Document:

EX-10.23

 Exhibit 10.23 

FORM OF 
 EMPLOYEE
MATTERS AGREEMENT 
 THIS EMPLOYEE MATTERS AGREEMENT (this “Employee Matters Agreement”) is executed effective as of
[•], 2019, by and among Chinos Holdings, Inc., a [●] (“Madewell”) and [J.Crew Newco], a [●] (“J.Crew”). 

Statement of Background Information 

WHEREAS, Madewell and J.Crew have entered into a Separation and Distribution Agreement, dated [●], 2019 (the “Separation
Agreement”) pursuant to which the Madewell Business and the J.Crew Business (each as defined in the Separation Agreement) will separate (the “Separation”); 

WHEREAS, in furtherance of the transaction and obligations set forth in the Separation Agreement, the parties desire to set forth in writing
the terms and conditions pursuant to which this Employee Matters Agreement will operate and thereby supplement the provisions of the Separation Agreement; and 

WHEREAS, the parties desire to provide for and agree upon the allocation between the parties of the principal employment, compensation, equity
plan and other benefit plan arrangements of each of the parties and their respective affiliates arising prior to, as a result of, and subsequent to the Separation Date, and to provide for and agree upon other matters relating to such matters. 

Agreement 
 NOW,
THEREFORE, in consideration of the promises and mutual covenants set forth in the Separation Agreement and herein, and other good and valuable consideration, and contingent upon the Closing, the parties hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

 All capitalized terms used but not defined in this Employee Matters Agreement shall have the meanings ascribed to such terms in the
Separation Agreement. For purposes of this Employee Matters Agreement, the following capitalized terms shall have the meanings set forth below: 

“Affiliate” shall have the meaning set forth in the Separation Agreement. 

“Benefits Transition Date” shall mean December 31, 2020, or such earlier date as mutually agreed by Madewell and J.Crew.

 “COBRA” shall mean the continuation coverage requirements under Section 4980B of the Code and Part 6 of Subtitle B
of Title I of ERISA. 
 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to
time, any successor statute thereto and all applicable regulations thereunder. 

  
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 “J.Crew Group” shall have the meaning set forth in the Separation
Agreement. 
 “J.Crew Plans” shall mean all “employee benefit plans” as defined in Section 3(3) of ERISA and
all other benefit, welfare, incentive, severance or compensation plans, programs, policies, and arrangements, sponsored by J.Crew or its Affiliates (other than a member of the Madewell Group), including, without limitation, the plans listed on
Schedule I attached hereto, but shall not include any Madewell Plan. 
 “Liabilities” shall have the meaning set forth in
the Separation Agreement. 
 “Madewell Employee” shall mean (i) any employee who provides services primarily with
respect to the Madewell Business as of the Separation Date (including those employees on an approved leave of absence, including but not limited to medical leave, maternity leave, family leave, military leave or personal leave under the policies of
J.Crew or Madewell or any of their Affiliates, as applicable) (ii) any person listed on Schedule II and (iii) any individual hired by Madewell after the Separation Date. 

“Madewell Group” shall have the meaning set forth in the Separation Agreement. 

“Madewell Plans” shall mean the benefit, welfare, incentive, severance or compensation plans, programs, policies, and
arrangements, sponsored by a member of the Madewell Group and set forth on Schedule III attached hereto. 
 “Madewell Service
Provider” shall mean any Madewell Employee and any individual consultant or individual independent contractor who provides services primarily with respect to the Madewell Business (including individuals engaged by Madewell after the
Separation Date). 
 “Separation Date” shall mean the date upon which the consummation of the Separation occurs. 

“Term” shall mean the period commencing on the Separation Date and ending on the Benefits Transition Date, or as otherwise
mutually agreed between the parties. 
 “Transferring Employee” shall mean an individual whose employment is transferred to
a member of the Madewell Group on or prior to the Separation Date. 
 “Transition Services Agreement” shall mean that
certain Transition Services Agreement dated as of the date hereof between J.Crew and Madewell. 
 ARTICLE II 

ASSUMPTION OF CERTAIN OBLIGATIONS AND LIABILITIES 

Effective as of the Separation Date, Madewell shall, or shall cause one of its Affiliates to, assume or retain, as the case may be, any and
all Liabilities (contingent or otherwise) relating to, arising out of, or resulting from the employment or services, or termination of employment or services, of any Person who is a Madewell Service Provider, whether arising before, on or after the
Separation Date, excluding any obligations of J.Crew pursuant to the Transition Services 

  
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Agreement, and except as otherwise set forth in this Employee Matters Agreement. Notwithstanding the foregoing sentence, any and all Liabilities relating to, arising out of, or resulting from the
employment or services, or termination of employment or service prior to the Separation Date applicable to Madewell Service Providers who, prior to the Separation Date, were employed by the J.Crew Group and who’s personnel area and cost center
was a member of the J.Crew Group (including the individuals set forth on Schedule IV), shall be Liabilities of the J.Crew Group at all times following the Separation Date. To the extent that this Employee Matters Agreement does not address
particular Liabilities and the Parties later determine that such Liabilities should be allocated in connection with the Separation, the Parties will agree in good faith on the allocation, taking into account the handling of comparable Liabilities
under this Agreement. 
 ARTICLE III 

EMPLOYMENT/Service 

Section 3.01. Continuation of Service. As of the Separation Date, Madewell shall, or shall cause its
applicable Affiliates to, employ or engage, as the case may be, all of the Madewell Service Providers, including all such employees who have rights of employment on return from any leave or other absence. 

Section 3.02. Transferring Employees. On or prior to the Separation Date (such date, the “Transfer
Date”), any Transferring Employee shall be transferred to a member of the Madewell Group. 
 Section 3.03.
Status. Effective as of the Separation Date, Madewell shall have the sole authority to hire any individuals to become Madewell Service Providers and to terminate the employment or service of any Madewell Service Providers. Neither
Madewell nor any of its Affiliates shall be obligated to continue to employ or engage any individual for any specific period of time, subject to applicable Law. In addition, nothing in this Employee Matters Agreement, the Separation Agreement or the
Transition Services Agreement should be construed to change the at-will status of any of the employees of the J.Crew Group or the Madewell Group. 

Section 3.04. No Acceleration of Entitlements; No Severance. No provision of this Employee Matters Agreement
or the Separation Agreement shall be construed to create any right to, or accelerate entitlement to, any compensation or benefit whatsoever on the part of any Madewell Service Provider or present or former employee of J.Crew under any J.Crew Plan or
Madewell Plan, applicable Law or otherwise. 
 Section 3.05. Termination of Service Liability. J.Crew shall
retain and be solely responsible for the payment and administration of severance, indemnity or other termination pay or other similar benefits for any individual whose service was terminated prior to the Separation Date. 

