Document:

Exhibit 10.21

 

KANBAY INTERNATIONAL, INC.

 

RESTRICTED STOCK AWARD AGREEMENT

 

	
  Participant:                                                    

  	
   

  	
  Number of Shares:                           

  
	
   

  	
   

  	
   

  
	
  Date of Grant: 
  [                          ],
  2004

  	
   

  	
   

  

 

THIS RESTRICTED STOCK AWARD AGREEMENT (“Agreement”),
effective as of the Date of Grant set forth above, is entered into by and
between Kanbay International, Inc., a Delaware corporation (the “Company”) and
the Participant set forth above.

 

RECITALS

 

WHEREAS, the Company has adopted the Kanbay
International, Inc. Stock Incentive Plan (as amended from time to time, the “Plan”),
which provides for the grant of restricted stock (the “Award”) to Service
Providers (as defined in the Plan) of the Company, as selected by the Company’s
Compensation Committee (the “Committee”);

 

WHEREAS, the Participant has been selected by the
Committee to receive an Award in accordance with the provisions of the Plan;
and

 

WHEREAS, the parties hereto desire to evidence in
writing the terms and conditions of the Award.

 

NOW, THEREFORE, in consideration of the foregoing and
of the mutual covenants and agreements herein contained and other good and
valuable consideration, the receipt, sufficiency and adequacy of which are
hereby acknowledged, the parties hereto hereby agree as follows:

 

1.                   Definitions

 

All capitalized
terms used in this Agreement shall have the same meanings as are ascribed to
them in the Plan, unless expressly provided otherwise in this Agreement.

 

2.                   Grant of Award

 

The
Company hereby grants to the Participant this Award, which constitutes the
right to a distribution of all or any part of the number of Shares set forth
above (the “Restricted Stock”) on the terms and conditions set forth herein and
subject in all respects to the terms and provisions of the Plan, which is
incorporated herein by reference.

 

3.                   Certificates

 

Certificates for the
Restricted Stock will be issued in the Participant’s name and will be held by
the Company until: (i) the Restricted Stock is forfeited; or (ii) the
Restricted Stock vests. The Company will distribute the certificates to the
Participant, or if applicable, his or her Designated Beneficiary, in accordance
with Section 6 below.

 

 

4.                   Vesting of Award

 

The Restriction Period shall lapse and the Award
granted herein shall vest according to the following schedule:

 

(a)           one-quarter
on the first anniversary of the Date of Grant, if the Participant has remained
in Service continuously until that date;

 

(b)           an
additional one-quarter on the second anniversary of the Date of Grant, if the
Participant has remained in Service continuously until that date;

 

(c)           an
additional one-quarter on the third anniversary of the Date of Grant, if the
Participant has remained in Service continuously until that date; and

 

(d)           the
remaining one-quarter on the fourth anniversary of the Date of Grant, if the
Participant has remained in Service continuously until that date.

 

Except as provided in Section 5 below, or as the
Committee may determine in its sole discretion on a case by case basis, the
Award shall not continue to vest after the date the Participant has terminated
Service for any reason and any unvested portion of this Award theretofore held
by the Participant shall be forfeited as of that date.

 

5.                   Special Vesting Provisions

 

(a)           Notwithstanding
anything to the contrary in Section 4 above, if a Participant dies or suffers a
Disability during the vesting period described in Section 4 above while in
Service, the unvested portion of this Award held by such Participant or any
transferee thereof shall automatically vest on the date of death or Disability.

 

(b)           Notwithstanding
anything to the contrary in Section 4 above, the vesting period described in
Section 4 above will be suspended during the pendency of any bona fide leave of
absence approved by the Company and the vesting period will be increased by the
length of time of such leave of absence. This paragraph shall have no effect on
this Award, or portions hereof, which, by its terms, is vested prior to the
first day of the Participant’s leave of absence.

 

(c)           If a Change in Control occurs, the
unvested portion of this Award will become fully vested on the closing date of
the Change in Control, if the Participant has remained in Service continuously
until that date.

