Document:

Exhibit 10.14  

                                January 23, 2004

Ms.
Tracy Gardner 

Dear
Tracy: 

        Pursuant
to our discussions regarding your employment with J. Crew Group, Inc. (the "Parent") and its operating subsidiary,
J. Crew Operating Corp. (collectively with the Parent, the "Company"), we thought it would be useful to lay out the terms and conditions of our
agreement in this letter agreement ("Agreement") for all parties to sign. 

1.    Employment.  

        (a)   The Company hereby agrees to employ you during the "Employment Period"
(as defined below) as Executive Vice President—Merchandising, Planning and Production, and you hereby agree to serve the Company in such capacity. You shall 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 four-year term commencing on a date to be mutually determined (the "Commencement
Date") and ending on the day immediately preceding the fourth anniversary of the Commencement Date (the "Employment Period").
Effective upon the expiration of the Employment Period, the Employment Period may be renewed upon mutually agreeable terms ("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 of 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, you shall be entitled to any earned but unpaid Base Salary (as
defined below) as of the Termination Date. 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") (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 here in as the "Continuation Severance Payment") and medical benefits
("Continuation Medical Benefit") for a period of one (1) year (the "Severance Period") after the
Termination Date; and (ii) a lump sum amount equal to the product of (x) the Annual Bonus, if any, that you would have earned 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"); provided that the Severance Benefits are subject to and
conditioned upon your execution of a valid general release and waiver 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 Paragraph 4 hereof. 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 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 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. The Company shall have no additional obligations under this Agreement. 

        (d)   For purposes of this Agreement, the term "Cause" shall mean
(i) the indictment for a felony, (ii) willful misconduct or gross negligence in connection with the performance of your duties as an employee of the Company, (iii) a material
breach of this Agreement, including without limitation, your failure to perform your duties and responsibilities hereunder, (iv) a fraudulent act or omission by you adverse to the reputation of
the Company or any affiliate, and (v) the disclosure by you of any Confidential Information (as defined below) to persons not authorized to know same. If subsequent to the termination of your
employment, it is discovered that your employment could have been terminated for Cause and there is a reasonable basis for such determination, 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. 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. 

        (e)   For purposes of this Agreement, the term "Good Reason" shall mean either
(i) any action by the Company that results in a material and continuing diminution in your duties or responsibilities or (ii) 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 of Directors of the Company ("Board") a written notice specifically identifying the conduct of the Company which you believe 

2

 

constitutes
"Good Reason" in accordance with this Section 2(e) 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 $450,000 ("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 executives 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. The Base Salary will 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 50% up to a maximum bonus of 100% of Base Salary. Notwithstanding the foregoing, for the fiscal year beginning February 1, 2004, your Annual Bonus
will be at least $112,500 (the "FY '04 Guaranteed Bonus") regardless of whether the performance objectives for such fiscal year are achieved. Any Annual
Bonus payable above the FY '04 Guaranteed Bonus will be pro-rated based on the Commencement Date. Any Annual Bonus (including the FY '04 Guaranteed 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 for any Pro-Rata Bonus payable pursuant to Section 2(c) hereof. 

        (c)   Signing Bonus. As soon as practicable after the Commencement Date, the
Company will pay you $150,000 (the "Signing Bonus") as consideration for entering into this Agreement, provided that you will be required to immediately
pay back a pro-rata portion of the Signing Bonus based on your last date of employment in the event you voluntarily terminate your employment hereunder other than for Good Reason within one (1)
year after the Commencement Date. To the extent that you fail to pay back any portion of the Signing Bonus as provided herein, the Company shall have the right to offset any other payments provided
hereunder or otherwise owed to you in respect of such amount. 

        (d)   Initial Stock Options. As soon as reasonably practicable after the
Commencement Date and subject to approval of the Board of Directors of Parent (the "Board") or a committee thereof, the Company will cause Parent to
grant you an option (the "Initial Option") to purchase 50,000 shares of common stock of Parent (the "Common
Stock") at an exercise price equal to $6.82 per share. Twenty-five (25%) percent of the shares underlying the Initial Option shall vest and become exercisable each year on the
anniversary of the grant date beginning with the first anniversary thereof, provided that you continue to be actively employed by the Company on such anniversary. The Initial Option shall be subject
to and governed by the terms and conditions of the Company's 2003 Equity Incentive Plan (the "Equity Plan", a copy of which has been provided to you)
and shall be evidenced by a separate stock option grant agreement. 