  
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 Section 3.06. Assumption of Employment Agreements; Certain
Other Terms of Employment. As of the applicable Transfer Date, Madewell or another member of the Madewell Group shall have used reasonable efforts to assume, and J.Crew or another member of the J.Crew Group shall have assigned, all existing
employment agreements, offer letters, restrictive covenant agreements and other individual agreements entered into between a member of the J.Crew Group and a Madewell Service Provider listed on Schedule V, and Madewell shall indemnify and hold
harmless J.Crew and each member of the J.Crew Group against any Liabilities pursuant to any such agreement. 
 ARTICLE IV 

Benefit plans 

Section 4.01. J.Crew Plans. During the Term, those Madewell Employees who are eligible to participate in the
J.Crew Plans immediately prior to the Separation Date (or who would become eligible upon meeting certain eligibility requirements or upon satisfaction of any waiting periods under such plans), shall continue to be eligible to participate in such
J.Crew Plans and any comparable arrangements (but excluding, with respect to new awards, any J.Crew Plan providing for cash or other bonus awards, or equity or equity-based awards and excluding any severance plan sponsored by a member of the J.Crew
Group) and Madewell shall be a participating employer in the J.Crew Plans in which Madewell Employees participate. Those Madewell Employees who are hired after the Separation Date by the Madewell Group shall also be eligible to participate in the
applicable J.Crew Plans during the Term upon meeting certain eligibility requirements or upon satisfaction of any waiting periods under such plans. J.Crew or its Affiliate, as the case may be, shall continue to be responsible for operating and
administering the provisions of the J.Crew Plans and shall retain all liabilities with respect to or arising under the J.Crew Plans, subject to any payment or reimbursement obligations of the Madewell Group in accordance with the Transition Services
Agreement, including, for the avoidance of doubt all claims incurred but not yet paid as of the Separation Date under any welfare benefit plans. Nothing in this Agreement shall preclude J.Crew, at any time, from amending, merging, modifying,
terminating, eliminating, reducing, or otherwise altering in any respect any J.Crew Plan or any benefit under any J.Crew Plan, including but not limited to, any trust, insurance policy, funding vehicle or contract for services related to any J.Crew
Plan; provided that any such action impacts the Madewell Employees and employees of J.Crew or an Affiliate in the same manner. Effective as of the applicable Benefits Transition Date, all Madewell Employees shall cease participating in any J.Crew
Plans and shall cease accruing benefits in respect of such plans. 
 Section 4.02. Madewell Plans. During
the Term, those Madewell Employees who are eligible to participate in the Madewell Plans immediately prior to the Separation Date (or who would become eligible upon meeting certain eligibility requirements or upon satisfaction of any waiting periods
under such plans), shall continue to be eligible to participate in such Madewell Plans. Those Madewell Employees who are hired after the Separation Date by the Madewell Group shall also be eligible to participate in the applicable Madewell Plans
during the Term upon meeting certain eligibility requirements or upon satisfaction of any waiting periods under such plans. 

Section 4.03. Establishment of Post-Separation Madewell Plans. Effective as of the Benefits Transition Date,
Madewell will (or will cause another member of the Madewell Group to) adopt or maintain, as applicable, employee benefit plans, programs, policies or arrangements, including, without limitation, a defined contribution 401(k) plan (collectively, the
“Post-Separation Madewell Plans”). 

  
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 (a) Coverage. On and after the Benefits Transition Date, with respect to all
Post-Separation Madewell Plans, Madewell shall cause all waiting periods, pre-existing condition exclusions and actively-at-work
requirements to be waived with respect to the Madewell Employees who were not subject to any such waiting periods, exclusions or requirements under a J.Crew Plan in which such employees participate immediately prior to the Benefits Transition Date,
as applicable. 
 (b) Service Credit. The Madewell Group shall credit Madewell Employees for service earned on and prior to the
Separation Date with the J.Crew Group, or any of their respective predecessors, in addition to service earned with the Madewell Group on or after the Separation Date for purposes of eligibility and vesting under all Post-Separation Madewell Plans;
provided that nothing herein shall result in a duplication of benefits with respect to the Madewell Employees. 
 (c) Paid Time
Off. Effective as of the Benefits Transition Date, Madewell shall, or shall cause one of its Affiliates to, assume or retain all obligations of J.Crew and its Affiliates for the accrued, unused paid time off (i.e., personal illness and personal
business leave) of all Madewell Employees. 
 Section 4.04. COBRA. J.Crew Group shall continue to be
responsible for compliance with the heath continuation requirements of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) with respect to any Madewell Employees who incur a qualifying event under COBRA
prior to the Benefits Transition Date. Following the Benefits Transition Date, Madewell shall, or shall cause one of its Affiliates to, provide continuation health care coverage to all Madewell Employees and their qualified beneficiaries who incur
or incurred a qualifying event in accordance with COBRA at any time with respect to claims incurred on or after the Benefits Transition Date. 

Section 4.05. Leave of Absence Programs. Effective as of the Benefits Transition Date, (i) the Madewell
Group shall honor all terms and conditions of leaves of absence that have been granted by J.Crew to any Madewell Employee under a leave of absence program maintained by the J.Crew Group or applicable Law regarding leave of absence before the
Benefits Transition Date, including such leaves that are to commence after the Benefits Transition Date and (ii) the Madewell Group shall be solely responsible for administering any such leave of absence and complying with applicable Laws
regarding leave of absence with respect to Madewell Employees. 
 Section 4.06. Workers Compensation
Program. J.Crew shall retain all Liabilities with respect to workers’ compensation claims made, on or before the Benefits Transition Date by Madewell Employees. 

  
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 Section 4.07. Claims Assistance. Madewell shall, and shall
cause each member of the Madewell Group to, cause Madewell Employees to provide such assistance to J.Crew and its Affiliates as may be required in respect of claims against J.Crew or its Affiliates, whether asserted or threatened, to the extent
that, in J.Crew’s opinion, (a) a Madewell Employee has knowledge of relevant facts or issues, or (b) a Madewell Employee’s assistance is reasonably necessary in respect of any such claim. J.Crew shall, and shall cause each member
of the J.Crew Group to, cause its employees to provide such assistance to Madewell and its Affiliates as may be required in respect of claims against Madewell or its Affiliates, whether asserted or threatened, to the extent that, in Madewell’s
opinion, (a) a Madewell employee of J.Crew or the J.Crew Group has knowledge of relevant facts or issues, or (b) the assistance of an employee of J.Crew or the J.Crew Group is reasonably necessary in respect of any such claim. 

