Document:

Exhibit 10.1

 Exhibit 10.1 
 PROMISSORY NOTE 
  

			
	$[—]	  	September 5, 2008            

 FOR VALUE RECEIVED, Tutor-Saliba Corporation, a California corporation (“TSC”),
or Tutor-Saliba Builders, a California corporation, as assignee of TSC (the “Company”), hereby promises to pay to [Shareholder] (“Holder”) or its registered assigns the principal sum of
                                        
dollars ($[—]), together with interest thereon calculated from the date hereof in accordance with the provisions of this note (this “Note”). 
 This Note is issued in the manner contemplated by Section 6.20 of that certain Agreement and Plan of Merger, dated as of April 2, 2008, as
amended by Amendment No. 1 to The Agreement and Plan of Merger dated as of May 28, 2008 (the “Merger Agreement”), by and among Perini Corporation, a Massachusetts corporation (“Perini”), Trifecta
Acquisition LLC, a California corporation and a wholly-owned subsidiary of Perini (“Merger Sub”), the Company, Ronald N. Tutor, a resident of California, and shareholders of the Company signatory thereto, pursuant to which, among
other things, the Company shall merge with and into Merger Sub, with Merger Sub to continue as the surviving entity in the merger and as a wholly-owned subsidiary of Perini on the terms and subject to the conditions set forth in the Merger
Agreement. 
 This Note evidences the absolute and unconditional obligation of the Company. The Company is issuing notes, together with this
Note, equal to an aggregate principal amount of
                                        
dollars ($[—]) (the “Aggregate Principal Amount”) in connection with the issuance of this Note (all such notes, including the Note, the “Total Dividend Notes”). 
 1. Scheduled Payments: Subject to the terms of Section 4: 
 (a) Principal. The entire unpaid principal balance of this Note (together with all accrued and unpaid interest thereupon) shall become due and payable in full on June 30, 2012 (the “Maturity
Date”). 
 (b) Interest. Interest shall accrue on the unpaid principal amount of this Note at a rate per annum equal to
5% per annum. Interest shall be calculated on the basis of the actual number of days elapsed and a year of 365 days, and be payable in cash on the last day of each March, June, September and December of each applicable year (each a
“Quarterly Payment Date”); provided that, in the event that the Company is prohibited from paying interest in cash pursuant to the terms of any Senior Indebtedness (defined below), such interest owing will be added to the
principal amount outstanding on each Quarterly Payment Date and treated as principal for all purposes under this Note on and after such date. 
 (c) Excess Cash Flow Mandatory Prepayments. Not later than 90 days after the end of each fiscal year (or for the year in which the Closing (as defined in the Merger Agreement) occurs, partial fiscal year as described in clause
(x) below) of Merger Sub and its consolidated subsidiaries (the “Consolidated Company”) in which there is Excess Cash Flow of the Consolidated Company, the Company, to the extent not prohibited by the terms of any Senior
Indebtedness or Applicable Law, will make a prepayment of principal outstanding under this Note, in an amount equal to the lesser of (1) the principal amount then outstanding under this Note and (2) the product of (x) 100% of Excess
Cash Flow for such fiscal year (or for the fiscal year in which the Closing occurs, the partial fiscal year for the period from the Closing Date (as defined in the Merger Agreement) through the end of such fiscal year) and (y) a fraction, the
numerator of which is the principal outstanding under this Note and the denominator of which is the principal outstanding under the Total Dividend Notes. 

 (d) Optional Prepayments. The Company may at any time, and from time to time, prepay, without
premium or penalty, all or any portion of the Company’s obligations under this Note. All such prepayments shall be applied first to pay all accrued but unpaid interest and then to pay outstanding principal. 
 2. Payment of Note. All payments and prepayments of principal of and interest on this Note shall be made to the registered Holder, in lawful money
of the United States of America by wire transfer of immediately available funds to a United States bank account designated in writing by the Holder (or at such other place as the holder hereof shall notify the Company in writing). 
 3. Subordination. 
 (a) To the extent
and in the manner provided in this Note, the payment of any principle of, interest on, and fees, expenses and other amounts in respect of, this Note is and shall be expressly subordinated and junior in right of payment to the prior payment in full
of all Senior Indebtedness, and each obligation under this Note is subordinated to the prior payment in full of the Senior Indebtedness. Notwithstanding the foregoing sentence or any provision of this Note to the contrary, until all Senior
Indebtedness has been indefeasibly paid in full in cash, and no holder of any Senior Indebtedness has any commitment to extend any credit to Perini Corporation, a Massachusetts corporation (“Perini”) or any of its subsidiaries under
the Credit Agreement or any other instrument or agreement executed in connection therewith, the Company may make, and Holder may receive, scheduled payments of principal and interest on this Note when due, so long as: 
 (i) Perini shall have delivered to Agent on or before the fifth (5th) Business Day preceding the date of each such payment, a duly completed compliance certificate signed by the chief executive officer, chief operating
officer, chief financial officer, treasurer or controller of Perini, reflecting Perini’s pro forma compliance with each of the financial covenants set forth in the Credit Agreement immediately prior to, and after giving effect to, such
payment; together with a detailed calculation of how the amount of such payment was determined and be accompanied by financial statements in support of such calculation; and 
 (ii) no payment Default under the Credit Agreement shall have occurred and be continuing and Agent has not provided a notice that a material Event of
Default has occurred and is continuing. 
 (b) Holder shall not accelerate the maturity of any amounts owing under this Note, or commence or
join with any other creditor of the Company, any of its subsidiaries or any other obligor in respect of any Senior Indebtedness in commencing any Proceeding. 
 (c) The Company and Holder shall not agree to any amendment, modification or 

  

