Exhibit 10.1

THE GYMBOREE CORPORATION

500 Howard Street

San Francisco, California 94105

Dear Lynda:

The purpose of this letter agreement (the “Agreement”) is to set out the terms of your transition from your current role as a Senior Advisor to The Gymboree Corporation (the “Company”) to the role of interim Chief Financial Officer. The effective date of this Agreement is July 24, 2014 (the “Effective Date”).

2

[Remainder of page intentionally left blank.]

3

If the terms of this Agreement are acceptable to you, please promptly sign, date and return it to the General Counsel of the Company.

Exhibit A

Release of Claims

In exchange for the opportunity to earn a transition bonus as set forth in Section 6 of the letter agreement between you, The Gymboree Corporation (the “Company”) and Gymboree Holding, Ltd., dated July     , 2014 (the “Agreement”), and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, on your own behalf and that of your heirs, executives, administrators, beneficiaries, personal representatives and assigns, you, LYNDA GUSTAFSON, agree that this release of claims (this “Release”) shall be in complete and final settlement of any and all causes of action, rights and claims, whether known or unknown, that you have had in the past, now have, or might now have, in any way related to, connected with or arising out of your employment or its termination or relating to employment discrimination claims (including claims of race or sex discrimination and/or sexual harassment, and/or age) and/or retaliation under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, 42 U.S.C. § 1981, the Age Discrimination in Employment Act, 29 U.S.C. § 626 (ADEA), the Genetic Information Nondiscrimination Act of 2008, and all employment discrimination claims arising under any similar state and local laws (including but not limited to the California Fair Employment and Housing Act), disputed wages, or claims for any back wages or overtime, claims for benefits (including any and all of employee benefit, fringe benefit, stock benefit, or severance-related programs, arrangements, and plans), claims for paid leave, and including claims under the Fair Labor Standards Act, the Equal Pay Act, the WARN Act, the Employee Retirement Income Security Act of 1974 (ERISA), the California Labor Code and applicable Wage Orders, and any similar state and local laws, disability discrimination claims under the Americans with Disabilities Act, and applicable state and local laws (including but not limited to the California Fair Employment and Housing Act), wrongful discharge and/or breach of contract claims, claims arising under the Family & Medical Leave Act or the California Family Rights Act, tort claims, including invasion of privacy, defamation, fraud, and infliction of emotional distress and any similar state and local laws, and/or any other federal, state or local laws, regulations or other requirement, and you hereby release and forever discharge the Company, its subsidiaries, affiliates and any direct or indirect parent (including but not limited to Giraffe Holding, Inc. and Gymboree Holding, Ltd.) or controlling companies and its subsidiaries and affiliates and all of their past, present, and future officers, directors, trustees, shareholders, employees, employee benefit plans, agents, general and limited partners, members, managers, joint venturers, investors, representatives, successors and assigns, and all others connected with any of them, both individually and in their official capacities, from any and all such causes of action, rights and claims. Further, you represent and warrant that you have not filed any such claim to date, nor have you assigned any such claim to any other person or entity.

This Release does not waive rights or claims you may have for worker’s compensation benefits but does include any claim for worker’s compensation discrimination under California Labor Code § 132a or otherwise. This Release also does not waive rights or claims under federal or state law that you cannot, as a matter of law, waive by private agreement, such as a right of indemnification under California Labor Code Section 2802. Additionally, nothing in this Agreement precludes you from filing a Complaint or participating in any investigation or proceeding before any federal or state agency, including the EEOC. However, while you may file a Complaint or participate in any proceeding conducted by a state or federal agency,

Exh. A-1

by signing this Release, you waive your right to bring a lawsuit against the Company and/or any of the Released Parties and waive your right to any individual monetary recovery in any action or lawsuit initiated by a federal or state agency, such as the EEOC.

RELEASE OF UNKNOWN CLAIMS: You understand and acknowledge that this Release extinguishes all claims, whether known or unknown, foreseen or unforeseen. You expressly waive any rights or benefits under Section 1542 of the California Civil Code, which provides as follows:

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.

You fully understand that if any fact with respect to any matter covered by this Release is found hereafter to be other than or different from the facts you now believe to be true, then you expressly accept and assume that this Release shall be and remain effective, notwithstanding the difference in the fact or facts.

This Release creates legally binding obligations, and the Company therefore advises you to consult an attorney before signing it. In signing this Release, you give the Company assurance that you have signed it voluntarily and with a full understanding of its terms; that you have had sufficient opportunity, before signing this Release, to consider its terms and to consult with an attorney, if you wished to do so; and that, in signing this Agreement, you have not relied on any promises or representations, express or implied, from the Company or any of its affiliates. You further acknowledge that your waiver and release do not apply to any rights or claims that may arise after the execution date of this Release.

If the terms of this Release are acceptable to you, you must sign, date and return it to the General Counsel of the Company within 21 days of the date you receive it. You may revoke this Release at any time during the seven-day period immediately following the date of your signing by written notice of such revocation to the undersigned. If you do not revoke it, then, at the expiration of that seven-day period, this Release will take effect as a legally binding agreement between you and the Company on the basis set forth above.

THIS RELEASE MUST BE SIGNED AND DELIVERED TO THE GENERAL COUNSEL OF THE GYMBOREE CORPORATION BY THE DEADLINE IN THE IMMEDIATELY PRECEDING PARAGRAPH IN ORDER FOR YOU TO RECEIVE THE PAYMENT DESCRIBED IN SECTION 6 OF THE AGREEMENT.

Exh. A-2