Document:

EX-10.3

 Exhibit 10.3 

FORM OF 
 TRANSITION
SERVICES AGREEMENT 
 This TRANSITION SERVICES AGREEMENT (this “Agreement”) dated as of [●] (the
“Effective Date”)2 is made and entered into by and between [J.Crew Newco], a Delaware corporation (“Service Provider” or “J.Crew”) and Chinos
Holdings, Inc., a Delaware corporation (“Service Recipient” or “Madewell”). Service Provider and Service Recipient are individually referred to as a “Party” and collectively as the
“Parties.” 
 RECITALS 

WHEREAS, Service Provider and Service Recipient entered into that certain Separation and Distribution Agreement dated as of [●] (as
amended, modified or supplemented from time to time in accordance with its terms, the “S&D Agreement”); 
 WHEREAS, in
furtherance of the transactions contemplated by the S&D Agreement, and in order to ensure an orderly separation of the J.Crew Business and the Madewell Business (each as defined in the S&D Agreement), the Parties desire that (i) J.Crew
shall provide or cause to be provided to Madewell and/or its Subsidiaries on the date hereof immediately after giving effect to the Distribution (collectively hereinafter referred to as the “Madewell Recipient Entities”) and
(ii) Madewell shall provide or cause to be provided to J.Crew and/or its Subsidiaries on the date hereof immediately after giving effect to the Distribution (collectively hereinafter referred to as the “J.Crew Recipient
Entities”), certain services and other assistance on a transitional basis and in accordance with the terms and subject to the conditions set forth herein; 

WHEREAS, this Agreement is being executed and delivered pursuant to the S&D Agreement; and 

WHEREAS, in connection with the provision of certain legal services which are part of the Services, [●] and [●] will
simultaneously enter into a common interest agreement (the “Common Interest Agreement”). 
 NOW THEREFORE, in consideration
of the mutual agreements, provisions and covenants contained in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as
follows: 
  

	2 	 Note to Draft: The Effective Date of this Agreement will be the Distribution Date under the S&D
Agreement. 

 1. DEFINITIONS 

 

	1.1	 Definitions. The following capitalized terms shall have the meanings specified in this
Section 1.1. Capitalized terms used in this Agreement but not defined in this Section 1.1 or elsewhere in this Agreement shall have the respective meanings for such terms set forth in the S&D
Agreement.3 

  

	 	(a)	 “Agreement” shall have the meaning set forth in the preamble. 

 

	 	(b)	 “Chairman” shall have the meaning set forth in Section 3.1.

  

	 	(c)	 “Data Protection Laws” shall have the meaning set forth in Section 6.2.

  

	 	(d)	 “Disclosing Party” shall have the meaning set forth in Section 10.1.

  

	 	(e)	 “Dispute Meeting” shall have the meaning set forth in
Section 14.2(c). 

  

	 	(f)	 “Dispute Notice” shall have the meaning set forth in
Section 14.2(c). 

  

	 	(g)	 “Disputes” shall have the meaning set forth in Section 14.2(b).

  

	 	(h)	 “Effective Date” shall have the meaning set forth in the preamble. 

 

	 	(i)	 “Facilities” shall have the meaning set forth in Section 6.4.

  

	 	(j)	 “First Quarter of Year 2” means the first three (3) fiscal months of Year 2.

  

	 	(k)	 “Fixed Service Fee” shall have the meaning set forth in Section 4.1.

  

	 	(l)	 “Force Majeure Event” shall have the meaning set forth in
Section 14.5. 

  

	 	(m)	 “Indemnified Party” means, as the context requires, the Provider Indemnified Party or the
Recipient Indemnified Party. 

  

	 	(n)	 “Invoice” shall have the meaning set forth in Section 4.2.

  

	 	(o)	 “J.Crew Recipient Entities” shall have the meaning set forth in the Recitals.

  

	 	(p)	 “Madewell Recipient Entities” shall have the meaning set forth in the Recitals.

  

	 	(q)	 “Out-of-Pocket
Expenses” shall have the meaning set forth in Section 4.2(c). 

  

	 	(r)	 “Party” shall have the meaning set forth in the preamble. 

 

	3 	 Note to Draft: The following defined terms used in this Agreement are currently not defined, as we
expect they will be defined in the S&D Agreement: Affiliates, Applicable Law, Business, Business Day, Confidential Information, Distribution, Code, Governmental Authority, Intellectual Property, J.Crew Group, Losses, Madewell Group, Person,
Separation Documents, Subsidiaries and Tax. 

  
 2 

	 	(s)	 “Personnel” means the officers, managers, directors, employees, agents, suppliers, licensors,
licensees, contractors, subcontractors, advisors (including attorneys, accountants, technical consultants or investment bankers) and other representatives, from time to time, of a Party and its Affiliates; provided that the Personnel of any
Recipient Entity shall not be deemed Personnel of any Service Provider and the Personnel of any Service Provider shall not be deemed Personnel of any Recipient Entity. 

 

	 	(t)	 “Protected Data” shall have the meaning set forth in Section 6.2.

  

	 	(u)	 “Protocols” shall mean any and all procedures, policies or practices mutually agreed upon in
writing by the Parties regarding the provision or receipt of the Services and the sharing of information pursuant to this Agreement. 

  

	 	(v)	 “Provider Services” shall have the meaning set forth in
Section 2.1(a). 

  

	 	(w)	 “Provider Indemnified Party” shall have the meaning set forth in
Section 12.1. 

  

	 	(x)	 “Receiving Party” shall have the meaning set forth in Section 10.1.

  

	 	(y)	 “Recipient Indemnified Party” shall have the meaning set forth in
Section 12.2. 

  

	 	(z)	 “Recipient Services” shall have the meaning set forth in
Section 2.2. 

  

	 	(aa)	 “Recipient Sub-Services” shall have the meaning set
forth in Section 2.2. 

  

	 	(bb)	 “Representative” of a Person means any director, officer, employee, agent, consultant, or
advisor of such Person. 

  

	 	(cc)	 “Required Technology” shall have the meaning set forth in
Section 6.1. 

  

	 	(dd)	 “Resolution Failure Date” shall have the meaning set forth in
Section 14.2(c). 

  

	 	(ee)	 “S&D Agreement” shall have the meaning set forth in the Recitals. 

 

	 	(ff)	 “Sales and Services Taxes” shall have the meaning set forth in
Section 4.4(a). 

  

	 	(gg)	 “Second Quarter of Year 2” means the three (3) fiscal months of Year 2 immediately
following the First Quarter of Year 2. 

  

	 	(hh)	 “Different or Additional Service” shall have the meaning set forth in
Section 2.3. 

  

	 	(ii)	 “Service End Date” shall have the meaning set forth in Section 2.4.

  

	 	(jj)	 “Service Extension” shall have the meaning set forth in Section 2.4.

  

	 	(kk)	 “Service Fee” shall have the meaning set forth in Section 4.1.

  

	 	(ll)	 “Service Provider” shall have the meaning set forth in the preamble. 

 

	 	(mm)	 “Service Recipient” shall have the meaning set forth in the preamble. 

  
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	 	(nn)	 “Services” shall have the meaning set forth in Section 2.1(a).

  

	 	(oo)	 “Steering Committee” shall have the meaning set forth in
Section 3.1. 

  

	 	(pp)	 “Sub-Services” shall have the meaning set forth in
Section 2.1(a). 

  

	 	(qq)	 “Suspension Notice” shall have the meaning set forth in
Section 8.3(a). 

  

	 	(rr)	 “Systems” means systems, networks, software, e-mail,
databases, other computer-based resources, or similar technology. 

  

	 	(ss)	 “Tax Authority” means any Governmental Authority responsible for the administration of any
Tax. 

  

	 	(tt)	 “Tax Matters Agreement” means the Tax Matters Agreement, dated as of the date hereof, by and
between Madewell and J.Crew (as amended, modified or supplemented from time to time in accordance with its terms). 

  

	 	(uu)	 “Term” shall have the meaning set forth in Section 8.1.

  

	 	(vv)	 “Third Party Service Provider” shall have the meaning set forth in
Section 2.6. 

  

	 	(ww)	 “Transition” shall have the meaning set forth in Section 2.1(c).

  

	 	(xx)	 “Unresolved Disputes” shall have the meaning set forth in
Section 14.2(c). 

  

	 	(yy)	 “Variable Service Fee” shall have the meaning set forth in
Section 4.1. 

  

	 	(zz)	 “Working Capital Expenses” shall have the meaning set forth in
Section 4.1 

  

	 	(aaa)	 “Year 1” shall mean the twelve (12) fiscal month period beginning the first full fiscal
month immediately following the Effective Date. 

  

	 	(bbb)	 “Year 2” shall mean the twelve (12) fiscal month period immediately following Year 1.

  

	 	(ccc)	 “Year 3” shall mean the twelve (12) fiscal month period immediately following Year 2.

 2. SERVICES. 
  

	2.1	 Services. 

  

	 	(a)	 Provider Services. Upon the terms and subject to the conditions of this Agreement, Service Provider
shall provide or cause to be provided to the Madewell Recipient Entities the services listed in Schedule 2.1(a) as a Sub-Service (as such schedule may be updated or amended from time to time by mutual
agreement of the Parties) and Sub-Services (the “Provider Services”, and collectively with any Different or 

  
 4 

	 	
Additional Service, the “Services”). Within a given Provider Service, Service Provider agrees to perform the specific and discreet functions or services listed in Schedule
2.1(a) (as such schedule may be updated or amended from time to time by mutual agreement of the Parties) (the “Sub-Services”). 

 

	 	(b)	 All the Services shall be for the sole use and benefit of the Madewell Recipient Entities. None of the Services
listed on any Schedule shall require the Service Provider to provide to the Service Recipient or any of its Affiliates or any of their respective Representatives, in connection with the Services or otherwise, any Services to the extent provision is
prohibited or restricted by Applicable Law or puts the Service Provider’s existing plans or benefits at risk. 

  

	 	(c)	 Within thirty (30) days following the Effective Date, the Parties shall negotiate in good faith and agree
upon a plan to transition from Service Recipient receiving and using the Services provided by Service Provider under this Agreement to Service Recipient receiving and using services provided by its, its Affiliates’ or its Subsidiaries’ own
internal organization or by alternate service providers under other arrangements (the “Transition”); provided, however, that the Parties may mutually agree to continue to negotiate in good faith and agree upon the
Transition beyond such thirty (30) day period. The Parties shall use reasonable efforts to cooperate with each other to effect the Transition for each Service on or prior to the applicable Service End Date, but not prior to the end of Year 1.
In furtherance of the foregoing, each Party shall use reasonable efforts to obtain any applicable approvals, permits, consents and licenses and implement any Systems as may be reasonably necessary for it to effect the Transition as soon as
reasonably practicable. 

  

	2.2	 Recipient Services. Upon the terms and subject to the conditions of this
Section 2.2, Madewell shall provide or cause to be provided to J.Crew and/or its Subsidiaries on the date hereof immediately after giving effect to the Distribution the services and
Sub-Services listed in Schedule 2.2 collectively with the Recipient Sub-Services and any Different or Additional Services (the “Recipient
Services”). Within a given Recipient Service, Madewell agrees to perform the specific and discreet functions listed in Schedule 2.2 (as such schedule may be updated or amended from time to time by mutual agreement of the Parties)
(the “Recipient Sub-Services”). The following provisions of this Agreement are hereby incorporated into this Section; provided that all references in such provisions to the term
“Service Provider” shall mean Madewell, to the term “Service Recipient” shall mean J.Crew, to the term “Madewell Recipient Entities” shall mean J.Crew Recipient Entities, to the term “J.Crew Group” shall mean
Madewell Group, to the term “J.Crew Business” shall mean Business, to the term “Provider Services” shall mean the Recipient Services, to the term “Services” shall mean the Recipient Services collectively with any
Different or Additional Service, to the term “Sub-Services” shall mean Recipient Sub-Services, “Provider Indemnified Parties” shall mean Recipient
Indemnified Parties, “Recipient Indemnified Parties” shall mean Provider Indemnified Parties, and all references to Schedule 2.1(a) shall be deemed to be references to Schedule 2.2: Article 1 (except terms specifically
defined in this Section 2.2, which shall have the meaning 

  
 5 

	 	
described in this Section for purposes of this Section), Section 2.1(b), Section 2.3, Section 2.4,
Section 2.5, Section 2.7, Section 2.8, Section 2.9, Article 3 (except Section 3.5) (provided that the
Steering Committee shall be the same Steering Committee otherwise designated under this Agreement), Article 4 (except Section 4.2(b) and provided that Article 4 shall be read without references to the
Variable Service Fee or the Working Capital Expenses), Article 6, Article 7, Section 8.1, Section 8.2(b), Section 8.3 (except
Section 8.3(a) and 8.3(b)), Section 8.4(a), Section 8.5, Article 9, Article 10, Article 11, Article 12, Article 13, and
Article 14. Except as set forth below in this Section 2.2, no provisions of this Agreement aside from those listed in the immediately preceding sentence shall apply to Madewell’s provision of the Recipient
Services to J.Crew. 

  

	 	(a)	 Set-Off. J.Crew shall be entitled to set-off the Service Fees payable to Madewell pursuant to each Invoice against the amount payable to J.Crew pursuant to the invoice described in Section 4.2(c) for the same time period.

  

	 	(b)	 Termination by J.Crew. With respect to any Recipient
Sub-Service, including any Recipient Sub-Service which is a Different or Additional Service: 

 

	 	(i)	 J.Crew may terminate such Recipient Sub-Service, in whole but not in
part with respect to such Recipient Sub-Service, at any time upon prior written notice to Madewell if Madewell has failed to perform any of its material obligations under this Agreement with respect to such
Recipient Sub-Service, and such failure remains uncured thirty (30) days after J.Crew delivers written notice of such failure to Madewell; or 

 

	 	(ii)	 upon ninety (90) days’ prior written notice to Madewell. 

