Document:

EX-10.18

 Exhibit 10.18 

JJILL TOPCO HOLDINGS, LP 

GRANT AGREEMENT 
 UNDER
THE 
 INCENTIVE EQUITY PLAN 

This Grant Agreement (this “Agreement”) is made and entered into as of
[                    ], by and between JJill Topco Holdings, LP, a Delaware limited partnership (the “Partnership”), and
[                    ] (“Grantee”). Capitalized terms used herein but not defined herein shall have the meanings assigned to
such terms in the Plan (as defined below). 
 In consideration of the mutual covenants contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 1. Grant of
Class A Common Interests. 
 (a) Grant. Pursuant to the Partnership’s Incentive Equity Plan (the
“Plan”), upon execution of this Agreement, the Partnership hereby grants to Grantee [                    ] Class A
Common Interests (the “Incentive Interests”) with a Profits Interests Threshold (as defined in the Partnership Agreement) of $[            ], subject to adjustment
as set forth in this Agreement and the Partnership Agreement. For purposes of the Partnership Agreement, this Agreement is an “Equity Grant Agreement.” 

(b) Profits Interests. Notwithstanding anything to the contrary herein and notwithstanding anything to the contrary in the Partnership
Agreement: 
 (i) It is the intention of the parties hereto that distributions to Grantee (or any subsequent holder of such Incentive
Interests) with respect to the Incentive Interests be limited to the extent necessary so that such Incentive Interests constitute Profits Interests (as defined in the Partnership Agreement). In furtherance of the foregoing, and notwithstanding
anything to the contrary in this Agreement, the Partnership shall, if necessary, limit any distributions to Grantee (or any subsequent holder of such Incentive Interests) with respect to Grantee’s (or such subsequent holder’s) Incentive
Interests so that such distributions do not exceed the available profits in respect of Grantee’s (or such subsequent holder’s) related Profits Interest. Available profits shall include the aggregate amount of profit and unrealized
appreciation in all of the assets of the Partnership between the date of issuance of such Incentive Interests and the date of such distribution. 

(ii) The parties hereto agree to comply with the provisions of Revenue Procedure 93-27, as
clarified by Revenue Procedure 2001-43, and neither the Partnership nor any recipient of an Incentive Interest shall perform any act or take any position inconsistent with the application of Revenue Procedure 93-27, Revenue Procedure 2001-43, or any future Internal Revenue Service guidance or other governmental authority that supplements or supersedes the
foregoing Revenue Procedures. 

 2. Grantee Bound by the Plan; Joinder to Partnership Agreement; No Access to Partnership
Information. 
 (a) Bound by the Plan. The Plan is incorporated herein by reference and made a part hereof. Grantee hereby
acknowledges receipt of a copy of the Plan and agrees to be bound by all of the terms and provisions thereof. 
 (b) Joinder to
Partnership Agreement. Grantee hereby (i) acknowledges that Grantee has received and reviewed a complete copy of the Partnership Agreement and (ii) agrees that upon execution of this Agreement, Grantee shall become a party to the
Partnership Agreement and shall be fully bound by, and subject to, all of the covenants, terms, and conditions of the Partnership Agreement as though an original party thereto and shall be deemed, and is hereby admitted as, a “Partner” for
all purposes of the Partnership Agreement and entitled to all the rights of a holder of Class A Common Interests incidental thereto. 

(c) No Access to Partnership Information. Notwithstanding Grantee’s status as a Partner of the Partnership, unless otherwise
provided in the Partnership Agreement, Grantee shall have no right whatsoever in Grantee’s capacity as a holder of Incentive Interests to (a) examine the books and records of the Partnership or any JJill Company or (b) obtain any
information about the identities of the other Partners or members of the Partnership or any JJill Company, as applicable (or of the size or nature of such other Partners’ or members’ interests in the Partnership or any JJill Company, as
applicable). 
 3. Representations and Warranties; Acknowledgments and Agreements. 

(a) Representations and Warranties by Grantee. In connection with the grant of Incentive Interests to Grantee pursuant to this
Agreement, Grantee hereby represents and warrants to the Partnership that: 
 (i) The Incentive Interests acquired or to be acquired by
Grantee shall be acquired for Grantee’s own account and not with a view to, or intention of, distribution thereof in violation of the Securities Act or any applicable state securities laws, and no Incentive Interests shall be disposed of in
contravention of the Securities Act or any applicable state securities laws. Grantee covenants and agrees to make such other reasonable and customary representations as requested by the Partnership regarding matters relevant to compliance with
applicable securities laws as are deemed necessary by counsel to the Partnership. 
 (ii) Grantee is an executive of the Partnership or one
of its subsidiaries, is sophisticated in financial and business matters and is able to evaluate the risks and benefits of the ownership of Incentive Interests. The Grantee understands that: 

(A) An investment in the Incentive Interests represents a highly speculative investment, and there can be no assurance as to the success of
the Partnership in its business; 

  
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 (B) The Incentive Interests cannot be transferred except in very limited circumstances and at
present no market for the Incentive Interests exists, and it is not anticipated that a market for the Incentive Interests will develop in the future; 

(C) The Incentive Interests may be worthless; 

