Document:

J.Crew Group, Inc. Amended and Restated 2008 Equity Incentive Plan

 Exhibit 10.1 
 J. CREW GROUP, INC. 
 AMENDED AND RESTATED 
 2008 EQUITY INCENTIVE PLAN 
 (As of
September 10, 2008) 
 1. Purpose of the Plan 
 This J. Crew Group, Inc. 2008 Equity Incentive Plan is intended to promote the interests of the Company and its stockholders by providing the employees (our “associates”) and independent contractors of the
Company, and eligible non-employee directors of J. Crew Group, Inc., who are largely responsible for the management, growth, and protection of the business of the Company, with incentives and rewards to encourage them to continue in the service of
the Company. The Plan is designed to meet this intent by providing such associates, independent contractors, and eligible non-employee directors with a proprietary interest in pursuing the long-term growth, profitability, and financial success of
the Company. 
 2. Definitions 
 As
used in the Plan or in any instrument governing the terms of any Incentive Award, the following definitions apply to the terms indicated below: 
 (a) “Board of Directors” means the Board of Directors of J. Crew Group, Inc. 
 (b) “Cause” means, when used in
connection with the termination of a Participant’s employment, unless otherwise provided in any employment agreement with the Company to which the Participant is a party or the agreement evidencing Participant’s Incentive Award, the
termination of the Participant’s employment by the Company or its affiliate on account of (i) the willful violation by the Participant of any federal or state law or any rule of the Company or its affiliate, (ii) breach by a
Participant of the Participant’s duty of loyalty to the Company and its affiliates in contemplation of the Participant’s termination of employment, such as the Participant’s pre-termination of employment solicitation of customers or
associates of the Company or its affiliate, (iii) the Participant’s unauthorized removal from the premises of the Company or its affiliate of any document (in any medium or form) relating to the Company or its affiliate or the customers of
the Company or its affiliate, or (iv) any gross negligence in connection with the performance of the Participant’s duties as an associate. Any rights the Company or its affiliate may have hereunder in respect of the events giving rise to
Cause shall be in addition to the rights the Company or its affiliate may have under any agreement with the associate or at law or in equity. If, subsequent to a Participant’s termination of employment, it is discovered that such
Participant’s employment could have been terminated for Cause, the Participant’s employment shall, at the election of the Committee, in its sole discretion, be deemed to have been terminated for Cause retroactively to the date the events
giving rise to Cause occurred. 
 (c) “Code” means the Internal Revenue Code of 1986, as amended from time to time, and all
regulations, interpretations, and administrative guidance issued thereunder. 
 (d) “Committee” means the Compensation Committee of
the Board of Directors or such other committee as the Board of Directors shall appoint from time to time to administer the Plan and to otherwise exercise and perform the authority and functions assigned to the Committee under the terms of the Plan.

 (e) “Common Stock” means J. Crew Group, Inc.’s Common Stock, $0.01 par value per share, or any other security into which
the common stock shall be changed pursuant to the adjustment provisions of Section 9 of the Plan. 
 (f) “Company” means J.
Crew Group, Inc. and all of its Subsidiaries and affiliates, collectively. 
 (g) “Covered Employee” means a Participant who at the
time of reference is a “covered employee” as defined in Section 162(m) of the Code. 
 (h) “Deferred Compensation
Plan” means any plan, agreement, or arrangement maintained by the Company from time to time that is established or maintained under this Plan and that provides opportunities for deferral of compensation. 
 (i) “Director” means a member of the Board of Directors who is not at the time of reference an associate of J. Crew Group, Inc. or any of its
Subsidiaries. 
  

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 (j) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 (k) “Fair Market Value” means, with respect to a share of Common Stock, as of the applicable date of determination (i) the average of the
high and low sales prices on the immediately preceding business day of a share of Common Stock as reported on the principal securities exchange on which shares of Common Stock are then listed or admitted to trading or (ii) if not so reported,
the average of the closing bid and ask prices on the immediately preceding business day as reported on the National Association of Securities Dealers Automated Quotation System or (iii) if not so reported, as furnished by any member of the
National Association of Securities Dealers, Inc. selected by the Committee. In the event that the price of a share of Common Stock shall not be so reported, the Fair Market Value of a share of Common Stock shall be determined by the Committee in its
sole discretion. 
 (l) “Good Reason” means, unless otherwise provided in any employment agreement with the Company to which the
Participant is a party or the agreement evidencing Participant’s Incentive Award, (i) a material diminution in a Participant’s duties and responsibilities other than a change in such Participant’s duties and responsibilities that
directly results from a Change in Control, (ii) a material decrease in a Participant’s base salary, bonus opportunity or benefits other than a decrease in benefits that applies to all associates of the Company or its affiliates otherwise
eligible to participate in the applicable benefit plan, or (iii) a relocation following a Change in Control of a Participant’s primary work location more than 50 miles from the work location immediately prior to the Change in Control, in
each case without the Participant’s written consent and provided, that, within sixty (60) days following the occurrence of any of the events set forth therein, the Participant has delivered written notice to the Committee of the
Participant’s intention to terminate the Participant’s employment for Good Reason and specifying the circumstances that the Participant believes constitute Good Reason, and the Company shall not have cured such circumstances (if
susceptible to cure) within thirty (30) days following receipt of such notice (or, in the event that such grounds cannot be corrected within such thirty (30) day period, the Company has not taken all reasonable steps within such thirty
(30) day period to correct such grounds as promptly as practicable thereafter). 
 (m) “Incentive Award” means an Option or
Other Stock-Based Award granted pursuant to the terms of the Plan. 
 (n) “J. Crew Group, Inc.” means J. Crew Group, Inc., a
Delaware corporation, and any successor thereto. 
 (o) “Non-Qualified Stock Option” means an Option that is not an “incentive
stock option” within the meaning of Section 422 of the Code. 
 (p) “Option” means a stock option to purchase shares of
Common Stock granted to a Participant pursuant to Section 6. 
 (q) “Other Stock-Based Award” means an award granted to a
Participant pursuant to Section 7. 
 (r) “Participant” means a Director, associate, or independent contractor of the Company
who is eligible to participate in the Plan and to whom one or more Incentive Awards have been granted pursuant to the Plan and, following the death of any such Person, his successors, heirs, executors, and administrators, as the case may be.

 (s) “Performance-Based Compensation” means compensation that satisfies the requirements of Section 162(m) of the Code for
deductibility of remuneration paid to Covered Employees. 
 (t) “Performance Measures” means such measures as are described in
Section 8 on which performance goals are based in order to qualify certain awards granted hereunder as Performance-Based Compensation. 
 (u) “Performance Period” means the period of time during which the performance goals must be met in order to determine the degree of payout and/or vesting with respect to an Incentive Award that is intended to qualify as
Performance-Based Compensation. Performance Periods may be overlapping. 
 (v) “Performance Target” means performance goals and
objectives with respect to a Performance Period. 
 (w) “Person” means a “person” as such term is used in Sections 13(d)
and 14(d) of the Exchange Act, including any “group” within the meaning of Section 13(d)(3) of the Exchange Act. 
 (x)
“Plan” means this J. Crew Group, Inc. 2008 Equity Incentive Plan, as it may be amended from time to time. 
  

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 (y) “Securities Act” means the Securities Act of 1933, as amended. 
 (z) “Subsidiary” means any “subsidiary” within the meaning of Rule 405 under the Securities Act. 
 (aa) “Voting Securities” means, at any time, J. Crew Group, Inc.’s then outstanding voting securities. 
 3. Stock Subject to the Plan, Share Counting Rules, and Individual Award Limits 
 (a) Stock Subject to the Plan 
 The
maximum number of shares of Common Stock that may be covered by Incentive Awards granted under the Plan shall not exceed 3,000,000 shares of Common Stock in the aggregate. Out of such aggregate, the maximum number of shares of Common Stock that may
be covered by Options that are designated as “incentive stock options” within the meaning of Section 422 of the Code shall not exceed 3,000,000 shares of Common Stock. The shares referred to in the preceding sentences of this
paragraph shall in each case be subject to adjustment as provided in Section 9 and the following provisions of this Section 3. Shares of Common Stock issued under the Plan may be either authorized and unissued shares or treasury shares, or
both, at the sole discretion of the Committee. 
 (b) Share Counting Rules 
 If shares of Common Stock are issued subject to conditions which may result in the forfeiture, cancellation or expiration of such shares to the Company,
any portion of the shares forfeited, cancelled or expired shall be treated as not issued pursuant to the Plan and shall again be available for issuance under the Plan. Shares that are exchanged by a Participant or withheld by the Company or one of
its Subsidiaries to satisfy the tax withholding obligations related to any Incentive Award, shall not be available for issuance under the Plan. Incentive Awards which, pursuant to their terms, are to be settled solely in cash shall not reduce the
number of shares of Common Stock available for Incentive Awards. 
 Shares of Common Stock covered by Incentive Awards granted pursuant to
the Plan in connection with the assumption, replacement, conversion, or adjustment of outstanding equity-based awards in the context of a corporate acquisition or merger (within the meaning of Section 303A.08 of the New York Stock Exchange
Listed Company Manual) as provided in Section 9 of the Plan shall not count as used under the Plan for purposes of this Section 3. 
 (c) Individual Award Limits 
 Subject to adjustment as provided in Section 9, the maximum number of shares of Common
Stock that may be covered by Incentive Awards granted under the Plan to any single Participant in any calendar year shall not exceed 3 million shares. 
 4. Administration of the Plan 
 (a) The Committee 
 The Plan shall be administered by the Committee, which shall consist solely of two or more persons, each of whom qualifies as a “non-employee
director” (within the meaning of Rule 16b-3 promulgated under Section 16 of the Exchange Act), as an “outside director” within the meaning of Treasury Regulation Section 1.162-27(e)(3), and as “independent” within
the meaning of any applicable stock exchange or similar regulatory authority; provided that, with respect to any “independent” composition requirement under any rule of any applicable stock exchange or similar regulatory authority,
the “independent” composition requirement shall be phased in pursuant to any applicable transition period; provided further that, with respect to any Incentive Award granted to, or any determination made with respect to, any Person
subject to Section 16 of the Exchange Act prior to the date the “independent” composition requirement has been satisfied, such grant shall be approved by the full Board, and with respect to any Incentive Award granted to, or any
determination made with respect to, any Covered Employee, prior to the date the “independent” composition requirement has been satisfied, such grant shall be approved by approved by a subcommittee of the Committee that is composed solely
of two or more “outside directors” within the meaning of Treasury Regulation Section 1.162-27(e)(3). 
 (b) Grant of
Incentive Awards 
 The Committee shall, consistent with the terms of the Plan, from time to time designate those associates and
independent contractors of the Company who shall be granted Incentive Awards under the Plan and the amount, type, and 

  

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other terms and conditions of such Incentive Awards. The Board of Directors may, consistent with the terms of the Plan, from time to time grant Incentive
Awards to Directors. The Committee may prescribe agreements evidencing or setting the terms of any Incentive Awards, and amendments thereto, which documents and amendments need not be identical for each Participant. 
 The Committee may also enter into agreements with third parties pursuant to which such third parties may issue Incentive Awards to the Participants in
lieu of the Company’s issuance thereof or assume the obligations of the Company under any Incentive Awards previously issued by the Company, in any case on such terms and conditions as may be determined by the Committee in its sole discretion.

