Document:

Exhibit 10.2

 

STOCK OPTION GRANT AGREEMENT

 

THIS
AGREEMENT, made as of this 12th day of May, 2004, between J.CREW
GROUP, INC. (the “Company”) and Jeffrey A. Pfeifle (the “Participant”).

 

WHEREAS, the
Company has adopted and maintains the J.Crew Group, Inc. 2003 Equity Incentive
Plan (the “Plan”) to promote the interests of the Company and its
stockholders by providing the Company’s key employees and others with an
appropriate incentive to encourage them to continue in the employ of the
Company and to improve the growth and profitability of the Company;

 

WHEREAS, the
Plan provides for the Grant to Participants in the Plan of Non-Qualified Stock
Options to purchase shares of Common Stock of the Company;

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants
hereinafter set forth, the parties hereto hereby agree as follows:

 

1.               Grant
of Options.  Pursuant to, and
subject to, the terms and conditions set forth herein and in the Plan, the
Company hereby Grants to the Participant the following NON-QUALIFIED STOCK
OPTIONS (collectively, the “Options”):

 

(a)          Premium
Option Tranche 1.  An Option with
respect to 111,585 shares of Common Stock of the Company (the “Premium
Option Tranche 1”); and

 

(b)         Premium
Option Tranche 2.  An Option with
respect to 111,585 shares of Common Stock of the Company (the “Premium
Option Tranche 2” and together with the Premium Option Tranche 1, the “Premium
Options”).

 

2.               Grant
Date.  The Grant Date of the Options
hereby granted is March 26, 2004.

 

3.               Incorporation
of the Plan.   Except as otherwise
provided herein, all terms, conditions and restrictions of the Plan are
incorporated herein and made part hereof as if stated herein.  Notwithstanding anything to the contrary in
the Plan, if there is any conflict between the terms and conditions of the Plan
and this Agreement, the terms and conditions of this Agreement, as interpreted
by the Committee, shall govern.  Unless
otherwise indicated herein, all capitalized terms used herein shall have the
meanings given to such terms in the Plan.

 

4.               Exercise
Price.  The Exercise Price of each
share underlying the Options are as follows:

 

(a)          Premium
Option Tranche 1.  $15.00 per share;
and

 

(b)         Premium
Option Tranche 2.  $25.00 per share.

 

5.               Vesting
Date.  The Options shall become exercisable
as follows:  25% of the shares of Common
Stock underlying each Option shall vest on February 1, 2005, 25% of the
shares of Common Stock underlying each Option shall vest on February 1,
2006, 25% of the shares of Common Stock underlying each Option shall vest on
February 1, 2007, and 25% of the shares of Common Stock underlying each
Option shall vest on February 1, 2008; provided that the Participant
remains continuously Employed by the Company through each such applicable
Vesting Date.  Notwithstanding the
foregoing, (A) in the event that (x) the Company terminates the Participant’s
Employment without Cause (as defined in and pursuant to the Employment
Agreement, dated as of January 24, 2003, between the Company, J. Crew
Operating Corp., and the Participant (the “Employment Agreement”)), the
Participant terminates his Employment for Good Reason (as defined in and
pursuant to the Employment Agreement) or the Participant’s Employment
terminates as a result of the Company’s providing notice to the Participant of
its intent not to renew the Employment Period (as defined in the Employment
Agreement) prior to the consummation of a Change in Control or (y) the
Participant’s Employment is terminated on account of the Participant’s death or
Disability (as defined in and pursuant to the Employment Agreement) at any time
during the Employment Period, the portion of each of the Options that would
have become vested and exercisable on the next succeeding Vesting Date shall
vest and become immediately exercisable and any remaining portion of the
Options that has not become vested and exercisable shall immediately expire and
be forfeited, (B) in the event that, within the two-year period following the consummation of a Change in Control
or within six months prior to a Change in Control if such termination is in
contemplation of the Change in Control, the Company terminates the
Participant’s Employment without Cause, the Participant terminates his
Employment for Good Reason or the Participant’s Employment terminates as a
result of the Company’s providing notice to the Participant of its intent not
to renew the Employment Period, all shares of Common Stock underlying the
Options shall become immediately

 

 

vested and
exercisable; and (C) if the Participant’s Employment terminates for any other
reason, any portion of the Options which has not become exercisable on such
Date of Termination (as defined in the Employment Agreement) shall immediately
expire and be forfeited.