(D) Ownership of the Incentive Interests may result in taxable income to Grantee without a corresponding cash or in-kind distribution; 

(E) The Incentive Interests will not be registered under the Securities Act or any applicable state securities laws, and they are being issued
in reliance upon certain exemptions contained in the Securities Act and applicable state securities laws, and the representations and warranties of Grantee contained herein are essential to any claim of exemption by the Partnership under the
Securities Act and such state laws; 
 (F) The Incentive Interests are “restricted securities” as the term is defined in
Rule 144 promulgated under the Securities Act; 
 (G) Only the Partnership can register the Incentive Interests under the Securities
Act and applicable state securities laws, but it is not anticipated that the Incentive Interests will be registered in any event; 
 (H)
Grantee is aware of the conditions restricting the sale or transfer of the Incentive Interests under the Plan, the Partnership Agreement, and the Securities Act and applicable state securities laws; and 

(I) The Partnership may, from time to time, make stop-transfer notations in its transfer record to ensure compliance with the Securities Act
and any applicable state securities laws, and any additional restrictions imposed by state securities administrators. 
 (iii) Grantee has
had an opportunity to ask questions and receive answers concerning the terms and conditions of the offering of Incentive Interests and has had full access to such other information concerning the Partnership as Grantee has requested. Grantee
acknowledges and agrees that this Agreement is a legal document that is a binding obligation of Grantee and that Grantee has been provided with ample opportunity to consult with independent legal counsel regarding the terms, conditions and nature of
this Agreement. 

  
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 (iv) This Agreement constitutes the legal, valid, and binding obligation of Grantee, enforceable
in accordance with its terms, and the execution, delivery, and performance of this Agreement by Grantee does not and will not conflict with, violate or cause a breach of any agreement, contract, or instrument to which Grantee is a party or any
judgment, order or decree to which Grantee is subject. 
 (v) Grantee is a bona fide resident and domiciliary of the State designated in
Grantee’s address on the signature page hereto, and has no present intention of becoming a resident of, or domiciled in, any other State or jurisdiction. 

(vi) Neither Grantee nor anyone acting on Grantee’s behalf has paid or will pay a commission or other remuneration to any person in
connection with the acquisition of the Incentive Interests. 
 (vii) Grantee has not become aware of, and has not entered into this
Agreement as a result of, any advertisement in printed media or general and regular paid circulation (or other printed public media), radio, television or telecommunications, or other form of advertisement (including electronic display) with respect
to the Partnership or the offering or the distribution of Incentive Interests. 
 (viii) The Grantee is an “Accredited Investor”
within the meaning of Rule 501 of Regulation D under the Securities Act, as presently in effect. 
 (ix) At the time and as a
condition of delivery of documents evidencing the Incentive Interests, Grantee will be deemed to have made all the representations and warranties contained in this Section 3(a) with respect to such Incentive Interests and may be required to
make other representations concerning investment intent as a condition of the delivery of such Incentive Interests by the Partnership. 
 (b)
Representations and Warranties by the Partnership. In connection with the grant of Incentive Interests to Grantee pursuant to this Agreement, the Partnership hereby represents and warrants to Grantee that: 

(i) The execution, delivery, and performance of this Agreement have been duly and validly authorized by all necessary limited partnership
action in respect thereof on the part of the Partnership. 
 (ii) This Agreement constitutes the legal, valid, and binding obligation of the
Partnership, enforceable in accordance with its terms, and the execution, delivery, and performance of this Agreement by the Partnership does not and will not conflict with, violate or cause a breach of any agreement, contract, or instrument to
which the Partnership is a party or any judgment, order, or decree to which the Partnership is subject. 
 (c) Acknowledgment by
Grantee. Grantee acknowledges and agrees that neither the issuance of any Incentive Interests to Grantee nor any provision contained herein shall confer upon Grantee any right to continue in the employ or as a director, if applicable, of the
Partnership, the General Partner, or any JJill Company or interfere in any way with the right of the Partnership, the General Partner, or any JJill Company, as the case may be, in its sole discretion to terminate Grantee’s employment or to
increase or decrease Grantee’s compensation at any time. 

  
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 (d) Section 83(b) Election. Notwithstanding any provision of this Agreement or the
Partnership Agreement to the contrary, Grantee shall, as a condition subsequent to the issuance of the Incentive Interests, execute and deliver a valid and timely election to include property in gross income pursuant to Section 83(b) of the
Internal Revenue Code of 1986, as amended (the “Code,” and such election a “Section 83(b) Election”), with the Internal Revenue Service and the Partnership within the time period required by Section 83 of
the Code, which Section 83(b) Election shall be in a form reasonably satisfactory to the Partnership. Upon the failure of Grantee to make such valid and timely election, the issuance of the Incentive Interests shall be void ab initio.

 4. Vesting of Incentive Interests. 

(a) The Incentive Interests shall vest during the
[                ] period following the date hereof in [            ] installments on
[                    ], with the first such installment beginning on
[                    ] (to the extent vested, such interest, “Vested Incentive Interests”). 

