Document:

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                                                                     Exhibit 4.1

                             STOCKHOLDERS' AGREEMENT

                  STOCKHOLDERS' AGREEMENT (this "Agreement"), dated as of
February 12, 2003, between J. Crew Group, Inc. (the "Company"), TPG Partners II,
L.P. ("TPG") and Scott Gilbertson (the "Stockholder").

                  WHEREAS, the Stockholder is an employee of the Company and in
such capacity is on the date hereof being granted restricted shares ("Restricted
Shares") of common stock of the Company, $.01 par value per share ("Common
Stock"), and is being granted certain options (the "Options") to purchase shares
of Common Stock, in each case pursuant to the Company's 2003 Equity Incentive
Plan (the "2003 Plan"), and may be granted additional shares of Common Stock or
rights to purchase Common Stock in the future in connection with his performance
of services;

                  WHEREAS, as a condition to the issuance of the Restricted
Shares and shares of Common Stock pursuant to the exercise of an Option, the
Stockholder is required under the 2003 Plan to execute this Agreement; and

                  WHEREAS, the Stockholder and the Company desire to enter this
Agreement and to have this Agreement apply to the shares to be acquired pursuant
to the 2003 Plan and to any shares of Common Stock acquired after the date
hereof by the Stockholder from whatever source, subject to any future agreement
between the Company and the Stockholder to the contrary (in the aggregate, the
"Shares").

                  NOW THEREFORE, in consideration of the premises hereinafter
set forth, and other good and valuable consideration, the receipt of which is
hereby acknowledged, the parties hereto agree as follows.

                  1. Investment. The Stockholder represents that the Shares are
being acquired for investment and not with a view toward the distribution
thereof.

                  2. Issuance of Shares. The Stockholder acknowledges and agrees
that the certificate for the Shares shall bear the following legends (except
that the second paragraph of this legend shall not be required after the Shares
have been registered and except that the first paragraph of this legend shall
not be required after the termination of this Agreement):

         The shares represented by this certificate are subject to the terms and
         conditions of a Stockholders' Agreement dated as of February 12, 2003
         and may not be sold, transferred, hypothecated, assigned or encumbered,
         except as may be permitted by the aforesaid Agreement. A copy of the
         Stockholders' Agreement may be obtained from the Secretary of the
         Company.

         The shares represented by this certificate have not been registered
         under the Securities Act of 1933. The shares have been acquired for
         investment and may not be sold, transferred, pledged or hypothecated in
         the absence of an effective registration statement for the shares under
         the Securities Act of 1933 or an opinion of counsel for the Company
         that registration is not required under said Act.

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                  Upon the termination of this Agreement, or upon registration
of the Shares under the Securities Act of 1933 (the "Securities Act"), the
Stockholder shall have the right to exchange any Shares containing the above
legends (i) in the case of the registration of the Shares, for Shares legended
only with the first paragraph described above and (ii) in the case of the
termination of this Agreement, for Shares legended only with the second
paragraph described above.

                  3. Transfer of Shares; Call Rights.

                  (a) The Stockholder agrees that he will not cause or permit
the Shares or his interest in the Shares to be sold, transferred, hypothecated,
assigned or encumbered except as expressly permitted by this Section 3;
provided, however, that the Shares or any such interest may be transferred (i)
on the Stockholder's death by bequest or inheritance to the Stockholder's
executors, administrators, testamentary trustees, legatees or beneficiaries,
(ii) to a trust or custodianship the beneficiaries of which may include only the
Stockholder, the Stockholder's spouse, or the Stockholder's lineal descendants
(by blood or adoption) and (iii) in accordance with Section 4 of this Agreement,
subject in any such case to the agreement by each transferee (other than the
Company) in writing to be bound by the terms of this Agreement and provided in
any such case that no such transfer that would cause the Company to be required
to register the Common Stock under Section 12(g) of the Securities Exchange Act
of 1934, as amended (the "Exchange Act"), shall be permitted.