 

	 	(c)	 Survival. Upon termination of all Recipient Services pursuant to Article 8 (as incorporated into
this Section 2.2), all rights and obligations of the Parties described in this Section 2.2 shall terminate (other than Article 1, Section 2.9, Article 4
(provided that Article 4 shall be read without references to the Variable Service Fee or the Working Capital Expenses), the first sentence of Section 7.1, Section 8.4(a),
Section 10.1, Article 11, Article 12, Article 13, Article 14, and this Section 2.2(c), in each case as and to the extent incorporated into this
Section 2.2, each of which shall survive such termination indefinitely). 

  

	2.3	 Different or Additional Services. Service Recipient and Service Provider jointly agreed to the list of
Provider Services set forth in Schedule 2.1(a). 

  

	 	(a)	 If Service Recipient desires to make changes in this Agreement for different or additional services (each, a
“Different or Additional Service”) to be provided hereunder, the Parties shall comply with the following process: 

  

	 	(i)	 Service Recipient shall prepare a written proposal for the Different or Additional Service, including a
description of the applicable services, deliverables, schedule and term, in such detail as would be needed by an unaffiliated third party contractor to develop a competent proposal as to the cost to provide similar services, and a proposed fee.

  
 6 

	 	(ii)	 Upon receipt of a written proposal for a Different or Additional Service, Service Provider shall promptly send
to Service Recipient a written, good faith response in compliance with this Section 2.3 indicating whether Service Provider agrees to provide the different or additional services and, if so, (a) any proposed changes to
the requested services, deliverables, schedule and term or (b) the proposed fees for the different or additional services. 

  

	 	(iii)	 All Different or Additional Service proposals and responses must be delivered to both the Service Provider and
the Steering Committee by a Representative of the Party requesting a Different or Additional Service. Service Provider shall consider in good faith Service Recipient’s written request. If Service Provider agrees to provide any different or
additional services as contemplated by this Section 2.3, the Parties shall amend Schedule 2.1(a) hereto to document the relevant Different or Additional Service and shall obtain all necessary internal approvals prior
to the execution of such amendment and any such different or additional services shall be deemed part of the Services. 

  

	 	(b)	 Subject to Section 2.5, Service Provider may modify a Service or Sub-Service (including with respect to manner, scope, timing and quality) (i) to the extent the same modification is made with respect to Service Provider’s provision of such Service or Sub-Service, as applicable, to a member of the J.Crew Group or other Persons to whom Service Provider provides such Service or Sub-Service, as applicable; (ii) if
provision of such Service or Sub-Service, as applicable, is prohibited or restricted by Applicable Law, violates Service Provider’s existing contractual arrangements, puts Service Provider’s or its
Affiliates’ existing plans or benefits at risk, or would otherwise have a material adverse effect on a member of the J.Crew Group; or (iii) to the extent such modification is in connection with the relocation, transfer, termination,
retirement or resignation of Service Provider’s employees; provided, however, that in each case, (i)–(iii): (x) Service Provider will provide written notice of the need for modification and the details of such modification to
Service Recipient as soon as reasonably practicable; (y) Service Provider will use commercially reasonable efforts to limit the disruption to the operation of the Service Recipient’s business caused by such modification; and (z) if
such modification is to be made following the end of Year 1, Service Recipient may terminate such Service or Sub-Service, as applicable, immediately upon notice to Service Provider, provided that
Service Recipient shall be liable for, and shall pay to Service Provider, all fees accrued in respect of such Service or Sub-Service, as applicable, through the date of termination of the Service or Sub-Service, as applicable. 

  
 7 

	2.4	 Duration of Services. Beginning on the Effective Date (unless otherwise set forth in Schedule
2.1(a)), upon the terms and subject to the conditions of this Agreement, Service Provider shall provide or cause to be provided to Service Recipient each Sub-Service until the earliest to occur, with
respect to each such Sub-Service, of (a) the expiration of the period of duration for such Sub-Service as set forth in Schedule 2.1(a) (the “Service
End Date”) or (b) the date on which this Agreement is terminated under Article 8; provided, however, to the extent that Service Provider’s ability to provide a
Sub-Service is dependent on the continuation of any other Sub-Service and such dependence has been made known to Service Recipient in writing, Service Provider’s
obligation to provide such dependent Sub-Service shall terminate automatically with the termination of such supporting Sub-Service. Notwithstanding the foregoing, and
except for the Services set forth on Schedule 2.1(a)(●)4 and Schedule 2.1(a)(●)5 for
which no extension shall be allowed, Service Recipient shall have the right to request that Service Provider provide a Service or Sub-Service for an additional period of time, such additional period
terminating no later than the end of Year 3 (“Service Extension”). Any request for a Service Extension by Service Recipient shall be pursuant to the following process: (i) Service Recipient shall submit a written request to
Service Provider and the Steering Committee specifying the Service or Sub-Service to be extended and the proposed time period of extension no less than ninety (90) days prior to the end of the duration of
such Service or Sub-Service, as applicable, as set forth in Schedule 2.1(a), (ii) upon receipt of a written proposal for a Service Extension, Service Provider shall consider such request in good faith
and promptly send to Service Recipient a written, good faith response indicating whether Service Provider agrees to provide the Service Extension and any proposed changes to the Service Extension request and (iii) if Service Provider agrees to
provide the Service Extension as contemplated by this Section 2.4, the Parties shall amend Schedule 2.1(a) hereto to document the relevant Service Extension and shall obtain all necessary internal approvals prior to
the execution of such amendment and any such Service Extension shall be deemed part of the Services. For any Service Extension that occurs during Year 2, Service Recipient shall pay the applicable Service Fees set forth in Schedule 2.1(a),
including any Out-of-Pocket Expenses, in accordance with Section 4.2. For any Service Extension that occurs during Year 3, Service Recipient
shall pay Service Provider (i) one hundred and fifty percent (150%) of the sum of the applicable Fixed Service Fees and Variable Service Fees and (ii) any
Out-of-Pocket Expenses and Working Capital Expenses in accordance with Section 4.2. All costs to Service Provider arising from any adverse or
detrimental tax implication or consequence arising from any Service Extension shall be fully paid by Service Recipient to Service Provider within fifteen (15) days of a determination of such adverse or detrimental tax implication or
consequence. 

  

	2.5	 Standards of Service. Except as otherwise expressly provided in this Agreement or as set forth in
Schedule 2.4 which contains service level criteria with respect to certain Services, Service Provider shall perform the Services to be provided under this Agreement in a manner reasonably equivalent to the manner in which, and at the overall
standards of 

  

	4 	 Note to Draft: To be populated with a reference to the benefits Services. 

	5 	 Note to Draft: To be populated with a reference to the wholesale Services. 

  
 8 

	 	
quality and availability at which, such Services were provided by or on behalf of the J.Crew Business during the twelve (12) months prior to the Effective Date. If a Service was provided
during the twelve (12) months prior to the Effective Date by a third party, and such Service will continue to be provided by such third party on behalf of Service Provider, Service Provider shall use its reasonable efforts so that the quality
and availability of such Service is provided to Service Recipient in a manner reasonably consistent with the applicable agreement pursuant to which such third party provided the Service to the Business during the twelve (12) months prior to the
Effective Date. No Service Provider shall be required to perform any obligation under this Agreement to the extent that due to a change in Applicable Law after the date of this Agreement provision would materially increase or change such Service
Provider’s burden or the burden of any applicable Affiliate of the Service Provider with respect to compliance with Applicable Laws, unless the Service Recipient agrees to bear all incremental costs resulting from the increased compliance
burden associated with providing such Services or that would result in the breach or violation of any Applicable Law or third party contract or agreement. 

  

	2.6	 Third Party Service Providers. Service Provider shall have the right to designate an Affiliate or a
qualified Third Party Service Provider (“Third Party Service Provider”) to provide the applicable Services or Sub-Services; provided that Service Provider shall take reasonable measures
to ensure that each such Third Party Service Provider complies with the terms of this Agreement in relation to the provision of Services or Sub-Services including, if applicable,
Section 6.6. 

  

	2.7	 Third Parties. Without limiting Section 6.1, in the event any third party
consent, waiver or approval is required for a Service Provider or its designees to provide any Services or Sub-Services and such consent, waiver or approval is not obtained, the Parties shall cooperate in good
faith to identify a commercially reasonable alternative to such Services or Sub-Services, if available, including by referring the matter to the Steering Committee. Except as set forth in
Section 6.1, neither a Service Provider nor its Affiliates shall be required to obtain any consent, waiver or approval of any third party in order to provide any Services. 

 

	2.8	 Information. If Service Provider requires information within the control of Service Recipient to perform
any Services, Service Recipient shall promptly provide such information, or cause such information to be provided, to Service Provider. Such information shall be subject to Section 10.1. The Parties shall follow mutually
agreed upon procedures for the collection and transmission of the information to be processed pursuant to the Services. Without limiting the generality of Section 14.14 and subject to Article 6, if either Party or
its Affiliates, Subsidiaries or Personnel, reasonably require information or materials within the control of the other Party to perform or receive the Services, such Party shall promptly provide, or cause to be provided, such information or
materials to the other Party. The transmission, storage and use of such information and materials shall be subject to Section 10.1 and all applicable Protocols. During the term of this Agreement, subject to
Section 10.1 and all applicable Protocols, Service Provider shall, and shall cause its Affiliates and Subsidiaries to, use reasonable best efforts to make its and their Personnel reasonably available to the Madewell
Recipient Entities upon the Madewell Recipient Entities’ reasonable request to provide knowledge transfer and answer questions, including in connection with the [Separation Transactions, Initial Public Offering, Financing Transactions and
Distribution]. 

  
 9 

	2.9	 Ownership. Except as otherwise set forth in the Separation Documents, each Party shall retain all right,
title and interest in and to its tangible property (both real and personal). Nothing in this Agreement is intended to transfer any right, title, or interest in or to any such property (including materials, products, tools, equipment, facilities, and
other resources) owned by Service Provider or its Affiliates and used by them in connection with the provision of Services. 

3. STEERING COMMITTEE. 
  

	3.1	 Steering Committee. The Parties will establish a steering committee for the Services (the
“Steering Committee”), which will be made up of two (2) Representatives appointed by Service Provider and two (2) Representatives appointed by Service Recipient. One (1) Representative of each Party must have
decision-making authority. Service Provider shall appoint one (1) of the Representatives of Service Provider as the chairman of the Steering Committee (the “Chairman”) at or prior to the first meeting of the Steering Committee.
The Steering Committee shall: 

  

	 	(a)	 use commercially reasonable efforts to achieve the overall intent of this Agreement with respect to the
Services; 

  

	 	(b)	 supervise the activities of each Party’s employees with respect to the Services; and

  

	 	(c)	 serve as an initial point of contact for the other Party with respect to questions and issues that may arise in
connection with the Services; 

  

	 	(d)	 monitor and manage any issues arising from, and the performance under, this Agreement; 

 

	 	(e)	 facilitate the resolution of disputes arising out of this Agreement; and 

 

	 	(f)	 pursuant to Section 3.5, approve certain Persons selected by Service Provider
to perform certain Services. 

 The Steering Committee does not have the authority to amend this Agreement. 

 

	3.2	 Initial Representatives. Each Party will appoint its initial Representatives to the Steering Committee
within ten (10) days after the Effective Date. 

  

	3.3	 Replacement of a Steering Committee Member. If (a) a Party wishes to replace its Representative on
the Steering Committee, (b) a Party’s Representative on the Steering Committee is unable to perform its duties for any prolonged period or (c) a Party’s Representative is no longer employed by that Party, then that Party will
replace that Representative with another suitably qualified and experienced Representative as soon as practicable and give notice of the details of the replacement Representative to the other Party within five (5) days after that appointment.

  
 10 

	3.4	 Meetings of the Steering Committee. Meetings of the Steering Committee shall be conducted in person or
through telephone conference and shall take place at least once every thirty (30) days, as otherwise mutually agreed by the Parties or as required by Section 14.2. The first meeting of the Steering Committee shall take
place no later than thirty (30) days after the Effective Date. There will be a standing agenda for each Steering Committee meeting, which may be updated from time to time and which shall be circulated by the Chairman at least one (1) day
prior to any meeting. Any meeting at which at least one (1) of the Service Provider’s Representatives and one (1) of the Service Recipient’s Representatives are present shall constitute a meeting of the Steering Committee for
purposes of satisfying the meeting requirements of the Steering Committee set forth herein; provided that for any Dispute Meeting, all four (4) Representatives must be present. 

 

	3.5	 Employees Carrying out Services. The Steering Committee shall promptly either approve or reject any
employee of Service Provider selected by Service Provider pursuant to Section 6.6 who is carrying out Services (a) involving information about Service Recipient’s employee compensation or benefits or
(b) included on Schedule 2.1(a)[●]6. 

 4.
FEES. 
  

	4.1	 Service Fee. In consideration for the provision by Service Provider of the Services, Service Provider
shall charge Service Recipient, and Service Recipient shall pay Service Provider a monthly fee in accordance with the payment details set forth in Section 4.2 (the “Service Fee”), which shall equal the sum
of: (a) the total of all Sub-Service fees set forth on each subpart of Schedule 2.1(a) (the “Fixed Service Fee”), (b) the variable costs incurred by Service Provider as set forth
on Schedule 4.17 (the “Variable Service Fee”), (c) the Out-of-Pocket Expenses incurred by
Service Provider as described in Section 4.2(c), and (d) the cost to Service Provider of maintaining daily operations as set forth on Schedule 4.18 (the “Working
Capital Expenses”). 

  

	6 	 Note to Draft: To be populated with a reference to the HR Services Schedule. 

	7 	 Note to Draft: To be populated with the costs associated with the contact center, domestic trucking,
UPS/delivery, operation of two specific buildings. 

	8 	 Note to Draft: To be populated with costs incurred in maintaining daily operations such as medical
claims, benefits claims, and 401(k) payments. 