(b) Notwithstanding Section 4(a), if (i) an Approved Partnership Sale occurs prior to the Termination Date,
[                ]. 
 (c) As of any date, the term
“Unvested Incentive Interests” means the Incentive Interests that are not Vested Incentive Interests as of such date. 

5. Forfeiture of Incentive Interests upon the Termination Date. Effective as of the Termination Date (but after giving effective to
Section 4(b)), and without any further action by the Partnership, Grantee, or any of Grantee’s Affiliates or any other Person, all then-Unvested Incentive Interests (in each case, whether owned by Grantee, any of Grantee’s Affiliates,
or any other Person) shall immediately be forfeited to the Partnership for no additional consideration and shall cease to be issued and outstanding. If (i) the Termination Date occurs due to the termination of Grantee’s employment for
Cause or (ii) following any Termination Date, Grantee (x) violates any of Grantee’s obligations under paragraphs 7 through 11 of that certain amended and restated employment agreement by and between Jill Acquisition LLC and
Grantee, dated as of [                    ], as may be amended from time to time (the “Employment Agreement”), or
(y) materially violates any other restrictive covenants applicable to Grantee, and (z) in either case, Grantee fails to cure such breach, if curable, pursuant to the terms set forth in the Employment Agreement or the applicable restrictive
covenant agreement, without any further action by the Partnership, Grantee, or any of Grantee’s Affiliates or any other Person, all Incentive Interests (whether Vested Incentive Interests or Unvested Incentive Interests) shall immediately be
forfeited to the Partnership for no additional consideration and shall cease to be issued and outstanding. 
 6. Distributions. 

(a) Unvested Incentive Interests. Notwithstanding anything contained herein to the contrary, if at any time the Partnership makes any
distribution (other than Tax Advances (as such term is defined in the Partnership Agreement)) or any other payment is made by any Person with respect to any Unvested Incentive Interests that, but for the provisions of this

  
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Section 6, the holder of such Unvested Incentive Interests (an “Unvested Holder”) would be entitled to receive, then such distribution or payment shall be made into an
escrow account or in a segregated bank account established by the Partnership or otherwise held in reserve by the Partnership (the “Escrow Account”) rather than to such Unvested Holder. The Escrow Account shall provide (i) that
the property distributed or paid into such Escrow Account, as adjusted to reflect all earnings and fees thereon (the “Escrow Property”), shall be held for the benefit of such Unvested Holder and for the benefit of the
Partnership’s other holders of applicable equity securities as of the time of such distribution or payment, (ii) that any such Escrow Property that is cash may be invested in the discretion of the Partnership (or such other representative
of the holders of the Partnership’s applicable equity securities as of the time of such distribution or payment as may be appropriate) in short-term fixed income investments or in a money market account,
(iii) that so long as there continues to be Unvested Incentive Interests, such Unvested Holder’s interest in the Escrow Property shall continue to vest in the same manner as the vesting of such Unvested Holder’s Incentive Interests
pursuant to the terms hereof and, subject to any applicable transfer restrictions on the Escrow Property, upon the vesting of any Escrow Property, ownership and control of such vested Escrow Property shall be transferred to such Unvested Holder no
later than ten (10) Business Days (as defined in the Partnership Agreement) after the vesting of such Escrow Property, (iv) that if such Unvested Holder’s Incentive Interests are forfeited to the Partnership pursuant to Section 5 of
this Agreement prior to the full vesting of the Escrow Property, then, subject to any applicable transfer restrictions on the Escrow Property, all unvested Escrow Property shall be appropriately distributed to the other holders of the
Partnership’s applicable equity securities as of the time of such distribution or payment, and all of the vested Escrow Property that has not previously been distributed to such Unvested Holder shall be distributed to such Unvested Holder,
(v) that any JJill Company (or such other representative of the holders of the Partnership’s equity securities as of the time of such distribution or payment as may be appropriate) may be the escrow agent, and (vi) such other terms as
the Board (or such other representative of the holders of the Partnership’s equity securities as of the time of such distribution or payment as may be appropriate) may deem appropriate and that are, in all material respects, consistent with the
intent of this Agreement (including Sections 4 and 5 and this Section 6). For avoidance of doubt, in the event of an Approved Partnership Sale in which the vesting of the Incentive Interests is not accelerated, distributions in connection
with such Approved Partnership Sale shall be made into the Escrow Accounts as provided herein and shall continue to be subject to the terms of this Section 6(a). Notwithstanding the foregoing or anything in Section 7.3 of the Partnership
Agreement to the contrary, all unvested Escrow Property shall be treated as not having been distributed to the Unvested Holder for purposes of determining whether the Unvested Holder is entitled to a Tax Advance on Unvested Incentive Interests as of
any quarterly distribution date pursuant to Section 7.3 of the Partnership Agreement, and any such Tax Advance owing to the Unvested Holder in respect of Unvested Incentive Interests shall be made to the Unvested Holder in the form of either
(i) a distribution from the Partnership pursuant to Section 7.3 of the Partnership Agreement or (ii) a distribution from the Escrow Account, as determined by the General Partner in its sole discretion. 

(b) Vested Incentive Interests. Distributions from the Partnership with respect to Vested Incentive Interests will be made in accordance
with the terms of the Partnership Agreement. 