 Incentive Awards granted under the Plan may, in the Committee’s discretion, be granted either alone or in addition to, in tandem
with, or in substitution or exchange for, any other Incentive Award, any award granted under another plan of the Company or any business entity to be acquired by the Company, or any other right of a Participant to receive payment from the Company.
Incentive Awards granted in addition to or in tandem with other Incentive Awards or awards may be granted either as of the same time as, or a different time from, the grant of such other Incentive Awards or awards. 
 (c) Delegation of Authority 
 All of
the powers and responsibilities of the Committee under the Plan may be delegated by the Committee, in writing, to any subcommittee thereof, in which case the acts of such subcommittee shall be deemed to be acts of the Committee hereunder. The
Committee may also from time to time authorize a subcommittee consisting of one or more members of the Board of Directors (including members who are associates of the Company) or associates of the Company to grant Incentive Awards to persons who are
not “executive officers” of the Company (within the meaning of Rule 16a-1 under the Exchange Act), subject to such restrictions and limitations as the Committee may specify. 
 In addition, the Committee may delegate the administration of the Plan to one or more officers or associates of the Company, and such administrator(s)
may have the authority to execute and distribute Incentive Award agreements or other documents evidencing or relating to Incentive Awards granted by the Committee under this Plan, to maintain records relating to Incentive Awards, to process or
oversee the issuance of Common Stock under Incentive Awards, to interpret and administer the terms of Incentive Awards, and to take such other actions as may be necessary or appropriate for the administration of the Plan and of Incentive Awards
under the Plan, provided that in no case shall any such administrator be authorized (i) to grant Incentive Awards under the Plan, (ii) to take any action that would cause Awards intended to qualify as “performance-based
compensation” under Code Section 162(m) to fail to so qualify, (iii) to take any action inconsistent with Section 409A of the Code or (iv) to take any action inconsistent with Section 157 and other applicable provisions
of the Delaware General Corporation Law. Any action by any such administrator within the scope of its delegation shall be deemed for all purposes to have been taken by the Committee and, except as otherwise specifically provided, references in this
Plan to the Committee shall include any such administrator. The Committee and, to the extent it so provides, any subcommittee, shall have sole authority to determine whether to review any actions and/or interpretations of any such administrator, and
if the Committee shall decide to conduct such a review, any such actions and/or interpretations of any such administrator shall be subject to approval, disapproval, or modification by the Committee. 
 (d) Committee Discretion 
 The
Committee shall have full discretionary authority to administer the Plan, including discretionary authority to interpret and construe any and all provisions of the Plan and the terms of any Incentive Award (and any agreement evidencing any Incentive
Award) granted thereunder and to adopt and amend from time to time such rules and regulations for the administration of the Plan as the Committee may deem necessary or appropriate. Without limiting the generality of the foregoing, the Committee
shall determine whether an authorized leave of absence, or absence in military or government service, shall constitute termination of employment; provided that, no payment shall be made with respect to any Incentive Award that is subject to
Section 409A of the Code as a result of any such authorized leave of absence or absence in military or government service unless such authorized leave or absence constitutes a separation from service for purposes of Section 409A of the
Code. The employment of a Participant with the Company shall be deemed to have terminated for all purposes of the Plan if such person is employed by or provides services to a Person that is a Subsidiary of the Company and such Person ceases to be a
Subsidiary of the Company, unless the Committee determines otherwise. Decisions of the Committee shall be final, binding, and conclusive on all parties. 
 On or after the date of grant of an Incentive Award under the Plan, the Committee may (i) in the event of a Participant’s death, disability or retirement (in the case of disability and retirement, unless
otherwise specified in the relevant grant agreement, as determined in accordance with the applicable policies and procedures of the Company as in effect from 

  

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time to time) or in the event of a Change in Control, accelerate the date on which any such Incentive Award becomes vested or exercisable, as the case may
be, (ii) accelerate the date on which any such Incentive Award becomes transferable, (iii) extend the term of any such Incentive Award, including, without limitation, extending the period following a termination of a Participant’s
employment during which any such Incentive Award may remain outstanding, (iv) waive any conditions to the vesting, exercisability, or transferability, as the case may be, of any such Incentive Award or (v) provide for the payment of
dividends or dividend equivalents with respect to any such Incentive Award; provided, that the Committee shall not have any such authority and shall not take any such action to the extent that the grant of such authority or the taking of such
action would cause any tax to become due under Section 409A of the Code. 
 The Committee may grant dividend equivalents to any
Participant based on the dividends declared on shares of Common Stock that are subject to any Incentive Award during the period between the date the Incentive Award is granted and the date the Incentive Award is exercised, vests, pays out, or
expires. Such dividend equivalents may be awarded or paid in the form of cash, shares of Common Stock, restricted stock, or restricted stock units, or a combination, and shall be determined by such formula and at such time and subject to such
accrual, forfeiture, or payout restrictions or limitations as determined by the Committee in its sole discretion. Dividend equivalents granted with respect to Options or stock appreciation rights that are intended to be Performance-Based
Compensation shall be payable, with respect to pre-exercise periods, regardless of whether such Option or stock appreciation right is subsequently exercised. 
 (e) Payments by the Company 
 The Company shall pay any amount payable with respect to an Incentive
Award in accordance with the terms of such Incentive Award, provided that the Committee may, in its discretion, defer the payment of amounts payable with respect to an Incentive Award subject to and in accordance with the terms of a Deferred
Compensation Plan. Payments to be made by the Company upon the exercise of an Option or other Incentive Award or settlement of an Incentive Award may be made in such forms as the Committee shall determine, including, without limitation, cash, Common
Stock, other Incentive Awards or other property, and may be made in a single payment or transfer, in installments, or on a deferred basis. The settlement of any Incentive Award may be accelerated, and cash paid in lieu of Common Stock in connection
with such settlement, in the Committee’s discretion or upon occurrence of one or more specified events; provided that, with respect to any Incentive Award subject to Section 409A of the Code, such acceleration or payment shall comply with
Section 409A of the Code. 
 The Company may, to the extent permitted by applicable law, deduct from and set off against any amounts the
Company may owe to the Participant from time to time (including amounts payable in connection with any Incentive Award, owed as wages, fringe benefits, or other compensation owed to the Participant), such amounts as may be owed by the Participant to
the Company, although the Participant shall remain liable for any part of the Participant’s payment obligation not satisfied through such deduction and setoff. By accepting any Incentive Award granted hereunder, the Participant agrees to any
deduction or setoff under this Section 4. 
 The Company may, to the extent deemed necessary or advisable by the Committee, postpone the
issuance or delivery of Common Stock or payment of other benefits under any Incentive Award until completion of such registration or qualification of such Common Stock or other required action under any federal or state law, rule or regulation,
listing or other required action with respect to any stock exchange or automated quotation system upon which the Common Stock or other securities of the Company are listed or quoted, or compliance with any other obligation of the Company, as the
Committee may consider appropriate, and may require any Participant to make such representations, furnish such information and comply with or be subject to such other conditions as it may consider appropriate in connection with the issuance or
delivery of Common Stock or payment of other benefits in compliance with applicable laws, rules, and regulations, listing requirements, or other obligations; provided that the Committee shall take no action to the extent that the taking of such
action would cause any tax to become due under Section 409A of the Code. The foregoing notwithstanding, in connection with a Change of Control, the Company shall take or cause to be taken no action, and shall undertake or permit to arise no
legal or contractual obligation, that results or would result in any postponement of the issuance or delivery of Common Stock or payment of benefits under any Incentive Award or the imposition of any other conditions on such issuance, delivery, or
payment, to the extent that such postponement or other condition would represent a greater burden on a Participant than existed on the 90th day preceding the Change of Control. 
 The inability of the Company (after reasonable efforts) to obtain authority from any regulatory body having jurisdiction, which authority is deemed by
the Company’s counsel to be necessary to the lawful issuance and/or sale of any Incentive Awards or shares of Common Stock hereunder, shall relieve the Company of any liability in respect of the failure to issue and/or sell such Incentive
Awards or shares of Common Stock as to which such requisite authority shall not have been obtained. 
  

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 In addition, the Committee may permit (including, without limitation, for purposes of deductibility under
Section 162(m) of the Code) a Participant to defer such Participant’s receipt of the payment of cash or the delivery of shares of Common Stock that would otherwise be due to such Participant in connection with any Incentive Award.

 If any such deferral is required or permitted, the Committee shall, in its sole discretion, establish rules and procedures, in accordance
with Section 409A of the Code (to the extent applicable), for such payment or Common Stock delivery deferrals and any notional earnings to be credited on such deferred amounts, provided that in the case of any Incentive Award intended to
qualify as Performance-Based Compensation, such earnings shall be in compliance with Code Section 162(m) of the Code. 
 (f)
Limitation on Liability 
 The Committee may employ attorneys, consultants, accountants, agents, and other persons, and the Committee,
the Company, and its officers, directors, and associates shall be entitled, in good faith, to rely or act upon any advice, opinions, or valuations of any such persons. In addition, the Committee and each member thereof, and any person acting
pursuant to authority delegated by the Committee, shall be entitled, in good faith, to rely or act upon any report or other information furnished by any officer, director, or associate of the Company, the Company’s independent auditors,
consultants, or any other agents assisting in the administration of the Plan. 
 No member of the Committee, nor any person acting pursuant
to authority delegated by the Committee, nor any officer, director, or associate of the Company acting at the direction or on behalf of the Committee, shall be liable for any action, omission, or determination relating to the Plan, and J. Crew
Group, Inc. shall, to the fullest extent permitted by law, indemnify and hold harmless each member of the Committee, each person acting pursuant to authority delegated by the Committee, and each other officer, director, or associate of the Company
to whom any duty or power relating to the administration or interpretation of the Plan has been delegated, against any cost or expense (including counsel fees) or liability (including any sum paid in settlement of a claim with the approval of the
Committee) arising out of any action, omission or determination relating to the Plan, unless, in either case, such action, omission, or determination was taken or made by such member, director, associate, or other person acting pursuant to authority
delegated by the Committee in bad faith and without reasonable belief that it was in the best interests of the Company. 
 5. Eligibility

 The Persons who shall be eligible to receive Incentive Awards pursuant to the Plan shall be (a) those associates and independent
contractors of the Company whom the Committee shall select from time to time and (b) Directors of the Company whom the Board of Directors shall select from time to time. Eligible persons shall include any Person who has been offered employment
by the Company, provided that such prospective associate may not receive any payment or exercise any right relating to an Incentive Award until such person has commenced employment with the Company. An associate on leave of absence may be considered
as still in the employ of the Company for purposes of eligibility for participation in the Plan, if so determined by the Committee. In lieu of making Incentive Awards directly to Participants, the Committee may make Incentive Awards under the Plan
through or to a trust or other funding vehicle which in turn makes Incentive Awards to Participants or which issues interests in Incentive Awards held by it to Participants, in any case on such terms and conditions as may be determined by the
Committee in its sole discretion. Each Incentive Award granted under the Plan shall be evidenced by an instrument in writing in form and substance approved by the Committee. 
 6. Options 
 The Committee may from time to time grant Options, subject to the following terms
and conditions: 
 (a) Exercise Price 
 The exercise price per share of Common Stock covered by any Option shall be not less than 100% of the Fair Market Value of a share of Common Stock on the date on which such Option is granted. The agreement evidencing
the award of each Option shall fix the exercise price and shall clearly identify such Option as either an “incentive stock option” within the meaning of Section 422 of the Code or as a Non-Qualified Stock Option. 
 (b) Term and Exercise of Options 
 (1)
Each Option shall become vested and exercisable on such date or dates, during such period, and for such number of shares of Common Stock as shall be determined by the Committee on or after the date such Option is granted; 

  