  
 11 

	4.2	 Payment Details. 

 

	 	(a)	 Service Provider shall invoice Service Recipient and Service Recipient shall pay Service Provider as follows:

  

			
		
	Service Provider shall invoice Service Recipient:	  	Service Recipient shall pay Service Provider:
		
	the Fixed Service Fee monthly in advance on the third Tuesday of the preceding month for each month during the Term, beginning the first full fiscal month after the Effective Date	  	the Fixed Service Fee amounts set forth on any invoice within ten (10) days of Service Recipient’s receipt of such invoice
		
	the Variable Service Fee monthly in arrears on the third Tuesday of each fiscal month during the Term, beginning the first full fiscal month after the Effective Date	  	the Variable Service Fee amounts set forth on any invoice within five (5) days of Service Recipient’s receipt of such invoice
		
	the Out-of-Pocket Expenses monthly in arrears on the first Tuesday of each fiscal month during the Term, beginning the first full fiscal month after the
Effective Date	  	the Out-of-Pocket Expenses amounts set forth on any invoice within five (5) days of Service Recipient’s receipt of such invoice
		
	the Working Capital Expenses weekly every Tuesday during the Term, beginning the first full fiscal week after the Effective Date	  	the Working Capital Expenses amounts set forth on any invoice within five (5) days of Service Recipient’s receipt of such invoice
		
	amounts due in connection with Sales and Services Taxes pursuant to Section 4.4	  	the amounts due in connection with Sales and Services Taxes set forth on any invoice pursuant to Section 4.4

 Each invoice (“Invoice”) shall be accompanied by reasonable documentation supporting each of
the invoiced amounts. The Service Fees will be prorated for any partial month as appropriate to take into account the number of days that Services were provided. All undisputed amounts remaining unpaid for more than fifteen (15) days after
their respective due date(s) shall accrue one-and-a-half percent (1.5%) interest per month until paid in full. 

 

	 	(b)	 Except as mutually agreed to in writing by the Parties and as set forth in
Section 2.2(a) of this Agreement, no Party or any of its Affiliates shall have any right of set-off or other similar rights with respect to (i) any amounts received pursuant to
this Agreement or (ii) any other amounts claimed to be owed to the other Party or any of its Affiliates arising out of this Agreement. 

  

	 	(c)	 If the provision of Services requires an
out-of-pocket expense attributable solely to Service Recipient to be paid by Service Provider which is not included in the Fixed Service Fee, the Variable Service Fee or
the Working Capital Expenses (an “Out-of-Pocket Expense”), the Service Provider may invoice the Service Recipient for reimbursement in accordance with
the procedures set forth in this Section 4.2, which amount shall be included in the subsequent Invoice. Notwithstanding the 

  
 12 

	 	
foregoing, if provision of any Service or Sub-Service requires an
out-of-pocket expense to be paid by Service Provider, at Service Provider’s sole discretion, Service Provider may invoice Service Recipient in advance for such
expense, and Service Recipient shall promptly pay such invoiced amount in advance of Service Provider’s performance of such Service or Sub-Service. 

 

	4.3	 Reduction of Fees. If Service Provider ceases to perform any particular Service or Sub-Service pursuant to a request made by Service Recipient under Section 8.3 and Service Provider is no longer incurring a cost for such Services or
Sub-Services, thereafter the applicable monthly Service Fee shall be reduced to an amount equal to the fees for those Services or Sub-Services which are still being
provided. If the Parties are unable to agree upon the applicable reduction in fees for the applicable reduced Services or Sub-Services, then such failure to agree shall be considered a dispute between the
Parties subject to Section 3.5 and Section 14.2 and Service Provider shall, upon the written request of Service Recipient, furnish to Service Recipient reasonable documentation required to substantiate the
proposed reduction. 

  

	4.4	 Taxes. 

  

	 	(a)	 All charges and fees to be paid to Service Provider under this Agreement are exclusive of any and all sales,
use, transfer, value-added, goods or services taxes or similar gross-receipts-based taxes (“Sales and Services Taxes”) required by Applicable Law to be collected from Service Recipient or which may be assessed on the provision of
the Services hereunder. If any Sales and Services Taxes are assessed on the provision of any of the Services under this Agreement, (i) Service Provider will deliver to Service Recipient an invoice (or other valid and customary documentation)
reflecting such Sales and Services Taxes in accordance with Applicable Law, (ii) Service Recipient will pay to Service Provider the amount shown as due on such invoice in accordance with Section 4.2, and
(iii) Service Provider will remit such amount to the applicable Tax Authority in accordance with Applicable Law. Service Provider shall be responsible for any Sales and Services Taxes (including any deficiency, interest and penalties) imposed
as a result of a failure to timely remit any Sales and Services Taxes to the applicable Tax Authority to the extent Service Recipient timely remits such Sales and Services Taxes to Service Provider or Service Recipient’s failure to do so
results from Service Provider’s failure to timely charge or provide notice of such Sales and Services Taxes to Service Recipient. 

  

	 	(b)	 Service Recipient shall be entitled to deduct and withhold from any amount otherwise payable pursuant to this
Agreement such amounts as Service Recipient is required to deduct and withhold with respect to the making of any such payment under the U.S. Internal Revenue Code of 1986, as amended, or any provision of state, local or foreign Tax Law. To the
extent that amounts are so withheld, Service Recipient shall (i) gross up the amount payable such that Service Provider receives an amount equal to the amount of the Service Fee in respect of that Service it would have received in the absence
of such withholding, and (ii) submit to Service Provider evidence of payment of any such withholding Tax to the Tax Authorities. 

  
 13 

	 	(c)	 The Parties will cooperate with each other in determining the extent to which any Tax described in this
Section 4.4 is due and owing under the circumstances and in minimizing any such Tax, including by making available to each other any resale certificate, information regarding out-of-state use of materials, services or sale, and other exemption certificates or information reasonably requested by either Party. Each Party agrees to provide the other Party such information and data as
reasonably requested from time to time, and to fully cooperate with the other Party, in connection with (i) the reporting of any Sales and Services Taxes, (ii) any audit relating to any Sales and Services Taxes, or (iii) any
assessment, refund, claim or legal proceeding relating to any Sales and Services Taxes. Each Party shall promptly notify the other Party of any deficiency claim or similar notice by a Tax Authority with respect to any Sales and Services Taxes.

  

	4.5	 Audit Rights. Service Recipient will have the right, at its sole expense, to cause to be conducted at
the end of the Term through one (1) independent third party a reasonable audit of the data, records or other pertinent information of Service Provider related to the basis for calculation of the Variable Service Fee. Out-of-Pocket Expenses and Working Capital Expenses. Service Recipient shall provide at least thirty (30) Business Days’ prior written notice of any such audit, and
shall conduct such audit during normal business hours and in such a manner so as to minimize disruptions to Service Provider. 

  

	4.6	 Accounting and Authority. The Parties acknowledge and agree that with respect to Services, including
those relating to bookkeeping support, finance/audit clerical (non-decision making) services, technology support and telephone services, regarding each, Service Provider’s role is to provide Services on
behalf of Service Recipient and therefore, Service Recipient shall retain the economic benefits and risks associated with such activities. The Parties acknowledge and agree that Service Recipient retains authority for all decisions relating to its
bookkeeping support, finance/audit clerical (non-decision making) services, technology support, and telephone services and in Service Provider’s provision of all Services, Service Provider is not making
any decisions or commitments on behalf of Service Recipient. Service Provider shall not be responsible for any losses or mistakes in the provision of Services which result from any inaccurate or insufficient information given to Service Provider.
Notwithstanding this Section 4.6, to the extent any Services involve the preparation of a tax return, the economic benefits and risks associated with such Services and authority for all decisions or commitments relating to
such Services shall be governed by the Tax Matters Agreement. 

 5. MAINTENANCE. 

 

	5.1	 Maintenance. Service Provider shall have the right to temporarily shut down the operation of any Systems
or facilities providing any Service or Sub-Service whenever, in Service Provider’s judgment, reasonably exercised, such action is necessary or advisable for general maintenance or emergency purposes. With
respect to Services or Sub-Services 

  
 14 

	 	
dependent on the operation of such Systems and facilities, Service Provider shall be relieved of its obligations hereunder to provide such Services or
Sub-Services during the period that such Systems or facilities are so shut down in compliance with this Agreement but shall use commercially reasonable efforts to minimize the duration of any such shutdown.

 6. ACCESS, RECORDS AND SECURITY. 

 

	6.1	 Required Technology. If either Party, its Affiliates or its Personnel require access to the Systems of
the other Party or its Affiliates (collectively, the “Required Technology”) in order to receive or perform the Services, then the Party controlling such access shall reasonably allow the other Party, its Affiliates or their
respective Personnel such access in accordance with Section 6.3 and this Section 6.1, as applicable. If either Party grants the other Party access to any Required Technology, or if either Party is
otherwise granted access to any of the other Party’s Systems in connection with provision or receipt of the Services, the accessing Party shall comply with all applicable system security policies, procedures and requirements as communicated to
the accessing Party in advance. Notwithstanding the foregoing, neither Party shall be required to pay any fees or other payments or incur any obligations to enable the other Party to obtain any license to use Required Technology; provided,
however, if and to the extent requested by a Party, the other Party shall use commercially reasonable efforts to assist the first Party in its efforts to obtain licenses (or other appropriate rights) to use, duplicate or distribute, as
necessary, any Systems necessary for such Party to provide or receive the applicable Services. 

  

	6.2	 Protection of Data. In this Section 6.2, the terms “personal information” and
“maintain” shall have the meanings ascribed to them under applicable data protection, privacy or similar Applicable Laws (including all statutes, enacting instruments, common law, regulations and directives, concerning the protection or
maintenance of computerized data that includes personal information) (the “Data Protection Laws”). Each Party shall, and shall cause its Affiliates or Personnel to, comply with all applicable Data Protection Laws in relation to all
personal information that it maintains in the course of performing its obligations under this Agreement (the “Protected Data”). If in connection with this Agreement, either Party acquires or obtains access to any Protected Data,
such Party shall, and shall cause each of its relevant Affiliates to, (a) implement and maintain appropriate technical and organization measures and security procedures and practices in respect of the Protected Data to prevent unauthorized or
unlawful acquisition, access, disclosure, use or maintenance of the Protected Data that are no less protective than those used by such Party in the ordinary course of business, (b) keep reasonably accurate records relating to maintenance of
Protected Data in accordance with its applicable procedures and practices and, upon reasonable advanced written notice, permit the other Party to examine or audit such records with respect to compliance with Data Protection Laws,
(c) reasonably cooperate with the other Party in connection with any complaints or investigations related to unauthorized or unlawful acquisition, access, disclosure, use, or maintenance of the Protected Data, (d) use Protected Data
solely for the purposes of this Agreement or as otherwise required by Applicable Law (subject to providing to the other Party prior notice of any use other than for the purpose(s) of this Agreement), (e) comply with all reasonable

  
 15 

	 	
restrictions on the acquisition of, access to, use, maintenance and disclosure of Protected Data imposed by the other Party or by Applicable Law, (f) notify the other Party in writing as
soon as reasonably practicable, but in any event within forty-eight (48) hours after becoming aware of any unauthorized or unlawful acquisition, access, disclosure, use or maintenance of Protected Data (to the extent not prohibited under
Applicable Law or recommendation of a Governmental Authority) and take reasonable actions to prevent further unauthorized or unlawful acquisition, access, disclosure, use or maintenance and (g) use and disclose the Protected Data in a manner
that is consistent with the other Party’s practices and policies, upon reasonable advanced written notice of such practices and policies. To the extent required by applicable Data Protection Laws or as deemed necessary by the Parties, the
Parties (or their respective Affiliates) will enter into additional agreements with respect to the processing of Protected Data. 

  

	6.3	 Access to Systems. Each Party shall take reasonable steps to ensure that only those of its personnel who
are specifically authorized to have access to the Systems of the other Party or its Third Party Service Provider gain such access, and shall prevent unauthorized access, use, destruction, alteration, or loss of information contained therein, and
shall notify its personnel regarding the restrictions set forth in this Agreement. At all times when a Party is accessing the Systems owned or controlled by the other Party pursuant to this Agreement, such Party shall, and shall cause its
Affiliates, Representatives and/or Third Party Service Provider, as the case may be, to, use commercially reasonable efforts to comply with the policies and procedures of the other Party concerning health, safety and security, to the extent such
policies and procedures are communicated to such Party in advance. 

  

	6.4	 Access to Facilities. If either Party, its Affiliates or its Personnel require access to the facilities
of the other Party or its Affiliates (collectively, the “Facilities”) in order to receive or perform Services, then the Party controlling such access shall reasonably allow the other Party, its Affiliates or their respective
Personnel such access in accordance with this Section 6.4 and Section 6.1, as applicable. The Party to whom such access is given shall (a) limit such access to those of its and its Affiliates’ Personnel who
reasonably require such access in connection with this Agreement, (b) advise the other Party in writing in advance of such access of the name of each such Personnel who shall require such access, (c) follow, and cause its
Affiliates and their respective Personnel to follow, all rules and procedures for use of such Facilities, provided such rules and procedures are communicated to such Party in writing in advance, (d) not attempt to obtain access to, use
or interfere with any systems or resources of the other Party, except to the extent permitted by the other Party and required to do so to provide or receive the Services and (e) not intentionally damage, disrupt or impair the normal
operation of the Facilities. Any evidenced damage caused by a Party, its Affiliates or their respective Personnel or agents in the Facilities of the other Party shall be repaired to the condition prior to such damage by or on behalf of such Party,
in each case, at the damaging Party’s sole cost and expense. 

  

	6.5	 Records. During the term of this Agreement and for five (5) years thereafter (or such longer
period as may be required by Applicable Law), Service Provider and Service Recipient shall each use commercially reasonable efforts to maintain complete and accurate records related to any Service provided, Fees invoiced and payments made hereunder
(the “Service 

  
 16 

	 	
Records”); provided, that if Service Provider at any time offers in writing to transfer the Service Records in Service Provider’s possession to Service Recipient, Service
Recipient shall have sixty (60) days thereafter to take possession of the Service Records, after which Service Provider shall no longer have an obligation to retain, and may thereafter delete or destroy, such Service Records. Upon reasonable advance
notice, and subject to Article 10, each Party in possession of Service Records shall use commercially reasonable efforts to permit the other Party or its Representatives, as applicable, reasonable access to or, at the requesting Party’s
expense, copies of, such Service Records during regular business hours; provided, that (a) such access shall not disrupt the normal operations of such first Party’s business and (b) nothing herein shall require any Party to
provide to the other Party, its Affiliates or its Representatives with access to or copies of any information to the extent that such access to or the provision of such information would violate any Applicable Law or contractual obligation
(including any Applicable Law or contractual obligation relating to the collection, transfer, storage, disposal, use, processing and disclosure of personally identifiable information); provided, that such first Party and its Affiliates shall
use commercially reasonable efforts to provide such information in a manner that does not violate such Applicable Law or is in accordance with such agreement. 

