Document:

Exhibit 10.3

    

    

    TAX MATTERS AGREEMENT

    

    

    between

    

    

    L BRANDS, INC.,

    on behalf of itself

    and the members

    of the L Brands Group

    

    

    and

    

    

    VICTORIA’S SECRET & CO.,

    on behalf of itself

    and the members

    of the VS Group

    

    

    Dated as of August 2, 2021

    

    

    
      
        

    

    
    TABLE OF CONTENTS
      

    

    

    	 	 	
            Page

          
	
            Section 1.

          	
            Definitions

          	
            1

          
	
            Section 2.

          	
            Sole Tax Sharing Agreement

          	
            7

          
	
            Section 3.

          	
            Allocation of Taxes

          	
            8

          
	
            Section 4.

          	
            Preparation and Filing of Tax Returns

          	
            10

            

          
	
            Section 5.

          	
            Apportionment of Earnings and Profits and Tax Attributes

          	
            12

          
	
            Section 6.

          	
            Utilization of Tax Attributes

          	
            13

          
	
            Section 7.

          	
            Deductions and Reporting for Certain Awards

          	
            13

          
	
            Section 8.

          	
            Tax Benefits

          	
            14

          
	
            Section 9.

          	
            Certain Representations and Covenants

          	
            15

          
	
            Section 10.

          	
            Tax Receivables Arrangements

          	
            18

          
	
            Section 11.

          	
            Indemnities

          	
            19

          
	
            Section 12.

          	
            Payments

          	
            20

          
	
            Section 13.

          	
            Guarantees

          	
            21

          
	
            Section 14.

          	
            Communication and Cooperation

          	
            21

          
	
            Section 15.

          	
            Audits and Contest

          	
            22

          
	
            Section 16.

          	
            Notices

          	
            24

          
	
            Section 17.

          	
            Costs and Expenses

          	
            24

          
	
            Section 18.

          	
            Effectiveness; Termination and Survival

          	
            24

          
	
            Section 19.

          	
            Specific Performance

          	
            25

          
	
            Section 20.

          	
            Construction

          	
            25

          
	
            Section 21.

          	
            Entire Agreement; Amendments and Waivers

          	
            26

          
	
            Section 22.

          	
            Governing Law

          	
            27

          
	
            Section 23.

          	
            Jurisdiction

          	
            27

          
	
            Section 24.

          	
            Waiver of Jury Trial

          	
            28

          
	
            Section 25.

          	
            Dispute Resolution

          	
            28

          
	
            Section 26.

          	
            Counterparts; Effectiveness; Third-Party Beneficiaries

          	
            28

          
	
            Section 27.

          	
            Successors and Assigns

          	
            28

          
	
            Section 28.

          	
            Authorization

          	
            29

          
	
            Section 29.

          	
            Change in Tax Law

          	
            29

          
	
            Section 30.

          	
            Performance

          	
            29

          

     

    

    Schedules

    	
            Schedule A

          	
            Internal Tax-Free Transactions

          
	
            Schedule B

          	
            Cash Management Transfers

          
	
            Schedule C-1

          	
            Subsidiary 1 Business

          
	
            Schedule C-2

          	
            Subsidiary 2 Business

          
	
            Schedule D-1

          	
            L Brands Specified Tax Attributes

          
	
            Schedule D-2

          	
            VS Specified Tax Attributes

          
	
            Schedule E

          	
            Specified Administrative Matter

          

     

    

    
      i

      
        

    

    
    TAX MATTERS AGREEMENT

    

    

    This TAX MATTERS AGREEMENT (the “Agreement”) is entered into as of August 2, 2021 between L Brands, Inc., a Delaware corporation (“L Brands”),

      on behalf of itself and the members of the L Brands Group, as defined below, and Victoria’s Secret & Co., a Delaware corporation (“VS,” and together with L Brands, the “Parties”),

      on behalf of itself and the members of the VS Group, as defined below.

    

    

    W I T N E S S E T H:

    

    

    WHEREAS, pursuant to the Tax laws of various jurisdictions, certain members of the VS 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 Internal Revenue Code of 1986, as amended (the “Code”)) with certain members of the L Brands Group;

    

    

    WHEREAS, L Brands and VS have entered into a Separation and Distribution Agreement, dated as of August 2, 2021 (the “Separation Agreement”), pursuant to which the Contribution, the
      Distribution and other related transactions will be consummated;

    

    

    WHEREAS, the Restructuring, together with the Contribution and the Distribution, are intended to qualify for the Intended Tax Treatment; and

    

    

    WHEREAS, L Brands and VS desire to set forth their agreement on the rights and obligations of L Brands, VS and the members of the L Brands Group and the VS Group respectively, with respect to (a) the administration and
      allocation of U.S. federal, state, local and non-U.S. Taxes incurred in Taxable periods beginning prior to the Distribution Date, (b) Taxes resulting from the Distribution and transactions effected in connection with the Distribution 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: 

    

    

    “Active Trade or Business” means, (i) with respect to VS, the VS Business (as defined in the Separation Agreement), (ii) with respect to IBUS, the Subsidiary 1 Business (as defined
      in Schedule C-1) and (iii) with respect to IBIH, the Subsidiary 2 Business (as defined in Schedule C-2).

    

    

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

    

    

    “Agreement” has the meaning set forth in the recitals hereto.

    

    

    “Applicable Law” (or “Applicable Tax Law,” as the case may be) means, with respect to any Person, any federal, state, county, municipal,
      local, multinational or foreign statute, treaty, law, common law, ordinance, rule, regulation, order, writ, injunction, judicial decision, decree, permit or other legally binding requirement of any Governmental Authority applicable to such Person or
      any of its respective properties, assets, officers, directors, employees, consultants or agents (in connection with such officer’s, director’s, employee’s, consultant’s or agent’s activities on behalf of such Person).

    

    

    
      1

      
        

    

    “Business Day” has the meaning set forth in the Separation Agreement.

    

    

    “Cash Management Transfer” means the transactions described on Schedule B and undertaken in anticipation of the Distribution.

    

    

    “Cash Management Transfer Taxes” means any Tax (excluding any Tax imposed on, or measured by reference to, net income but including, for the avoidance of doubt, any withholding Tax
      imposed with respect to a Cash Management Transfer) incurred in connection with any Cash Management Transfer.

    

    

    “Closing of the Books Method” means the apportionment of items between portions of a Taxable period based on a closing of the books and records on the close of the Distribution
      Date (in the event that the Distribution Date is not the last day of the Taxable period, 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 Taxable period following the Distribution, as determined by L Brands in accordance with Applicable Law; provided that Taxes not based upon or measured by net or gross income or specific
      events shall be apportioned between the Pre- and Post-Distribution Periods on a pro rata basis in accordance with the number of days in each Taxable period.

    

    

    “Code” has the meaning set forth in the recitals hereto.

    

    

    “Combined Group” means any group consisting of at least one member 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 L Brands Group and at least one member of the VS Group.

    

    

    “Combined Tax Return” means a Tax Return filed in respect of U.S. federal, state, local or non-U.S. income Taxes for a Combined Group.

    

    

    “Company” means L Brands or VS (or the appropriate member of each of their respective Groups), as appropriate.

    

    

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

    

    

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

    

    

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

    

    

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

    

    

    
      2

      
        

    

    “Distribution Taxes” means any Taxes incurred solely as a result of the failure of the Intended Tax Treatment of the Restructuring, the Contribution or the Distribution.

    

    

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

    

    

     “Escheat Payment” has the meaning set forth in the Separation Agreement.

    

    

    “Equity Interests” means any stock or other securities treated as equity for Tax purposes, options, warrants, rights, convertible debt, or any other instrument or security that
      affords any Person the right, whether conditional or otherwise, to acquire stock or to be paid an amount determined by reference to the value of stock.

    

    

    “Final Determination” means (i) with respect to U.S. federal income Taxes, (A) a “determination” as defined in Section 1313(a) of the Code (including, for the avoidance of doubt,
      an executed IRS Form 906) or (B) the execution of an IRS Form 870-AD (or any successor form thereto), as a final resolution of Tax liability for any Taxable period, except that a Form 870-AD (or successor form thereto) that reserves the right of the
      taxpayer to file a claim for refund or the right of the IRS to assert a further deficiency shall not constitute a Final Determination with respect to the item or items so reserved; (ii) with respect to Taxes other than U.S. federal income Taxes, any
      final determination of liability in respect of a Tax that, under Applicable Tax Law, is not subject to further appeal, review or modification through proceedings or otherwise; (iii) with respect to any Tax, any final disposition by reason of the
      expiration of the applicable statute of limitations (giving effect to any extension, waiver or mitigation thereof); or (iv) with respect to any Tax, the payment of such Tax by any member of the L Brands Group or any member of the VS Group, whichever
      is responsible for payment of such Tax under Applicable Tax Law, with respect to any item disallowed or adjusted by a Taxing Authority; provided, in the case of this clause (iv), that the provisions of Section

        15 hereof have been complied with, or, if such section is inapplicable, that the Company responsible under this Agreement for such Tax is notified by the Company paying such Tax that it has determined that no action should be taken to recoup
      such disallowed item, and the other Company agrees with such determination.

    

    

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

    

    

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

    

    

    “IBIH” means IB International Holdings, Inc., a Delaware corporation.

    

    

    “IBUS” means IB US Retail Holdings, Inc., a Delaware corporation.

    

    

    “Income Tax” means any Tax imposed on, or measured by reference to, net income or gains.

    

    

    “Income Tax Return” means any Tax Return in respect of an Income Tax.

    

    

    “Indemnitee” means the Party which is entitled to seek indemnification from another Party pursuant to the provisions of Section 11.

    

    

    
      3

      
        

    

    “Intended Tax Treatment” means the qualification of (i) the Contribution and the Distribution, taken together, (A) as a reorganization described in Sections 355(a) and 368(a)(1)(D)
      of the Code, (B) as a transaction in which the stock distributed thereby is “qualified property” for purposes of Sections 355(c) and 361(c) of the Code, (C) as a transaction in which L Brands, VS and the holders of L Brands Common Stock recognize no
      income or gain for U.S. federal income Tax purposes pursuant to Sections 355, 361 and 1032 of the Code, other than, in the case of L Brands and VS, any intercompany items or excess loss accounts taken into account pursuant to the Treasury Regulations
      promulgated pursuant to Section 1502 of the Code and, in the case of the holders of L Brands Common Stock, with respect to any fractional shares of VS Common Stock and (ii) the transactions described on Schedule A as being free from Tax to
      the extent set forth therein.

    

    

    “IRS” means the United States Internal Revenue Service.

    

    

    “Joint Tax Return” means any (i) Combined Tax Return or (ii) Tax Return that includes Tax Items attributable to both the L Brands Business and the VS Business.

    

    

    “L Brands” has the meaning set forth in the recitals hereto.

    

    

    “L Brands Business” has the meaning set forth in the Separation Agreement.

    

    

    “L Brands Compensatory Equity Interests” means any options, stock appreciation rights, restricted stock, stock units or other rights with respect to the capital stock of L Brands
      that are granted on or prior to the Distribution Date by any member of the L Brands Group in connection with employee, independent contractor or director compensation or other employee benefits (including, for the avoidance of doubt, options, stock
      appreciation rights, restricted stock, restricted stock units, performance share units or other rights issued in respect of any of the foregoing by reason of the Distribution or any subsequent transaction).

    

    

    “L Brands Group” has the meaning set forth in the Separation Agreement.

    

    

    “L Brands Separate Tax Return” means any Separate Tax Return of or including any member of the L Brands Group.

    

    

    “L Brands Specified Tax Attributes” means any Tax Attributes listed on Schedule D-1.

    

    

    “Person” has the meaning set forth in Section 7701(a)(1) of the Code.

    

    

    “Post-Distribution Period” means any Taxable period (or portion thereof) beginning after the Distribution Date.

    

    

    “Pre-2021 Period” means any Taxable period ending on or before January 30, 2021.

    

    

    “Pre-2021 VS Separate  Tax Return” means any VS Separate Tax Return that  relates solely to a Pre-2021 Period.

    

    

    “Pre-Distribution Period” means any Taxable period (or portion thereof) ending on or before the Distribution Date.

    

    

    
      4

      
        

    

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

    

    

     “Separate Tax Return” means any Tax Return required to be filed by a member of the L Brands Group or a member of the VS Group that is not a Joint Tax Return.

    

    

     “Separation Agreement” has the meaning set forth in the recitals hereto.

    

    

     “Specified Administrative Matter” has the meaning set forth in Schedule E.

    

    

     “Specified Event” means (i) any failure of the Intended Tax Treatment with respect to (A) the Restructuring, (B) the Contribution or (C) the Distribution or (ii) any event that
      results in (A) a liability for Taxes with respect to a Pre-Distribution Period imposed on any member of the L Brands Group and (B) a Tax Attribute with respect to any member of the VS Group.

    

    

    “Tax” (and the correlative meaning, “Taxes,” “Taxing” and “Taxable”)

      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 or other like assessment or charge of any kind whatsoever (including any Escheat Payment), together with any interest and any penalty, addition to tax or additional amount imposed by a Taxing Authority; or (ii) any
      liability of any member of the L Brands Group or the VS Group for the payment of any amounts described in clause (i) as a result of any express or implied obligation to indemnify any other Person.

    

    

    “Tax Attribute” means a net operating loss, net capital loss, unused investment credit, unused foreign tax credit, excess charitable contribution, unused general business credit,
      alternative minimum tax credit or any other Tax Item that could reduce a Tax liability.

    

    

    “Tax Benefit” means any Tax refund, credit in lieu thereof, offset or other similar item that
      results in a reduction in otherwise required Tax payments.

    

    

    “Tax Adviser” means Davis Polk & Wardwell LLP.

    

    

    “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 Opinion” shall mean the legal opinion delivered to L Brands by the Tax Adviser with respect to certain U.S. federal income Tax consequences of the Restructuring, the
      Contribution and the Distribution.

    

    

    “Tax Proceeding” means any Tax audit, dispute, examination, contest, litigation, arbitration, action, suit, claim, cause of action, review, inquiry, assessment, hearing, complaint,
      demand, investigation or proceeding (whether administrative, judicial or contractual).

    

    

    
      5

      
        

    

    “Tax-Related Losses” means, with respect to any Taxes imposed pursuant to any settlement, determination, judgment or otherwise, (i) all accounting, legal and other professional
      fees, and court costs incurred in connection with such Taxes, as well as any other out-of-pocket costs incurred in connection with such Taxes and (ii) all damages, costs, and expenses associated with stockholder litigation or controversies and any
      amount paid by any member of the L Brands Group or any member of the VS Group in respect of the liability of shareholders, whether paid to shareholders or to the IRS or any other Taxing Authority, in each case, resulting from the failure of the
      Intended Tax Treatment of the Restructuring, the Contribution or the Distribution.

    

    

    “Tax Representation Letters” means the representations provided by VS and L Brands to the Tax Adviser in connection with the rendering by the Tax Adviser of the Tax Opinion.

    

    

    “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 statement or other document or written information filed or required to be filed with any Taxing Authority, including any amendment thereof and any appendix, schedule or attachment thereto.

    

    

    “Taxing Authority” means any Governmental Authority (domestic or foreign), including, without limitation, 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 U.S. federal, state, local or non-U.S. sales, use, privilege, transfer, documentary, stamp, duties, real estate transfer, controlling interest transfer,
      recording and similar Taxes and fees (including any penalties, interest or additions thereto) imposed upon any member of the L Brands Group or any member of the VS Group in connection with the Restructuring, the Contribution or the Distribution.

    

    

    “VS Business” has the meaning set forth in the Separation Agreement.

    

    

    “VS Carried Item” means any Tax Attribute of the VS Group that may or must be carried from one Taxable period to another prior Taxable period, or carried from one Taxable period to
      another subsequent Taxable period, under the Code or other Applicable Tax Law.

    

    

    “VS Common Stock” has the meaning set forth in the Separation Agreement.

    

    

    “VS Compensatory Equity Interests” means any options, stock appreciation rights, restricted stock, stock units or other rights with respect to the capital stock of VS that are
      granted on or prior to the Distribution Date by any member of the VS Group in connection with employee, independent contractor or director compensation or other employee benefits (including, for the avoidance of doubt, options, stock appreciation
      rights, restricted stock, restricted stock units, performance share units or other rights issued in respect of any of the foregoing by reason of the Distribution or any subsequent transaction).

    

    

    
      6

      
        

    

    “VS Disqualifying Action” means (a) any action (or the failure to take any action) by any member of the VS Group after the Distribution Time (including entering into any agreement,
      understanding or arrangement or any negotiations with respect to any transaction or series of transactions), (b) any event (or series of events) after the Distribution Time involving the capital stock of VS or any assets of any member of the VS Group
      or (c) any breach by any member of the VS Group after the Distribution Time of any representation, warranty or covenant made by them in this Agreement, that, in each case, would affect the Intended Tax Treatment; provided, however, that the term “VS Disqualifying Action” shall not include any action entered into pursuant to any Distribution Document (other than this Agreement) or that is undertaken pursuant to the Restructuring,
      the Contribution or the Distribution.

    

    

    “VS Group” has the meaning set forth in the Separation Agreement.

    

    

    “VS Post-2020 Separate Income Tax Return” means any VS Separate Tax Return that is an Income Tax Return, other than a Pre-2021 VS Separate Tax Return.

    

    

    “VS Post-2020 Separate Non-Income Tax Return” means any VS Separate Tax Return that is not a VS Separate Income Tax Return, other than a Pre-2021 VS Separate Tax Return.

    

    

    “VS Separate Tax Return” means any Separate Tax Return of or including any member of the VS Group.

    

    

    “VS Specified Tax Attributes” means any Tax Attributes listed on Schedule D-2.

