Document:

EX-10.21

 Exhibit 10.21 

FORM OF 
 AGREEMENT AND
PLAN OF MERGER 
 AGREEMENT AND PLAN OF MERGER (“Agreement”), dated as of [_______], 2020 by and among Chinos
Holdings, Inc., a Delaware corporation (“Chinos”), [J.Crew Newco], a Delaware corporation (“J.Crew”), [SPV LLC], a Delaware limited liability company (“Chinos SPV]”), [Merger Sub 1], a Delaware
limited liability company (“Merger Sub 1”) and [Merger Sub 2], a Delaware limited liability company (“Merger Sub 2”). 

WHEREAS, on December __, 2019, (i) Chinos, Chinos Intermediate Holdings A, Inc., Chinos Intermediate Holdings B, Inc. (“Chinos
B”), J. Crew Group, Inc. (“Group, Inc.”), J. Crew Operating Corp., and J. Crew Inc., (ii) certain holders of (A) terms loans under the Amended and Restated Credit Agreement, dated March 5, 2014, among Group, Inc.,
Chinos B, the lenders party thereto, and Wilmington Savings Fund Society, FSB, (B) 13.00% Senior Secured Notes due 2021 and 13.00% Senior Secured New Money Notes due 2021 issued by J.Crew Brand Corp. and J.Crew Brand, LLC under the two
Indentures dated July 13, 2017, (C) Series A Preferred Stock of Chinos, no par value per share (“Chinos Series A Preferred Stock”) and (D) common stock, par value $0.00001 per share, of Chinos (the “Chinos
Common Stock”), and (iii) TPG Chinos, L.P. and TPG Chinos Co-Invest, L.P.; and Green Equity Investors V, L.P., Green Equity Investors Side V, L.P., LGP Chino Coinvest LLC, entered into a
Transaction Support Agreement pursuant to which the parties thereto agreed to consummate a series of restructuring transactions in respect of Chinos; 

WHEREAS, the respective Boards of Directors of Chinos and J.Crew have deemed it advisable and in the best interests of their respective
corporations and stockholders that Chinos and J.Crew engage in the Mergers (as defined below); 
 WHEREAS, the Board of Directors of Chinos
has approved this Agreement and the merger of Merger Sub 1 with and into Chinos (the “Chinos Merger”), with Chinos continuing as the surviving corporation and a wholly owned subsidiary of Chinos SPV (the “Chinos Surviving
Corporation”), pursuant to which each share of (i) Chinos Common Stock shall be converted into the right to receive [one common unit] of Chinos SPV (the “SPV Common Units”), (ii) Chinos Series A Preferred Stock shall
be converted into the right to receive [one] [Series C Unit of Chinos SPV (the “SPV Series C Units”), and (iii) Series B Preferred Stock of Chinos, no par value per share (the “Chinos Series B Preferred
Stock”) shall be converted into the right to receive [one] [SPV Series C Unit], in each case, upon the terms and subject to the conditions set forth in this Agreement; 

WHEREAS, the Board of Directors of J.Crew has approved this Agreement and the merger of Merger Sub 2 with and into J.Crew (the “J.Crew
Merger” and, together with the Chinos Merger, the “Mergers”), with J.Crew continuing as the surviving corporation and a subsidiary individually owned and controlled by Chinos SPV (the “J.Crew Surviving
Corporation”), pursuant to which each share of (i) voting common stock, no par value per share, of J.Crew (the “J.Crew Common Stock”) shall be converted into the right to receive [one] [SPV Common Unit] and (ii) [non-voting common stock], par value [·] per share of J.Crew (the “J.Crew Non-Voting Stock”) shall remain issued and outstanding and be unaffected by the Mergers, upon the terms and subject to the conditions set forth in this Agreement; 

  
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 WHEREAS, in accordance with Title 8, Section 264 of the Delaware General Corporation
Law (the “DGCL”) and Title 6, Section 18-209 of the Delaware Limited Liability Company Act (the “DLLCA”), the Board of Managers of Chinos SPV has approved this Agreement
and the Mergers, the Board of Directors of Merger Sub 1 has approved this Agreement and the Chinos Merger and the Board of Directors of Merger Sub 2 has approved this Agreement and the J.Crew Merger; 

WHEREAS, within [·]
following the execution and delivery of this Agreement, the holders of Chinos Common Stock representing at least a majority of the outstanding Chinos Common Stock, will execute a written consent, in accordance with the DGCL and the organizational
documents of Chinos, pursuant to which, among other things, such stockholders approve this Agreement and the transactions contemplated hereby (the “Required Stockholder Approval”); 

WHEREAS, prior to the consummation of the Mergers, Chinos shall amend the certificate of designation of the Series A Preferred Stock (the
“Series A Certificate of Designation”) and the certificate of designation of the Series B Preferred Stock (the “Series B Certificate of Designation”) in the form attached hereto as Exhibit D and Exhibit E,
respectively; and 
 WHEREAS, for United States federal income tax purposes, it is intended that (i) each of the Mergers will be
treated as an exchange described in Section 721(a) of the Internal Revenue Code of 1986, as amended (the “Code”) and (ii) each of the conversions pursuant to Sections 3.1(d) and 3.1(e) will be treated as a
reorganization under Section 368(a)(1)(E) of the Code. 
 NOW, THEREFORE, in consideration of the mutual covenants, terms and
conditions set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 

ARTICLE I 
 FORMATION; MERGER 

Section 1.1 The Mergers. 

(a) Upon the terms and subject to the conditions set forth in this Agreement and in accordance with the DGCL and the DLLCA, Merger Sub 1 shall
be merged with and into Chinos at the Effective Time. Following the Effective Time, the separate legal existence of Merger Sub 1 shall cease, and Chinos shall continue as the surviving corporation in the Chinos Merger and shall succeed to and assume
all the rights, privileges, immunities, properties, powers and franchises of Merger Sub 1 in accordance with the DGCL and the DLLC. 
 (b)
Upon the terms and subject to the conditions set forth in this Agreement and in accordance with the DGCL and the DLLCA, Merger Sub 2 shall be merged with and into J.Crew at the Effective Time. Following the Effective Time, the separate legal
existence of Merger Sub 2 shall cease, and J.Crew shall continue as the surviving corporation in the J.Crew Merger and shall succeed to and assume all the rights, privileges, immunities, properties, powers and franchises of Merger Sub 2 in
accordance with the DGCL and the DLLCA. 

  
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 ARTICLE II 

CLOSING 
 Section 2.1
Closing. The closing of the Mergers (the “Closing”) shall take place at 10:00 a.m., New York time, on the third business day after satisfaction or waiver of all of the conditions set forth in ARTICLE V (other
than those conditions that by their terms are to be fulfilled at the Closing, but subject to the fulfillment or waiver of such conditions), at the offices of Weil, Gotshal & Manges LLP, 767 Fifth Avenue, New York, New York, 10153 (the date
of the Closing, the “Closing Date”).  
 Section 2.2 Effective Time. Subject to the provisions of this
Agreement, as soon as practicable on the Closing Date, the parties shall cause the Mergers to be consummated by (a) filing with the Secretary of State of the State of Delaware a Certificate of Merger (the “Chinos Certificate of
Merger”) with respect to the Chinos Merger, duly executed and completed in accordance with the relevant provisions of the DGCL and the DLLCA, and shall make all other filings or recordings required under the DGCL and the DLLCA and
(b) filing with the Secretary of State of the State of Delaware a Certificate of Merger (the “J.Crew Certificate of Merger”) with respect to the J.Crew Merger, duly executed and completed in accordance with the relevant
provisions of the DGCL and the DLLCA, and shall make all other filings or recordings required under the DGCL and the DLLCA. The Chinos Merger and the J.Crew Merger shall become effective concurrently (such time as the Mergers become effective being
the “Effective Time”). 
 Section 2.3 Effects of the Transaction. The Mergers shall have the effects set
forth in the applicable provisions of the DGCL and the DLLCA. 
 Section 2.4 Organizational Documents; Directors and
Officers.  
 (a) Chinos SPV Operating Agreement. Chinos shall take, and shall cause Chinos SPV to take, all requisite
action to cause the limited liability company agreement of Chinos SPV to be substantially in the form of Exhibit A (the “Chinos SPV Operating Agreement”), at the Effective Time (as defined below) and until thereafter amended in
accordance with the terms thereof and the DLLCA. 
 (b) Chinos Organizational Documents. 

(i) The certificate of incorporation of Chinos shall, at the Effective Time, be amended and restated to read in its entirety as set forth on
Exhibit B and, as so amended and restated, shall be the certificate of incorporation of the Chinos Surviving Corporation, until thereafter amended as provided therein or by the DGCL. 

(ii) The bylaws of Chinos shall, at the Effective Time, be amended and restated to read in their entirety as set forth on
Exhibit C and, as so amended and restated, shall be the bylaws of the Chinos Surviving Corporation, until thereafter amended as provided therein or by the DGCL. 

  
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 (c) J.Crew Organizational Documents. The bylaws of J.Crew in effect at the Effective
Time shall be the bylaws of the J.Crew Surviving Corporation until thereafter amended as provided therein or by the DGCL, and the certificate of incorporation of J.Crew in effect at the Effective Time, as amended pursuant to the J.Crew Certificate
of Merger, shall be the certificate of incorporation of the J.Crew Surviving Corporation until thereafter amended as provided therein or by the DGCL. 

(d) Directors and Officers. The directors and officers of Chinos and J.Crew immediately prior to the Effective Time shall be the
directors of the Chinos Surviving Corporation and J.Crew Surviving Corporation, respectively, from and after the Effective Time and shall hold office until the earlier of their respective death, resignation or removal or until their respective
successors are duly elected or appointed and qualified in the manner provided for in the certificate of incorporation and bylaws of the applicable Surviving Corporation or as otherwise provided by the DGCL. 