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supplement to this Note without the prior written consent of the Agent, which consent may be withheld or delayed in the sole and absolute discretion of the
Agent for any reason, or no reason, or to the grant of any security for this Note or guaranty of this Note. 
 (d) In the event of any
Proceeding involving the Company: (i) all Senior Indebtedness shall first be indefeasibly paid in full in cash before any payment of or with respect to this Note shall be made; (ii) any payment or distribution of any kind or character,
whether in cash or property or securities, which but for these subordination provisions would be payable or deliverable to Holder in respect of this Note shall be paid or delivered to Agent for application to the Senior Indebtedness until all Senior
Indebtedness has been indefeasibly paid in full incash; and (iii) Holder hereby irrevocably authorizes, empowers and appoints the Agent as its agent and attorney-in-fact to so execute, verify, deliver and file any claim for such payments or
distributions, which power shall be deemed to be coupled with an interest (but the Agent shall not have any obligations to take any such action). 
 (e) Holder agrees not to initiate, prosecute or in any way participate or consult with any other person to initiate or prosecute any claim, action or other proceedings challenging the validity, priority, extent or enforceability or any of
the Senior Indebtedness or any liens and security interest securing the Senior Indebtedness. The Senior Indebtedness shall continue to be treated as Senior Indebtedness and the subordination provisions of this Note shall continue to govern the
relative rights and priorities of Holder and holders of the Senior Indebtedness even if all or part of the Senior Indebtedness or any security interests securing the Senior Indebtedness is rescinded or must otherwise be returned. 
 (f) If Holder received any payment in violation of the subordination provisions of this Note, Holder, by acceptance of this Note, agrees to hold such
payment in trust for the benefit of Agent and the holders of the Senior Indebtedness and, promptly upon either having actual knowledge that such payment was prohibited, or upon notice from Agent, to pay such amounts to the Agent for application to
the Senior Indebtedness. The term “payment” includes any distribution of assets or any set-off or recoupment of any kind for the benefit of Holder made from the assets of Perini, the Company, any of its subsidiaries or any other obligor in
respect of any Senior Indebtedness. 
 (g) The subordination provisions of this Note, and the Company’s and Holder’s obligations
hereunder, are continuing, absolute and unconditional and not subject to any reduction, limitation, impairment, termination, defense or recoupment whatsoever by reason of, or be otherwise diminished by, any of the following: (i) any extension,
modification or renewal of, or indulgence with respect to, or substitution for, any replacement or refinancing of, the Senior Indebtedness or any part thereof or any agreement relating thereto at any time; (ii) any failure or omission to
perfect or maintain any lien or security interest on, or preserve rights to, any security or collateral or to enforce any right, power or remedy with respect to the Senior Indebtedness or any part thereof or any agreement relating thereto, or any
collateral securing the Senior Indebtedness or any part thereof; (iii) any waiver of any right, power or remedy or of any default with respect to the Senior Indebtedness or any part thereof or any agreement relating thereto or with respect to
any collateral securing the Senior Indebtedness or any part thereof; (iv) any release, surrender, compromise, settlement, waiver, subordination or modification, with or without consideration, of, any collateral securing the Senior Indebtedness
or any part thereof, any 

  

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guaranties with respect to the Senior Indebtedness or any part thereof, or any other obligations of any person or entity with respect to the Senior
Indebtedness or any part thereof (v) the enforceability or validity of the Senior Indebtedness or any part thereof or any agreement relating thereto or with respect to any collateral securing the Senior Indebtedness or any part thereof; or
(vi) the disallowance of all or any portion of any claims for repayment of the Senior Indebtedness under section 502 or 506 of the United States Bankruptcy Code. The Agent and the holders of any of the Senior Indebtedness may take any action or
exercise any remedy with respect to the Senior Indebtedness and any collateral therefor from time to time and at any time in their sole discretion, without notice to Holder. 
 (h) The Company and Holder, by its acceptance of the Note, acknowledge and agree that the subordination provisions of the Note are for the express
benefit of the Agent and the holders of the Senior Indebtedness and may be enforced directly the Agent and by such holders. 
 4. Event of
Default; Consequences. If the Company fails to pay when due any amount (whether interest, principal or other amount) then payable on this Note, then, subject to the provisions of Section 3 hereof, the Holder may, by notice of default and
acceleration given to the Company, declare the entire outstanding principal amount of this Note, together with all accrued and unpaid interest thereon, immediately due and payable. 
 5. Waiver of Presentment. The Company hereby waives presentment for payment, demand, protest, and notice of demand, protest and nonpayment, and
any other notice that might be required by law, and consents to any and all renewals or extensions that might be made by the Holder as to the time of payment of this Note from time to time. 
 6. Replacement and Cancellation. 
 (a)
Replacement of Lost Note. Upon receipt of evidence reasonably satisfactory to the Company (an affidavit of the Holder shall be satisfactory) of the ownership and the loss, theft, destruction or mutilation of this Note and, in the case of any
such loss, theft or destruction, upon receipt of an indemnity reasonably satisfactory to the Company (provided that, if the holder is an employee of the Company, its own agreement shall be satisfactory), or, in the case of any such mutilation, upon
the surrender of such Note to the Company at its principal office, the Company shall (at its expense) execute and deliver, in lieu thereof, a new Note of the same class and representing the same rights represented by such lost, stolen, destroyed or
mutilated Note and dated so that there will be no loss of interest on such Note. Any Note in lieu of which any such new Note has been so executed and delivered by the Company shall not be deemed to be an outstanding Note. 
 (b) Cancellation. After all principal, accrued interest and all other amounts at any time owed on this Note have been paid in full, this Note
shall be surrendered to the Company for cancellation. 
 7. Business Days. If any payment is due, or any time period for giving notice
or taking action expires, on a day which is not a business day, in the State of New York, the payment shall be due and payable on, and the time period shall automatically be extended to, the next business day immediately following, and interest
shall continue to accrue at the required rate hereunder until any such payment is made. 
  

