August 1, 2020 (the “CEO Start Date”), during which time he shall report to the Board of Directors of the Company
(the “Board”) and provide advisory services as may be requested by the Board or the current President and Chief
Executive Officer. Effective as of the CEO Start Date and for the remainder of the Term, the Employee shall serve as the President
and Chief Executive Officer of the Company, and shall have such duties and authorities as may from time to time be prescribed
by the Board. Effective as of the Effective Date and for the remainder of the Term, the Employee shall serve as a member of the
Board; provided that the Employee shall immediately resign from the Board upon ceasing to serve as the Chief Executive Officer.
At all times during the Term, the Employee shall devote his full working time and efforts to the business and affairs of the Company.
Notwithstanding the foregoing, the Employee may serve on other boards of directors, with the approval of the Board, or engage
in religious, charitable or other community activities as long as such services and activities do not materially interfere with
the Employee’s performance of his duties to the Company as provided in this Agreement.

 

		2.	Compensation and Related Matters.

 

(a)           Base
Salary. During the Term, the Employee’s annual base salary shall be $520,000. The Employee’s base salary shall
be reviewed annually by the Compensation Committee of the Board (the “Compensation Committee”). The base salary
in effect at any given time is referred to herein as “Base Salary.” The Base Salary shall be payable in a manner that
is consistent with the Company’s usual payroll practices.

 

(b)           Incentive
Compensation. During the Term, the Employee shall be eligible to receive cash incentive compensation as determined by the
Board or the Compensation Committee from time to time. The Employee’s initial target annual incentive compensation shall
be fifty percent (50%) of his Base Salary (the “Target Annual Incentive Compensation”). Except as otherwise
provided herein, to earn incentive compensation, the Employee must be employed by the Company on the day such incentive compensation
is paid.

 

(c)           Expenses.
The Employee shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by the Employee during the
Term in performing services hereunder, in accordance with the policies and procedures then in effect and established by the Company.

 

     

     

    

 

(d)          Other
Benefits. During the Term, the Employee shall be eligible to participate in or receive benefits under the Company’s
employee benefit plans in effect from time to time, subject to the terms of such plans.

 

(e)          Vacations.
During the Term, the Employee shall be entitled to paid vacation in accordance with the Company’s policies and procedures.
The Employee shall also be entitled to all paid holidays given by the Company in accordance with the policies and procedures then
in effect and established by the Company.

 

(f)           Equity.
In connection with the commencement of the Employee’s employment, subject to the approval of the Compensation Committee
of the Board, the Employee shall be granted a stock option to purchase 429,684 shares of Scholar Rock Holding Corporation’s
(“SR Holding”) common stock (the “Stock Option Award”) at an exercise price per share equal
to the closing price of the SR Holding’s common stock on the Nasdaq Global Market on the date of grant (or if no closing
market price is reported for such date, the closing market price on the immediately preceding date for which a closing market
price is reported). The Stock Option Award will vest with respect to 25% of the shares of SR Holding common stock underlying the
Stock Option Award on the first anniversary of the Effective Date (the “Vesting Commencement Date”), and the
remaining 75% of the shares of SR Holding common stock underlying the Stock Option Award shall vest in 12 equal quarterly installments
following the Vesting Commencement Date, subject to the Employee’s continued full-time employment with SR Holding through
each applicable vesting date. The Stock Option Award will be subject to all terms and conditions and other provisions set forth
in the Scholar Rock Holding Corporation’s 2018 Stock Option and Incentive Plan (as amended and/or restated from time to
time) and a separate agreement for the Stock Option Award (such agreement, with the 2018 Stock Option and Incentive Plan, the
 “Equity Documents”) which the Employee will be required to sign as a condition to receiving the Stock Option
Award. The Employee may also be eligible to receive future equity awards, in the sole discretion of the Board or the Compensation
Committee of the Board.

 

3.            Termination.
During the Term, the Employee’s employment hereunder may be terminated without any breach of this Agreement under the following
circumstances:

 

(a)          Death.
The Employee’s employment hereunder shall terminate upon his death.

 

(b)          Termination
by Company for Cause. The Company may terminate the Employee’s employment hereunder for Cause. For purposes of this
Agreement, “Cause” shall mean: (i) conduct by the Employee constituting a material act of misconduct in connection
with the performance of the Employee’s duties, including, without limitation, misappropriation of funds or property of the
Company or any of its subsidiaries or affiliates other than the occasional, customary and de minimis use of Company property for
personal purposes; (ii) the commission by the Employee of any felony or a misdemeanor involving moral turpitude, deceit, dishonesty
or fraud, or any conduct by the Employee that would reasonably be expected to result in material injury or reputational harm to
the Company or any of its subsidiaries or affiliates if the Employee were retained in the Employee’s position; (iii) continued
non-performance by the Employee of the Employee’s duties hereunder (other than by reason of the Employee’s physical
or mental illness, incapacity or disability) which has continued for more than 30 days following written notice of such non-performance
from the Board; (iv) a material breach by the Employee of any of the provisions contained in Section 7 of this Agreement which
has not been cured (or is incapable of or otherwise cannot be cured) within 30 days after the Board gives the Employee written
notice regarding such breach; (v) a material violation by the Employee of the Company’s written employment policies which
has not been cured (or is incapable of or otherwise cannot be cured) within 30 days after the Board gives the Employee written
notice regarding such breach; or (vi) failure to cooperate with a bona fide internal investigation or an investigation by regulatory
or law enforcement authorities, after being instructed by the Company to cooperate, or the willful destruction or failure to preserve
documents or other materials known to be relevant to such investigation or the inducement of others to fail to cooperate or to
produce documents or other materials in connection with such investigation.

 

    2

     

    

 

Any determination of Cause under this Agreement
shall be made by resolution adopted by two-thirds (2/3rds) vote of the Board at a meeting called and held for that purpose.

 

(c)          Termination
Without Cause. The Company may terminate the Employee’s employment hereunder at any time without Cause. Any termination
by the Company of the Employee’s employment under this Agreement which does not constitute a termination for Cause under
Section 3(b) and does not result from the death of the Employee under Section 3(a) shall be deemed a termination without Cause.