ARTICLE III 
 CONVERSION OF
SECURITIES 
 Section 3.1 Conversion of Chinos Securities. At the Effective Time, by virtue of the Chinos Merger and without
any action on the part of Chinos SPV, Chinos, Merger Sub 1 or the holders of any shares of Chinos Common Stock, Restricted Stock, Options, Chinos Series A Preferred Stock or Chinos Series B Preferred Stock, SPV Common Units or SPV Series C Units:

 (a) Each issued and outstanding share of Chinos Common Stock (other than any shares of Chinos Common Stock to be canceled pursuant to
Section 3.2(e) and any Dissenting Shares) shall be converted into the right to receive [one] SPV Common Unit (the “Chinos Common Stock Merger Consideration”). As of the Effective Time, all such shares of
Chinos Common Stock shall no longer be outstanding and shall automatically be canceled and retired and shall cease to exist. As of the Effective Time, each holder of shares of Chinos Common Stock shall cease to have any rights with respect thereto,
except the right to receive, upon the surrender thereof, the Chinos Common Stock Merger Consideration in accordance with Section 3.2(f). 

(b) Each unvested share of Chinos Common Stock (“Restricted Stock”) that is outstanding pursuant to the Chinos Holdings, Inc.
Amended and Restated 2011 Equity Incentive Plan (the “Plan”) immediately prior to the Effective Time shall, automatically and without any action on the part of the holder thereof, be converted into the right to receive [one] SPV
Common Unit (the “Chinos Restricted Common Stock Merger Consideration”). As of the Effective Time, all such shares of Restricted Stock shall no longer be outstanding and shall automatically be canceled and retired and shall cease to
exist. As of the Effective Time, each holder of shares of Restricted Stock shall cease to have any rights with respect thereto, except the right to receive, upon the surrender thereof, the Chinos Restricted Common Stock Merger Consideration in
accordance with Section 3.3. The SPV Common Units received in respect of the Restricted Stock shall generally be subject to the same terms and conditions (including vesting and forfeiture provisions) as such Restricted
Stock; provided that the SPV Common Units received in respect of the Restricted Stock that was subject to performance-based vesting as of immediately prior to the Effective Time, shall be subject to time-based vesting, in equal annual installments
over a four year period from the Effective Time, as set forth in the restricted SPV Common Unit grant notice issued to the holder of such restricted SPV Common Units. 

  
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 (c) Each option to purchase a share of Chinos Common Stock granted under the Plan (an
“Option”) outstanding immediately prior to the Effective Time shall, automatically and without any action on the part of the holder thereof, be forfeited and cancelled for no consideration, as of immediately prior to the Effective
Time. 
 (d) Each share of Chinos Series A Preferred Stock (other than any Dissenting Shares) issued and outstanding immediately prior to the
Effective Time shall be converted into the right to receive [one] SPV Series C Unit (the “Chinos Series A Preferred Merger Consideration”). As of the Effective Time, all such shares of Chinos Series A Preferred Stock shall no longer
be outstanding and shall automatically be canceled and retired and shall cease to exist. As of the Effective Time, each holder of any shares of Chinos Series A Preferred Stock shall cease to have any rights with respect thereto, except the right to
receive, upon the surrender thereof, the Chinos Series A Preferred Merger Consideration in accordance with Section 3.2(f) 

(e) Each share of Chinos Series B Preferred Stock (other than any Dissenting Shares) issued and outstanding immediately prior to the Effective
Time shall be converted into the right to receive [one] SPV Series C Unit (the “Chinos Series B Preferred Merger Consideration”, and together with the Chinos Common Stock Merger Consideration, the Chinos Restricted Common Stock
Merger Consideration, and the Chinos Series A Merger Consideration, the “Chinos Merger Consideration”). As of the Effective Time, all such shares of Chinos Series B Preferred Stock shall no longer be outstanding and shall
automatically be canceled and retired and shall cease to exist. As of the Effective Time, each holder of shares of Chinos Series B Preferred Stock shall cease to have any rights with respect thereto, except the right to receive, upon the surrender
thereof, the Chinos Series B Preferred Merger Consideration in accordance with Section 3.2(f) 
 (f) Each
membership interest in Merger Sub 1 issued and outstanding immediately prior to the Effective Time shall be converted into one fully paid and nonassessable share of Chinos Common Stock, as the common stock of the Chinos Surviving Corporation. 

Section 3.2 Conversion of J.Crew Securities. As of the Effective Time, by virtue of the J.Crew Merger and without any action on
the part of J.Crew, Chinos SPV, Merger Sub 2, or the holders of any shares of J.Crew Common Stock or SPV Common Units: 
 (a) Each issued and
outstanding share of J.Crew Common Stock (other than any shares of J.Crew Common Stock to be canceled pursuant to Section 3.2(e) and any Dissenting Shares) shall be converted into the right to receive [one] SPV Common Unit
(the “J.Crew Merger Consideration” and, together with the Chinos Merger Consideration, the “Merger Consideration”). As of the Effective Time, all such shares of J.Crew Common Stock shall no longer be outstanding and
shall automatically be canceled and retired and shall cease to exist. As of the Effective Time, each holder of shares of J.Crew Common Stock shall cease to have any rights with respect thereto, except the right to receive, upon the surrender
thereof, the J.Crew Merger Consideration in accordance with Section 3.3. 

  
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 (b) Each issued and outstanding share of J.Crew
Non-Voting Stock shall remain issued and outstanding and be unaffected by the Mergers. 
 (c) Each
membership interest in Merger Sub 2 issued and outstanding immediately prior to the Effective Time shall be converted into one fully paid and nonassessable share of J.Crew Common Stock, as the common stock of the J.Crew Surviving Corporation. 

(d) Effect on SPV Common Units. At the Effective Time, each SPV Common Unit issued and outstanding immediately prior to the Effective
Time shall remain outstanding. Immediately following the Effective Time, all equity of Chinos SPV owned by Chinos Surviving Corporation or the J.Crew Surviving Corporation shall be surrendered to Chinos SPV without payment therefor. 

(e) Cancellation of Treasury Shares. Each share of Chinos Common Stock held in the treasury of Chinos immediately prior to the Effective
Time, and each share of J.Crew Common Stock held in the treasury of J.Crew immediately prior to the Effective Time, shall automatically be canceled and retired and shall cease to exist, and no consideration shall be delivered in exchange therefor.

 (f) Dissenting Shares. Any shares of Chinos Common Stock, Chinos Series A Preferred Stock, Chinos Series B Preferred Stock
(collectively, “Chinos Capital Stock”) and J.Crew Common Stock that are outstanding immediately prior to the Effective Time and that are held by a holder of Chinos Capital Stock or J.Crew Common Stock who shall have neither voted in
favor of the Merger nor consented thereto in writing and whom shall be entitled to and shall have properly demanded appraisal for such shares in accordance with Section 262 of the DGCL (collectively, the “Dissenting Shares”)
shall not be converted into or represent the right to receive the consideration provided in Section 3.2 in respect thereof. Such holder shall instead be entitled to receive payment of the appraised value of such shares of
Chinos Capital Stock or J.Crew Common Stock, as applicable, in accordance with the provisions of Section 262 of the DGCL, except that any Dissenting Shares held by a holder who shall have failed to perfect or who effectively shall have
withdrawn, waived or otherwise lost his, her or its rights to appraisal of such shares of Chinos Capital Stock and J.Crew Common Stock under such Section 262 of the DGCL shall thereupon be deemed to have been converted into and to have become
exchangeable, as of the Effective Time, for the right to receive the consideration provided in Section 3.2, without any interest thereon. The Exchange Agent (as defined below) shall give Chinos and Chinos SPV prompt notice
of any demands for appraisal rights and Chinos SPV shall have the opportunity to participate in and control any negotiations and proceedings with respect to such demands, in accordance with Article VII. 

  
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 Section 3.3 Exchange of Shares and Certificates. 

(a) Exchange Agent. Prior to the Effective Time, Chinos shall designate a bank, trust company or nationally recognized stockholder
services provider (the “Exchange Agent”) for the purpose of exchanging, in accordance with this Article III, Certificates and Book-Entry Shares for the Merger Consideration. In addition, at or prior to the Effective Time,
Chinos SPV shall, and Chinos shall cause Chinos SPV to, deposit or cause to be deposited with the Exchange Agent for the benefit of the holders of shares of Chinos Capital Stock and J.Crew Common Stock evidence of (i) SPV Common Units
representing the aggregate amount of SPV Common Units and (ii) SPV Series C Units representing the aggregate amount of SPV Series C Units, in each case, sufficient to deliver the Merger Consideration (such shares, together any dividends or
distributions with respect thereto, hereinafter, the “Exchange Fund”). The Exchange Agent shall deliver the Merger Consideration to be issued pursuant to Section 3.1 out of the Exchange Fund. 