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 8. Governing Law. This Note shall be governed by and construed in accordance with the internal
laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than
the State of New York. 
 9. Merger Agreement. This Note has been executed and delivered pursuant to and in accordance with the terms
and conditions of the Merger Agreement, as in effect on the date hereof. Capitalized terms used in this Note without separate definition shall have the respective meanings given to them in the Merger Agreement. 
 10. Successors and Assigns. This Note may not be assigned or transferred by the Company or the Holder without the prior written consent of the
other party hereto and the Agent. Each assignment or transfer shall be recorded by the Company in the Register. Any transfer or assignment in violation of this Section 10 shall be void, and the Company shall not recognize such purported
transferee as a holder of this Note. The terms and provisions of this Note shall inure to the benefit of the Agent and each of the other holders of the Senior Indebtedness. 
 11. Register. The Company shall maintain a register (the “Register”) in which it records the name and address of each Holder of a
Note and the principal amount and interest outstanding with respect thereto from time to time. The parties shall treat the registered holder of a Note as the Holder for all purposes, absent manifest error. 
 12. Amendments. The provisions of this Note may not be amended, supplemented, replaced or otherwise modified in any manner without the prior
written consent of the Holder and the Company, and the Agent in accordance with Section 3(c) hereof. To the extent that the Credit Agreement is replaced or refinanced, the Holder and the Company will consent to (and execute and deliver) any
amendments reasonably necessary to give effect to the documentation governing such replacement or refinancing indebtedness to preserve the economic position of the parties hereto. 
 13. Defined Terms. The following terms shall have the following meanings when used herein: 
 “Agent” shall mean Bank of America, N.A., as Administrative Agent, together with any successor Administrative Agent under the Credit
Agreement. In the event the Credit Agreement is with a single lender, “Agent” shall refer to such lender. 
 “Bankruptcy
Law” shall mean Title 11 of the United States Code entitled “Bankruptcy,” as now and hereafter in effect, or any successor statute, and any similar law for the relief of debtors. 
  

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 “Consolidated Net Income” shall mean, for any period, the net income of Merger Sub and
its subsidiaries (the “Consolidated Group”) for such period determined on a consolidated basis in accordance with GAAP. 
 “Credit Agreement” shall mean that certain Third Amended and Restated Credit Agreement dated as of September 8, 2008 among Perini, the Company, certain subsidiaries of Perini, Agent, Lenders, Banc of America Securities
LLC, as Sole Lead Arranger and Book Manger, and Bank of America, N.A., as Swing Line Lender and L/C Issuer, as may be amended, supplemented, amended and restated or otherwise modified or as refinanced, extended, renewed, defeased, restructured,
replaced from time to time. 
 “Excess Cash Flow” shall mean, for any period, an amount equal to the excess of: the sum,
without duplication, of Consolidated Net Income for such period, an amount equal to the amount of all non-cash charges to the extent deducted in arriving at such Consolidated Net Income, an amount equal to the provision for taxes based on income,
profits or capital of the Consolidated Group, including federal, foreign, state, franchise, excise and similar taxes and foreign withholding taxes paid during such period (or accrued during such period and payable within 180 days after the last day
of such period) to the extent deducted in arriving at such Consolidated Net Income, and an amount equal to the aggregate consolidated net non-cash loss on the sale, lease, transfer or other disposition of assets by the Consolidated Group during such
period (other than sales, leases, transfers or other dispositions in the ordinary course of business) to the extent deducted in arriving at such Consolidated Net Income, less the sum, without duplication, of an amount equal to the amount of all
non-cash credits included in arriving at such Consolidated Net Income and included in arriving at such Consolidated Net Income, the consolidated amount of capital expenditures made in cash during such period, except to the extent that such capital
expenditures were financed with the proceeds of indebtedness, the aggregate consolidated amount of all principal payments of indebtedness of the Consolidated Group made during such period, including payments made under the Total Dividend Notes
(other than in respect of any revolving credit facility to the extent there is not an equivalent permanent reduction in commitments thereunder), except to the extent financed with the proceeds of other Indebtedness, an amount equal to the aggregate
net non-cash gain on the sale, lease, transfer or other disposition of assets by the Consolidated Group during such period (other than sales in the ordinary course of business) to the extent included in arriving at such Consolidated Net Income, the
amount of taxes (including penalties and interest) paid in cash in such period, and the amount of cash expenses paid to effect the transaction described in the Merger Agreement. 
  