  
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 7. Right to Purchase Incentive Interests after the Termination Date. 

(a) Purchase Right. Upon the occurrence of the Termination Date that occurs prior to the consummation of an Approved Partnership Sale,
up to all of the Vested Incentive Interests (whether owned by Grantee, any of Grantee’s Affiliates or any other Person) as of the Termination Date (the “Purchasable Incentive Interests”) shall, at the Partnership’s
election, be subject to purchase by the Partnership pursuant to the terms and conditions set forth in this Section 7 (the “Purchase Option”) at a price per Purchasable Incentive Interest equal to the Fair Market Value per
Purchasable Incentive Interest determined as of the Termination Date, less the amount of any cash distributed by the Partnership with respect to such Purchasable Incentive Interest between the Termination Date and the closing of the applicable
purchase pursuant to the Purchase Option. For the sake of clarity, if the Termination Date occurs following the consummation of an Approved Partnership Sale, the Partnership shall have no Purchase Option. 

(b) Procedure to Exercise the Purchase Right. The Purchase Option is exercisable by the Partnership (in its sole discretion) by
delivering written notice (the “Purchase Notice”) to the holder or holders of the applicable Purchasable Incentive Interests to be purchased at any time during the 210-day period beginning on the Termination Date. The Purchase
Notice shall set forth the number of Purchasable Incentive Interests to be acquired from such holder(s), the aggregate consideration to be paid for such holder’s Purchasable Incentive Interests, which shall be the Fair Market Value determined
by the Board, and the time and place for the closing of the transaction. The Partnership (with the approval of the Board) may at any time elect, in its sole discretion, to designate any one or more Person(s) to actually purchase (in addition to, or
in lieu of, the Partnership) any or all of the Purchasable Incentive Interests for which the Partnership has a Purchase Option hereunder (any such other Person, a “Substitute Purchaser”). 

(c) Closing of Purchase. The closing of the transactions contemplated by this Section 7 shall take place on the date designated by
the Partnership in the Purchase Notice, which date shall not be more than sixty (60) days after the delivery of such notice. The amount of the purchase price to be paid for any Purchasable Incentive Interests to be purchased by the Partnership
(and any applicable Substitute Purchasers) pursuant to a Purchase Option shall be determined pursuant to Section 7(a) hereof, and the aggregate amount of such purchase price shall be referred to herein as the “Aggregate Purchase
Price”. The Partnership (and any applicable Substitute Purchasers) shall pay the applicable Aggregate Purchase Price for any Purchasable Incentive Interests to be purchased by the Partnership and any applicable Substitute Purchaser pursuant
to a Purchase Option by delivery of a check payable to or by wire transfer to an account or account(s) designated by the holder(s) of such Purchasable Incentive Interests in an aggregate amount equal to the applicable Aggregate Purchase Price for
such Purchasable Incentive Interests. The Partnership and any applicable Substitute Purchaser shall receive from each seller regarding the sale of Purchasable Incentive Interests the representation that such seller has good and marketable title to
such Purchasable Incentive Interests and that such Purchasable Incentive Interests shall be transferred to the Partnership and any applicable Substitute Purchaser, as the case may be, free and clear of all liens, claims and other encumbrances and
any other representation reasonably requested by Partnership or the Substitute Purchaser. 

  
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 8. Severability. Whenever possible, each provision of this Agreement shall be interpreted
in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal, or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity,
illegality, or unenforceability shall not affect any other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid,
illegal, or unenforceable provision had never been contained herein. 
 9. Notices. Any notice hereunder to the Partnership shall be
addressed to the General Partner’s principal executive office, Attention: Board of Directors, and any notice hereunder to Grantee shall be addressed to Grantee at Grantee’s last address on the records of the Partnership, subject to the
right of either party to designate at any time hereafter in writing some other address. Any notice shall be deemed to have been duly given when delivered personally, one day following dispatch if sent by reputable overnight courier, fees prepaid, or
three (3) days following mailing if sent by registered mail, return receipt requested, postage prepaid and addressed as set forth above. 

10. Counterparts. This Agreement may be executed in separate counterparts, each of which shall be deemed to be an original and all of
which taken together shall constitute one and the same agreement. 
 11. Binding Effect. This Agreement shall be binding upon and
inure to the benefit of any successors and assigns of the Partnership and all persons lawfully claiming under Grantee. 
 12. Governing
Law; Consent to Jurisdiction. THE VALIDITY, CONSTRUCTION, INTERPRETATION, ADMINISTRATION AND EFFECT OF THIS AGREEMENT, THE PLAN, AND ITS RULES AND REGULATIONS, AND RIGHTS RELATING TO THE PLAN AND TO THIS AGREEMENT, SHALL BE GOVERNED BY THE
SUBSTANTIVE LAWS, BUT NOT THE CHOICE OF LAW RULES, OF THE STATE OF DELAWARE. EACH OF THE PARTIES HERETO HEREBY (I) IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED IN WILMINGTON, DELAWARE, FOR THE PURPOSES
OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT; (II) AGREES THAT NO SUCH ACTION, SUIT OR PROCEEDING RELATING TO THIS AGREEMENT OR THE RELATED DOCUMENTS SHALL BE BROUGHT BY IT OR ANY OF ITS AFFILIATES EXCEPT IN SUCH COURTS;
(III) AGREES THAT THE SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S. REGISTERED MAIL TO SUCH PERSON’S ADDRESS IN ACCORDANCE WITH THE NOTICE PROVISIONS IN SECTION 12 HEREOF SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT
OR PROCEEDING IN THE STATE OF DELAWARE WITH RESPECT TO ANY MATTERS TO WHICH IT HAS SUBMITTED TO JURISDICTION AS SET FORTH HEREIN IN THE IMMEDIATELY PRECEDING CLAUSES (I) AND (II); (IV) IRREVOCABLY AND UNCONDITIONALLY WAIVES (AND AGREES NOT TO
PLEAD OR CLAIM) ANY OBJECTION TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT IN ANY STATE OR FEDERAL COURT LOCATED IN WILMINGTON, DELAWARE, OR THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT
HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