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provided, however, that no Option shall be exercisable after the expiration of ten years from the date such Option is granted; and,
provided, further, that each Option shall be subject to earlier termination, expiration, or cancellation as provided in the Plan or in the agreement evidencing such Option. 
 (2) Each Option may be exercised in whole or in part. The partial exercise of an Option shall not cause the expiration, termination, or cancellation of
the remaining portion thereof. 
 (3) An Option shall be exercised by such methods and procedures as the Committee determines from time to
time, including without limitation through net physical settlement or other method of cashless exercise. 
 (4) Options may not be sold,
pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of a Participant, only by the Participant; provided,
however, that the Committee may permit Non-Qualified Stock Options to be sold, pledged, assigned, hypothecated, transferred, or disposed of, on a general or specific basis, subject to such conditions and limitations as the Committee may
determine. In addition, the Committee may impose such restrictions on any shares acquired pursuant to the exercise of an Option as it may deem advisable, including, without limitation, minimum holding period requirements, restrictions under
applicable federal securities laws, under the requirements of any stock exchange or market upon which such shares are then listed and/or traded, or under any blue sky or state securities laws applicable to such shares. 
 (5) Except in connection with a corporate transaction involving the Company (including, without limitation, any stock dividend, stock split,
extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination, or exchange of shares), the terms of outstanding awards may not be amended to reduce the exercise price of outstanding Options or
stock appreciation rights or cancel outstanding Options or stock appreciation rights in exchange for cash, other awards or Options or stock appreciation rights with an exercise price that is less than the exercise price of the original Options or
stock appreciation rights without stockholder approval. 
 (6) Regardless of the terms of any agreement evidencing an Incentive Award, the
Committee shall have the right to substitute stock appreciation rights for outstanding Options granted to any Participant, provided the substituted stock appreciation rights call for settlement by the issuance of shares of Common Stock, and the
terms of the substituted stock appreciation rights and economic benefit of such substituted stock appreciation rights are at least equivalent to the terms and economic benefit of the Options being replaced. 
 (c) Effect of Termination of Employment or Other Relationship 
 The agreement evidencing the award of each Option shall specify the consequences with respect to such Option of the termination of the employment, service as a Director, or other relationship between the Company and
the Participant holding the Option. 
 (d) Special Rules for Incentive Stock Options 
 (1) The aggregate Fair Market Value of shares of Common Stock with respect to which “incentive stock options” (within the meaning of
Section 422 of the Code) are exercisable for the first time by a Participant during any calendar year under the Plan and any other stock option plan of J. Crew Group, Inc. or any of its “subsidiaries” (within the meaning of
Section 424 of the Code) shall not exceed $100,000. Such Fair Market Value shall be determined as of the date on which each such incentive stock option is granted. In the event that the aggregate Fair Market Value of shares of Common Stock with
respect to such incentive stock options exceeds $100,000, then incentive stock options granted hereunder to such Participant shall, to the extent and in the order required by regulations promulgated under the Code (or any other authority having the
force of regulations), automatically be deemed to be Non-Qualified Stock Options, but all other terms and provisions of such incentive stock options shall remain unchanged. In the absence of such regulations (and authority), or in the event such
regulations (or authority) require or permit a designation of the Options which shall cease to constitute incentive stock options, incentive stock options granted hereunder shall, to the extent of such excess and in the order in which they were
granted, automatically be deemed to be Non-Qualified Stock Options, but all other terms and provisions of such incentive stock options shall remain unchanged. 
 (2) No incentive stock option may be granted to an individual if, at the time of the proposed grant, such individual owns stock possessing more than ten percent of the total combined voting power of all classes of
stock of J. Crew Group, Inc. or any of its “subsidiaries” (within the meaning of Section 424 of the Code), unless (i) the exercise price of such incentive stock option is at least one hundred and ten percent of the Fair Market
Value of a share of Common Stock at the time such incentive stock option is granted and (ii) such incentive stock option is not exercisable after the expiration of five years from the date such incentive stock option is granted. 
  

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 7. Other Stock-Based Awards 
 The Committee may grant equity-based or equity-related awards not otherwise described herein in such amounts and subject to such terms and conditions as the Committee shall determine. Without limiting the generality
of the preceding sentence, each such Other Stock-Based Award may (i) involve the transfer of actual shares of Common Stock to Participants, either at the time of grant or thereafter, or payment in cash or otherwise of amounts based on the value
of shares of Common Stock, (ii) be subject to performance-based and/or service-based conditions, (iii) be in the form of stock appreciation rights, phantom stock, restricted stock, restricted stock units, performance shares, deferred share
units, or share-denominated performance units, (iv) be designed to comply with applicable laws of jurisdictions other than the United States, and (v) be designed to qualify as Performance-Based Compensation; provided, that each
Other Stock-Based Award shall be denominated in, or shall have a value determined by reference to, a number of shares of Common Stock that is specified at the time of the grant of such award. With respect to awards of restricted stock subject only
to service-based conditions, such awards shall vest over a period of no fewer than three years. Notwithstanding the foregoing, to the extent any such Other Stock-Based Award is subject to Section 409A of the Code, the agreement evidencing the
grant of such Other Stock-Based Award shall contain terms and conditions (including, without limitation and to the extent applicable, deferral and payment provisions) that comply with Section 409A of the Code. 
 8. Performance-Based Compensation 
 (a)
Calculation, Written Determinations, and Right of Recapture 
 The amount payable with respect to an Incentive Award that is intended
to qualify as Performance-Based Compensation shall be determined in any manner permitted by Section 162(m) of the Code. 
 Determinations by the Committee as to the establishment of Performance Measures, the level of actual achievement of performance goals, and the amount payable with respect to an Incentive Award intended to qualify as Performance-Based
Compensation under Section 162(m) of the Code shall be recorded in writing. Specifically, the Committee shall certify in writing, in a manner conforming to applicable regulations under Section 162(m) of the Code, prior to settlement of
each such Incentive Award granted to a Covered Employee, that the performance goals and other material terms upon which settlement of the Incentive Award was conditioned have been satisfied. 
 If at any time after the date on which a Participant has been granted or becomes vested in an Incentive Award pursuant to the achievement of a
performance goal under Section 8, the Committee determines that the earlier determination as to the achievement of the performance goal was based on incorrect data and that in fact the performance goal had not been achieved or had been achieved
to a lesser extent than originally determined and a portion of an Incentive Award would not have been granted, vested, or paid given the correct data, then (i) such portion of the Incentive Award that was granted shall be forfeited and any
related shares of Common Stock (or, if such shares were disposed of, the cash equivalent) shall be returned to the Company as provided by the Committee, (ii) such portion of the Incentive Award that became vested shall be deemed to be not
vested and any related shares of Common Stock (or, if such shares were disposed of, the cash equivalent) shall be returned to the Company as provided by the Committee, and (iii) such portion of the Incentive Award paid to the Participant shall
be paid by the Participant to the Company upon notice from the Company as provided by the Committee. 
 (b) Discretionary Reduction

 The Committee may, in its discretion, reduce or eliminate the amount payable to any Participant with respect to an Incentive Award that is
intended to qualify as Performance-Based Compensation, based on such factors as the Committee may deem relevant, but the Committee may not increase any such amount above the amount established in accordance with the relevant Performance Schedule.
For purposes of clarity, the Committee may exercise the discretion provided for by the foregoing sentence in a non-uniform manner among Participants. 
 (c) Performance Measures 
 The performance goals upon which the payment or vesting of any Incentive
Award (other than Options and stock appreciation rights) to a Covered Employee that is intended to qualify as Performance-Based Compensation depends shall (a) be objective business criteria and shall otherwise meet the requirements of
Section 162(m) of the Code, including the requirement that the level or levels of performance targeted by the Committee result in the achievement of performance goals 

  

 8 

 
being “substantially uncertain,” and (b) relate to one or more of the following Performance Measures: (i) net income or operating net
income (before or after taxes, interest, depreciation, amortization, and/or nonrecurring/unusual items), (ii) return on assets, return on capital, return on equity, return on economic capital, return on other measures of capital, return on
sales, or other financial criteria, (iii) revenue or net sales, (iv) gross profit or operating gross profit, (v) cash flow, (vi) productivity or efficiency ratios, (vii) share price or total shareholder return,
(viii) earnings per share, (ix) budget and expense management, (x) customer and product measures, including market share, high value client growth, and customer growth, (xi) working capital turnover and targets,
(xii) margins, (xiii) economic value added or other value added measurements, (xiv) customer satisfaction based on specific goals, such as customer survey results or loyalty measures, (xv) associate measures based on specified
goals, such as turnover, satisfaction surveys or sales per associate; staffing, diversity, training and development, (xvi) inventory turnover or inventory shrinkage, and (xvii) market penetration, geographic expansion or new concept
development, in any such case (x) considered absolutely or relative to historic performance or relative to one or more other businesses, (y) determined for the Company or any business unit or division thereof or any individual, and/or
(z) compared to the actual performance by a competitor or group of competitors determined in the discretion of the Committee. Performance goals may differ for Incentive Awards granted to any one Participant or to different Participants.

 The Committee shall determine the length of the Performance Period with respect to each Incentive Award that is intended to be
Performance-Based Compensation; provided that in no event shall such Performance Period be shorter than one fiscal year of the Company. Performance Periods may be overlapping. The Committee shall establish the Performance Targets and
Performance Schedules for such Performance Period within ninety (90) days of the commencement of such Performance Period. 
 The
measurement of any Performance Measure(s) may exclude the impact of charges for asset write-downs, litigation or claim judgments or settlements, restructurings, discontinued operations, mergers, acquisitions, divestitures, foreign exchange gains and
losses, extraordinary items, and other unusual or non-recurring items, and the cumulative effects of changes in tax laws, accounting principles or regulations, or other laws or provisions affecting reporting results, each as defined by generally
accepted accounting principles and as identified in the Company’s audited financial statements, including the notes thereto. To the extent such inclusions or exclusions affect Incentive Awards to Covered Employees, they shall be prescribed in a
form that meets the requirements of Section 162(m) of the Code for deductibility. Any Performance Measure(s) may be used to measure the performance of the Company or a Subsidiary as a whole or any business unit of the Company or a Subsidiary or
any combination thereof, as the Committee may deem appropriate, or any of the above Performance Measures as compared to the performance of a group of comparator companies, or a published or special index that the Committee, in its sole discretion,
deems appropriate. 
 Nothing in this Section 8 is intended to limit the Committee’s discretion to adopt conditions with respect to
any Incentive Award that is not intended to qualify as Performance-Based Compensation that relate to performance other than the Performance Measures. In addition, the Committee may, subject to the terms of the Plan, amend previously granted
Incentive Awards in a way that disqualifies them as Performance-Based Compensation. 
 In the event that the requirements of
Section 162(m) of the Code and the regulations thereunder change to permit Committee discretion to alter the Performance Measures without obtaining stockholder approval of such changes, the Committee shall have sole discretion to make such
changes without obtaining stockholder approval. 
 9. Adjustment Upon Certain Changes 
 (a) Shares Available for Grants 
 In
the event of any change in the number of shares of Common Stock outstanding by reason of any stock dividend or split, recapitalization, merger, consolidation, combination or exchange of shares, or similar corporate change, the maximum aggregate
number of shares of Common Stock with respect to which the Committee may grant Incentive Awards in any year, and the maximum aggregate number of shares of Common Stock with respect to which the Committee may grant Incentive Awards to any individual
Participant in any year, shall be appropriately adjusted by the Committee. In the event of any change in the number of shares of Common Stock outstanding by reason of any other similar event or transaction, including any extraordinary cash dividend,
the Committee shall, to the extent deemed appropriate by the Committee, make such adjustments in the number and class of shares of Common Stock with respect to which Incentive Awards may be granted. 
 (b) Increase or Decrease in Issued Shares Without Consideration 
 Subject to any required action by the stockholders of J. Crew Group, Inc., in the event of any increase or decrease in the number of issued shares of Common Stock resulting from a subdivision or consolidation of
shares of Common Stock or 

  