        (e)   Premium Stock Options. As soon as reasonably practicable after the
Commencement Date and subject to approval of the Board or a committee thereof, the Company will also cause Parent to grant you (i) an option to purchase 20,000 shares of Common Stock at an
exercise price equal to $15.00 per share and (ii) an option to purchase 20,000 shares of Common Stock at an exercise price equal to $25.00 per share (collectively, the
"Premium Options Grant I"). Twenty-five (25%) percent of the shares underlying the Premium Options I shall vest and become exercisable each year
on the anniversary of the grant date beginning on the second anniversary thereof, provided that you continue to be actively employed by the Company on such anniversary. In addition, subject to
approval of the Board or a committee thereof and provided that you are still employed by the Company on such date, on the first anniversary of the Commencement Date the Company will cause Parent to
grant you (x) an additional option to purchase 20,000 shares of Common Stock at an exercise price equal to $15.00 per share and (y) an additional option to purchase 20,000 shares of
Common Stock at an exercise price equal to $25.00 per share (collectively, the "Premium Options Grant II"). Twenty-five (25%) percent of the
shares underlying the Premium Options II shall vest and become exercisable each year on the anniversary of the grant date beginning on the second anniversary thereof, provided that you continue
to be actively employed by the Company on such anniversary. The Premium Options Grant I and the Premium Options Grant II shall be subject to and governed by the terms and conditions of the Equity Plan
and shall be evidenced by separate stock option grant agreements. 

3

 

        (f)    Restricted Stock. As soon as reasonably practicable after the
Commencement Date and subject to approval of the Board or a committee thereof, the Company will also cause Parent to grant you 50,000 restricted shares of Common Stock (the
"Restricted Stock Grant"). Twenty-five (25%) percent of the shares underlying the Restricted Stock Grant shall vest on each anniversary of
the grant date beginning on the second anniversary thereof, provided that you continue to be actively employed by the Company on such anniversary. The Restricted Stock Grant shall be subject to and
governed by the terms and conditions of the Equity Plan and shall be evidenced by a separate restricted stock grant agreement. 

        (g)   Employee Benefits. During the Employment Period, you will be entitled to
participate in the Company's benefit package made generally available to associates 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 health flexible spending account, and the employee discount. The Company reserves the right to change these benefits at any time in
its sole discretion. In addition, the Company will reimburse you for all Cobra expenses incurred by you during the necessary waiting period needed to join the Company's medical insurance plan, subject
to applicable tax withholdings. 

        (h)   Relocation. With respect to your relocation to the New York area, the
Company will provide you with relocation assistance in accordance with the Company's executive homeowner relocation policy, provided that you will be required to immediately pay back a pro-rata
portion of all payments, benefits and expense reimbursements that you received in connection with your relocation based on your last date of employment in the event you voluntarily terminate your
employment hereunder other than for Good Reason within one (1) year after the Commencement Date. To the extent that you fail to pay back any portion of this amount as provided herein, the
Company shall have the right to offset any other any other payments provided hereunder or otherwise owed to you in respect of such amount. 

4.    Additional Agreements; Confidentiality.  

        (a)   As additional consideration for the Company entering into this Agreement, you agree that for a period of twelve 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 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) or the Company or you elect not to renew the Employment Period following its expiration pursuant to Section 2(a) above. 

4

 

        (b)   During the Employment Period and for a period of one year 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. 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 that during the Employment Period and thereafter you shall not disclose any information that has not been
otherwise publicly disclosed by the Company in accordance with securities laws regarding the existence or substance of this Agreement to any third party (including employees of the Company) without
the prior written consent of the Chief Executive Officer of the Company, except as may be required by law, other than to your spouse or your professional advisers for purposes of discussing the
subject matter hereof and, with respect to such professional advisers, you agree to inform them of your obligations hereunder and take all reasonable steps to ensure that such professional advisers do
not disclose the existence or substance hereof. Further, during the Employment Period and thereafter you agree not to directly or indirectly disparage or defame the Company, its affiliates or any of
their directors, officers or employees. 

        (e)   You also agree that breach of the provisions provided in this Paragraph 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 Paragraph 4, the Company will be entitled to 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 Paragraph 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. 

5

 

6.    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: 

        If
to the Company: 

J. Crew
Operating Corp.

770 Broadway

Twelfth Floor

New York, NY 10003

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. 

        (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 Paragraph, 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). 

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        (h)   This Agreement may be executed in several counterparts, each 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. 

        (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. 

        If
the terms of this Agreement meet with your approval, please sign and return one copy to me. 