 

(d)           If Participant’s Service terminates
due to involuntary termination by the Company with Cause, the Participant shall
forfeit the vested and unvested portion of this Award on the date of such
termination of Service. Upon the termination of a Participant’s Service for
Cause, the Participant must return to the Company any certificates for Shares
that have been issued to the Participant in accordance with Section 6 below. The
Company will have no further obligations to the Participant under this
Agreement if the Participant’s Award is forfeited.

 

 

6.                   Terms and Conditions of Distribution

 

Certificates for Shares will be distributed as soon as
practicable after the Restricted Stock vests. If the Participant dies, either
before or after termination of Service, before the certificates for his or her
vested Restricted Stock have been distributed, such certificates will be
distributed to the Participant’s Designated Beneficiary. If the Participant has
failed to designate a beneficiary, such certificates will be distributed to the
Participant’s personal representative. Certificates for Shares will be
distributed no later than six months after the Participant’s death. Distribution
will not be made before the first date the Shares may be distributed to the
Participant without penalty or forfeiture under federal or state laws or
regulations governing short swing trading of securities. In determining whether
a distribution would result in such a penalty or forfeiture, the Company and
the Committee may rely upon information reasonably available to them or upon
representations of the Participant’s legal or personal representative.

 

7.                   Restrictions on Transfer

 

(a)           Until
the end of the Restriction Period as specified in this Agreement, or unless
determined otherwise by the Committee, this Award may not be sold, transferred,
pledged, assigned or otherwise alienated or hypothecated, except by will or by
the laws of descent or distribution or
pursuant to a domestic relations order (as defined in Code Section 414(p)).
If the Committee permits this Award to be transferable, the Committee may
impose additional terms and conditions as the Committee deems appropriate.

 

(b)           All
rights with respect to the Restricted Stock will be available during the
Participant’s lifetime only to the Participant or the Participant’s guardian or
legal representative. The Committee may, in its discretion, require a
Participant’s guardian or legal representative to supply it with evidence the
Committee reasonably deems necessary to establish the authority of the guardian
or legal representative to act on behalf of the Participant.

 

8.                   Adjustments

 

(a)           The
number of shares of Restricted Stock subject to this Award shall be
proportionately adjusted for any increase or decrease in the number of issued
Shares resulting from a stock split, reverse stock split, stock dividend,
combination or reclassification of the Shares, or any other increase or
decrease in the number of issued Shares effected without receipt of
consideration by the Company; provided, however, that conversion of any
convertible securities of the Company shall not be deemed to have been “effected
without receipt of consideration.”  Such
adjustments shall be made by the Board, whose determination in that respect
shall be final, binding and conclusive.

 

(b)           In
the event of Change in Control that is a merger, consolidation, or similar
reorganization of the Company with any other entity pursuant to which the
holders of Shares surrender Shares (or the Shares are deemed converted) in
exchange for other shares of capital stock or securities of the Company or
another entity, then an equitable adjustment shall be made in this Award and
Participant’s Shares subject to the Plan. Such equitable adjustment may be (i)
the substitution of the number and kind of shares of capital stock or other
securities that the holders of Shares are entitled to receive for each Share
surrendered pursuant to the transaction or

 

 

(ii) any other adjustment that the Board
determines to be equitable. Such adjustment shall be made by the Board, whose
determination in that respect shall be final, binding and conclusive.

 

(c)           Except
as provided in this Section 8, the Participant shall have no rights by reason
of (i) any subdivision or consolidation of shares of stock of any class, (ii)
the payment of any dividend or (iii) any other increase or decrease in the
number of shares of stock of any class. Any issuance by the Company of shares
of stock of any class, or securities convertible into shares of stock of any
class, shall not affect, and no adjustment by reason thereof shall be made with
respect to, the number of Shares subject to this Award. The grant of this Award
shall not affect in any way the right or power of the Company to make
adjustments, reclassifications, reorganizations or changes of its capital or
business structure, to merge or consolidate or to dissolve, liquidate, sell or
transfer all or any part of its business or assets.

 

9.                   Rights as Stockholder.

 

On and after the Date of
Grant, and subject to the restrictions set forth in this Agreement, the
Participant will be entitled to all of the rights of a stockholder with respect
to the Restricted Stock, including the right to vote the Restricted Stock and
to receive dividends and other distributions payable with respect to the Restricted
Stock.