Section 4.08. Defined Contribution Plan. From and after the Separation Date, the J.Crew Group, Inc. 401(k)
Plan (or any successor plan) (the “J.Crew 401(k) Plan”) will continue to be responsible for all liabilities thereunder and no assets or liabilities of the J.Crew 401(k) Plan will be transferred to any Madewell Plan and the Madewell
Group will not assume any liabilities under or with respect to the J.Crew 401(k) Plan. 
 ARTICLE V 

PAYROLl; tax and PERSONNEL RECORDS 

Section 5.01. Payroll. During the Term, Madewell Service Providers shall be paid through Madewell’s or
one of its Affiliate’s payroll account, to be administered by J.Crew pursuant to the terms of the Transition Services Agreement. For those Madewell Service Providers with payroll withholding elections (such as those related to income taxes,
qualified retirement plans, group health and welfare plans, etc.) in effect immediately prior to the Separation Date, such elections shall remain the same during the Term as such elections were as of the Separation Date, except to the extent a
Madewell Service Provider elects (in a manner permitted to employees and plan participants generally) to change any such election. Effective as of the Benefits Transition Date, the Madewell Group shall administer its own payroll account for Madewell
Service Providers. 
 Section 5.02. Income Reporting, Withholding. J.Crew and Madewell shall, to the extent
practicable, (i) treat Madewell (or a member of the Madewell Group designated by Madewell) as a “successor employer” and J.Crew (or the appropriate J.Crew Group member) as a “predecessor,” within the meaning of Sections
3121(a)(1) and 3306(b)(1) of the Code, with respect to Transferring Employees for purposes of taxes imposed under the United States Federal Unemployment Tax Act or the United States Federal Insurance Contributions Act, and (ii) cooperate with
each other to avoid, to the extent possible, the filing of more than one IRS Form W-2 with respect to each Transferring Employee for the year in which the Separation Date occurs. Without limiting in any manner
the obligations and Liabilities of the parties under the Tax Matters Agreement, J.Crew, each J.Crew Group member, Madewell and each Madewell Group member shall each bear its responsibility for payroll tax obligations and for the proper reporting to
the appropriate governmental authorities of compensation earned by their respective employees after the Benefits Transition Date. 

  
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 Section 5.03. Delivery of, and Access to, Documents and Other
Information. Concurrently with the Separation Date, J.Crew shall cause to be delivered to Madewell the employee information set forth on all withholding certificates executed by Transferring Employees. For such period as J.Crew and Madewell may
mutually agree in writing, J.Crew shall make reasonably available to Madewell all forms, documents or information, no matter in what format stored, relating to compensation or payments made to any Transferring Employee. Such information may include,
but is not limited to, information concerning employee payroll deductions, payroll adjustments, records of time worked, tax records (e.g., Forms W-2, 1099, W-4, 940 and
941 and applicable counterparts in other jurisdictions), and information concerning garnishment of wages or other payments. 

Section 5.04. Consistency of Tax Positions; Duplication. J.Crew and Madewell shall individually and
collectively make commercially reasonable best efforts to avoid unnecessarily duplicated federal, state or local payroll taxes, insurance or workers’ compensation contributions, or unemployment contributions arising on or after the Separation
Date with respect to payroll. J.Crew and Madewell shall cooperate with a view toward taking consistent reporting and withholding positions with respect to any such taxes or contributions. 

Section 5.05. Personnel Records. Notwithstanding anything to the contrary in the Separation Agreement, to the
extent permitted by applicable Law, copies of all records created prior to the Separation Date (or such later date of transfer of employment, as applicable) set forth in the personnel files of the Transferring Employees (including, but not limited
to, information regarding such employee’s ranking or promotions, and performance evaluations) shall be transferred to the applicable member of the Madewell Group as of the Separation Date (or such later date of transfer of employment, as
applicable. The originals of all personnel records of all former Madewell Service Provider shall remain with the applicable member of the J.Crew Group; provided that J.Crew shall permit Madewell or its Affiliates or successors or their authorized
representatives to have full access to all such personnel records to the extent reasonably necessary in order for the members of the Madewell Group or its successors to respond to a subpoena, court order, audit, investigation or otherwise as
required by applicable Law or in connection with any pending or threatened lawsuits, actions, arbitrations, claims, complaints, investigations or other proceedings. 

ARTICLE VI 
 INCENTIVE
COMPENSATION 
 Section 6.01. Equity Incentive Compensation. 

(a) Chinos Holdings, Inc. Equity Awards. 

(i) Restricted Stock. All restricted shares of Class A Common Stock of Chinos Holdings, Inc. (“Restricted Stock”)
granted pursuant to the Chinos Holdings, Inc. 2011 Equity Incentive Plan, as amended (the “Plan”) that remain outstanding and are not yet vested as of immediately prior to the Effective Time (as defined in the Merger Agreement),
shall be converted into an [equivalent number of] restricted Common Units (as defined in the SPV LLC Agreement) of [Chinos SPV, LLC] (the “Conversion”), in accordance with the [Agreement and Plan of Merger dated as of [___] by and
among Madewell, [J.Crew Newco], a Delaware 

  
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corporation, [Chinos SPV LLC], a Delaware limited liability company, [Merger Sub 1], a Delaware limited liability company and [Merger Sub 2], a Delaware limited liability company (the
“Merger Agreement”), and the Limited Liability Company Agreement of Chinos SPV LLC (the “SPV LLC Agreement”). The Restricted Stock awards that are subject to time-based vesting restrictions immediately prior to the
Conversion, will be converted into restricted Common Units that are subject to the same time-based vesting restrictions following the Conversion, based on the holder’s continued service with Madewell or J.Crew on the applicable vesting date.
The Restricted Stock awards that are subject to performance-based vesting restrictions immediately prior to the Conversion, will be converted into restricted Common Units that are subject to time-based vesting restrictions following the Conversion,
which vest in four equal annual installments on each of the first four anniversaries of the Separation Date, based on the holder’s continued service with Madewell or J.Crew on each applicable vesting date. The restricted Common Units will
otherwise be subject to the same terms and conditions applicable to the Restricted Stock immediately prior to the Conversion. The restricted Common Units received by a holder in connection with the Conversion, including any restricted Common Units
that subsequently become vested Common Units, as well as the Common Units received in connection with the conversion of vested shares of Class A Common Stock of Chinos Holdings, Inc. (“Stock”) that were previously subject to
vesting restrictions (collectively such Common Units, the “Employee Common Units”) will be subject to the same repurchase provisions that were applicable to the shares of Stock in the event of certain terminations of service under
the terms of the Amended and Restated Management Stockholders’ Agreement by and among Chinos Holdings, Inc. and the other parties thereto dated as of July 13, 2017. Employee Common Units will also be subject to (i) repurchase by
Chinos SPV LLC or (ii) conversion into equity interests of Madewell and/or J.Crew, at the discretion of the Board of Managers of Chinos SPV, LLC, in the event that the Board of Managers of Chinos SPV LLC determines that the holders’
continued ownership of such Common Units could result in the Chinos SPV LLC being an “investment company” under the Investment Company Act of 1940, as amended. 