  

	6.6	 Employees and Contractors. Service Provider shall be responsible for the appointment of appropriate
Personnel to carry out and perform the Services. Any Person who will be carrying out the provision of Services (a) involving information about Service Recipient’s employee compensation or benefits or (b) included on Schedule
2.1(a)[●]9 shall be approved by the Steering Committee pursuant to Section 3.5. All such Persons shall be required to execute a
non-disclosure agreement substantially in the form of Exhibit A. As between Service Provider and Service Recipient, at all times during the provision of Services, Service Provider Personnel providing
Services shall continue to be solely an employee, agent or contractor, as applicable, of Service Provider and shall not, unless otherwise agreed in writing by Service Provider and Service Recipient, become an employee, agent or contractor of Service
Recipient, and such Personnel shall not be entitled to receive any compensation, benefits, perquisites or privileges from Service Recipient provided, that, the foregoing shall not prevent such Personnel from leaving the employment of Service
Provider, either at the discretion of such individual Personnel or at Service Provider’s discretion. Service Provider or one or more of its Affiliates, as applicable, shall be responsible for paying all necessary employment taxes, salary and
incidental appointment and employment costs, if any, as may be required by Applicable Law with respect to any such Personnel. 

7. INTELLECTUAL PROPERTY. 
  

	7.1	 Ownership and License. Except as otherwise set forth in the Separation Documents, each Party shall
retain all right, title and interest in and to its Intellectual Property used in connection with the Services, including any Intellectual Property created by such Party in providing or receiving the Services. Any Intellectual Property created by
Service Provider 

  

	9 	 Note to Draft: To be populated with a reference to the HR Services Schedule. 

  
 17 

	 	
in providing the Services on behalf of, for the exclusive (other than by Service Provider in providing the Services) use of, and at the sole expense of Service Recipient shall be the sole
property of Service Recipient and is hereby assigned to Service Recipient. Each Party hereby grants on behalf of itself and its Affiliates to the other Party and its Affiliates, a limited, royalty-free, fully
paid-up, worldwide, non-sublicensable, non-exclusive, non-transferable (except as set
forth in Section 14.4) license solely during the Term in, to and under all Intellectual Property (including the Intellectual Property described in the immediately preceding sentence), software, technology and data owned or
controlled by such Party or any of its Affiliates, solely to the extent necessary for, as applicable, the Service Provider to provide the Services and the Service Recipient to receive and use the Services. 

8. TERM AND TERMINATION. 

 

	8.1	 Term. The term of this Agreement shall commence immediately upon the Effective Date and terminate upon
the earlier of (a) the last date on which Service Provider is obligated to provide any Service to Service Recipient in accordance with the terms hereof or (b) the mutual written agreement of the Parties to terminate this Agreement in its
entirety, in each case, unless earlier terminated under Section 8.2 (the “Term”). 

  

	8.2	 Termination. Upon written notice to the other Party, this Agreement may be terminated:

  

	 	(a)	 by Service Provider (i) if Service Recipient is in material breach of the terms of this Agreement and
Service Recipient fails to cure such breach within thirty (30) days after Service Provider delivers written notice of such breach to Service Recipient, or (ii) if Service Recipient has failed to make payments as required under Article
4 and Service Recipient fails to cure such breach within five (5) days after Service Provider delivers written notice of such breach to Service Recipient; 

 

	 	(b)	 by either Party: 

  

	 	(i)	 if the other Party commences a voluntary case or other proceeding seeking liquidation, reorganization or other
relief with respect to itself or its debts under any bankruptcy, insolvency or other similar Applicable Law now or hereafter in effect or seeks the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any
substantial part of its property, or consents to any such relief or to the appointment of or taking possession by any such official in any involuntary case or other proceeding commenced against it, or makes a general assignment for the benefit of
creditors or takes any corporate action to authorize any of the foregoing. Service Provider waives all rights to, and shall not assert in any legal proceeding, that this Agreement is executory in nature and can be rejected in a bankruptcy or
insolvency proceeding; or 

  

	 	(ii)	 upon the mutual agreement of the Parties; 

  
 18 

	 	(c)	 by Service Recipient: 

 

	 	(i)	 following the end of Year 1, if Service Provider is in material breach of the terms of this Agreement and
Service Provider fails to cure such breach within thirty (30) days after Service Recipient delivers written notice of such breach to Service Provider; 

  

	 	(ii)	 during Year 2, upon ninety (90) days’ prior written notice to Service Provider; provided, that
for the First Quarter of Year 2 and the Second Quarter of Year 2, such termination will result in an additional payment equal to the Termination Fee described below, which shall be paid monthly in accordance with the payment details set forth in
Section 4.2 for a Fixed Service Fee; or 

  

			
	 Termination Date
	  	 Termination Fee

	The First Quarter of Year 2	  	Fifty percent (50%) of the total amount of the Fixed Service Fee for the First Quarter of Year 2
		
	The Second Quarter of Year 2	  	Twenty-five percent (25%) of the total amount of the Fixed Service Fee for the Second Quarter of Year 2

  

	 	(iii)	 following the end of Year 2, upon ninety (90) days’ prior written notice to Service Provider.

 Notwithstanding the foregoing, a Party’s failure to terminate this Agreement in the event of a material breach of
this Agreement by the other Party under Section 8.2(a) or Section 8.2(c) will not constitute a waiver by such Party of such breach or affect in any way any other rights or remedies such Party might
otherwise have given such breach. Such Party’s remedies for any such breach are cumulative. 
  

	8.3	 Partial Termination of Services. With respect to any
Sub-Service: 

  

	 	(a)	 During Year 1, Service Recipient may suspend payment of the Service Fee for such
Sub-Service if (i) Service Provider has either (x) ceased to perform such Sub-Service or (y) failed to perform any of its material obligations under this
Agreement with respect to such Sub-Service and such failure results in a material business disruption to the Madewell Business, (ii) Service Recipient delivers written notice to Service Provider stating
with reasonable specificity the cessation or basis for such failure (the “Suspension Notice”), and (iii) such cessation or failure remains uncured fifteen (15) days after Service Provider receives such Suspension Notice;
provided, that, Service Recipient must pay to Service Provider all Service Fee amounts which accrued prior to the suspension of payment for such Sub-Service in accordance with
Section 4.2. If (i) such cessation or failure remains uncured for fifteen (15) days following the proper suspension of payment of the Service Fee for

  
 19 

	 	
a Sub-Service, (ii) Service Recipient delivers written notice to Service Provider reaffirming the continuation of the cessation or basis for failure
described in the Suspension Notice, and (iii) such cessation or failure remains uncured for an additional fifteen (15) days after Service Provider receives written notice reaffirming such cessation or failure to Service Provider, Service
Recipient may terminate such Sub-Service. 

  

	 	(b)	 Following the end of Year 1, Service Recipient may terminate such
Sub-Service, in whole but not in part with respect to such Sub-Service, at any time upon prior written notice to Service Provider if Service Provider has failed to
perform any of its material obligations under this Agreement with respect to such Sub-Service, and such failure remains uncured thirty (30) days after Service Recipient delivers written notice of such
failure to Service Provider; or 

  

	 	(c)	 Service Provider may terminate such Sub-Service, in whole but not in
part with respect to such Sub-Service, at any time upon prior written notice to Service Recipient (i) if Service Recipient has failed to perform any of its material obligations under this Agreement with
respect to such Sub-Service, and such failure remains uncured thirty (30) days after Service Provider delivers written notice of such failure to Service Recipient or (ii) if Service Recipient has
failed to make payments as required under Article 4 and such failure remains uncured five (5) days after Service Provider delivers written notice of such failure to Service Recipient 

 

	 	(d)	 Either Party may terminate such Sub-Service: 

 

	 	(i)	 upon thirty (30) days’ prior written notice, if (i) a Third Party Service Provider is unwilling
or unable to provide the Sub-Service, (ii) Service Provider is unable to retain a replacement Third Party Service Provider to provide the Sub-Service on terms that
are reasonably comparable to the terms of this Agreement, after using commercially reasonable efforts to find such replacement, and (iii) neither Service Provider nor any of its Affiliates are able to provide the
Sub-Service using commercially reasonable efforts. Such termination of the affected Sub-Service shall have no effect upon the provision of the other Services to Service
Recipient unless other Services are dependent on that terminated Sub-Service, in which case the Parties will cooperate and use commercially reasonable efforts to promptly determine and implement a reasonable
alternative arrangement for the affected Services; or 

  

	 	(ii)	 upon the mutual agreement of the Parties. 

If any Sub-Service is terminated pursuant to this Section 8.3, or upon the
completion of the duration of any Service, Schedule 2.1(a) shall automatically be deemed to be updated to reflect such termination in Sub-Service. 

  
 20 

	8.4	 Effect of Termination. 

 

	 	(a)	 Upon termination of any Service or Sub-Service in accordance with this
Agreement, Service Provider will have no further obligation to provide such terminated Service or Sub-Service and Service Recipient shall have no obligation to pay any Service Fee relating to any such
terminated Service or Sub-Service; provided that Service Recipient shall remain obligated to Service Provider for (i) any Service Fee or other required amounts owed and payable in respect of such
terminated Service or Sub-Service that was provided prior to the effective date of termination and (ii) any other fees or expenses of Service Provider or its Affiliates in connection with terminating and
otherwise winding down the terminated Services or Sub-Services, including any fees payable to a Third Party Service Provider or under any third party contract associated with the provision of the terminated
Services. In connection with the termination of any Service or Sub-Service, the provisions of this Agreement not relating solely to such terminated Service or
Sub-Service shall survive any such termination. 

  

	 	(b)	 Upon termination of this Agreement pursuant to this Article 8, all rights and obligations of the Parties
hereunder shall terminate (other than Article 1, Section 2.2(c), Section 2.9, Article 4, the first sentence of Section 7.1,
Section 8.4, Section 10.1, Article 11, Article 12, Article 13, and Article 14 which shall survive such termination indefinitely). 

 

	8.5	 Extension; Waiver. Either Service Provider, with respect to Service Recipient, or Service Recipient,
with respect to Service Provider, may (a) extend the time for the performance of any of the obligations or other acts of the other Party, (b) waive any inaccuracies in the representations and warranties of the other Party contained in this
Agreement or in any document delivered pursuant to this Agreement, or (c) waive compliance with any of the agreements or conditions of the other Party contained in this Agreement but such waiver of compliance with such agreements or conditions
shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. Any such extension or waiver shall be valid only if set forth in an instrument in writing signed by the Party granting such extension or waiver. Neither
the waiver by either of the Parties of a breach of or a default under any of the provisions of this Agreement, nor the failure by either of the Parties, on one or more occasions, to enforce any of the provisions of this Agreement or to exercise any
right or privilege hereunder, shall be construed as a waiver of any other breach or default of a similar nature, or as a waiver of any of such provisions, rights or privileges hereunder. 

9. INSURANCE. 
  

	9.1	 Insurance. During the Term, Service Provider shall carry commercially appropriate and customary levels
of insurance with a reputable insurance Service Recipient covering business interruptions and general liability insurance (including errors & omissions and contractual liability) to protect its own business and property interests.

  
 21 

 10. CONFIDENTIALITY. 

 

	10.1	 Confidential Information. Service Recipient and Service Provider acknowledge that, by reason of their
relationship, they may have access to Confidential Information. Each Party agrees that it shall not, and shall cause its Affiliates and its and its Affiliates’ officers, directors, members, managers, partners, employees, agents and other
Representatives not to, use in any way, for their own account or the account of any third party, or disclose to any third party, any such Confidential Information without prior written authorization from the other Party, except as otherwise required
by Applicable Law, a court of competent jurisdiction, or the rules of a national securities exchange and then only after notifying the other Party, to the extent reasonably practicable or permissible, in advance. Each Party will take reasonable
precautions to protect the confidentiality of such Confidential Information consistent with the efforts exercised by it with respect to its own Confidential Information. Notwithstanding anything to the contrary set forth herein, a Party who
receives Confidential Information (the “Receiving Party”) from the other Party (the “Disclosing Party”) shall not be required to hold in confidence information that (a) is or becomes generally available to the
public other than as a result of a breach of these provisions by the Receiving Party, (b) becomes available to the Receiving Party after the Effective Date on a non-confidential basis from a source other
than the Disclosing Party or in connection with the provision of the Services, provided that the source of such information was not bound by a confidentiality agreement with, or bound by any other contractual, legal or fiduciary obligation of
confidentiality to, the Disclosing Party with respect to such information or (c) is independently developed by the Receiving Party or its affiliates without reference to or use of the Confidential Information of the Disclosing Party. This
provision shall survive the termination or expiration of this Agreement. 

 11. REPRESENTATIONS
AND WARRANTIES. 
  

	11.1	 Disclaimer of Warranties. Except as expressly set forth herein, the Parties acknowledge and agree that
the Services are provided as-is, that the Service Recipient assumes all risks and liability arising from or relating to its use of and reliance upon the Services and Service Provider makes no representation or
warranty with respect thereto. EXCEPT AS EXPRESSLY SET FORTH HEREIN, SERVICE PROVIDER HEREBY EXPRESSLY DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES REGARDING THE SERVICES, WHETHER EXPRESS OR IMPLIED, INCLUDING ANY REPRESENTATION OR WARRANTY IN
REGARD TO QUALITY, PERFORMANCE, NONINFRINGEMENT, COMMERCIAL UTILITY, MERCHANTABILITY OR FITNESS OF THE SERVICES FOR A PARTICULAR PURPOSE AND SERVICE RECIPIENT HEREBY ACKNOWLEDGES SUCH DISCLAIMER AND SERVICE RECIPIENT HEREBY ACCEPTS SUCH DISCLAIMER.