 

(d)          Termination
by the Employee. The Employee may terminate the Employee’s employment hereunder at any time for any reason, including
but not limited to Good Reason. For purposes of this Agreement, “Good Reason” shall mean that the Employee
has complied with the Good Reason Process (as defined below) following the occurrence of any of the following events: (i) a material
diminution in the Employee’s responsibilities, authority or duties; (ii) a material diminution in the Employee’s Base
Salary except for across-the-board salary reductions based on the Company’s financial performance applied equally, as a
percentage of Base Salary, to all or substantially all senior management employees of the Company; (iii) a material change in
the geographic location at which the Employee provides services to the Company, except for required travel for the Company’s
business; or (iv) the material breach of this Agreement by the Company. For the purpose of this Agreement, “Good Reason
Process” shall mean that (i) the Employee discovers and reasonably determines in good faith that a Good Reason condition
has occurred; (ii) the Employee notifies the Company in writing of the first occurrence of the Good Reason condition within 60
days of the Employee’s discovery of the first occurrence of such condition; (iii) the Employee cooperates in good faith
with the Company’s efforts, for a period not less than 30 days following such notice (the “Cure Period”),
to remedy the condition; (iv) notwithstanding such efforts, the Good Reason condition continues to exist; and (v) the Employee
terminates the Employee’s employment within 60 days after the end of the Cure Period. If the Company cures the Good Reason
condition during the Cure Period, Good Reason shall be deemed not to have occurred.

 

(e)          Notice
of Termination. Except for termination as specified in Section 3(a), any termination of the Employee’s employment by
the Company or any such termination by the Employee shall be communicated by written Notice of Termination to the other party
hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific
termination provision in this Agreement relied upon.

 

(f)           Date
of Termination. For purposes of this Agreement, “Date of Termination” shall mean: (i) if the Employee’s
employment is terminated by the Employee’s death, the date of the Employee’s death; (ii) if the Employee’s employment
is terminated by the Company for Cause under Section 3(b), the date on which the Notice of Termination is given; (iii) if the
Employee’s employment is terminated by the Company without Cause under Section 3(c), the date specified in the Notice of
Termination; (iv) if the Employee’s employment is terminated by the Employee under Section 3(d) other than for Good Reason,
14 days after the date on which a Notice of Termination is given, and (v) if the Employee’s employment is terminated by
the Employee under Section 3(d) for Good Reason, the date on which a Notice of Termination is given after the end of the Cure
Period. Notwithstanding the foregoing, in the event that the Employee gives a Notice of Termination to the Company, the Company
may unilaterally accelerate the Date of Termination and such acceleration shall not result in a termination by the Company for
purposes of this Agreement.

 

4.            Compensation
Upon Termination.

 

(a)          Termination
Generally. If the Employee’s employment with the Company is terminated for any reason, the Company shall pay or provide
to the Employee (or to the Employee’s authorized representative or estate) (i) any Base Salary earned through the Date of
Termination, unpaid expense reimbursements (subject to, and in accordance with, Section 2(c) of this Agreement) and unused vacation
that accrued through the Date of Termination on or before the time required by law but in no event more than 30 days after the
Employee’s Date of Termination; and (ii) any vested benefits the Employee may have under any employee benefit plan of the
Company through the Date of Termination, which vested benefits shall be paid and/or provided in accordance with the terms of such
employee benefit plans (collectively, the “Accrued Benefit”).

 

    3

     

    

 

(b)          Termination
by the Company Without Cause or by the Employee for Good Reason. During the Term, if the Employee’s employment is terminated
by the Company without Cause as provided in Section 3(c), or the Employee terminates the Employee’s employment for Good
Reason as provided in Section 3(d), then the Company shall pay the Employee the Employee’s Accrued Benefit. In addition,
subject to the Employee signing a separation agreement containing, among other provisions, a general release of claims in favor
of the Company and related persons and entities, confidentiality, return of property, non-disparagement and, in the Company’s
sole discretion, a one-year post employment noncompetition agreement, in a form and manner satisfactory to the Company (the “Separation
Agreement and Release”) and the Separation Agreement and Release becoming irrevocable and fully effective, all within
60 days after the Date of Termination (or such shorter time period provided in the Separation Agreement and Release), which shall
include a seven business day revocation period:

 

(i)             the
Company shall pay the Employee an amount equal to (A) 12 months of the Employee’s Base Salary (or the Employee’s Base
Salary in effect before Good Reason existed under Section 3(d)(ii), if higher than the Employee’s current Base Salary) plus
(B) the Employee’s Prorated Incentive Compensation (collectively, the “Severance Amount”); provided
in the event the Employee is entitled to any payments pursuant to the Restrictive Covenants Agreement, the Severance Amount
received in any calendar year will be reduced by the amount the Employee is paid in the same such calendar year pursuant to the
Restrictive Covenant Agreement (the “Restrictive Covenant Agreement Setoff”). For purposes of this Agreement,
 “Prorated Incentive Compensation” shall mean the Target Annual Incentive Compensation the Employee would have
been entitled to receive in the fiscal year of the Date of Termination prorated by the number of days the Employee was employed
by the Company during the fiscal year of the Date of Termination; for the avoidance of doubt, in no event shall “Prorated
Incentive Compensation” include any sign-on bonus, retention bonus or any other special bonus. Notwithstanding the foregoing,
if the Employee breaches any of the provisions contained in Section 7 of this Agreement, all payments of the Severance Amount
shall immediately cease;

 

(ii)            if
the Employee was participating in the Company’s group health plan immediately prior to the Date of Termination and elects
COBRA health continuation, then the Company shall, for the period of 12 months following the Date of Termination or the Employee’s
COBRA health continuation period, whichever is shorter, pay the cost of the monthly employer contribution (either by direct payment
to the group health plan provider or the COBRA provider or by reimbursing the Employee for such cost) that the Company would have
made to provide health insurance to the Employee if the Employee had remained employed by the Company; provided, however,
if the Company determines that it cannot pay such amounts to the group health plan provider or the COBRA provider (if applicable)
without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then
the Company shall convert such payments to payroll payments directly to the Employee for the time period specified above. Such
payments shall be subject to tax-related deductions and withholdings and paid on the Company’s regular payroll dates; and

 

(iii)           the
amounts payable under this Section 4(b), to the extent taxable, shall be paid out in substantially equal installments in accordance
with the Company’s payroll practice commencing within 60 days after the Date of Termination; provided, however, that
if the 60-day period begins in one calendar year and ends in a second calendar year, the Severance Amount shall begin to be paid
in the second calendar year by the last day of such 60-day period; provided, further, that the initial payment shall include
a catch-up payment to cover amounts retroactive to the day immediately following the Date of Termination. Each payment pursuant
to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2).