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 “Note Payment” means any payment or distribution of any kind or character, whether
direct or indirect, by setoff or otherwise, from any source, whether in cash, property or securities, on or in respect of the Note or any amounts due thereunder or on account of any purchase, redemption, rescission of purchase, defeasance or other
acquisition of the Note. 
 “Obligations” shall mean any and all Obligations, as defined in the Credit Agreement, and any
and all other obligations (including guaranty obligations) with respect to the payment and performance of (a) any principal of or interest or premium on any indebtedness, including, without limitation, any reimbursement obligation in respect of
any letter of credit, or any other liability, (b) any fees, indemnification obligations, expense reimbursement obligations or other liabilities payable under the documentation governing any indebtedness (including, without limitation, the
retaking, holding, selling or otherwise disposing of or realizing on any collateral), (c) any obligation to post cash collateral in respect of letters of credit or any other obligations, and (d) all performance obligations under the
documentation governing any indebtedness. 
 “Proceeding” shall mean (a) any voluntary or involuntary case or
proceeding under any applicable Bankruptcy Law with respect to the Company, (b) any other voluntary or involuntary insolvency, reorganization, arrangement or bankruptcy case or proceeding, or any receivership, liquidation, reorganization,
arrangement or other similar case or proceeding with respect to the Company or with respect to a material portion of its respective assets, (c) any liquidation, dissolution, reorganization or winding up of the Company whether voluntary or
involuntary and whether or not involving insolvency or bankruptcy or (d) any assignment for the benefit of creditors or any other marshalling of assets and liabilities of the Company. 
 “Remedies” shall mean the acceleration of the Note or the exercise of any remedies in respect of any default thereunder (including,
without limitation, any right of setoff or similar right, any right of collection, repayment, prepayment, repurchase, redemption or put right, the right to sue the Company or to file or participate in any involuntary Proceeding or take any other
action under law, against the Company but excluding in any event the imposition additional interest pursuant to Section 1(b)). 
 “Senior Indebtedness” means all Obligations outstanding under the Credit Agreement, including, without limitation, (i) principal, (ii) interest (including all interest after the commencement of any Proceeding
and/or any claim for such interest which would have accrued in the absence of such Proceeding, whether or not allowed as a claim in a Proceeding), (iii) out-of-pocket costs, (iv) fees (including reasonable attorneys’ fees and
out-of-pocket disbursements), (v) out-of-pocket expenses, and (vi) otherwise, in each case whether or not allowed as a claim in any Proceeding. 
 14. Third Party Beneficiaries. The holders of Senior Indebtedness are intended third party beneficiaries hereof and the subordination provisions set forth herein are for the benefit of the holders of Senior
Indebtedness (and their successors and assigns) and shall be enforceable by them directly against the Holder (and its successors and assigns). This Section 14 shall constitute a continuing offer to all persons who become holders of or who
continue to hold Designated Senior Indebtedness (whether such Designated Senior Indebtedness was created or acquired before or after the issuance of the Notes). 
 * * * * * * 
  

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 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Note as of the date first
written above. 
  

			
	TUTOR-SALIBA CORPORATION
		
	By:	 	  

	Title:	 	  

  

			
	 ACCEPTED AND AGREED:

	
	[SHAREHOLDER]
		
	 By:
	 	  

	 Title:Amended and Restated Employment Agreement

 Exhibit 10.1 
 EXECUTION COPY 
 September 10, 2008 
 Mr. Jim Scully 
 Dear Jim: 
 Pursuant to our discussions regarding your continued employment with J. Crew Group, Inc. (the “Company”), we thought it would be useful to lay out the
terms and conditions of our agreement in this amended and restated letter agreement (“Agreement”) for all parties to sign. 
 1.
Employment. 
  

	 	(a)	The Company hereby agrees to continue to employ you during the “Employment Period” (as defined below) as Chief Financial Officer (principal financial
officer) and shall also employ you as Chief Administrative Officer and you hereby agree to serve the Company in such capacities. You will continue to report to the Chief Executive Officer of the Company. 

  

	 	(b)	During the Employment Period, you shall devote your full business time and energy, attention, skills and ability to the performance of your duties and responsibilities
hereunder and shall faithfully and diligently endeavor to promote the business and best interests of the Company. Accordingly, you may not, directly or indirectly, without the prior written consent of the Company, operate, participate in the
management, operations or control of, or act as an employee, officer, consultant, agent or representative of, any type of business or service (other than as an employee of the Company), provided that it shall not be a violation of the foregoing for
you to (i) act or serve as a director, trustee or committee member of any civic or charitable organization, and (ii) manage your personal, financial and legal affairs, so long as such activities (described in clauses (i) or (ii)) do
not interfere with the performance of your duties and responsibilities to the Company as provided hereunder. 

 2. Employment Period.

  

	 	(a)	Unless the Employment Period is terminated earlier pursuant to Section 2(b) hereof, the Company shall employ you on the terms and subject to the conditions of
this Agreement for a three-year term commencing effective as of April 6, 2008 (the “Commencement Date”) and ending on the day immediately preceding the third anniversary of the Commencement Date (the “Employment
Period”). Effective upon the expiration of the Employment Period, the Employment Period will be automatically renewed for successive one-year periods (“Renewal Terms”), unless the Company or you, at least four months prior
to the expiration of the Employment Period, shall give written notice to the other party of its intention not to renew the Employment Period. Any Renewal Terms shall include a Base Salary not less than your annual base salary in effect immediately
prior to the expiration of the Employment Period and an Annual Bonus structure with target and maximum amounts not less than those in effect immediately prior to the expiration of the Employment Period. 

  