(b) Exchange Procedures. Prior to or as soon as reasonably practicable after the Effective Time, the Exchange Agent shall mail to each
holder of record of a certificate (a “Chinos Certificate”) or book-entry share (an “Chinos Book-Entry Share”) that immediately prior to the Effective Time represented outstanding shares of Chinos Common Stock,
Chinos Series A Preferred Stock or Chinos Series B Preferred Stock, as applicable, and to each holder of record of a certificate (a “J.Crew Certificate” and, together with a Chinos Certificate, a “Certificate”) or
book-entry share (a “J.Crew Book-Entry Share” and, together with an J.Crew Book-Entry Share, a “Book-Entry Share”), that immediately prior to the Effective Time represented outstanding shares of J.Crew Common Stock,
as applicable, whose shares were converted into the right to receive the applicable Merger Consideration, (i) a letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall
pass, only upon delivery of the Certificates or Book-Entry Shares to the Exchange Agent, and which shall be in such form and have such other provisions as Chinos SPV may reasonably specify), (ii) instructions for use in effecting the surrender of
the Certificates and Book-Entry Shares in exchange for the applicable Merger Consideration, (iii) the notification required by Section 228(e) of the DGCL with respect to the Required Stockholder Approval, (iv) a joinder to the Chinos
SPV Operating Agreement, (v) a cover letter, including such information regarding the transactions contemplated hereby as may be required under the DGCL and all applicable Laws, together with a copy of this Agreement, to allow such holders to
validly waive or assert any applicable appraisal rights, (vi) [except as otherwise required by Chinos SPV, certification that such holder is, and at the time it acquires the SPV Common Units or SPV Series C Units, as applicable, will be, a
“qualified purchaser” as defined in Section 2(a)(51)(A) of the Investment Company Act of 1940, as amended, or a “qualified institutional buyer” (as defined under Rule 144A under the Securities Act of 1933, as amended)] and
(vii) such additional information as Chinos may determine is appropriate. Upon surrender of a Certificate or Book-Entry Share, as applicable, for cancellation to the Exchange Agent or to such other agent or agents as may be appointed by Chinos
SPV, together with such letter of transmittal, duly executed, and such other documents as may reasonably be required by 

  
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the Exchange Agent, the holder of such Certificate or Book-Entry Share shall be entitled to receive in exchange therefor that number of SPV Common Units or SPV Series C Units, as applicable, that
such holder has the right to receive pursuant to the provisions of this Article III, and the Certificate or Book-Entry Share so surrendered shall forthwith be canceled. If any portion of the applicable Merger Consideration is to be registered
in the name of a person other than the person in whose name the applicable surrendered Certificate or Book-Entry Share is registered, it shall be a condition to the registration of such Merger Consideration that the surrendered Certificate shall be
properly endorsed or otherwise be in proper form for transfer and the person requesting such delivery of the Merger Consideration shall pay to the Exchange Agent any transfer or other taxes required by reason of such registration in the name of a
person other than the registered holder of such Certificate or Book-Entry Share or establish to the reasonable satisfaction of the Exchange Agent that such tax has been paid or is not applicable. Until surrendered as contemplated by this
Section 3.3, subject to the rights of the holders of Dissenting Shares, each Certificate or Book-Entry Share shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender
the applicable Merger Consideration. No interest shall be paid or shall accrue for the benefit of holders of Certificates or Book-Entry Shares on the applicable Merger Consideration payable upon the surrender of Certificates or Book-Entry Shares.

 (c) Distributions with Respect to Unexchanged Shares. No dividends or other distributions with respect to SPV Common Units or SPV
Series C Units with a record date after the Effective Time shall be paid to the holder of any unsurrendered Certificate or Book-Entry Share with respect to any SPV Common Units represented thereby, in each case until the surrender of such
Certificate or Book-Entry Share in accordance with this Article III. Subject to the effect of any applicable laws, statutes, orders, rules, regulations, policies or guidelines promulgated, or judgments, decisions or orders entered by any
Governmental Entity (“Applicable Laws”), following surrender of any such Certificate or Book-Entry Share, there shall be paid to the holder of SPV Common Units or SPV Series C Units, as applicable, issued in exchange therefor,
without interest, at the appropriate payment date, the amount of dividends or other distributions with a record date after the Effective Time but prior to such surrender and a payment date subsequent to such surrender payable with respect to such
SPV Common Units or SPV Series C Units. 
 (d) No Further Ownership Rights in J.Crew Common Stock, Chinos Common Stock, Chinos Series A
Preferred Stock and Chinos Series B Preferred Stock. All SPV Common Units and SPV Series C Units issued upon the surrender for exchange of Certificates or Book-Entry Shares in accordance with the terms of this Article III shall be deemed to have
been issued (and paid) in full satisfaction of all rights pertaining to the shares of Chinos Capital Stock and J.Crew Common Stock, as applicable, theretofore represented by such Certificates or Book-Entry Shares, and there shall be no further
registration of transfers on the stock transfer books of the Chinos Surviving Corporation of the shares of J.Crew Common Stock, or the Chinos Surviving Corporation of the shares of Chinos Capital Stock, that were outstanding immediately prior to the
Effective Time. If, after the Effective Time, Certificates or Book-Entry Shares are presented to Chinos SPV or the Exchange Agent for any reason, they shall be canceled and exchanged as provided in this Article III, except as otherwise provided by
law. 

  
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 (e) Return of Merger Consideration. Any portion of the Merger Consideration made
available to the Exchange Agent pursuant to Section 3.3(a) that remains undistributed to the holders of the Certificates or Book-Entry Shares for one year after the Effective Time shall be delivered to Chinos SPV, upon
demand, and any holders of the Certificates or Book-Entry Shares who have not theretofore complied with this Article III shall thereafter be entitled to look only to Chinos SPV for payment of their claim for any SPV Common Units and SPV
Series C Units, and any dividends or distributions with respect thereto. 
 (f) No Liability. None of Chinos, J.Crew, Chinos SPV,
Merger Sub 1, the Chinos Surviving Corporation, Merger Sub 2, the J.Crew Surviving Corporation or the Exchange Agent shall be liable to any person in respect of any portion of the Merger Consideration delivered to a public official pursuant to any
applicable abandoned property, escheat or similar law. If any Certificate or Book-Entry Share has not been surrendered prior to one year after the Effective Time, or immediately prior to such earlier date on which any SPV Common Units or SPV Series
C Units would otherwise escheat to or become the property of any federal, state, local, foreign or supranational government, any court, administrative, regulatory or other governmental agency, commission or authority or any non-governmental self-regulatory agency, commission or authority (a “Governmental Entity”), any such SPV Common Units or SPV Series C Units shall, to the extent permitted by Applicable Law, become
the property of Chinos SPV, free and clear of all claims or interests of any person previously entitled thereto. 
 (g) Withholding
Rights. Each of Chinos SPV and the Exchange Agent shall be entitled to deduct and withhold from the consideration otherwise payable pursuant to this Agreement such amounts as it is required to deduct and withhold with respect to the making of
such payment under the Code, or any provision of state, local or foreign Tax law. Such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the person in respect of which such deduction and withholding was
made. 
 (h) Lost Certificates. If any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that
fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by Chinos SPV or the Exchange Agent, the posting by such person of a bond in such reasonable amount as Chinos SPV or the Exchange Agent, as applicable, may
direct as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent shall deliver in exchange for such lost, stolen or destroyed Certificate, the Merger Consideration with respect to the shares of
..J.Crew Common Stock or Chinos Capital Stock, as applicable, formerly represented thereby, and unpaid dividends and distributions on shares of SPV Common Units or SPV Series C Units deliverable in respect thereof, pursuant to this Agreement. 

  
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 Section 3.4 Further Assurances. At and after the Effective Time, the officers
and directors or managers, as applicable, of Chinos SPV, Chinos Surviving Corporation and J.Crew Surviving Corporation shall be authorized to execute and deliver, in the name and on behalf of Chinos or J.Crew, any deeds, bills of sale, assignments
or assurances and to take and do, in the name and on behalf thereof, any other actions and things necessary to vest, perfect or confirm of record or otherwise in Chinos SPV, any and all right, title and interest in, to and under any of the rights,
properties or assets acquired or to be acquired by Chinos SPV as a result of, or in connection with, the Mergers. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

Section 4.1 Each party hereby represents and warrants to the other parties that (a) such party has all necessary power and
authority to execute and deliver this Agreement, (b) the execution and delivery of this Agreement have been duly authorized and approved, (c) no other entity or governing body action on the part of such party is necessary to authorize the
execution and delivery by such party of this Agreement; and (d) this Agreement has been duly executed and delivered by such party and, assuming due authorization, execution and delivery of this Agreement by the other parties hereto, constitutes
a legal, valid and binding obligation of such party, enforceable against such party in accordance with its terms and conditions, subject to applicable bankruptcy, insolvency, moratorium, or other similar Laws relating to creditors’ rights and
general principles of equity. 
 ARTICLE V 

CONDITIONS PRECEDENT 
 Section
5.1 Conditions Precedent to the Merger. The respective obligation of each party to effect the Mergers, as applicable, is subject to the satisfaction or waiver, in whole or in part, (to the extent permitted by Applicable Law) on or prior
to the Closing Date of the following conditions: 
 (a) the Required Stockholder Approval shall have been obtained; 

(b) each of the Series A Certificate of Designation and the Series B Certificate of Designation shall have been amended to read as set forth in
Exhibit D and E, respectively; 
 (c) the Separation and Distribution, pursuant to that certain Separation and Distribution Agreement, dated
as of the date hereof, by and between Chinos and J.Crew (the “Separation Agreement”) shall have been effected; 
 (d) the
Board of Directors of Chinos shall have approved the Mergers and shall not have abandoned the Mergers or terminated this Agreement at any time prior to the Effective Time; and 

(e) no Applicable Law shall have been adopted, promulgated or issued, and be in effect, that prohibits the consummation of the Mergers or any
of the other transactions contemplated hereby. 

  
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 ARTICLE VI 

TERMINATION 
 Section 6.1
This Agreement shall automatically terminate upon the termination of the Separation Agreement. 
 ARTICLE VII 

INDEMNIFICATION 

Section 7.1  

(a) For a period of two (2) years following the Closing, Chinos SPV shall indemnify, defend and hold harmless Chinos and J.Crew and their
respective officers, directors, employees, agents, successors and permitted assigns (collectively, the “Indemnified Parties”) from and against any and all losses imposed on or incurred by any of the Indemnified Parties, in respect
of any claim, action, proceeding or investigation (a “Claim”) arising out of or resulting from the exercise of appraisal rights in accordance with Section 262 of the DGCL. 