 

    4

     

    

 

5.            Compensation
Upon Termination after a Change in Control. The provisions of this Section 5 set forth certain terms of an agreement reached
between the Employee and the Company regarding the Employee’s rights and obligations upon the occurrence of a Change in
Control (as defined below) of the Company. These provisions are intended to assure and encourage in advance the Employee’s
continued attention and dedication to his assigned duties and his objectivity during the pendency and after the occurrence of
any such event. These provisions shall apply in lieu of, and expressly supersede, the provisions of Section 4(b) regarding the
Severance Amount and other benefits upon a termination of employment, if such termination of employment occurs within 18 months
after the occurrence of the first event constituting a Change in Control. These provisions shall terminate and be of no further
force or effect beginning 18 months after the occurrence of a Change in Control.

 

(a)          Change
in Control. During the Term, if within 18 months after a Change in Control, the Employee’s employment is terminated
by the Company without Cause as provided in Section 3(c) or the Employee terminates his employment for Good Reason as provided
in Section 3(d), then, subject to the signing of the Separation Agreement and Release by the Employee and the Separation Agreement
and Release becoming irrevocable and fully effective, all within 60 days after the Date of Termination (or such shorter time period
provided in the Separation Agreement and Release), which shall include a seven business day revocation period:

 

(i)             the
Company shall pay the Employee a lump sum in cash in an amount equal to 1.5 times the sum of (A) the Employee’s current
Base Salary (or the Employee’s Base Salary in effect immediately prior to the Change in Control or before Good Reason existed
under Section 3(d)(ii), if higher than the Employee’s current Base Salary) plus (B) the Employee’s Average Incentive
Compensation (collectively, the “Change in Control Payment”); provided that the Change in Control Payment
shall be reduced by the amount of the Restrictive Covenant Agreement Setoff, if applicable. For purposes of this Agreement, “Average
Incentive Compensation” shall mean the Target Annual Incentive Compensation the Employee would have been entitled to
receive in the fiscal year of the Date of Termination (or the Employee’s Target Annual Incentive Compensation in the fiscal
year immediately prior to the Change in Control, if higher). For the avoidance of doubt, in no event shall “Average Incentive
Compensation” include any sign-on bonus, retention bonus or any other special bonus.;

 

(ii)            notwithstanding
anything to the contrary in the Equity Documents, all time-based stock options and other time-based stock-based awards held by
the Employee shall immediately accelerate and become fully exercisable or nonforfeitable as of the Date of Termination;

 

(iii)           if
the Employee was participating in the Company’s group health plan immediately prior to the Date of Termination and elects
COBRA health continuation, then the Company shall, for the period of 18 months following the Date of Termination or the Employee’s
COBRA health continuation period, whichever is shorter, pay the cost of the monthly employer contribution (either by direct payment
to the group health plan provider or the COBRA provider or by reimbursing the Employee for such cost) that the Company would have
made to provide health insurance to the Employee if the Employee had remained employed by the Company; provided, however,
if the Company determines that it cannot pay such amounts to the group health plan provider or the COBRA provider (if applicable)
without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then
the Company shall convert such payments to payroll payments directly to the Employee for the time period specified above. Such
payments shall be subject to tax-related deductions and withholdings and paid on the Company’s regular payroll dates; and

 

    5

     

    

 

(iv)          The
amounts payable under this Section 5(a), to the extent taxable, shall be paid or commence to be paid within 60 days after the
Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar
year, such payment shall be paid or commence to be paid in the second calendar year by the last day of such 60-day period.

 

(b)         Additional
Limitation.

 

(i)            Anything
in this Agreement to the contrary notwithstanding, in the event that the amount of any compensation, payment or distribution by
the Company to or for the benefit of the Employee, whether paid or payable or distributed or distributable pursuant to the terms
of this Agreement or otherwise, calculated in a manner consistent with Section 280G of the Internal Revenue Code of 1986, as amended
(the “Code”) and the applicable regulations thereunder (the “Aggregate Payments”), would
be subject to the excise tax imposed by Section 4999 of the Code, then the Aggregate Payments shall be reduced (but not below
zero) so that the sum of all of the Aggregate Payments shall be $1.00 less than the amount at which the Employee becomes subject
to the excise tax imposed by Section 4999 of the Code; provided that such reduction shall only occur if it would result
in the Employee receiving a higher After Tax Amount (as defined below) than the Employee would receive if the Aggregate Payments
were not subject to such reduction. In such event, the Aggregate Payments shall be reduced in the following order, in each case,
in reverse chronological order beginning with the Aggregate Payments that are to be paid the furthest in time from consummation
of the transaction that is subject to Section 280G of the Code: (1) cash payments not subject to Section 409A of the Code; (2)
cash payments subject to Section 409A of the Code; (3) equity-based payments and acceleration; and (4) non-cash forms of benefits;
provided that in the case of all the foregoing Aggregate Payments all amounts or payments that are not subject to calculation
under Treas. Reg. §1.280G-1, Q&A-24(b) or (c) shall be reduced before any amounts that are subject to calculation under
Treas. Reg. §1.280G-1, Q&A-24(b) or (c).

 

(ii)            For
purposes of this Section 5(b), the “After Tax Amount” means the amount of the Aggregate Payments less all federal,
state, and local income, excise and employment taxes imposed on the Employee as a result of the Employee’s receipt of the
Aggregate Payments. For purposes of determining the After Tax Amount, the Employee shall be deemed to pay federal income taxes
at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which the determination
is to be made, and state and local income taxes at the highest marginal rates of individual taxation in each applicable state
and locality, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local
taxes.