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

	 	(c)	 Upon termination of the Employment Period for any reason, (A) you shall be entitled to any earned but unpaid Base Salary (as defined below) as of
the Termination Date and (B) with respect to any equity grants outstanding as of the Termination Date, except as expressly provided below with respect to a termination of the Employment Period by the Company without Cause or by you for Good
Reason prior to a Change in Control (as defined below), the treatment of such equity grants shall be determined in accordance with the terms and conditions of the applicable grant agreement pursuant to which such equity awards were granted to you.
If the Company terminates the Employment Period without Cause or you terminate the Employment Period for Good Reason, you will be entitled to the following severance benefits (the “Severance Benefits”) (it being understood that the
payment of such Severance Benefits shall only commence, in accordance with the timing provisions set forth below, upon your “separation from service” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended,
and any regulations thereunder (the “Code”)): (i) continuation of your Base Salary as in effect immediately prior to such termination (your “Ending Base Salary”, and such continuation of your Ending Base Salary being
referred to herein as the “Continuation Severance Payment”) in accordance with the regular payroll practices of the Company and medical benefits which may be provided by the Company reimbursing payment of COBRA premiums if any
(“Continuation Medical Benefit”) for a period of eighteen (18) months (the “Severance Period”) after the Termination Date; (ii) the Annual Bonus earned for the year immediately prior to the year that
includes the Termination Date, to the extent not yet paid, (iii) a lump sum amount equal to the product of (x) the Annual Bonus, if any, that you would have earned based on the actual achievement of the applicable performance objectives in
the fiscal year which includes the Termination Date had your employment not been terminated and (y) a fraction, the numerator of which is the number of days in the fiscal year that includes the Termination Date through the Termination Date and
the denominator of which is 365, payable when bonuses are generally paid to employees of the Company (“Pro-Rata Bonus”), but in no event later than the date that is 2.5 months following the end of the year with respect to which such
bonus was earned and (iv) with respect to each “Pre-IPO Grant” (as defined below), in the event a “Change in Control” of the Company within the meaning of the equity incentive plan pursuant to which such Pre-IPO Grant was
made (a “Change in Control”) has not occurred prior to the Termination Date, those equity grants set forth on Schedule A attached hereto made to you by the Company prior to the Company’s initial public offering on July 3,
2006 (individually a “Pre-IPO Grant” and collectively the “Pre-IPO Grants”) shall continue to vest in accordance with their normal vesting schedule as if you had continued to remain an active employee of the Company
for the duration of such vesting schedule and you shall have the right to exercise any such vested Pre-IPO Grants (A) with respect to the portion of the Pre-IPO Grants that is vested as of the Termination Date, no later than the date that is
ninety (90) days following your Termination Date and (B) with respect to the portion(s) of the Pre-IPO Grants that vest following the Termination Date pursuant to this Section 2(c)(iv) and notwithstanding anything to the contrary
contained in the applicable grant agreement pursuant to which such Pre-IPO Grant was granted to you, no later than the date that is ninety (90) days following the date(s) on which the such portion(s) of the Pre-IPO Grant vests, as applicable;
provided that the Severance Benefits are subject to and conditioned upon your execution of a valid general release and waiver within 60 days after your termination of employment (and any payment that otherwise would be made within such 60-day period
pursuant to this paragraph shall be paid at the expiration of such 60-day period) in a form reasonably satisfactory to the Company waiving all claims that you may have against the Company, its successors, assigns, affiliates, employees, officers and
directors and your compliance with the provisions set forth in Section 4 hereof. For purposes of clarification, in the event your termination of employment occurs following a Change in Control, subclause (iv) above will cease to have any
force or effect and your outstanding equity awards will be afforded the treatment provided for under the terms and conditions of the equity incentive plan of the Company pursuant to which they were granted. Notwithstanding anything herein to the
contrary, your right to receive the Continuation Severance Payment during the Severance Period shall terminate effective immediately upon the date that you become employed by a new employer or otherwise 

  

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begin providing services for an entity as a consultant or otherwise (“New Employment”); provided that if the cash compensation you receive
pursuant to such New Employment, including without limitation guaranteed bonus payments relating to the Severance Period whether or not paid during the Severance Period, (“New Compensation”) is less than your Ending Base Salary, the
Company will continue to pay you, in accordance with the regular payroll practices of the Company, an incremental amount during the remaining Severance Period such that the New Compensation payments you receive together with such incremental amount
will equal your Ending Base Salary on an annualized basis and your right to receive the Continuation Medical Benefit shall cease immediately upon your being eligible for coverage under another group health plan. For purposes of clarification only,
any New Employment obtained by you during the Severance Period shall not affect your right to receive the Pro-Rata Bonus subject to compliance with the conditions outlined above for provision of the Severance Benefits. You shall immediately notify
the Company upon obtaining New Employment and provide all information regarding compensation and benefits reasonably requested by the Company. Except as set forth herein, the Company shall have no additional obligations to pay you any severance,
termination pay or other similar compensation or benefits. 

 Notwithstanding the foregoing paragraph, in the event the
Company terminates the Employment Period without Cause or you terminate the Employment Period for Good Reason, and you are a “specified employee” within the meaning of Section 409A of the Code (as determined in accordance with the
methodology established by the Company as in effect on the Termination Date), any amounts payable to you on account of your termination of employment during the six month period immediately following the date of your “separation from
service” within the meaning of Section 409A of the Code (not including any accrued but unpaid Base Salary as of your Termination Date) that constitute the payment of nonqualified deferred compensation within the meaning of
Section 409A of the Code shall be deferred and accumulated for a period of six months from the date of separation from service and paid in a lump sum on the first day of the seventh month following such separation from service (or, if earlier,
the date of your death). In addition, for purposes of clarification, each amount payable to you under this Section 2(c) shall constitute a “separately identified amount” within the meaning of Treasury Regulation
Section 1.409A-2(b)(2). 
 (d) For purposes of this Agreement, the term “Cause” shall mean (i) the
indictment for a felony or any crime involving moral turpitude or being charged or sanctioned by a federal or state government or governmental authority or agency with violations of federal or state securities laws in any judicial or administrative
process or proceeding, or having been found by any court or governmental authority or agency to have committed any such violation, (ii) willful misconduct or gross negligence in connection with the performance of your duties as an employee of
the Company, (iii) a willful and material breach of this Agreement, including without limitation, your failure to perform your duties and responsibilities hereunder, after you have been given written notice specifying such breach and at least
thirty (30) days to cure such breach, to the extent reasonably susceptible to cure, (iv) a fraudulent act or omission by you adverse to the reputation of the Company or any affiliate, (v) the willful disclosure by you of any
Confidential Information (as defined below) to persons not authorized to know same, and (vi) your violation of or failure to comply with (A) any material Company policy, including, without limitation, the Code of Ethics and Business
Practices, or (B) any legal or regulatory obligations or requirements, including, without limitation, failure to provide any certifications as may be required by law, provided that with respect to this Section 2(d)(vi), you shall be
given thirty (30) days to cure such violation to the extent such violation is reasonably susceptible to cure. If subsequent to the termination of your employment, it is discovered that your employment could have been terminated for Cause
pursuant to sections (i) or (iv) of this Section 2(d), your employment shall, at the election of the Company, in its sole discretion, be deemed to have been terminated for Cause in which event the Company shall be entitled to
immediately cease providing any Severance Benefits to you or on your behalf and recover any payments previously made to you or on your behalf in the form of Severance Benefits. For purposes of this provision, no act or omission on your part shall be
considered “willful” unless it is done, or omitted to be done, by you in bad faith or without reasonable belief that your 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 of Directors of the Company (the “Board”) shall be conclusively presumed to be done, or omitted to be done, by you in good faith and in the best interests of the Company. In
addition, for purposes of this Agreement, the term “Disability” shall mean your incapacity due to physical or mental illness or injury, which results in your being unable to perform your duties hereunder for a period of ninety
(90) consecutive working days, and within thirty (30) days after the Company notifies you that your employment is being terminated for Disability, you shall not have returned to the performance of your duties on a full-time basis.