 

10.                  Restrictive
Covenants

 

(a)           Nondisclosure and Nonuse of Trade
Secrets. The Participant acknowledges that he has had and will have access to
confidential information of the Company and its Affiliates (including, but not
limited to, current and prospective confidential know-how, specialized
training, customer lists, marketing plans, business plans, financial and
pricing information, and information regarding acquisitions, mergers and/or
joint ventures) concerning the business, customers, clients, contacts,
prospects, and assets of the Company and its Affiliates that is unique,
valuable and not generally known outside the Company and its Affiliates, and
that was obtained from the Company or an Affiliate or which was learned as a
result of the performance of services by the Participant on behalf of the
Company or an Affiliate (“Trade Secrets”). Trade Secrets shall not include any
information that: (i) is now, or hereafter becomes, through no act or failure
to act on the part of the Participant that constitutes a breach of this Section
10, generally known or available to the public; (ii) is known to the
Participant at the time such information was obtained from the Company or an
Affiliate; (iii) is hereafter furnished without restriction on disclosure to
the Participant by a third party, other than an employee or agent of the
Company or an Affiliate, who is not under any obligation of confidentiality to
the Company or an Affiliate; (iv) is disclosed with the written approval of the
Company or an Affiliate; or (v) is required to be disclosed or provided by law,
court order, or similar compulsion, including pursuant to or in connection with
any legal proceeding involving the parties hereto; provided however, that such
disclosure shall be limited to the extent so required or compelled; and
provided further, however, that if the Participant is required to disclose such
confidential information, he shall give the Company notice of such disclosure
and cooperate in seeking suitable protections. Other than in the course of
performing services for the Company and its Affiliates, the Participant will
not, at any time, directly or indirectly use, divulge, furnish or make
accessible to any person any Trade Secrets, but instead will keep all Trade
Secrets strictly and absolutely confidential. The Participant will deliver
promptly to the Company or the Affiliate that employed the Participant, at the
termination of his employment or at any other time at the request of the
Company or an

 

 

Affiliate, without retaining any copies, all documents and other
materials in his possession relating, directly or indirectly, to any Trade
Secrets.

 

(b)           Non-Competition. The Participant
acknowledges and agrees that (i) in the course of the Participant’s Service the
Participant shall become familiar with the Trade Secrets of the Company and its
Affiliates, (ii) the Participant’s services to the Company and its Affiliates
are unique in nature and of an extraordinary value to the Company and its
Affiliates, and (iii) the Company and its Affiliates could be irreparably
damaged if the Participant were to provide similar services to any person or
entity competing with the Company or any Affiliate or engaged in a similar
business. In connection with the issuance to the Participant of the Award
hereunder, and in consideration for and as an inducement to the Company to
enter into this Agreement, the Participant covenants and agrees that during the
period beginning on the Date of Grant and ending on the second anniversary of
the date of the termination of the Participant’s Service (the “Restricted
Period”), the Participant shall not directly or indirectly own any interest in,
operate, control or participate as a partner, director, principal, officer, or
agent of, enter into the employment of, act as a consultant to, or perform any
services for, any company, person, or entity engaged in a “Competitive Business”
(as defined herein). A Competitive Business shall include any company, person
or entity that is involved in or seeks to become involved in providing
information technology services and solutions to the financial services
industry, including business process and technology advice, software package
selection and integration, application development, maintenance and support,
network and system security and specialized services, in any country in which
the Company or an Affiliate is doing business at the time of termination of the
Participant’s employment.

 

(c)           Nonsolicitation. During the
Restricted Period, the Participant shall not, directly or indirectly solicit or
induce, or attempt to solicit or induce, any current employee of the Company or
an Affiliate, or any individual who becomes an employee during the Restricted
Period, to leave his or her employment with the Company or an Affiliate or join
or become affiliated with any other business or entity, hire any employee of
the Company or an Affiliate or in any way interfere with the relationship
between any employee and the Company or an Affiliate. During the Restricted
Period, the Participant shall not, directly or indirectly, solicit or induce,
or attempt to solicit or induce, any customer, supplier, licensee, licensor or
other business relation of the Company or an Affiliate to terminate its
relationship or contract with the Company or an Affiliate, to cease doing
business with the Company or an Affiliate, or in any way interfere with the
relationship between any such customer, supplier, licensee or business relation
and the Company or an Affiliate (including making any negative statements or
communications concerning the Company or an Affiliate or their employees).