 

(iii)           The
determination as to whether a reduction in the Aggregate Payments shall be made pursuant to Section 5(b)(i) shall be made by a
nationally recognized accounting firm selected by the Company (the “Accounting Firm”), which shall provide
detailed supporting calculations both to the Company and the Employee within 15 business days of the Date of Termination, if applicable,
or at such earlier time as is reasonably requested by the Company or the Employee. Any determination by the Accounting Firm shall
be binding upon the Company and the Employee.

 

(c)          Definitions.
For purposes of this Section 5, the following terms shall have the following meanings:

 

“Change in Control” shall
mean any of the following:

 

    6

     

    

 

(i)             any
 “person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the
 “Act”) (other than the Company, any of its subsidiaries, or any trustee, fiduciary or other person or entity
holding securities under any employee benefit plan or trust of the Company or any of its subsidiaries), together with all “affiliates”
and “associates” (as such terms are defined in Rule 12b-2 under the Act) of such person, shall become the “beneficial
owner” (as such term is defined in Rule 13d-3 under the Act), directly or indirectly, of securities of the Company representing
50 percent or more of the combined voting power of the Company’s then outstanding securities having the right to vote in
an election of the Board (“Voting Securities”) (in such case other than as a result of an acquisition of securities
directly from the Company); or

 

(ii)            the
date a majority of the members of the Board is replaced during any 12-month period by directors whose appointment or election
is not endorsed by a majority of the members of the Board before the date of the appointment or election; or

 

(iii)           the
consummation of (A) any consolidation or merger of the Company where the stockholders of the Company, immediately prior to the
consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in
Rule 13d-3 under the Act), directly or indirectly, shares representing in the aggregate more than 50 percent of the voting shares
of the Company issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any), or (B)
any sale or other transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan)
of all or substantially all of the assets of the Company and its affiliates on a consolidated basis.

 

Notwithstanding the foregoing, a Change
in Control shall not be deemed to have occurred for purposes of the foregoing clause (i) solely as the result of an acquisition
of securities by the Company which, by reducing the number of shares of Voting Securities outstanding, increases the proportionate
number of Voting Securities beneficially owned by any person to 50 percent or more of the combined voting power of all of the then
outstanding Voting Securities; provided, however, that if any person referred to in this sentence shall thereafter become
the beneficial owner of any additional shares of Voting Securities (other than pursuant to a stock split, stock dividend, or similar
transaction or as a result of an acquisition of securities directly from the Company) and immediately thereafter beneficially owns
50 percent or more of the combined voting power of all of the then outstanding Voting Securities, then a Change in Control shall
be deemed to have occurred for purposes of the foregoing clause (i).

 

		6.	Section 409A.

 

(a)          Anything
in this Agreement to the contrary notwithstanding, if at the time of the Employee’s separation from service within the meaning
of Section 409A of the Code, the Company determines that the Employee is a “specified employee” within the meaning
of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Employee becomes entitled to under
this Agreement on account of the Employee’s separation from service would be considered deferred compensation otherwise
subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section
409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is
the earlier of (A) six months and one day after the Employee’s separation from service, or (B) the Employee’s death.
If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment
covering amounts that would otherwise have been paid during the six-month period but for the application of this provision, and
the balance of the installments shall be payable in accordance with their original schedule.

 

(b)          All
in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or incurred
by the Employee during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively
practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year
in which the expense was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year
shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year (except
for any lifetime or other aggregate limitation applicable to medical expenses). Such right to reimbursement or in-kind benefits
is not subject to liquidation or exchange for another benefit.

 

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(c)          To
the extent that any payment or benefit described in this Agreement constitutes “non-qualified deferred compensation”
under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Employee’s termination
of employment, then such payments or benefits shall be payable only upon the Employee’s “separation from service.”
The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions
set forth in Treasury Regulation Section 1.409A-1(h).

 

(d)          The
parties intend that this Agreement will be administered in accordance with Section 409A of the Code. To the extent that any provision
of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner
so that all payments hereunder comply with Section 409A of the Code. Each payment pursuant to this Agreement is intended to constitute
a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). The parties agree that this Agreement may be amended,
as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related
rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party.

 

(e)          The
Company makes no representation or warranty and shall have no liability to the Employee or any other person if any provisions
of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an
exemption from, or the conditions of, such Section.

 

		7.	Confidential Information, Noncompetition and Cooperation.

 

(a)          Restrictive
Covenant Agreement. As a material condition of this Agreement, the Employee will execute the Employee Non-Competition, Non-Solicitation,
Confidentiality and Assignment Agreement (the “Restrictive Covenant Agreement”), attached hereto as Exhibit
A, prior to the Effective Date. The Employee acknowledges and agrees that the Employee received the Restrictive Covenant Agreement
with this Agreement and at least ten (10) business days before the commencement of the Employee’s employment.

 

(b)          Third-Party
Agreements and Rights. The Employee hereby confirms that the Employee is not bound by the terms of any agreement with any
previous employer or other party which restricts in any way the Employee’s use or disclosure of information, other than
confidentiality restrictions (if any), or the Employee’s engagement in any business. The Employee represents to the Company
that the Employee’s execution of this Agreement, the Employee’s employment with the Company and the performance of
the Employee’s proposed duties for the Company will not violate any obligations the Employee may have to any such previous
employer or other party. In the Employee’s work for the Company, the Employee will not disclose or make use of any information
in violation of any agreements with or rights of any such previous employer or other party, and the Employee will not bring to
the premises of the Company any copies or other tangible embodiments of non-public information belonging to or obtained from any
such previous employment or other party.

 

(c)           Litigation
and Regulatory Cooperation. During and after the Employee’s employment, the Employee shall cooperate fully with any
reasonable request of the Company in the defense or prosecution of any claims or actions now in existence or which may be brought
in the future against or on behalf of the Company which relate to events or occurrences that transpired while the Employee was
employed by the Company. The Employee’s full cooperation in connection with such claims or actions shall include, but not
be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the
Company at mutually convenient times. During and after the Employee’s employment, the Employee also shall cooperate fully
with the Company in connection with any investigation or review of any federal, state or local regulatory authority as any such
investigation or review relates to events or occurrences that transpired while the Employee was employed by the Company. The Company
shall reimburse the Employee for any reasonable out-of-pocket expenses incurred in connection with the Employee’s performance
of obligations pursuant to this Section 7(c).