    

    

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

    

    

    

    	 	
            Term

          	
            Section

          
	 	
            Due Date

          	
            Section 12(a)

          
	 	
            Internal Tax-Free Transactions

          	
            Schedule A

          
	 	
            Past Practices

          	
            Section 4(f)(i)

          
	 	
            Reimbursable Payment

          	
            Section 7(b)

          
	 	
            Reimbursement Adjustment

          	
            Section 7(b)

          
	 	
            Section 336(e) Election

          	
            Section 10(a)

          
	 	
            Section 9(b)(iv)(F) Acquisition Transaction

          	
            Section 9(b)(iv)(F)

          
	 	
            Tax Arbiter

          	
            Section 25

          
	 	
            Tax Benefit Recipient

          	
            Section 8(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 L Brands Group, on the one hand, and any member of the VS Group, on the other hand, if not previously terminated, shall be terminated as of the
      Distribution Date without any further action by the Parties thereto.  Following the Distribution, no member of the VS Group or the L Brands Group shall have any further rights or liabilities thereunder, and this Agreement and the Distribution
      Documents (to the extent such Distribution Documents reflect an agreement between the Parties as to Tax sharing) shall be the sole Tax sharing agreements between the members of the VS Group, on the one hand, and the members of the L Brands Group, on
      the other hand.

    

    

    
      7

      
        

    

    Section 3.          Allocation of Taxes.

    

    

    
      (a)          General Allocation Principles.  Except as
          provided in Section 3(c), all Taxes shall be allocated as follows:

    

    

     (i)          Allocation of Taxes Reflected on Joint Tax Returns.  Except as provided in Section 3(b), L Brands
      shall be allocated all Taxes reported, or required to be reported, on any Joint Tax Return that any member of the L Brands Group or VS Group files or is required to file under the Code or other Applicable Tax Law; provided, however, that to the extent any such Joint Tax Return includes any Tax Item attributable to (A) any member of the VS Group or (B) the VS Business, in each case, in respect of any
      Post-Distribution Period, VS shall be allocated all Taxes attributable to such Tax Items as determined by L Brands in its reasonable discretion.

    

    

     (ii)         Allocation of Taxes Reflected on Separate Tax Returns.

    

    

     (A)          L Brands shall be allocated all Taxes reported, or required to be reported, on (x) an L Brands Separate Tax Return, (y) a Pre-2021 VS Separate  Tax Return or (z) a VS Post-2020 Separate
      Non-Income Tax Return to the extent such Taxes are attributable to any Pre-Distribution Period (as determined in accordance with Section 3(b)).

    

    

     (B)          VS shall be allocated all Taxes reported, or required to be reported, on (x) a VS Post-2020 Separate Income Tax Return or (y) a VS Post-2020 Separate Non-Income Tax Return to the extent
      such Taxes are attributable to any Post-Distribution Period (as determined in accordance with Section 3(b)).

    

    

     (iii)        Taxes Not Reported on Tax Returns.  

    

    

     (A)          L Brands shall be allocated any Tax attributable to any member of the L Brands Group that is not required to be reported on a Tax Return.  

    

    

     (B)          VS shall be allocated any Tax attributable to any member of the VS Group that is not required to be reported on a Tax Return. 

    

    

    
      (b)          Allocation Conventions.

    

    

    

     (i)          All Taxes allocated pursuant to Section 3(a), other than Income Taxes allocated pursuant to Section
      3(a)(ii)(B)(x), shall be allocated in accordance with the Closing of the Books Method; provided, however, that if Applicable Tax Law does not permit a VS Group
      member to close its Taxable year on the Distribution Date, the Tax attributable to the operations of the members of the VS Group for any Pre-Distribution Period shall be the Tax computed using a hypothetical closing of the books consistent with the
      Closing of the Books Method (except to the extent otherwise agreed upon by L Brands and VS).  

    

    

    
      8

      
        

    

     (ii)          Any Tax Item of VS or any member of the VS Group arising from a transaction engaged in outside the ordinary course of business on the Distribution Date after the Distribution Time shall
      be allocable to VS and any such transaction by or with respect to VS or any member of the VS Group occurring after the Distribution Time shall be treated for all Tax purposes (to the extent permitted by Applicable Tax Law) as occurring at the
      beginning of the day following the Distribution Date in accordance with the principles of Treasury Regulations Section 1.1502-76(b) (assuming no election is made under Treasury Regulations Section 1.1502-76(b)(2)(ii) (relating to a ratable allocation
      of a year’s Tax Items)); provided that the foregoing shall not include any action that is undertaken pursuant to the Restructuring, the Contribution or the
      Distribution.

    

    

    
      (c)          Special Allocation Rules.  Notwithstanding

          any other provision in this Section 3, the following Taxes shall be allocated as follows:

    

    

    

     (i)          Transfer Taxes. Transfer Taxes shall be allocated 50% to VS and 50% to L Brands

    

    

     (ii)         Taxes Relating to L Brands Compensatory Equity Interests.  Any Tax liability (including, for the
      avoidance of doubt, the satisfaction of any withholding Tax obligation) relating to the issuance, exercise, vesting or settlement of any L Brands Compensatory Equity Interest shall be allocated in a manner consistent with Section 7.

    

    

     (iii)       Distribution Taxes and Tax-Related Losses.  Any liability for Distribution Taxes and Tax-Related
      Losses resulting from a VS Disqualifying Action shall be allocated in a manner consistent with Section 11(a)(iii).

    

    

     (iv)        Section 965 Taxes.  Any installment payments required to be made pursuant to the election made by a
      member of the L Brands Group or a member of the VS Group (that was a member of such VS Group prior to the Distribution Date) under Section 965(h) of the Code, and any adjustments thereto, shall be allocated to L Brands.

    

    

     (v)         Taxes Covered by Distribution Documents. Subject to the preceding clauses of Section 3(c), any
      liability or other matter relating to Taxes that is specifically addressed in any Distribution Document shall be allocated or governed as provided in such Distribution Document.

    

    

     (vi)        Cash Management Transfer Taxes. Notwithstanding anything in this Agreement to the contrary, L Brands
      shall be allocated any and all Cash Management Transfer Taxes.

    

    

    
      9

      
        

    

    Section 4.          Preparation and Filing of Tax Returns.

    

    

    
      (a)          L Brands Prepared Tax Returns. L Brands
          shall prepare and file, or cause to be prepared and filed, all (i) Joint Tax Returns, (ii) L Brands Separate Tax Returns and (iii) Pre-2021 VS Separate Tax Returns; provided, that to the extent any such
          Tax Return includes an MFE APA Period, such Tax Return shall be prepared in a manner consistent with the MFE APA. To the extent any Joint Tax Return reflects operations of the VS Group for a Taxable period that includes the Distribution Date, L
          Brands shall include in such Joint Tax Return the results of such member of the VS Group, as the case may be, on the basis of the Closing of the Books Method to the extent permitted by Applicable Tax Law. If a member of the VS Group is
          responsible for the filing of any such Tax Return under Applicable Tax Law, L Brands shall, subject to the procedures set forth in Sections 4(c), 4(d) and 4(e), deliver such prepared Tax Return to VS in advance of the applicable filing deadline.

      

      

      (b)          VS Prepared Tax Returns. VS shall prepare
          and file (or cause to be prepared and filed) any VS Post-2020 Separate Income Tax Return and any VS Post-2020 Separate Non-Income Tax Return.

      

      

      (c)          Determination of Responsible Party. L
          Brands, in consultation with VS, shall determine which Party or their respective Affiliates is required to file any Joint Tax Return or Separate Tax Return under Applicable Tax Law.

      

      

      (d)          Provision of Information; Timing.  VS
          shall maintain all necessary information for L Brands (or any of its Affiliates) to file any Tax Return that L Brands is required or permitted to file under this Section 4, and shall provide to L Brands all such necessary information in
          accordance with the L Brands Group’s past practice.  L Brands shall maintain all necessary information for VS (or any of its Affiliates) to file any Tax Return that VS is required or permitted to file under this Section 4, and shall
          provide VS with all such necessary information in accordance with the L Brands Group’s past practice.

      

      

      (e)          Right to Review. 

    

    

    

  

  
    (i)           The Party responsible for preparing (or causing to be prepared) any Tax Return under this Section 4 shall make
      such Tax Return and related workpapers available for review by the other Party, if requested, to the extent (i) such Tax Return relates to Taxes for which the requesting Party would be liable under Section 3, (ii) such Tax Return relates to such Taxes described in clause (i) and the requesting Party would reasonably be expected to be liable in whole or in part for any additional Taxes owing as a result of
      adjustments to the amount of such Taxes reported on such Tax Return or (iii) such Tax Return relates to Taxes for which the requesting Party would reasonably be expected to have a claim for Tax Benefits under this Agreement. The Party responsible for
      preparing (or causing to be prepared) the relevant Tax Return shall (x) use its reasonable best efforts to make such portion of such Tax Return available for review as required under this paragraph sufficiently in advance of the due date for the
      filing of such Tax Return to provide the requesting Party with a meaningful opportunity to analyze and comment on such Tax Return and (y) use reasonable best efforts to have such Tax Return modified before filing, taking into account the Person
      responsible for payment of the Tax (if any) reported on such Tax Return and whether the amount of Tax liability allocable to the requesting Party with respect to such Tax Return is material. The Parties shall attempt in good faith to resolve any
      issues arising out of the review of such Tax Return. 

    

    

    
      10

      
        

    

    (ii)          Notwithstanding the foregoing, other than a VS Separate Non-Income Tax Return that relates solely to a Post-Distribution Period, VS shall submit a draft of any VS Separate Non-Income Tax
      Return that it is required to prepare and that is required to be filed after the Distribution Date to L Brands. With respect to such VS Separate Non-Income Tax Return, VS (A) shall make such Tax Return available for review as required under this
      paragraph sufficiently in advance of the due date for the filing of such Tax Return to provide L Brands with a meaningful opportunity to analyze and comment on such Tax Return, and (B) shall not file or cause to be filed any such Tax Return without
      the consent of L Brands, which consent shall not be unreasonably withheld or delayed.

    

    

    
      (f)           Special
            Rules Relating to the Preparation of Tax Returns.

    

    

     (i)          General Rule.  Except as provided in this Section

          4(f)(i), VS shall prepare (or cause to be prepared) any Tax Return, with respect to Taxable periods (or portions thereof) ending prior to or on the Distribution Date, for which it is responsible under this Section 4 in accordance with past practices, accounting methods, elections or conventions (“Past Practices”) used by the members of the L Brands Group prior to the Distribution Date with respect to such Tax Return to the extent permitted by Applicable Law, and to the
      extent any items, methods or positions are not covered by Past Practices, as directed by L Brands in its sole discretion to the extent permitted by Applicable Law.  

    

    

     (ii)        Consistency with Intended Tax Treatment.  All Tax Returns that include any member of the L Brands
      Group or any member of the VS Group shall be prepared in a manner that is consistent with the Intended Tax Treatment.

    

    

     (iii)       VS Separate Tax Returns.  With respect to any VS Post-2020 Separate Income Tax Return or any VS
      Post-2020 Separate Non-Income Tax Return, VS and the other members of the VS Group shall include such Tax Items in such Tax Return in a manner that is consistent with the inclusion of such Tax Items in any related Tax Return for which L Brands is
      responsible to the extent such Tax Items are allocated in accordance with this Agreement. 

    

    

  

  
    (iv)        Election to File Joint Tax Returns.  L Brands shall be entitled in its sole discretion to file any
      Combined Tax Return if the filing of such Tax Return is elective under Applicable Tax Law. Each member of any such Combined Group shall execute and file such consents, elections and other documents as may be required, appropriate or otherwise
      requested by L Brands in connection with the filing of such Joint Tax Returns. 

    

    

    (v)         Preparation of Transfer Tax Returns.  The Company required under Applicable Tax Law to file any Tax
      Returns in respect of Transfer Taxes shall prepare and file (or cause to be prepared and filed) such Tax Returns.  If required by Applicable Tax Law, L Brands and VS shall, and shall cause their respective Affiliates to, cooperate in preparing and
      filing, and join the execution of, any such Tax Returns. 

     

    

    
      11

      
        

    

     

    
      (g)          Payment of Taxes.  L Brands shall pay (or cause to be paid) to the proper Taxing Authority the Tax shown as due on any
        Tax Return for which a member of the L Brands Group is responsible for filing under this Section 4, and VS shall pay (or cause to be paid) to the proper Taxing Authority the
        Tax shown as due on any Tax Return for which a member of the VS Group is responsible for filing under this Section 4. If any member of the L Brands Group is required to make a
        payment to a Taxing Authority for Taxes allocated to VS under Section 3, VS shall pay the amount of such Taxes to L Brands in accordance with Section 11 and Section 12. If any member of the VS Group is required to make a payment to a Taxing Authority for Taxes allocated to L
        Brands under Section 3, L Brands shall pay the amount of such Taxes to VS in accordance with Section 11
        and Section 12.

    

     

    

    Section 5.          Apportionment of Earnings and Profits and Tax Attributes.

    

    

    (a)          Any Tax Attributes arising in a Pre-Distribution Period will be allocated to (and the benefits and burdens of such Tax Attributes will inure to) the members of the L Brands Group and the members of the VS
      Group in accordance with L Brands’ historical practice (including historical methodologies for making corporate allocations), the Code, Treasury Regulations, and any applicable state, local and foreign law, as determined by L Brands in its sole
      discretion.

    

    

    
      (b)          L Brands shall in good faith, based on information reasonably available to it, advise VS in writing, as soon as reasonably practicable after the close of the relevant Taxable period in which the
        Distribution occurs, of L Brands’ estimate of the portion, if any, of any earnings and profits, previously taxed earnings and profits (within the meaning of Section 959 of the Code (“PTI”), Tax Attributes, Tax basis, overall foreign loss or other consolidated, combined or unitary attribute which L Brands determines is expected to be allocated or apportioned to the members of the VS Group under
        Applicable Tax Law.  In the event of any adjustment to the previously delivered estimates of the portion of earnings and profits, Tax Attributes, Tax basis, overall foreign loss or other consolidated, combined or unitary attribute determined by L
        Brands, L Brands shall promptly advise VS in writing of such adjustment.  For the avoidance of doubt, L Brands shall not be liable to any member of the VS Group for any failure of any determination under this Section 5(b) to be accurate under Applicable Tax Law, provided such determination was made in good faith.  All members of the VS Group shall prepare all Tax Returns in accordance with the written notices
        provided by L Brands to VS pursuant to this Section 5(b).

      

      

      (c)          Except as otherwise provided herein, to the extent that the amount of any earnings and profits, PTI, Tax Attributes, Tax basis, overall foreign loss or other consolidated, combined or unitary attribute
        allocated to members of the L Brands Group or the VS Group pursuant to Section 5(b) is later reduced or increased by a Taxing Authority or as a result of a Tax Proceeding,
        such reduction or increase shall be allocated to the Company to which such earnings and profits, Tax Attributes, Tax basis, overall foreign loss or other consolidated, combined or unitary attribute was allocated pursuant to this Section 5, as determined by L Brands in good faith.

    

    

    
      12

      
        

    

    Section 6.          Utilization of Tax Attributes.

    

    

    
      (a)          Amended Returns.  Any amended Tax Return or claim for a refund with respect to any member of the VS Group may be made
        only by the Party responsible for preparing the original Tax Return with respect to such member of the VS Group pursuant to Section 4.

      

      

      (b)          No Carryback Election. The Parties hereby agree, except with respect to any L Brands Specified Tax Attribute (as to
        which L Brands shall have sole discretion), (i) not to make or cause to be made any election to claim (A) in any Pre-Distribution Period or (B) in any Joint Tax Return a VS Carried Item from a Post-Distribution Period and (ii) to elect, to the
        extent permitted by Applicable Tax Law, to forgo the right to carry back any VS Carried Item from a Post-Distribution Period to (A) a Pre-Distribution Period or (B) a Joint Tax Return.  

      

      

      
        (c)          VS Carrybacks.

      

      

      

      (i)        If a member of the VS Group reasonably determines that it is required by Applicable Tax Law to carry back any VS Carried Item from a Post-Distribution Period to (i) a Pre-Distribution
        Period or (ii) a Joint Tax Return, it shall notify L Brands in writing of such determination at least ninety (90) days prior to filing the Tax Return on which such carryback will be reflected. Such notification shall include a description in
        reasonable detail of the basis for any expected Tax Benefit and the amount thereof. If L Brands disagrees with such determination, the Parties shall resolve their disagreement pursuant to the procedures set forth in Section 25.

      

      

      (ii)       If a VS Carried Item from a Post-Distribution Period (other than an L Brands Specified Tax Attribute) is carried back to (i) a Pre-Distribution Period or (ii) a Joint Tax Return pursuant
        to Section 6(c)(i), L Brands shall be required to make a payment to the VS Group in an amount equal to the Tax Benefit in respect of such VS Carried Item in accordance with Section 8(c).

      

      

      (d)          Carryforwards to Separate Tax Returns.  If a portion or all of any Tax Attribute is allocated to a member of a Combined
        Group pursuant to Section 5 and carried forward to a VS Post-2020 Separate Income Tax Return, any Tax Benefits arising from such carryforward shall be retained by the VS
        Group.  If a portion or all of any Tax Attribute is allocated to a member of a Combined Group pursuant to Section 5, and is carried forward to a L Brands Separate Tax Return,
        any Tax Benefits arising from such carryforward shall be retained by the L Brands Group.

      

      

    

    Section 7.          Deductions and Reporting for Certain Awards.

    

    

    
      (a)          Deductions.  To the extent permitted by Applicable Tax Law, income Tax deductions with respect to the issuance,
        exercise, vesting or settlement after the Distribution Date of any L Brands Compensatory Equity Interests or VS Compensatory Equity Interests shall be claimed (i) in the case of an active officer or employee, solely by the Group that employs such
        Person at the time of such issuance, exercise, vesting, or settlement, as applicable; (ii) in the case of a former officer or employee, solely by the Group that was the last to employ such Person; and (iii) in the case of a director or former
        director (who is not an officer or employee or former officer or employee of a member of either Group), (x) solely by the L Brands Group if such person was, at any time before or after the Distribution, a director of any member of the L Brands
        Group, and (y) in any other case, solely by the VS Group.

       

      

    

    
      13

      
        

    

    
      (b)          If, notwithstanding clause (a), it is reasonably likely that the VS Group will, under Applicable Tax Law, utilize a deduction for a Taxable period ending after the Distribution Date with respect to any
        liability with respect to compensation required to be paid or satisfied by, or otherwise allocated to, any member of the L Brands Group in accordance with any Distribution Document (the “Reimbursable Payment”), L Brands shall reduce the amount payable to the relevant member of the VS Group with respect to the Reimbursable Payment by 25% (the “Reimbursement Adjustment”).  