(ii) Stock Options. Each option to purchase shares of Stock (an “Option”) granted pursuant to the Plan that remain
outstanding as of immediately prior to the Effective Time shall be cancelled and forfeited for no consideration in accordance with the Merger Agreement. 

(b) Madewell 2019 Equity Incentive Plan. Effective as of the Separation Date, Madewell shall, or shall cause one of its Affiliates to,
establish, adopt and maintain an omnibus incentive plan for the benefit of selected Madewell Employees providing for stock options, stock awards, restricted stock, restricted stock unit and other equity-based or cash awards. 

Section 6.02. Cash Incentives. 

(a) Annual Incentive Compensation. Madewell will pay all earned annual bonuses, with respect to the fiscal year in which the Separation
Date occurs, to Madewell Service Providers pursuant to the terms of the applicable bonus plan or program. 

  
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 (b) Transformation Incentive Plan. Madewell will assume the obligations to make
payments under the Transformation Incentive Plan to Madewell Service Providers. J.Crew will reimburse Madewell for all amounts paid to Madewell Service Providers pursuant to the Transformation Incentive Plan (if any), in accordance with the terms of
the Transition Services Agreement. 
 (c) 2019 Special Bonus Plan Awards. Madewell will assume the obligations to make payments under
the 2019 Special Bonus Plan to Madewell Service Providers. J.Crew will reimburse Madewell for all amounts paid to Madewell Service Providers pursuant to the 2019 Special Bonus Plan (if any), in accordance with the terms of the Transition Services
Agreement. 
 ARTICLE VII 

PAYMENTS 

Section 7.01. Services. During the Term, in consideration for the service provided pursuant to this Employee
Matters Agreement, the participation of the Madewell Employees in the J.Crew Plans, and the operation and administration of the J.Crew Plans by J.Crew and its Affiliates for the benefit of current and former Madewell Service Providers pursuant to
this Employee Matters Agreement (the “J.Crew Payroll and Plan Services”), the Company shall pay J.Crew, and reimburse it for, the costs incurred by the J.Crew Group associated with such J.Crew Payroll and Plan Services in accordance
with the terms of the Transition Services Agreement. 
 ARTICLE VIII 

PERFORMANCE AND COOPERATION 

Section 8.01. Level of Performance. In performing its obligations under this Employee Matters Agreement, each
of J.Crew and Madewell agrees that it and its respective Affiliates, as applicable, shall in good faith exercise the same standard of care as each has used to perform such services for its own account and for its other employees, except as mutually
agreed to in writing by J.Crew and Madewell. 
 Section 8.02. Delivery of Information; Cooperation Between the
Parties. J.Crew and Madewell shall, and shall cause their respective Affiliates to, provide each other with all such information and materials reasonably necessary to effect J.Crew’s and Madewell’s prompt and complete performance of
their duties and obligations under this Employee Matters Agreement and the J.Crew Plans. The parties agree that they shall cooperate with each other and shall act in such a manner as to promote the prompt and efficient completion of the obligations
hereunder. 

  
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 ARTICLE IX 

NON-SOLICITATION 

Section 9.01. Non-Solicitation Following Separation Date. For a
period of two (2) years following the Separation Date, (i) without the approval of J.Crew, no member of the Madewell Group will, directly or indirectly, induce or attempt to induce to leave the employ of any member of the J.Crew Group, any
person who, in any capacity over the preceding twelve (12) months, was a corporate associate or a field associate at the level Store Director or above and (ii) without the approval of Madewell, no member of the J.Crew Group will, directly
or indirectly, induce or attempt to induce to leave the employ of any member of the Madewell Group any person who, in any capacity over the preceding twelve (12) months, was a corporate associate or a field associate at the level of Store
Director or above. 
 Section 9.02. Exceptions. Notwithstanding the limitations in Sections 9.01 hereof
applicable to particular categories of J.Crew and Madewell employees (collectively, the “Restricted Employees”), such limitations will not: (i) prohibit members of the J.Crew Group or the Madewell Group from soliciting or
hiring any Restricted Employee after the involuntary termination of such employee’s employment by a member of the J.Crew Group or the Madewell Group, other than as provided in Section 9.01 or (ii) prohibit members of the J.Crew Group
or the Madewell Group from placing public advertisements or conducting any other form of general solicitation that is not specifically targeted towards the Restricted Employees, including, but not limited to, the use of an independent employment
agency or search firm whose efforts are not specifically directed at Restricted Employees, and the hiring of any employees, including Restricted Employees, who respond to such general solicitations. 

ARTICLE X 

MISCELLANEOUS 

Section 10.01. Headings. The headings contained herein are for reference purposes only and shall not affect
in any way the meaning or interpretation of this Employee Matters Agreement. 
 Section 10.02.
Counterparts. This Employee Matters Agreement may be executed in one or more counterparts, and by the different parties to each such agreement in separate counterparts, each of which when executed shall be deemed to be an original but all
of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Employee Matters Agreement by facsimile shall be as effective as delivery of a manually executed counterpart of any
such Employee Matters Agreement. 
 Section 10.03. Relationship of Parties. Nothing in this Employee
Matters Agreement shall be deemed or construed by the Parties or any third party as creating the relationship of principal and agent, partnership or joint venture between the Parties, the understanding and agreement being that no provision contained
herein, and no act of the Parties, shall be deemed to create any relationship between the Parties other than the relationship set forth herein. 

  
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 Section 10.04. Assignment; No Third-Party Beneficiaries.
This Employee Matters Agreement shall not be assigned by any party hereto without the prior written consent of the other parties hereto. This Employee Matters Agreement is for the sole benefit of the parties to this Employee Matters Agreement and
their permitted successors and assigns and nothing in this Employee Matters Agreement, express or implied, is intended to or shall confer upon any other Person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under
or by reason of this Employee Matters Agreement. 
 Section 10.05. Amendment. No provision of this Employee
Matters Agreement may be amended or modified except by a written instrument signed by all the parties to such agreement. No waiver by any party of any provision hereof shall be effective unless explicitly set forth in writing and executed by the
party so waiving. The waiver by either party hereto of a breach of any provision of this Employee Matters Agreement shall not operate or be construed as a waiver of any other subsequent breach. 