 

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(d)          Relief.
The Employee agrees that it would be difficult to measure any damages caused to the Company which might result from any breach
by the Employee of the promises set forth in this Section 7, and that in any event money damages would be an inadequate remedy
for any such breach. Accordingly, subject to Section 8 of this Agreement, the Employee agrees that if the Employee breaches, or
proposes to breach, any portion of this Agreement, the Company shall be entitled, in addition to all other remedies that it may
have, to an injunction or other appropriate equitable relief to restrain any such breach without showing or proving any actual
damage to the Company. In addition, in the event the Employee breaches this Section 7 during a period when the Employee is receiving
severance payments pursuant to Section 4 or Section 5 hereof, the Company shall have the right to suspend or terminate such severance
payments. Such suspension or termination shall not limit the Company’s other options with respect to relief for such breach
and shall not relieve the Employee of the Employee’s duties under this Agreement.

 

(e)           Protected
Disclosures and Other Protected Action. Nothing contained in this Agreement limits the Employee’s ability to communicate
with any federal, state or local governmental agency or commission, including to provide documents or other information, without
notice to the Company.

 

8.            Arbitration
of Disputes. Any controversy or claim arising out of or relating to this Agreement or the breach thereof or otherwise arising
out of the Employee’s employment or the termination of that employment (including, without limitation, any claims of unlawful
employment discrimination or retaliation, whether based on race, religion, national origin, sex, gender, age, disability, sexual
orientation, or any other protected class under applicable law, including without limitation Massachusetts General Laws Chapter
151B) shall, to the fullest extent permitted by law, be settled by arbitration in any forum and form agreed upon by the parties
or, in the absence of such an agreement, under the auspices of the American Arbitration Association (“AAA”)
in Boston, Massachusetts in accordance with the Employment Dispute Resolution Rules of the AAA, including, but not limited to,
the rules and procedures applicable to the selection of arbitrators. In the event that any person or entity other than the Employee
or the Company may be a party with regard to any such controversy or claim, such controversy or claim shall be submitted to arbitration
subject to such other person or entity’s agreement. Judgment upon the award rendered by the arbitrator may be entered in
any court having jurisdiction thereof. This Section 8 shall be specifically enforceable. Notwithstanding the foregoing, this Section
8 shall not preclude either party from pursuing a court action for the sole purpose of obtaining a temporary restraining order
or a preliminary injunction in circumstances in which such relief is appropriate; provided that any other relief shall be pursued
through an arbitration proceeding pursuant to this Section 8.

 

9.            Consent
to Jurisdiction. To the extent that any court action is permitted consistent with or to enforce Section 8 of this Agreement,
the parties hereby consent to the jurisdiction of the Superior Court of the Commonwealth of Massachusetts and the United States
District Court for the District of Massachusetts. Accordingly, with respect to any such court action, the Employee (a) submits
to the personal jurisdiction of such courts; (b) consents to service of process; and (c) waives any other requirement (whether
imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or service of process.

 

10.          Integration.
This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all
prior agreements between the parties concerning such subject matter.

 

11.          Withholding.
All payments made by the Company to the Employee under this Agreement shall be net of any tax or other amounts required to be
withheld by the Company under applicable law.

 

    9

     

    

 

12.          
Successor to the Employee. This Agreement shall inure to the benefit of and be enforceable by the Employee’s
personal representatives, executors, administrators, heirs, distributees, devisees and legatees. In the event of the Employee’s
death after the Employee’s termination of employment but prior to the completion by the Company of all payments due to the
Employee under this Agreement, the Company shall continue such payments to the Employee’s beneficiary designated in writing
to the Company prior to the Employee’s death (or to the Employee’s estate, if the Employee fails to make such designation).

 

13.          
Enforceability. If any portion or provision of this Agreement (including, without limitation, any portion or provision
of any section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction,
then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which
it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall
be valid and enforceable to the fullest extent permitted by law.

 

14.          
Survival. The provisions of this Agreement shall survive the termination of this Agreement and/or the termination
of the Employee’s employment to the extent necessary to effectuate the terms contained herein.

 

15.         
Waiver. No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party.
The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of
any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of
any subsequent breach.

 

16.          
Notices. Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient
if in writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or certified
mail, postage prepaid, return receipt requested, to the Employee at the last address the Employee has filed in writing with the
Company or, in the case of the Company, at its main offices, attention of the Board.

 

17.          
Amendment. This Agreement may be amended or modified only by a written instrument signed by the Employee and by a
duly authorized representative of the Company.

 

18.          
Governing Law. This is a Massachusetts contract and shall be construed under and be governed in all respects by the
laws of the Commonwealth of Massachusetts without giving effect to the conflict of laws principles thereof.

 

19.          
Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered
shall be taken to be an original; but such counterparts shall together constitute one and the same document.

 

20.          
Successor to Company. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation
or otherwise) to all or substantially all of the business or assets of the Company expressly to assume and agree to perform this
Agreement to the same extent that the Company would be required to perform it if no succession had taken place. Failure of the
Company to obtain an assumption of this Agreement at or prior to the effectiveness of any succession shall be a material breach
of this Agreement.

 

21.          
Gender Neutral. Wherever used herein, a pronoun in the masculine gender shall be considered as including the feminine
gender unless the context clearly indicates otherwise.

 

[REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK. SIGNATURE PAGES FOLLOW.]

 

    10

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Agreement effective on the date and year first above written.

 

	 	SCHOLAR ROCK, INC.
	 
	 	By:	 /s/ David Hallal
	 	Its:	Chairman of the Board
	 
	 	EMPLOYEE
	 
	 	/s/ Stuart A. Kingsley
	 	Stuart A. Kingsley

 

    11

     

    

 

Exhibit A

 

Employee Non-Competition,
Non-Solicitation,

Confidentiality and
Assignment Agreement

 

    12

     

    

 

SCHOLAR ROCK, INC.