                  (b) The Company (or its designated assignee) shall have the
right commencing on the later of (x) the termination of the Stockholder's
employment with the Company for any reason and (y) one year following the date
of the acquisition by the Stockholder of any Shares, to purchase from the
Stockholder, and upon the exercise of such right the Stockholder shall sell to
the Company (or its designated assignee), all or any portion of the Shares held
by the Stockholder as of the date as of which such right is exercised at a per
Share price equal to the Fair Market Value (as defined in the 2003 Plan) of a
share of Common Stock determined as of the date as of which such right is
exercised. The Company (or its designated assignee) shall exercise such right by
delivering to the Stockholder a written notice specifying its intent to purchase
Shares held by the Stockholder, the date as of which such right is to be
exercised and the number of Shares to be purchased. Such purchase and sale shall
occur on such date as the Company (or its designated assignee) shall specify
which date shall not be later than ninety (90) days after the fiscal quarter-end
immediately following the date as of which the Company's right is exercised.

                  4. Certain Rights.

                  (a) Drag Along Rights. If TPG desires to sell all or
substantially all of its shares of Common Stock to a good faith independent
purchaser (a "Purchaser") (other than any other investment partnership, limited
liability company or other entity established for investment purposes and
controlled by the principals of TPG or any of its affiliates and other than any
employees of TPG or any of its affiliates, hereinafter referred to as a
"Permitted Transferee") and said Purchaser desires to acquire all or
substantially all of the issued and outstanding shares of Common Stock (or all
or substantially all of the assets of the Company) upon such terms and
conditions as agreed to with TPG, the Stockholder agrees to sell all of his
Shares to said

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Purchaser (or to vote all of his Shares in favor of any merger or other
transaction which would effect a sale of such shares of Common Stock or assets
of the Company) at the same price per share of Common Stock and pursuant to the
same terms and conditions with respect to payment for the shares of Common Stock
as agreed to by TPG. In such case, TPG shall give written notice of such sale to
the Stockholder at least 30 days prior to the consummation of such sale, setting
forth (i) the consideration to be received by the holders of shares of Common
Stock, (ii) the identity of the Purchaser, (iii) any other material items and
conditions of the proposed transfer and (iv) the date of the proposed transfer.

                  (b) Tag Along Rights. (i) Subject to paragraph (iv) of this
Section 4(b), if TPG or its affiliates propose to transfer any of its shares of
Common Stock to a Purchaser (other than a Permitted Transferee), then TPG or
such Permitted Transferee (hereinafter referred to as a "Selling Stockholder")
shall give written notice of such proposed transfer to the Stockholder (the
"Selling Stockholder's Notice") at least 30 days prior to the consummation of
such proposed transfer, and shall provide notice to all other stockholders of
the Company to whom TPG has granted similar "tag-along" rights (such
stockholders together with the Stockholder, referred to herein as the "Other
Stockholders") setting forth (A) the number of shares of Common Stock offered,
(B) the consideration to be received by such Selling Stockholder, (C) the
identity of the Purchaser, (D) any other material items and conditions of the
proposed transfer and (E) the date of the proposed transfer.

                  (ii) Upon delivery of the Selling Stockholder's Notice, the
Stockholder may elect to sell up to the sum of (A) the Pro Rata Portion (as
hereinafter defined) and (B) the Excess Pro Rata Portion (as hereinafter
defined) of his Shares, at the same price per share of Common Stock and pursuant
to the same terms and conditions with respect to payment for the shares of
Common Stock as agreed to by the Selling Stockholder, by sending written notice
to the Selling Stockholder within 15 days of the date of the Selling
Stockholder's Notice, indicating his election to sell up to the sum of the Pro
Rata Portion plus the Excess Pro Rata Portion of his Shares in the same
transaction. Following such 15 day period, the Selling Stockholder and each
Other Stockholder shall be permitted to sell to the Purchaser on the terms and
conditions set forth in the Selling Stockholder's Notice the sum of (X) the Pro
Rata Portion and (Y) the Excess Pro Rata Portion of its Shares.