 

6.               Expiration
Date.  Subject to the provisions of
the Plan and this Agreement, with respect to the Options (or any portions
thereof) which have not become exercisable, the Options shall expire on the
date the Participant’s Employment is terminated for any reason, and with
respect to any Options (or any portions thereof) which have become exercisable,
the Options shall expire on the earlier of (A) the tenth anniversary of the
Grant Date, (B) the commencement of business on the date the Participant’s
Employment is terminated for Cause, (C) ninety days after the Participant’s
Employment is terminated by the Participant without Good Reason, or (D) the
second anniversary of the date the Participant’s Employment is terminated (x)
on account of the Participant’s death or Disability,  (y) by the Company without Cause, or (z) by the Participant for
Good Reason.

 

7.               Delays
or Omissions.  No delay or omission
to exercise any right, power, or remedy accruing to any party hereto upon any
breach or default of any party under this Agreement, shall impair any such
right, power or remedy of such party nor shall it be construed to be a waiver
of any such breach or default, or an acquiescence therein, or of or in any
similar breach or default thereafter occurring nor shall any waiver of any
single breach or default be deemed a waiver of any other breach or default
theretofore or thereafter occurring. 
Any waiver, permit, consent or approval of any kind or character on the
part of any party of any breach or default under this Agreement, or any waiver
on the part of any party or any provisions or conditions of this Agreement,
shall be in writing and shall be effective only to the extent specifically set
forth in such writing.

 

8.               Limitation
on Transfer.  During the lifetime of
the Participant, the Options shall be exercisable only by the Participant.  The Options shall not be assignable or
transferable otherwise than by will or by the laws of descent and
distribution.  Notwithstanding the
foregoing, the Participant may request authorization from the Committee to
assign the Participant’s rights with respect to the Options granted herein to a
trust or custodianship, the beneficiaries of which may include only the
Participant, the Participant’s spouse or the Participant’s lineal descendants
(by blood or adoption), and, if the Committee grants such authorization, the
Participant may assign the Participant’s rights accordingly.  In the event of any such assignment, such
trust or custodianship, or in the event of the Participant’s death, his beneficiaries
or estate, shall be subject to all the restrictions, obligations, and
responsibilities as apply to the Participant under the Plan and this Agreement
and shall be entitled to all the rights of the Participant under the Plan.  All shares of Common Stock obtained pursuant
to the Option granted herein shall not be transferred except as provided in the
Plan and, where applicable, the Stockholders’ Agreement.  In the event of any purported Transfer of
any portion of the Options in violation of the provisions of the Plan and this
Agreement, such purported Transfer shall, to the extent permitted by applicable
law, be void and of no effect.

 

9.               Integration.  This Agreement, the Plan and the
Stockholders’ Agreement contain the entire understanding of the parties with
respect to its subject matter.  There
are no restrictions, agreements, promises, representations, warranties,
covenants or undertakings with respect to the subject matter hereof other than
those expressly set forth herein, in the Plan, the Employment Agreement and the
Stockholders’ Agreement.  This
Agreement, the Plan and the Stockholders’ Agreement supersede all prior
agreements and understandings between the parties with respect to its subject
matter.

 

10.         Counterparts.  This Agreement may be executed in two or
more counterparts, each of which shall be deemed an original, but all of which
shall constitute one and the same instrument.

 

11.         Governing
Law.  This Agreement shall be
governed by and construed and enforced in accordance with the laws of the State
of NEW YORK, without regard to the provisions governing conflict of laws.