      

      

      (c)          Withholding and Reporting.  All applicable withholding and reporting responsibilities (including all income, payroll or
        other Tax reporting related to income to any current or former employee) with respect to the issuance, exercise, vesting or settlement of any L Brands Compensatory Equity Interests or VS Compensatory Equity Interests shall be the responsibility of
        the Party to which such responsibility has been prescribed by Section 8.04 of the Employee Matters Agreement. L Brands and VS acknowledge and agree that the Parties shall cooperate with each other and with third-party providers to effectuate
        withholding and remittance of Taxes, as well as required Tax reporting, in a timely manner.

    

     

    

    Section 8.          Tax Benefits.

    

    

    
      (a)          L Brands Tax Benefits. L Brands shall be entitled to any Tax Benefits (including, in the case of any refund received,
        any interest actually received on or in respect thereof) received by any member of the L Brands Group or any member of the VS Group, other than any Tax Benefits (or any amounts in respect of Tax Benefits) to which VS is entitled pursuant to Section 8(b) (or, with respect to any VS Carried Item, Section 6).  VS shall not be entitled to any Tax
        Benefits received by any member of the L Brands Group or the VS Group, except as set forth in Section 8(b).

      

      

      (b)          VS Tax Benefits.  VS shall be entitled to any Tax Benefits (including, in the case of any refund received, any interest
        actually received on or in respect thereof) received by any member of the L Brands Group or any member of the VS Group after the Distribution Date (i) with respect to any Tax allocated to a member of the VS Group under this Agreement (including,
        for the avoidance of doubt, any amounts allocated to VS pursuant to Section 3(c)(iii)) or (ii) resulting from a VS Specified Tax Attribute, in each case, other than (x) any
        Tax Benefits resulting from a VS Carried Item, which shall be governed by Section 6 and (y) any Tax Benefit resulting from an L Brands Specified Tax Attribute.

      

      

      (c)          A Company receiving (or realizing) a Tax Benefit to which another Company is entitled hereunder (a “Tax Benefit Recipient”)

        shall pay over the amount of such Tax Benefit (including 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 therewith) within thirty (30)
        days of receipt thereof (or from the due date for payment of any Tax reduced thereby); provided, however, that the other Company, upon the request of such Tax
        Benefit Recipient, shall repay the amount paid to the other Company (plus any penalties, interest or other charges imposed by the relevant Taxing Authority) in the event that, as a result of a subsequent Final Determination, a Tax Benefit that gave
        rise to such payment is subsequently disallowed.

    

    

    
      14

      
        

    

    Section 9.          Certain Representations and Covenants.

     

    

    
      (a)          Representations.

    

     

    

  

  
    
      (i)           VS and each other member of the VS Group represents that as of the date hereof, and covenants that as of the Distribution Date, there is no
        plan or intention:

    

    

    

    (A)          to liquidate VS or to merge or consolidate any member of the VS Group with any other Person subsequent to the Distribution; 

    

    

    (B)          to sell, transfer or otherwise dispose of any material asset of any member of the VS Group, except in the ordinary course of business;

    

    

    (C)          to take or fail to take any action in a manner that is inconsistent with the written information and representations furnished by VS to the Tax Adviser in connection with the Tax
      Representation Letters or the Tax Opinion;

    

    

    (D)          to repurchase stock of VS other than in a manner that satisfies the requirements of Section 4.05(1)(b) of IRS Revenue Procedure 96-30 (as in effect prior to the amendment of such Revenue
      Procedure by IRS Revenue Procedure 2003-48) and consistent with any representations made to the Tax Adviser in connection with the Tax Representation Letters;

    

    

    (E)           to take or fail to take any action in a manner that management of VS knows, or should know, is reasonably likely to contravene any agreement with a Taxing Authority entered into prior to
      the Distribution Date to which any member of the VS Group or the L Brands Group is a party; or

    

    

    (F)           to enter into any negotiations, agreements, or arrangements with respect to transactions or events (including stock issuances, pursuant to the exercise of options or otherwise, option
      grants, the adoption of, or authorization of shares under, a stock option plan, capital contributions, or acquisitions, but not including the Distribution) that could reasonably be expected to cause the Distribution to be treated as part of a plan
      (within the meaning of Section 355(e) of the Code) pursuant to which one or more Persons acquire directly or indirectly VS stock representing a 50% or greater interest within the meaning of Section 355(d)(4) of the Code.

    

    

    
      (b)          Covenants.

    

    

    

    (i)           VS shall not, and shall not permit any other member of the VS Group to, take or fail to take any action that constitutes a VS Disqualifying Action.

     

    

    (ii)          VS shall not, and shall not permit any other member of the VS Group to, take or fail to take any action that is inconsistent with the information and representations furnished by VS to
      the Tax Adviser in connection with the Tax Representation Letters or the Tax Opinion.

     

    

    
      15

      
        

    

    
      (iii)       VS shall not, and shall not permit any other member of the VS Group to, take or fail to take any action in a manner that management of VS
        knows, or should know, is reasonably likely to contravene any agreement with a Taxing Authority entered into prior to the Distribution Date to which any member of the VS Group or the L Brands Group is a party.

    

    

    

    (iv)        During the two-year period following the Distribution Date:

    

    

    (A)          VS shall (v) maintain its status as a company engaged in the Active Trade or Business for purposes of Section 355(b)(2) of the Code, (w) not engage in any transaction that would result in
      it ceasing to be a company engaged in the Active Trade or Business for purposes of Section 355(b)(2) of the Code, (x) cause each other member of the VS Group whose Active Trade or Business is relied upon for purposes of qualifying the Distribution or
      any component of the Restructuring for the Intended Tax Treatment to maintain its status as a company engaged in such Active Trade or Business for purposes of Section 355(b)(2) of the Code and any such other Applicable Tax Law, (y) not engage in any
      transaction or permit any other member of the VS Group to engage in any transaction that would result in a member of the VS Group described in clause (x) hereof ceasing to be a company engaged in the relevant Active Trade or Business for purposes of
      Section 355(b)(2) of the Code or such other Applicable Tax Law, taking into account Section 355(b)(3) of the Code for purposes of each of clauses (v) through (y) hereof and (z) not dispose of or permit a member of the VS Group to dispose of, directly
      or indirectly, any interest in a member of the VS Group described in clause (x) hereof or permit any such member of the VS Group to make or revoke any election under Treasury Regulation Section 301.7701-3;

    

    

    (B)          VS shall not repurchase stock of VS in a manner contrary to the requirements of Section 4.05(1)(b) of IRS Revenue Procedure 96-30 (as in effect prior to the amendment of such Revenue
      Procedure by IRS Revenue Procedure 2003-48) or inconsistent with any representations made by VS to the Tax Adviser in connection with the Tax Representation Letters;

    

    

    (C)          VS shall not, and shall not agree to, merge, consolidate or amalgamate with any other Person;

    

    

    (D)          VS shall not, and shall not permit any other member of the VS Group to, or to agree to, sell or otherwise issue to any Person, any Equity Interests of VS or of any other member of the VS
      Group; provided, however, that VS may issue Equity Interests to the extent
      such issuances satisfy Safe Harbor VIII (relating to acquisitions in connection with a person’s performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan of an employer) of Treasury Regulations Section 1.355-7(d);

    

    

    
      16

      
        

    

    (E)          VS shall not, and shall not permit any other member of the VS Group to (I) solicit any Person to make a tender offer for, or otherwise acquire or sell, the Equity Interests of VS or any
      member of the VS Group, (II) participate in or support any unsolicited tender offer for, or other acquisition, issuance or disposition of, the Equity Interests of VS or any member of the VS Group or (III) approve or otherwise permit any proposed
      business combination or any transaction which, in the case of clauses (I) or (II), individually or in the aggregate, together with any transaction occurring within the four-year period beginning on the date which is two years before the Distribution
      Date and any other transaction which is part of a plan or series of related transactions (within the meaning of Section 355(e) of the Code) that includes the Distribution, could result in one or more Persons acquiring (except for acquisitions that
      otherwise satisfy Safe Harbor VIII (relating to acquisitions in connection with a person’s performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan of an employer) of Treasury Regulation Section 1.355-7(d)) directly
      or indirectly stock representing a 25% or greater interest, by vote or value, in VS, IBUS or IBIH (or any successor thereto) (any such transaction, a “Proposed Acquisition
        Transaction”); provided further that any clarification of, or change in, the statute or regulations promulgated under Section 355(e) of the Code shall be
      incorporated in the restrictions in this clause (iv) and the interpretation thereof;

    

    

    (F)          if any member of the VS Group proposes to enter into any transaction or series of transactions that is not a Proposed Acquisition Transaction but would be a Proposed Acquisition
      Transaction if the percentage reflected in the definition of Proposed Acquisition Transaction were 15% instead of 25% (a “Section 9(b)(iv)(F) Acquisition Transaction”)

      or, to the extent VS has the right to prohibit any Section 9(b)(iv)(F) Acquisition Transaction, proposes to permit any Section 9(b)(iv)(F) Acquisition Transaction to occur, in each case, VS shall provide L Brands, no later than 10 Business Days
      following the signing of any written agreement with respect to the Section 9(b)(iv)(F) Acquisition Transaction, a written description of such transaction (including the type and amount of Equity Interests to be issued or sold in such transaction) and
      a certificate of the board of directors of VS to the effect that the Section 9(b)(iv)(F) Acquisition Transaction is not a Proposed Acquisition Transaction; and

    

    

    (G)          VS shall not, and shall not permit any other member of the VS Group to, amend its certificate of incorporation (or other organizational documents), or take any other action, whether
      through a stockholder vote or otherwise, affecting the voting rights of the Equity Interests of VS (including, without limitation, through the conversion of one class of Equity Interests of VS into another class of Equity Interests of VS).

    

    

    (H)          VS shall not transfer, to any member of the VS Group that is treated as a corporation for U.S. federal income tax purposes, any asset that was transferred to VS in the Contribution.

    

    

    
      17

      
        

    

    (v)          VS shall not take or fail to take, or permit any other member of the VS Group to take or fail to take, any action which prevents or could reasonably be expected to result in Tax treatment
      that is inconsistent with the Intended Tax Treatment.

    

    

    
      (c)          VS Covenants Exceptions.  Notwithstanding the provisions of Section

            9(b), VS and the other members of the VS Group may take any action that would reasonably be expected to be inconsistent with the covenants contained in Section 9(b), if either: (i) VS notifies L Brands of its proposal to take such
        action and VS and L Brands obtain a ruling from the IRS to the effect that such action will not affect the Intended Tax Treatment, provided that VS agrees in
        writing to bear any expenses associated with obtaining such a ruling and, provided further that the VS Group shall not be relieved of any liability under Section 11(a) of this Agreement by reason of seeking or having obtained such a ruling; or (ii) VS notifies L Brands of its proposal to take such action and obtains an unqualified
        opinion of counsel (A) from a Tax advisor recognized as an expert in federal income Tax matters and acceptable to L Brands in its sole discretion, (B) on which L Brands may rely and (C) to the effect that such action “will” not affect the Intended
        Tax Treatment, provided that the VS Group shall not be relieved of any liability under Section
            11(a) of this Agreement by reason of having obtained such an opinion.

    

    

    

    Section 10.        Tax Receivables Arrangements.  

    

    

    
      (a)          Section 336(e) Election.  Pursuant to Treasury Regulations Sections 1.336-2(h)(1)(i) and 1.336-2(j), L Brands and VS agree that L Brands may make a timely protective election under Section 336(e)
        of the Code and the Treasury Regulations issued thereunder and under any comparable provisions of state, local or foreign law for each member of the VS Group that is a domestic corporation for U.S. federal income Tax purposes with respect to the
        Distribution (a “Section 336(e) Election”).  It is intended that a Section 336(e) Election will have no effect unless the Distribution is a “qualified stock
        disposition,” as defined in Treasury Regulations Section 1.336(e)-1(b)(6), by reason of the application of Treasury Regulations Section 1.336-1(b)(5)(i)(B) or Treasury Regulations Section 1.336-1(b)(5)(ii), or under any comparable provisions of
        state, local or foreign law in any other jurisdiction.

      

      

      (b)          L Brands TRA.  If any Specified Event results in the imposition of a liability for Taxes (including any Taxes attributable to the Section 336(e) Election) that are not allocated to VS pursuant to Section 3,
            (i) L Brands shall be entitled to periodic payments from VS equal to the product of (x) 85% of the Tax savings attributable to Tax Attributes arising from such Specified Event and (y) the percentage of Taxes arising from such Specified Event
            that are not allocated to VS pursuant to Section 3, and (ii) the Parties shall negotiate in good faith the terms of a tax receivable agreement to govern the
            calculation of such payments; provided that any such tax savings in clause (i) shall be determined using a “with and without” methodology (treating any Tax Attribute arising from any Specified Event as
            the last items claimed for any Taxable year, including after the utilization of any carryforwards).  Notwithstanding the foregoing, L Brands may, at its sole discretion, waive its right to receive any and all payments pursuant to this Section

              10(b).

       

          

    

    
      18

      
        

    

    Section 11.          Indemnities.

    

    

    
      (a)          VS Indemnity to L Brands.  Except in the case of any liabilities described in Section 11(b), VS and each other member of the VS Group shall jointly and severally
        indemnify L Brands and the other members of the L Brands Group against, and hold them harmless, without duplication, from:

    

    

    

    (i)          any Tax liability allocated to VS pursuant to Section 3;

    

    

    (ii)          any Tax liability and Tax-Related Losses attributable to a breach, after the Distribution Time, by VS or any other member of the VS Group of any representation, covenant or provision
      contained in this Agreement (including, for the avoidance of doubt, any Taxes and Tax-Related Losses resulting from any breach for which the conditions set forth in Section 9(c)
      are satisfied);

    

    

    
      (iii)       any Distribution Taxes and Tax-Related Losses attributable to a VS Disqualifying Action (including, for the avoidance of doubt, any Taxes and
        Tax-Related Losses resulting from any action for which the conditions set forth in Section 9(c) are satisfied); and

      

      

      (iv)        all liabilities, costs, expenses (including, without limitation, reasonable expenses of investigation and attorneys’ fees and expenses),
        losses, damages, assessments, settlements or judgments arising out of or incident to the imposition, assessment or assertion of any Tax liability or damage described in (i), (ii) or (iii), including those incurred in the contest in good faith in
        appropriate proceedings relating to the imposition, assessment or assertion of any such Tax, liability or damage.

    

    

    

    

    
      (b)          L Brands Indemnity to VS.  Except in the case of any liabilities described in Section 11(a), L Brands and each other member of the L Brands Group will jointly and severally indemnify VS and the other members of the VS Group against, and hold them harmless, without duplication, from:

    

    

    

    (i)          any Tax liability allocated to L Brands pursuant to Section 3; 

    

    

    (ii)         any Taxes imposed on any member of the VS Group under Treasury Regulations Section 1.1502-6 (or similar or analogous provision of state, local or foreign law) solely as a result of any
      such member being or having been a member of a Combined Group; and

    

    

    (iii)       all liabilities, costs, expenses (including, without limitation, reasonable expenses of investigation and attorneys’ fees and expenses), losses, damages, assessments, settlements or
      judgments arising out of or incident to the imposition, assessment or assertion of any Tax liability or damage described in (i) or (ii), including those incurred in the contest in good faith in appropriate proceedings relating to the imposition,
      assessment or assertion of any such Tax, liability or damage.

     

    

    
      19

      
        

    

    
      (c)          Discharge of Indemnity.  VS, L Brands and the members of their respective Groups shall discharge their obligations under Section 11(a)
        or Section 11(b) hereof, respectively, by paying the relevant amount in accordance with Section 12,
        within thirty (30) Business Days of demand therefor or, to the extent such amount is required to be paid to a Taxing Authority prior to the expiration of such thirty (30) Business Days, at least ten (10) Business Days prior to the date by which the
        demanding party is required to pay the related Tax liability.  Any such demand shall include a statement showing the amount due under Section 11(a) or Section 11(b), as the case may be. Notwithstanding the foregoing, if any member of the VS Group or any member of the L Brands Group disputes in good faith the fact or the amount of
        its obligation under Section 11(a) or Section 11(b), then no payment of the amount in dispute shall be
        required until any such good faith dispute is resolved in accordance with Section 25 hereof; provided, however, that any amount not paid within thirty (30) Business Days of demand therefor shall bear interest as provided in Section 12.

      

      

      (d)          Corresponding Tax Benefits.  If an indemnification obligation of any member of the L Brands Group or any member of the
        VS Group, as the case may be, under this Section 11 arises in respect of an adjustment that makes allowable to an Indemnitee any reduction in Taxes payable by the Indemnitee
        or other Tax benefit 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

            11(d), minus (ii) the reduction in actual cash Taxes payable by the Indemnitee in the Taxable year in which such indemnification obligation arises, determined on a “with and without” basis.

       

      

    

    Section 12.          Payments.

    

    

    
      (a)          Timing.  All payments to be made under this Agreement (excluding, for the avoidance of doubt, any payments to a Taxing
        Authority described herein) shall be made in immediately available funds.  Except as otherwise provided, all such 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.  With respect to any payment required to be made under this Agreement, L Brands has the right to designate, by written notice to VS, which member of the L Brands Group will make or receive such payment.

      

      

      (b)          Treatment of Payments.  To the extent permitted by Applicable Tax Law, any payment made by L Brands or any member of the L Brands Group to VS or any member of the VS Group, or by VS or any member of the VS
            Group to L Brands or any member of the L Brands Group, pursuant to this Agreement, the Separation Agreement or any other Distribution Document that relates to Taxable periods (or portions thereof) ending on or before the Distribution Date shall
            be treated by the parties hereto for all Tax purposes as a distribution by VS to L Brands, or a capital contribution from L Brands to VS, as the case may be; provided, however, that any payment made
            pursuant to Sections 2.05 and 2.06 of the Separation Agreement shall instead be treated as if the party required to make a payment of received amounts had received such amounts as agent for the other party; provided

              further that any payment made pursuant to Section 3.01 of the L Brands to VS Transition Services Agreement or the VS to L Brands Transition Services Agreement, as
            the case may be, shall instead be treated as a payment for services; provided further that any reimbursement pursuant to Section 7.01 or 7.03 of the Employee Matters Agreement or Items 4-7 of Schedule
            4.15 of the Separation Agreement, in each case, to the extent that the applicable underlying payment is properly deductible by a member of the L Brands Group, shall be treated as a reimbursement of amounts paid by VS as paying agent of L
            Brands; and provided further that any amount paid by VS under Schedule 4.15 of the Separation Agreement in respect of any deduction relating to an L Brands Compensatory Equity Interest shall be treated
            as a payment in exchange for the Equity Interest in L Brands underlying such L Brands Compensatory Equity Interest.  In the event that a Taxing Authority asserts that a party’s treatment of a payment described in this Section 12(b)
            should be other than as required herein, such party shall use its reasonable best efforts to contest such assertion in a manner consistent with Section 15 of this Agreement.