                  (iii) For purposes of Section 4(b) hereof, "Pro Rata Portion"
shall mean, with respect to shares of Common Stock held by the Stockholder or
Selling Stockholder, as the case may be, a number equal to the product of (x)
the total number of such shares then owned by the Stockholder or the Selling
Stockholder, as the case may be, and (y) a fraction, the numerator of which
shall be the total number of such shares proposed to be sold to the Purchaser as
set forth in the Selling Stockholder's Notice and the denominator of which shall
be the total number of such shares then outstanding (including such shares
proposed to be sold by the Selling Stockholder); provided, however, that any
fraction of a share resulting from such calculation shall be disregarded for
purposes of determining the Pro Rata Portion. For purposes of Section 4(b),
"Excess Pro Rata Portion" shall mean, with respect to shares of Common Stock
held by the Stockholder or the Selling Stockholder, as the case may be, a number
equal to the product of (x) the number of Non-Elected Shares (as defined below)
and (y) a fraction, the numerator of which shall be such Stockholder's Pro Rata
Portion with respect to such shares, and the denominator of which shall be the
sum of (1) the aggregate Pro Rata Portions with respect to the shares of

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Common Stock of all of the Other Stockholders that have elected to exercise
their rights to sell their Pro Rata Portion of shares of Common Stock, and (2)
the Selling Stockholder's Pro Rata Portion of shares of Common Stock (the
aggregate amount of such denominator is hereinafter referred to as the "Elected
Shares"). For purposes of this Agreement, "Non-Elected Shares" shall mean the
excess, if any, of (x) the total number of shares of Common Stock proposed to be
sold to a Purchaser as set forth in a Selling Stockholder's Notice, over (y) the
amount of Elected Shares.

                  (iv) Notwithstanding anything to the contrary contained
herein, the provisions of this Section 4(b) shall not apply to any sale or
transfer by TPG of shares of Common Stock unless and until TPG, after giving
effect to the proposed sale or transfer, shall have sold or transferred in the
aggregate (other than to Permitted Transferees) shares of Common Stock,
representing 7.5% of shares of Common Stock owned by TPG on the date hereof.

                  5. Termination. This Agreement shall terminate immediately
following the existence of a Public Market for the Common Stock except that (i)
the requirements contained in Section 2 hereof shall survive the termination of
this Agreement and (ii) the provisions contained in Section 3 hereof shall
continue with respect to each Share during such period of time, if any, as the
Stockholder is precluded from selling such Shares pursuant to Rule 144 of the
Securities Act. For this purpose, a "Public Market" for the Common Stock shall
be deemed to exist if the Common Stock is registered under Section 12(b) or
12(g) of the Exchange Act and trading regularly occurs in such Common Stock in,
on or through the facilities of securities exchanges and/or inter-dealer
quotation systems in the United States (within the meaning of Rule 902(j) of the
Securities Act) or any designated offshore securities market (within the meaning
of Rule 902(b) of the Securities Act).

                  6. Distributions With Respect To Shares. As used herein, the
term "Shares" includes securities of any kind whatsoever distributed with
respect to the Common Stock acquired by the Stockholder pursuant to the 2003
Plan or any such securities resulting from a stock split or consolidation
involving such Common Stock.

                  7. Amendment; Assignment. This Agreement may be amended,
superseded, canceled, renewed or extended, and the terms hereof may be waived,
only by a written instrument signed by authorized representatives of the parties
or, in the case of a waiver, by an authorized representative of the party
waiving compliance. No such written instrument shall be effective unless it
expressly recites that it is intended to amend, supersede, cancel, renew or
extend this Agreement or to waive compliance with one or more of the terms
hereof, as the case may be. Except for the Stockholder's right to assign his or
her rights under Section 3(a) or the Company's right to assign its rights under
Section 3(b), no party to this Agreement may assign any of its rights or
obligations under this Agreement without the prior written consent of the other
parties hereto.

                  8. Notices. All notices and other communications hereunder
shall be in writing, shall be deemed to have been given if delivered in person
or by certified mail, return receipt requested, and shall be deemed to have been
given when personally delivered or three (3) days after mailing to the following
address:

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                  If to the Stockholder:

                           To the Stockholder's most recent address on file with
                           the Company.

                  If to the Company:

                           J. Crew Group, Inc.
                           770 Broadway
                           New York, NY 10003
                           Attention: General Counsel

                  If to TPG:

                           TPG Partners II, L.P.
                           c/o TPG Advisors II, Inc.
                           301 Commerce Street, Suite 3300
                           Fort Worth, Texas 76102
                           Attention:  Richard A. Ekleberry

                  or to such other address as any party may have furnished to
the others in writing in accordance herewith, except that notices of change of
address shall only be effective upon receipt.

                  9. Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed to be an original, but each of which
together shall constitute one and the same document.