 

(d)           Judicial Modification. If the final
judgment of a court of competent jurisdiction declares that any term or
provision of this Section 10 is invalid or unenforceable, the parties agree
that (i) the court making the determination of invalidity or unenforceability
shall have the power to reduce the scope, duration, or geographic area of the
term or provision, to delete specific words or phrases, or to replace any
invalid or unenforceable term or provision with a term or provision that is
valid and enforceable and that comes closest to expressing the intention of the
invalid or unenforceable term or provision, (ii) the parties shall request that
the court exercise that power, and (iii) this Agreement shall be enforceable as
so modified after the expiration of the time within which the judgment or
decision may be appealed.

 

 

(e)           Remedy for Breach. The Participant
agrees that in the event of a breach or threatened breach of any of the
covenants contained in this Section 10, the Participant shall forfeit, upon
written notice to such effect from the Company, any and all Restricted Stock
granted to him or her under the Plan and this Agreement, including vested
Restricted Stock.

 

In addition to the foregoing, in the event of a breach
or threatened breach of any of the covenants contained in this Section 10, the
Company shall also have the right to seek enforcement of any other penalties or
restrictions that may apply under any employment or other agreement between the
Participant and the Company (or an Affiliate), state law, or otherwise. The
forfeiture provisions of this Section shall continue to apply, in accordance
with their terms, after the provisions of any employment or other agreement
between the Company (or an Affiliate) and the Participant have lapsed.

 

11.            Notices

 

All notices by one party to the other under this
Agreement shall be in writing and personally delivered or sent via overnight
mail, registered or certified mail, or facsimile.

 

12.            Miscellaneous

 

(a)           This
Agreement constitutes the entire understanding and agreement among the parties
with respect to the transactions contemplated herein and supersedes any and all
prior or contemporaneous oral or written communication with respect to the
subject matter hereof.

 

(b)           All
of the terms, provisions and conditions of this Agreement shall be binding upon
and inure to the benefit of the parties hereto and their successors and
assigns.

 

(c)           The
laws of the State of Illinois, without giving effect to the conflict of laws
provisions thereof, shall govern the formation, interpretation and performance
of this Agreement. Neither party may bring any action involving this Agreement
except in the Circuit Court of Cook County, Illinois or the United States
District Court for the Northern District of Illinois, Eastern Division and the
parties hereby acknowledge and submit to the personal jurisdiction of either
such court. Each party consents to service of process by means of any of the
methods for delivery of notice that are specified in Section 11.

 

(d)           Participant
hereby acknowledges receipt of a copy of the Plan and agrees to the terms and
conditions therein. In the event of any conflict between the provisions of this
Agreement and those of the Plan, the provisions of the Plan shall govern only
to the extent necessary to resolve such conflict.

 

(e)           The
parties may execute this Agreement in one or more counterparts, all of which
together shall constitute but one Agreement.

 

13.            No Right to Employment

 

Nothing
contained in this Agreement or the Award granted pursuant thereto shall confer
upon any Participant any right to be continued in the Service or employment of
the Company, or interfere in any way with the right of the Company to terminate
any Participant’s Service or employment at any time.

 

 

14.            Specific Performance

 

Participant
and the Company acknowledge that Participant and the Company will be entitled
to enforce their rights under this Agreement to recover damages and costs
(including reasonable attorneys’ fees) caused by any breach of any provision of
this Agreement and to exercise all other rights existing in their favor. Participant
and the Company further agree and acknowledge that money damages might not be
an adequate remedy for any breach of the provisions of this Agreement and that
Participant and the Company may, each in its sole discretion, apply to any
court of law or equity in accordance with Section 12(c) (without posting any
bond or deposit) for specific performance and/or other injunctive relief in
order to enforce or prevent any violations of the provisions of this Agreement.

 

15.            Resolution of Disputes

 

Any
dispute or disagreement that shall arise under, as a result of, or pursuant to
this Agreement shall be determined by the Committee in its sole and absolute
discretion, and any such determination or any other determination by the
Committee under or pursuant to this Agreement and any interpretation by the
Committee of the terms of this Agreement shall be final, binding, and
conclusive on all persons affected thereby.