       

          

      
        20

        
          

      

      
      
        (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 Distribution Document, and this Agreement shall be construed accordingly.

         

          

      

    

    Section 13.          Guarantees.  L Brands and VS, as the case may be, each hereby guarantees and agrees to otherwise perform the
      obligations of each other member of the L Brands Group or the VS Group, respectively, under this Agreement.

    

    

    Section 14.          Communication and Cooperation.

    

    

    
      (a)          Consult and Cooperate.  L Brands and VS 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, without limitation:

       

      

    

    
      (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 VS Group (or, in the case of any Tax Return of the L Brands Group, the portion of such return that relates to Taxes for which the VS Group may be liable pursuant to this Agreement), 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 15) or helpful in connection with any
        required Tax Return or in connection with any audit, proceeding, suit or action; and

    

    

    

    
      21

      
        

    

    (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.  Except as set forth in Section 15, L Brands and VS shall keep each other reasonably informed with respect to any material development
        relating to the matters subject to this Agreement.

      

      

      (c)          Tax Attribute Matters.  L Brands and VS shall promptly advise each other with respect to any proposed Tax adjustments
        that are the subject of an audit or investigation, or are the subject of any proceeding or litigation, and that may affect any Tax liability or any Tax Attribute (including, but not limited to, basis in an asset or the amount of earnings and
        profits) of any member of the VS Group or any member of the L Brands Group, respectively.

      

      

      (d)          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 L Brands Group or VS Group, respectively, shall be required to provide any member of the VS Group or L Brands Group, respectively, or
        any other Person access to or copies of any information or procedures other than information or procedures that relate solely to VS, the business or assets of any member of the VS Group, or matters for which VS or L Brands Group, respectively, has
        an obligation to indemnify under this Agreement, and (ii) in no event shall any member of the L Brands Group or the VS Group, respectively, be required to provide any member of the VS Group or L Brands Group, respectively, 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 L Brands or VS, respectively, determines that the provision of any
        information to any member of the VS Group or L Brands Group, respectively, could be commercially detrimental or violate any law or agreement to which L Brands or VS, respectively, is bound, L Brands or VS, respectively, shall not be required to
        comply with the foregoing terms of this Section 14(d) except to the extent that it is able, using commercially reasonable efforts, to do so while avoiding such harm or
        consequence (and shall promptly provide notice to L Brands or VS, to the extent such access to or copies of any information is provided to a Person other than a member of the L Brands Group or VS Group (as applicable)).

    

    

    

    Section 15.          Audits and Contest.

    

    

    
      (a)          Notice.  Each of L Brands or VS shall promptly notify the other in writing upon the receipt of any notice of Tax
        Proceeding from the relevant Taxing Authority or upon becoming aware of an actual or potential Tax Proceeding by a Taxing Authority that may affect the liability of any member of the VS Group or the L Brands Group, respectively, for Taxes under
        Applicable Law or this Agreement; provided, 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.

    

    

    
      22

      
        

    

    
      (b)          L Brands Control.  Notwithstanding anything in this Agreement to the contrary but subject to Sections 15(d) and 15(e), L Brands shall have the right to control all matters relating to any Joint Tax Return, any L Brands Separate Tax Return, any Pre-2021 VS Separate Tax Return, any VS Post-2020
        Separate Non-Income Tax Return (to the extent related to Taxes attributable to a Pre-Distribution Period) and any Tax Return, or any Tax Proceeding, with respect to any Tax matters of a Combined Group or any member of a Combined Group (as such).  L
        Brands shall have absolute discretion with respect to any decisions to be made, or the nature of any action to be taken, with respect to any Tax matter described in the preceding sentence; provided, however, that to the extent that any Tax Proceeding relating to such a Tax matter is reasonably likely to give rise to an indemnity obligation of VS under Section 11 hereof, (i) L Brands shall keep VS informed of all material developments and events relating to any such Tax Proceeding described in this proviso and (ii) at its own cost and expense, VS shall have
        the right to participate in (but not to control) the defense of any such Tax Proceeding.

      

      

      (c)          VS Assumption of Control; Non-Distribution Taxes.  If L Brands determines that the resolution of any matter pursuant to
        a Tax Proceeding (other than a Tax Proceeding relating to Distribution Taxes) is reasonably likely to have an adverse effect on the VS Group with respect to any Post-Distribution Period, L Brands, in its sole discretion, may permit VS to elect to
        assume control over disposition of such matter at VS’s sole cost and expense; provided, however, that if VS so elects, it will (i) be responsible for the payment
        of any liability arising from the disposition of such matter notwithstanding any other provision of this Agreement to the contrary and (ii) indemnify the L Brands Group for any increase in a liability and any reduction of a Tax asset of the L
        Brands Group arising from such matter.

      

      

      (d)          VS Participation; Distribution Taxes.  L Brands shall have the right to control any Tax Proceeding relating to
        Distribution Taxes, provided that L Brands shall keep VS fully informed of all material developments and shall permit VS a reasonable opportunity to participate
        in the defense of the matter.  

      

      

      (e)          Specified Administrative Proceeding.  Notwithstanding the foregoing subsections of this Section 15, VS shall (A) control
        the Specified Administrative Matter at its own cost and expense, (B) keep L Brands informed of all material developments and events relating to the Specified Administrative Matter and (C) permit L Brands a reasonable opportunity to participate in
        (but not to control) the Specified Administrative Matter.  Subject to the foregoing, L Brands shall cooperate reasonably with VS in connection with the Specified Administrative Matter, including by (i) transferring to VS, upon reasonable request by
        VS, any and all information, including all books, records, documentation, information regarding vendor mark-ups or other information, pertaining to the Specified Tax Matter, (ii) executing and delivering such documents, agreements or other
        instruments as are reasonably required to perfect the entry into an MFE APA and (iii) consenting to VS’s engagement of any legal, accounting or economic advisor in connection with such Specified Tax Matter.

      

      

    

    
      23

      
        

    

    Section 16.          Notices.  Any notice, instruction, direction or demand under the terms of this Agreement required to be in
      writing shall be duly given upon delivery, if delivered by hand, facsimile transmission, email transmission, or mail, to the following addresses:

    

    

    if to L Brands or the L Brands Group, to:

    

    

    L Brands Corporation

    Three Limited Parkway

    Columbus, Ohio 43230

    Attention: Michael Wu

    Email: MiWu@lb.com

    

    

    with a copy (which shall not constitute notice) to:

    

    

    Davis Polk & Wardwell LLP

    450 Lexington Avenue

    New York, New York 10017

    Attention: Patrick E. Sigmon

    Email: patrick.sigmon@davispolk.com

    

    

    if to VS or the VS Group, to:

    

    

    Victoria’s Secret & Co.

    4 Limited Parkway East

    Reynoldsburg, Ohio 43068

    Attention: Melinda McAfee

    Email: MMcAfee@lb.com

    

    

    or such other address or facsimile number as such party may hereafter specify for the purpose by notice to the other party hereto.  All such notices, requests and other communications shall be deemed received on the date of receipt by the
      recipient thereof if received prior to 5:00 p.m. in the place of receipt and such day is a Business Day in the place of receipt.  Otherwise, any such notice, request or communication shall be deemed not to have been received until the next succeeding
      Business Day in the place of receipt.

    

    

    Section 17.          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 to the extent the costs and expenses are directly
      allocable to a liability or obligation allocated to such Party and (ii) to the extent a cost or expense is not directly allocable 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 18.          Effectiveness; Termination and Survival.  Except as expressly set forth in this Agreement, as between L Brands
      and VS, 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 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 hereunder 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.

    

    

    
      24

      
        

    

    Section 19.          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 other
      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 to obligate the breaching Party (i) to perform its obligations under this Agreement or (ii) if the breaching Party is unable, for whatever reason, to perform those obligations, 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 20.        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; 

      

      

      (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; 

      

      

      
        25

        
          

      

      (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; 

      

      

      (k)          unless otherwise specified in this Agreement, all references to dollar amounts herein shall be in respect of lawful currency of the United States; and 

      

      

      (l)          any capitalized term used in an Exhibit or Schedule but not otherwise defined therein shall have the meaning set forth in this Agreement.

      

      

      Section 21.          Entire Agreement; Amendments and Waivers.

      

      

      (a)          Entire Agreement.

      

      

      (i)          This Agreement and the other Distribution Documents 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.  No representation, inducement, promise, understanding, condition or warranty not set forth herein or in
        the other Distribution 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 Distribution Documents.  This Agreement is an “Ancillary Agreement” as such term is defined in the Separation Agreement and 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 DISTRIBUTION DOCUMENTS.  WITHOUT LIMITING THE GENERALITY OF THE DISCLAIMER SET FORTH IN THE PRECEDING SENTENCE, NEITHER L BRANDS NOR ANY OF ITS AFFILIATES HAS MADE OR SHALL BE DEEMED TO HAVE
        MADE ANY REPRESENTATIONS OR WARRANTIES IN ANY PRESENTATION OR WRITTEN INFORMATION RELATING TO THE VS 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 L BRANDS OR
        ANY OF ITS AFFILIATES 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.  VS ACKNOWLEDGES THAT L BRANDS HAS INFORMED IT THAT NO PERSON HAS BEEN AUTHORIZED BY L BRANDS OR ANY OF ITS AFFILIATES TO MAKE ANY REPRESENTATION OR WARRANTY IN RESPECT OF THE VS BUSINESS OR IN CONNECTION WITH THE CONTEMPLATED
        TRANSACTIONS, UNLESS IN WRITING AND CONTAINED IN THIS AGREEMENT OR IN ANY OF THE OTHER DISTRIBUTION DOCUMENTS TO WHICH THEY ARE A PARTY.

    

    

    

    
      
        26

        
          

      

      (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 each of L Brands and VS, 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 (or the applicable member of such Party’s Group) 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 22.        Governing Law.  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.

    

    

    Section 23.         Jurisdiction.  The Parties agree that 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 or the transactions contemplated hereby shall be brought in the Chancery Court of the State of Delaware and any state appellate court therefrom within the State of Delaware (or if the
      Chancery Court of the State of Delaware declines to accept jurisdiction over a particular matter, any federal or state court sitting in the State of Delaware and any federal or state appellate court therefrom), and each of the Parties hereto hereby
      irrevocably consents to the exclusive jurisdiction of such courts in any such suit, action or proceeding and irrevocably waives, to the 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. Process in any such suit, action or proceeding may be served on any Party anywhere in
      the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each Party agrees that service of process on such Party as provided in Section 16 shall be deemed effective service of process on such Party.

    

    

    
      27

      
        

    

    Section 24.        WAIVER OF JURY TRIAL.  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 25.        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 L Brands and VS; provided, however, that, if L Brands and VS 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 L Brands, one member chosen by VS, 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 26.        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 14(d) and the indemnification and release provisions of Section 11, 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 27.        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 Distribution Documents.

    

    

    
      28

      
        

    

    Section 28.        Authorization. Each of L Brands and VS hereby represents and warrants that it has the power and authority to
      execute, deliver and perform this Agreement, on its behalf and on behalf of each member of its Group, that this Agreement has been duly authorized by all necessary corporate action on the part of such Party and each member of its Group, that this
      Agreement constitutes a legal, valid and binding obligation of each such Party and each member of its Group, and that the execution, delivery and performance of this Agreement by such Party and each member of its Group does not contravene or conflict
      with any provision or law or of its charter or bylaws or any agreement, instrument or order binding on such Party or member of its Group.

    

    

    Section 29.        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.

    

    

    Section 30.        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.

    

    

    [SIGNATURE PAGE FOLLOWS]

    

    

    
      29

      
        

    

    IN WITNESS WHEREOF, the Parties have executed and delivered this Agreement as of the day and year first written above.

     

    

    	 	
            L Brands on its own behalf and on behalf of the members of the L Brands Group

          
	 	 
	 	
            By:

          	/s/ Wendy Arlin
	 	 	
            Name:   Wendy Arlin

          
	 	 	
            Title:      Senior Vice President, Finance

          

     

    

    	 	
            VS on its own behalf and on behalf of the members of the VS Group

          
	 	 
	 	
            By:

          	/s/ Tim Johnson
	 	 	
            Name:    Tim Johnson

          
	 	 	
            Title:      Chief Financial Officer

          

     

    

    [SIGNATURE PAGE TO THE TAX MATTERS AGREEMENT]Exhibit 10.4

  

   

  

  EMPLOYEE MATTERS AGREEMENT

  

  

  by and between

  

  

  L BRANDS, INC.

  

  

  and

  

  

  VICTORIA’S SECRET & CO.

  

  

  Dated as of August 2, 2021

  
    
      

  

  
  TABLE OF CONTENTS
    

  	 	 	
          Page

        
	 
	
          ARTICLE 1

        
	
          Definitions

        
	
          Section 1.01.

        	
          Definitions

        	
          1

        
	 
	
          ARTICLE 2

        
	
          General Allocation of Liabilities; Indemnification

        
	
          Section 2.01.

        	
          Allocation of Employee-Related Liabilities

        	
          8

        
	
          Section 2.02.

        	Indemnification	
          9

        
	
          Section 2.03.

        	
          No Duplicate Reimbursements

        	
          9

        
	 
	
          ARTICLE 3

        
	
          Employees and Contractors; Employee Agreements

        
	
          Section 3.01.

        	
          Transfers of Employment

        	
          9

        
	
          Section 3.02.

        	
          Contractors

        	
          12

        
	
          Section 3.03.

        	
          Employee Agreements

        	
          12

        
	
          Section 3.04.

        	
          Assignment of Specified Rights

        	
          12

        
	
          Section 3.05.

        	
          Sponsored VS Employees

        	
          13

        
	
          Section 3.06.

        	
          Transfer-Related Termination Liabilities

        	
          13

        
	

        
	
          ARTICLE 4

        
	
          Plans

        
	
          Section 4.01.

        	
          General; Plan Participation

        	
          13

        
	
          Section 4.02.

        	
          Service Credit

        	
          15

        
	

        
	 ARTICLE 5

        
	Defined Contribution Retirement Plans 

        
	Section 5.01.	401(k) Plan	15

        
	
          Section 5.02.

        	Non-U.S. Defined Contribution Plans	17 

        
	

        
	 ARTICLE 6

        
	Health and Welfare Benefit Plans; Paid Time Off
	Section 6.01.	Health and Welfare Benefit Plans	18 

        
	Section 6.02.	Health and Welfare Benefit Plan Claims	19 

        
	Section 6.03.	Flexible Spending Account Plan Treatment	20 

        
	Section 6.04.	Workers’ Compensation Liabilities	20 

        
	Section 6.05.	Paid Time Off	21 

        
	Section 6.06.	COBRA	21 

        

  

  
    i

    
      

  

  
  
    	
            ARTICLE 7

            

          
	
            Cash Incentive and Retention Compensation

          
	
            Section 7.01.

          	L Brands Cash Bonus Plans	
            22

          
	
            Section 7.02.

          	
            VS Cash Bonus Plans

          	
            22

          
	
            Section 7.03.

          	
            L Brands 2021 Retention Bonus Program

          	
            23

          
	 
	
            ARTICLE 8

            

          
	
            Treatment of Outstanding Equity Awards

          
	
            Section 8.01.

          	
            RSUs

          	
            23

          
	
            Section 8.02.

          	
            PSUs

          	
            24

          
	
            Section 8.03.

          	
            Stock Options

          	
            24

          
	
            Section 8.04.

          	
            Miscellaneous Terms and Actions; Tax Reporting and Withholding
              

            

          	
            25

          
	
            Section 8.05.

          	
            Treatment of Equity Awards Held by Delayed Transfer Employees

          	
            27

          
	
            Section 8.06.

          	
            Employee Stock Purchase Plan

          	
            28

          
	 
	
            ARTICLE 9

            

          
	
            Personnel Records; Payroll and Tax Withholding

          
	
            Section 9.01.

          	
            Personnel Records

          	
            28

          
	
            Section 9.02.

          	
            Payroll; Tax Reporting and Withholding

          	
            29

          
	 
	
            ARTICLE 10

            

          
	
            Non-U.S. Employees and Employee Plans

          
	
            Section 10.01.

          	
            Special Provisions for Employees and Employee Plans Outside of the
                United States

          	
            29

          
	 
	
            ARTICLE 11

            

          
	
            General and Administrative

          
	
            Section 11.01.

          	
            Sharing of Participant Information

          	
            30

          
	
            Section 11.02.

          	
            Cooperation

          	
            30

          
	
            Section 11.03.

          	
            Vendor Contracts

          	
            30

          
	
            Section 11.04.

          	
            Data Privacy

          	
            30

          
	
            Section 11.05.

          	
            Notices of Certain Events

          	
            30

          
	
            Section 11.06.

          	
            No Third-Party Beneficiaries

          	
            31

          
	
            Section 11.07.

          	
            Fiduciary Matters

          	
            31

          
	
            Section 11.08.

          	
            Consent of Third Parties

          	
            31

          
	
            Section 11.09.

          	
            Section 409A

          	
            31

          
	   
	ARTICLE 12
	Non-Solicit and No-Hire
	Section 12.01.	No-Hire/Non-Solicitation of Employees	32 

          
	   
	ARTICLE 13
	Miscellaneous
	Section 13.01.	General	33 

          

  

   

  

  EXHIBITS

  

   

  

  Exhibit A Covered VS Inactive Employees

  

  

  
    ii

    
      

  

  
  

  

  EMPLOYEE MATTERS AGREEMENT

  

  

  EMPLOYEE MATTERS AGREEMENT dated as of August 2, 2021 (as the same may be amended from time to time in accordance with its terms, and
    together with the exhibits hereto, this “Agreement”), between L Brands, Inc., a Delaware corporation (“L Brands”), and Victoria’s Secret & Co., a Delaware corporation (“VS”) (each, a “Party” and together, the “Parties”).