 

Employee Non-Competition, Non-Solicitation,
Confidentiality and Assignment Agreement

 

In consideration and as a condition of my
employment, continued employment by or other service relationship with Scholar Rock, Inc. (the “Company”), I agree
to the terms and conditions of this Employee Non-Competition, Non-Solicitation, Confidentiality and Assignment Agreement (the “Agreement”).
For purposes of this Agreement, references to the employment relationship shall mean any employment, co-employment, independent
contractor or other service relationship, whether directly or through a third party, that I may have with the Company.

 

1.           
Proprietary Information. I agree that all information, whether or not in writing,
concerning the Company’s business, technology, business relationships or financial affairs which the Company has not released
to the general public (collectively, “Proprietary Information”) is and will be the exclusive property of the Company.
By way of illustration, Proprietary Information may include information or material which has not been made generally available
to the public, such as: (a) corporate information, including plans, strategies, methods, policies, resolutions, negotiations
or litigation; (b) marketing information, including strategies, methods, customer identities or other information about
customers, prospect identities or other information about prospects, or market analyses or projections; (c) financial information,
including cost and performance data, debt arrangements, equity structure, investors and holdings, purchasing and sales data and
price lists; and (d) operational and technological information, including plans, specifications, manuals, forms, templates,
pre-clinical and clinical testing data and strategies, software, designs, methods, procedures, formulas, discoveries, inventions,
improvements, concepts and ideas; and (e) personnel information, including personnel lists, reporting or organizational
structure, resumes, personnel data, compensation structure, performance evaluations and termination arrangements or documents.
Proprietary Information also includes information received in confidence by the Company from its customers or suppliers or other
third parties.

 

2.            
Recognition of Company’s Rights. I will not, at any time, without the
Company’s prior written permission, either during or after my employment, disclose any Proprietary Information to anyone
outside of the Company, or use or permit to be used any Proprietary Information for any purpose other than the performance of my
duties as an employee of the Company. I will cooperate with the Company and use my best efforts to prevent the unauthorized disclosure
of all Proprietary Information. I will deliver to the Company all copies of Proprietary Information in my possession or control
upon the earlier of a request by the Company or termination of my employment.

 

3.            
Rights of Others. I understand that the Company is now and may hereafter be
subject to non-disclosure or confidentiality agreements with third parties which require the Company to protect or refrain from
unauthorized use of proprietary information. I agree to be bound by the terms of such agreements in the event I have access to
such proprietary information.

 

4.            
Commitment to Company; Avoidance of Conflict of Interest. While an employee
of the Company, I will devote my full-time efforts to the Company’s business and I will not engage in any other business
activity that conflicts with my duties to the Company. I will advise the president of the Company or his or her nominee at such
time as any activity of either the Company or another business presents me with a conflict of interest or the appearance of a conflict
of interest as an employee of the Company. I will take whatever action is requested of me by the Company to resolve any conflict
or appearance of conflict which it finds to exist.

 

5.            
Developments. I will make full and prompt disclosure to the Company of all inventions,
discoveries, designs, developments, methods, modifications, improvements, processes, algorithms, databases, computer programs,
formulae, techniques, trade secrets, graphics or images, and audio or visual works and other works of authorship (collectively
 “Developments”), whether or not patentable or copyrightable, that are created, made, conceived or reduced to practice
by me (alone or jointly with others) or under my direction during the period of my employment. I acknowledge that all work performed
by me is on a “work for hire” basis, and I hereby do assign and transfer and, to the extent any such assignment cannot
be made at present, will assign and transfer, to the Company and its successors and assigns all my right, title and interest in
all Developments that (a) relate to the business of the Company or any of the products or services being researched, developed,
manufactured or sold by the Company or which may be used with such products or services; or (b) result from tasks assigned to me
by the Company; or (c) result from the use of premises, resources, proprietary information or know-how, or personal property (whether
tangible or intangible) owned, leased or contracted for by the Company (“Company-Related Developments”), and all related
patents, patent applications, trademarks and trademark applications, copyrights and copyright applications, and other intellectual
property rights in all countries and territories worldwide and under any international conventions (“Intellectual Property
Rights”).

 

    

     

    

 

To preclude any possible uncertainty, I
have set forth on Exhibit A attached hereto a complete list of Developments that I have, alone or jointly with others, conceived,
developed or reduced to practice prior to the commencement of my employment with the Company that I consider to be my property
or the property of third parties and that I wish to have excluded from the scope of this Agreement (“Prior Inventions”).
If disclosure of any such Prior Invention would cause me to violate any prior confidentiality agreement, I understand that I am
not to list such Prior Inventions in Exhibit A but am only to disclose a cursory name for each such invention, a listing
of the party(ies) to whom it belongs and the fact that full disclosure as to such inventions has not been made for that reason.
I have also listed on Exhibit A all patents and patent applications in which I am named as an inventor, other than those
which have been assigned to the Company (“Other Patent Rights”). If no such disclosure is attached, I represent
that there are no Prior Inventions or Other Patent Rights. If, in the course of my employment with the Company, I incorporate a
Prior Invention into a Company product, process or machine or other work done for the Company, I hereby grant to the Company a
nonexclusive, royalty-free, paid-up, irrevocable, worldwide license (with the full right to sublicense) to make, have made, modify,
use, sell, offer for sale and import such Prior Invention. Notwithstanding the foregoing, I will not incorporate, or permit to
be incorporated, Prior Inventions in any Company-Related Development without the Company’s prior written consent.

 

This Agreement does not obligate me to
assign to the Company any Development which, in the sole judgment of the Company, reasonably exercised, is developed entirely on
my own time and does not relate to the business efforts or research and development efforts in which, during the period of my employment,
the Company actually is engaged or reasonably would be engaged, and does not result from the use of premises, resources, proprietary
information, know-how or equipment owned or leased by the Company. However, I will also promptly disclose to the Company any such
Developments for the purpose of determining whether they qualify for such exclusion. I understand that to the extent this Agreement
is required to be construed in accordance with the laws of any state which precludes a requirement in an employee agreement to
assign certain classes of inventions made by an employee, this paragraph 5 will be interpreted not to apply to any invention which
a court rules and/or the Company agrees falls within such classes. I also hereby waive all claims to any moral rights or other
special rights which I may have or accrue in any Company-Related Developments.