  

 3 

 (e) For purposes of this Agreement, the term “Good
Reason” shall mean (i) any action by the Company that results in a material and continuing diminution in your position, authority, duties or responsibilities, including without limitation (A) a change in your position,
authority, duties or responsibilities as Chief Administrative Officer and Chief Financial Officer of the Company or any subsequent parent operating company of the Company (provided that the parties acknowledge that the Company intends to appoint a
Chief Financial Officer at some point in the future and such appointment shall not constitute Good Reason so long as such Chief Financial Officer reports to you), (B) a change such that you no longer report directly to the Chief Executive
Officer of the Company or (C) the appointment by the Company of a new Chief Financial Officer who is not required to report to you; (ii) a reduction by the Company in your Base Salary or Annual Bonus opportunity as in effect on the
Commencement Date or as the same may be increased from time to time or decreased pursuant to Section 3(a); or (iii) a relocation of your principal place of employment to more than fifty (50) miles from your principal place of
employment, in each case without your written consent. Termination of your employment for “Good Reason” shall not be effective until you deliver to the Board a written notice specifically identifying the conduct of the Company which you
believe constitutes “Good Reason” in accordance with this Section 2(e) within ninety (90) days of the initial occurrence of the event(s) constituting Good Reason and you provide the Board at least thirty
(30) days to remedy such conduct. 
 3. Compensation and Benefits. 
 (a) Base Salary. During the Employment Period, your annual base salary shall not be less than $600,000 (“Base
Salary”); provided that your annual base salary may be reduced to less than the Base Salary if the annual base salaries in effect for all or the majority of other senior executive officers of the Company are similarly reduced. The Base
Salary shall be paid pursuant to regular Company payroll practices for the senior executives of the Company and shall be reviewed annually by the Company. 
 (b) Annual Bonus. In addition to the Base Salary, in each fiscal year during the Employment Period, you will have the opportunity to earn an annual bonus (“Annual Bonus”) at the
following percentages of your Base Salary if both the Company achieves certain performance objectives (which will be determined by the Company for each such fiscal year in accordance with the Company’s bonus plan) and you achieve your
performance goals established by the Company: target bonus of 75%, up to a maximum bonus of 150% of Base Salary. Any Annual Bonus will be paid only if you are actively employed with the Company and not in breach of this Agreement on the date of
actual payment, except that such requirement of continued employment shall not apply to the payment of any Pro-Rata Bonus or any accrued but unpaid Annual Bonus payable pursuant to Section 2(c) hereof. 
 (c) Employee Benefits. During the Employment Period, you will be entitled to participate in the Company’s benefit package made
generally available to other senior executive officers of the Company. Currently, the Company’s benefit package includes paid time off days, holidays, life insurance, medical insurance, a matching 401(k) tax deferred savings plan, a flexible
spending account, and the associate discount. The Company reserves the right to change these benefits at any time in its sole discretion. 
 (d) Business Expense Reimbursement. The Company shall promptly reimburse you for all reasonable business expenses incurred by you in connection with the performance of your duties and responsibilities hereunder upon the
presentation of statements of such expenses in accordance with the Company’s policies and procedures as may be in effect from time to time; provided that such reimbursement shall occur no later than the last day of the calendar year following
the calendar year in which you incurred the reimbursable expense. 
 4. Additional Agreements; Confidentiality. 
 (a) As additional consideration for the Company entering into this Agreement, you agree that for a period of twelve (12) months
following the Termination Date, you shall not, directly or indirectly, (i) engage (either as owner, investor, partner, employer, employee, consultant or director) in or otherwise perform services for any Competitive Business (as defined below)
which operates within a 100 mile radius of the location of any store of the Company or its affiliates or in the same area as the Company directs its mail order operations, provided that the 

  

 4 

 
foregoing restriction shall not prohibit you from owning a passive investment of not more than 5% of the total outstanding securities of any publicly-traded
company, and (ii) solicit or cause another to solicit any customers or suppliers of the Company or any of its subsidiaries to terminate or otherwise adversely modify their relationship with the Company or any such subsidiary. The term
“Competitive Business” means the retail, mail order and internet apparel and accessories business and any other business the Company or its affiliates is engaged in on the Termination Date. Notwithstanding anything herein to the
contrary, the provisions of this Section 4(a) shall not apply in any of the following circumstances: (i) the Company terminates the Employment Period without Cause, (ii) you terminate the Employment Period for Good Reason or
(iii) the Company delivers to you written notice of its intention not to renew the Employment Period, as contemplated under Section 2(a) hereof. 
 (b) During the Employment Period and for a period of eighteen (18) months following the Termination Date, you shall not, directly or indirectly, solicit, hire, or seek to influence the employment
decisions of, any employee of the Company or any of its subsidiaries on behalf of any person or entity other than the Company. 
 (c)
You agree that during the Employment Period and thereafter you will hold in strict confidence any proprietary or Confidential Information related to the Company or its affiliates, except to the extent that such Confidential Information
(i) becomes a matter of public record or is published in a newspaper, magazine or other periodical available to the general public, other than as a result of your act or omission, (ii) is required to be disclosed by any law, regulation or
order of any court, other tribunal, regulatory commission or administrative agency, provided that you give prompt notice of such requirement to the Company to enable to the Company to seek an appropriate protective order prior to such disclosure, or
(iii) is required to be used or disclosed by you to perform properly your duties under this Agreement. For purposes of this Agreement, the term “Confidential Information” shall mean all information of the Company and its
affiliates in whatever form which is not generally known to the public, including without limitation, customer lists, trade practices, marketing techniques, fit specifications, design, pricing structures and practices, research, trade secrets,
processes, systems, programs, methods, software, merchandising, distribution, planning, inventory and financial control, store design and staffing. Upon termination of your employment, you shall not take, without the prior written consent of the
Company, any drawing, specification or other document or computer record (in whatever form) of the Company or its affiliates embodying any Confidential Information and will return any such information (in whatever form) then in your possession.