  

  

  W I T N E S S E T H :

  

  

  WHEREAS, the Board of Directors of L Brands (the “L Brands Board”) has determined that it is in the best interests of L Brands and its stockholders to separate the VS Business from the L Brands Business;

  

  

  WHEREAS, VS is a wholly owned Subsidiary of L Brands that has been incorporated for the sole purpose of, and has not engaged in activities
    except in preparation for, the Distribution (as defined below) and the transactions contemplated by this Agreement, the Separation Agreement (as defined below) and the other Ancillary Agreements;

  

  

  WHEREAS, in furtherance of the foregoing, the L Brands Board has determined that it is in the best interests of L Brands and its
    stockholders to distribute to the holders of the issued and outstanding shares of common stock, par value $0.50 per share, of L Brands (the “L Brands Common Stock”) as of the Record Date, by means of a pro rata dividend, 100% of the issued and outstanding shares of common stock, par value $0.01 per share, of VS (the “VS Common Stock”),

    on the basis of one share of VS Common Stock for every three then issued and outstanding shares of L Brands Common Stock (the “Distribution”);

  

  

  WHEREAS, pursuant to the Separation Agreement, L Brands and VS have agreed to enter into this Agreement for the purpose of allocating
    between them assets, liabilities and responsibilities with respect to certain employee matters, including employee compensation and benefit plans and programs; and

  

  

  WHEREAS, L Brands and VS have agreed that, except as otherwise expressly provided herein, the general approach and philosophy underlying
    this Agreement is to (a) allocate assets, Liabilities and responsibilities to the VS Group (as opposed to the L Brands Group) to the extent they relate to current or former employees and other service providers primarily related to the VS Business and
    (b) allocate assets, Liabilities and responsibilities (other than those described in clause (a) above) to the L Brands Group (as opposed to the VS Group).

  

  

  NOW, THEREFORE, in consideration of the mutual promises contained herein and in the Separation Agreement, the Parties hereby agree as
    follows:

  

  

  ARTICLE 1

  Definitions

  

  

  Section 1.01.          Definitions.  (a) For purposes of this Agreement, the following terms shall have the following meanings; provided, that capitalized terms used in this Agreement but not otherwise defined in this Agreement shall have the respective meanings ascribed to such terms in the Separation Agreement:

  

  

  “Adjusted L Brands Awards” means,
    collectively, the Adjusted L Brands Options, the Adjusted L Brands PSUs and the Adjusted L Brands RSUs.

  

  

  “Adjusted L Brands Option” means
    any L Brands Option adjusted pursuant to Section 8.03(b) hereto.

  

  

  “Adjusted L Brands PSU” means any L
    Brands PSU adjusted pursuant to Section 8.02(b) hereto.

  

  

  “Adjusted L Brands RSU” means any L
    Brands RSU adjusted pursuant to Section 8.01(b) hereto.

  
    1

    
      

  

  

  

  “COBRA” means the continuation
    coverage requirements for “group health plans” under Title X of the Consolidated Omnibus Budget Reconciliation Act of 1985, as codified in Section 4980B of the Code and Sections 601 through 608 of ERISA.

  

  

  “Code” means the Internal Revenue
    Code of 1986.

  

  

  “Covered L Brands Service Provider”
    means any L Brands Employee, L Brands Contractor, L Brands Director, New L Brands Employee or LB to VS TSA Service Employee.

  

  

  “Covered VS Inactive Employee”
    means each VS Employee listed in Exhibit A to this Agreement who would otherwise constitute a “VS Inactive Employee” for purposes of this Agreement.

  

  

  “Covered VS Service Provider” means
    any VS Employee, VS Contractor, VS Director, New VS Employee or VS to LB TSA Service Employee.

  

  

  “Delayed LB Transfer Employee”
    means each (a) L Brands TSA Employee whose employment transfers to a member of the L Brands Group following the Distribution Date as contemplated by, and in accordance with, the terms of the VS to L Brands Transition Services Agreement or any other
    applicable Ancillary Agreement and (b) any other individual who, upon mutual agreement of the Parties, transfers employment from the VS Group to the L Brands Group following the Distribution Date (whether in connection with any other Ancillary
    Agreement or otherwise).  For the avoidance of doubt, a New L Brands Employee shall not be deemed a Delayed LB Transfer Employee.

  

  

  “Delayed Transfer Date” means, with
    respect to any applicable Delayed LB Transfer Employee or Delayed VS Transfer Employee, the applicable date he or she commences employment with a member of the L Brands Group or the VS Group, respectively, following the Distribution Date. For the
    avoidance of doubt, in the case of any L Brands TSA Employee or VS TSA Employee whose employment transfers to a member of the L Brands Group or the VS Group in accordance with the VS to L Brands Transition Services Agreement or the L Brands to VS
    Transition Services Agreement, respectively, his or her Transition Date (as defined in the VS to L Brands Transition Services Agreement or the L Brands to VS Transition Services Agreement, respectively) shall constitute his or her Delayed Transfer Date
    for purposes of this Agreement.

  

  

  “Delayed VS Transfer Employee”
    means each (a) VS Inactive Employee whose employment transfers to a member of the VS Group in accordance with Section 3.01(d) following the
    Distribution Date, (b) Sponsored VS Employee whose employment transfers to a member of the VS Group following the Distribution Date, (c) VS TSA Employee whose employment transfers to a member of the VS Group following the Distribution Date as
    contemplated by, and in accordance with, the terms of the L Brands to VS Transition Services Agreement or any other applicable Ancillary Agreement and (d) any other individual who, upon mutual agreement of the Parties, transfers employment from the L
    Brands Group to the VS Group following the Distribution Date (whether in connection with any other Ancillary Agreement or otherwise). For the avoidance of doubt, a New VS Employee shall not constitute a Delayed VS Transfer Employee.

  

  

  “Employee Plan” means any (a)
    “employee benefit plan” as defined in Section 3(3) of ERISA, (b) compensation, employment, consulting, severance, termination protection, change in control, transaction bonus, retention or similar plan, agreement, arrangement, program or policy or (c)
    other plan, agreement, arrangement, program or policy providing for compensation, bonuses, profit-sharing, equity or equity-based compensation or other forms of incentive or deferred compensation, vacation benefits, insurance (including any
    self-insured arrangement), medical, dental, vision, prescription or fringe benefits, life insurance, relocation or expatriate benefits, perquisites, disability or sick leave benefits, employee assistance program, supplemental unemployment benefits or
    post-employment or retirement benefits (including compensation, pension, health, medical or insurance benefits), in each case whether or not written.

  

  

  “ERISA” means the Employee
    Retirement Income Security Act of 1974.

  

  

  “FLSA” means the Fair Labor
    Standards Act of 1938.

  
    2

    
      

  

  

  

  “Former L Brands Employee” means
    each individual who, as of immediately prior to the Distribution Date, is a former employee of any member of the L Brands Group (other than any VS Employee). For the avoidance of doubt, a Delayed VS Transfer Employee shall not constitute a Former L
    Brands Employee.

  

  

   “Former VS Employee” means each
    individual who, as of immediately prior to the Distribution Date, is a former employee who was last actively employed primarily with respect to the VS Business by any member of the L Brands Group or the VS Group. For the avoidance of doubt, a Delayed
    LB Transfer Employee shall not constitute a Former VS Employee.

  

  

  “H&W Plan” means any L Brands
    H&W Plan or VS H&W Plan.

  

  

  “Individual Retirement Account” has
    the meaning set forth in Section 408 of the Code.

  

  

  “L Brands 401(k) Plan” means any L Brands Plan that is a defined contribution plan intended to qualify under Section 401(a) of the Code and related trust intended to be exempt under
    Section 501(a) of the Code.

  

  

  “L Brands Awards” means,
    collectively, the L Brands Options, the L Brands PSUs and the L Brands RSUs.

  

  

  “L Brands Bonus Plan” means any L
    Brands Plan that is a cash bonus or cash incentive plan.  For the avoidance of doubt, and without limitation, the following plans are considered L Brands Bonus Plans: (a) the L Brands, Inc. 2015 Cash Incentive Compensation Performance Plan (the “L Brands 2015 Bonus Plan”) and (b) the L Brands Greater China Sales Incentive Scheme VSFA Store Leadership Team.

  

  

  “L Brands Compensation Committee”
    means the Human Capital and Compensation Committee of the L Brands Board.

  

  

  “L Brands Contractor” means each
    current or former individual independent contractor or consultant (other than a VS Contractor) of any member of the L Brands Group, and solely for purposes of Article 8, each non-employee L Brands Director.

  

  

  “L Brands Director” means a member
    of the L Brands Board.

  

  

  “L Brands Employee” means each
    individual who, (a) as of the Distribution Date, is (i) not a VS Employee and is (ii) either (x) actively employed by any member of the L Brands Group, (y) an inactive employee (including any employee on short- or long-term disability leave or other
    authorized leave of absence) of any member of the L Brands Group or (z) a Former L Brands Employee or (b) as of the applicable Delayed Transfer Date, is a Delayed LB Transfer Employee.

  

  

  “L Brands ESPP” means the L Brands,
    Inc. Associate Stock Purchase Plan.

  

  

  “L Brands Equity Plans” means,
    collectively, (a) the L Brands, Inc. 2020 Stock Option and Performance Incentive Plan, effective as of May 14, 2020, (b) the L Brands, Inc. 2015 Stock Option and Performance Incentive Plan, effective as of May 21, 2015 and (c) the Limited Brands, Inc.
    2011 Stock Option and Performance Incentive Plan, effective as of July 21, 2011 (in each case, together with any successor plans thereto).

  

  

  “L Brands FSA” means any L Brands
    Plan that is a flexible spending account for health and dependent care expenses under Sections 125 and 129 of the Code.

  

  

  “L Brands H&W Plan” means any L
    Brands Plan that is (a) an “employee welfare benefit plan” or “welfare plan” (as defined under Section 3(1) of ERISA) or (b) a similar plan that is sponsored, maintained, administered, contributed to or entered into outside of the United States.  For
    the avoidance of doubt, L Brands FSAs are L Brands H&W Plans.

  
    3

    
      

  

  

  

  “L Brands Option” means each option
    to acquire L Brands Common Stock granted under the L Brands Equity Plans.

  

  

  “L Brands Participant” means any
    individual who is an L Brands Employee or L Brands Contractor, and any beneficiary, dependent or alternate payee of such individual, as the context requires.

  

  

  “L Brands Plan” means any Employee
    Plan (other than a VS Plan) sponsored, maintained, administered, contributed to or entered into by any member of the L Brands Group.  For the avoidance of doubt, no VS Plan is an L Brands Plan.

  

  

  “L Brands Post-Distribution Stock Value”
    means the value of L Brands Common Stock immediately following the Distribution Date, determined based on the methodology specified by the L Brands Compensation Committee.

  

  

  “L Brands Pre-Distribution Stock Value”
    means the value of L Brands Common Stock immediately prior to the Distribution Date, determined based on the methodology specified by the L Brands Compensation Committee.

  

  

   “L Brands PSU” means each award of
    restricted stock units with respect to L Brands Common Stock granted under the L Brands Equity Plans that are subject to performance-based vesting conditions.

  

  

  “L Brands RSU” means each award of
    restricted stock units with respect to L Brands Common Stock granted under the L Brands Equity Plans (other than L Brands PSUs).

  

  

  “L Brands Specified Rights” means
    any and all rights to enjoy, benefit from or enforce any and all restrictive covenants, including covenants relating to non-disclosure, non-solicitation, non-competition, confidentiality or Intellectual Property, pursuant to any Employee Plan covering
    or with any VS Employee, VS Contractor, L Brands Employee or L Brands Contractor and to which any member of the VS Group or L Brands Group is a party (other than VS Specified Rights).

  

  

  “L Brands TSA Employee” means each
    (a) Transition Employee (as defined in the VS to L Brands Transition Services Agreement) and (b) other individual who, on or after the Distribution Date, is employed by a member of the VS Group and whose employment is mutually agreed by the Parties to
    transfer to a member of the L Brands Group following the Distribution Date in connection with the VS to L Brands Transition Services Agreement or any other applicable Ancillary Agreement.

  

  

  “LB to VS TSA Service Employee”
    means each TSA Employee (as defined under the L Brands to VS Transition Services Agreement).

  

  

  “New L Brands Employee” means any
    employee externally hired by any member of the L Brands Group following the Distribution Date.

  

  

  “New VS Employee” means any
    employee externally hired by any member of the VS Group following the Distribution Date.

  

  

  “Non-U.S. LB Defined Contribution Plan”
    means any Employee Plan that is a defined contribution plan that provides benefits on retirement, and such other benefits as are provided for under the plan, to Non-U.S. LB Participants whether (i) exclusively or together with other participants and
    (ii) such plan is sponsored or maintained by a member of the L Brands Group, by a member of the VS Group or by any other Person.

  

  

  “Non-U.S. LB Participant” means any
    L Brands Participant who is not a U.S. LB Participant.

  
    4

    
      

  

  

  

   “Non-U.S. VS Defined Contribution Plan”
    means any Employee Plan that is a defined contribution plan that provides benefits on retirement, and such other benefits as are provided for under the plan, to Non-U.S. VS Participants whether (i) exclusively or together with other participants and
    (ii) such plan is sponsored or maintained by a member of the VS Group, by a member of the L Brands Group or by any other Person.

  

  

   “Non-U.S. VS Participant” means
    any VS Participant who is not a U.S. VS Participant.

  

  

  “Restricted Period” means the
    period beginning on the Distribution Date and ending on the 24-month anniversary of the Distribution Date (or, with respect to any applicable LB to VS TSA Service Employee or VS to LB TSA Service Employee, if later, the date of the expiration or
    termination of the applicable Service (as defined in the L Brands to VS Transition Services Agreement or the VS to L Brands Transition Services Agreement, respectively) in which such LB to VS TSA Service Employee or VS to LB TSA Service Employee, as
    applicable, is engaged).

  

  

  “Separation Agreement” means the
    Separation and Distribution Agreement dated as of August 2, 2021, by and between L Brands and VS, to which this Agreement is Exhibit E, as may be amended from time to time in accordance with its terms, together with all schedules and exhibits thereto.

  

  

  “Sponsored VS Employee” means any
    VS Employee working on a visa or work permit sponsored by a member of the L Brands Group as of immediately prior to the Distribution Date.

  

  

  “U.S. LB Participant” means any L
    Brands Participant who is employed or engaged (or, in the case of former employees, individual independent contractors or consultants, was last actively employed or engaged, as applicable) in the United States (which, for the avoidance of doubt, shall
    not include Puerto Rico for these purposes).

  

  

  “U.S. LB Plan” means any L Brands
    Plan that primarily covers U.S. LB Participants.

  

  

  “U.S. VS Participant” means any VS
    Participant who is employed or engaged (or, in the case of former employees, individual independent contractors or consultants, was last actively employed or engaged, as applicable) in the United States (which, for the avoidance of doubt, shall not
    include Puerto Rico for these purposes).

  

  

  “U.S. VS Plan” means any VS Plan
    that primarily covers U.S. VS Participants.

  

  

  “VS 2021 Bonus Plan” means the
    Victoria’s Secret & Co. 2021 Cash Incentive Compensation Performance Plan.

  

  

  “VS 401(k) Plan” means any VS Plan that is a defined contribution plan intended to qualify under Section 401(a) of the Code and related trust intended to be exempt under Section
    501(a) of the Code.

  

  

  “VS Active Employee” means any
    individual actively employed primarily with respect to the VS Business by any member of the L Brands Group or the VS Group.

  

  

  “VS Awards” means, collectively,
    the VS Options, the VS PSUs and the VS RSUs.

  

  

  “VS Board” means the Board of
    Directors for VS.

  

  

  “VS Contractor” means each
    individual independent contractor or consultant who, as of the Distribution Date, (a) is actively and primarily providing services with respect to the VS Business by any member of the L Brands Group or the VS Group or (b) who was last actively and
    primarily providing services with respect to the VS Business by any member of the L Brands Group or the VS Group.

  

  

  “VS Director” means a member of the
    VS Board.

  
    5

    
      

  

  

  

  “VS Employee” means each individual
    who, (a) as of the Distribution Date, is (i) a VS Active Employee, (ii) subject to Section 3.01(d) with respect to VS Inactive Employees, an inactive employee (including any employee on short- or long-term disability leave or other authorized leave of
    absence) primarily employed with respect to the VS Business by any member of the L Brands Group or the VS Group, (iii) VS Furloughed Employee or (iv) a Former VS Employee, or (b) as of the applicable Delayed Transfer Date, is a Delayed VS Transfer
    Employee.

  

  

  “VS Furloughed Employee” means each
    individual who, as of the Distribution Date, (a) is primarily employed with respect to the VS Business by any member of the VS Group and (b) is on a temporary leave of employment due to a furlough.

  

  

  “VS H&W Plan” means any VS Plan
    that is (a) an “employee welfare benefit plan” or “welfare plan” (as defined under Section 3(1) of ERISA) or (b) a similar plan that is sponsored, maintained, administered, contributed to or entered into outside of the United States.  For the avoidance
    of doubt, VS FSAs are VS H&W Plans.

  

  

  “VS Inactive Employee” means each
    VS Employee who is on a leave of absence protected under the Family Medical Leave Act and/or receiving long-term or short-term disability benefits under an L Brands H&W Plan as of immediately prior to the Distribution Date.

  

  

  “VS Participant” means any
    individual who is a VS Employee or VS Contractor, and any beneficiary, dependent, or alternate payee of such individual, as the context requires.

  

  

  “VS Plan” means any Employee Plan
    (a) that is or was sponsored, maintained, administered, contributed to or entered into by any member of the VS Group, whether before, as of or after the Distribution Date or (b) for which Liabilities transfer to any member of the VS Group under this
    Agreement or pursuant to Applicable Law as a result of the Distribution.

  

  

  “VS Specified Rights” means any and
    all rights to enjoy, benefit from or enforce any and all restrictive covenants, including covenants relating to non-disclosure, non-solicitation, non-competition, confidentiality or Intellectual Property, applicable or related, in whole or in part, to
    the VS Business pursuant to any Employee Plan covering or with any VS Employee or VS Contractor and to which any member of the VS Group or L Brands Group is a party; provided, that, with respect to any Intellectual Property existing, conceived, created, developed or reduced to practice prior to the Distribution Date, the foregoing rights to enjoy, benefit from or enforce any
    restrictive covenants related to Intellectual Property is limited to those restrictive covenants related to Intellectual Property included in the VS Assets.