  

	11.2	 Service Provider Representations and Warranties. Service Provider represents and warrants that it has
the authority to enter into and perform its covenants and agreements set forth in this Agreement, and that the execution, delivery and performance of this Agreement does not materially conflict with or constitute a material breach or default under
the terms and conditions of its organizational documents. Except as expressly set forth in this Agreement, Service Provider specifically disclaims all warranties of any kind arising out of or related to this Agreement. 

  
 22 

	11.3	 Service Recipient Representations and Warranties. Service Recipient represents and warrants that it has
the authority to enter into and perform its covenants and agreements set forth in this Agreement, and that the execution, delivery and performance of this Agreement does not materially conflict with or constitute a material breach or default under
the terms and conditions of its organizational documents. Except as expressly set forth in this Agreement, Service Recipient specifically disclaims all warranties of any kind arising out of or related to this Agreement. 

12. INDEMNIFICATION. 
  

	12.1	 Indemnification of Service Provider by Service Recipient. Service Recipient shall
indemnify and hold harmless Service Provider, its Affiliates and its and their Representatives (each, a “Provider Indemnified Party”) from and against any Losses (including reasonable attorneys’ fees) incurred to the extent
caused by or resulting from (a) Service Recipient’s material breach of this Agreement, (b) gross negligence or willful misconduct by Service Recipient in using any Services rendered pursuant to this Agreement, (c) third party
claims arising from or relating to the provision of the Services rendered under this Agreement, or (d) negligence or misconduct by employees or consultants of Service Recipient in connection with the performance or receipt of the Services;
provided that in no event shall Service Recipient be responsible for any Losses of such Provider Indemnified Party to the extent that such Loss is caused by or results from the applicable Service Provider’s material breach of this
Agreement, gross negligence or willful misconduct in providing any of the Services provided or to be provided by or on behalf of Service Provider pursuant to this Agreement. Notwithstanding anything herein to the contrary, in no event shall Service
Recipient’s liability pursuant to this Section 12.1 exceed thirty million dollars ($30,000,000). 

  

	12.2	 Indemnification of Service Recipient by Service Provider. Service Provider shall indemnify and hold
harmless Service Recipient, its Affiliates and its and their Representatives (each, a “Recipient Indemnified Party”) from and against any Losses (including reasonable attorneys’ fees) incurred to the extent caused by or
resulting from third party claims (a) intentionally and exclusively caused by the misconduct of Service Provider in the provision of Services rendered under this Agreement, and (b) exclusively caused by the gross negligence of Service
Provider in the provision of Services rendered under this Agreement; provided that in no event shall Service Provider be responsible for any Losses of such Recipient Indemnified Party to the extent that such Loss is caused by or results from
the applicable Service Recipient’s material breach of this Agreement, gross negligence or willful misconduct in receiving any of the Services received or to be received by Service Recipient pursuant to this Agreement. Notwithstanding anything
herein to the contrary, in no event shall Service Provider’s liability pursuant to clause (a) in the first sentence of this Section 12.2 exceed thirty million dollars ($30,000,000) and clause (b) in the first
sentence of this Section 12.2 exceed fifteen million dollars ($15,000,000). 

  
 23 

	12.3	 Indemnification Procedures. The Indemnified Party shall give the Service Recipient prompt written notice
of any claim subject to indemnification under Section 12.1; provided that the Indemnified Party’s failure to promptly notify the Service Recipient will not affect Service Recipient’s indemnification
obligations except to the extent that any such delay prejudices Service Recipient’s ability to defend such claim. Service Recipient will defend any claim with counsel of its own choosing and subject to the acceptance of the Indemnified Party
and settle it as Service Recipient deems appropriate; provided that Service Recipient will not enter into any settlement without the Indemnified Party’s prior written consent. At the expense of Service Recipient, the Indemnified Party
will reasonably cooperate with Service Recipient in the defense and settlement of any claim subject to indemnification hereunder. At its discretion and expense, the Indemnified Party may participate in the defense, any appeals, and settlement with
counsel of its own choosing, and such counsel shall have full access to all information, documents and other materials related to the claim. 

  

	12.4	 Exclusive Remedy. The provisions of this Article 12 and Article 13 shall be the sole and
exclusive remedies of the Service Provider, Service Recipient or any of their Affiliates and all of their respective directors, officers, employees, agents, successors and assigns, as applicable, for any Losses or other damages, whether arising from
statute, principle of strict liability, tort, contract or any other theory of liability at law or in equity under this Agreement; provided, that, this Section 12.4 shall not be construed to prohibit either Party from
bringing a claim for breach of contract against the other Party. 

 13. LIMITATION OF
LIABILITY. 
  

	13.1	 EXCEPT AS EXPRESSLY SET FORTH IN SECTIONS 12.1 AND 12.2, AND EXCEPT WITH RESPECT TO LIABILITY FOR
PAYMENTS IN ACCORDANCE WITH ARTICLE 4 AND A PARTY’S BREACH OF ITS CONFIDENTIALITY OBLIGATIONS UNDER ARTICLE 10, (A) IN NO EVENT SHALL EITHER PARTY BE LIABLE, WHETHER IN CONTRACT, TORT (INCLUDING NEGLIGENCE AND STRICT LIABILITY) OR
OTHERWISE, FOR ANY LOSSES ARISING FROM OR RELATED TO THIS AGREEMENT THAT ARE IN THE NATURE OF LOST PROFITS OR INDIRECT, SPECIAL, CONSEQUENTIAL, PUNITIVE, SPECULATIVE OR INCIDENTAL DAMAGES, REGARDLESS OF WHETHER SUCH PARTY HAS BEEN ADVISED OF THE
POSSIBILITY OF SUCH DAMAGES, AND (B) IN NO EVENT SHALL A PARTY’S LIABILITY HEREUNDER EXCEED THE AGGREGATE OF ALL SERVICE FEES PAID TO SERVICE PROVIDER(S) DURING THE TERM OF THIS AGREEMENT. 

  
 24 

 14. MISCELLANEOUS.10

  

	14.1	 Notices. Any notice, instruction, direction or demand under the terms of this Agreement required to be
in writing shall be duly given upon delivery, if delivered by hand, facsimile transmission, mail, or e-mail transmission to the following addresses: 

If to Madewell to: 
 [Madewell
Group, Inc.] 
 30-30 47th Avenue 

Long Island City, New York 11101 

Attn: General Counsel 
 Email:
[●] 
 If to J.Crew to: 

[J.Crew Newco] 
 225 Liberty
Street 
 New York, New York 10281 

Attn: General Counsel 
 Email:
[●] 
 or such other address or facsimile number as such Party may hereafter specify for the purpose by notice to the other Party hereto. All such
notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. in the place of receipt and such day is a Business Day in the place of receipt. Otherwise, any such
notice, request or communication shall be deemed not to have been received until the next succeeding Business Day in the place of receipt. 
  

	14.2	 Governing Law; Submission to Jurisdiction: 

 

	 	(a)	 This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without
regard to the conflicts of law rules of such state. 

  

	 	(b)	 The procedures for discussion, negotiation and arbitration set forth in this
Section 14.2 shall apply to all disputes, controversies or claims (whether arising in contract, tort or otherwise) that may arise out of, relate to, arise under or in connection with, this Agreement between or among the
Parties (collectively, “Disputes”). 

  

	 	(c)	 If a Dispute arises, neither Party may take any formal legal action (such as seeking to terminate this
Agreement, seeking arbitration in accordance with Section 6.0314.2(d), or instituting or seeking any judicial or other legal action, relief, or remedy with respect to or arising out of this Agreement) unless such
Party has first (i) delivered a notice of dispute (the “Dispute Notice”) to all of the members of 

 

	10 	 Note to Draft: Miscellaneous provisions will be aligned with applicable S&D Agreement provisions,
excluding Sections 14.5, 14.6 and 14.10. 

  
 25 

	 	
the Steering Committee and (ii) complied with the terms of this Section 14.2; provided, however, that the foregoing shall not apply to any Disputes
with respect to compliance with obligations with respect to confidentiality or preservation of privilege. The Steering Committee shall meet no later than the tenth (10th) Business Day following delivery of the Dispute Notice (the “Dispute
Meeting”) and shall attempt to resolve each Dispute that is listed on the Dispute Notice. Each Party shall cause its designees on the Steering Committee to negotiate in good faith to resolve all Disputes in a timely manner. A reasonable
number of additional representatives of each Party who have been involved with matters surrounding the Dispute may also participate in the Dispute Meeting, subject to prior written notice being provided to the other Party. If by the end of the
twentieth (20th) Business Day following the Dispute Meeting the Steering Committee has not resolved all of the Disputes (the “Resolution Failure Date”), the Parties shall proceed to arbitrate the unresolved Disputes
(“Unresolved Disputes”) in accordance with Section 14.2(e). 

  

	 	(d)	 In the event any Dispute is not finally resolved pursuant to Section 14.2(c), and
unless the Parties have mutually agreed to mediate or use some other form of alternative dispute resolution in an attempt to resolve the Dispute, then such Dispute may be submitted to be finally resolved by binding arbitration pursuant to the AAA
Commercial Arbitration Rules and in accordance with Section 7.03 of the Separation and Distribution Agreement. 

  

	 	(e)	 Unless otherwise agreed in writing, the Parties shall continue to provide undisputed services and honor all
other undisputed commitments under this Agreement during the course of dispute resolution pursuant to the provisions of this Section 14.2. 

 

	14.3	 No Third Party Beneficiaries. Except for the indemnification provisions in Article 12, this
Agreement is for the sole benefit of the Parties specifically named in the preamble to this Agreement and their permitted successors and assigns, neither this Agreement nor any provision hereof is intended to confer any rights, benefits, remedies,
obligations, or liabilities hereunder upon any Person other than the Parties hereto and their respective successors and permitted assigns. 

  

	14.4	 Assignment. Neither Party may assign this Agreement or any of its rights or obligations hereunder,
without the prior written consent of the other Party, except that Service Provider may assign any or all of its rights and obligations under this Agreement (a) to an Affiliate, so long as Service Provider will remain liable to Service Recipient
for the performance of Service Provider’s obligations hereunder or (b) in connection with a sale or disposition of any assets or lines of business of Service Provider or its Affiliates; provided that in the case of (b), the
transferee of such assets shall agree in writing to be bound by the terms of this Agreement as if named as a “Party” hereto. No assignment hereunder shall be deemed effective until the assignee shall have executed and delivered an
instrument in writing reasonably satisfactory in form and substance to the non-assigning Party, pursuant to which the assignee assumes all of the obligations of the applicable assigning Party hereunder. Any
purported assignment in violation of this Section shall be void. This Agreement shall be binding upon the successors and permitted assigns of the Parties and the name of a Party shall be deemed to include the names of its successors and permitted
assigns. 

  
 26 

	14.5	 Force Majeure. Continued performance of any Service or
Sub-Service may be suspended immediately by Service Provider to the extent made impossible by any event or condition beyond the reasonable control of Service Provider, including acts of God, fire, flood, labor
or trade disturbance, war, riots, civil commotion, compliance in good faith with the requirements of any Applicable Law or order of any Governmental Authority (whether or not it later proves to be invalid), unavailability of materials, or other
event or condition whether similar or dissimilar to the foregoing (a “Force Majeure Event”). Notwithstanding the foregoing or anything else in this Agreement to the contrary, Service Provider may, and without any required prior
written notice, suspend the performance of any or all of the Services or Sub-Services it provides as to which a Force Majeure Event relates. Service Provider shall give prompt notice to Service Recipient of
the occurrence of a Force Majeure Event giving rise to any suspension of a Service or Sub-Service and of the nature and anticipated duration of such Force Majeure Event. Upon the occurrence of a Force Majeure
Event, the Parties shall cooperate with each other to find reasonable alternative commercial means and methods for the provision of the suspended Service or Sub-Service, if reasonably necessary.

  

	14.6	 Severability. If any one or more of the provisions contained in this Agreement should be declared
invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained in this Agreement shall not in any way be affected or impaired thereby so long as the economic or legal substance of
the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon such a declaration, the Parties shall modify this Agreement so as to effect the original intent of the Parties as closely as possible in an
acceptable manner so that the transactions contemplated hereby are consummated as originally contemplated to the fullest extent possible. 

  

	14.7	 Amendment; No Waiver. Any provision of this Agreement may be amended or waived if, and only if, such
amendment or waiver is in writing and is signed, in the case of an amendment, by Service Provider and Service Recipient, or in the case of a waiver, by the Party against whom the waiver is to be effective. No failure or delay by any Party in
exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights
and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by Applicable Law. 

  

	14.8	 Entire Agreement. Except as otherwise specifically provided in the Separation Documents, the Separation
Documents constitute the entire understanding of the Parties with respect to the subject matter of the Separation Documents and supersede all prior agreements, understandings and negotiations, both written and oral, between the Parties with respect
to the subject matter of the Separation Documents. 

  
 27 

	14.9	 Independent Parties. This Agreement shall not be deemed to create any partnership, joint venture,
amalgamation, or agency relationship between the Parties. Each Party shall act hereunder as an independent contractor and not as the agent of the other Party in performing the Services, maintaining control over its employees, its subcontractors and
their employees and complying with all withholding of income at source requirements, whether federal, state, local or foreign. No employee of Service Provider providing Services shall be considered an employee of Service Recipient or any of its
Affiliates. 

  

	14.10	 Interpretation. In this Agreement, unless the context clearly indicates otherwise, (a) words used
in the singular include the plural and words used in the plural include the singular, (b) references to any Person include such Person’s successors and assigns but, if applicable, only if such successors and assigns are permitted by this
Agreement, (c) except as otherwise clearly indicated, reference to any gender includes the other gender, (d) the words “include,” “includes” and “including” shall be deemed to be followed by the words
“without limitation” and (e) reference to any Article, Section, Exhibit or Schedule means such Article or Section of, or such Exhibit or Schedule to, this Agreement, as the case may be, and references in any Section or definition to
any clause means such clause of such Section or definition. 

  

	14.11	 Captions. The captions herein are included for convenience of reference only and shall be ignored in the
construction or interpretation hereof. 

  

	14.12	 Counterparts; Facsimile and Electronic Signatures. This Agreement may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when each Party hereto shall have received a counterpart hereof
signed by the other Party hereto. Until and unless each Party has received a counterpart hereof signed by the other Party hereto, this Agreement shall have no effect and no Party shall have any right or obligation hereunder (whether by virtue of any
other oral or written agreement or other communication). 