  
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 13. Waiver of Jury Trial. Each of the parties to this Agreement hereby irrevocably waives, and
shall cause its Affiliates to waive, all right to a trial by jury in any action, proceeding or counterclaim arising out of or relating to this Agreement and the Plan or the other agreements and instruments delivered hereunder or the transactions
contemplated hereby or thereby. 
 14. Conflict between this Agreement and the Partnership Agreement. Unless otherwise expressly
provided, in the event of a conflict between any term or provision contained herein and a term or provision of the Partnership Agreement, the applicable terms and provisions of the Partnership Agreement, as applicable, will govern and prevail. In
the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Agreement will govern and prevail. 

15. Remedies. The parties hereto acknowledge and agree that money damages may not be an adequate remedy for any breach of the
provisions of this Agreement and that any party hereto will have the right to injunctive relief, in addition to all of its other rights and remedies at law or in equity, to enforce the provisions of this Agreement. 

16. Complete Agreement. This Agreement embodies the complete agreement and understanding between the parties and supersedes and
preempts any prior understandings, agreements or representations by or among the parties, written or oral, which may have related to the subject matter hereof in any way. 

17. Amendments. This Agreement may be amended only by written agreement of the Partnership (with the approval of the Board) and
Grantee. 
 18. Successors and Assigns; Certain Transfers. This Agreement shall bind and inure to the benefit of and be enforceable
by Grantee and the Partnership and their respective successors, heirs and permitted assigns. Grantee may not assign any rights under this Agreement without the prior written consent of the Partnership (with the approval of the Board), in its sole
discretion, and any such assignment by Grantee without such consent of the Partnership shall be null and void. Grantee may not transfer, assign or sell any Unvested Incentive Interests (other than to the Partnership) without the prior written
consent of the Partnership (with the approval of the Board), in its sole discretion, and any such transfer, assignment or sale without such consent of the Partnership shall be null and void. 

19. No Entitlement to Future Equity Grants. Grantee hereby acknowledges and agrees that, other than the grant of Incentive Interests
contemplated herein, (a) the Partnership has no obligation in the future to grant any equity securities of the Partnership to Grantee, and (b) except as may subsequently be authorized by the Board, in its sole discretion through a formal
resolution, Grantee has no right or entitlement to any grant of any equity securities of the Partnership in the future. 
 * * * * * 

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

			
	JJILL TOPCO HOLDINGS, LP
		
	By:	 	 JJ Holdings GP, LLC
 its general
partner

		
	By:	 	
	
	 
		 	Name:
		 	Title:
	
	 
	GranteeExhibit

Exhibit 10.36

RESTRICTED STOCK GRANT AGREEMENT
 
THIS RESTRICTED STOCK GRANT AGREEMENT (this “Agreement”) is made and entered into effective as of December 31, 2016 (the “Effective Date”), by and between BNC Bancorp, a North Carolina Company (the “Company”), and Richard D. Callicutt II (“Participant”).
 
WHEREAS, the Company is the holding company of the Bank of North Carolina (the “Bank”), a state chartered commercial bank, and the BNC Bancorp 2013 Omnibus Stock Incentive Plan was approved by the Company’s board of directors and by its shareholders on May 21, 2013, and as it may be amended from time to time (the “Plan”);
 
WHEREAS, Participant is an employee of the Bank, and the Compensation Committee of the Board of Directors of the Company (the “Committee”), as administrator of the Plan, has determined that it is desirable and in the best interest of the Bank to make an award (the “Award”) of certain shares of the common stock of the Company, under the Plan, to Participant, subject to certain restrictions as specified below; and
 
WHEREAS, capitalized terms not otherwise defined herein shall have the same meaning given to such terms in the Plan.
 
NOW, THEREFORE, the Parties agree as follows:
 
1.           Date of Award. The date of grant of the Award under this Agreement is December 31, 2016. The Bank has made this Award in consideration of the exceptional returns to the Company’s shareholders, and the continued desire by the Board to continue the employment of Participant into the future. Participant is an executive officer of the Bank and the Company.
 
2.           Award of Plan Shares. Participant is awarded, no purchase price per share, in the aggregate, 200,000 shares of common stock (the “Plan Shares”), which shares become vested and nonforfeitable pursuant to Section 5 of this Agreement.