(b) If any such Claim shall be brought, threatened or asserted against an Indemnified Party, Chinos or J.Crew, as applicable, shall promptly
notify Chinos SPV if Chinos SPV is not a party to such Claim. If Chinos SPV so elects, Chinos SPV will have the right to assume the defense of any such Claim, including the employment of counsel reasonably satisfactory to Chinos or J.Crew, as
applicable, and the payment of the fees and disbursements of such counsel. In the event, however, (a) such Indemnified Person reasonably determines in its judgment, based on the advice of counsel, that having common counsel would present such
counsel with a conflict of interest or the representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them, including situations in which there are one or more legal defenses
available to such Indemnified Person that are different from or additional to those available to Chinos SPV, (b) Chinos SPV has agreed in writing, or (c) Chinos SPV shall have failed to employ counsel reasonably satisfactory to such
Indemnified Person in a timely manner, then such Indemnified Person may employ separate counsel reasonably satisfactory to Chinos SPV to represent or defend it in any such claim, action, proceeding or investigation and Chinos SPV will pay the
reasonable and documented fees and disbursements of such counsel; provided, however, that Chinos SPV will not be required to pay the fees and disbursements of more than one separate counsel for all Indemnified Persons in any jurisdiction in any
single claim, action, proceeding or investigation, except to the extent that local counsel, in addition to its regular counsel, is required in order to effectively defend against such action or proceeding. In any Claim the defense of which Chinos
SPV assumes, the Indemnified Person will have the right to participate in such litigation and to retain its own counsel at such Indemnified Person’s sole expense (subject to the immediately preceding sentence); provided that Chinos SPV will
have the right to maintain control of the defense. 

  
 11 

 ARTICLE VIII 

MISCELLANEOUS 
 Section 8.1
Entire Agreement. This Agreement together with the Certificates of Merger constitute the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements, understandings and
negotiations, both written and oral, between the parties with respect to the subject matter hereof and thereof. 
 Section 8.2
Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns. 

Section 8.3 No Third-Party Beneficiaries. This Agreement is for the sole benefit of the parties hereto and their respective
successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other person any legal or equitable right, benefit or remedy of any nature whatsoever, under or by reason of this Agreement. 

Section 8.4 Headings. The headings contained herein are for reference purposes only and shall not affect in any way the meaning
or interpretation of this Agreement. 
 Section 8.5 Amendment and Modification; Waiver. This Agreement may only be amended,
modified or supplemented by an agreement in writing signed by each party hereto. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the party so waiving. Except as otherwise
set forth in this Agreement, no failure to exercise, or delay in exercising, any rights, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right,
remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. 

Section 8.6 Severability. If any one or more of the provisions contained in this Agreement should be declared invalid,
illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained in this Agreement shall not in any way be affected or impaired thereby so long as the economic or legal substance of the
transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon such a declaration, the Parties shall modify this Agreement so as to effect the original intent of the Parties as closely as possible in an
acceptable manner so that the transactions contemplated hereby are consummated as originally contemplated to the fullest extent possible. 

Section 8.7 Governing Law; Submission to Jurisdiction. This Agreement shall be governed by and construed in accordance with
the laws of the State of Delaware, without regard to the conflicts of law rules of such state. The parties agree that (i) any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection
with, this Agreement shall be exclusively brought in the Delaware Court of Chancery, or in the event that the Delaware Court of Chancery declines to accept jurisdiction over such action, any state or federal court located in the State of Delaware,
(ii) any cause of action arising out of this Agreement shall be deemed to have arisen in the State of Delaware, and (iii) each of the parties hereby irrevocably consents to the exclusive jurisdiction of such courts (and of the appropriate
appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the 

  
 12 

 
fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action
or proceeding brought in any such court has been brought in an inconvenient forum. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY 
 Section 8.8 Counterparts. This Agreement may be signed in any number of counterparts, each
of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when each party hereto shall have received a counterpart hereof signed by the other
party hereto. 
 [SIGNATURE PAGE FOLLOWS] 

  
 13 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
above written. 
  

	
	[Chinos SPV]
	
	 By____________________________
 Name:

Title:

	
	[Chinos Holdings, Inc.]
	
	 By___________________________
 Name:

Title:

	
	[J.Crew NewCo]
	
	 By____________________________
 Name:

Title:

	
	[Merger Sub 1]
	
	 By___________________________
 Name:

Title:

	
	[Merger Sub 2]
	
	 By___________________________
 Name:

Title:

  

  
 AGREEMENT
AND PLAN OF MERGEREX-10.22

 Exhibit 10.22 

FORM OF 
 TAX MATTERS
AGREEMENT 
 This TAX MATTERS AGREEMENT (the “Agreement”) is entered into as of [●] between Chinos Holdings, Inc.
(following the Distribution and in its capacity as common parent of a group of corporations that includes the Madewell Group, as defined below, “Madewell”), a Delaware corporation, and [J. Crew Newco] (“J.Crew”), a
Delaware corporation. 
 W I T N E S S E T H: 

WHEREAS, pursuant to the Tax laws of various jurisdictions, certain members of the Madewell Group presently file certain Tax Returns on an
affiliated, consolidated, combined, unitary, fiscal unity or other group basis (including as permitted by Section 1501 of the Code) with certain members of the J.Crew Group; 

WHEREAS, Madewell and J.Crew have entered into a Separation and Distribution Agreement, dated as of the date hereof (the “Separation
Agreement”), pursuant to which the Separation, the Distribution and the Separation Transactions will be consummated; 
 WHEREAS,
Madewell and J.Crew desire to set forth their agreement on the rights and obligations of Madewell, J.Crew and the members of the Madewell Group and the J.Crew Group respectively, with respect to (a) the allocation of federal, state, local and
foreign Taxes incurred in Pre-Distribution Periods, (b) Taxes resulting from the Separation, the Distribution and the Separation Transactions and (c) various other Tax matters. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth, the Parties agree as follows: 

Section 1. Definitions. 
  

	 	a)	 As used in this Agreement: 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under
common control with, such other Person. For the purposes of this definition, “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through
the ownership of voting securities, by Contract or otherwise, and the terms “controlling” and “controlled” have meanings correlative to the foregoing. Notwithstanding any provision of this Agreement to the contrary (except where
the relevant provision states explicitly to the contrary), no member of the Madewell Group, on the one hand, and no member of the J.Crew Group, on the other hand, shall be deemed to be an Affiliate of the other. 

“Agreement” has the meaning set forth in the preamble. 

“Applicable Law” (or “Applicable Tax Law,” as the case may be) means, with respect to any Person, any federal,
state, local or foreign law (statutory, common or otherwise), constitution, treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree, ruling, directive, guidance, instruction, direction, permission, waiver, notice,
condition, limitation, restriction or prohibition or other similar requirement enacted, adopted, promulgated, imposed, issued or applied by a Governmental Authority that is binding upon or applicable to such Person, its properties or assets or its
business or operations. 
 “Business Day” has the meaning set forth in the Separation Agreement. 

“Closing of the Books Method” means the apportionment of items between portions of a Straddle Period based on a closing of
the books and records on the close of the Distribution Date as if the Distribution Date were the last day of the Taxable period, subject to adjustment for items accrued on the Distribution Date that are properly allocable to the portion of the
Straddle Period following the Distribution under Applicable Law; provided that Taxes not based upon or measured by net or gross income shall be apportioned pro rata between each portion of the Straddle Period in accordance with the number of
days in each portion of such Straddle Period. 

  
 1 

 “Code” means the Internal Revenue Code of 1986. 

“Combined Group” means any group that filed or was required to file (or will file or be required to file) a Tax Return on an
affiliated, consolidated, combined, unitary, fiscal unity or other group basis (including as permitted by Section 1501 of the Code) that includes at least one member of the J.Crew Group and at least one member of the Madewell Group. 

“Combined Tax Return” means a Tax Return filed in respect of federal, state, local or foreign Taxes for a Combined Group.

 “Company” means J.Crew or Madewell (or the appropriate member of each of their respective Groups), as appropriate. 

“Distribution” has the meaning set forth in the Separation Agreement. 

“Distribution Date” has the meaning set forth in the Separation Agreement. 

“Distribution Time” has the meaning set forth in the Separation Agreement. 

“Governmental Authority” has the meaning set forth in the Separation Agreement. 

“Group” means, as the context requires, the J.Crew Group, the Madewell Group or either or both of them. 

“Indemnitee” means the party that is entitled to seek indemnification from another party pursuant to the provisions of
Section 8. 
 “IRS” has the meaning set forth in the Separation Agreement. 

“J.Crew” has the meaning ascribed thereto in the preamble. 

“J.Crew Group” means J.Crew and its Subsidiaries as set forth on Schedule 1.01(a) of the Separation Agreement,
including all predecessors and successors to such Persons. 
 “J.Crew Separate Tax Return” means any Tax Return that is
required to be filed by, or with respect to, a member of the J.Crew Group that is not a Combined Tax Return. 
 “Madewell”
has the meaning ascribed thereto in the preamble. 
 “Madewell Common Stock” has the meaning set forth in the Separation
Agreement. 
 “Madewell Group” means Madewell and its Subsidiaries (other than any member of the J.Crew Group), including
all predecessors and successors to such Persons. 
 “Madewell Separate Tax Return” means any Tax Return that is required to
be filed by, or with respect to, any member of the Madewell Group that is not a Combined Tax Return. 
 “Person” has the
meaning set forth in Section 7701(a)(1) of the Code. 
 “Plan of Separation” means that certain Project Monet Plan of
Separation, dated as of [●], attached hereto as Exhibit 1. 
 “Post-Distribution Period” means any Taxable period,
including such portion of any Straddle Period, beginning after the Distribution Date. 