  

	14.13	 Precedence of Agreements. Each Schedule attached to or referenced in this Agreement is hereby
incorporated into and shall form a part of this Agreement by reference; provided that the terms contained in such Schedule shall only apply with respect to the Service(s) provided under that Schedule. In the event of a conflict between the
terms contained in an individual Schedule and the terms in the body of this Agreement, the terms in the individual Schedule shall take precedence with respect to the Service(s) under such Schedule. 

 

	14.14	 Mutual Cooperation. Each Party shall use commercially reasonable efforts to cooperate with the other
Party in connection with the performance of the Services hereunder and to cause each of their respective employees and contractors to reasonably cooperate to the extent required for effective delivery of the Services; provided that such
cooperation shall not unreasonably disrupt the normal operations of such Party; and provided that this Section 14.14 shall not require such Party to incur any out-of-pocket expense, unless and except as expressly provided in this Agreement or otherwise agreed to in writing by the Parties. 

[Signature page follows] 

  
 28 

 IN WITNESS WHEREOF, the Parties have each caused this Agreement to be duly executed as of
the Effective Date. 
  

			
	[SERVICE PROVIDER]
	
	  

	Name:	 	
	Title:	 	

  
 [SIGNATURE PAGE TO
TRANSITION SERVICES AGREEMENT] 

 IN WITNESS WHEREOF, the Parties have each caused this Agreement to be duly executed as of
the Effective Date. 
  

	
	[SERVICE RECIPIENT]
	
	  

	Name:
	Title:

  
 [SIGNATURE PAGE TO
TRANSITION SERVICES AGREEMENT]EX-10.4(a)

 Exhibit 10.4(a) 

Execution Version 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is entered into as of January 16, 2020 by and between Libby Wadle
(“Executive”) and Chinos Holdings, Inc. (to be renamed Madewell Group, Inc. prior to the Effective Date as defined below) (the “Company”). 

WHEREAS, Executive served as President and Chief Executive Officer, Madewell Brand of J. Crew Group, Inc. (“J.
Crew”) pursuant to the terms of an employment agreement between J. Crew and Executive dated as of November 28, 2011 (the “J. Crew Agreement”); 

WHEREAS, Executive became an employee of the Company effective January 1, 2020, pursuant to the terms under the J. Crew Agreement;
and 
 WHEREAS, the parties hereto and J. Crew desire that, contingent upon the closing of the proposed initial public offering of
the Company’s common stock, as described in the Company’s Form S-1 originally filed with the Securities Exchange Commission on September 13, 2019 (the “Madewell IPO”), Executive
will become the Chief Executive Officer of the Company, on the terms set forth in this Agreement. 
 NOW, THEREFORE, for good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1.
Employment Term. Contingent upon the occurrence of the Madewell IPO and subject to the terms and conditions of this Agreement, Executive shall be employed by the Company on an at-will basis for a period
commencing on the closing date of the Madewell IPO (the “Effective Date”) and ending on the date such employment is terminated pursuant to Section 7 of this Agreement. The period during which Executive is
employed by the Company pursuant to this Agreement is hereinafter referred to as the “Term.” 
 2. Position and
Duties. Executive shall serve as the Chief Executive Officer of the Company, reporting to the Board of Directors of the Company (the “Board”), and shall have such duties, authorities and responsibilities as are consistent with
such position under the Bylaws of the Company, and as the Board may reasonably specify from time to time. As of the Effective Date, Executive shall be appointed as a member of the Board. Thereafter, during the Term, the Executive shall be nominated
for re-election as a member of the Board at the expiration of the then-current term. Executive shall devote her full working time and attention and Executive’s best efforts to Executive’s employment
and service with the Company and shall perform Executive’s services in a capacity and in a manner consistent with Executive’s position for the Company. Notwithstanding the foregoing, Executive shall not be prohibited from managing
Executive’s personal investments (so long as such investments are of a passive nature), engaging in charitable or civic activities, or participating on boards of directors of for-profit organizations or
similar bodies of non-profit organizations, provided that such activities do not interfere with the performance of Executive’s duties and responsibilities hereunder, create a fiduciary conflict, or result
in a violation of Section 11 of this Agreement. If requested, Executive shall serve as a member of the Board and shall also serve as an executive officer and/or board member of the board of directors (or similar governing
body) of any subsidiary of the Company without additional compensation. 

 3. Base Salary. During the Term, the Company shall pay Executive a base salary at an
annual rate of $1,000,000.00, payable in accordance with the Company’s normal payroll practices for employees as in effect from time to time. Such base salary may be increased, but not decreased, during the Term, in the discretion of the Board.
Executive’s annual base salary, as in effect from time to time, is hereinafter referred to as the “Base Salary.”
 4.
Incentive Compensation. 
 (a) Annual Bonus. With respect to each fiscal year of the Company commencing during the Term,
Executive shall be eligible to earn an annual cash bonus award (the “Annual Bonus”), with a target amount equal to one hundred twenty five percent (125%) of the Base Salary (the “Target Bonus”), based upon the
achievement of performance targets established by the Board (or a committee thereof) in its discretion. The Annual Bonus shall be subject to the terms of any applicable annual bonus plan that may be adopted by the Company. The Annual Bonus, if any,
shall be paid at the same time annual bonuses are paid to other senior executives of the Company generally, and shall be subject to Executive being employed by the Company on the date such Annual Bonus is paid. For fiscal year 2020, Executive shall
be eligible to earn an annual bonus for the full fiscal year, to be paid by the Company, calculated on a pro-rata basis with respect to the applicable base salary, target bonus percentage and achievement of
performance goals for each of J. Crew and the Company, respectively, for the periods before and after the Effective Date. 
 (b) Equity
Incentive Grants. 
 (i) Annual Grants. With respect to each fiscal year of the Company commencing during the Term, Executive
shall be eligible to receive a long-term incentive equity grant pursuant to an equity incentive plan of the Company (the “Equity Plan”) (each, an “Annual Grant”). The form, target grant date value, vesting and other
terms and conditions of each Annual Grant shall be determined by the Board (or a committee thereof) in its discretion, and shall be specified in award agreements issued under the Equity Plan. Notwithstanding the foregoing, with respect to fiscal
year 2020, Executive’s Annual Grant shall have a target grant date value of $2,500,000.00, with such value to be determined by the Board (or a committee thereof).  

(ii) IPO Grant. As of the Effective Date, Executive shall receive a one-time equity incentive
grant under the Equity Plan with a target grant date value of $2,000,000, as determined by the Board (or a committee thereof) in its discretion. Such grant will be comprised of 50% time-based vesting restricted stock units and 50% performance-based
vesting restricted stock units, and will be subject to other terms and conditions as determined by the Board (or a committee thereof) consistent with this Agreement, and set forth in an award agreement evidencing such grant.  
 (iii) Performance Goals. With respect to the performance-based vesting component
of the IPO Grant and the Annual Grant for fiscal year 2020, the applicable performance goals will be established by the Board (or a committee thereof) in consultation with Executive and will be generally consistent with the performance goals that
are applicable to the awards granted to other executive officers of the Company at such times. 

  
 2 

 (c) All incentive compensation paid or awarded to Executive shall be subject to repayment
conditions under the Company’s clawback policy applicable to executive officers, as may be in effect from time to time. 
 5.
Employee Benefits. During the Term, Executive shall be entitled to participate in the employee benefit plans, including retirement, medical, disability and life insurance, provided by the Company to its senior executives generally and as in
effect from time to time (collectively, “Benefit Plans”), to the extent consistent with applicable law and the terms of the applicable Benefit Plan. The Company reserves the right to amend or cancel any Benefit Plan at any time in
its sole discretion. Executive shall be entitled to paid time off benefits in accordance with the Company’s policy, as may be in effect from time to time. 

6. Expense Reimbursement. Executive shall be entitled to reimbursement for all reasonable and necessary
out-of-pocket business, entertainment and travel expenses incurred by Executive in connection with the performance of Executive’s duties hereunder in accordance
with the Company’s expense reimbursement policies and procedures. The Company shall reimburse Executive up to a maximum of $25,000 for the legal fees reasonably incurred in connection with entering into this Agreement. 

7. Termination of Employment. 

(a) Termination Date. Executive’s employment hereunder shall terminate on the earliest to occur of (i) the date of
Executive’s death or Disability, (ii) the date upon which Executive’s employment is terminated by the Company for Cause, upon the date specified in a written notice to Executive, (iii) the date upon which Executive’s
employment is terminated by the Company without Cause, upon the date specified in a written notice to Executive, (iv) the date upon which Executive’s employment is terminated by Executive for Good Reason in accordance with
Section 8(d) hereof, or (v) the date upon which Executive’s employment is terminated by Executive without Good Reason, upon sixty (60) days prior written notice to the Company (which the Company may, in its
sole discretion, make effective earlier than the termination date provided in such notice). 
 (b) Termination without Cause or for Good
Reason. If Executive’s employment is terminated by the Company without Cause, or by Executive for Good Reason (a “Qualifying Termination”), subject to Section 7(e) of this Agreement, Executive
shall be entitled to: 
 (i) (A) within thirty (30) days following such termination, (i) payment of Executive’s accrued
and unpaid Base Salary and (ii) reimbursement of expenses under Section 6 of this Agreement, in each case of (i) and (ii), accrued through the date of termination and (B) all other accrued amounts or accrued
benefits due to Executive in accordance with the Company’s benefit plans, programs or policies (other than severance); and 

  
 3 

 (ii) Severance payments and benefits equal to: 

(A) The sum of (i) one and one-half (1.5) times Base Salary and (ii) one (1.0) times Target
Bonus, in each case, as in effect immediately prior to Executive’s date of termination (ignoring for this purpose any reduction giving rise to Good Reason termination), payable in substantially equal installments in accordance with the
Company’s regular payroll schedule during the eighteen (18) months following the date of termination. Notwithstanding the foregoing, if such Qualifying Termination occurs ninety (90) days prior to, or eighteen (18) months
following, the effective date of a Change in Control (as defined in the Equity Plan) (a “Change in Control Termination”), the severance amount payable under this Section 7(b)(ii)(A) shall be the sum of
(x) two (2.0) times Base Salary and (y) one (1.0) times Target Bonus, in each case, as in effect immediately prior to Executive’s date of termination, payable in a single lump sum on the next regularly scheduled payroll date following
the effectiveness of the Release, subject to the last sentence of Section 7(e). 
 (B) The amount of any earned but unpaid Annual Bonus
for any completed fiscal year prior to termination of employment, paid at the same time as annual bonuses are paid to other senior executives of the Company generally. 

(C) A lump sum amount equal to the product of (x) the Annual Bonus, if any, that Executive would have earned based on the actual
achievement of the applicable performance objectives in the fiscal year which includes Executive’s termination date had Executive’s employment not been terminated and (y) a fraction, the numerator of which is the number of days in the
fiscal year that includes Executive’s termination date through such termination date and the denominator of which is 365, payable when bonuses are generally paid to employees of the Company (the
“Pro-Rata Bonus”). 
 (D) If Executive timely elects to continue group health
insurance coverage for Executive and eligible dependents under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), and to the extent permitted by applicable law, a cash payment equal to an amount that, after all applicable
taxes are paid, is equal to the amount of the monthly COBRA premiums incurred by Executive, payable monthly in accordance with the Company’s payroll practices for a period of (i) twelve (12) months in the event of a Qualifying Termination
or (ii) eighteen (18) months in the event of a Change in Control Termination. 
 (c) Death or Disability. If Executive’s
employment is terminated as a result of the death or Disability of Executive, Executive or Executive’s legal representatives, as applicable, shall be entitled to receive the payments and benefits described under
Section 7(b)(i) of this Agreement, and shall also be entitled to receive the following: 
 (i) the amount of any
earned but unpaid Annual Bonus for any completed fiscal year prior to termination of employment, paid at the same time as annual bonuses are paid to other senior executives of the Company generally; and 

(ii) the Pro-Rata Bonus. 

(d) Other Terminations. If Executive’s employment is terminated by the Company for Cause or by Executive without Good Reason,
Executive shall be entitled to receive the payments and benefits described under Section 7(b)(i) of this Agreement, but shall not be entitled to any other severance payments or benefits from the Company, other than as may
be provided under any equity incentive grants pursuant to the Equity Plan. 

  
 4 

 (e) Conditions to Payment. All payments and benefits due to Executive under this
Section 7 which are not otherwise required by applicable law shall be payable only if Executive executes and delivers to the Company a general release of claims (which shall be substantially consistent with the form
attached as Exhibit A hereto) (the “Release”), and such Release is no longer subject to revocation, within sixty (60) days following termination of employment. Failure to timely execute and return such Release or the
revocation of such Release during the revocation period shall be a waiver by Executive of Executive’s right to severance (which, for the avoidance of doubt, shall not include any amounts described in Section 7(b)(i) of
this Agreement). In addition, severance shall be conditioned on Executive’s continued compliance with Section 11 of this Agreement as provided in Section 13 below. Notwithstanding anything set
forth herein to the contrary, no severance payments required under this Section 7(b) shall be made until Executive has executed and delivered the Release to the Company and any applicable revocation period has expired;
provided, that if the Release delivery and non-revocation period spans two taxable years, the severance payments shall be paid (or commence) on the later of (i) the first business day of such second
taxable year or (ii) the eighth calendar day after Executive’s execution of the Release, with the first payment including any amounts that would otherwise be due prior thereto. 