                  10. Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of NEW YORK, without
reference to its principles of conflicts of law.

                  11. Binding Effect. This Agreement shall be binding upon,
inure to the benefit of, and be enforceable by the heirs, personal
representatives, successors and permitted assigns of the parties hereto. Nothing
expressed or referred to in this Agreement is intended or shall be construed to
give any person other than the parties to this Agreement, or their respective
heirs, personal representatives, successors or assigns, any legal or equitable
rights, remedy or claim under or in respect of this Agreement or any provision
contained herein.

                  12. Entire Agreement. This Agreement constitutes the entire
agreement between the parties hereto with respect to the subject matter hereof.

                  13. Severability. If any term, provision, covenant or
restriction of this Agreement, is held by a court of competent jurisdiction to
be invalid, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions of this Agreement shall remain in full force and
effect and shall in no way be affected, impaired or invalidated.

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                  14. Miscellaneous. The headings contained in this Agreement
are for reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement. A facsimile of a signature shall be deemed an
original signature for purposes of this Agreement

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

                                            J. CREW GROUP, INC.

                                            /s/ Scott M. Rosen
                                            -----------------------------
                                            Name:  Scott M. Rosen
                                            Title: Executive Vice-President
                                                   and Chief Financial Officer

                                            TPG PARTNERS II, L.P.
                                               By: TPG GenPar II, L.P
                                               By: TPG Advisors II, Inc.

                                            /s/ Richard A. Ekleberry
                                            -----------------------------
                                            Name:  Richard A. Ekleberry
                                            Title: Vice-President

                                            /s/ Scott Gilbertson
                                            -----------------------------
                                            Scott Gilbertson

                                       6<PAGE>

                                                                    Exhibit 10.1

                               AMENDMENT NO. 1 TO
                           LOAN AND SECURITY AGREEMENT

         AMENDMENT NO. 1 TO LOAN AND SECURITY AGREEMENT ("Amendment No. 1")
dated February 7, 2003 by and among J. Crew Operating Corp., a Delaware
corporation ("Operating"), J. Crew Inc., a New Jersey corporation ("J. Crew"),
Grace Holmes, Inc., a Delaware corporation doing business as J. Crew Retail
("Retail"), H.F.D. No. 55, Inc., a Delaware corporation doing business as J.
Crew Factory ("Factory", and together with Operating, J. Crew and Retail, each
individually a "Borrower" and collectively, "Borrowers"), J. Crew Group, Inc., a
New York corporation ("Parent") and J. Crew International, Inc. ("JCI" and
together with Parent, each individually a "Guarantor" and collectively,
"Guarantors"), the parties from time to time to the Loan Agreement (as
hereinafter defined) as lenders (each individually, a "Lender" and collectively,
"Lenders") and Congress Financial Corporation, a Delaware corporation, in its
capacity as administrative and collateral agent for Lenders pursuant to the Loan
Agreement (in such capacity, "Agent").

                              W I T N E S S E T H:

         WHEREAS, Agent, Lenders, Borrowers and Guarantors have entered into
financing arrangements pursuant to which Agent and Lenders have made and may
make loans and advances and provide other financial accommodations to Borrowers
as set forth in the Loan and Security Agreement, dated December 23, 2002, by and
among Agent, Lenders, Wachovia Bank, National Association, in its capacity as
arranger pursuant to the Loan Agreement, Borrowers and Guarantors (as the same
now exists and may hereafter be further amended, modified, supplemented,
extended, renewed, restated or replaced, the "Loan Agreement") and the
agreements, documents and instruments at any time executed and/or delivered in
connection therewith or related thereto (collectively, together with the Loan
Agreement, the "Financing Agreements");

         WHEREAS, Borrowers and Guarantors have requested that Agent and Lenders
make certain amendments to the Loan Agreement and Agent and Lenders are willing
to make such amendments to the extent and subject to terms and conditions set
forth herein.

         NOW, THEREFORE, in consideration of the mutual conditions and
agreements and covenants set forth herein, and for other good and valuable
consideration, the adequacy and sufficiency of which is hereby acknowledged, the
parties hereto agree as follows:

         Section 1.  Definitions.