Section 10.06. Severability. If any term or other provision of this Employee Matters Agreement is invalid,
illegal or incapable of being enforced under any Law or as a matter of public policy, all other conditions and provisions of this Employee Matters Agreement shall nevertheless remain in full force and effect. Upon such determination that any term or
other provision is invalid, illegal or incapable of being enforced, the parties to this Employee Matters Agreement shall negotiate in good faith to modify this Employee Matters Agreement so as to effect the original intent of the parties as closely
as possible in a mutually acceptable manner in order that the transactions contemplated by this Employee Matters Agreement be consummated as originally contemplated to the greatest extent possible. 

Section 10.07. Entire Agreement. 

(a) This Employee Matters Agreement, the Separation Agreement, the Transition Services Agreement, and the Tax Matters Agreement, including, in
each case, the exhibits, the schedules and appendices hereto and thereto contain the entire agreement between the Parties with respect to the subject matter hereof, supersede all previous agreements, negotiations, discussions, writings,
understandings, commitments and conversations with respect to such subject matter and there are no agreements or understandings between the Parties with respect to such subject matter other than those set forth or referred to herein or therein. 

(b) In addition to the responsibilities and obligations set forth herein the parties to the Transition Services Agreement shall have certain
other employment-related responsibilities and obligations as set forth therein. 
 (c) In the event of any conflict between the provisions of
this Employee Matters Agreement and the Separation Agreement, Transition Services Agreement, any J.Crew Plan or any Madewell Plan, the provisions of this Employee Matters Agreement shall control. 

  
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 Section 10.08. 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 4.06 (Confidentiality); Article 7 (Dispute Resolution); Section 8.01 (Notices); Section 8.05
(Governing Law); and 8.10 (Waiver of Jury Trial). 

  
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 IN WITNESS WHEREOF, each of the parties hereto has caused this Employee Matters Agreement to
be signed as of the date first above written. 
  

			
	[J.Crew Newco]
		
	By:	 	  

		 	Name:
		 	Title:
	
	Chinos Holdings, Inc.
		
	By:	 	  

		 	Name:
		 	Title:EX-10.24

 Exhibit 10.24 

FORM OF 
 MADEWELL
GROUP, INC. 
 INVESTOR RIGHTS AGREEMENT 

Dated as of [●], 2019 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 Article I DEFINITIONS
	  	 	1	 
			
	 Section 1.1.
	 	Definitions	  	 	1	 
	 Section 1.2.
	 	General Interpretive Principles	  	 	3	 
		
	 Article II REPRESENTATIONS AND WARRANTIES
	  	 	4	 
			
	 Section 2.1.
	 	Representations and Warranties of Chinos SPV	  	 	4	 
	 Section 2.2.
	 	Entitlement of the Company to Rely on Representations and Warranties	  	 	4	 
		
	 Article III MANAGEMENT
	  	 	4	 
			
	 Section 3.1.
	 	[Composition of the Board of Directors	  	 	4	 
	 Section 3.2.
	 	[Board Committees	  	 	5	 
		
	 Article IV REGISTRATION RIGHTS
	  	 	6	 
			
	 Section 4.1.
	 	Registration Rights	  	 	6	 
		
	 Article V ADDITIONAL AGREEMENTS OF THE PARTIES
	  	 	6	 
			
	 Section 5.1.
	 	No Promotion	  	 	6	 
		
	 Article VI MISCELLANEOUS
	  	 	6	 
			
	 Section 6.1.
	 	Effective Time	  	 	6	 
	 Section 6.2.
	 	Entire Agreement	  	 	6	 
	 Section 6.3.
	 	Governing Law; Submission to Jurisdiction; Waiver of Jury Trial	  	 	7	 
	 Section 6.4.
	 	Obligations; Remedies	  	 	7	 
	 Section 6.5.
	 	Amendment and Waiver	  	 	8	 
	 Section 6.6.
	 	Binding Effect	  	 	8	 
	 Section 6.7.
	 	Termination	  	 	8	 
	 Section 6.8.
	 	Non-Recourse	  	 	8	 
	 Section 6.9.
	 	Notices	  	 	9	 
	 Section 6.10.
	 	Severability	  	 	10	 
	 Section 6.11.
	 	No Third-Party Beneficiaries	  	 	10	 
	 Section 6.12.
	 	Recapitalizations; Exchanges, Etc	  	 	10	 
	 Section 6.13.
	 	Counterparts	  	 	10	 
	 Section 6.14.
	 	Headings	  	 	10	 

  
 i 

			
	Exhibit A:	  	Form of Director & Officer Indemnification Agreement
		
	Exhibit B:	  	Form of Registration Rights Agreement
		
	Schedule A:	  	Chinos SPV Ownership Percentage

  
 ii 

 INVESTOR RIGHTS AGREEMENT 

This INVESTOR RIGHTS AGREEMENT is made as of [●], 2019, among Madewell Group, Inc., a Delaware corporation (together with its successors
and assigns, the “Company”) and [Chinos SPV LLC], a Delaware limited liability company ( “Chinos SPV”). 

WHEREAS, in connection with an initial public offering (the “IPO”) of shares of common stock, par value $0.00001 per share,
of the Company (the “Shares”), the parties hereto desire to enter into this Agreement to govern certain of their rights, duties and obligations with respect to Chinos SPV’s ownership of Shares after consummation of the IPO;

 NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, the parties mutually agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.1. Definitions. As used in this Agreement, the following terms shall have the meanings set forth below: 

“Affiliate” means, with respect to any Person, any other Person that directly or indirectly, controls, is controlled by or is
under common control with such Person; provided, however, that, with respect to Chinos SPV, portfolio companies of a private equity fund shall not be considered Affiliates of such private equity fund or Chinos SPV. The term
“control” (including the terms “controlled by” and “under common control with”) as used with respect to any Person, means the power to direct or cause the direction of the management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities, as trustee or executor, by contract or otherwise to control such Person within the meaning of such term as used in Rule 405 under the Securities Act.
“Controlled” and “controlling” have meanings correlative to the foregoing. 
 “Agreement”
means this Investor Rights Agreement, as the same may be amended, supplemented, restated or modified. 
 “Beneficial
Ownership” and “beneficially own” and similar terms have the meaning set forth in Rule 13d-3 under the Exchange Act. 

“Board” means the Board of Directors of the Company. 