 
3.           Representations, Warranties and Transfer Restrictions.
 
(a)          Representations and Warranties. Participant makes and agrees to the representations and warranties, if any, attached hereto as Annex A. The Committee may cause a legend to be placed on any certificate representing any of the Plan Shares to make appropriate reference to restrictions on transfer, as necessary.
 
(b)          Securities Law and Regulations. Participant agrees that the Plan Shares shall be subject to such stop-transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, any stock exchange or interdealer quotation system upon which the common stock is then listed and any other applicable federal or state securities laws, rules or regulations, and the Committee may cause a legend or legends to be placed on any certificate representing any of the Plan Shares to make appropriate reference to such restrictions.
 
(c)          Other Transfer Restrictions. No portion of the Plan Shares or rights granted hereunder may be sold, transferred, assigned, pledged or otherwise encumbered or disposed of by Participant until such portion of the Plan Shares become fully vested in accordance with Section 5 of this Agreement.  Notwithstanding the above, Plan Shares may be transferred to satisfy tax obligations pursuant to Section 10 hereof.

4.           Shares Held in Trust. The Plan Shares shall be held in trust by the Bank and distributed or transferred in accordance with the Plan, as determined by the Committee and as set forth herein.
 
5.           Vesting and Delivery of Plan Shares by the Bank.
 
(a)          Vesting Schedule. Plan Shares shall vest and become nonforfeitable as set forth herein:

(i)  Provided that Participant has been continuously employed by either the Company or the Bank from the Effective Date through the following vesting dates, 200,000 Plan Shares shall vest and be earned as follows: (i) 68,000 Plan Shares shall vest on January 22, 2017 to correspond with expected tax obligations and (ii) 44,000 Plan Shares vest on October 1, of each of 2017, 2018 and 2019. 

(ii)  In the event of a Change in Control, the Award shall be subject to Section 10 of the Plan, provided that for purposes of Section 10 of the Plan, the terms “Cause,” “Disability” and “Good Reason” shall be defined in accordance with the Employment Agreement, dated as of June 28, 2013, among the Company, the Bank and Participant (the “Employment Agreement”).

(iii)  For the avoidance of doubt, no provision of this Agreement shall limit any vesting contemplated by Section 5 of the Employment Agreement.

(b)          Delivery of Vested Plan Shares to Participant. Except as provided above, after the date on which all or a portion of the Plan Shares have become vested as provided in this Agreement and in the Plan, the Committee shall instruct the Bank to deliver to Participant, Participant’s designee, such other person as shall have been designated as Participant’s beneficiary in accordance with this Agreement or any other permitted recipient pursuant to the Plan, as applicable, certificates representing the Plan Shares which have become vested and nonforfeitable, as the Committee shall determine, free from any restrictions imposed by this Agreement other than such restrictions and conditions as may be deemed necessary by the Committee pursuant to Section 3 above. The parties agree to execute any further instrument and to take such action as may be reasonably necessary to carry out the intent of this Agreement.
 
(c)          Delivery of Forfeited Plan Shares. If any of the Plan Shares are forfeited pursuant to this Agreement or the Plan, the Committee shall instruct the Bank concerning the disposition of such forfeited shares. Thereafter such forfeited shares shall cease to be subject to this Agreement.
 
6.           Payment of Dividends. Participant shall receive all dividends on restricted shares in accordance with dividend declarations for all outstanding common shares. If any shares are forfeited by Participant, Participant agrees to reimburse the Company for any dividends received on the forfeited shares.

7.           Designation of Beneficiary. Participant hereby designates the person(s) described on Annex B as the beneficiary or beneficiaries who shall be entitled to receive the vested Plan Shares and other assets, if any, distributable to Participant upon his Death. Participant may, from time to time, revoke or change his beneficiary designation without the consent of any prior beneficiary, if any, by filing a new designation with the Committee. The last such designation received by the Committee shall be controlling; provided, however, that no designation, or change or revocation thereof, shall be effective unless received by the Committee prior to Participant’s Death, and in no event shall it be effective as of a date prior to such receipt.

 
If no such beneficiary designation is in effect at the time of Participant’s Death, or if no designated beneficiary survives Participant, or if such designation conflicts with law, Participant’s estate shall be deemed to have been designated his beneficiary and shall receive the vested Plan Shares and other assets, if any, distributable to Participant upon his Death. If the Committee is in doubt as to the right of any person to receive such distribution, the Committee may direct the Bank to retain the vested Plan Shares and other assets, without liability for any interest in respect thereof, until the rights thereto are determined, or the Committee may direct the transfer of such Plan Shares into any court of appropriate jurisdiction and such transfer shall be deemed a complete discharge of the obligations of the Bank, the Company and the Committee hereunder.
 
8.           Effect of Award on Status of Participant. The fact that an Award has been made to Participant under this Plan shall not confer on Participant any right to continued service on the boards of directors of the Bank, the Company or of any subsidiary thereof, nor to continued employment with the Bank, the Company or any subsidiary; nor shall it limit the right of the Bank, the Company or any subsidiary to remove Participant from any such boards or to terminate his employment at any time without prior notice.
 