 

16.            Preemption by Applicable Laws or Regulations

 

Anything
in this Agreement to the contrary notwithstanding, if the Committee determines
that any law, regulation, or requirement of any governmental authority having
appropriate jurisdiction shall require either the Company or the Participant to
take any action prior to or in connection with the issuance of Shares
attributable to the Awards granted hereunder, the issue of such Shares shall be
deferred until such action shall have been taken.

 

17.            Securities Law Requirements

 

(a)           Notwithstanding the provisions of
Section 6 of this Agreement, the Company shall not be required to issue or
deliver any certificates for Shares before completing the steps necessary to comply
with applicable federal and state securities laws (including any registration
requirements) and applicable stock exchange rules and practices, as may be in
effect at that time

 

(b)           With respect to individuals subject
to Section 16 of the Exchange Act, transactions under this Agreement are
intended to comply with all applicable conditions of Rule 16b-3, or its
successors under the Exchange Act. To the extent any provision of the Agreement
or action by the Committee fails to so comply, the Committee may determine, to
the extent permitted by law, that such provision or action shall be null and
void.

 

18.            Amendments

 

The
Company and the Participant may amend this Agreement only by a written
instrument signed by both parties.

 

19.            Subject to Plan

 

This Award and the grant and the exercise hereof are
subject to the terms and conditions of the Plan, which terms and conditions
include, restrictions on the transferability of the Award,

 

 

and termination of
the Plan. The Plan is incorporated herein by reference and made a part hereof,
but the terms of the Plan shall not be considered an enlargement of any
benefits under this Agreement. Wherever a conflict may arise between the terms
of this Agreement and the terms of the Plan, the terms of the Plan shall
control solely to the extent necessary to resolve such conflict. In addition,
the Award granted hereunder is subject to any rules and regulations promulgated
by the Committee pursuant to the Plan, now or hereafter in effect.

 

IN WITNESS WHEREOF, the parties hereto have executed
this Restricted Stock Award Agreement as of the Date of Grant set forth above.

 

	
  PARTICIPANT

  	
   

  	
  KANBAY INTERNATIONAL, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Its:Exhibit
10.28

 

Agreement to Protect
Corporate Property

 

In consideration of my receipt of a stock option on or about the date
hereof from The J. Jill Group, Inc. (“J. Jill”), I agree to the following:

 

1.     Confidential Information. While employed by
J. Jill and /or one or more of its
subsidiaries (J. Jill and such subsidiaries referred to collectively as the “Company”)
and thereafter, I will not, directly or indirectly, use any Confidential
Information other than pursuant to my employment by and for the benefit of the
Company, or disclose any Confidential Information to anyone outside of the
Company other than to the Company’s professional advisors on a need to know
basis or as required by law. For purposes of this Agreement “Confidential
Information” includes but is not limited to all information that relates to the
Company’s past, present and future businesses, products, technologies,
customers, vendors, distribution methods, databases, computer systems,
employees, hiring and training practices, operations and marketing strategies
and all trade secrets, proprietary information, know-how, data, designs,
patterns, specifications, processes, financial or business records, business or
financial plans, marketing materials, customer lists or other customer or prospective
customer information and other technical or business information (and any
tangible evidence, record or representation thereof), whether conceived,
developed or otherwise made by me or any employee of the Company or received by
the Company from an outside source, which is in the possession of the Company,
which in any way relates to the past, present or future business of the
Company, which is maintained in confidence by the Company, or which might be of
use to competitors or harmful to the Company or its customers, if disclosed. “Confidential
Information” does not include information which the Company has voluntarily
disclosed to the public without restriction, which has otherwise lawfully
entered the public domain without my participation or fault, or which is
otherwise generally known by persons of comparable experience in the women’s
retail apparel industry.

 

2.     Ownership of Corporate Property. All
equipment, documents, information and other property that I receive or develop
in the course of my employment by the Company, and all Confidential Information
(as defined in Section 1) and Intellectual Property (as defined in Section 3),
will be and remain the sole property of the Company. The products of all of my
efforts in the course of my employment belong exclusively to the Company and I
will not retain any rights in any such work product. I agree to return all
property and information immediately and without keeping any copies when my
employment terminates for any reason. This section does not restrict my use of
the general knowledge that I have acquired through the course of my employment
by the Company so long as such knowledge does not constitute Confidential
Information or Intellectual Property.