  
 2 

 “Pre-Distribution Period” means any
Taxable period, including such portion of any Straddle Period, ending on or before the Distribution Date. 
 “Separation”
has the meaning set forth in the Separation Agreement. 
 “Separation Agreement” has the meaning set forth in the recitals.

 “Separation Documents” has the meaning set forth in the Separation Agreement. 

“Separation Taxes” means any Taxes incurred solely as a result of the Separation, the Distribution, or the Separation
Transactions. 
 “Separate Tax Return” means a Madewell Separate Tax Return or J.Crew Separate Tax Return. 

“Separation Transactions” means the reorganization of certain businesses, assets and liabilities of the Madewell Group and
the J.Crew Group to be completed before the Distribution Time in accordance with the Plan of Separation. 
 “Straddle
Period” shall mean any Taxable period beginning on or prior to the Distribution Date and ending after the Distribution Date. 

“Tax” means (i) any tax, including any net income, gross income, gross receipts, recapture, alternative or add-on minimum, sales, use, business and occupation, value-added, trade, goods and services, ad valorem, franchise, profits, net wealth, license, business royalty, withholding, payroll, employment, capital, excise,
transfer, recording, severance, stamp, occupation, premium, property, asset, real estate acquisition, environmental, custom duty, impost, obligation, assessment, levy, tariff or other tax, governmental fee, assessment or charge of any kind
whatsoever, together with any interest and any penalty, addition to tax or additional amount imposed by a Taxing Authority; or (ii) any liability in respect of any items described in clause (i) payable by reason of contract, assumption,
transferee or successor liability, operation of Applicable Law, Treasury Regulations Section 1.1502-6(a) (or any predecessor or successor thereof or any analogous or similar provision of Applicable Law)
or otherwise. 
 “Tax Attribute” means a net operating loss, net capital loss, unused investment credit, unused foreign tax
credit, excess charitable contribution, unused general business credit, business interest expense carryover, alternative minimum tax credit or any other Tax Item that could reduce a Tax liability. 

“Tax Benefit” means any refund, credit, offset or other reduction in otherwise required Tax payments. 

“Tax Item” means any item of income, gain, loss, deduction, credit, recapture of credit or any other item that can increase
or decrease Taxes paid or payable. 
 “Tax Proceeding” means any audit, dispute, examination, contest, litigation,
arbitration, action, suit, claim, review, inquiry, assessment, hearing, complaint, demand, investigation or proceeding (whether administrative, judicial or contractual) with respect to Taxes. 

“Tax Return” means any Tax return, statement, report, form, election, bill, certificate, claim or surrender (including
estimated Tax returns and reports, extension requests and forms, and information returns and reports), or other document filed or required to be filed with any Taxing Authority, including any amendment thereof, appendix, schedule or attachment
thereto. 
 “Taxing Authority” means any Governmental Authority (domestic or foreign), including any state, municipality,
political subdivision or governmental agency responsible for the imposition, assessment, administration, collection, enforcement or determination of any Tax. 

“Transfer Taxes” means all federal, state, local or foreign sales, use, privilege, transfer, documentary, stamp, duties, real
estate transfer, controlling interest transfer, recording, registration, excise, value added and similar Taxes and fees (including any penalties, interest or additions thereto) imposed upon any member of the J.Crew Group or any member of the
Madewell Group in connection with the Separation, the Distribution or any Separation Transaction. 

  
 3 

 “Transferred Tax Attribute” means any Tax Attribute to which a member of
the Madewell Group succeeded under Section 381 of the Code (or any similar provision of state or local Applicable Law) by reason of the Separation Transactions and that was allocated under Applicable Law to the Madewell Group following the
Distribution. 
 “Treasury Regulations” means regulations promulgated by the U.S. Department of the Treasury under the
Code, including proposed and temporary regulations. 
  

	 	b)	 Each of the following terms is defined in the Section set forth opposite such term: 

 

					
	 Term
	  	Section	 
	 Actual Separation Taxes Calculation
	  	 	Section 3	(d) 
	 Due Date
	  	 	Section 9	(a) 
	 Past Practices
	  	 	Section 4	(e) 
	 Pre-Distribution Taxes
	  	 	Section 3	(a) 
	 Separation Taxes Estimate
	  	 	Section 3	(d) 
	 Segregated Account
	  	 	Section 3	(d) 
	 Tax Arbiter
	  	 	Section 17	 
	 Tax Benefit Recipient
	  	 	Section 7	(c) 
	 Transferred Tax Attribute Certificate
	  	 	Section 6	(c) 

  

	 	c)	 All capitalized terms used but not defined herein shall have the same meanings as in the Separation Agreement.
Any term used in this Agreement which is not defined in this Agreement or the Separation Agreement shall, to the extent the context requires, have the meaning assigned to it in the Code or the applicable Treasury Regulations thereunder (as
interpreted in administrative pronouncements and judicial decisions) or in comparable provisions of Applicable Tax Law. 

Section 2. Sole Tax Sharing Agreement. Any and all existing Tax sharing agreements or arrangements, written or unwritten, between any
member of the Madewell Group and any member of the J.Crew Group shall be terminated as of the Distribution Date without any further action by the Parties thereto. Following the Distribution, no Company shall have any further rights or liabilities
thereunder, and, except for Article 4 of the Transition Services Agreement and Article 4 of the Employee Matters Agreement, this Agreement shall be the sole Tax sharing agreement between the members of the Madewell Group and the members of the
J.Crew Group. 
 Section 3. Allocation of Taxes. Notwithstanding anything in this Agreement to the contrary: 

a) Taxes for Combined Tax Returns in Respect of Pre-Distribution Periods. All Taxes reported, or
required to be reported, on any Combined Tax Return in respect of a Pre-Distribution Period, other than Separation Taxes (“Pre-Distribution Taxes”),
shall be allocated between J.Crew and Madewell in accordance with the Tax Sharing Apportionment Schedule attached hereto as Appendix A. 
 b)
Taxes for Separate Tax Returns. J.Crew shall be allocated all Taxes, other than Separation Taxes, that are reported, or required to be reported, on a J.Crew Separate Tax Return. Madewell shall be allocated all Taxes that are reported, or
required to be reported, on a Madewell Separate Tax Return. 
 c) Taxes Not Reported on Tax Returns. J.Crew shall be allocated any
Tax, other than a Separation Tax, attributable to any member of the J.Crew Group that is not required to be reported on a Tax Return. Madewell shall be allocated any Tax attributable to any member of the Madewell Group that is not required to be
reported on a Tax Return. 

  
 4 

 d) Separation Taxes. Any liability for Separation Taxes, including, for the avoidance
of doubt, incremental liability for Separation Taxes as a result of any Tax Proceeding, shall be allocated one hundred percent (100%) to Madewell. Madewell shall be entitled to use any Transferred Tax Attributes to offset Separation Taxes allocated
to Madewell pursuant to this Section 3(d) (without compensating J.Crew for such use of Transferred Tax Attributes). On the Distribution Date, Madewell shall make (or cause to be made) a payment of $[●], the estimate
of the amount of Separation Taxes (“Separation Taxes Estimate”), to J.Crew to be retained in a segregated non-interest bearing account for Madewell’s benefit (the “Segregated
Account”), until the funds therein are required to be released (i) in the case of any Separation Tax to be paid by Madewell, to Madewell to make such payment to the applicable Taxing Authority, which release shall be at least two
(2) Business Days prior to the due date of any such Separation Tax or (ii) in the case of any Separation Tax to be paid by J.Crew (but economically borne by Madewell), to J.Crew when required to be paid to the applicable Taxing Authority.
J.Crew shall reflect the Segregated Account on its balance sheet as a restricted cash account until such time that the funds are paid or payable. No later than thirty (30) days following the Distribution Date, J.Crew shall prepare (or cause to
be prepared) and deliver to Madewell, a good faith calculation of the final amount of Separation Taxes (including copies of any supporting worksheets) (“Actual Separation Taxes Calculation”) for Madewell’s review, comment and
approval (such approval not to be unreasonably delayed, conditioned or withheld). If within fifteen (15) days following delivery of the Actual Separation Taxes Calculation, Madewell notifies J.Crew in writing that Madewell disputes the amount
of the Actual Separation Taxes Calculation, J.Crew and Madewell shall cooperate in good faith to resolve such dispute. In the event that the Actual Separation Taxes Calculation is greater or less than the amount of the Separation Taxes Estimate,
Madewell shall make a payment of the shortfall to J.Crew (to be deposited into the Segregated Account), or J.Crew shall make a payment of the excess to Madewell (out of the funds in the Segregated Account), as applicable, in each case, promptly
following the resolution of the Actual Separation Taxes Calculation. Any dispute with respect to the Separation Taxes Estimate or the Actual Separation Taxes Calculation that cannot be timely resolved between J.Crew and Madewell shall be addressed
according to the procedures set forth in Section 17; provided, however, that any dispute with respect to the Actual Separation Taxes Calculation shall be resolved prior to the date on which either Party is
required to submit to the other Party a draft of any Tax Return in respect of a Taxable period including the Distribution Date pursuant to Section 4. 

e) Transfer Taxes for Combined Tax Returns in Respect of Pre-Distribution Periods.
Notwithstanding the foregoing in Section 3(a), any liability for a Tax reported, or required to be reported, on any Combined Tax Return in respect of a Pre-Distribution Period,
which Tax would qualify as a Transfer Tax but for the fact that such Tax did not arise in connection with the Separation, the Distribution or any Separation Transaction, shall be allocated between J.Crew and Madewell such that (i) J.Crew is
allocated such Taxes that arose or resulted from any transaction or business to the extent engaged in by any member or members of the J.Crew Group, and (ii) Madewell is allocated such Taxes that arose or resulted from any transaction or
business to the extent engaged in by any member or members of the Madewell Group. For the avoidance of doubt, any Taxes which would qualify as Transfer Taxes but for the fact that such Tax did not arise in connection with the Separation, the
Distribution or any Separation Transaction (i) reported, or required to be reported, on a Separate Tax Return shall be governed by Section 3(b) and (ii) not required to be reported on a Tax Return shall be
governed by Section 3(c). 
 f) Straddle Periods. All Taxes in respect of a Straddle Period shall be
allocated in accordance with the Closing of the Books Method; provided, however, that any Combined Tax Returns in respect of the Taxable year ending January 2020 will be governed by Section 3(a). 