 

6.           
Documents and Other Materials. I will keep and maintain adequate and current
records of all Proprietary Information and Company-Related Developments developed by me during my employment, which records will
be available to and remain the sole property of the Company at all times. 

 

All files, letters, notes, memoranda, reports,
records, data, sketches, drawings, notebooks, layouts, charts, quotations and proposals, specification sheets, or other written,
photographic or other tangible material containing Proprietary Information, whether created by me or others, which come into my
custody or possession, are the exclusive property of the Company to be used by me only in the performance of my duties for the
Company. Any property situated on the Company’s premises and owned by the Company, including without limitation computers,
disks and other storage media, filing cabinets or other work areas, is subject to inspection by the Company at any time with or
without notice. In the event of the termination of my employment for any reason, I will deliver to the Company all files, letters,
notes, memoranda, reports, records, data, sketches, drawings, notebooks, layouts, charts, quotations and proposals, specification
sheets, or other written, photographic or other tangible material containing Proprietary Information, and other materials of any
nature pertaining to the Proprietary Information of the Company and to my work, and will not take or keep in my possession any
of the foregoing or any copies.

 

7.            
Enforcement of Intellectual Property Rights. I will cooperate fully with the
Company, both during and after my employment with the Company, with respect to the procurement, maintenance and enforcement of
Intellectual Property Rights in Company-Related Developments. I will sign, both during and after the term of this Agreement, all
papers, including without limitation copyright applications, patent applications, declarations, oaths, assignments of priority
rights, and powers of attorney, which the Company may deem necessary or desirable in order to protect its rights and interests
in any Company-Related Development. If the Company is unable, after reasonable effort, to secure my signature on any such papers,
I hereby grant a power of attorney by designating and appointing each officer of the Company as my agent and attorney-in-fact to
execute any such papers on my behalf, and to take any and all actions as the Company may deem necessary or desirable in order to
protect its rights and interests in any Company-Related Development.

 

8.            
Restrictive Covenants.

 

		A.	Non-Competition Restrictive Covenants

 

In order to protect the Company’s Proprietary
Information and good will, during my employment and for a period of one (1) year following the termination of my employment
for any reason, unless the Company terminates my employment without Cause or lays me off, or such shorter period as the Company
designates in writing to me in connection with the ending of my employment relationship (the “Restricted Period”),
I will not directly or indirectly, anywhere in the United States, whether as owner, partner, shareholder, director, manager, consultant,
agent, employee, co-venturer, or otherwise, engage in, participate in, or perform: (a) any job, position, function, role, or activity
that (i) is the same as or similar to that which I performed for the Company during any part of the two-year period immediately
preceding the end of my employment with the Company and (ii) involves products, services, or a line of business (in each case,
including but not limited to the research, development, manufacture, or commercialization of any products, services, or line of
business) that is competitive with or that substitutes for or that eliminates the need for, any products, services, or a line of
business (in each case, including but not limited to the research, development, manufacture, or commercialization of any products,
services, or a line of business) of the Company at any time during the two-year period immediately preceding the end of my employment
with the Company; or (b) any other job, position, function, role, or activity that would likely or inevitably, even if unintentionally,
require or result in the use or disclosure of the Company’s Proprietary Information or the use of the Company’s customer
goodwill, provided that this shall not prohibit any possible investment in publicly traded stock of a company representing less
than one percent of the stock of such company. Furthermore, I acknowledge and agree that the Company shall have the option of enforcing
the aforementioned non-competition restriction, up to and including the full duration of the Restricted Period. In the event the
Company elects to enforce said non-competition restriction, the Company will cause to be paid to me fifty percent (50%) of my highest
annualized base salary paid by the Company within the two (2) years preceding the termination of my employment, for as long as
the Company elects to enforce said non-competition restriction, subject further to limitations on payments owed to an employee
who has breached a fiduciary duty owed to the Company or who has unlawfully taken Company property to the extent permitted by applicable
law. I acknowledge and agree that any payments I receive pursuant to this paragraph 8(a) shall reduce (and shall not be in addition
to) any severance or separation pay that I am otherwise entitled to receive from the Company pursuant to an agreement, plan or
otherwise.

 

    2

     

    

 

		B.	Non-Solicitation Restrictive Covenants

 

In order to protect the Company’s Proprietary
Information and good will, during the Restricted Period, I will not, directly or indirectly, in any manner, other than for the
benefit of the Company, (a) call upon, solicit, divert, take away, accept or conduct any business from or with any of the customers
or prospective customers of the Company or any of its suppliers, and/or (b) solicit, entice, attempt to persuade any other employee
or consultant of the Company to leave the Company for any reason or otherwise participate in or facilitate the hire, directly or
through another entity, of any person who is employed or engaged by the Company or who was employed or engaged by the Company within
six months of any attempt to hire such person.

 

I acknowledge that this covenants in this
paragraph 8 are necessary because the Company’s legitimate business interests cannot be adequately protected solely by the
other covenants in this Agreement. I further acknowledge and agree that if I violate any of the provisions of this paragraph 8,
the running of the Restricted Period will be extended by the time during which I engage in such violation(s).

 

9.            
Government Contracts. I acknowledge that the Company may have from time to time
agreements with other persons or with the United States Government or its agencies which impose obligations or restrictions on
the Company regarding inventions made during the course of work under such agreements or regarding the confidential nature of such
work. I agree to comply with any such obligations or restrictions upon the direction of the Company. In addition to the rights
assigned under paragraph 5, I also assign to the Company (or any of its nominees) all rights which I have or acquired in any Developments,
full title to which is required to be in the United States under any contract between the Company and the United States or any
of its agencies.

 

10.          
Prior Agreements. I hereby represent that, except as I have fully disclosed
previously in writing to the Company, I am not bound by the terms of any agreement with any previous employer or other party to
refrain from using or disclosing any trade secret or confidential or proprietary information in the course of my employment with
the Company or to refrain from competing, directly or indirectly, with the business of such previous employer or any other party.
I further represent that my performance of all the terms of this Agreement as an employee of the Company does not and will not
breach any agreement to keep in confidence proprietary information, knowledge or data acquired by me in confidence or in trust
prior to my employment with the Company. I will not disclose to the Company or induce the Company to use any confidential or proprietary
information, know-how or material belonging to any previous employer or others. 