	 	 	Sincerely,
	 	 	 
	 	 	 
	 	 	
 Millard S. Drexler

Chief Executive Officer
	AGREED TO AND ACCEPTED:	 	 
	 	 	 
	 	 	 
	
 Tracy Gardner	 	 
	 	 	 

	Date:	 	, 2004	 	 
	 	
	 	 	 

7Exhibit 10.15  

          December
23, 2003 

Kathleen
Boyer

32 Hitchcock Road

Westport, CT 06880 

Dear
Kathy: 

        This
letter will confirm our understanding of the arrangements under which your employment with the Company is terminated. These terms and conditions are set out below. 

	1.
	The
parties hereby acknowledge and confirm that your employment with the Company is terminated effective as of January 5, 2004 (the "Termination
Date").

	2.
	Subject
to this Agreement becoming effective (as described in Paragraph 17 hereof), the Company will continue to pay you your base salary of $415,000 per annum for the six (6) month
period beginning on the day immediately following the Termination Date ("Severance Period"), payable in accordance with the Company's regular payroll
practices for its employees. You will also continue to have medical coverage during the Severance Period on the same terms and conditions as medical coverage is then made available to the employees of
the Company. Notwithstanding anything herein to the contrary, starting in month four of the Severance Period, your right to receive the foregoing payments and medical coverage shall terminate
effective immediately upon the date that you become employed by a new employer; provided that if the base salary you receive pursuant to such new employment ("New Salary") is less than $415,000 per
annum, the Company will continue to pay you an incremental amount during the remaining Severance Period such that the New Salary payments you receive together with such incremental amount will equal
$415,000 on an annualized basis. You agree to notify the Vice-President of Human Resources in writing prior to the effective date of such new employment. In addition, upon request, outplacement
services will be provided in accordance with the Company's policy. 

The
foregoing payments shall be reduced by any required tax withholdings and shall not be taken into account as compensation and no service credit shall be given after the Termination Date for
purposes of determining the benefits payable under any other plan, program, agreement or arrangement of the Company.
You acknowledge that, except for the foregoing payments, you are not entitled to any payment by the Company in the nature of either severance or termination pay or other compensation of any kind. 

	3.
	As
of the Termination Date, you have vested options to purchase 7,000 shares of Common Stock ("Common Stock") of J. Crew Group, Inc.
("Parent") at $6.82 per share (the "Vested Options"). In addition, you have unvested options to purchase
28,000 shares of Common Stock at $6.82 per share (the "Unvested Options"). You acknowledge that all of the Vested Options will terminate 90 days after
the Termination Date and that all of the Unvested Options terminate effective immediately, in accordance with the provisions of your stock option agreement with Parent and the J. Crew Group, Inc. 1997
Stock Option Plan, as amended (the "Option Plan").

	4.
	By
signing this Agreement, you agree that in exchange for the consideration set forth herein, you hereby voluntarily, fully and unconditionally release and forever discharge the
Company, Parent, their present and former parent corporation(s), subsidiaries, divisions, affiliates and otherwise related entities and their respective incumbent and former employees, directors, plan
administrators, officers and agents, individually and in their official capacities (collectively, the "Releasees"), from any and all charges, actions, causes of action, demands, debts, dues, bonds,
accounts, covenants, contracts, liabilities, or damages of any nature whatsoever, whether now known or claimed, to whomever made, which you have or may have against any or all of the Releasees for or
by reason of any cause, nature or thing whatsoever, up to the present time, arising out of or related to your employment with the Company or the termination of such employment, including, by way of
examples and without limiting the broadest application of the foregoing, any actions, causes of action, or claims under any contract or federal, state or local decisional law, statues, regulations or
constitutions, any claims for notice, pay in lieu of notice, wrongful dismissal, breach of contract, defamation or other tortious conduct, discrimination on the basis of actual or perceived
disability, age, sex, race or any other factor (including, without limitation, any claim pursuant to Title VII of the Civil Rights Act of 1964, Americans with Disabilities Act of 1990, the Age
Discrimination in Employment Act of 1967, as amended, the Family and Medical Act of 1993, the Equal Pay Act of 1963, the Fair 

 

Labor
Standards Act, the State, City and local laws of New York, and the equal employment law or laws of the state and/or city in which you work), any claim pursuant to any other applicable
employment standards or human rights legislation or for severance pay, salary, bonus, incentive or additional compensation, vacation pay, insurance, other benefits, interest, and/or attorney's fees.
You acknowledge that this general release is not made in connection with an exit incentive or other employment termination program offered to a group or class of employees. 