         1.1 Defined Terms. For purposes of this Amendment No. 1, all terms used
herein, including but not limited to, those terms used and/or defined herein or
in the recitals hereto shall have the respective meanings assigned thereto in
the Loan Agreement as amended by this Amendment No. 1.

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         1.2 Amendment to Definitions. The definition of the term "Consolidated
Net Income" in the Loan Agreement is hereby amended by adding the following at
the end of the first parenthetical contained in such definition:

                  ", $6,658,000 in respect of severance charges and other
one-time employment related charges taken in the fiscal quarter ended in January
of 2003 and up to $2,950,000 in respect of severance charges taken in the fiscal
quarter ended in April of 2003".

         Section 2. Amendments to Loan Agreement.

         2.1 Transactions with Affiliates. Section 9.12 of the Loan Agreement is
hereby amended by adding the following at the end of subsection (a) thereof:

                  "or are otherwise permitted under Section 9.9(i) hereof"

         Section 3. Provisions of General Application.

         3.1 Effect of this Amendment. Except as modified pursuant hereto, no
other changes or modifications to the Financing Agreements are intended or
implied and in all other respects the Financing Agreements are hereby
specifically ratified, restated and confirmed by all parties hereto as of the
effective date hereof. To the extent of conflict between the terms of this
Amendment No. 1 and the other Financing Agreements, the terms of this Amendment
No. 1 shall control. The Loan Agreement and this Amendment No. 1 shall be read
and construed as one agreement.

         3.2 Governing Law. The rights and obligations hereunder of each of the
parties hereto shall be governed by and interpreted and determined in accordance
with the laws of the State of New York, but excluding any principles of
conflicts of law or other rule of law that would result in the application of
the law of any jurisdiction other than the laws of the State of New York.

         3.3 Binding Effect. This Amendment No. 1 shall be binding upon and
inure to the benefit of each of the parties hereto and their respective
successors and assigns.

         3.4 Further Assurances. Each Borrower and Guarantor shall execute and
deliver such additional documents and take such additional action as may be
reasonably requested by Agent and Lenders to effectuate the provisions and
purposes of this Amendment No. 1.

         3.5 Counterparts. This Amendment No. 1 may be executed in any number of
counterparts, but all of such counterparts shall together constitute but one and
the same agreement. In making proof of this Amendment, it shall not be necessary
to produce or account for more than one counterpart thereof signed by each of
the parties hereto. Delivery of an executed counterpart of this Amendment No. 1
by telefacsimile shall have the same force and effect as delivery of an original
executed counterpart of this

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Amendment No. 1. Any party delivering an executed counterpart of this Amendment
No. 1 by telefacsimile also shall deliver an original executed counterpart of
this Amendment No. 1, but the failure to deliver an original executed
counterpart shall not affect the validity, enforceability, and binding effect of
this Amendment No. 1 as to such party or any other party.

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1
to be duly executed and delivered by their authorized officers as of the date
and year first above written.

                                       CONGRESS FINANCIAL CORPORATION,
                                       as Agent and as Lender

                                       By:  /s/ Carmen Caporrino
                                           ---------------------------------
                                       Title: Vice President

                                       J. CREW OPERATING CORP.

                                       By:  /s/ Scott M. Rosen
                                           ---------------------------------
                                       Title:  Executive Vice-President and
                                               Chief Financial Officer

                                       J. CREW INC.

                                       By:  /s/ Scott M. Rosen
                                           ---------------------------------
                                       Title:  Executive Vice-President and
                                               Chief Financial Officer

                                       GRACE HOLMES, INC. d/b/a J. CREW RETAIL

                                       By:  /s/ Scott M. Rosen
                                           ---------------------------------
                                       Title:  Executive Vice-President and
                                               Chief Financial Officer

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                                       H.F.D. NO. 55, INC. d/b/a J. CREW FACTORY

                                       By:  /s/ Scott M. Rosen
                                           ---------------------------------
                                       Title:  Executive Vice-President and
                                               Chief Financial Officer

                                       J. CREW GROUP, INC.

                                       By:  /s/ Scott M. Rosen
                                           ---------------------------------
                                       Title:  Executive Vice-President and
                                               Chief Financial Officer

                                       J. CREW INTERNATIONAL, INC.

                                       By:  /s/ Nicholas Lamberti
                                           ---------------------------------
                                       Title:   Vice-President, Finance

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