Section 4. Preparation and Filing of Tax Returns. 

a) Combined Tax Returns due after the Distribution Date. J.Crew, in consultation with Madewell, shall prepare, or cause to be prepared,
any Combined Tax Return that is due after the Distribution Date; provided that J.Crew shall submit to Madewell a draft of any such Combined Tax Return for review and approval (such approval not to be unreasonably delayed, conditioned or
withheld) sufficiently in advance of the due date for filing such Combined Tax Return (and in any case, no later than thirty (30) days prior to the date such Combined Tax Return is required to be filed). Madewell shall timely file any such
Combined Tax Return by the due date for filing such Combined Tax Return (for the avoidance of doubt, taking into account any valid extensions). Each member of the Combined Group shall execute and file such consents, elections and other documents as
may be required, appropriate or otherwise reasonably requested by J.Crew in connection with the filing of such Combined Tax Returns. 

  
 5 

 b) Separate Tax Returns. J.Crew shall prepare and file, or cause to be prepared and
filed, any J.Crew Separate Tax Return, and Madewell shall prepare and file, or cause to be prepared and filed, any Madewell Separate Tax Return. In the case of any J.Crew Separate Tax Return or Madewell Separate Tax Return in respect of a Taxable
period that (i) includes the Distribution Date, or (ii) ends prior to, but such Separate Tax Return is due after, the Distribution Date: J.Crew or Madewell, as applicable, shall submit such J.Crew Separate Tax Return or Madewell Separate
Tax Return, as applicable, to the other Party for review, comment and approval (such approval not to be unreasonably delayed, conditioned or withheld) sufficiently in advance of the due date for filing such Separate Tax Return (and in any case, no
later than thirty (30) days prior to the date such Separate Tax Return is required to be filed). 
 c) Transfer Tax Returns. The
Company required under Applicable Tax Law to file any Tax Returns in respect of Transfer Taxes (other than any Transfer Taxes reported, or required to be reported, on any Combined Tax Return, which shall be governed by
Section 4(a)), if any, shall prepare and timely file (or cause to be prepared and timely filed) such Tax Returns; provided that if such Company is J.Crew or any of its Subsidiaries, J.Crew shall submit to Madewell a
draft of any such Separate Tax Return for review, comment and approval (such approval not to be unreasonably delayed, conditioned or withheld) sufficiently in advance of the due date for filing such Separate Tax Return (and in any case, no later
than thirty (30) days prior to the date such Separate Tax Return is required to be filed). 
 d) Amended Returns. Except as
otherwise required by Applicable Law, (i) no Party shall file any amended Combined Tax Return in respect of any Pre-Distribution Period, and (ii) J.Crew shall not file any amended J.Crew Separate Tax
Return that reflects Separation Taxes, in each case, without the prior written approval (not to be unreasonably withheld, conditioned or delayed) of the other Party, and the preparation and filing of such amended Combined Tax Return shall be
governed by Section 4(a). 
 e) Preparation in Accordance with Past Practices. Any Combined Tax Return with
respect to Pre-Distribution Periods shall be prepared in accordance with past practices, accounting methods, elections or conventions (“Past Practices”) used by the Combined Group in Pre-Distribution Periods to the extent permitted by Applicable Law. 
 f) Payment of Taxes. Madewell
shall make a timely payment (or cause a timely payment to be made) to the proper Taxing Authority of the Taxes shown as due on any Tax Return for which a member of the Madewell Group is responsible for filing under this
Section 4. J.Crew shall make a timely payment (or cause a timely payment to be made) to the proper Taxing Authority of the Tax shown as due on any Tax Return for which a member of the J.Crew Group is responsible for filing
under this Section 4. To the extent all or a portion of the Tax shown due is allocated to a Party under Section 3 other than the Party responsible for making the payment pursuant to this
Section 4(f), the Party that bears such Tax (or portion thereof) under Section 3 shall remit such amount to the Party making the payment (for payment to the Taxing Authority) no later than five
(5) calendar days prior to the due date for filing the applicable Tax Return; provided that the Party required to remit such amount has received from the Party responsible for making the payment written notice of the amount which has
been allocated pursuant to Section 3; provided further that written notice shall be deemed to have been received in the case of any Tax Return requiring review and approval by the
non-filing Party under Section 4, and any payments by Madewell to J.Crew in respect of Separation Taxes pursuant to clause (ii) of Section 3(d) shall be
considered to satisfy the obligations under this Section 4(f) of a Party bearing a Tax to remit the amount of the Tax to the Party responsible for making the payment to a Taxing Authority. 

Section 5. Apportionment of Tax Attributes and Estimated Taxes Paid.  

a) Apportionment of Tax Attributes. Madewell shall in good faith, based on information reasonably available to it, provide to J. Crew in
writing for approval (such approval not to be unreasonably delayed, conditioned or withheld), no later than [●] following the Distribution, an estimate of the portion of any consolidated, combined or unitary Tax Attributes which Madewell
expects to be allocated to the members of the J.Crew Group under Applicable Tax Law. As soon as reasonably practicable after the Distribution occurs and in no event later than [●], Madewell shall submit to J.Crew for approval (such approval
not to be unreasonably delayed, conditioned or withheld), written notice of any adjustments to the previously delivered estimates of the portion of any Tax Attributes to be allocated to the J.Crew Group. If J.Crew and Madewell cannot agree on an
allocation, the Parties shall resolve their disagreement pursuant to the procedures set forth in Section 17. Each of Madewell and J. Crew agrees to prepare all Tax Returns in accordance with the finally determined
allocation of such items except to the extent adjusted as a result of a Tax Proceeding. 

  
 6 

 b) Apportionment of Estimated Taxes Paid. If and to the extent any member of the
J.Crew Group or any member of the Madewell Group makes or has made a payment to a Taxing Authority of any estimated Taxes with respect to any Combined Tax Return in respect of a Pre-Distribution Period, such
payment shall be allocated to the Parties in accordance with the allocation described in Section 3(a). 
 Section 6.
Payment for Certain Tax Attributes. 
 a) Reduction of Taxes Payable by Madewell in Respect of Post-Distribution Periods.
Madewell shall make a payment to J.Crew for the use of Transferred Tax Attributes if, as and when realized as a reduction to Taxes payable by the Madewell Group in any Post-Distribution Period, which payment shall equal fifty percent (50%) of
the actual reduction in such Taxes of the Madewell Group or any member of the Madewell Group. 
 b) Madewell shall not be required to
compensate J.Crew for the use of any Tax Attributes that are used to reduce (A) Separation Taxes that Madewell would otherwise have borne, or (B) any increase in Madewell’s Tax liability with respect to a Combined Tax Return or
Madewell Separate Return, in either case, in respect of a Pre-Distribution Period, that would otherwise have been payable and arises from the filing of an amended Tax Return or is due to an adjustment pursuant
to a Tax Proceeding. For the avoidance of doubt, for purposes of this Section 6, (i) any reduction in payments of Madewell’s Taxes on account of the application of Transferred Tax Attributes (or anticipated
availability thereof) shall be considered an offset to Madewell’s Tax liability and governed by the applicable provisions of this Section 6, and (ii) the amount that J.Crew is entitled to receive shall be
calculated after first taking into account: (a) all other applicable items of income, gain, deduction or loss (or any other Tax Attributes), (b) the application of Transferred Tax Attributes to reduce Separation Taxes, and (c) the
application of Transferred Tax Attributes to reduce Madewell’s Tax liability with respect to a Combined Tax Return or Madewell Separate Return, in either case, in respect of a Pre-Distribution Period
(regardless of whether such Tax liability results from an amendment or adjustment pursuant to a Tax Proceeding). For purposes of this Section 6, Madewell shall be treated as having realized the benefit of Transferred Tax
Attributes as a reduction to Taxes otherwise payable by Madewell or any member of the Madewell Group on the earlier of: (A) the date that the corresponding Tax Return (if any) is filed; or (B) the date that the applicable Taxes (including
estimated Taxes) are paid. Any payments required to be made pursuant to this Section 6 shall be made no later than sixty (60) days following the date that the benefit of the Transfer Tax Attributes is deemed to have
been realized. To the extent Madewell makes a payment to J.Crew for the use of Transferred Tax Attributes to reduce Madewell’s estimated Taxes for a Taxable year, but the benefit of such Transferred Tax Attributes is not actually realized in
that Taxable year (as reflected on Madewell’s Tax return for such Taxable year), J.Crew shall remit the excess amount of the payment to Madewell as a refund. 

c) After the expiration of services to be provided by J.Crew to Madewell under the Transition Services Agreement (in respect of the calculation
of Tax Attributes), Madewell shall deliver to J.Crew a certificate setting forth the calculation of the Transferred Tax Attributes utilized in respect of each Post-Distribution Period to date (including copies of any supporting worksheets) (the
“Transferred Tax Attribute Certificate”) (i) if, as, and when Madewell uses Transferred Tax Attributes to realize a reduction to Taxes (including estimated Taxes) payable by the Madewell Group in respect of any Post-Distribution
Period, within ten (10) calendar days of realizing such benefit, and (ii) from time to time upon the reasonable request of J.Crew. Within thirty (30) calendar days after its receipt of a Transferred Tax Attribute Certificate, J.Crew
shall either inform Madewell in writing that the Transferred Tax Attribute Certificate is acceptable or object thereto in writing. To the extent J.Crew objects thereto, the Parties shall resolve such dispute in accordance with the procedures set
forth in Section 17. 
 Section 7. Tax Benefits. 

a) Madewell Tax Benefits. Subject to Section 6, Madewell shall be entitled to any Tax Benefits received by any
member of the J.Crew Group or the Madewell Group with respect to any Tax allocated to a member of the Madewell Group under this Agreement. For the avoidance of doubt, any refunds attributable to Taxes in respect of a Combined Tax Return (other than
Separation Taxes) will be allocated to Madewell in proportion to its percentage of liability as set forth on the Tax Sharing Apportionment Schedule. 