  

  

  “VS Stock Value” means the value of
    VS Common Stock determined based on the methodology specified by the L Brands Compensation Committee.

  

  

  “VS to LB TSA Service Employee”
    means each TSA Employee (as defined under the VS to L Brands Transition Services Agreement).

  

  

  “VS TSA Employee” means each (a)
    Transition Employee (as defined in the L Brands to VS Transition Services Agreement) and (b) other individual who, on or after the Distribution Date, is employed by a member of the L Brands Group and whose employment is mutually agreed by the Parties
    to transfer to a member of the VS Group following the Distribution Date in connection with the L Brands to VS Transition Services Agreement or any other applicable Ancillary Agreement.

  
    6

    
      

  

  

  

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

  

  

  	 	
          Term

        	
          Section

        
	 	
          Agreement

        	
          Preamble

        
	 	
          August 2021 Retention Bonus

        	
          Section 7.03

        
	 	
          Distribution

        	
          Recitals

        
	 	
          Forfeited LB Awards

        	
          Section 8.05(a)

        
	 	
          Forfeited VS Awards

        	
          Section 8.05(b)

        
	 	
          L Brands

        	
          Preamble

        
	 	
          L Brands Board

        	
          Recitals

        
	 	
          L Brands Change in Control

        	
          Section 8.04(c)(i)

        
	 	
          L Brands Common Stock

        	
          Recitals

        
	 	
          L Brands Retained Employee Liabilities

        	
          Section 2.01(a)(iii)

        
	 	
          Other L Brands Cash Bonuses

        	
          Section 7.01(b)

        
	 	
          Paid Time Off

        	
          Section 6.05(a)

        
	 	
          Party/Parties

        	
          Preamble

        
	 	
          Personnel Records

        	
          Section 9.01

        
	 	
          Replacement LB Award

        	
          Section 8.05(b)

        
	 	
          Replacement VS Award

        	
          Section 8.05(a)

        
	 	
          Spring 2021 L Brands Cash Bonuses

        	
          Section 7.01(a)

        
	 	
          Vendor Contract

        	
          Section 11.03(a)

        
	 	
          VS

        	
          Preamble

        
	 	
          VS Assumed Employee Liabilities

        	
          Section 2.01(b)

        
	 	
          VS Bonus Plan

        	
          Section 7.02(a)

        
	 	
          VS Cash Bonuses

        	
          Section 7.02(a)

        
	 	
          VS Change in Control

        	
          Section 8.04(c)(ii)

        
	 	
          VS Common Stock

        	
          Recitals

        
	 	
          VS Equity Plan

        	
          Section 8.04(a)

        
	 	
          VS ESPP

        	
          Section 8.06

        
	 	
          VS FSAs

        	
          Section 6.03

        
	 	
          VS Option

        	
          Section 8.03(a)

        
	 	
          VS PSU

        	
          Section 8.02(a)

        
	 	
          VS RSU

        	
          Section 8.01(a)

        

  

  

  
    7

    
      

  

  

  

  ARTICLE 2

  General Allocation of Liabilities; Indemnification

  

  

  Section 2.01.          Allocation of Employee-Related Liabilities.

  

  

  (a)          Subject to
      the terms and conditions of this Agreement, effective as of the Distribution Date, L Brands shall, or shall cause the applicable member of the L Brands Group to, assume and retain, and no member of the VS Group shall have any further obligation with
      respect to, any and all Liabilities (i) relating to, arising out of or in respect of any L Brands Participant (including, for the avoidance of doubt, any Former L Brands Employee) or any L Brands Plan, in each case, other than any VS Assumed Employee
      Liabilities (as defined below), (A) whether arising before, on or after the Distribution Date, (B) whether based on facts occurring before, on or after the Distribution Date and (C) irrespective of which Person such Liabilities are asserted against
      or which Person such Liabilities attached to as a matter of Applicable Law or contract or (ii) expressly assumed or retained, as applicable, by any member of the L Brands Group pursuant to this Agreement (collectively, “L Brands Retained Employee Liabilities”).  For the avoidance of doubt, (1) any Liabilities relating to any Actions that are L Brands Liabilities, including those listed on
      Schedule 1.01(e) to the Separation Agreement relating to LB Participants or LB Plans shall constitute L Brands Retained Employee Liabilities and (2) all L Brands Retained Employee Liabilities are L Brands Liabilities for purposes of the Separation
      Agreement.

  

  

  (b)          Subject to
      the terms and conditions of this Agreement, effective as of the Distribution Date, VS shall, or shall cause the applicable member of the VS Group to, assume, and no member of the L Brands Group shall have any further obligation with respect to, any
      and all Liabilities (i) relating to, arising out of or in respect of any VS Participant (including, for the avoidance of doubt, any Former VS Employee) or any VS Plan, in each case, (x) whether arising before, on or after the Distribution Date, (y)
      whether based on facts occurring before, on or after the Distribution Date and (z) irrespective of which Person such Liabilities are asserted against or which Person such Liabilities attached to as a matter of Applicable Law or contract or (ii)
      expressly assumed or retained, as applicable, by any member of the VS Group pursuant to this Agreement (collectively, “VS Assumed Employee Liabilities”),

      including without limitation, in the case of clause (i) above:

  

  

  (A)          employment, separation or retirement agreements or arrangements to the extent applicable to any VS Participant;

  

  

  (B)          wages, salaries, incentive compensation, commissions, bonuses and other compensation payable to any VS Participants, without regard to when such wages, salaries, incentive compensation, equity compensation, commissions, bonuses and other
      compensation are or may have been earned;

   

  
  (C)          severance or similar termination-related pay or benefits applicable to any VS Participant relating to the termination or alleged termination of any VS Participant’s employment or service with the VS Group or L Brands Group that occurs prior
      to, at or after the Distribution;

  
    

    

    (D)          claims made by or with respect to any VS Participant in connection with any employee benefit plan, program or policy, without regard to when such claim is in respect of;

    

    

    (E)          subject to Section 6.04, workers’ compensation and unemployment compensation benefits for all VS Participants;

    

    

    (F)          change in control, transaction bonus, retention and stay bonuses payable to any VS Participants;

    

    

    (G)          any Applicable Law (including ERISA and the Code) to the extent related to participation by any VS Participant in any Employee Plan;

    
      8

      
        

    

    

    

    (H)          any Actions, allegations, demands, assessments, settlements or judgments relating to or involving any VS Participant (including, without limitation, those relating to labor and employment, wages, hours, overtime, employee
        classification, hostile workplace, civil rights, discrimination, harassment, affirmative action, work authorization, immigration, safety and health, information privacy and security, workers’ compensation, continuation coverage under group health
        plans, wage payment, hiring practice and the payment and withholding of Taxes);

    

    

    (I)          any costs or expenses incurred in designing, establishing and administering any VS Plans or payroll or benefits administration for VS Participants; and

    

    

    (J)          the employer portion of any employment, payroll or similar Taxes relating to any of the foregoing or any VS Participant.

    

    

    For the avoidance of doubt, (1) any Liabilities relating to any Actions that are VS Liabilities, including those listed on Schedule 1.01(l) to the
      Separation Agreement relating to VS Participants or VS Plans shall constitute VS Assumed Employee Liabilities and (2) all VS Assumed Employee Liabilities are VS Liabilities for purposes of the Separation Agreement.

    

    

    Section 2.02.          Indemnification.  For the avoidance of doubt, the provisions of Article 5 of the Separation Agreement shall apply to and govern the indemnification rights and obligations of the Parties with respect to the matters addressed by this Agreement.

    

    

    Section 2.03.          No Duplicate Reimbursements.  For the avoidance of doubt, and notwithstanding anything to the contrary in this Agreement or any other Ancillary
        Agreement, neither Party shall be required to reimburse the other Party for any amounts under this Agreement if and to the extent that such Party (or an applicable member of its Group) has otherwise previously reimbursed the other Party (or an
        applicable member of its Group) for such amounts pursuant to the L Brands to VS Transition Services Agreement or the VS to L Brands Transition Services Agreement, as applicable.

    

    

    ARTICLE 3

    Employees and Contractors; Employee Agreements

    

    

    Section 3.01.          Transfers of Employment.

    

    

    (a)          Except as
        provided for in this Section 3.01, effective as of or prior to the Distribution Date, (A) the employment of each VS Employee (other than any applicable Delayed VS Transfer Employee), to the extent employed at such time, will be transferred to or
        continued by, as applicable, a member of the VS Group and (B) the employment of each L Brands Employee (other than any applicable Delayed LB Transfer Employee), to the extent employed at such time, will be continued by a member of the L Brands
        Group.  Before the Distribution Date, the Parties shall mutually cooperate in good faith and use their reasonable best efforts to cause all such transfers of employment contemplated by this Section 3.01(a) to occur no later than the Distribution Date. For the avoidance of doubt, effective as of the Distribution Date, all VS Furloughed Employees shall be employed by a member of the VS
        Group and shall constitute a VS Employee for all purposes of this Agreement and, to the extent applicable, upon such employee’s return to active service following the end of the applicable furlough period, such VS Furloughed Employee shall commence
        employment with a member of the VS Group.

    
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    (b)          Effective
        as of the applicable Delayed Transfer Date, (i) the employment of each applicable Delayed VS Transfer Employee, to the extent employed by a member of the L Brands Group at such time, shall transfer to a member of the VS Group, and (ii) the
        employment of each applicable Delayed LB Transfer Employee, to the extent employed by a member of the VS Group at such time, shall transfer to a member of the L Brands Group.  Following the Distribution Date, the Parties shall mutually cooperate in
        good faith and use their reasonable best efforts to cause all such transfers of employment contemplated by this Section 3.01(b) to occur in the
        manner contemplated by this Agreement or any other applicable Ancillary Agreement, including, to the extent (x) required by Applicable Law, (y) required by any applicable Ancillary Agreement or (z) otherwise determined by the Parties to be
        necessary or appropriate, by having the applicable Party (or an applicable member of its Group) make an offer of employment to such Delayed VS Transfer Employee or Delayed LB Transfer Employee, as the case may be, on terms and conditions of
        employment consistent with (A) this Agreement, (B) the L Brands to VS Transition Services Agreement, the VS to L Brands Transition Services Agreement or such other applicable Ancillary Agreement, as applicable, and (C) the terms and conditions of
        employment applicable to such employee as of immediately prior to the applicable Delayed Transfer Date.

    

    

    (c)          Notwithstanding

        anything to the contrary herein, except as expressly provided in this Agreement, (i) each Delayed VS Transfer Employee shall be deemed to be a VS Employee for all purposes of this Agreement, effective  as of the Delayed Transfer Date applicable to
        such Delayed VS Transfer Employee, and (ii) each Delayed LB Transfer Employee shall be deemed to be an L Brands Employee for all purposes of this Agreement, effective as of the Delayed Transfer Date applicable to such Delayed LB Transfer Employee,
        in each case including, without limitation, for purposes of determining the allocation of Liabilities set forth in Article 2 of this Agreement and
        plan participation pursuant to Article 4 of this Agreement. Accordingly, subject to the express terms of this Agreement (including, without
        limitation, Section 3.01(d) and Section 3.05)
        or any reimbursement provisions set forth in the L Brands to VS Transition Services Agreement, the VS to L Brands Transition Services Agreement or any other applicable Ancillary Agreement, unless and until an applicable Delayed Transfer Date occurs
        with respect to any VS Inactive Employee, Sponsored VS Employee, VS TSA Employee or L Brands TSA Employee, as applicable, (i) the L Brands Group shall be responsible for the cost of any compensation, benefits, severance and other employment-related
        costs in respect of any VS Inactive Employee, Sponsored VS Employee and VS TSA Employee prior to the applicable Delayed Transfer Date and (ii) the VS Group shall be responsible for the cost of any compensation, benefits, severance and other
        employment-related costs in respect of any L Brands TSA Employee prior to the applicable Delayed Transfer Date.

    
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    (d)          Notwithstanding

        anything to the contrary in this Agreement, except in the case of the Covered VS Inactive Employees, each VS Inactive Employee will continue to be employed by a member of the L Brands Group until such individual returns to active service; provided that, in the event that such VS Inactive Employee returns to active service with the L Brands Group on or before the 12-month anniversary
        of the Distribution Date, VS will make an offer of employment to such VS Inactive Employee on terms and conditions of employment consistent with (i) this Agreement and (ii) the terms and conditions of employment applicable to such VS Inactive
        Employee at such time.  For the avoidance of doubt, except in the case of the Covered VS Inactive Employees, (x) effective on or before the Distribution Date, the employment of each VS Employee who is on an approved leave of absence (other than any
        VS Inactive Employee) will continue with or be transferred to, as applicable, the VS Group in accordance with Section 3.01(a), (y) all costs relating to any compensation, benefits, severance or other employment-related costs in respect of VS
        Inactive Employees will constitute VS Assumed Employee Liabilities and (z) any VS Inactive Employee who does not return to active service with L Brands on or before the 12-month anniversary of the Distribution Date will not be considered a VS
        Employee for purposes of this Agreement, and the Parties shall mutually cooperate in good faith to determine the status of such employee.   Notwithstanding anything to the contrary herein, the Parties acknowledge and agree that (i) effective as of
        or prior to the Distribution Date, the employment of each Covered VS Inactive Employee, to the extent employed at such time, will be transferred to or continued by, as applicable, a member of the VS group, and (ii) the Covered VS Inactive Employees
        shall not constitute VS Inactive Employees for purposes of this Agreement.  Accordingly, each of L Brands and VS hereby agree that, notwithstanding anything to the contrary in this Section 3.01(d), the provisions of this Section 3.01(d) shall not
        apply with respect to any of the Covered VS Inactive Employees and each Covered VS Inactive Employee shall be deemed to be a VS Employee for all purposes of this Agreement, effective as of no later than the Distribution Date.

    

    

    (e)          To the
        extent required, each of the Parties hereto agrees to execute, and to use their reasonable best efforts to have the applicable employees execute, any such documentation or consents as may be necessary or desirable to reflect or effectuate any such
        assignments or transfers contemplated by this Section 3.01.

    

    

    (f)          Effective
        as of the Distribution Date, (i) VS shall adopt or maintain, and shall cause each member of the VS Group to adopt or maintain, leave of absence programs and (ii) VS shall honor, and shall cause each member of the VS Group to honor, all terms and
        conditions of authorized leaves of absence which have been granted to any VS Participant before the Distribution Date, including such leaves that are to commence on or after the Distribution Date.

    

    

    (g)          In the
        event that the Parties reasonably determine following the Distribution Date that (i) any individual employed outside the United States who is an L Brands Employee has inadvertently become or remained (as applicable) employed by a member of the VS
        Group due to the operation of transfer of undertakings or similar Applicable Law, the Parties shall cooperate and take such actions as may be reasonably necessary in order to cause the employment of such individual to be promptly transferred to a
        member of the L Brands Group, and L Brands shall reimburse the applicable members of the VS Group for all compensation, benefits, severance and other employment-related costs incurred by the VS Group members in employing and transferring such
        individuals or (ii) any individual employed outside the United States who is a VS Employee has inadvertently become or remained (as applicable) employed by a member of the L Brands Group due to the operation of transfer of undertakings or similar
        Applicable Law, the Parties shall cooperate and take such actions as may be reasonably necessary in order to cause the employment of such individual to be promptly transferred to a member of the VS Group, and VS shall reimburse the applicable
        members of the L Brands Group for all compensation, severance, benefits and other employment-related costs incurred by the L Brands Group members in employing and transferring such individuals.

    
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    Section 3.02.          Contractors.  With respect to any independent contractor or consulting agreements with VS Contractors or L Brands Contractors to which a VS Group
        member or an L Brands Group member, respectively, is not a party, or which do not otherwise transfer to a VS Group member or an L Brands Group member, respectively, by operation of Applicable Law, the Parties shall use reasonable best efforts to
        assign, effective on or before the Distribution Date, the applicable agreements to a member of the VS Group or a member of the L Brands Group, as applicable, in the applicable jurisdiction, and VS or L Brands, as applicable, shall, or shall cause a
        member of the VS Group or a member of the L Brands Group, respectively, to assume and perform any obligations under such independent contractor and consulting agreements with respect to VS Contractors and L Brands Contractors, respectively.

    

    

    Section 3.03.          Employee Agreements.

    

    

    (a)          With respect to any employment, retention, severance, restrictive covenant or similar agreements with VS Employees to which a member of the VS Group is not a party, or which do not otherwise transfer to a VS Group member by
        operation of Applicable Law, the Parties shall use reasonable best efforts to assign, effective on or before the Distribution Date (or, with respect to Delayed VS Transfer Employee, effective as of the applicable Delayed Transfer Date) the
        applicable employment, retention, severance, restrictive covenant or similar agreement, as applicable, to a member of the VS Group in the applicable jurisdiction, and VS shall, or shall cause a member of the VS Group to assume and perform such
        agreements in accordance with their terms, in each case as if originally entered into by such applicable member of the VS Group, and the L Brands Group shall cease to have any Liabilities or responsibilities with respect thereto; provided, however, that this Section 3.03(a) shall not apply to any employment, retention, severance, restrictive covenant or similar agreements with any VS Employees who are employed
        in a jurisdiction outside of the United States in which the Parties do not intend for such agreements to be transferred to the VS Group.

    

    

    (b)          With respect to any employment, retention, severance, restrictive covenant or similar agreements with L Brands Employees to which a member of the L Brands Group is not a party, or which do not otherwise transfer to an L Brands
        Group member by operation of Applicable Law, the Parties shall use reasonable best efforts to assign, effective on or before the Distribution Date (or, with respect to Delayed LB Transfer Employee, effective as of the applicable Delayed Transfer
        Date) the applicable employment, retention, severance, restrictive covenant or similar agreement, as applicable, to a member of the L Brands Group in the applicable jurisdiction, and L Brands shall, or shall cause a member of the L Brands Group to
        assume and perform such agreements in accordance with their terms, in each case as if originally entered into by such applicable member of the L Brands Group, and the VS Group shall cease to have any Liabilities or responsibilities with respect
        thereto; provided, however, that this Section 3.03(b) shall not apply to any employment, retention, severance, restrictive covenant or similar agreements with any L Brands
        Employees who are employed in a jurisdiction outside of the United States in which the Parties do not intend for such agreements to be transferred to the L Brands Group.