9.           Impact of Award on Other Benefits of Participant. The value of the Plan Shares on the date of the Award or at the time the Plan Shares become vested shall not be includable as compensation or earnings for purposes of any other benefit plan offered by the Bank, the Company or any subsidiary thereof, other than any qualified employee benefit plan which provides that such value shall be included as compensation or earnings for purposes of such plans.
 
10.         Tax and Tax Withholding. 

(a)    Generally.  Participant has reviewed with Participant’s own tax and financial advisors the federal, state and local tax consequences of this Agreement and receipt of the Plan Shares. Participant acknowledges that the Company shall require Participant to pay the Company the amount of any tax or other amount required by any governmental authority to be withheld and paid over by the Company to such authority for the account of Participant, and Participant agrees, as a condition to the grant of the Award and delivery of the Plan Shares or any other benefit, to satisfy such obligations. In satisfaction of such taxes, all vested Plan Shares distributed pursuant to this Agreement shall be subject to withholding by the Company to cover any applicable taxes. Participant expressly acknowledges and 

agrees to such withholding without regard to whether the Plan Shares may then be sold or otherwise transferred by Participant. The number of Plan Shares to be withheld shall have a fair market value as of the date that the amount of tax to be withheld is determined as nearly equal as possible to (but not exceeding) the amount of such obligations being satisfied. Further, Participant may sell such number of vested Plan Shares necessary to cover any tax obligation in addition to that described above due by Participant in respect of the Plan Shares to any governmental authority, notwithstanding the transfer limitations set forth in Section 3, to the extent that transfer is then permitted by applicable federal, state or local law and the Company’s insider trading policy; provided, that, if such sale or withholding is not so permitted Participant shall nonetheless remain obligated to satisfy such taxes.

(b)    Section 83(b) Election.  Participant is authorized, in his discretion, to file an election with the Internal Revenue Service pursuant to Section 83(b) of the Code with respect to all or a portion of the Plan Shares (the “Section 83(b) Election”). Participant agrees that if he makes a Section 83(b) Election, he shall provide a copy of such election to the Company not later than ten days after filing the Section 83(b) Election with the Internal Revenue Service. The Company makes no representations to Participant in respect of the tax consequences of the Section 83(b) Election (including in respect of the adequacy of the form of Section 83(b) Election), and Participant should consult his tax advisor regarding the consequences of the Section 83(b) Election, as well as the receipt, vesting, holding and sale of the Plan Shares.
  
11.         Notices. Any notices or other communications required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been sufficiently given if delivered personally or three business days after deposit in the United States mail by Certified Mail, return receipt requested, properly addressed and postage prepaid, if to the Company, the Bank or the Committee, at the Bank’s principal office address at 3980 Premier Drive, High Point, North Carolina 27265; and, if to Participant, at his last address appearing on the books of the Bank. The Bank and Participant may change their address or addresses by giving written notice of such change as provided herein. Any notice or other communication hereunder shall be deemed to have been given on the date actually delivered or as of the third (3rd) business day following the date mailed as set forth above, as the case may be.
 
12.         Construction Controlled by Plan. The Plan, a copy of which is attached hereto as Annex C, is incorporated herein by reference. The Award of Plan Shares shall be subject to the terms and conditions of the Plan, and Participant hereby assumes and agrees to comply with all of the obligations imposed upon Participant in the Plan. This Agreement shall be construed so as to be consistent with the 

Plan; and the provisions of the Plan shall be deemed to be controlling in the event that any provision hereof should appear to be inconsistent therewith.
 
13.         Severability. Whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be valid and enforceable under applicable law, but if any provision of this Agreement is determined to be unenforceable, invalid or illegal, the validity of any other provision or part thereof shall not be affected thereby and this Agreement shall continue to be binding on the parties hereto as if such unenforceable, invalid or illegal provision or part thereof had not been included herein.
 
14.         Governing Law. Without regard to the principles of conflicts of laws, the laws of the State of North Carolina shall govern and control the validity, interpretation, performance and enforcement of this Agreement.
 
15.         Modification of Agreement; Waiver. This Agreement may be modified, amended, suspended or terminated, and any terms, representations or conditions may be waived, but only by a written instrument signed by each of the parties hereto or their successors in interest. No waiver hereunder shall constitute a waiver with respect to any subsequent occurrence or other transaction hereunder or of any other provision hereof.
 
16.         Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto, and their respective heirs, legatees, personal representatives, executors, and administrators, successors and assigns.
 
17.         Entire Agreement. This Agreement and the Plan constitute and embody the entire understanding and agreement of the parties hereto and, except as otherwise provided hereunder; there are no other agreements or understandings, written or oral, in effect between the parties hereto relating to the matters addressed herein.
 
18.         Counterparts. This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall be deemed an original, but all of which taken together shall constitute one and the same instrument.
 
[Remainder of page intentionally left blank]

 
IN WITNESS WHEREOF, the Company has caused this instrument to be executed in its corporate name by its President, or one of its Vice Presidents, and attested by its Secretary or one of its Assistant Secretaries, and its corporate seal to be hereto affixed; and each individual party hereto has hereunto set his hand and adopted as his seal the typewritten word “SEAL” appearing beside his name, all done this the day and year first above written.
 