  
 7 

 b) J.Crew Tax Benefits. J.Crew shall be entitled to any Tax Benefits received by any
member of the J.Crew Group or the Madewell Group with respect to any Tax allocated to a member of the J.Crew Group under this Agreement. For the avoidance of doubt, any refunds attributable to Taxes in respect of a Combined Tax Return (other than
Separation Taxes) will be allocated to J.Crew in proportion to its percentage of liability as set forth on the Tax Sharing Apportionment Schedule. 

c) A Company receiving a Tax Benefit to which another Company is entitled under this Agreement (a “Tax Benefit Recipient”)
shall pay over the amount of such Tax Benefit (including any interest received from the relevant Taxing Authority, but net of any Taxes imposed with respect to such Tax Benefit and any other reasonable costs associated with the receipt of the Tax
Benefit) within thirty (30) days of receipt thereof; provided, however, that upon the request of the Tax Benefit Recipient, the other Company shall repay the amount paid by the Tax Benefit Recipient (plus any penalties, interest or other
charges imposed by the relevant Taxing Authority) in the event that a Tax Benefit that gave rise to such payment is subsequently disallowed as a result of a final determination as defined in Section 1313(a) of the Code. 

Section 8. Indemnities. 
 a)
Madewell Indemnity to J.Crew. Madewell shall indemnify J.Crew against, and hold J.Crew harmless, without duplication, from any Tax liability allocated to Madewell pursuant to Section 3 (including, for the avoidance
of doubt, any Separation Taxes). 
 b) J.Crew Indemnity to Madewell. J.Crew shall indemnify Madewell against, and hold Madewell
harmless, without duplication, from any Tax liability allocated to J.Crew pursuant to Section 3. 
 c) Tax
Benefits. If an indemnification obligation of any Indemnifying Party under this Section 8 arises in respect of an adjustment that makes any Tax Benefit allowable to an Indemnitee which would not, but for such
adjustment, be allowable, then any such indemnification obligation shall be an amount equal to (i) the amount otherwise due but for this Section 8(c), minus (ii) the reduction in actual cash Taxes payable by the
Indemnitee no later than the end of the second Taxable year after the indemnification obligation arises as a direct result of the Tax Benefit, determined on a “with and without” basis. 

Section 9. Payments. 
 a)
Timing. All payments to be made to a Party under this Agreement shall be made in immediately available funds. Except as otherwise provided, all payments will be due thirty (30) Business Days after the receipt of notice of such payment
or, where no notice is required, thirty (30) Business Days after the fixing of liability or the resolution of a dispute (the “Due Date”). Payments shall be deemed made when received. Any payment that is not made on or before
the Due Date shall bear interest at the rate equal to the “prime” rate as published on such Due Date in the Wall Street Journal, Eastern Edition, for the period from and including the date immediately following the Due Date through and
including the date of payment. 
 b) Treatment of Payments. Any payment made by Madewell to J.Crew for the use of Transferred Tax
Attributes (or refunds made by J.Crew to Madewell for any overpayments) pursuant to Section 6 shall be treated by the Parties for all Tax purposes as an adjustment to purchase price unless otherwise required by Applicable
Tax Law. To the extent permitted by Applicable Tax Law, a payment made pursuant to any Separation Document that relates to a Pre-Distribution Period and is made prior to the close of the Taxable year to which
it relates (x) by any member of the J.Crew Group to any member of the Madewell Group or (y) by any member of the Madewell Group to any member of the J.Crew Group shall be treated by the Parties hereto for all Tax purposes as a contribution
by Madewell to J.Crew, or a distribution by J.Crew to Madewell, as the case may be. In the event that a Taxing Authority asserts that a Party’s treatment of a payment described in this Section 9(b) should be other than
as required herein, (i) such Party shall use its reasonable best efforts to contest such assertion in a manner consistent with Section 11, and (ii) no Party hereto shall be entitled to any gross-up payment for Taxes incurred in connection with the receipt of a payment for Transferred Tax Attributes. 

  
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 c) No Duplicative Payment. It is intended that the provisions of this Agreement shall
not result in a duplicative payment of any amount required to be paid under the Separation Agreement or any other Separation Document, and this Agreement shall be construed accordingly. 

Section 10. Communication and Cooperation. 

a) Consult and Cooperate. J.Crew and Madewell shall consult and cooperate (and shall cause each other member of their respective Groups
to consult and cooperate) fully at such time and to the extent reasonably requested by the other Party in connection with all matters subject to this Agreement. Such cooperation shall include: 

i. the retention, and provision on reasonable request, of any and all information including all books, records, documentation or other
information pertaining to Tax matters relating to the Combined Group, any necessary explanations of information, and access to personnel, until one year after the expiration of the applicable statute of limitation (giving effect to any extension,
waiver or mitigation thereof); 
 ii. the execution of any document that may be necessary (including to give effect to
Section 11) or helpful in connection with any required Tax Return or in connection with any audit, proceeding, suit or action; and 

iii. the use of the Parties’ commercially reasonable efforts to obtain any documentation from a Governmental Authority or a third party
that may be necessary or helpful in connection with the foregoing. 
 b) Provide Information. J.Crew and Madewell shall keep each
other reasonably informed with respect to any material development relating to the matters subject to this Agreement. 
 c)
Confidentiality and Privileged Information. Any information or documents provided under this Agreement shall be kept confidential by the Party receiving the information or documents, except as may otherwise be necessary in connection with the
filing of required Tax Returns or in connection with any audit, proceeding, suit or action. Without limiting the foregoing (and notwithstanding any other provision of this Agreement or any other agreement), (i) no member of the J.Crew Group or the
Madewell Group, respectively, shall be required to provide any member of the other Group or any other Person access to or copies of any information or procedures other than information or procedures that relate solely to matters for which Madewell
or J.Crew, respectively, has an obligation to indemnify under this Agreement, and (ii) in no event shall any member of the J.Crew Group or the Madewell Group be required to provide any member of the other Group or any other Person access to or
copies of any information if such action could reasonably be expected to result in the waiver of any privilege. Notwithstanding the foregoing, in the event that J.Crew or Madewell determines that the provision of any information to any member of the
other Group could be commercially detrimental or violate any law or agreement to which the information providing Party is bound, such information providing Party shall not be required to comply with the foregoing terms of this
Section 10(c) except to the extent that it is able, using commercially reasonable efforts, to do so while avoiding such harm or consequence. 

Section 11. Tax Proceedings. 

a) Notice. Each of J.Crew or Madewell shall promptly notify the other in writing upon the receipt of any notice of a Tax Proceeding from
any Taxing Authority that may affect the liability of any member of the Madewell Group or any member of the J.Crew Group for Taxes under Applicable Law or this Agreement; provided, however, that a Party’s right to indemnification under
this Agreement shall not be limited in any way by a failure to so notify, except to the extent that the Indemnifying Party is prejudiced by such failure. 

b) Combined Tax Returns. Notwithstanding anything in this Agreement to the contrary, J.Crew and Madewell shall jointly control Tax
Proceedings relating to any Combined Tax Return; provided, however, that neither Party shall settle, compromise or dispose of such Tax Proceeding without the prior written approval of the other Party (such approval not to be unreasonably
delayed, conditioned or withheld). Each of J.Crew and Madewell shall have a duty to keep the other Party informed of all material developments and events relating to any such Tax Proceeding described in this Section 11(b).
Madewell, on the one hand, and J.Crew, on the other hand, will each bear fifty percent (50%) of any expenses attributable to a jointly controlled Tax Proceeding described in this Section 11(b). 