(f) No Other Severance. Executive hereby acknowledges and agrees that, other than the severance payments and benefits described in this
Section 7, upon the effective date of the termination of Executive’s employment, Executive shall not be entitled to any other severance payments or benefits of any kind under any Company benefit plan, severance policy
generally available to the Company’s employees or otherwise (other than as may be provided under any equity incentive grants pursuant to the Equity Plan) and all other rights of Executive to compensation under this Agreement shall end as of
such date. 
 8. Definitions. For purposes of this Agreement, 

(a) “Affiliate” means any entity that directly, or indirectly through one or more intermediaries, controls, is controlled by,
or is under common control with, the Company. 
 (b) “Cause” shall mean, (i) Executive’s indictment for,
conviction of, or a plea of guilty or no contest to, any indictable felony offence or any criminal offence involving fraud, misappropriation or moral turpitude, (ii) Executive’s continued failure to perform Executive’s duties
hereunder or to follow the lawful direction of the Board or a material breach of fiduciary duty, (iii) Executive’s theft or fraud, or willful dishonesty in a material respect, with regard to the Company or any of its Affiliates or in
connection with Executive’s duties, (iv) Executive’s material violation of the Company’s code of conduct or similar written policies including the Company’s sexual harassment policy, (v) Executive’s willful
misconduct unrelated to the Company or any of its Affiliates having, or likely to have, a material negative impact on the Company or any of its Affiliates (economically or its reputation), (vi) an act of gross negligence or willful misconduct by
Executive that relates to the affairs of the Company or any of its Affiliates, or (vii) a material breach by Executive of Section 11(a) of this Agreement or a breach by Executive of
Section 11(b) of this Agreement. For purposes of clauses (ii), (iv), (v), (vi) and (vii) of this provision, “Cause” shall not exist unless Executive has been given advance written notice of the event of Cause
and a thirty (30) day opportunity to cure such event, to the extent such event is curable, and Executive is given the opportunity to appear before the Board with counsel, if desired by Executive. No act or omission on Executive’s part
shall be considered 

  
 5 

 
“willful” unless it is done, or omitted to be done, by Executive in bad faith or without reasonable belief that her action or omission was in the best interests of the Company. Any act,
or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board shall be conclusively presumed to be done, or omitted to be done, by Executive in good faith and in the best interests of the Company. 

(c) “Disability” shall mean a physical or mental incapacity or disability which, despite any reasonable accommodation required
by applicable law, has rendered, or is likely to render, Executive unable to perform Executive’s material duties for a period of either (i) 180 days in any twelve-month period or (ii) 90 consecutive days, as determined by a medical physician
selected by the Company, and agreed to by Executive. 
 (d) “Good Reason” shall mean without the Executive’s express
written consent, (i) any action by the Company that results in a material and continuing diminution in Executive’s position, authority, duties or responsibilities as Chief Executive Officer of the Company, including without limitation an
adverse change in Executive’s title from Chief Executive Officer or a change such that Executive no longer reports directly to the Board, provided that for the avoidance of doubt, in connection with a Change in Control, a position as
“Chief Executive Officer” of a subsidiary or division of the Company or another entity, where Executive is not the top executive officer of the ultimate parent company, shall be deemed Good Reason; (ii) a reduction by the Company in
Executive’s Base Salary or Target Bonus percentage; (iii) failure to grant the IPO Grant or the first Annual Grant as provided in Section 4(b) hereof, or (iv) failure to nominate Executive for
re-election as a member of the Board; (v) a relocation of Executive’s principal place of employment to more than fifty (50) miles from such principal place of employment as of the Effective
Date, in each case without Executive’s written consent. For a termination to qualify as termination for Good Reason, Executive must deliver to the Board a written notice specifically identifying in reasonable detail the conduct of the Company
which Executive believes constitutes “Good Reason” in accordance with this section within sixty (60) days of Executive’s knowledge of the initial occurrence of each specific event constituting Good Reason and provide the Board
and/or the Company at least thirty (30) days to remedy such conduct after receipt of such written notice, and to the extent not cured, Executive must terminate employment within thirty (30) days after such failure to cure. 

9. Return of Company Property. Within ten (10) days following the effective date of Executive’s termination for any reason,
Executive or Executive’s personal representative shall return all property of the Company or any of its Affiliates in Executive’s possession, including, but not limited to, all Company-owned computer equipment (hardware and software),
telephones, facsimile machines, tablet computers and other communication devices, credit cards, office keys, security access cards, badges, identification cards and all copies (including drafts) of any documentation or information (however stored)
relating to the business of the Company or any of its Affiliates, the Company’s or any of its Affiliates’ customers and clients or their respective prospective customers or clients. 

10. Resignation as Officer or Director. Upon the effective date of Executive’s termination, Executive shall be deemed to have
resigned from Executive’s position as an officer of the Company, and to the extent applicable as a member of the board of directors or similar governing body of the Company or any subsidiary, and as a fiduciary of any Company benefit plan and
Executive shall relinquish any power of attorney, signing authority, trust authorization 

  
 6 

 
or Company account signatory authorization that Executive may hold on behalf of the Company or its Affiliates. In connection with such termination, Executive shall sign all letters of resignation
required by the Company to effectuate the foregoing. Executive’s execution of this Agreement shall be deemed the grant by Executive to the officers of the Company and the Company of a limited power of attorney to sign in Executive’s name
and on Executive’s behalf such documentation as may be necessary or appropriate for the limited purposes of effectuating the foregoing. 

11. Restrictive Covenants. 

(a) Confidential and Proprietary Information. Executive agrees that all materials and items produced or developed by Executive for the
Company or any of its Affiliates, or obtained by Executive from the Company or any of its Affiliates either directly or indirectly pursuant to this Agreement shall be and remains the property of the Company and its Affiliates. Executive acknowledges
that she will, during Executive’s association with the Company, acquire, or be exposed to, or have access to, materials, data and information that constitute valuable, confidential and proprietary information of the Company and its Affiliates,
including, without limitation, any or all of the following: this Agreement and its terms, information relating to systems, programs, methods, merchandising, distribution, business plans, practices and procedures, pricing information, sales figures,
profit or loss figures, customers, clients, intellectual property, suppliers, technology, sources of supply, customer lists, research, technical data, trade secrets or know-how, software, developments,
inventions, processes, inventory and financial control, formulas, drawings, designs, store designs, fit specifications, engineering, hardware configuration information, marketing, finances, policies, training manuals and similar materials used by
the Company in conducting its business operations, personnel information of any person employed by the Company, potential business combinations, and such other information or material as the Company may designate as confidential and/or proprietary
from time to time (collectively hereinafter, the “Confidential and Proprietary Information”). During Executive’s employment with the Company and at all times thereafter, Executive shall not, directly or indirectly, use, misuse,
misappropriate, disclose or make known, without the prior written approval of the Board, to any party, firm, corporation, association or other entity, any such Confidential and Proprietary Information for any reason or purpose whatsoever, except as
may be required in the course of Executive’s performance of Executive’s duties hereunder. In consideration of the unique nature of the Confidential and Proprietary Information, all obligations pertaining to the confidentiality and
nondisclosure thereof shall remain in effect until the Company and its Affiliates have released such information; provided, that the provisions of this Section 11(a) shall not apply to the disclosure of Confidential
and Proprietary Information to the Company’s Affiliates together with each of their respective shareholders, directors, officers, accountants, lawyers and other representatives or agents, nor to a Permitted Disclosure as defined in
Section 11(e) below. In addition, it shall not be a breach of the confidentiality obligations hereof if Executive is required by applicable law to disclose any Confidential and Proprietary Information; provided, that
in such case, Executive shall (x) give the Company the earliest notice possible that such disclosure is or may be required and (y) cooperate with the Company, at the Company’s expense, in protecting to the maximum extent legally
permitted, the confidential or proprietary nature of the Confidential and Proprietary Information which must be so disclosed. Upon termination of Executive’s employment, Executive agrees that all Confidential and Proprietary Information,
directly or indirectly, in Executive’s possession that is 

  
 7 

 
in writing or other tangible form (together with all duplicates thereof) will promptly (and in any event within 10 days following such termination) be returned to the Company and will not be
retained by Executive or furnished to any person, either by sample, facsimile film, audio or video cassette, electronic data, verbal communication or any other means of communication. For purposes of this Section 11, the
term “Company” means the Company and/or its Affiliates. 
 (b) Non-Competition; Non-Solicitation and Non-Hire. As additional consideration for the Company entering into this Agreement, Executive agrees (i) that for a period of twelve
(12) months following the date Executive’s employment is terminated, Executive shall not, directly or indirectly, engage in (either as owner, investor, partner, employer, employee, consultant or director) or otherwise perform service for
any Competitive Business (as defined below); provided that the foregoing restriction shall not prohibit Executive from owning a passive investment of not more than two percent (2%) of the total outstanding securities of any publicly-traded company
and (ii) that for a period of eighteen (18) months following the date Executive’s employment is terminated, Executive shall not, directly or indirectly (1) solicit or cause another to solicit any customers or suppliers of the
Company to terminate or otherwise adversely modify their relationship with the Company, or (2) solicit, hire or seek to influence the employment decisions of, any employee of the Company on behalf of any person or entity other than the Company.
The term “Competitive Business” means any person, business or entity, operating within a 100 mile radius of the location of any store of the Company, that is, or within 12 months of termination becomes, engaged in any of the
following lines of business: the design, manufacture, distribution, marketing, or retail sale of men’s and/or women’s apparel, shoes and/or accessories, or such other line of apparel business in which the Company is engaged or is actively
planning to be engaged on the termination date. Notwithstanding the foregoing, Executive shall not be prohibited from being employed or providing services to a Competitive Business that (a) is not a specialty retailer and (b) does not
engage Executive in the provision of duties or services related to any of the foregoing lines of business that are competitive with the lines of business in which the Company is engaged or is actively planning to be engaged at the time of
Executive’s termination. 
 (c) Assignment of Inventions. Executive will make full written disclosure to the Company, and hold in
trust for the sole right and benefit of the Company, and hereby assign to the Company, or its designee, all Executive’s right, title, and interest in and to any and all inventions, original works of authorship, developments, concepts,
improvements or trade secrets, whether or not patentable or registrable under copyright or similar laws, which Executive may solely or jointly conceive or develop or reduce to practice, or cause to be conceived or developed or reduced to practice,
during the period of time Executive is engaged as an employee of the Company (collectively referred to as “Inventions”). This duty applies whether or not the forgoing Inventions are made or prepared in the course of employment with
the Company, so long as such Inventions relate to the business of the Company and have been developed in whole or in part during the term of Executive’s employment. These Inventions will be the sole and exclusive property of the Company, and
Executive will and hereby does assign all Executive’s right, title and interest in such Inventions to the Company. Executive further acknowledges that all original works of authorship which are made by Executive (solely or jointly with others)
within the scope of and during the period of Executive’s employment arrangement with the Company and which are protectable by copyright are “works made for hire,” as that term is defined in the United States Copyright Act.
Notwithstanding any provision of this Agreement, Executive shall not be 

  
 8 

 
required to assign, nor shall Executive be deemed to have assigned, any of Executive’s rights in any Invention that Executive develops entirely on her own time without using the
Company’s equipment, supplies, facilities, or trade secrets, except for Inventions that either: (1) relate, at the time that the Invention is conceived or reduced to practice, to the business of the Company or to actual or demonstrably
anticipated research or development of the Company; or (2) result from any work performed by Executive for the Company. 
 (d)
Tolling. In the event of any violation of the provisions of this Section 11, Executive acknowledges and agrees that the post-termination restrictions contained in this Section 11 shall be
extended by a period of time equal to the period of such violation, it being the intention of the parties hereto that the running of the applicable post-termination restriction period shall be tolled during any period of such violation. 

(e) Permitted Disclosure. This Agreement does not limit or interfere with Executive’s right, without notice to or authorization of
the Company, to communicate and cooperate in good faith with any self-regulatory organization or U.S. federal, state, or local governmental or law enforcement branch, agency, commission, or entity (collectively, a “Government
Entity”) for the purpose of (i) reporting a possible violation of any U.S. federal, state, or local law or regulation, (ii) participating in any investigation or proceeding that may be conducted or managed by any Government
Entity, including by providing documents or other information, or (iii) filing a charge or complaint with a Government Entity, provided that in each case, such communications, participation, and disclosures are consistent with applicable law.
Additionally, Executive shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made (i) in confidence to a federal, state, or local government official, or to an
attorney, solely for the purpose of reporting or investigating a suspected violation of law, or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. If Executive files a lawsuit for
retaliation by an employer for reporting a suspected violation of law, Executive may disclose the trade secret to Executive’s attorney and use the trade secret information in the court proceeding if Executive files any document containing the
trade secret under seal and does not disclose the trade secret, except pursuant to court order. All disclosures permitted under this Section 11(e) are herein referred to as “Permitted Disclosures.” Notwithstanding
the foregoing, under no circumstance will Executive be authorized to disclose any Confidential and Proprietary Information as to which the Company may assert protections from disclosure under the attorney-client privilege or the attorney work
product doctrine, without prior written consent of Company’s General Counsel or other authorized officer designated by the Company. 

12. Cooperation. From and after Executive’s termination of employment, Executive shall provide Executive’s reasonable
cooperation in connection with any action or proceeding (or any appeal from any action or proceeding) which relates to events occurring during Executive’s employment hereunder, provided, that the Company shall reimburse Executive for
Executive’s reasonable costs and expenses and such cooperation shall not unreasonably burden Executive or unreasonably interfere with any subsequent employment that Executive may undertake. 

13. Injunctive Relief and Specific Performance. Executive understands and agrees that Executive’s covenants under Sections 9, 11
and 12 are special and unique and that the Company and its Affiliates may suffer irreparable harm if Executive breaches any of Sections 9, 11, and/or 12 because monetary damages would be inadequate to compensate the Company and

  
 9 

 
its Affiliates for the breach of any of these sections. Accordingly, Executive acknowledges and agrees that the Company shall, in addition to any other remedies available to the Company at law or
in equity, be entitled to obtain specific performance and injunctive or other equitable relief by a federal or state court in New York to enforce the provisions of Sections 9, 11 and/or 12 without the necessity of posting a bond or proving
actual damages, without liability should such relief be denied, modified or vacated, and to obtain attorney’s fees in respect of the foregoing if the Company prevails in any such action or proceeding. Additionally, in the event of a breach or
threatened breach by Executive of Section 11, in addition to all other available legal and equitable rights and remedies, the Company shall have the right to cease making payments, if any, being made pursuant to
Section 7(b)(ii) hereunder. Executive also recognizes that the territorial, time and scope limitations set forth in Section 11 are reasonable and are properly required for the protection of the
Company and its Affiliates and in the event that any such territorial, time or scope limitation is deemed to be unreasonable by a court of competent jurisdiction, the Company and Executive agree, and Executive submits, to the reduction of any or all
of said territorial, time or scope limitations to such an area, period or scope as said court shall deem reasonable under the circumstances. 