 9 

 
the payment of a stock dividend (but only on the shares of Common Stock), or any other increase or decrease in the number of such shares effected without
receipt or payment of consideration by the Company, the Committee shall appropriately adjust the number of shares of Common Stock subject to each outstanding Incentive Award and the exercise price per share of Common Stock of each such Incentive
Award. 
 (c) Certain Mergers 
 Subject to any required action by the stockholders of J. Crew Group, Inc., in the event that J. Crew Group, Inc. shall be the surviving corporation in any merger, consolidation, or similar transaction as a result of which the holders of
shares of Common Stock receive consideration consisting exclusively of securities of such surviving corporation, the Committee shall, to the extent deemed appropriate by the Committee, adjust each Incentive Award outstanding on the date of such
merger or consolidation so that it pertains and applies to the securities which a holder of the number of shares of Common Stock subject to such Incentive Award would have received in such merger or consolidation. 
 (d) Certain Other Transactions 
 In
the event of (i) a dissolution or liquidation of J. Crew Group, Inc., (ii) a sale of all or substantially all of the Company’s assets (on a consolidated basis), (iii) a merger, consolidation, or similar transaction involving J.
Crew Group, Inc. in which J. Crew Group, Inc. is not the surviving corporation, or (iv) a merger, consolidation or similar transaction involving J. Crew Group, Inc. in which J. Crew Group, Inc. is the surviving corporation but the holders of
shares of Common Stock receive securities of another corporation and/or other property, including cash, the Committee shall, in its sole discretion but subject to Section 409A of the Code to the extent applicable, have the power to: 

(i) cancel, effective immediately prior to the occurrence of such event, each Incentive Award (whether or not then exercisable), and,
in full consideration of such cancellation, pay to the Participant to whom such Incentive Award was granted an amount in cash, for each share of Common Stock subject to such Incentive Award, equal to the value, as determined by the Committee in its
reasonable discretion, of such Incentive Award, provided that with respect to any outstanding Option such value shall be equal to the excess of (A) the value, as determined by the Committee in its reasonable discretion, of the property
(including cash) received by the holder of a share of Common Stock as a result of such event over (B) the exercise price of such Option; 
 (ii) provide for the exchange of each Incentive Award (whether or not then exercisable or vested) for an Incentive Award with respect to, as appropriate, some or all of the property which a holder of the number of
shares of Common Stock subject to such Incentive Award would have received in such transaction and, incident thereto, make an equitable adjustment as determined by the Committee in its reasonable discretion in accordance with U.S. Department of
Treasury Regulation Section 1.409A-1(b)(5)(v)(D) in the exercise price of the Incentive Award, and/or the number of shares or amount of property subject to the Incentive Award or, if appropriate, provide for a cash payment to the Participant to
whom such Incentive Award was granted in partial consideration for the exchange of the Incentive Award; or 
 (iii) any
combination of (i) or (ii) above. 
 (e) Other Changes 
 In the event of any change in the capitalization of J. Crew Group, Inc. or corporate change other than those specifically referred to in paragraphs(b),
(c), or (d), the Committee shall make such adjustments in the number and class of shares subject to Incentive Awards outstanding on the date on which such change occurs and in such other terms of such Incentive Awards as the Committee may consider
appropriate. 
 (f) No Other Rights 
 Except as expressly provided in the Plan, no Participant shall have any rights by reason of any subdivision or consolidation of shares of stock of any class, the payment of any dividend, any increase or decrease in
the number of shares of stock of any class, or any dissolution, liquidation, merger, or consolidation of J. Crew Group, Inc. or any other corporation. Except as expressly provided in the Plan, no issuance by J. Crew Group, Inc. of shares of stock of
any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number of shares or amount of other property subject to, or the terms related to, any
Incentive Award. 
  

 10 

 (g) Savings Clause 
 No provision of this Section 9 shall be given effect to the extent that such provision would cause any tax to become due under Section 409A of the Code. 
 10. Rights Under the Plan 
 No person shall
have any rights as a stockholder with respect to any shares of Common Stock covered by or relating to any Incentive Award granted pursuant to the Plan until the date of the issuance of a stock certificate with respect to such shares. Except as
otherwise expressly provided in Section 9 hereof, no adjustment of any Incentive Award shall be made for dividends or other rights for which the record date occurs prior to the date such stock certificate is issued. Nothing in this
Section 10 is intended, or should be construed, to limit authority of the Committee to cause the Company to make payments based on the dividends that would be payable with respect to any share of Common Stock if it were issued or outstanding,
or from granting rights related to such dividends. 
 Nothing in the Plan shall be construed to: (a) limit, impair, or otherwise affect
the Company’s right or power to make adjustments, reclassifications, reorganizations, or changes of its capital or business structure, or to merge or consolidate, or dissolve, liquidate, sell, or transfer all or any part of its business or
assets; or, (b) limit the right or power of the Company to take any action which such entity deems to be necessary or appropriate. Neither the adoption of the Plan nor the grant of any Incentive Award shall be construed as creating any
limitations on the power of the Board of Directors or Committee to adopt such other compensation arrangements as it may deem desirable for any Participant. 
 The Company shall not have any obligation to establish any separate fund or trust or other segregation of assets to provide for payments under the Plan. To the extent any person acquires any rights to receive payments
hereunder from the Company, such rights shall be no greater than those of an unsecured creditor. Nothing contained in the Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or a
fiduciary relationship between the Company and any Participant, beneficiary, legal representative, or any other person. The Plan is not subject to the Employee Retirement Income Security Act of 1974, as amended. 
 11. No Special Employment Rights; No Right to Incentive Award 
 (a) Nothing contained in the Plan or any Incentive Award shall confer upon any Participant any right with respect to the continuation of his employment by or service to the Company or interfere in any way with the
right of the Company at any time to terminate such employment or service or to increase or decrease the compensation of the Participant from the rate in existence at the time of the grant of an Incentive Award. Neither an Incentive Award nor any
rights arising under the Plan shall constitute an employment contract with the Company and, accordingly, the Plan and any Incentive Award hereunder may be terminated at any time in the sole and exclusive discretion of the Committee without giving
rise to any liability on the part of the Company. 
 (b) No person shall have any claim or right to receive an Incentive Award hereunder. The
Committee’s granting of an Incentive Award to a Participant at any time shall neither require the Committee to grant an Incentive Award to such Participant or any other Participant or other person at anytime nor preclude the Committee from
making subsequent grants to such Participant or any other Participant or other person. 
 12. Securities Matters 
 (a) J. Crew Group, Inc. shall be under no obligation to effect the registration pursuant to the Securities Act of any shares of Common Stock to be issued
hereunder or to effect similar compliance under any state laws. Notwithstanding anything herein to the contrary, J. Crew Group, Inc. shall not be obligated to cause to be issued or delivered any certificates evidencing shares of Common Stock
pursuant to the Plan unless and until J. Crew Group, Inc. is advised by its counsel that the issuance and delivery of such certificates is in compliance with all applicable laws, regulations of governmental authority and the requirements of any
securities exchange on which shares of Common Stock are traded. The Committee may require, as a condition to the issuance and delivery of certificates evidencing shares of Common Stock pursuant to the terms hereof, that the recipient of such shares
make such covenants, agreements, and representations, and that such certificates bear such legends, as the Committee deems necessary or desirable. 
 (b) The exercise of any Option granted hereunder shall only be effective at such time as counsel to J. Crew Group, Inc. shall have determined that the issuance and delivery of shares of Common Stock pursuant to such exercise is in 

  

 11 

 
compliance with all applicable laws, regulations of governmental authority, and the requirements of any securities exchange on which shares of Common Stock
are traded. J. Crew Group, Inc. may, in its sole discretion, defer the effectiveness of an exercise of an Option hereunder or the issuance or transfer of shares of Common Stock pursuant to any Incentive Award pending or to ensure compliance under
federal or state securities laws. J. Crew Group, Inc. shall inform the Participant in writing of its decision to defer the effectiveness of the exercise of an Option or the issuance or transfer of shares of Common Stock pursuant to any Incentive
Award. During the period that the effectiveness of the exercise of an Option has been deferred, the Participant may, by written notice, withdraw such exercise and obtain the refund of any amount paid with respect thereto. 
 13. Tax Provisions & Withholding 
 (a)
Cash Remittance 
 Whenever shares of Common Stock are to be issued upon the exercise of an Option or the grant or vesting of an
Incentive Award, and whenever any amount shall become payable in respect of any Incentive Award, J. Crew Group, Inc. shall have the right to require the Participant to remit to J. Crew Group, Inc. in cash an amount sufficient to satisfy federal,
state, and local withholding tax requirements, if any, attributable to such exercise, grant, vesting, or payment prior to the delivery of any certificate or certificates for such shares or the effectiveness of the lapse of such restrictions or
making of such payment. In addition, upon the exercise or settlement of any Incentive Award in cash, or any payment with respect to any Incentive Award, J. Crew Group, Inc. shall have the right to withhold from any payment required to be made
pursuant thereto an amount sufficient to satisfy the federal, state, and local withholding tax requirements, if any, attributable to such exercise, settlement, or payment. The Company can delay the delivery to a Participant of any Common Stock or
cash payable to such Participant to determine the amount of withholding to be collected and to collect and process such withholding. 
 (b)
Stock Remittance 
 At the election of the Participant, subject to the approval of the Committee, when shares of Common Stock are to be
issued upon the exercise, grant, or vesting of an Incentive Award, the Participant may tender to J. Crew Group, Inc. a number of shares of Common Stock that have been owned by the Participant for at least six months (or such other period as the
Committee may determine) having a Fair Market Value at the tender date determined by the Committee to be sufficient to satisfy the federal, state, and local withholding tax requirements, if any, attributable to such exercise, grant, or vesting but
not greater than such withholding obligations. Such election shall be irrevocable, made in writing, and signed by the Participant, shall be subject to any restrictions or limitations that the Committee, in its sole discretion, deems appropriate, and
shall satisfy the Participant’s obligations under Section 13 hereof, if any. The Company can delay the delivery to a Participant of any Common Stock or cash payable to such Participant to determine the amount of withholding to be collected
and to collect and process such withholding. 
 (c) Stock Withholding 
 At the election of the Participant, subject to the approval of the Committee, when shares of Common Stock are to be issued upon the exercise, grant, or
vesting of an Incentive Award, J. Crew Group, Inc. shall withhold a number of such shares having a Fair Market Value at the exercise date determined by the Committee to be sufficient to satisfy the federal, state, and local withholding tax
requirements, if any, attributable to such exercise, grant, or vesting but not greater than such withholding obligations. Such election shall be irrevocable, made in writing, and signed by the Participant, shall be subject to any restrictions or
limitations that the Committee, in its sole discretion, deems appropriate, and shall satisfy the Participant’s obligations under Section 13 hereof, if any. The Company can delay the delivery to a Participant of any Common Stock or cash
payable to such Participant to determine the amount of withholding to be collected and to collect and process such withholding. 
 (d)
Consent to and Notification of Code Section 83(b) Election 
 No election under Section 83(b) of the Code (to include in
gross income in the year of transfer the amounts specified in Code Section 83(b)) or under a similar provision of the laws of a jurisdiction outside the United States may be made unless expressly permitted by the terms of the Incentive Award
document or by action of the Committee in writing prior to the making of such election. In any case in which a Participant is permitted to make such an election in connection with an Incentive Award, the Participant shall notify the Company of such
election within ten days of filing notice of the election with the Internal Revenue Service or other governmental authority, in addition to any filing and notification required pursuant to regulations issued under Code Section 83(b) or other
applicable provision. 
  