“Business Day” means any day, other than a Saturday, Sunday or one on which banks are authorized by law to be closed in New
York, New York. 
 “[Chinos SPV]” has the meaning set forth in the Preamble. 

“Chinos SPV Director Designee” has the meaning set forth in Section 3.1(a). 

 “Chinos SPV Ownership Percentage” means, as of any determination date with
respect to Chinos SPV, a fraction (expressed as a percentage), with the numerator being the aggregate number of Shares beneficially owned by Chinos SPV [and its Affiliates], and the denominator of which is the aggregate number of Shares beneficially
owned by Chinos SPV [and its Affiliates] immediately following the consummation of the IPO (including any additional closing(s) pursuant to the underwriters’ of the IPO option to purchase additional shares) as reflected on Schedule A.

 “Chosen Courts” has the meaning set forth in Section 6.3(b). 

“Company” has the meaning set forth in the Preamble. 

“Encumbrance” means any charge, claim, community or other marital property interest, right of first option, right of first
refusal, mortgage, pledge, lien or other encumbrance. 
 “Exchange Act” means the Securities Exchange Act of 1934, as
amended, and the rules and regulations promulgated thereunder, as the same may be amended from time to time. 
 “Governmental
Authority” means any United States or foreign government, any state or other political subdivision thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government,
including the SEC, or any other authority, agency, department, board, commission or instrumentality of the United States, any State of the United States or any political subdivision thereof or any foreign jurisdiction, and any court, tribunal or
arbitrator(s) of competent jurisdiction, and any United States or foreign governmental or non-governmental self-regulatory organization, agency or authority. 

“Indemnification Agreements” has the meaning set forth in Section 3.1(e). 

“IPO” has the meaning set forth in the Recitals. 

“Law” with respect to any Person, means (a) all provisions of all laws, statutes, ordinances, rules, regulations,
permits, certificates or orders of any Governmental Authority applicable to such Person or any of its assets or property or to which such Person or any of its assets or property is subject, and (b) all judgments, injunctions, orders and decrees
of any Governmental Authority in proceedings or actions in which such Person is a party or by which it or any of its assets or properties is or may be bound or subject. 

“Necessary Action” means, with respect to any party and a specified result, all actions (to the extent such actions
are permitted by Law and within such party’s control) necessary to cause such result, including (i) voting or providing a written consent or proxy with respect to the Shares, (ii) causing the adoption of stockholders’ resolutions
and amendments to the organizational documents of the Company, (iii) executing agreements and instruments and (iv) making, or causing to be made, with governmental, administrative or regulatory authorities, all filings, registrations or
similar actions that are required to achieve such result. 
 “Permitted Transferee” means with any Affiliate of Chinos SPV.

  
 2 

 “Person” means an individual, partnership, corporation, business trust,
joint stock company, trust, unincorporated association, joint venture, limited liability company, Governmental Authority or any other entity or organization of whatever nature, and shall include any successor (by merger or otherwise) of such entity
or organization. 
 “Registration Rights Agreement” has the meaning set forth in Section 4.1.

 “SEC” means the United States Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, as the
same may be amended from time to time. 
 “Shares” has the meaning set forth in the Recitals. 

“Subsidiary” means, with respect to any Person, any corporation, partnership, trust, limited liability company or other non-corporate business enterprise in which such Person (or another Subsidiary of such Person) holds shares, stock or other ownership interests representing (a) more than fifty percent (50%) of the voting power
of all outstanding shares, stock or ownership interests of such entity, (b) the right to receive more than fifty percent (50%) of the net assets of such entity available for distribution to the holders of outstanding shares, stock or ownership
interests upon a liquidation or dissolution of such entity or (c) a general or managing partnership interest in such entity. 

“Transaction Agreements” has the meaning set forth in Section 4.1. 

“Transfer” means, with respect to any Shares, a direct or indirect transfer (including through one or more transfers), sale,
exchange, assignment, pledge, hypothecation or other Encumbrance or other disposition of such Shares, including the grant of an option or other right, whether directly or indirectly, whether voluntarily, involuntarily or by operation of law. 

“Transferred,” “Transferring” and “Transferee” shall each have a correlative meaning to the
term “Transfer.” 
 Section 1.2. General Interpretive Principles. The name assigned to this Agreement and the
section captions used herein are for convenience of reference only and shall not be construed to affect the meaning, construction or effect hereof. References to this Agreement shall include all Exhibits, Schedules and Annexes to this Agreement.
References to any statute or regulation refer to such statute or regulation as amended, modified, supplemented or replaced from time to time (and, in the case of statutes, include any rules and regulations promulgated under the statute) and
references to any section of any statute or regulation include any successor to such section. References to any Governmental Authority include any successor to such Governmental Authority. Unless otherwise specified, the terms
“hereof,” “herein” and similar terms refer to this Agreement as a whole. For purposes of this Agreement, the words, “include,” “includes” and “including,” when used
herein, shall be deemed in each case to be followed by the words “without limitation.” The terms defined in the singular have a comparable meaning when used in the plural, and vice versa. The terms “dollars” and
“$” shall mean United States dollars. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed
as if drafted jointly by the parties and no presumption or burden of proof will arise favoring or disfavoring any party because of the authorship of any provision of this Agreement. 

  
 3 

 ARTICLE II 

REPRESENTATIONS AND WARRANTIES 

Section 2.1. Representations and Warranties of Chinos SPV. Chinos SPV hereby represents and warrants to the Company that as of the
date hereof and as of the date of the consummation of the IPO: 
 (a) This Agreement has been duly authorized, executed and delivered by
Chinos SPV, and, assuming the due execution and delivery of this Agreement by the other parties hereto, this Agreement constitutes a valid and binding obligation of Chinos SPV, enforceable against Chinos SPV in accordance with its terms, except as
enforceability may be limited by applicable bankruptcy, insolvency, fraudulent transfer, moratorium, reorganization or similar Laws of general applicability relating to or affecting the rights of creditors generally and subject to general principles
of equity (regardless of whether enforcement is considered in a proceeding in equity or at law). 
 (b) The execution, delivery and
performance by Chinos SPV of this Agreement and the agreements contemplated hereby and the consummation by Chinos SPV of the transactions contemplated hereby do not and will not, with or without the giving of notice or the passage of time or both:
(i) violate the provisions of any Law applicable to Chinos SPV or its properties or assets or (ii) result in any breach of any terms or conditions of, or constitute a default under, any contract, agreement or instrument to which Chinos SPV
is a party or by which Chinos SPV or its properties or assets are bound. 
 Section 2.2. Entitlement of the Company to Rely on
Representations and Warranties. The representations and warranties contained in Section 2.1 may be relied upon by the Company in connection with the entering into of this Agreement. 