14. Indemnification. Executive shall be covered under the indemnification provisions of the Company’s Certificate of Incorporation
or Bylaws in effect from time to time on terms and conditions no less favorable to Executive than those provided to senior executives of the Company generally. A directors’ and officers’ liability insurance policy (or policies) shall be
kept in place, during the Term and thereafter until the sixth anniversary of the date of termination of Executive’s employment, providing coverage to Executive that is no less favorable to Executive than the coverage then being provided to
other senior executives of the Company generally. 
 15. Section 280G. Notwithstanding anything to the contrary in
this Agreement, if Executive is a “disqualified individual” (as defined in section 280G(c) of the Internal Revenue Code of 1986, as amended (the “Code”)), and the payments and benefits provided for in this Agreement,
together with any other payments and benefits which Executive has the right to receive from the Company or any of its Affiliates, would constitute a “parachute payment” (as defined in section 280G(b)(2) of the Code), then the payments and
benefits provided for in this Agreement shall be either (a) reduced (but not below zero) so that the present value of such total amounts and benefits received by Executive from the Company and its Affiliates will be one dollar ($1.00) less than
three times Executive’s “base amount” (as defined in section 280G(b)(3) of the Code) and so that no portion of such amounts and benefits received by Executive shall be subject to the excise tax imposed by section 4999 of the Code or
(b) paid in full, whichever produces the better net after-tax position to Executive (taking into account any applicable excise tax under section 4999 of the Code and any other applicable taxes). The
reduction of payments and benefits hereunder, if applicable, shall be made by reducing, first, payments or benefits to be paid in cash hereunder in the order in which such payment or benefit would be paid or provided (beginning with such payment or
benefit that would be made last in time and continuing, to the extent necessary, through to such payment or benefit that would be made first in time) and, then, reducing any benefit to be provided in-kind
hereunder in a similar order. The determination as to whether any such reduction in the amount of the payments and benefits provided hereunder is necessary shall be made by a third party accounting firm selected by the Company. If a reduced payment
or benefit is made or provided and through error or otherwise that payment or benefit, 

  
 10 

 
when aggregated with other payments and benefits from the Company (or its Affiliates) used in determining if a “parachute payment” exists, exceeds one dollar ($1.00) less than three
times Executive’s base amount, then Executive shall immediately repay such excess to the Company upon notification that an overpayment has been made. Nothing in this Section 15 shall require the Company to be
responsible for, or have any liability or obligation with respect to, Executive’s excise tax liabilities under section 4999 of the Code. 

16. Withholding. The Company shall have the right to withhold from any amount payable hereunder any Federal, state and local taxes in
order for the Company to satisfy any withholding tax obligation it may have under any applicable law or regulation. 
 17.
Section 409A. 
 (a) The parties agree that this Agreement shall be interpreted to comply with or be exempt from
Section 409A of the Code (“Section 409A”), and all provisions of this Agreement shall be construed in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A. In no
event whatsoever will the Company, any of its Affiliates, or any of their respective directors, officers, agents, attorneys, employees, executives, shareholders, investors, members, managers, trustees, fiduciaries, representatives, principals,
accountants, insurers, successors or assigns be liable for any additional tax, interest or penalties that may be imposed on Executive under Section 409A or any damages for failing to comply with Section 409A. 

(b) A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment
of any amounts or benefits considered “nonqualified deferred compensation” under Section 409A upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of
Section 409A, and for purposes of any such provision of this Agreement, references to a “resignation,” “termination,” “terminate,” “termination of employment” or like terms shall mean separation from
service. If any payment, compensation or other benefit provided to Executive in connection with the termination of Executive’s employment is determined, in whole or in part, to constitute “nonqualified deferred compensation” within
the meaning of Section 409A and Executive is a specified employee as defined in Section 409A(2)(B)(i) of the Code, no part of such payments shall be paid before the day that is six (6) months plus one (1) day after the date of
termination or, if earlier, ten business days following Executive’s death (the “New Payment Date”). The aggregate of any payments that otherwise would have been paid to Executive during the period between the date of
termination and the New Payment Date shall be paid to Executive in a lump sum on such New Payment Date. Thereafter, any payments that remain outstanding as of the day immediately following the New Payment Date shall be paid without delay over the
time period originally scheduled, in accordance with the terms of this Agreement. 
 (c) All reimbursements for costs and expenses under this
Agreement shall be paid in no event later than the end of the calendar year following the calendar year in which Executive incurs such expense. With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another
benefit, and (ii) the amount of expenses eligible for reimbursements or in-kind, benefits provided during any taxable year shall not affect the expenses eligible for reimbursement or in-kind benefits to be provided in any other taxable year. 

  
 11 

 (d) If under this Agreement an amount is paid in two or more installments, for purposes of
Section 409A, each installment shall be treated as a separate payment. Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within thirty (30) days
following the date of termination”), the actual date of payment within the specified period shall be within the sole discretion of the Company. 

18. Miscellaneous. 
 (a)
Notice. All notices hereunder, to be effective, shall be in writing and shall be deemed effective when delivered by hand or mailed by (i) certified mail, postage and fees prepaid, or (ii) nationally recognized overnight express mail
service, as follows: 
 If to the Company: 

Madewell Group, Inc. 
 Address

 City, State Zip 
 To: General
Counsel, Madewell Group, Inc. 
 If to Executive: 

At Executive’s home address as then shown in the Company’s personnel records, with a copy to: 

Cohen & Buckmann pc 
 200
Park Avenue – Suite 1700 
 New York, NY 10166 

Attn: Sandra Cohen, Esq. 
 or to such other
address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt. 

(b) Assignment. This Agreement is personal to Executive and shall not be assigned by Executive. Any purported assignment by Executive
shall be null and void from the initial date of the purported assignment. The Company may assign this Agreement to any successor or assign (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of
the business or assets of the Company. This Agreement shall inure to the benefit of the Company and its successors and assigns. 
 (c)
Entire Agreement. This Agreement contains the entire agreement between the parties with respect to the subject matter hereof and supersedes all other agreements, term sheets, offer letters, and drafts thereof, oral or written, between the
parties hereto with respect to the subject matter hereof except as otherwise set forth herein. No promises, statements, understandings, representations or warranties of any kind, whether oral or in writing, express or implied, have been made to
Executive by any person or entity to induce Executive to enter into 

  
 12 

 
this Agreement other than the express terms set forth herein, and Executive is not relying upon any promises, statements, understandings, representations, or warranties other than those expressly
set forth in this Agreement. The parties hereto and J. Crew have agreed that, upon the Effective Date, the J. Crew Agreement shall be of no further force or effect and the parties shall take all actions necessary prior to the Effective Date to
effectuate the foregoing; provided, that if Executive’s 2019 annual bonus payable under the J. Crew Agreement has not been paid as of the Effective Date, Executive shall remain eligible for such payment in accordance with the terms set forth in
Section 3(b) of the J. Crew Agreement. Notwithstanding anything set forth herein to the contrary, the parties hereto and J. Crew have agreed that any bonus agreement between the Executive and J. Crew in effect immediately prior to the Effective
Date, including but not limited to the Executive’s 2019 Special Bonus Plan Award Agreement dated October 4, 2019, shall remain in full force and effect, and Executive shall remain eligible to receive payments after the Effective Date based
on the terms and conditions set forth in the applicable bonus agreement. 
 (d) Amendment. No change or modification of this Agreement
shall be valid unless the same shall be in writing and signed by all of the parties hereto. No waiver of any provisions of this Agreement shall be valid unless in writing and signed by the party charged with waiver. No waiver of any of the
provisions of this Agreement shall be deemed, or shall constitute, a waiver of any other provision, whether or not similar, nor shall any waiver constitute a continuing waiver, unless so provided in the waiver. 

(e) Severability. If any provisions of this Agreement (or portions thereof) shall, for any reason, be held invalid or unenforceable,
such provisions (or portions thereof) shall be ineffective only to the extent of such invalidity or unenforceability, and the remaining provisions of this Agreement (or portions thereof) shall nevertheless be valid, enforceable and of full force and
effect. If any court of competent jurisdiction finds that any restriction contained in this Agreement is invalid or unenforceable, then the parties hereto agree that such invalid or unenforceable restriction shall be deemed modified so that it shall
be valid and enforceable to the greatest extent permissible under law, and if such restriction cannot be modified so as to make it enforceable or valid, such finding shall not affect the enforceability or validity of any of the other restrictions
contained herein. 
 (f) Counterparts. This Agreement may be executed in two or more identical counterparts, all of which shall be
considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party. In the event that any signature is delivered by facsimile transmission or by an e-mail which contains a portable document format (.pdf) file of an executed signature page, such signature page shall create a valid and binding obligation of the party executing (or on whose behalf such signature
is executed) with the same force and effect as if such signature page were an original thereof. 
 (g) Headings. The section or
paragraph headings or titles herein are for convenience of reference only and shall not be deemed a part of this Agreement. 
 (h)
Governing Law. This Agreement will be governed by and construed in accordance with the laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule. AS A SPECIFICALLY BARGAINED INDUCEMENT FOR
EACH OF THE PARTIES TO ENTER INTO THIS AGREEMENT (EACH PARTY HAVING HAD OPPORTUNITY TO CONSULT COUNSEL), EACH PARTY EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED IN THIS AGREEMENT. 

  
 13 

 (i) Representations. Executive hereby represents and warrants to the Company that
(i) the execution, delivery and performance of this Agreement by Executive do not and shall not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which Executive is a party
or by which she is bound, (ii) Executive is not a party to or bound by any employment agreement, noncompete agreement or confidentiality agreement with any other person or entity and (iii) upon the execution and delivery of this Agreement
by the Company, this Agreement shall be the valid and binding obligation of Executive on and after the Effective Date, enforceable in accordance with its terms. Executive hereby acknowledges and represents that she has had the opportunity to consult
with independent legal counsel or other advisor of Executive’s choice and has done so regarding Executive’s rights and obligations under this Agreement, that she is entering into this Agreement knowingly, voluntarily, and of
Executive’s own free will, that she is relying on Executive’s own judgment in doing so, and that she fully understands the terms and conditions contained herein. 

(j) Survival. The covenants and obligations of the Company under Sections 7, 12, 13, 14, 15 and 18 hereof, and the covenants and
obligations of Executive under Sections 7, 9, 10, 11, 12, 13 and 18 hereof, shall continue and survive any expiration of the Term, termination of Executive’s employment or any termination of this Agreement. 

[signature page follows] 

  
 14 

 Execution Version 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written. 

 

			
	CHINOS HOLDINGS, INC.
		
	By:	 	 
		 	By: Lynda Markoe
		 	Title: Chief Administrative Officer
	
	EXECUTIVE
	
	  

	Name: Libby Wadle

 Exhibit A 

WAIVER AND RELEASE OF CLAIMS 

In consideration of, and subject to, the payments to be made to me by Madewell Group, Inc. (the “Company”) of the payments
set forth in Section 7(b) of my Employment Agreement dated January ___, 2020 with the Company (the “Employment Agreement”), I hereby waive any claims I may have for employment or re-employment in the future by the Company and/or any of its affiliates or subsidiaries after the date on which my employment with the Company terminated (the “Termination Date”), and I further
agree to and do release and forever discharge the Company, its subsidiaries and affiliates and their respective past and present officers, directors, shareholders, employees and agents (the “Releasees”) from any and all suits,
controversies, actions, causes of action, cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs and attorneys’ fees, or liabilities of any nature
whatsoever in law and in equity, both past and present (through the date this Waiver and Release of Claims becomes effective and enforceable) and whether known or unknown, arising out of or relating to (i) my employment with any such Releasees,
and (ii) the termination thereof, including, but not limited to, wrongful discharge, breach of contract, tort, fraud, defamation and claims under the Civil Rights Acts, the Age Discrimination in Employment Act (the “ADEA”), the
Employee Retirement Income Security Act, the Americans with Disabilities Act, the Family Medical Leave Act, or any other federal, state or local legislation or common law relating to employment or discrimination in employment or otherwise (all of
the foregoing are collectively referred to herein as “Claims”). 
 The Release does not include (i) earned but unpaid salary
through the Termination Date; (ii) vested benefits under any employee benefit plans sponsored by the Company; (iii) the payment of the severance payments and benefits in the Employment Agreement; (iv) my right to receive an award from
a Government Agency under its whistleblower program for reporting in good faith a possible violation of law to such Government Agency; (v) coverage or indemnification under the Company’s insurance policies, applicable indemnification
agreements, certificates of incorporation, by-laws or a resolution of the Company’s board of directors; (vi) any recovery to which I may be entitled pursuant to workers’ compensation and
unemployment insurance laws; (vii) my rights as an equity holder of the Company; (viii) my right to challenge the validity of the Release under the ADEA; or (ix) any right where a waiver is expressly prohibited by law. For purposes of
this Waiver and Release of Claims, “Government Agency” means the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the U.S. Securities and Exchange Commission,
the Financial Industry Regulatory Authority, or any other self-regulatory organization or any other federal, state or local governmental agency or commission. 

By signing this Waiver and Release of Claims, I acknowledge and agree as follows: 

(1) I have carefully read the Employment Agreement and this Waiver and Release of Claims; 

(2) I have had the opportunity to consult with an attorney or other advisor of my choice about this matter, and have been advised by the
Company to do so if I choose; 

  
 2 

 (3) the Severance Payments are greater than any other payment or benefit to which I
otherwise would have been legally entitled as a result of the termination of my employment; 
 (4) I have signed this Waiver and Release of
Claims of my own free will and no promises or representations have been made to me by any person to induce me to do so other than the Offer Letter; 

(5) I have been given twenty-one (21) days to review and consider this Waiver and Release of
Claims; and 
 (6) I may revoke this Waiver and Release of Claims after signing it, by delivering a written revocation to the Company’s
General Counsel no later than seven (7) days after the date I sign it as shown below. 
  

	
	  

	Executive’s Signature
	
	  

	Print Name
	
	  

	Date Signed

  
 3

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