If
you have made or should hereafter make any complaint, charge, claim, allegation or demand, or commence or threaten to commence any action, complaint, charge, claim or proceeding, against any or all
of the Releasees for or by reason of any cause, matter or thing whatsoever existing up to the present time, this Agreement may be raised as and shall constitute a complete bar to any such action,
complaint, charge, claim, allegation or proceeding, and, subject to a favorable ruling by a tribunal of final jurisdiction, the Releasees shall recover from you, and you shall pay to the Releasees,
all costs incurred by them, including their attorneys' fees, as a consequence of any such action, complaint charge, claim, allegation or proceeding; provided, however, that this shall not limit you
from enforcing your rights under this Agreement, and in the event any action is commenced to enforce your rights under this Agreement, each party shall bear its own legal fees and expenses; and
provided further, however, that this is not intended to interfere with your right to file a charge with the Equal Employment Opportunity Commission ("EEOC") in connection with any claim you believe
you may have against any Releasee. However, by signing this Agreement, you agree to waive any right to recover in any proceeding you may bring before the EEOC (or any state human rights commission) or
in any proceeding brought by the EEOC (or any state human rights commission) on your behalf. 

You
specifically release all claims under the Age Discrimination in Employment Act ("ADEA") relating to your employment and its termination. 

	5.
	You
hereby also agree (a) to return all Company property in your possession (regardless of form) and not to retain any copies, duplicates, reproductions or excerpts thereof, (b) to
refrain from disclosing or using any confidential information of the Company, including the terms of this Agreement, for any purpose, and (c) to refrain from making any disparaging or derogatory
comments or statements, whether written or oral, about the Company or any of the Releasees (the "Restrictive Covenants"), and that the payments
described in Section 2 above that you are receiving are subject to and contingent upon your compliance with the Restrictive Covenants.

	6.
	You
acknowledge and agree that, notwithstanding any other provision of this Agreement, if you breach any of your obligations under this Agreement or any Restrictive Covenant, (a) you
will forfeit your right to receive the payments and benefits described in Section 2 above (to the extent the payments were not theretofore paid) and the Company shall be entitled to recover any
payments already made to you or on your behalf, (b) the Vested Options shall expire as of the date of such breach to the extent not theretofore exercised and, if exercised as of the date of such
breach, you shall immediately reimburse the Company for the profit upon exercise (such profit calculated as the difference between the (i) greater of either the Fair Market Value (as defined in the
Option Plan) of a share of Common Stock on the date of exercise or the amount paid by the Company to you per share of Common Stock for the purchase of the shares acquired upon exercise, and (ii)
exercise price, times the number of options exercised).

	7.
	You
hereby agree that the breach of any Restrictive Covenant may cause the Company to suffer irreparable harm for which money damages would not be an adequate remedy and therefore, if
you breach a Restrictive Covenant, the Company would be entitled to temporary and permanent injunctive relief in any court of competent jurisdiction (without the need to post any bond) without
prejudice to any other remedies under this Agreement or otherwise.

	8.
	You
agree that, 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 at a legal
proceeding, threatened proceeding, investigation or inquiry involving the Releasees, you will: (1) refuse to provide testimony or documents absent a subpoena, court order or similar process from a
regulatory agency: (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 to 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 cooperate fully with the Releasees
in connection with any existing or future litigation against the Releasees, whether administrative, civil or criminal in nature, in which and to the extent the Releasees deem your cooperation
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 8. 

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	9.
	This
Agreement does not constitute an admission of liability or wrongdoing of any kind by you or the Company or its affiliates.

	10.
	The
terms of this Agreement shall be binding on the parties hereto and their respective successors, assigns, heirs and representatives.

	11.
	This
Agreement constitutes the entire understanding of the Company and you with respect to the subject matter hereof and supersedes all prior understandings, written or oral. The
terms of this Agreement may be changed, modified or discharged only by an instrument in writing signed by the parties hereto. A failure of the Company or you to insist on strict compliance with any
provision of this Agreement shall not be deemed a waiver of such provision or any other provision hereof. If any provision of this Agreement is determined to be so broad as to be unenforceable, such
provision shall be interpreted to be only so broad as is enforceable.

	12.
	This
Agreement shall be construed, enforced and interpreted in accordance with and governed by the laws of the State of New York.

	13.
	The
parties hereto acknowledge and agree that each party has reviewed and negotiated the terms and provisions of this Agreement and has contributed 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 hereto and not in favor or against either party.