ARTICLE III 
 MANAGEMENT

 Section 3.1. [Composition of the Board of Directors. 

(a) Concurrently with the effectiveness of this Agreement, Chinos SPV shall have the right to designate the number of directors specified in
the table below to the Board based on the Chinos SPV Ownership Percentage (any individual designated by Chinos SPV, a “Chinos SPV Director Designee”). The Company and Chinos SPV shall take all Necessary Action to cause the Chinos
SPV Director Designees to be elected and/or appointed to the Board. 
  

			
	 Chinos SPV Ownership Percentage
	  	 Number of Chinos SPV Director

Designees

	[50]% or greater	  	[●]
	Less than [50]% but greater than or equal to [25]%	  	[●]

  
 4 

			
	 Chinos SPV Ownership Percentage
	  	 Number of Chinos SPV Director

Designees

	Less than [25]% but greater than or equal to [15]%	  	[●]
	Less than [10]%	  	[●]

 (b) As of the date hereof, the directors designated for appointment to the Board by Chinos SPV shall be
[•], designated as a Class III Director, [●], designated as a Class II Director, and [●], designated as a Class I Director. 

(c) If the number of individuals that Chinos SPV has the right to designate to the Board is decreased pursuant to
Section 3.1(a), then the corresponding number of directors designated of Chinos SPV shall immediately offer to resign from the Board. In the event that any Chinos SPV Director Designee offers to tender his or her
resignation, the Board shall promptly determine whether to accept such resignation and, if the Board chooses to accept such resignation, the Company and Chinos SPV shall be immediately required to take any and all actions necessary or appropriate to
cooperate in ensuring the removal of such individual. Except as provided above, Chinos SPV shall have the sole and exclusive right to immediately remove the Chinos SPV Director Designees from the Board, as well as the exclusive right to designate
the person to fill vacancies (serving in the same class as the predecessor) that remain open by not designating a director initially or that are created by reason of death, removal or resignation of such designees. 

(d) The Company and its Subsidiaries shall reimburse the Chinos SPV Director Designees for all reasonable out-of-pocket expenses incurred in connection with their attendance at meetings of the Board or the board of directors of any of the Company’s Subsidiaries, and any committees thereof, including without
limitation travel, lodging and meal expenses, in accordance with the Company’s reimbursement policies. 
 (e) The Company and its
Subsidiaries shall obtain customary director and officer indemnity insurance on commercially reasonable terms which insurance shall cover each member of the Board and the members of each board of directors of each of the Company’s Subsidiaries.
The Company and its Subsidiaries shall enter into director and officer indemnification agreements (the “Indemnification Agreements”) substantially in the form attached as Exhibit A hereto, with each of the Chinos SPV Director
Designees. 
 (f) At no point shall the size of the Board exceed [●]1 members.]2 
 Section 3.2. [Board Committees. Upon the consummation of the IPO, the Board
shall have established the following committees: 
  

	1 	 Note to Draft: Subject to further revision. 

	2 	 Note to Draft: Subject to further revision. 

  
 5 

 (a) [●]]3 

ARTICLE IV 

REGISTRATION RIGHTS 

Section 4.1. Registration Rights. Effective as of the consummation of the IPO, the Company shall grant to Chinos SPV and certain
other stockholders of the Company, registration rights in substantially the same form as set forth in the form of Registration Rights Agreement attached as Exhibit B hereto (the Registration Rights Agreement”, and together with
this Agreement and the Indemnification Agreements, the “Transaction Agreements”). 
 ARTICLE V 

ADDITIONAL AGREEMENTS OF THE PARTIES 

Section 5.1. No Promotion. The Company agrees that it will not, without the prior written consent of Chinos SPV, (a) use in
advertising, publicity, or otherwise the name of [Leonard Green & Partners], TPG Global, LLC or any of their respective Affiliates, or any partner or employee of any such Affiliates, nor any trade name, trademark, trade device, service
mark, symbol or any abbreviation, contraction or simulation thereof owned by [Leonard Green & Partners], TPG Global, LLC, or any of their respective Affiliates, or (b) represent, directly or indirectly, that any product or any service
provided by the Company has been approved or endorsed by [Leonard Green & Partners], TPG Global, LLC, or any of their respective Affiliates. 

ARTICLE VI 

MISCELLANEOUS 

Section 6.1. Effective Time. The operative provisions of this Agreement shall become effective upon the consummation of the IPO.

 Section 6.2. Entire Agreement. This Agreement, together with the Indemnification Agreements, the Registration Rights
Agreement, and all of the other Exhibits, Annexes and Schedules hereto and thereto constitute the entire understanding and agreement between the parties as to the matters covered herein and therein and supersede and replace any prior understanding,
agreement or statement of intent, in each case, written or oral, of any and every nature with respect thereto between the parties as to the matters covered herein and therein. In the event of any inconsistency between this Agreement and any document
executed or delivered to effect the purposes of this Agreement, including, the by-laws of any company, this Agreement shall govern as among the parties hereto. In the event of any inconsistency between the
Transaction Agreements and the policies of the Company (including the policies of the Board of Directors of the Company), the Transaction Agreements shall govern. 

 

	3 	 Note to Draft: Subject to further revision. 

  
 6 

 Section 6.3. Governing Law; Submission to Jurisdiction; Waiver of Jury Trial.

 (a) This Agreement shall be construed and enforced in accordance with, and the rights and duties of the parties shall be governed by, the
law of the State of Delaware, without regard to principles of conflicts of laws. 
 (b) Each party agrees that it will bring any action or
proceeding in respect of any claim arising out of this Agreement or the transactions contemplated hereby exclusively in the Court of Chancery of the State of Delaware or, if such court shall not have jurisdiction, another federal or state court of
competent jurisdiction located in the State of Delaware (the “Chosen Courts”), and, solely in connection with claims arising under this Agreement or the transactions that are the subject of this Agreement, (i) irrevocably
submits to the exclusive jurisdiction of the Chosen Courts, (ii) waives any objection to laying venue in any such action or proceeding in the Chosen Courts, (iii) waives any objection that the Chosen Courts are an inconvenient forum or do
not have jurisdiction over any party and (iv) agrees that service of process upon such party in any such action or proceeding will be effective if notice is given in accordance with Section 6.9. 

(c) EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT
ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUIT, ACTION OR OTHER PROCEEDING DIRECTLY OR
INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT: (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SUIT OR PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III) EACH PARTY MAKES THIS
WAIVER VOLUNTARILY, AND (IV) EACH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 6.3(C). 