 

11.          
Remedies Upon Breach.  I understand that the restrictions contained in this
Agreement are necessary for the protection of the business and goodwill of the Company and I consider them to be reasonable for
such purpose. Any breach of this Agreement is likely to cause the Company substantial and irrevocable damage and therefore, in
the event of such breach, the Company, in addition to such other remedies which may be available, will be entitled to specific
performance and other injunctive relief, without the posting of a bond. In the event of any litigation concerning this Agreement,
the Company and I agree that the prevailing party shall be entitled to costs relating to such litigation, including reasonable
attorneys’ fees and expenses.

 

12.          
Publications and Public Statements. I will obtain the Company’s written
approval before publishing or submitting for publication any material that relates to and/or incorporates any Proprietary Information.

 

13.         
No Employment Obligation. I understand that this Agreement does not create an
obligation on the Company or any other person to continue my employment. I acknowledge that, unless otherwise agreed in a formal
written employment agreement signed on behalf of the Company by an authorized officer, my employment with the Company is at will
and therefore may be terminated by the Company or me at any time and for any reason, with or without cause.

 

14.          
Survival and Assignment by the Company. I understand that my obligations under
this Agreement will continue in accordance with its express terms regardless of any changes in my title, position, duties, salary,
compensation or benefits or other terms and conditions of employment. I further understand that my obligations under this Agreement
will continue following the termination of my employment regardless of the manner of such termination and will be binding upon
my heirs, executors and administrators. The Company will have the right to assign this Agreement to its affiliates, successors
and assigns. I expressly consent to be bound by the provisions of this Agreement for the benefit of the Company or any parent,
subsidiary or affiliate to whose employ I may be transferred without the necessity that this Agreement be resigned at the time
of such transfer.

 

    3

     

    

 

15.          
Exit Interview. If and when I depart from the Company, I may be required to
attend an exit interview. For twelve (12) months following termination of my employment, I will notify the Company of any change
in my address and of each subsequent employment or business activity, including the name and address of my employer or other post-Company
employment plans and the nature of my activities. If I am named an inventor in one or more patent applications that resulted during
my employment with the Company, I agree to use commercially reasonable efforts to keep the Company apprised of my contact information
for an additional twenty-four (24) months. 

 

16.         
Disclosure to Future Employers. During the Restricted Period, I will provide
a copy of this Agreement to any prospective employer, partner or co-venturer prior to entering into an employment, partnership
or other business relationship with such person or entity.

 

17.          
Severability. In case any provisions (or portions thereof) contained in this
Agreement shall, for any reason, be held invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect the other provisions of this Agreement, and this Agreement shall be construed as if such invalid, illegal or unenforceable
provision had never been contained herein. If, moreover, any one or more of the provisions contained in this Agreement shall for
any reason be held to be excessively broad as to duration, geographical scope, activity or subject, it shall be construed by limiting
and reducing it, so as to be enforceable to the extent compatible with the applicable law as it shall then appear.

 

18.         
Interpretation. This Agreement will be deemed to be made and entered into in
the Commonwealth of Massachusetts, and will in all respects be interpreted, enforced and governed under the laws of the Commonwealth
of Massachusetts. I hereby agree to consent to personal jurisdiction of the state and federal courts situated within Suffolk County,
Massachusetts for purposes of enforcing this Agreement, and waive any objection that I might have to personal jurisdiction or venue
in those courts.

 

I UNDERSTAND THAT THIS AGREEMENT AFFECTS
IMPORTANT RIGHTS. BY SIGNING BELOW, I CERTIFY THAT I HAVE READ IT CAREFULLY AND AM SATISFIED THAT I UNDERSTAND IT COMPLETELY. I
ACKNOWLEDGE I HAVE BEEN NOTIFIED BY THE COMPANY OF THE RIGHT TO CONSULT WITH COUNSEL OF MY OWN CHOOSING PRIOR TO SIGNING THIS AGREEMENT,
AND THAT I WAS GIVEN A COPY OF THIS AGREEMENT BY THE EARLIER OF (i) RECEIPT OF A FORMAL OFFER OF EMPLOYMENT, OR (ii) NOT LESS THAN
10 BUSINESS DAYS BEFORE THE COMMENCEMENT OF EMPLOYMENT.

 

I ACKNOWLEDGE AND AGREE THAT THE TERMS
OF THIS AGREEMENT WILL APPLY TO MY ENTIRE SERVICE RELATIONSHIP WITH THE COMPANY, INCLUDING WITHOUT LIMITATION ANY PERIOD OF SERVICE
PRIOR TO THE DATE OF MY SIGNATURE BELOW. 

 

IN WITNESS WHEREOF, the undersigned has
executed this agreement as a sealed instrument as of the date set forth below.

 

	Signed:	/s/ Stuart A. Kingsley	 
	 	 	(Employee’s full name)	 
	 	 	 	 

 

	Type or print name:	Stuart A. Kingsley	 

 

	Date:	July 14, 2020	 

 

Scholar Rock, Inc.

 

/s/ David Hallal

 

Authorized Signatory

 

Date: 7/14/2020

 

    4

     

    

 

EXHIBIT A

 

To: Scholar Rock, Inc.

 

From: Stuart A. Kingsley

 

Date: July 14, 2020

 

SUBJECT:               Prior Inventions

 

The following is a complete list of all
inventions or improvements relevant to the subject matter of my employment by the Company that have been made or conceived or first
reduced to practice by me alone or jointly with others prior to my engagement by the Company:

 

x           No
inventions or improvements

 

 ̈
            See below:

 

_______________________________________________________________

 

_______________________________________________________________

 

_______________________________________________________________

 

 ̈            Additional
sheets attached

 

The following is a list of all patents and
patent applications in which I have been named as an inventor:

 

x           None

 

 ̈            See
below:

 

_______________________________________________________________

 

_______________________________________________________________

 

_______________________________________________________________

 

    5

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