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 (e) Notification Upon Disqualifying Disposition Under Code Section 421(b) 
 If any Participant shall make any disposition of shares of Common Stock delivered pursuant to the exercise of an incentive stock option under the
circumstances described in Code Section 421(b) (i.e., a disqualifying disposition), such Participant shall notify the Company of such disposition within ten days thereof. 
 14. Amendment or Termination of the Plan 
 The Board of Directors may at any time suspend or
discontinue the Plan or revise or amend it in any respect whatsoever; provided, however, that to the extent that any applicable law, regulation, or rule of a stock exchange requires stockholder approval in order for any such revision
or amendment to be effective, such revision or amendment shall not be effective without such approval. The preceding sentence shall not restrict the Committee’s ability to exercise its discretionary authority hereunder pursuant to
Section 4 hereof, which discretion may be exercised without amendment to the Plan; provided that no provision of this Section 14 shall be given effect to the extent that such provision would cause any tax to become due under
Section 409A of the Code. 
 Except as expressly provided in the Plan, no action hereunder may, without the consent of a Participant,
reduce the Participant’s rights under any previously granted and outstanding Incentive Award. Notwithstanding the foregoing, the Committee may terminate any Incentive Award previously granted and any agreement relating thereto in whole or in
part provided that upon any such termination the Company, in full consideration of the termination of (i) any Option outstanding under the Plan (whether or not vested or exercisable) or portion thereof, pays to such Participant an amount in
cash for each share of Common Stock subject to such Option or portion thereof being terminated equal to the excess, if any, of (a) the value at which a share of Common Stock received pursuant to the exercise of such Option would have been
valued by the Company at that time for purposes of determining applicable withholding taxes or other similar statutory amounts, over (b) the exercise price, or, if the Committee permits and the Participant elects, accelerates the exercisability
of such Participant’s Option or portion thereof (if necessary) and allows such Participant thirty (30) days to exercise such Option or portion thereof before the termination of such Option or portion thereof, or (ii) any Incentive
Award other than an Option outstanding under the Plan or portion thereof, pays to such Participant an amount in shares of Common Stock or cash or a combination thereof (as determined by the Committee in its sole discretion) equal to the value of
such Incentive Award or portion thereof being terminated as of the date of termination (assuming the acceleration of the exercisability of such Incentive Award or portion thereof, the lapsing of any restrictions on such Incentive Award or portion
thereof or the expiration of any deferral or vesting period of such Incentive Award or portion thereof) as determined by the Committee in its sole discretion; provided that, to the extent any such Incentive Award is subject to Section 409A of
the Code, any such payment (including, without limitation, the timing and form thereof) shall comply with Section 409A of the Code. 
 Notwithstanding any other provision of the Plan to the contrary, the Committee may authorize the repurchase of any Incentive Award by the Company or a third party at any time for such price and on such terms and conditions as the Committee
may determine in its sole discretion. Nothing in the Plan shall limit the right of the Company to pay compensation of any kind outside the terms of the Plan. 
 15. No Obligation to Exercise 
 The grant to a Participant of an Incentive Award shall impose no obligation upon such
Participant to exercise such Incentive Award. 
 16. Transfer Restrictions 
 Upon the death of a Participant, outstanding Incentive Awards granted to such Participant may be exercised only by the executors or administrators of the
Participant’s estate or by any person or persons who shall have acquired such right to exercise by will or by the laws of descent and distribution. No transfer by will or the laws of descent and distribution of any Incentive Award, or the right
to exercise any Incentive Award, shall be effective to bind J. Crew Group, Inc. unless the Committee shall have been furnished with (a) written notice thereof and with a copy of the will and/or such evidence as the Committee may deem necessary
to establish the validity of the transfer and (b) an agreement by the transferee to comply with all the terms and conditions of the Incentive Award that are or would have been applicable to the Participant and to be bound by the
acknowledgements made by the Participant in connection with the grant of the Incentive Award. 
 Except as provided in the preceding
paragraph (regarding transfers upon the death of a Participant) and Section 6 (regarding the transfer of certain Non-Qualified Stock Options), no Incentive Award or other right or interest of a Participant under the Plan shall be pledged,
hypothecated, or otherwise encumbered or subject to any lien, obligation, or liability of such 

  

 13 

 
Participant to any party (other than the Company), or assigned or transferred by such Participant, and such Incentive Awards or rights that may be
exercisable shall be exercised during the lifetime of the Participant only by the Participant or his or her guardian or legal representative, except that Incentive Awards and other rights (other than incentive stock options and stock appreciation
rights in tandem therewith) may be transferred to one or more transferees during the lifetime of the Participant, and may be exercised by such transferees in accordance with the terms of such Incentive Award, but only if and to the extent such
transfers are permitted by the Committee, subject to any terms and conditions which the Committee may impose thereon (which may include limitations the Committee may deem appropriate in order that offers and sales under the Plan will meet applicable
requirements of registration forms under the Securities Act of 1933 specified by the Securities and Exchange Commission). A beneficiary, transferee, or other person claiming any rights under the Plan from or through any Participant shall be subject
to all terms and conditions of the Plan and any Incentive Award document applicable to such Participant, except as otherwise determined by the Committee, and to any additional terms and conditions deemed necessary or appropriate by the Committee.

 17. Expenses and Receipts 
 The
expenses of the Plan shall be paid by J. Crew Group, Inc. Any proceeds received by J. Crew Group, Inc. in connection with any Incentive Award will be used for general corporate purposes. 
 18. Definition of Change in Control 
 As used in any instrument governing the terms of any
Incentive Award, the term “Change in Control” means the occurrence of any of the following: 
 (i) Any Person
becoming the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act, a “Beneficial Owner”) of thirty-five percent or more of the combined voting power of Voting Securities; provided,
however, that a Change in Control shall not be deemed to occur by reason of an acquisition of Voting Securities by the Company or by an employee benefit plan (or a trust forming apart thereof) maintained by the Company; and provided,
further, that a Change in Control shall not be deemed to occur solely because any Person becomes the Beneficial Owner of thirty-five percent or more of the outstanding Voting Securities as a result of the acquisition of Voting Securities by
the Company which, by reducing the number of Voting Securities deemed to be outstanding, increases the proportional number of shares Beneficially Owned by such Person, except that a Change in Control shall occur if a Change in Control would have
occurred (but for the operation of this proviso) as a result of the acquisition of Voting Securities by the Company, and after such acquisition such Person becomes the Beneficial Owner of any additional Voting Securities following which such Person
is the Beneficially Owner of thirty-five percent or more of the outstanding Voting Securities; 
 (ii) During any period of
two consecutive years, individuals who at the beginning of such period constitute the members of the Board of Directors (the “Incumbent Board”), cease for any reason to constitute at least a majority of the members of the Board of
Directors then in office; provided, however, that if the election or appointment, or nomination for election by J. Crew Group, Inc.’s common stockholders, of any new director was approved by a vote of at least two-thirds of the
Incumbent Board, such new director shall, for purposes of the Plan, thereafter be considered as a member of the Incumbent Board; provided, further, however, that no individual shall be considered a member of the Incumbent Board if such
individual initially assumed office as a result of an actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board of Directors (a “Proxy Contest”) including by reason of any agreement
intended to avoid or settle any Proxy Contest; or 
 (iii) The consummation of: 
 (A) A merger, consolidation, reorganization or similar transaction (any of the foregoing, a “Business Combination”)with
or into J. Crew Group, Inc. or in which securities of J. Crew Group, Inc. are issued, unless such Business Combination is a Non-Control Transaction; 
 (B) A complete liquidation or dissolution of J. Crew Group, Inc.; or 
 (C) The sale or other
disposition of all or substantially all of the assets of J. Crew Group, Inc. (on a consolidated basis) to any Person other than the Company or an employee benefit plan (or a trust forming a part thereof) maintained by the Company or by a Person
which, immediately thereafter, will have all its voting securities owned by the holders of the Voting Securities immediately prior thereto, in substantially the same proportions. 
  

 14 

 For purposes of the Plan, a “Non-Control Transaction” is a Business Combination involving J.
Crew Group, Inc. where: 
 (A) the holders of Voting Securities immediately before such Business Combination own, directly or
indirectly, immediately following such Business Combination more than fifty percent of the combined voting power of the outstanding voting securities of the parent corporation resulting from, or issuing its voting securities as part of, such
Business Combination (the “Surviving Corporation”) in substantially the same proportion as their ownership of the Voting Securities immediately before such Business Combination by reason of their prior ownership of Voting
Securities; 
 (B) the individuals who were members of the Incumbent Board immediately prior to the execution of the agreement
providing for such Business Combination constitute a majority of the members of the board of directors of the Surviving Corporation, or a corporation beneficially owning a majority of the voting securities of the Surviving Corporation; and

 (C) no Person other than the Company or any employee benefit plan (or any trust forming a part thereof) maintained
immediately prior to such Business Combination by the Company, is a Beneficial Owner of twenty-five percent or more of the combined voting power of the Surviving Corporation’s voting securities outstanding immediately following such Business
Combination. 
 Notwithstanding the foregoing, a Change in Control shall not be deemed to occur as a result of any event or transaction to
the extent that treating such event or transaction as a Change in Control would cause any tax to become due under Section 409A of the Code. 
 19.
No Fractional Shares 
 No fractional shares of Common Stock shall be issued or delivered pursuant to the Plan or any Incentive
Award. The Committee shall determine whether cash, Incentive Awards, or other property shall be issued or paid in lieu of fractional shares of Common Stock or whether such fractional shares of Common Stock or any rights thereto shall be forfeited or
otherwise eliminated. 
 20. Retirement and Welfare Plans 
 Neither Incentive Awards made under the Plan nor shares of Common Stock or cash paid pursuant to such Incentive Awards will be included as “compensation” for purposes of computing the benefits payable to any
Participant under the Company’s retirement plans (both qualified and non-qualified) or welfare benefit plans unless such other plan expressly provides that such compensation shall be taken into account in computing a participant’s benefit
or except as the Committee may otherwise determine in its discretion. 
 21. Compliance with Code Section 162(m) 
 It is the intent of the Company that Options and stock appreciation rights granted to Covered Employees and other Incentive Awards designated as Incentive
Awards to Covered Employees subject to Section 8 shall constitute qualified “performance-based compensation” within the meaning of Code Section 162(m) and regulations thereunder, unless otherwise determined by the Committee at
the time of allocation of an Incentive Award. Accordingly, the terms of Section 8, including the definitions of Covered Employee and other terms used therein, shall be interpreted in a manner consistent with Code Section 162(m) and
regulations thereunder. The foregoing notwithstanding, because the Committee cannot determine with certainty whether a given Participant will be a Covered Employee with respect to a fiscal year that has not yet been completed, the term Covered
Employee as used herein shall mean only a person designated by the Committee as likely to be a Covered Employee with respect to a specified fiscal year. If any provision of the Plan or any Incentive Award document relating to an Incentive Award that
is designated as intended to comply with Code Section 162(m) does not comply or is inconsistent with the requirements of Code Section 162(m) or regulations thereunder, such provision shall be construed or deemed amended to the extent
necessary to conform to such requirements, and no provision shall be deemed to confer upon the Committee or any other person discretion to increase the amount of compensation otherwise payable in connection with any such Incentive Award upon
attainment of the applicable performance goals. 
  