 (d) You agree to deliver promptly to the Company upon termination of the Employment Period for any reason, or at any other
time that the Company may so request, all documents (and all copies thereof), whether written, electronic, or in any other form, relating to the business of the Company, or any of its subsidiaries or affiliates, and all property associated
therewith, which you may then possess or have under your control. You agree that all sketches, drawings, samples, design samples, designs, patterns, methods, processes, techniques, themes, layouts, mechanicals, trade secrets, copyrights, trademarks,
patents, ideas, specifications, business or marketing practices, concepts, strategies and techniques and other material or work product (“Intellectual Property”) created, developed or assembled, whether or not by you, during your
employment with the Company, shall become the permanent and exclusive property of the Company to be used in any manner it sees fit, in its sole discretion and that all rights to Intellectual Property are vested in the Company. You further agree to
execute any documentation necessary to assign over or vest any Intellectual Property in the Company. 
 (e) You agree that
during the Employment Period and thereafter you shall not defame or disparage the Company or any of its affiliates or their respective officers, directors, members, executives or associates; provided, however, that this Section 4(e) shall not
prevent you from having any communications with your immediate family or your financial and tax advisors, accountants or attorneys or from giving testimony that may be required before any court, other tribunal, regulatory commission or
administrative agency or pursuant to compulsory process of law or other applicable law. You agree to cooperate with the Company in refuting any defamatory or disparaging remarks by any third party made in respect of the Company or any of its
affiliates or their respective officers, directors, members, executives or associates. 
 (f) You agree that during the
Employment Period and thereafter, in the event that you are served with legal process or other request purporting to require you to testify, plead, respond or defend and/or produce documents in connection with any legal or governmental proceeding,
threatened proceeding, investigation or inquiry 

  

 5 

 
involving the Company or any of its affiliates or their respective officers, directors, members, executives or associates, you will: (1) provide
testimony or Company documents only if served with a subpoena, court order or similar process from a regulatory agency or with the prior written consent of the Company; (2) within three (3) business days or as soon thereafter as practical,
provide oral notification to the Company’s General Counsel of your receipt of such process or request to testify or produce documents; and (3) provide the Company’s General Counsel by overnight delivery service a copy of all legal
papers and documents served upon you. You further agree that in the event you are served with such process, you will meet and confer with the Company’s designee(s) in advance of giving such testimony or information. You also agree to reasonably
cooperate with the Company and/or, at the Company’s request, any of its affiliates and their respective officers, directors, members, executives or associates in connection with any existing, future or threatened litigation or governmental
proceeding, investigation or inquiry involving the foregoing parties, whether administrative, civil or criminal in nature, in which and to the extent the Company deems your cooperation reasonably necessary. The Company agrees to reimburse you for
your reasonable out-of-pocket expenses incurred in connection with the performance of your obligations under this Section 4(f) upon the presentation of statements of such expenses in accordance with the Company’s policies and procedures as
may be in effect from time to time; provided that such reimbursement shall be paid to you no later than the end of the calendar year immediately following the calendar year in which such expenses were incurred. 
 (g) You also agree that breach of the provisions provided in this Section 4 would cause the Company to suffer irreparable harm for
which money damages would not be an adequate remedy and therefore, if you breach any of the provisions in this Section 4, the Company will be entitled to seek an injunction restraining you from violating such provision without the posting of
any bond. If the Company shall institute any action or proceeding to enforce the terms of any such provision, you hereby waive the claim or defense that the Company has an adequate remedy at law and you agree not to assert in any such action or
proceeding the claim or defense that the Company has an adequate remedy at law. The foregoing shall not prejudice the Company’s right to require you to account for and pay over to the Company, and you hereby agree to account for and pay over,
the compensation, profits, monies, accruals and other benefits derived or received by you as a result of any transaction constituting a breach of any of the provisions set forth in this Section 4. 
 5. Representations. The parties hereto hereby represent and warrant that they have the authority to enter into this Agreement and perform their respective
obligations hereunder. You hereby represent and warrant to the Company that (i) the execution and delivery of this Agreement and the performance of your duties hereunder shall not constitute a breach of or otherwise violate any other
agreements, arrangements or commitments with any other party to which you are a party or by which you are bound, and (ii) you will not use or disclose any confidential and/or proprietary information or trade secrets obtained by you in
connection with your former employments with respect to your duties and responsibilities hereunder. You further represent that you are not aware of any facts or circumstances that would adversely affect your ability to serve as the Company’s
Chief Financial Officer or Chief Administrative Officer. 
 6. Indemnification. The Company agrees that if you are made a party or
threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (a “Proceeding”), other than any Proceeding related to any contest or dispute
between you and the Company or any of its affiliates with respect to this Agreement or the services described hereunder, by reason of the fact that you are or were an officer or a director of the Company or any subsidiary of the Company or are or
were serving at the request of the Company as a director, officer, member, employee or agent of another corporation or a partnership, joint venture, trust or other enterprise, the Company shall indemnify you for, and hold you harmless against, all
expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by you to the fullest extent authorized by the Company’s Certificate of Incorporation and Bylaws (including, without
limitation, the advancement of expenses in accordance with the Company’s Bylaws). 
 7. Miscellaneous. 
 (a) Any notice or other communication required or permitted under this Agreement shall be effective only if it is in writing and shall be
deemed to be given when delivered personally or four days after it is mailed by registered or certified mail, postage prepaid, return receipt requested or one day after it is sent by a reputable overnight courier service and, in each case, addressed
as follows: 
  