Section 6.4. Obligations; Remedies. The Company and Chinos SPV shall be entitled to enforce their rights under this Agreement
specifically, to recover damages by reason of any breach of any provision of this Agreement (including, without limitation, costs of enforcement) and to exercise all other rights existing in their favor. The parties hereto agree that irreparable
damage would occur if any provision of this Agreement were not performed in accordance with its specific terms or were otherwise breached. Accordingly, the parties shall be entitled to specific performance of the terms of this Agreement without the
necessity of proving the inadequacy of monetary damages as a remedy, including an injunction or injunctions to prevent breaches of this Agreement or to enforce specifically the performance of the terms and provisions hereof, in addition to any other
remedy to which they are entitled at law or in equity. Each of the parties hereby further waives (a) any defense in any action for specific performance that a remedy at law would be adequate and (b) any requirement under any Law to post
security or a bond as a prerequisite to obtaining equitable relief. All remedies, either under this Agreement or by Law or otherwise afforded to any party, shall be cumulative and not alternative. 

  
 7 

 Section 6.5. Amendment and Waiver. 

(a) The terms and provisions of this Agreement may be modified or amended at any time and from time to time only by the written consent of the
Company and Chinos SPV. If reasonably requested by Chinos SPV, the Company agrees to execute and deliver any amendments to this Agreement which the Company in its reasonable discretion concludes are not adverse to Company or its public stockholders
to the extent so requested by Chinos SPV; provided that such amendments are in compliance with the provisos set forth in the immediately preceding sentence. Any amendment, modification or waiver effected in accordance with the foregoing shall be
effective and binding on the Company and Chinos SPV. 
 (b) Any failure by any party at any time to enforce any of the provisions of this
Agreement shall not be construed a waiver of such provision or any other provisions hereof. 
 Section 6.6. Binding Effect.
Except as otherwise provided in this Agreement, the terms and provisions of this Agreement shall be binding on and inure to the benefit of each of the parties hereto and their respective successors. 

Section 6.7. Termination. This Agreement shall terminate automatically (without any action by any party hereto) when such Chinos
SPV ceases to hold any Shares. In the event of any termination of this Agreement as provided in this Section 6.7, this Agreement shall forthwith become wholly void and of no further force or effect (except for this
Article VI, which shall survive) and there shall be no liability on the part of any parties hereto or their respective Affiliates, except as provided in this Article VI. Notwithstanding the foregoing, no party hereto shall be relieved
from liability for any willful breach of this Agreement. 
 Section 6.8. Non-Recourse.
Notwithstanding anything that may be expressed or implied in this Agreement or any document or instrument delivered in connection herewith, by its acceptance of the benefits of this Agreement, the Company and Chinos SPV covenant, agree and
acknowledge that no Person (other than the parties hereto) has any obligations hereunder, and that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement shall be had against any current or
future director, officer, employee, general or limited partner or member of Chinos SPV or of any Affiliate or assignee thereof, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute,
regulation or other applicable Law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any the former, current and future equity holders, controlling persons,
directors, officers, employees, agents, Affiliates, members, managers, general or limited partners or assignees of Chinos SPV or any former, current or future equity holders, controlling persons, directors, officers, employees, agents, Affiliates,
members, managers, general or limited partners or assignees of any of the foregoing, as such, for any obligation of Chinos SPV under this Agreement or any documents or instruments delivered in connection with this Agreement for any claim based on,
in respect of or by reason of such obligations or their creation. 

  
 8 

 Section 6.9. Notices. Any and all notices, designations, offers, acceptances or
other communications provided for herein shall be deemed duly given (a) when delivered personally by hand, (b) when sent by facsimile or email upon confirmation of receipt or (c) one Business Day following the day sent by overnight
courier: 
 if to the Company, to: 

Madewell Group, Inc. 
 [●]

 Attention: [Michael Wu, Chief Legal Officer] 

Facsimile: [●] 
 Email:
[Michael.Wu@Madewell.com] 
 with a copy (which shall not constitute notice) to: 

Weil, Gotshal & Manges LLP 

767 Fifth Avenue 
 New York, NY
10153 

	 	Attention:	 Michael J. Aiello 

Sachin Kohli 

Facsimile: (212) 310-8007 

Email: michael.aiello@weil.com 

            sachin.kohli@weil.com 

if to Chinos SPV, to: 
 [●]

 Attention: [●] 

Facsimile: [●] 
 Email:
[●] 
 with a copy (which shall not constitute notice) to: 

Weil, Gotshal & Manges LLP 

767 Fifth Avenue 
 New York, NY
10153 
 Attention: Michael J. Aiello 

                 Sachin Kohli 

Facsimile: (212) 310-8007 

Email: michael.aiello@weil.com 

  sachin.kohli@weil.com 

  
 9 

 Section 6.10. Severability. Whenever possible, each provision or portion of any
provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable Law, but if any provision or portion of any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect
under any applicable Law in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or portion of any provision in such jurisdiction, and this Agreement shall be reformed, construed and enforced in such
jurisdiction such that the invalid, illegal or unenforceable provision or portion thereof shall be interpreted to be only so broad as is enforceable. 

Section 6.11. No Third-Party Beneficiaries. This Agreement shall be binding upon and inure solely to the benefit of the parties
hereto and their permitted assigns and successors, and nothing herein, express or implied, is intended to or shall confer upon any other Person or entity, any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of
this Agreement 
 Section 6.12. Recapitalizations; Exchanges, Etc. The provisions of this Agreement shall apply to the full
extent set forth herein with respect to Shares, to any and all shares of capital stock of the Company or any successor or assign of the Company (whether by merger, consolidation, sale of assets or otherwise) which may be issued in respect of, in
exchange for, or in substitution of the Shares, by reason of a stock dividend, stock split, stock issuance, reverse stock split, combination, recapitalization, reclassification, merger, consolidation or otherwise. 

Section 6.13. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an
original, but all of which together shall constitute a single instrument. Copies of executed counterparts transmitted by telecopy or other electronic transmission service shall be considered original executed counterparts for purposes of this
Section 6.13. 
 Section 6.14. Headings. The heading references herein and in the table of contents
hereto are for convenience purposes only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof. 

[Signature Page Follows] 

  
 10 

 IN WITNESS WHEREOF, each of the undersigned has executed this Agreement or caused this
Agreement to be executed on its behalf as of the date first written above. 
  

			
	MADEWELL GROUP, INC.
		
	By:	 	 
		 	Name:
		 	Title:

			
	[CHINOS SPV LLC]
		
	By:	 	 
		 	Name:
		 	Title:

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