 15 

 22. Certain Limitations on Awards to Ensure Compliance with Code Section 409A 
 The Company intends that the Plan and each Incentive Award granted hereunder shall comply with Section 409A of the Code and any regulations
thereunder and that the Plan shall be interpreted, operated and administered accordingly. In the event any term and/or condition of an Incentive Award granted hereunder would cause the application of an accelerated or additional tax under
Section 409A of the Code, such term and/or condition shall be restructured, to the extent possible, in a manner, determined by the Committee, that does not cause such an accelerated or additional tax. Any reservation of rights by the Company
hereunder affecting the timing of payment of any Incentive Award subject to Section 409A of the Code (including, without limitation, the rights of the Committee pursuant to Section 9(d)) will only be as broad as is permitted by
Section 409A of the Code and any regulations thereunder. 
 23. Certain Limitations Relating to Accounting Treatment of Incentive Awards 

 Other provisions of the Plan notwithstanding, the Committee’s authority under the Plan (including under Section 4 is limited to
the extent necessary to ensure that any Option or other Incentive Award of a type that the Committee has intended to be subject to fixed accounting with a measurement date at the date of grant or the date performance conditions are satisfied under
APB 25 shall not become subject to “variable” accounting solely due to the existence of such authority, unless the Committee specifically determines that the Incentive Award shall remain outstanding despite such “variable”
accounting. 
 24. Uncertificated Shares 
 To the extent that the Plan provides for issuance of certificates to reflect the transfer of shares of Common Stock, the transfer of such shares may be effected on a noncertificated basis, to the extent not prohibited by applicable law or
the rules of any stock exchange. 
 25. Participants Based Outside of the United States 
 Notwithstanding any provision of the Plan to the contrary, in order to comply with the laws in other countries in which the Company operates or has
associates, Directors or independent contractors, the Committee, in its sole discretion, shall have the power and authority to: 
 (a)
Determine which affiliates and Subsidiaries shall be covered by the Plan; 
 (b) Determine which associates, Directors, and/or independent
contractors outside the United States are eligible to participate in the Plan; 
 (a) Modify the terms and conditions of any Incentive Award
granted to associates, Directors, and/or independent contractors outside the United States to comply with applicable foreign laws; 
 (d)
Establish subplans and modify exercise procedures and other terms and procedures, to the extent such actions may be necessary or advisable. Any subplans and modifications to Plan terms and procedures established under this Section 25 by the
Committee shall be attached to the Plan document as appendices; and 
 (e) Take any action, before or after an Incentive Award is made, that
it deems advisable to obtain approval or comply with any necessary local government regulatory exemptions or approvals. 
 Notwithstanding
the above, the Committee may not take any actions hereunder, and no Incentive Awards shall be granted, that would violate applicable law. 
 26.
Legend 
 The certificates or book entry for shares of Common Stock may include any legend or coding, as applicable, which the
Committee deems appropriate to reflect any restrictions on transfer of such shares. 
 27. Severability; Entire Agreement 
 If any of the provisions of the Plan or any Incentive Award document is finally held to be invalid, illegal, or unenforceable (whether in whole or in
part), such provision shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality, or unenforceability, and the remaining provisions shall not be affected thereby; provided, that, if 

  

 16 

 
any of such provisions is finally held to be invalid, illegal, or unenforceable because it exceeds the maximum scope determined to be acceptable to permit
such provision to be enforceable, such provision shall be deemed to be modified to the minimum extent necessary to modify such scope in order to make such provision enforceable hereunder. The Plan and any agreements or documents designated by the
Committee as setting forth the terms of an Incentive Award contain the entire agreement of the parties with respect to the subject matter thereof and supersede all prior agreements, promises, covenants, arrangements, communications, representations,
and warranties between them, whether written or oral, with respect to the subject matter thereof. 
 28. Descriptive Headings 
 The headings in the Plan are for convenience of reference only and shall not limit or otherwise affect the meaning of the terms contained herein.

 29. Governing Law 
 The Plan and
the rights of all persons under the Plan shall be construed and administered in accordance with the laws of the State of New York without regard to its conflict of law principles. 
 30. Effective Date and Term of Plan 
 The Plan was initially adopted as of April 9, 2008,
approved by the stockholders of J. Crew Group, Inc. on June 5, 2008 and was amended and restated effective as of September 10, 2008 No grants of Incentive Awards may be made under the Plan after April 9, 2018. 
  

 17Amended and Restated Employment Agreement with Leslie A. Blodgett

 Exhibit 10.59 
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
 This Amended and Restated Employment Agreement dated as
of December 19, 2008 (as amended and otherwise modified, the “Agreement”), is entered into by and between Bare Escentuals Beauty, Inc. (the “Company”), a Delaware corporation, and Leslie A.
Blodgett (the “Executive”). 
 RECITALS 
 WHEREAS, the Company and Executive are parties to that certain Employment Agreement dated as of May 3, 2004, as amended by that certain amendment to
the Employment Agreement dated as of August 2, 2005, between the Company and Executive, and as further amended by that certain Second Amendment to Employment Agreement dated as of May 31, 2006, between the Company and Executive
(collectively, the “Prior Agreement”); 
 WHEREAS, the Company and Executive desire to amend and restate the Prior
Agreement; and 
 WHEREAS, subject to the terms and conditions hereinafter set forth, the Company wishes to continue to employ the Executive
as its Chief Executive Officer and the Executive wishes to continue such employment. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the foregoing premises and the mutual promises, terms, provisions and conditions set forth in this Agreement, the
parties hereby agree: 
 1. Employment. Subject to the terms and conditions set forth in this Agreement, the Company hereby offers and
the Executive hereby accepts continued employment as the Company’s Chief Executive Officer. 
 2. Term. Subject to earlier
termination as hereafter provided, the Executive’s employment hereunder shall be for a term commencing on the date hereof and ending on December 31, 2009; provided that to the extent the Agreement shall not have been terminated on or
before December 31, 2009 or the end of any extension term, Executive’s employment shall be automatically extended for successive terms of one year each, unless either party provides the other with written notice 60 days prior to the end of
the original or any extension term that the Agreement is not to be extended. Upon such timely notice of non-renewal, the Executive’s employment shall terminate on the last day of the applicable term, and the Executive shall be paid the Accrued
Rights (as defined below) but shall not be entitled to receive any severance benefits or payments. The term of this Agreement, as from time to time extended or renewed, is hereafter referred to as “the term of this Agreement” or “the
term hereof.” 
 3. Capacity and Performance. 
     (a) During the term hereof, the Executive shall serve the Company as its Chief Executive Officer. In addition, and without further compensation, the Executive shall serve as a director
and/or officer of one or more of the Company’s Affiliates (as defined in Section 11 

  

 1 

 
below) if so elected or appointed from time to time. During the term hereof, the Company shall maintain executive offices for the Executive in San Francisco,
California. 
     (b) During the term hereof, the Executive shall be employed by the Company on a full-time basis
and shall perform such duties and responsibilities on behalf of the Company and its Affiliates, including serving as Chief Executive Officer of the Parent, as may be designated from time to time by the Board of Directors of the Company (the
“Board”) or by its designees. 
     (c) During the term hereof, the Executive shall
devote her full business time and her best efforts, business judgment, skill and knowledge exclusively to the advancement of the business and interests of the Company and its Affiliates and to the discharge of her duties and responsibilities
hereunder. The Executive shall not engage in any other business activity or serve in any industry, trade, professional, governmental or academic position during the term of this Agreement, except as may be expressly approved in advance by the Board
in writing; provided that Executive shall be entitled to (i) continue her membership and current level of involvement in the Young Presidents Organization, (ii) join two additional corporate boards of an entity that is not a competitor of
the Company and devote a reasonable amount of time to activities as a member of such board of directors and (iii) continue her membership and current level of involvement in an advisory capacity with JH Partners, LLC. 
     (d) The Company agrees to propose to the shareholders of the Company at each appropriate Annual Meeting of such
shareholders during the term hereof the election or reelection of the Executive as a member of the Board, provided that the Executive is otherwise eligible for such election; however, the failure of the shareholders to so elect or reelect the
Executive shall not constitute Good Reason for termination by the Executive hereunder. 
 4. Compensation and Benefits. As
compensation for all services performed by the Executive under and during the term hereof and subject to performance of the Executive’s duties and of the obligations of the Executive to the Company and its Affiliates, pursuant to this Agreement
or otherwise: 
     (a) Base Salary. Beginning January 1, 2008 and continuing for the term hereof, the
Company shall pay the Executive a base salary at the rate of Seven Hundred Thousand Dollars ($700,000.00) per annum, payable in accordance with the payroll practices of the Company for its executives and, subject to annual cost of living increases,
as determined by the Board (or a duly authorized committee thereof), in its sole discretion. Such base salary, as from time to time adjusted, is hereafter referred to as the “Base Salary.” 
     (b) Incentive and Bonus Compensation. As additional compensation for services hereunder, the Executive shall be eligible
to participate in the Company’s annual bonus plan, in effect from time to time, with an annual target bonus equal to 100% of the Executive’s Base Salary. Any bonus earned and payable under this Section 4(b) is referred to herein as an
“Annual Bonus.” The Annual Bonus, if any, due to the Executive for any Bonus Year (as defined in Section 11 below) shall be paid to the Executive no later than March 15 of the year following the end of the applicable Bonus Year.

  

 2 

     (c) Vacations and Sick Leave. During the term hereof, the Executive shall
be entitled to six weeks of vacation per year and 10 sick days per year, to be taken at such times and intervals as shall be determined by the Executive. 
     (d) Other Benefits. During the term hereof and subject to any contribution therefore generally required of executives of the Company, the Executive shall be entitled to participate in
any and all employee benefit plans from time to time in effect for executives of the Company generally, except to the extent such plans are in a category of benefit otherwise provided to the Executive (e.g., severance pay). Such participation
shall be subject to the terms of the applicable plan documents and generally applicable Company policies. The Company may alter, modify, add to or delete its employee benefit plans (except for the Severance Amount as set forth herein in
Section 5(d)) at any time as it, in its sole judgment, determines to be appropriate, without recourse by the Executive. 
     (e) Business Expenses. The Company shall pay or reimburse the Executive for all reasonable business expenses incurred or paid by the Executive in the performance of her duties and responsibilities hereunder,
including but not limited to, a car allowance, in an amount to be determined by the Board (or a duly authorized committee thereof), and expenses incurred in respect of wardrobe required for televisions appearances made by the Executive in connection
with her duties on behalf of the Company, subject to such reasonable substantiation and documentation as may be specified by the Company from time to time. Any amounts payable under this Section 4(e) shall be made in accordance with Treasury
Regulation Section 1.409A-3(i)(1)(iv) and shall be paid on or before the last day of Executive’s taxable year following the taxable year in which Executive incurred the expenses. The amounts provided under this Section 4(e) during any
taxable year of the Executive’s will not affect such amounts provided in any other taxable year of the Executive’s, and the Executive’s right to reimbursement for such amounts shall not be subject to liquidation or exchange for any
other benefit. 
 5. Termination of Employment and Severance Benefits. Notwithstanding the provisions of Section 2 hereof, the
Executive’s employment hereunder shall terminate prior to the expiration of the term under the following circumstances: 
     (a) Death. In the event of the Executive’s death during the term hereof, the Executive’s employment hereunder shall immediately and automatically terminate. In such event, the Company shall pay to
the Executive’s designated beneficiary or, if no beneficiary has been designated by the Executive, to her estate, (i) the Base Salary earned but not paid through the date of termination, (ii) any bonus compensation earned or awarded
but unpaid on the date of termination, (iii) a pro-rated portion of the Annual Bonus that Executive would have earned for the year in which termination by death takes place, pro-rated based on actual performance for such year and the period of
time served by Executive during such year, payable when the Company generally pays annual bonuses to employees, but in no event later than March 15 of the year following the year in which the Executive’s date of termination occurs,
(iv) accrued vacation and (v) unreimbursed expenses in accordance with Section 4(e) above (all of the foregoing, “Final Compensation”). The Company shall have no further obligation to the Executive hereunder
other than any legal obligations to make health insurance coverage available to Executive’s dependents, at the dependents’ expense, under COBRA (as defined in Section 11 below). 
  