 

3.     Assignment of Intellectual Property. I
assign, and agree to assign, to the Company all my right, title and interest
throughout the world in and to all Intellectual Property and to anything
tangible that evidences, incorporates, constitutes, represents or records any
Intellectual Property. I agree that all Intellectual Property will constitute
works made for hire under copyright laws of the United States. I assign, and
agree to assign, to the Company all copyrights, patents and other proprietary
rights I may have in any Intellectual Property, together with the right to file
for and/or own wholly without restriction United States and foreign patents,
trademarks, and copyrights. I waive, and agree to waive, all moral rights or
proprietary rights in or to any Intellectual Property and, to the extent that
such rights may not be waived, agree not to assert such rights against the
Company or its licensees, successors or assigns. For purposes of this Agreement
“Intellectual Property” includes but is not limited to: (i) all Confidential
Information and (ii) all other business ideas and methods, store concepts,
inventions, innovations, developments, graphic designs (including, for example,
catalog designs, in-store signage and posters), web site designs, patterns,
specifications, procedures or processes, market research, databases, works of
authorship, products, and other works of creative authorship, or parts thereof
conceived, developed or otherwise made by me, alone or jointly with others and
in any way relating to the Company’s past, present or proposed products, programs
or services or to tasks assigned to me during the course of my employment,
whether or not patentable or subject to copyright protection and whether or not
reduced to tangible form or reduced to practice during the period of my
employment with the Company, whether or not made during my regular working
hours, whether or not made on the Company’s premises, and whether or not
disclosed by me to the Company.

 

4.     Certification of Information and Property. I
hereby certify Exhibit A sets forth any and all confidential information
and intellectual property that I claim as my own or otherwise intend to exclude
from this Agreement because it was developed by me prior to the date of this
Agreement. I understand that after execution of this Agreement I will have no
right to exclude confidential information or intellectual property from this
Agreement.

 

1

 

5.     Non-Competition. During my employment with
the Company and (A) for a period of one year after termination of my employment
with the Company if my employment is terminated by me for any reason or by the
Company for Cause (as defined below), or (B) for the Severance Pay Period (as
defined below), if any, if my employment is terminated by the Company for any
reason other than for Cause, I will not, on my own behalf, or as owner,
manager, stockholder (except as a holder of not more than five percent of the
stock of a publicly held company), consultant, independent contractor,
director, officer, or employee of any specialty retailer or specialty catalog
company (regardless of its form of organization and including a division of an
organization if the division is operating a specialty retail or catalog
business) participate, directly or indirectly, in any capacity, in any business
activity that targets the same or similar customer demographics as and is in
competition with the Company. (For example, the restrictions set forth in the previous
sentence would restrict you from working for (i) a specialty retailer or specialty
catalog company that targets the same or similar customer demographics as and
is in competition with the Company, (ii) a division of a specialty retailer or
specialty catalog company if that division targets the same or similar customer
demographics as and is in competition with the Company, even though other
divisions of the specialty retailer or specialty catalog company do not target
the same or similar customer demographics as and are not in competition with
the Company, or (iii) a division of a general retailer, such as a department
store, if the division is engaged in a specialty retail or specialty catalog
business that targets the same or similar customer demographics as and is in
competition with the Company. They would not restrict you from working for (i)
a specialty retailer or specialty catalog company that does not target the same
or similar customer demographics as and is not in competition with the Company,
(ii) a division of a specialty retailer or specialty catalog company if that
division does not target the same or similar customer demographics as and is
not in competition with the Company, even though other divisions of the
specialty retailer or specialty catalog company do target the same or similar
customer demographics as and are in competition with the Company, or (iii) a
general retailer, such as a department store, as long as you are not working
for a division of that general retailer that is engaged in a specialty retail
or specialty catalog business that targets the same or similar customer
demographics as and is in competition with the Company.) The restrictions in
this Section 5 extend to all geographic areas in which the Company conducts
business. The restrictions set forth in subsections (A) and (B) of this Section
5 will not apply to any termination of my employment with the Company that
occurs after three years from the date of this Agreement. For purposes of this
Agreement, “Cause” means (i) any act or omission to act by me which has a
material and adverse effect on the Company’s business or on my ability to
perform services for the Company, or (ii) any material misconduct or material
neglect of my duties in connection with the business or affairs of the Company;
and the “Severance Pay Period” means any period during or with respect to which
I am receiving severance payments from the Company at a rate per month at least
equal to my base salary rate per month immediately prior to my termination. If
I receive a lump sum severance payment or severance payments that are not specifically
tied to my base salary, the Severance Pay Period will be a number of months
calculated by dividing the aggregate severance payments to be made to me by my
monthly base salary immediately before the termination of my employment,
rounded up or down to the nearest whole number. The Company’s rights under this
Section 5 may not be assigned by the Company without my consent, except to any
direct or indirect subsidiary of any entity affiliated with J. Jill.