 6 

 If to the Company: 
 J. Crew Group, Inc. 
 2 Penn Plaza 
 26th Floor 
 New York, New York 10121

 Attention: General Counsel 
 If to you: 
 To the address on file with the Company 
 or to such other address as any party may designate by notice to the other. 
 (b) This
Agreement constitutes the entire agreement between you and the Company with respect to your employment by the Company, and supersedes and is in full substitution for any and all prior understandings or agreements with respect to your employment,
including your Employment Agreement with the Company, dated August 16, 2005. 
 (c) This Agreement shall inure to the
benefit of and be an obligation of the Company’s assigns and successors; however you may not assign any of your rights or duties hereunder to any other party. 
 (d) No provision of this Agreement may be amended or waived, unless such amendment or waiver is specifically agreed to in writing and signed by you and an officer of the Company duly authorized to
execute such amendment. The failure by either you or the Company at any time to require the performance by the other of any provision hereof shall in no way affect the full right to require such performance at any time thereafter, nor shall the
waiver by you or the Company of a breach of any provision hereof be taken or held to be a waiver of any succeeding breach of such provision or a waiver of the provision itself or a waiver of any other provision of this Agreement. 
 (e) You and the Company acknowledge and agree that each of you has reviewed and negotiated the terms and provisions of this Agreement and
has had the opportunity to contribute to its revision. Accordingly, the rule of construction to the effect that ambiguities are resolved against the drafting party shall not be employed in the interpretation of this Agreement. Rather, the terms of
this Agreement shall be construed fairly as to both parties and not in favor or against either party. 
 (f) Any provision of
this Agreement (or portion thereof) which is deemed invalid, illegal or unenforceable in any jurisdiction shall, as to that jurisdiction and subject to this Section, be ineffective to the extent of such invalidity, illegality or unenforceability,
without affecting in any way the remaining provisions thereof in such jurisdiction or rendering that or any other provisions of this Agreement invalid, illegal, or unenforceable in any other jurisdiction. If any covenant should be deemed invalid,
illegal or unenforceable because its scope is considered excessive, such covenant shall be modified so that the scope of the covenant is reduced only to the minimum extent necessary to render the modified covenant valid, legal and enforceable.

 (g) The Company may withhold from any amounts payable to you hereunder all federal, state, city or other taxes that the
Company may reasonably determine are required to be withheld pursuant to any applicable law or regulation (it being understood, that you shall be responsible for payment of all taxes in respect of the payments and benefits provided herein).

 (h) This Agreement may be executed in two counterparts, both of which shall be deemed an original, but all of which shall
constitute one and the same instrument. 
 (i) The headings in this Agreement are inserted for convenience of reference only
and shall not be a part of or control or affect the meaning of any provision hereof. 
  

 7 

 (j) This Agreement and all amendments thereof shall, in all respects, be governed by and
construed and enforced in accordance with the internal laws (without regard to principles of conflicts of law) of the State of New York. Each party hereto hereby agrees to and accepts the exclusive jurisdiction of any court in New York County or the
U.S. District Court for the Southern District of New York in respect of any action or proceeding relating to the subject matter hereof, expressly waiving any defense relating to jurisdiction or forum non conveniens, and consents to service of
process by U.S. certified or registered mail in any action or proceeding with respect to this Agreement. 
 (k) If any
provision of this Agreement (or any award of compensation or benefits provided under this Agreement) would cause you to incur any additional tax or interest under Section 409A of the Code, the Company and you shall reasonably cooperate to
reform such provision to comply with 409A and the Company agrees to maintain, to the maximum extent practicable without violating 409A of the Code, the original intent and economic benefit to you of the applicable provision; provided that nothing
herein shall require the Company to provide you with any gross-up for any tax, interest or penalty incurred by you under Section 409A of the Code. Notwithstanding anything herein to the contrary, any amount of expenses eligible for
reimbursement pursuant to Sections 3(d), 4(d) or 4(f) of this Agreement during a calendar year shall not affect the amount of expenses eligible for reimbursement during any other calendar year. In addition, the right to reimbursement pursuant to
Sections 3(d), 4(d) or 4(f) of this Agreement shall not be subject to liquidation or exchange for any other benefit. 
 If the terms of this
Agreement meet with your approval, please sign and return one copy to me. 
  

	
	 Sincerely,

	
	 /s/ Millard S. Drexler

	 Millard S. Drexler

	 Chief Executive Officer

  

	
	 AGREED TO AND ACCEPTED:

	
	 /s/ Jim Scully

	 Jim Scully

	
	 Dated September 11, 2008

  

 8 

 SCHEDULE A 
 PRE-IPO EQUITY GRANTS 
  

					
	 Grant Date
	  	 Grant Type
	  	Number of Underlying Shares
	9/7/2005	  	Non-Qualified Stock Option	  	96,789
			
	9/7/2005	  	Restricted Stock	  	67,752
			
	9/7/2005	  	Non-Qualified Stock Option	  	77,431
			
	9/7/2005	  	Non-Qualified Stock Option	  	77,431

  

 9

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