 3 

 (b) Disability. 
       (i) The Company may terminate the Executive’s employment hereunder, upon notice to the Executive, in the event that the Executive becomes disabled during her employment
hereunder through any illness, injury, accident or condition of either a physical or psychological nature and, as a result, is unable to perform substantially all of her duties and responsibilities hereunder, with or without reasonable
accommodation, for 120 days during any period of 365 consecutive calendar days. In the event of such termination, the Company shall have no further obligation to the Executive, other than for payment of Final Compensation and any legal obligations
to make health insurance coverage available to Executive, at Executive’s expense, under COBRA. 
     (ii)
The Board may designate another employee to act in the Executive’s place during any period of the Executive’s disability. Notwithstanding any such designation, the Executive shall continue to receive the Base Salary in accordance with
Section 4(a) and benefits in accordance with Section 4(e), to the extent permitted by the then-current terms of the applicable benefit plans, until the termination of her employment; provided that such Base Salary shall be reduced by any
disability income benefits the Executive receives under the Company’s disability income plan. 
     (iii)
While receiving disability income payments under the Company’s disability income plan, the Executive shall continue to participate in Company benefit plans in accordance with Section 4(d) and subject to and in accordance with the terms of
such plans, until the termination of her employment. 
     (iv) If any question shall arise as to whether during
any period the Executive is disabled through any illness, injury, accident or condition of either a physical or psychological nature so as to be unable to perform substantially all of her duties and responsibilities hereunder, the Executive may, and
at the request of the Company shall, submit to a medical examination by a physician selected by the Company to whom the Executive or her duly appointed guardian, if any, has no reasonable objection to determine whether the Executive is so disabled.
If the Executive or her duly appointed guardian reasonably objects to the physician selected by the Company, the Executive or her duly appointed guardian and the Company shall mutually select an independent physician. The determination by any
physician selected under this section shall for the purposes of this Agreement be conclusive of the issue. In any event, if the Executive shall fail to submit to a medical examination under this section, the Company’s determination of the issue
shall be binding on the Executive. 
 (c) By the Company for Cause. The Company may terminate the Executive’s employment under
this Agreement for Cause at any time upon notice to the Executive setting forth in reasonable detail the nature of such Cause. The following, as determined by the Board in its reasonable judgment, shall constitute Cause for termination: 

      (i) commission of a felony or any crime involving dishonesty or moral turpitude; 
  

 4 

       (ii) commission of any fraud, theft, embezzlement,
misappropriation of funds, material breach of fiduciary duty as an officer or member of the Board or serious act of dishonesty; 
       (iii) failure to follow the reasonable instructions of the Board (in its capacity as the Board), which failure does not cease within 15 days after written notice specifying such failure in
reasonable detail is given to the Executive by the Board; 
       (iv) engaging in conduct likely to
make the Company or any of its Affiliates subject to criminal liabilities, other than those arising from the Company’s normal business activities; or 
       (v) willful engagement in any other conduct or gross negligence, in either case that involves a material breach of fiduciary obligation on the part of the Executive as an
officer or member of the Board or that could reasonably be expected to have a material adverse effect upon the business interests or reputation of the Company or any of its Affiliates. 
 Upon the giving of notice of termination of the Executive’s employment under this Agreement for Cause, the Company shall have no further obligation
or liability to the Executive, other than for the Accrued Rights and any obligations to make health insurance coverage available, at Executive’s expense, under COBRA. 
 (d) By the Company Other than for Cause or by Executive for Good Reason. The Company may terminate the Executive’s employment under this
Agreement other than for Cause at any time upon notice to the Executive. The Executive may terminate her employment under this Agreement for Good Reason at any time pursuant to the notice provisions described in Section 5(d)(iii) below. In the
event the Company terminates Executive’s employment without Cause and other than as a result of her death or disability, or if Executive terminates her employment for Good Reason: 
       (i) The Company shall pay the Executive (A) accrued but unpaid base salary or other wages through the
date of termination, (B) accrued but unused vacation through the date of termination plus (C) unreimbursed expenses for which documentation is properly submitted in accordance with Section 4(e) above (collectively, the
“Accrued Rights”). 
       (ii) Provided (A) Executive executes, and
allows to become effective, a general release of all claims in substantially the form attached hereto as Exhibit A (the “Release”) within 30 days after Executive’s separation from service (or such longer period as
mandated by applicable law), and (B) Executive remains in compliance with Executive’s obligations under the Proprietary Agreements (as defined in Section 7 below), then the Company will pay Executive, as severance, (1) cash in an
amount equal to 18 months of Executive’s Base Salary, (2) cash in an amount equal to 150% of the Annual Bonus earned by the Executive in the last completed Bonus Year, (3) an additional cash amount equal to $7,000, which Executive
may, but is not obligated to use, to pay the premiums upon converting her Company life insurance policy into an individual policy, and (4) provided Executive makes a timely and accurate election for continued coverage under the Company’s
medical, dental and vision insurance plans under COBRA for Executive and her eligible dependents, payment of the 

  

 5 

 
premiums for such COBRA coverage for up to 18 months (or such earlier date as she and her dependents cease to be eligible for such coverage), less the
applicable active employee contribution for such coverage in an amount not to exceed the premium paid by Executive immediately prior to her termination date (which amount Executive will be required to pay directly) (collectively, the
“Severance Amount”). Subject to Sections 5(i) and 5(j), items (1), (2) and (3) of the Severance Amount will be payable in equal installments on the Company’s regular payroll pay cycle for the first 18 months
following the termination date. However, notwithstanding the foregoing, none of the Severance Amount will be paid prior to the effective date of the Release. Instead, subject to Section 5(i) below, on the 30th day following the date of Executive’s termination, the Company shall pay the installment(s) of the Severance Amount that Executive would have received on or prior to such date
but for the delay in the effectiveness of the Release, with the balance of the Severance Amount payable thereafter on the original payment schedule. Payment by the Company of the Accrued Rights and the Severance Amount shall constitute the entire
obligation of the Company to Executive in the event of Executive’s termination of employment by the Company without Cause or by Executive for Good Reason. 
       (iii) “Good Reason” is defined as the following material adverse changes to Executive’s employment with the Company: 
      (A) a failure by the Company to continue the Executive as Chief Executive Officer of the Company, 
      (B) material diminution of nature or scope of the Executive’s responsibilities, duties or authority,

      (C) material breach of the Agreement by the Company, 
      (D) requiring the Executive to report to anyone other than the Board of Directors of the Company, or 
      (E) requiring the executive to relocate her primary Company office outside of the San Francisco, California area.

 In order to resign for Good Reason, the Executive must provide written notice to the Company of the occurrence of any of the foregoing
events or conditions without the Executive’s written consent within 30 days after the initial occurrence of such event. The Company or any successor or Affiliate shall have a period of 30 days to cure such event or condition after receipt of
written notice of such event from the Executive. Any resignation of Executive’s employment for “Good Reason” must occur no later than 30 days following the expiration of the cure period and must be a resignation from all positions she
then holds with the Company and Parent. The Executive’s resignation from employment with the Company for Good Reason shall be treated as an involuntary termination. 
 (e) By Executive. The Executive may terminate the Executive’s employment other than for Good Reason under this Agreement at any time upon 30 days’ notice to the Company. In the event of termination of
the Executive’s employment pursuant to this Section 5(e), the Board may elect to waive or reduce the period of notice, and, if the Board so elects, the Company will pay the Executive the Base Salary for the notice period (or for any
remaining 

  

 6 

 
portion of the period), which amount shall be paid in a lump sum within 10 days following the date of Executive’s termination of employment, together
with the balance of the Accrued Rights. In the event of any termination pursuant to this Section 5(e), the Executive shall not be entitled to receive any Annual Bonus after the provision of notice of such termination. Executive’s rights to
continued health insurance coverage after her termination shall be at her own expense as provided under COBRA. 
 (f) Termination
Following a Change in Control. In the event of a termination of Executive’s employment by the Company other than for Cause or by Executive for Good Reason, in each case within 12 months after a Change in Control: 
       (i) The Company shall pay the Executive the same pay, incentive compensation and benefits that she would have
been entitled to receive had her employment been terminated by the Company other than for Cause or by her for Good Reason in accordance with Section 5(d) above, payable as provided in Section 5(d); provided that the Executive satisfies all
conditions to receiving such payments and benefits as set forth in Section 5(d). 
       (ii) The
Executive will be fully vested in all stock options, restricted stock, restricted stock units and all other equity awards then held by Executive. 
       (iii) Payments under this Section 5(f) shall be made without regard to whether the deductibility of such payments (or any other payments to or for the benefit of Executive) would be limited or
precluded by Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”) and without regard to whether such payments (or any other payments) would subject Executive to the federal excise tax levied on
certain “excess parachute payments” under Section 4999 of the Code; provided, that if the total of all payments to or for the benefit of Executive, after reduction for all federal taxes (including the tax described in
Section 4999 of the Code, if applicable) with respect to such payments (“Executives total after-tax payments”), would be increased by the limitation or elimination of any payment under this Section 5(f), amounts
payable under this Section 5(f) shall be reduced to the extent, and only to the extent, necessary to maximize Executive’s total after-tax payments (the “required reduction amount”). The determination as to whether
and to what extent payments under this Section 5(f) are required to be reduced in accordance with the preceding sentence shall be made at the Company’s expense by the Company’s independent accountants (the “Outside
Firm”). In the event of any mistaken underpayment or overpayment under this Section 5(f), as determined by the Outside Firm, the amount of such underpayment or overpayment shall forthwith be paid to Executive or refunded to the
Company, as the case may be, with interest at 120% of the applicable Federal rate provided for in Section 7872(f)(2) of the Code. Any reduction in payments required by this Section 5(f)(iii) shall be applied as follows: First out of the
cash components of the Severance Amount, second out of COBRA premium component of the Severance Amount, and lastly out of the vesting of equity awards. 
       (iv) Payments and benefits due the Executive under this Section 5(f) shall constitute the entire obligation of the Company to Executive in event of Executive’s
termination of employment by the Company without cause or by Executive for Good Reason, in each within 12 months after a Change in Control. 
  

 7 

 (g) Mitigation. The Executive shall not be required to mitigate damages with respect to the
termination of her employment under this Agreement by seeking other employment or otherwise, and there shall be no offset against amounts due to the Executive under this Agreement on account of subsequent employment. Additionally, amounts owed to
the Executive under this Agreement shall not be offset by any claims the Company may have against the Executive, and the Company’s obligation to make the payments provided for in this Agreement, and otherwise to perform its obligations
hereunder, shall not except as otherwise provided in Section 5(h), be affected by any other circumstances, including, without limitation, any counterclaim, recoupment, defense or other right which the Company may have against the Executive or
others. 
 (h) Severance Offset. The Company’s obligation to pay the Severance Amount shall be reduced by (i) severance
benefits to which Executive is entitled under any other plan, agreement or arrangement with the Company or its Affiliates and (ii) notice pay required to be paid to Executive under applicable legal requirements, including, without limitation,
the Worker Adjustment and Retraining Notification Act. 
 (i) Required Delay for Certain Deferred Compensation. Notwithstanding any
other provision of this Agreement, if at the time of separation from service the Executive is determined by the Company to be a specified employee (as defined in Section 409A of the Code (together, with any state law of similar effect,
“Section 409A”) and Section 1.409A-1(i) of the Treasury Regulations), and the Company determines that delayed commencement of any portion of the termination payments and benefits payable to Executive pursuant to this
Agreement is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, then such portion of Executive’s termination payments and benefits shall not be provided to Executive prior to the earliest of
(A) the date that is six months and one day after Executive’s separation from service, (B) the date of Executive’s death or (C) such earlier date as is permitted under Section 409A (any such delayed commencement, a
“Payment Delay”). Upon the expiration of such Payment Delay, all payments deferred pursuant to a Payment Delay shall be paid in a lump sum to Executive on the first day following the expiration of the Payment Delay, and any
remaining payments due under the Agreement shall be paid on the original schedule provided herein. 
 (j) Section 409A of the
Code. Each installment of the payments and benefits provided for in this Agreement shall be treated as a separate “payment” for purposes of Treasury Regulation Section 1.409A-2(b)(2)(i). 
 6. Effect of Termination. The provisions of this Section 6 shall apply in the event of a termination of the Executive’s employment,
whether due to the expiration of the term hereof, pursuant to Section 5 or otherwise. 
      (a)
Payment by the Company of the Accrued Rights and payments or benefits that may be due the Executive under Section 5 above shall constitute the entire obligation of the Company to the Executive. 
      (b) Except for health insurance coverage continued pursuant to COBRA (including pursuant to Section 5(d)
above), Executive’s employee benefits shall terminate 