 

12.         Participant
Acknowledgment.  The Participant
hereby acknowledges receipt of a copy of the Plan.  The Participant hereby acknowledges that all decisions,
determinations and interpretations of the Committee in respect of the Plan,
this Agreement and the Options shall be final and conclusive.

 

 

IN WITNESS
WHEREOF, the Company has caused this Agreement to be duly executed by its duly
authorized officer and said Participant has hereunto signed this Agreement on the
Participant’s own behalf, thereby representing that the Participant has
carefully read and understands this Agreement and the Plan as of the day and
year first written above.

 

 

	
   

  	
  J.CREW
  GROUP, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
    /s/
  Amanda Bokman

  	
   

  
	
   

  	
  By:  Amanda
  Bokman

  	
   

  
	
   

  	
  Title:  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
     /s/
  Jeffrey A. Pfeifle 

  	
   

  
	
   

  	
  Jeffrey A.
  PfeiflePrepared and filed by St Ives Burrups

Exhibit 10.37.13

September 3, 2004

Black Warrior Wireline Corp.
3748 Highway #45 North
Columbus, Mississippi  39701
Attention: William L. Jenkins

Ladies and Gentlemen:

  We refer to that certain Credit
      Agreement dated as of September 14, 2001 (as amended, the “Credit
      Agreement”), by and among Black Warrior Wireline Corp., a Delaware
      corporation (“Borrower”), the other Credit Parties signatory
      thereto and General Electric Capital Corporation, a Delaware corporation
      (“GE Capital”), for itself, as Lender, and as Agent for
      Lenders (in such capacity, the “Agent”). Capitalized terms
      used herein and not defined herein have the meanings assigned to them in
      the Credit Agreement.

  You have requested that we extend
      the Commitment Termination Date from September 14, 2001 until November
      15, 2004 and we hereby agree to such extension so long as upon your acceptance
      of this consentwe receive the remaining 50% of the success fee, in an amount
      equal to $150,000, payable to the Lenders pursuant to that certain Eighth
      Amendment to Credit Agreement dated as of June 16, 2004, by and among the
      Borrower, the other Credit Parties, the Lenders and the Agent. 

  You hereby acknowledge that you
      are actively seeking an extension of the maturity date of the Subordinated
      Notes beyond December 31, 2004. Additionally you acknowledge and agree
      that regardless of whether or not any such extensions are executed, GE
      Capital has not issued, does not have, and the consummation of any such
      extensions does not create, any commitment of GE Capital to extend the
      Commitment Termination Date beyond November 15, 2004.

  If the foregoing is acceptable
      to you, kindly evidence your acceptance of and agreement to the foregoing,
      by signing and returning to GE Capital at least two (2) original counterparts
      of this letter agreement.

  The consent set forth herein is
      limited to the matters expressly set forth herein and shall not be deemed
      to waive or modify any term of the Credit Agreement or any of the other
      Credit Documents or serve as a consent to any other matters prohibited
      by the terms and conditions thereof. This letter agreement and the rights
      and obligations of the parties hereunder shall be construed in accordance
      with and be governed by the law (without giving effect to the conflict
      of law principles thereof) of the State of New York.

	 	Very truly yours,

	 	 	GENERAL ELECTRIC CAPITAL CORPORATION, as Agent and sole Lender
	 	 	 	 
	 	 	By:	/s/ Glenn Campbell
				

	 	 	 	Name:	Glenn Campbell
	 	 	 	Duly Authorized Signatory
	 	 	 	 	 
			Accepted and agreed to as of the ____ day of September 2004:
	 	 	 	 	 
	 	 	BLACK WARRIOR WIRELINE CORP., as Borrower
	 	 	By:	/s/ William L. Jenkins
				

	 	 	 	Name:	William L. Jenkins
	 	 	 	Title:	Chief Executive Officer

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