	
				
	 
	BNC BANCORP

	 
	 
	 

	 
	By:
	 

	 
	 
	David B. Spencer
Senior Executive Vice President and Chief Financial Officer

 
ATTEST:
 
	
			
	 
	 
	 

	By:
	 
	 

	 
	Assistant Secretary

 
[Corporate Seal]
 
	
		
	 
	 

	 
	PARTICIPANT

	 
	 

	 
	 

                          Richard D. Callicutt II (SEAL)
 

ANNEX A
 
Representations and Warranties
 
Participant represents to the Company that:
 
(a)          The Plan Shares were not offered or transferred to Participant by means of any form of general solicitation or general advertising, and in connection therewith, Participant did not: (i) receive or review any advertisement, article, notice or other communication published in a newspaper or magazine or similar media or broadcast over television or radio whether closed circuit or generally available or (ii) attend any seminar meeting or industry investor conference whose attendees were invited by any general solicitation or general advertising.
 
(b)          Participant has received a copy of the Plan and represents that he is familiar with the terms and provisions thereof, and hereby accepts the Plan Shares subject to all of the terms and provisions of the Plan except as otherwise specifically stated in this Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Plan. Participant acknowledges that the Plan Shares may only be transferred or otherwise disposed of pursuant to (i) a registration statement on Form S-8 upon delivery of a resale prospectus to the recipient of the Plan Shares, as long as Participant is an affiliate of the Company, (ii) an effective registration statement under the Securities Act of 1933, as amended (the “Act”), or (iii) pursuant to an exemption from registration under the Act.
 
(c)          Participant acknowledges that he must therefore hold the Plan Shares indefinitely unless a subsequent disposition of the Plan Shares is permitted under the terms of this Agreement.
 
(d)          Participant acknowledges that, given the restrictions on transfer acknowledged above, he is able to bear the economic risk of holding the Plan Shares for an indefinite period of time and can afford a complete loss of the value of the Plan Shares.
 
(e)          Participant agrees and acknowledges that the Company may, if it so desires and subject to Section 3 of this Agreement, permit the transfer of the Plan Shares out of Participant’s name only when Participant’s request for transfer is accompanied by an opinion of counsel reasonably satisfactory to the Company and its counsel that neither the sale nor the proposed transfer results in violation of the Act or 

any state securities or “blue sky” laws (collectively, “Securities Laws”). Participant agrees to hold the Company and its directors, officers, agents and controlling persons and their respective heirs, representatives, successors and assigns harmless and to indemnify them from and against all liabilities, costs and expenses incurred by them as a result of any misrepresentation made by Participant contained herein or any sale or distribution by Participant in violation of the Securities Laws.
 
(f)          Participant represents that the receipt of the Plan Shares by Participant will not result in the violation by Participant of any law, statute, rule, regulation, order, writ, injunction, judgment or decree of any court or governmental authority to or by which Participant is bound, including, without limitation, United States laws and other laws that may be applicable to Participant and will not conflict with, or result in a material breach or violation of, any of the terms or provisions of, or constitute (with due notice or lapse of time or both) a material default under, any material lease, loan agreement, mortgage, security agreement, trust indenture or other agreement or instrument to which Participant is a party or by which Participant is bound or to which Participant’s material properties or assets is subject, nor result in the creation or imposition of any lien upon any of the material properties or assets of Participant.

 
(g)          Participant acknowledges and agrees that this Agreement is not a contract of employment and that nothing in this Agreement shall confer upon Participant any right with respect to continuation of service to or employment by the Company or the Bank, nor shall it interfere in any way with his right or the Company’s or the Bank’s right to terminate his service to or employment by the Company or the Bank at any time, with or without cause.
  
(h)          Participant hereby accepts this Agreement subject to all of the terms and provisions hereof. Participant has reviewed this Agreement in its entirety, has had an opportunity to obtain the advice of counsel prior to executing this Agreement and fully understands all provisions of the Agreement.
 
(i)          Participant acknowledges that the Company and its counsel are entitled to rely on the representations made above.
 
 

ANNEX B
 
BNC Bancorp 2013 Omnibus Stock Incentive Plan
Beneficiary Designation Form
 
As beneficiary to receive any shares of stock distributable on my behalf pursuant to the BNC Bancorp 2013 Omnibus Stock Incentive Plan, I hereby designate the following:
 	
						
	 
	 
	Name
	Address
	Relationship
	 

	 
	 
	 
	 
	 
	 

	Primary Beneficiary:
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	Contingent Beneficiary:
	 
	 
	 
	 
	 

	(if any)
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

If more than one primary beneficiary is named, shares will be paid in equal shares to surviving primary beneficiaries. Should the contingent beneficiaries be eligible to receive the benefits (i.e., all primary beneficiaries are deceased), such benefits will be paid in equal shares to such surviving contingent beneficiaries.
 	
		
	 
	 

	Name of Spouse if not given above:
	 

 	
			
	 
	 
	 

	Witness
	 
	Participant

 	
			
	 
	 
	 

	 
	Date
	 

 
 

ANNEX C
 
BNC Bancorp 2013 Omnibus Stock Incentive Plan
 
See Attached.

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