  

 8 

 
pursuant to the terms of the applicable benefit plans based on the date of termination of the Executive’s employment without regard to any continuation
of Base Salary or other payment to the Executive following such date of termination. 
      (c) Provisions
of this Agreement shall survive any termination if so provided herein or if necessary or desirable to accomplish the purposes of other surviving provisions, including without limitation the obligations of the Executive under Section 7 hereof.
The obligation of the Company to make payments to or on behalf of the Executive under Section 5 hereof other than the Accrued Rights is expressly conditioned upon the Executive’s continued full performance of obligations under
Section 7 hereof. The Executive recognizes that, except as expressly provided in Sections 5(a), (b), (d) and (f), no compensation is payable after termination of employment. 
 7. Confidential Information and Inventions. Executive affirms her continuing obligations to the Company under the Employee Intellectual Property
and Confidentiality Agreement and the Invention Assignment Agreement (together, the “Proprietary Agreements”). The terms of the Proprietary Agreements are incorporated by reference herein. 
 8. Non-Solicitation of Employees. The Executive agrees that for an 18 month period commencing on the date her employment actually terminates, the
Executive will not solicit for hire or attempt to solicit for hire any employee of the Company or any of its Affiliates, assist in such soliciting for hire by any Person, or encourage any such employee to terminate his or her relationship with the
Company or any of its Affiliates. 
 9. Conflicting Agreements. The Executive hereby represents and warrants that the execution of
this Agreement and the performance of her obligations hereunder will not breach or be in conflict with any other agreement to which the Executive is a party or is bound and that the Executive is not now subject to any covenants against competition
or similar covenants or any court order or other legal obligation that would affect the performance of her obligations hereunder. The Executive will not disclose to or use on behalf of the Company any proprietary information of a third party without
such party’s consent. 
 10. Indemnification. The Company shall indemnify the Executive to the extent provided in its then
current By-Laws. The Executive agrees to promptly notify the Company of any actual or threatened claim arising out of or as a result of her employment with the Company. 
 11. Definitions. Words or phrases which are initially capitalized or are within quotation marks shall have the meanings provided in this Section 11 and as provided elsewhere herein. For purposes of this
Agreement, the following definitions apply: 
       “Affiliates” means all persons and
entities directly or indirectly controlling, controlled by or under common control with the Company, where control may be by either management authority or equity interest. 
       “Bonus Year” shall mean any fiscal year of the Company. 
       “COBRA” shall mean the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended and any
state law of similar effect. 
  

 9 

       “Change in Control” has the same meaning as under
the Bare Escentuals, Inc. 2006 Equity Incentive Award Plan. 
       “Parent” means Bare
Escentuals, Inc., a Delaware corporation. 
       “Person” means an individual, a
corporation, a limited liability company, an association, a partnership, an estate, a trust and any other entity or organization, other than the Company or any of its Affiliates. 
 References to termination of employment, retirement, separation from service and similar or correlative terms mean a “separation from service”
(as defined at Section 1.409A-1(h) of the Treasury Regulations) from the Company and from all other corporations and trades or businesses, if any, that would be treated as a single “service recipient” with the Company under
Section 1.409A-1(h)(3) of the Treasury Regulations. 
 12. Withholding. All payments made by the Company under this Agreement
shall be reduced by any tax or other amounts required to be withheld by the Company under applicable law. 
 13. Assignment. Neither
the Company nor the Executive may make any assignment of this Agreement or any interest herein, by operation of law or otherwise, without the prior written consent of the other, provided, however, that the Company may assign its rights and
obligations under this Agreement without the consent of the Executive in the event that the Company shall hereafter effect a reorganization, consolidate with, or merge into, any Person or transfer all or substantially all of its properties or assets
to any Person. This Agreement shall inure to the benefit of and be binding upon the Company and the Executive, their respective successors, executors, administrators, heirs and permitted assigns. 
 14. Severability. If any portion or provision of this Agreement shall to any extent be declared illegal or unenforceable by a court of competent
jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and
provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 
 15. Waiver. No waiver of any
provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of either party to require the performance of any term or obligation of this Agreement, or the waiver by either party of any breach of this
Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach. 
 16.
Notices. Any and all notices, requests, demands and other communications provided for by this Agreement shall be in writing and shall be effective when delivered in person or deposited in the United States mail, postage prepaid, registered or
certified, and addressed to the Executive at her last known address on the books of the Company or, in the case of the Company, at its principal place of business, attention of the Chair of the Board, or to such other address as either party may
specify by notice to the other actually received. 
  

 10 

 17. Entire Agreement. This Agreement constitutes the entire agreement between the parties and
supersedes all prior communications, agreements and understandings, written or oral, with respect to the terms and conditions of the Executive’s employment, including, without limitation, the Prior Agreement (but excluding the Proprietary
Agreements). 
 18. Amendment. This Agreement may be amended or modified only by a written instrument signed by the Executive and by
an expressly authorized representative of the Company. If Executive and the Company determine that any payments or benefits payable under this Agreement intended to comply with Sections 409A(a)(2), (3) and (4) of the Code do not comply
with Section 409A of the Code, Executive and the Company agree to amend this Agreement, or take such other actions as Executive and the Company deem reasonably necessary or appropriate, to comply with the requirements of Section 409A of
the Code, the Treasury Regulations thereunder (and any applicable transition relief) while preserving the economic agreement of the parties. If any provision of the Agreement would cause such payments or benefits to fail to so comply, such provision
shall not be effective and shall be null and void with respect to such payments or benefits, and such provision shall otherwise remain in full force and effect. 
 19. Headings. The headings and captions in this Agreement are for convenience only and in no way define or describe the scope or content of any provision of this Agreement. 
 20. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be an original and all of which together shall
constitute one and the same instrument. 
 21. Governing Law. This Agreement, the rights of the parties and all claims, actions,
causes of action, suits, litigation, controversies, hearings, charges, complaints or proceedings arising in whole or in part under or in connection herewith, will be governed by and construed in accordance with the domestic substantive laws of State
of California, without giving effect to any choice or conflict of law provision or rule that would cause the application of the laws of any other jurisdiction. 
 22. Arbitration. Except as otherwise expressly provided herein, any dispute, controversy or claim between the parties arising under this Agreement shall be settled by arbitration conducted in San Francisco,
California in accordance with the National Rules for the Resolution of Employment Disputes of the American Arbitration Association then in force (the “Rules”) and the laws of the State of California. In the event that a party
requests arbitration, it shall serve upon the other party a written demand for arbitration stating the substance of the controversy, dispute or claim, and the contention of the party requesting arbitration. If possible, the arbitrator will be
selected by mutual agreement. If the parties do not select the arbitrator by mutual agreement, the arbitrator shall be selected in accordance with the Rules of the American Arbitration Association. The decision of the arbitrator shall be in writing
and shall set forth the basis therefor. The parties shall abide by all awards rendered in the arbitration proceedings, and all such awards may be enforced and executed upon in any court having jurisdiction over the party against whom enforcement of
such award is sought. The parties shall divide equally the administrative charges, arbitrator’s fees and related expenses of the arbitration, but each party shall pay its own legal fees incurred in connection with such arbitration. This shall
not preclude 

  

 11 

 
either party from seeking injunctive relief in any court having jurisdiction over the party against whom such injunction is sought, with respect to any
violation of this Agreement (including without limitation the Proprietary Agreements) alleged to have occurred subsequent to the termination of employment hereunder and which, if proved, would be of the sort likely to cause harm as to which an award
of money damages would not provide an adequate remedy. 
 [Remainder of page intentionally left blank] 
  

 12 

 IN WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by the Company, by its duly
authorized representative, and by the Executive, as of the date first above written. 
  

							
	 THE EXECUTIVE:
	 		 	THE COMPANY:
			
		 		 	BARE ESCENTUALS BEAUTY, INC.
				
	 /s/ Leslie A. Blodgett
	 		 	By:	 	/s/ Myles B. McCormick
	 Leslie A. Blodgett
	 		 	Name:	 	Myles B. McCormick
		 		 	Title:	 	 Executive Vice President, Chief
 Operating Officer, Chief
 Financial Officer

  

 13 

 Exhibit A 
 Release of Claims 
 I understand and agree completely to the terms set forth in my Amended and
Restated Employment Agreement dated as of             , 2008 (the “Agreement”). 
 I understand that this Release, together with the Agreement (including the Proprietary Agreements), constitutes the complete, final and exclusive
embodiment of the entire agreement between Bare Escentuals Beauty, Inc. (the “Company”) and me with regard to the subject matter hereof. I am not relying on any promise or representation by the Company that is not expressly
stated therein. Certain capitalized terms used in this Release are defined in the Agreement. 
 I hereby confirm my obligations under my
Proprietary Agreements. 
 Except as otherwise set forth in this Release, I hereby generally and completely release the Company and its
current and former directors, officers, employees, shareholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers, affiliates, and assigns (collectively, the “Released Parties”)
from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring prior to my signing this Agreement (collectively, the “Released
Claims”). The Released Claims include, but are not limited to: (1) all claims arising out of or in any way related to my employment with the Company, or the termination of that employment; (2) all claims related to my
compensation or benefits from the Company, including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership interests in the Company; (3) all claims for
breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (4) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and
(5) all federal, state, and local statutory and regulatory claims, including claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal
Americans with Disabilities Act of 1990, the federal Age Discrimination in Employment Act of 1967 (as amended) (“ADEA”), and the California Fair Employment and Housing Act (as amended). Notwithstanding the foregoing, the
following are not included in the Released Claims (the “Excluded Claims”): (1) any rights or claims for indemnification I may have pursuant to any written indemnification agreement with the Company to which I am a party,
the charter, bylaws, or operating agreements of the Company, or under applicable law; or (2) any rights which are not waivable as a matter of law. In addition, nothing in this Release prevents me from filing, cooperating with, or participating
in any proceeding before the Equal Employment Opportunity Commission, the Department of Labor, or the California Department of Fair Employment and Housing, except that I hereby waive my right to any monetary benefits or other personal relief in
connection with any such claim, charge or proceeding. I hereby represent and warrant that, other than the Excluded Claims, I am not aware of any claims I have or might have against any of the Released Parties that are not included in the Released
Claims. 
 I acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have under the ADEA. I also acknowledge
that the consideration given for the Released Claims is in addition to anything of value to which I was already entitled. I further acknowledge 

  

 14 

 
that I have been advised by this writing, as required by the ADEA, that: (a) the Released Claims do not apply to any rights or claims that arise after
the date I sign this Release; (b) I should consult with an attorney prior to signing this Release (although I may choose voluntarily not to do so); (c) I have twenty-one (21) days to consider this Release (although I may choose to
voluntarily sign it sooner); (d) I have seven (7) days following the date I sign this Release to revoke the Release by providing written notice to an officer of the Company; and (e) the Release will not be effective until the date
upon which the revocation period has expired unexercised, which will be the eighth day after I sign this Release provided that I do not revoke it (“Effective Date”). 
 I acknowledge that I have read and understand Section 1542 of the California Civil Code which reads as follows: “A general release does not
extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.” I hereby
expressly waive and relinquish all rights and benefits under that section and any law of any jurisdiction of similar effect with respect to my release of any claims hereunder, including but not limited to any unknown claims. 
 I hereby represent that I have been paid all compensation owed and for all hours worked, I have received all the leave and leave benefits and protections
for which I am eligible, and I have not suffered any on-the-job injury for which I have not already filed a workers’ compensation claim. 
 I acknowledge that to become effective, I must sign following my termination of employment and return this Release to the Company so that it is received not later than twenty-one (21) days following the date it is provided to me, and I
must not revoke it thereafter. 
  

			
	LESLIE A. BLODGETT
		
	Name:	 	  

		
	Date:	 	  

  

 15

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