 

6.     Non-Solicitation. During my employment with
the Company and for a period of one year after the termination of my employment
with the Company for any reason, I will not directly or indirectly (i) solicit,
attempt to hire, or hire any present or future employee of the Company (or any
person who may have been employed by the Company during the last year of the
term of my employment with the Company), or assist in such hiring by any other
person or business entity or encourage, induce or attempt to induce any such
employee to terminate his or her employment with the Company or (ii) affect to
the Company’s detriment any relationship of the Company with any customer,
supplier or employee of the Company, or cause any customer or supplier to
refrain from entrusting additional business to the Company or any affiliate. For
example, with respect to (i) above, I will not inform any such employee of a
job opportunity with me or any other company, or suggest that any person or
entity contact any such employee to discuss or mention such a job opportunity.

 

7.     Miscellaneous.

 

•      This Agreement
contains the entire and only agreement between the Company and me with respect
to its subject matter, superseding any previous oral or written communications,
representations, understandings, or agreements with the Company concerning such
subject matter. The foregoing notwithstanding, this Agreement will neither
supersede, nor affect any of my obligations under, the Agreements (if any)
listed on Exhibit B. Nothing in this Agreement in any way affects my
obligations under The J. Jill Group, Inc. Code of Business Conduct and Ethics. This
Agreement may not be amended, in whole or in part, except by an instrument in
writing signed by the Company and me.

 

•      My obligations
under this Agreement will survive the termination of my employment with the
Company regardless of the manner of or reasons for such termination, and
regardless of whether such termination constitutes a breach of any other
agreement I may have with the Company.

 

2

 

•      If any
provision of this Agreement will be determined to be unenforceable by any court
of competent jurisdiction by reason of its extending for too great a period of
time or over too large a geographic area or over too great a range of
activities, it will be interpreted to extend only over the maximum period of
time, geographic area or range of activities as to which it may be enforceable.
Any invalid, illegal or unenforceable provision of this Agreement will be
severable, and after any such severance, all other provisions hereof will
remain in full force and effect.

 

•      In the event
the Company has reason to believe this Agreement has or may be breached, I
acknowledge and consent that this Agreement may be disclosed to my then current
or prospective employer without risk or liability to the Company. I acknowledge
and agree that violation of this Agreement by me would cause irreparable harm
to the Company not adequately compensable by money damages alone, and I
therefore agree that, in addition to all other remedies available to the
Company at law, in equity or otherwise, the Company will be entitled to
injunctive relief to prevent an actual or threatened violation of this
Agreement and to enforce the provisions hereof, without showing or proving any
actual damage to the Company or posting any bond in connection therewith.

 

•      Except with
respect to Section 5 above, this Agreement may be assigned by the Company
without my consent.

 

I have carefully read
this Agreement, I understand it and agree to all of its terms. I acknowledge
that I have been given a copy of this Agreement.

 

	
  Signature:

  	
  /s/
  Peter Clinch

  	
   

  
	
   

  
	
  Name: Peter Clinch

  
	
   

  
	
  Date:

  	
  12/7/04

  	
   

  
					

 

3

 

EXHIBIT
A

 

Excluded Confidential Information and Intellectual
Property

 

4

 

EXHIBIT
B

 

Excluded Agreements

 

None.

 

5

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