	14.
	This
Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which counterpart, when so executed and delivered, shall be
deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same Agreement.

	15.
	You
acknowledge that, by your free and voluntary act of signing below, you agree to all of the terms of this Agreement and intend to be legally bound thereby.

	16.
	You
acknowledge that you have received this Agreement on or before December 12, 2003. You understand that you may consider whether to agree to the terms contained herein for a period
of twenty-one (21) days after the date hereof. However, the operation of the provisions of Sections 2 through 4 above may be delayed until you execute this Agreement and return it to the Company and
it becomes effective as provided below. You acknowledge that you have consulted with an attorney prior to your execution of this Agreement or have determined by your own free will not to consult with
an attorney.

	17.
	This
Agreement will become effective, enforceable and irrevocable seven days after the date on which it is executed by you (the "Effective
Date"). During the seven-day period prior to the Effective Date, you may revoke your agreement to accept the terms hereof by indicating in writing to the Company's General
Counsel your intention to revoke. If you exercise your right to revoke hereunder, you shall forfeit your right to receive any of the payments and other benefits provided for herein, and to the extent
such payments or benefits have already been made, you agree that you will immediately reimburse the Company for the value of such payments and benefits. 

3

 

        If
the foregoing correctly reflects our understanding, please sign the enclosed copy of this letter agreement, whereupon it will become a binding agreement between us. 

	 	 	J. CREW OPERATING CORP.
	

 	
 	
By:	

 
	 	 	 	____________________________________

Lynda Markoe

Vice President, HR

AGREED
TO AND ACCEPTED: 

	By:	 	 	 	 
	 	 	________________________

Kathleen Boyer	 	 

	 	 	 	 	 
	Dated:________________________, 2003	 	 	 	 
	
Acknowledgment	
 	

 	
 	

 
	

STATE OF ______________________ )	
 	

 	
 	

 
	

 	
 	

ss:	
 	

 
	

COUNTY OF ____________________ )	
 	

 	
 	

 
	

        On the            day of            , 2003, before me personally came Kathleen
Boyer who, being by me duly sworn, did depose and say that she resides at 32 Hitchcock Road, Westport, CT 06880, and did acknowledge and represent that she has had an opportunity to consult with attorneys and other advisers of her choosing regarding
the Agreement set forth above, that she has reviewed all of the terms of the Agreement and that she fully understands all of its provisions, including without limitation, the general release and waiver set forth therein.
	 	 	 	 	 
	 	 	 	 	 
	

_________________________________

Notary Public	
 	

 	
 	

 
	

Date: ___________________________	
 	

 	
 	

 

4

 
              January
26, 2004 

Kathleen
Boyer

32 Hitchcock Road

Westport, CT 06880 

Dear
Kathy: 

        This
letter amends the letter agreement ("Agreement"), dated December 23, 2003, between you and J.Crew Operating Corp. (the
"Company") regarding the terms of your separation of employment from the Company. The Company and you agree as follows: 

	1.
	Section
2 of the Agreement shall be amended in its entirety as follows: 

Subject
to this Agreement becoming effective (as described in Paragraph 17 hereof), the Company will pay you a lump sum amount equal to $103,750.00 as soon as practicable and will also continue to pay
you your base salary of $415,000 per annum for a three (3) month period beginning on the day immediately following the Termination Date ("Severance
Period"), payable in accordance with the Company's regular payroll practices for its employees. You will also continue to have medical coverage during the Severance Period on
the same terms and conditions as medical coverage is then made available to the employees of the Company. The foregoing payments shall be reduced by any required tax withholdings and shall not be
taken into account as compensation and no service credit shall be given after the Termination Date for purposes of determining the benefits payable under any other plan, program, agreement or
arrangement of the Company. You acknowledge that, except for the foregoing payments, you are not entitled to any payment by the Company in the nature of either severance or termination pay or other
compensation of any kind. In addition, upon request, outplacement services will be provided in accordance with the Company's policy. 

	2.
	Except
as expressly modified herein, all other terms and provisions of the Agreement shall remain in full force and effect. 

        If
the foregoing correctly reflects our understanding, please sign the enclosed copy of this letter, whereupon it will become a binding agreement between us. 

	 	 	J. CREW OPERATING CORP.
	

 	
 	

By:	

 
	 	 	 	____________________________________

Lynda Markoe

Vice President, Human

Resources

AGREED
TO AND ACCEPTED: 

	By:	 	 
	 	 	_________________________

Kathleen Boyer
	

Dated:______________________, 2004

5

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