    

    

    (c)          From and
        after the Distribution Date (or, if applicable, the Delayed Transfer Date), each of VS and L Brands hereby agrees to comply with and honor any employment, services, retention or severance agreement between any member of the VS Group or the L Brands
        Group, as the case may be, on the one hand, and any VS Employee or VS Contractor or L Brands Employee or L Brands Contractor, respectively, on the other hand, and assumes responsibility for, and, to the extent applicable, L Brands or the relevant
        member of the L Brands Group and VS or the relevant member of the VS Group, respectively, shall cease to be responsible for or to otherwise have any Liability in respect of, such agreements.

    

    

    Section 3.04.          Assignment of Specified Rights.  To the extent permitted by Applicable Law and the applicable agreement, if any, effective as of the Distribution
        Date, (a) L Brands hereby assigns, to the maximum extent possible, on behalf of itself and the L Brands Group, the VS Specified Rights, to VS (and VS shall be a third party beneficiary with respect thereto) and (b) VS hereby assigns, to the maximum
        extent possible, on behalf of itself and the VS Group, the L Brands Specified Rights, to L Brands (and L Brands shall be a third party beneficiary with respect thereto).

    
      12

      
        

    

    

    

    Section 3.05.          Sponsored VS Employees.  Each of VS and L Brands shall, and shall cause the members of the VS Group and the L Brands Group, respectively, to,
        cooperate in good faith with each other and the applicable Governmental Authorities with respect to the process of obtaining work authorization for each Sponsored VS Employee to work with VS or a VS Group member, including but not limited to,
        petitioning the applicable Governmental Authorities for the transfer of each Sponsored VS Employee’s (as well as any spouse or dependent thereof, as applicable) visa or work permit, or the grant of a new visa or work permit, to any VS Group
        member.  Any costs or expenses incurred with the foregoing shall constitute VS Assumed Employee Liabilities.  In the event that it is not legally permissible for a Sponsored VS Employee to continue work with the VS Group from and after the
        Distribution Date, the Parties shall reasonably cooperate to provide for the services of such Sponsored VS Employee to be made available exclusively to the VS Group under an employee secondment or similar arrangement, which such costs incurred by
        the L Brands Group (including those relating to compensation and benefits in respect of such Sponsored VS Employee) shall constitute VS Assumed Employee Liabilities.

    

    

    Section 3.06.          Transfer-Related Termination Liabilities.

    

    

    (a)          Except as
        expressly contemplated by this Agreement, neither the Distribution, nor any assignment, transfer or continuation of the employment of any employees as contemplated by this Article 3 (or any other Ancillary Agreement) shall be deemed a termination
        of employment or service of any L Brands Participant or VS Participant for purposes of this Agreement or any L Brands Award, VS Award, L Brands Bonus Plan, VS Bonus Plan, L Brands Equity Plan, VS Equity Plan or any employment, severance, retention,
        consulting or similar agreements, plans, policies or arrangements.  Each of the Parties shall cooperate in good faith and use reasonable best efforts to avoid and mitigate, to the maximum extent possible, the incurrence of any severance or other
        termination-related obligations (including, without limitation, by the provision of all appropriate notices, assurances and offers of employment and the assignment and assumption of obligations or undertakings with respect to employment,
        compensation, benefits, protections or other obligations) in connection with the Distribution and any assignment or transfer of employment contemplated by this Agreement or any other Ancillary Agreement.

    

    

    (b)          Without
        limiting the generality of Section 3.06(a):

    

    

    (i)          in the
        event that any severance or other termination-related payments become payable as a result of the transfer of the employment of a VS Employee contemplated by this Article 3, the VS Group shall be solely responsible for all such severance and termination-related payments, and such amounts shall constitute VS Assumed Employee Liabilities; and

    

    

    (ii)          in
        the event that any severance or other termination-related payments become payable as a result of the transfer of the employment of an L Brands Employee contemplated by this Article 3, the L Brands Group shall be solely responsible for all such severance and termination-related payments, and such amounts shall constitute L Brands Retained Employee Liabilities.

    

    

    ARTICLE 4

    Plans

    

    

    Section 4.01.          General; Plan Participation.

    

    

    (a)          Except as
        otherwise expressly provided in this Agreement, subject to the terms of the L Brands to VS Transition Services Agreement and the VS to L Brands Transition Services Agreement, as applicable, effective as of immediately prior to the Distribution
        Date, (i)(A) all VS Participants shall cease any participation in, and benefit accrual under, the L Brands Plans and (B) all members of the VS Group shall cease to be participating employers under the L Brands Plans and shall have no further
        obligations with respect to any L Brands Plans and (ii) to the extent applicable, (A) all L Brands Participants shall cease any participation in, and benefit accrual under, the VS Plans and (B) all members of the L Brands Group shall cease to be
        participating employers under the VS Plans, and shall have no further obligations with respect to any VS Plans.

    
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    (b)          Subject
        to, and in accordance with, the terms of this Agreement and the L Brands to VS Transition Services Agreement, to the extent necessary to comply with its obligations under this Agreement or any other Ancillary Agreement, VS or a member of the VS
        Group shall adopt, or cause to be adopted, at VS’s expense, VS Plans for the benefit of VS Participants to be effective from and after the Distribution Date (or, if applicable, the Delayed Transfer Date).

    

    

    (c)          Prior to
        the Distribution Date, L Brands and VS shall take all actions necessary to effectuate the actions contemplated by this Section 4.01 and to cause (i) the applicable VS Group member to have in effect the applicable VS Plans no later than the
        Distribution Date (or the applicable Delayed Transfer Date), except as otherwise set forth in this Agreement or in the L Brands to VS Transition Services Agreement, (ii) the applicable VS Group Member to assume or retain all Liabilities with
        respect to each VS Plan and the applicable L Brands Group member to assume or retain all Liabilities with respect to each L Brands Plan, in each case, effective as of the Distribution Date and (iii) all assets of any VS Plan to be transferred to or
        retained by the applicable VS Group member in the applicable jurisdiction and all assets of any L Brands Plan to be transferred to or retained by the applicable L Brands Group member in the applicable jurisdiction, in each case, effective as of the
        Distribution Date.  Effective as of the Distribution Date, no member of the L Brands Group shall be considered a fiduciary for any VS Plans and no member of the VS Group shall be considered a fiduciary for any L Brands Plans.

    

    

    (d)          Notwithstanding

        anything to the contrary herein, except as expressly provided in this Agreement, each Delayed LB Transfer Employee and each Delayed VS Transfer Employee shall continue to be eligible to participate in VS Plans and L Brands Plans, respectively,
        during the period from the Distribution Date until the applicable Delayed Transfer Date, subject to the terms of such VS Plans and L Brands Plans, respectively.

    

    

    (e)          For the
        avoidance of doubt, (i) any requirement in this Agreement that the VS Group will have established any applicable VS Plan effective as of the Distribution Date (or, if applicable, the Delayed Transfer Date), or that any VS Participant shall commence
        participation in any VS Plan effective as of the Distribution Date (or, if applicable, the Delayed Transfer Date), in each case shall be subject to the express terms of the L Brands to VS Transition Services Agreement and (ii) to the extent
        applicable, any requirement in this Agreement that the L Brands Group will have established any applicable L Brands Plan effective as of the Distribution Date (or, if applicable, the Delayed Transfer Date), or that any L Brands Participant shall
        commence participation in any L Brands Plan effective as of the Distribution Date (or, if applicable, the Delayed Transfer Date), in each case shall be subject to the express terms of the VS to L Brands Transition Services Agreement.

    

    

    (f)          The
        Parties agree that, to the extent the terms of this Agreement do not expressly prescribe the treatment of any specific compensation or benefits matter (including, without limitation, regarding the treatment of participation in any Employee Plans or
        the allocation of any Liabilities hereunder) applicable to any Delayed LB Transfer Employee or Delayed VS Transfer Employee, as the case may be, the Parties will reasonably cooperate in good faith to cause such matter to be treated in a manner
        consistent with the corresponding treatment provided under this Agreement of such matter as applicable to any Delayed VS Transfer Employee or Delayed LB Transfer Employee, respectively (or, if no such corresponding treatment is provided under the
        terms of this Agreement, then such matter shall otherwise be treated in accordance with the general approach and philosophy regarding the allocation of assets and Liabilities under the terms of this Agreement, as expressly set forth in the recitals
        to this Agreement).

    
      14

      
        

    

    

    

    Section 4.02.          Service Credit.

    

    

    (a)          From and
        after the Distribution Date (or, if applicable, the Delayed Transfer Date), to the extent permitted by Applicable Law:

    

    

    (i)          for
        purposes of determining eligibility to participate, vesting and benefit accrual under any VS Plan in which a VS Employee is eligible to participate on and following the Distribution Date (or, if applicable, the Delayed Transfer Date), such VS
        Employee’s service with any member of the L Brands Group or the VS Group, as the case may be, prior to the Distribution Date (or, if applicable, the Delayed Transfer Date) shall be treated as service with the VS Group, to the extent recognized by
        the L Brands Group or the VS Group, as applicable, under an analogous L Brands Plan or VS Plan, as applicable, prior to the Distribution Date (or, if applicable the Delayed Transfer Date); provided, however, that such service shall not be recognized to the extent that such
        recognition would result in any duplication of benefits; and

    

    

    (ii)          for
        purposes of determining eligibility to participate, vesting and benefit accrual under any L Brands Plan in which an L Brands Employee is eligible to participate on and following the Distribution Date (or, if applicable, the Delayed Transfer Date),
        such L Brands Employee’s service with any member of the L Brands Group or the VS Group, as the case may be, prior to the Distribution Date (or, if applicable, the Delayed Transfer Date) shall be treated as service with the L Brands Group, to the
        extent recognized by the L Brands Group or the VS Group, as applicable, under an analogous L Brands Plan or VS Plan, as applicable, prior to the Distribution Date (or, if applicable, the Delayed Transfer Date); provided, however, that such service shall not be recognized to the
        extent that such recognition would result in any duplication of benefits.

    

    

    (b)          Notwithstanding

        anything to the contrary herein, unless otherwise required by Applicable Law, (i) the VS Plans covering New VS Employees (which, for the avoidance of doubt, does not include any Delayed VS Transfer Employees) will not be required to recognize such
        employee’s prior service with the L Brands Group (if any) and (ii) the L Brands Plans covering New L Brands Employees (which, for the avoidance of doubt, does not include any Delayed LB Transfer Employees) will not be required to recognize such
        employee’s prior service with the VS Group (if any).

    

    

    ARTICLE 5

    Defined Contribution Retirement Plans

    

    

    Section 5.01.          401(k) Plan.

    

    

    (a)          Effective
        as of the Distribution Date, VS or another member of the VS Group will adopt the VS 401(k) Plan. The VS 401(k) Plan will have terms and features (including employer contribution provisions) that are substantially similar to the L Brands 401(k)
        Plan, except (i) that the VS 401(k) Plan will not provide for a VS stock fund as a prospective investment election alternative (other than, for the avoidance of doubt, any “frozen” VS stock fund or “frozen” L Brands stock fund thereunder) or (ii)
        as may otherwise be mutually agreed between the Parties. From and after the Distribution Date, the applicable member of the VS Group shall be responsible for the administration of the VS 401(k) Plan, and no member of the L Brands Group shall have
        any Liability or obligation (including any administration obligation) with respect to the VS 401(k) Plan or any member of the VS Group with respect to the VS 401(k) Plan.  A member of the VS Group will be solely responsible for taking all
        necessary, reasonable, and appropriate actions (including the submission of the VS 401(k) Plan to the Internal Revenue Service for a determination of tax-qualified status) to establish, maintain and administer the VS 401(k) Plan so that it is
        qualified under Section 401(a) of the Code and that the related trust thereunder is exempt under Section 501(a) of the Code.

    
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    (b)          Effective
        as of the Distribution Date (or, in the case of the Delayed VS Transfer Employees, the applicable Delayed Transfer Date), each VS Participant who actively participates in the L Brands 401(k) Plan immediately prior to such date will (i) cease active
        participation in the L Brands 401(k) Plan and (ii) become eligible to participate in the VS 401(k) Plan.  For the avoidance of doubt, (A) all employee pre-tax deferrals and employer contributions with respect to such active VS Participants will be
        made to the VS 401(k) Plan on and following the Distribution Date (or, if applicable, the Delayed Transfer Date) and (B) any VS Participants who are inactive or former participants under the L Brands 401(k) Plan as of immediately prior to the
        Distribution Date will not become eligible to participate in the VS 401(k) Plan in accordance with this Section 5.01(b) (and, for the avoidance of doubt, will continue participating under the L Brands 401(k) Plan, subject to the terms of the L
        Brands 401(k) Plan).

    

    

    (c)          On or as
        soon as reasonably practicable following the Distribution Date (but not later than 180 days thereafter), the account balances (whether vested or unvested) of all VS Participants (other than Delayed VS Transfer Employees) that are active
        participants in the L Brands 401(k) Plan as of immediately prior to the Distribution Date and any associated Liabilities will be transferred from the L Brands 401(k) Plan to the VS 401(k) Plan via a trust-to-trust transfer. The transfer of assets
        will be in cash or in kind (as determined by L Brands) and will be made in accordance with Applicable Law, including the Code and ERISA. For the avoidance of doubt, the account balances of any VS Participants who are inactive or former participants
        under the L Brands 401(k) Plan will not be transferred to the VS 401(k) Plan pursuant to this Section 5.01(c), and will instead remain under the L Brands 401(k) Plan (and such inactive or former participants will not become eligible to participate
        in the VS 401(k) Plan in accordance with Section 5.01(b)).  Effective as of and following the time in which the applicable trust-to-trust transfer is complete, VS and/or the VS 401(k) Plan shall assume all Liabilities of L Brands under the L Brands
        401(k) Plan with respect to all applicable participants in the L Brands 401(k) Plan whose account balances (whether vested or unvested) were transferred to the VS 401(k) Plan pursuant to this Section 5.01(c), and L Brands and the L Brands 401(k)
        Plan shall have no Liabilities to provide such participants with benefits under the L Brands 401(k) Plan following such transfer.

    

    

    (d)          On or as
        soon as reasonably practicable following any applicable Delayed Transfer Date:

    

    

    (i)          each
        Delayed VS Transfer Employee will be eligible to elect a distribution of his or her account balance under the L Brands 401(k) Plan, including a voluntary “rollover distribution” of such Delayed VS Transfer Employee’s eligible account balance under
        the L Brands 401(k) Plan to either the VS 401(k) Plan or an Individual Retirement Account (or, for the avoidance of doubt, such Delayed VS Transfer Employee may otherwise continue to maintain his or her account under the L Brands 401(k) Plan in
        accordance with the terms of the L Brands 401(k) Plan), as determined by each such Delayed VS Transfer Employee; provided that any portion of
        such Delayed VS Transfer Employee’s account balance under the L Brands 401(k) Plan to be “rolled over” to the VS 401(k) Plan shall be done in the form of cash (i.e., no in-kind or L Brands Common Stock transfers will be permitted).  In the event
        that a Delayed VS Transfer Employee elects to roll over his or her account balance from the L Brands 401(k) Plan to the VS 401(k) Plan, VS agrees to cause the VS 401(k) Plan to accept such rollover, to the extent permitted by Applicable Law; and

    

    

    (ii)          each
        Delayed LB Transfer Employee will be eligible to elect a distribution of his or her account balance under the VS 401(k) Plan, including a voluntary “rollover distribution” of such Delayed LB Transfer Employee’s eligible account balance under the VS
        401(k) Plan to either the L Brands 401(k) Plan or an Individual Retirement Account (or, for the avoidance of doubt, such Delayed LB Transfer Employee may otherwise continue to maintain his or her account under the VS 401(k) Plan in accordance with
        the terms of the VS 401(k) Plan), as determined by each such Delayed LB Transfer Employee; provided that any portion of such Delayed VS
        Transfer Employee’s account balance under the VS 401(k) Plan to be “rolled over” to the L Brands 401(k) Plan shall be done in the form of cash (i.e., no in-kind or VS Common Stock transfers will be permitted).  In the event that a Delayed LB
        Transfer Employee elects to roll over his or her account balance from the VS 401(k) Plan to the L Brands 401(k) Plan, L Brands agrees to cause the L Brands 401(k) Plan to accept such rollover, to the extent permitted by Applicable Law.

    
      16

      
        

    

    

    

    In connection with the actions contemplated by this Section 5.01(d), the Parties shall cooperate in good faith to determine the treatment of any portion of
      a Delayed VS Transfer Employee’s account balance under the L Brands 401(k) Plan or a Delayed LB Transfer Employee’s account balance under the VS 401(k) Plan, in each case that is unvested as of immediately prior to the applicable Delayed Transfer
      Date.

    

    

    (e)          Effective
        as of the Distribution Date, with respect to VS Participants who become eligible to participate in the VS 401(k) Plan as of the Distribution Date in accordance with Section 5.01(b) (other than, for the avoidance of doubt, any Delayed Transfer
        Employees who become eligible to participate in the VS 401(k) Plan as of any subsequent applicable Delayed Transfer Date), the Parties will cooperate in good faith to cause the VS 401(k) Plan to recognize and maintain such VS Participant’s
        elections (to the extent applicable and reasonable), including investment and payment form elections, beneficiary designations, and the rights of alternate payees under qualified domestic relations orders in effect under the L Brands 401(k) Plan as
        of immediately prior to the Distribution Date, subject to the terms of the VS 401(k) Plan and Applicable Law. For the avoidance of doubt, with respect to any Delayed VS Transfer Employees who become eligible to participate in the VS 401(k) Plan or
        any Delayed LB Transfer Employees who become eligible to participate in the L Brands 401(k) Plan, in each case, effective as of the applicable Delayed Transfer Date, such employees shall be required to submit new plan elections with the applicable
        plan administrator in accordance with the terms of the VS 401(k) Plan and the L Brands 401(k) Plan, respectively, in connection with their initial participation thereunder.