  
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 c) Madewell Control; Separation Taxes. Subject to
Section 11(b) with respect to any Tax Proceedings related to a Combined Tax Return, Madewell shall have the right to control any Tax Proceeding relating to Separation Taxes; provided that Madewell shall keep J.Crew
fully informed of all material developments and shall permit J.Crew, at its own cost and expense, a reasonable opportunity to participate in (but not to control) the defense of the matter to the extent such Taxes are Taxes of a member of the J.Crew
Group. 
 d) Allocation of Adjustments. Any adjustments to Tax (including any related interest and penalties) resulting from a Tax
Proceeding or the filing of an amended Tax Return shall be allocated in a manner consistent with Section 3. For the avoidance of doubt, any adjustment to Separation Taxes (including any related interest and penalties) shall
be allocated one hundred percent (100%) to Madewell. 
 Section 12. Costs and Expenses. The Party that prepares any Tax Return shall bear
the costs and expenses incurred in the preparation of such Tax Return. Except as expressly set forth in this Agreement or the Separation Agreement, (i) each Party shall bear the costs and expenses incurred pursuant to this Agreement (including
with respect to any Tax Proceeding) to the extent the costs and expenses are directly attributable to a liability or obligation allocated to such Party and (ii) to the extent a cost or expense is not directly attributable to a liability or
obligation, it shall be borne by the Party incurring such cost or expense. For purposes of this Agreement, costs and expenses shall include, but not be limited to, reasonable attorneys’ fees, accountants’ fees and other related
professional fees and disbursements. 
 Section 13. Effectiveness; Termination and Survival. Except as expressly set forth in this
Agreement, as between J.Crew and Madewell, this Agreement shall become effective upon the consummation of the Distribution. All rights and obligations arising hereunder shall survive until they are fully effectuated or performed; provided
that notwithstanding anything in this Agreement to the contrary, this Agreement shall remain in effect and its provisions shall survive for one (1) year after the full period of all applicable statutes of limitation (giving effect to any
extension, waiver or mitigation thereof) and, with respect to any claim initiated prior to the end of such period, until such claim has been satisfied or otherwise resolved. This agreement shall terminate without any further action at any time
before the Distribution upon termination of the Separation Agreement. 
 Section 14. Specific Performance. Each Party to this Agreement
acknowledges and agrees that damages for a breach or threatened breach of any of the provisions of this Agreement would be inadequate and irreparable harm would occur. In recognition of this fact, each Party agrees that, if there is a breach or
threatened breach, in addition to any damages, the nonbreaching Party to this Agreement, without posting any bond, shall be entitled to seek and obtain equitable relief in the form of specific performance, temporary restraining order, temporary or
permanent injunction, attachment, or any other equitable remedy which may then be available (i) to obligate the breaching Party to perform its obligations under this Agreement, or (ii) to take any other actions as are necessary, advisable
or appropriate to give the other Party to this Agreement the economic effect which comes as close as possible to the performance of those obligations (including transferring, or granting liens on, the assets of the breaching Party to secure the
performance by the breaching Party of those obligations). 
 Section 15. Construction. In this Agreement, unless the context clearly
indicates otherwise: 
 a) words used in the singular include the plural and words used in the plural include the singular; 

b) references to any Person include such Person’s successors and assigns but, if applicable, only if such successors and assigns are
permitted by this Agreement; 
 c) except as otherwise clearly indicated, reference to any gender includes the other gender; 

  
 10 

 d) the words “include,” “includes” and “including” shall be
deemed to be followed by the words “without limitation”; 
 e) reference to any Article, Section, Exhibit or Schedule means such
Article or Section of, or such Exhibit or Schedule to, this Agreement, as the case may be, and references in any Section or definition to any clause means such clause of such Section or definition; 

f) the words “herein,” “hereunder,” “hereof,” “hereto” and words of similar import shall be deemed
references to this Agreement as a whole and not to any particular Section or other provision hereof; 
 g) reference to any agreement,
instrument or other document means such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted by the provisions thereof and by this Agreement; 

h) reference to any law (including statutes and ordinances) means such law (including all rules and regulations promulgated thereunder) as
amended, modified, codified or reenacted, in whole or in part, and in effect at the time of determining compliance or applicability; 
 i)
relative to the determination of any period of time, “from” means “from and including,” “to” means “to and including” and “through” means “through and including”; 

j) the titles to Articles and headings of Sections contained in this Agreement have been inserted for convenience of reference only and shall
not be deemed to be a part of or to affect the meaning or interpretation of this Agreement; and 
 k) unless otherwise specified in this
Agreement, all references to dollar amounts herein shall be in respect of lawful currency of the United States. 
 Section 16. Entire Agreement;
Amendments and Waivers. 
 a) Entire Agreement. 

i. This Agreement and the other Separation Documents constitute the entire understanding of the Parties with respect to the subject matter
hereof and supersede all prior agreements, understandings and negotiations, both written and oral, between the Parties with respect to the subject matter hereof and thereof. No representation, inducement, promise, understanding, condition or
warranty not set forth herein or in the other Separation Documents has been made or relied upon by any Party hereto or any member of their Group with respect to the transactions contemplated by the Separation Documents. This Agreement shall be
interpreted in accordance with the terms of the Separation Agreement in all respects, provided that in the event of any conflict or inconsistency between the terms of this Agreement and the terms of the Separation Agreement, the terms of this
Agreement shall control in all respects. 
 ii. THE PARTIES ACKNOWLEDGE AND AGREE THAT NO REPRESENTATION, WARRANTY, PROMISE, INDUCEMENT,
UNDERSTANDING, COVENANT OR AGREEMENT HAS BEEN MADE OR RELIED UPON BY ANY PARTY OTHER THAN THOSE EXPRESSLY SET FORTH IN THIS AGREEMENT AND IN THE OTHER SEPARATION DOCUMENTS. WITHOUT LIMITING THE GENERALITY OF THE DISCLAIMER SET FORTH IN THE PRECEDING
SENTENCE, NONE OF J.CREW, MADEWELL OR ANY OF THEIR RESPECTIVE AFFILIATES HAS MADE OR SHALL BE DEEMED TO HAVE MADE ANY REPRESENTATIONS OR WARRANTIES IN ANY PRESENTATION OR WRITTEN INFORMATION RELATING TO THE BUSINESS GIVEN OR TO BE GIVEN IN
CONNECTION WITH THE CONTEMPLATED TRANSACTIONS OR IN ANY FILING MADE OR TO BE MADE BY OR ON BEHALF OF J.CREW, MADEWELL OR ANY OF THEIR RESPECTIVE AFFILIATES, AS APPLICABLE, WITH ANY GOVERNMENTAL AUTHORITY, AND NO STATEMENT MADE IN ANY SUCH
PRESENTATION OR WRITTEN MATERIALS, MADE IN ANY SUCH FILING OR CONTAINED IN ANY SUCH OTHER INFORMATION SHALL BE DEEMED A REPRESENTATION OR WARRANTY HEREUNDER OR OTHERWISE. EACH PARTY ACKNOWLEDGES THAT THE OTHER PARTY HAS INFORMED IT THAT NO PERSON
HAS BEEN AUTHORIZED BY IT OR ANY OF ITS AFFILIATES TO MAKE ANY REPRESENTATION OR WARRANTY IN RESPECT OF THE BUSINESS OR IN CONNECTION WITH THE CONTEMPLATED TRANSACTIONS, UNLESS IN WRITING AND CONTAINED IN THIS AGREEMENT OR IN ANY OF THE OTHER
SEPARATION DOCUMENTS TO WHICH THEY ARE A PARTY. 

  
 11 

 b) Amendments and Waivers. 

i. Any provision of this Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and is signed, in the case
of an amendment, by J.Crew and Madewell, or in the case of a waiver, by the Party against whom the waiver is to be effective. 
 ii. No
failure or delay by any Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right,
power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by Applicable Law. 

Section 17. Dispute Resolution. In the event of any dispute relating to this Agreement, the Parties shall work together in good faith to
resolve such dispute within thirty (30) days. In the event that such dispute is not resolved, upon written notice by a Party after such thirty (30)-day period, the matter shall be referred to a U.S. Tax
counsel or other Tax advisor of recognized national standing (the “Tax Arbiter”) that will be jointly chosen by J.Crew and Madewell; provided, however, that if J.Crew and Madewell do not agree on the selection of the Tax
Arbiter after five (5) days of good faith negotiation, the Tax Arbiter shall consist of a panel of three U.S. Tax counsel or other Tax advisor of recognized national standing with one member chosen by the J.Crew, one member chosen by Madewell,
and a third member chosen by mutual agreement of the other members within the following ten (10)-day period. Each decision of a panel Tax Arbiter shall be made by majority vote of the members. The Tax Arbiter
may, in its discretion, obtain the services of any third party necessary to assist it in resolving the dispute. The Tax Arbiter shall furnish written notice to the Parties to the dispute of its resolution of the dispute as soon as practicable, but
in any event no later than ninety (90) days after acceptance of the matter for resolution. Any such resolution by the Tax Arbiter shall be binding on the Parties, and the Parties shall take, or cause to be taken, any action necessary to
implement such resolution. All fees and expenses of the Tax Arbiter shall be shared equally by the parties to the dispute. 
 Section 18.
Counterparts; Effectiveness; Third-Party Beneficiaries. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same
instrument. This Agreement shall become effective when each Party hereto shall have received a counterpart hereof signed by the other Party hereto. Until and unless each Party has received a counterpart hereof signed by the other Party hereto, this
Agreement shall have no effect and no Party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication). Except for Section 10(c) and the indemnification
and release provisions of Section 8, neither this Agreement nor any provision hereof is intended to confer any rights, benefits, remedies, obligations, or liabilities hereunder upon any Person other than the Parties hereto
and their respective successors and permitted assigns. 
 Section 19. Successors and Assigns. The provisions of this Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns; provided that neither Party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement without
the consent of the other Party hereto. If any Party or any of its successors or permitted assigns (i) shall consolidate with or merge into any other Person and shall not be the continuing or surviving corporation or entity of such consolidation
or merger or (ii) shall transfer all or substantially all of its properties and assets to any Person, then, and in each such case, proper provisions shall be made so that the successors and assigns of such Party shall assume all of the
obligations of such Party under the Separation Documents. 
 Section 20. Change in Tax Law. Any reference to a provision of the Code,
Treasury Regulations or any other Applicable Tax Law shall include a reference to any applicable successor provision of the Code, Treasury Regulations or other Applicable Tax Law. 

  
 12 

 Section 21. Performance. Each Party shall cause to be performed all actions, agreements
and obligations set forth herein to be performed by any member of such Party’s Group. 
 Section 22. Coordination with Separation
Agreement. The following articles and sections from the Separation Agreement are hereby incorporated by reference as if fully set forth herein: Section 8.01 (Notices); Section 8.05 (Governing Law); and 8.09 (Waiver of Jury Trial). 

[SIGNATURE PAGE FOLLOWS] 

  
 13 

 IN WITNESS WHEREOF the Parties hereto have caused this Agreement to be duly executed by
their respective authorized officers as of the date first above written. 
  

			
	MADEWELL
		
	By:	 	  

		 	Name:
		 	Title:
		
		 	J.CREW
		
	By:	 	  

		 	Name:
		 	Title:

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