    

    

    (f)          All
        contributions to be made to the L Brands 401(k) Plan with respect to employee deferrals, matching contributions and employer contributions for VS Participants who are active participants in the L Brands 401(k) Plan (other than any Delayed VS
        Transfer Employees) as of immediately prior to the Distribution Date that relate to a time period ending on or prior to the Distribution Date, determined in accordance with the terms and provisions of the L Brands 401(k) Plan and Applicable Law,
        shall be the responsibility of VS under the VS 401(k) Plan. Without limiting the generality of the immediately preceding sentence, (i) with respect to any 2021 annual retirement contribution to be made under the L Brands 401(k) Plan relating to any
        VS Participants who are active participants in the L Brands 401(k) Plan as of immediately prior to the Distribution Date (other than any Delayed VS Transfer Employees), the amount of such 2021 annual retirement contribution shall be calculated in
        accordance with the terms of the L Brands 401(k) Plan based on eligible earnings for the full year (i.e., for the both the pre- and post-Distribution period), and shall be the responsibility of VS under the VS 401(k) Plan, and (ii) subject to any
        agreement between the Parties made in accordance with Section 5.01(g) below, with respect to any 2021 annual retirement contribution to be made under the L Brands 401(k) relating to any other eligible participant under the L Brands 401(k) Plan
        (other than those VS Participants described in clause (i)), the amount of such 2021 annual retirement contribution shall be calculated in accordance with the terms of the L Brands 401(k) Plan, and shall be the responsibility of L Brands under the L
        Brands 401(k) Plan.

    

    

    (g)          The
        Parties shall cooperate in good faith to determine the treatment of any contributions to be made to the L Brands 401(k) Plan or VS 401(k) Plan, as applicable, with respect to employee deferrals, matching contributions and employer contributions for
        Delayed VS Transfer Employees and Delayed LB Transfer Employees, respectively, relating to a time period ending on or prior to the applicable Delayed Transfer Date.

    

    

    (h)          Prior to
        the Distribution Date, the Parties shall cooperate in good faith to determine the allocation (if any) between the L Brands 401(k) Plan and the VS 401(k) Plan of the forfeiture account balance under the L Brands 401(k) Plan outstanding as of
        immediately prior to the Distribution Date and, to the extent applicable, the mechanics for transferring the applicable allocable portion of such account from the L Brands 401(k) Plan to the VS 401(k) Plan.

    

    

    Section 5.02.          Non-U.S. Defined Contribution Plans. As set forth in Article 10, the Parties shall reasonably cooperate in good faith to effect the provisions of
        this Agreement with respect to any Non-U.S. VS Defined Contribution Plans and Non-U.S. LB Defined Contribution Plans (including with respect to the creation of any “mirror” plans), which in all cases shall be consistent with the general approach
        and philosophy regarding the allocation of assets and Liabilities (as expressly set forth in the recitals to this Agreement).

    
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    ARTICLE 6

    Health and Welfare Benefit Plans; Paid Time Off

    

    

    Section 6.01.          Health and Welfare Benefit Plans.

    

    

    (a)          Subject
        to the terms of the L Brands to VS Transition Services Agreement, effective as of the Distribution Date (or, in the case of any Delayed VS Transfer Employee, the applicable Delayed Transfer Date), VS or another member of the VS Group will provide
        all health and welfare benefits under VS H&W Plans to VS Participants and, to the extent necessary, establish certain VS H&W Plans having terms and features (including benefit coverage options and employer contribution provisions) that are
        substantially similar to the terms and features of the corresponding L Brands H&W Plans in which such VS Participants participated prior to the Distribution Date (or the Delayed Transfer Date, as applicable), except as may otherwise be mutually
        agreed between the Parties. Notwithstanding the foregoing, the VS Group will not be required to establish any voluntary employees’ beneficiary association (VEBA).

    

    

    (b)          Without
        limiting the generality of Section 4.01, effective as of the Distribution Date (or, in the case of Delayed VS Transfer Employees or Delayed LB Transfer Employees, the applicable Delayed Transfer Date), except as otherwise provided by the terms of
        the L Brands to VS Transition Services Agreement, the VS to L Brands Transition Services Agreement or any other applicable Ancillary Agreement:

    

    

    (i)          (A) VS
        Participants shall cease to actively participate in the L Brands H&W Plans, (B) VS shall cause VS Participants who participate in (or who are otherwise entitled to present or future benefits under) an L Brands H&W Plan as of immediately
        prior to the Distribution Date (or the Delayed Transfer Date, as applicable) to be automatically enrolled in, and covered by, a corresponding VS H&W Plan, and (C) VS shall use reasonable best efforts to cause the VS H&W Plans to recognize
        all elections and designations (including coverage and contribution elections and beneficiary designations, continuation coverage and conversion elections, and qualified medical child support orders and other orders issued by courts of competent
        jurisdiction) in effect with respect to VS Participants as of immediately prior to the Distribution Date (or, if applicable, the Delayed Transfer Date) under the corresponding L Brands H&W Plan for the remainder of the period or periods for
        which such elections are by their terms applicable, subject to the terms of the applicable VS H&W Plan; and

    

    

    (ii)          (A) L
        Brands Participants shall cease to actively participate in the VS H&W Plans, (B) L Brands shall cause L Brands Participants who participate in (or who are otherwise entitled to present or future benefits under) a VS H&W Plan as of
        immediately prior to the Distribution Date (or the Delayed Transfer Date, as applicable) to be automatically enrolled in, and covered by, a corresponding L Brands H&W Plan, and (C) L Brands shall use reasonable best efforts to cause the L
        Brands H&W Plans to recognize all elections and designations (including coverage and contribution elections and beneficiary designations, continuation coverage and conversion elections, and qualified medical child support orders and other
        orders issued by courts of competent jurisdiction) in effect with respect to L Brands Participants as of immediately prior to the Distribution Date (or, if applicable, the Delayed Transfer Date) under the corresponding VS H&W Plan for the
        remainder of the period or periods for which such elections are by their terms applicable, subject to the terms of the applicable L Brands H&W Plan.

    
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    (c)          Subject
        to the terms of the applicable VS H&W Plan and Applicable Law, VS shall use its reasonable best efforts to (i) waive all limitations as to preexisting conditions, exclusions and waiting periods with respect to participation and coverage
        requirements applicable to VS Participants under any VS H&W Plan in which any such VS Participant may be eligible to participate on or after the Distribution Date (or, if applicable, the Delayed Transfer Date) to the extent that such
        conditions, exclusions and waiting periods are not applicable to or had been previously satisfied by any such VS Participant under the corresponding L Brands H&W Plans and (ii) credit VS Participants under any applicable VS H&W Plan for any
        coinsurance or deductibles paid under any corresponding L Brands H&W Plan prior to the date such VS Participant becomes a participant in such applicable VS H&W Plan, if any, with respect to the calendar year in which such participation
        commences. Such credit, if any, shall be given for the purpose of satisfying any applicable coinsurance or deductible requirements under any of the applicable VS H&W Plans in which such VS Participant is eligible to participate after the
        Distribution Date (or, if applicable, the Delayed Transfer Date).

    

    

    (d)          Subject
        to the terms of the applicable L Brands H&W Plan and Applicable Law, L Brands shall use its reasonable best efforts to (i) waive all limitations as to preexisting conditions, exclusions and waiting periods with respect to participation and
        coverage requirements applicable to Delayed LB Transfer Employees under any L Brands H&W Plan in which any such Delayed LB Transfer Employee may be eligible to participate on or after his or her Delayed Transfer Date to the extent that such
        conditions, exclusions and waiting periods are not applicable to or had been previously satisfied by any such Delayed LB Transfer Employee under the corresponding VS H&W Plans and (ii) credit Delayed LB Transfer Employees under any applicable L
        Brands H&W Plan for any coinsurance or deductibles paid under any corresponding VS H&W Plan prior to the date such Delayed LB Transfer Employee becomes a participant in such applicable L Brands H&W Plan, if any, with respect to the
        calendar year in which such participation commences. Such credit, if any, shall be given for the purpose of satisfying any applicable coinsurance or deductible requirements under any of the applicable L Brands H&W Plans in which such Delayed LB
        Transfer Employee is eligible to participate after the applicable Delayed Transfer Date.

    

    

    (e)          Neither
        the transfer nor other movement of employment or service from any member of the L Brands Group to any member of the VS Group or from any member of the VS Group to the L Brands Group, as the case may be, at any time before the Distribution Date
        shall constitute or be treated as a “status change” under the L Brands H&W Plans or the VS H&W Plans.

    

    

    Section 6.02.          Health and Welfare Benefit Plan Claims.

    

    

    (a)          Except as
        otherwise expressly provided in this Agreement, effective as of the Distribution Date (or, in the case of Delayed VS Transfer Employees, the applicable Delayed Transfer Date), (A) all Liabilities relating to, arising out of, or resulting from
        health and welfare coverage or claims incurred prior to the Distribution Date (or the applicable Delayed Transfer Date) by each VS Participant under the L Brands H&W Plans shall remain Liabilities of the L Brands Group and shall be deemed to be
        L Brands Retained Employee Liabilities and (B) all Liabilities relating to, arising out of or resulting from health and welfare coverage or claims incurred on or after the Distribution Date (or the applicable Delayed Transfer Date) by each VS
        Participant shall be retained or assumed by the respective VS H&W Plans, and no portion of the Liability shall be treated as an L Brands Retained Employee Liability.

    

    

    (b)          Except as
        otherwise expressly provided in this Agreement, effective as of the Distribution Date (or, in the case of Delayed LB Transfer Employees, the applicable Delayed Transfer Date), (A) all Liabilities relating to, arising out of, or resulting from
        health and welfare coverage or claims incurred prior to the Distribution Date (or the applicable Delayed Transfer Date) by each  L Brands Participant under the VS H&W Plans shall remain Liabilities of the VS Group and shall be deemed to be VS
        Assumed Employee Liabilities and (B) all Liabilities relating to, arising out of or resulting from health and welfare coverage or claims incurred on or after the Distribution Date (or the applicable Delayed Transfer Date) by each L Brands
        Participant shall be retained or assumed by the respective L Brands H&W Plans, and no portion of the Liability shall be treated as an VS Assumed Employee Liability.

    
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    (c)          Without
        limiting the generality Section 3.01(c), (i) notwithstanding Section 6.02(a)(A), any and all costs, expenses or Liabilities relating to
        participation by any Delayed VS Transfer Employee in any L Brands H&W Plan during the period from the Distribution Date to the applicable Delayed Transfer Date shall be subject to reimbursement by VS to the L Brands Group in accordance with the
        terms of the L Brands to VS Transition Services Agreement (or any other applicable Ancillary Agreement) to the extent applicable and (ii) notwithstanding Section 6.02(b)(A), any and all costs, expenses or Liabilities relating to participation by
        any Delayed LB Transfer Employee in any VS H&W Plan during the period from the Distribution Date to the applicable Delayed Transfer Date shall be subject to reimbursement by L Brands to the VS Group in accordance with the terms of the VS to L
        Brands Transition Services Agreement (or any other applicable Ancillary Agreement) to the extent applicable.

    

    

    (d)          For
        purposes of this Section 6.02, (i) a medical, dental or vision benefit claim shall be “incurred” when the relevant service is provided or item purchased, (ii) a short- or long-term disability benefit claim shall be “incurred” when the applicable VS
        Participant or L Brands Participant, as applicable, commences short- or long-term disability leave and (iii) other benefit claims  shall be “incurred” when any relevant benefit or payment is required to be provided or paid to the VS Participant or
        L Brands Participant, as applicable, regardless of the time of the circumstance or event giving rise to such claims.

    

    

    Section 6.03.          Flexible Spending Account Plan Treatment.  Subject to the terms of the L Brands to VS Transition Services Agreement, effective as of the
        Distribution Date, VS shall establish or designate flexible spending accounts for health and dependent care expenses under Sections 125 and 129 of the Code (the “VS FSAs”). The Parties shall take all actions reasonably necessary or appropriate so that the account balances (positive or negative) under the L Brands FSAs of each VS Participant who has elected to participate therein
        in the year in which the Distribution Date (or, for any Delayed VS Transfer Employees, the applicable Delayed Transfer Date) occurs shall be transferred, effective as of the Distribution Date (or the Delayed Transfer Date, as applicable), from the
        L Brands FSAs to the corresponding VS FSAs.  The VS FSAs shall assume responsibility as of the Distribution Date (or the applicable Delayed Transfer Date) for all outstanding dependent care and health care claims under the L Brands FSAs of each VS
        Participant for the year in which the Distribution Date (or the applicable Delayed Transfer Date) occurs and shall assume the rights of and agree to perform the obligations of the analogous L Brands FSA from and after the Distribution Date (or the
        applicable Delayed Transfer Date).  The Parties shall cooperate in good faith to provide that the contribution elections of each such VS Participant as in effect immediately before the Distribution Date (or the applicable Delayed Transfer Date)
        remain in effect under the VS FSAs from and after the Distribution Date (or the applicable Delayed Transfer Date), subject to the terms of the VS FSAs. As soon as practicable after the Distribution Date (or, if applicable, the Delayed Transfer
        Date), with respect to the affected VS Participant, L Brands shall pay to VS (or its designee) the net aggregate amount of the account balances credited to VS FSAs under this Section 6.03, if such amount is positive, and VS shall pay L Brands (or its designee) the net aggregate amount of the account balances credited to the VS FSAs under this Section 6.03, if such amount is negative.

    

    

    Section 6.04.          Workers’ Compensation Liabilities.  All workers’ compensation Liabilities relating to, arising out of or resulting from any claim by any VS
        Participant that result from an accident or from an occupational disease, to the extent incurred before the Distribution Date (or the applicable Delayed Transfer Date), shall be retained by L Brands and shall constitute L Brands Retained Employee
        Liabilities and (ii) all workers’ compensation Liabilities relating to, arising out of or resulting from any claim by any VS Participant that result from an accident or from an occupational disease, to the extent incurred on or after the
        Distribution Date (or the applicable Delayed Transfer Date), shall be assumed by VS and shall constitute VS Assumed Employee Liabilities.  The Parties shall cooperate with respect to any notification to appropriate Governmental Authorities of the
        disposition and the issuance of new, or the transfer of existing, workers’ compensation insurance policies and contracts governing the handling of claims in accordance with this Section 6.04.

    
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    Section 6.05.          Paid Time Off.

    

    

    (a)          Effective
        as of the Distribution Date (or, in the case, of any Delayed VS Transfer Employee, the applicable Delayed Transfer Date), the applicable VS Group member shall recognize, retain and assume all Liabilities with respect to vacation, holiday, sick
        leave, paid time off, floating holidays, personal days and other paid time off (collectively, “Paid Time Off”) with respect to VS Participants
        accrued on or prior to the Distribution Date (or the Delayed Transfer Date, as applicable), and VS shall credit each such VS Participant with such accrual; provided, that if any such Paid Time Off is required under Applicable Law to be paid out to the applicable VS Participant in connection with the Distribution (or his or her date of employment transfer), such payment will be made
        by VS as of the Distribution Date (or the Delayed Transfer Date, as applicable), and VS will credit such VS Participant with unpaid Paid Time Off in respect thereof; it being understood that any amount of Paid Time Off required to be paid out to any VS Participant in connection with the Distribution or such employment transfer, as applicable, shall constitute VS Assumed Employee
        Liabilities.

    

    

    (b)          Effective
        as of the Distribution Date (or, in the case, of any Delayed LB Transfer Employee, the applicable Delayed Transfer Date), the applicable L Brands Group member shall recognize, retain and assume all Liabilities with respect to Paid Time Off with
        respect to L Brands Participants accrued on or prior to the Distribution Date (or the Delayed Transfer Date, as applicable), and L Brands shall credit each such L Brands Participant with such accrual; provided, that if any such Paid Time Off is required under Applicable Law to be paid out to the applicable L Brands Participant in connection with the Distribution (or his or her date
        of employment transfer), such payment will be made by L Brands as of the Distribution Date (or the Delayed Transfer Date, as applicable), and L Brands will credit such L Brands Participant with unpaid Paid Time Off in respect thereof; it being understood that any amount of Paid Time Off required to be paid out to any L Brands Participant in connection with the Distribution or
        such employment transfer, as applicable, shall constitute L Brands Retained Employee Liabilities.

    

    

    Section 6.06.          COBRA.

    

    

    (a)          Subject
        to the terms of the L Brands to VS Transition Services Agreement and the VS to L Brands Transition Services Agreement, as applicable:

    

    

    (i)          the L
        Brands Group shall administer the L Brands Group’s compliance with the health care continuation coverage requirements of COBRA and the corresponding provisions of the L Brands H&W Plans with respect to VS Participants who incur a COBRA
        “qualifying event” occurring before the Distribution Date (or, in the case of any Delayed VS Transfer Employee, the applicable Delayed Transfer Date); provided,
        that, for the avoidance of doubt, any Liabilities related thereto shall constitute L Brands Retained Employee Liabilities. VS shall be solely responsible for all Liabilities incurred pursuant to COBRA and for administering, at VS’ expense,
        compliance with the health care continuation coverage requirements of COBRA and the corresponding provisions of the VS H&W Plans with respect to VS Participants who incur a COBRA “qualifying event” that occurs at any time on or after the
        Distribution Date (or, in the case of Delayed VS Transfer Employees, the applicable Delayed Transfer Date); and

    

    

    (ii)          the
        VS Group shall administer the VS Group’s compliance with the health care continuation coverage requirements of COBRA and the corresponding provisions of the VS H&W Plans with respect to Delayed LB Transfer Employees who incur a COBRA
        “qualifying event” occurring before the applicable Delayed Transfer Date; provided, that, for the avoidance of doubt, any Liabilities related
        thereto shall constitute VS Assumed Employee Liabilities. L Brands shall be solely responsible for all Liabilities incurred pursuant to COBRA and for administering, at L Brands’ expense, compliance with the health care continuation coverage
        requirements of COBRA and the corresponding provisions of the L Brands H&W Plans with respect to Delayed LB Transfer Employees who incur a COBRA “qualifying event” that occurs at any time on or after the applicable Delayed Transfer Date.

    
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    (b)          The
        Parties intend and agree that neither the Distribution, nor any assignment or transfer of the employment or services of any employee or individual independent contractor prior to the Distribution Date as contemplated under this Agreement, shall
        constitute a COBRA “qualifying event” for any purpose of COBRA, and the Parties shall cooperate in good faith to give effect to such intent.

    

    

    ARTICLE 7

    Cash Incentive and Retention Compensation

    

    

    Section 7.01.          L Brands Cash Bonus Plans.

    

    

    (a)          Each VS
        Participant participating in the L Brands 2015 Bonus Plan, with respect to the spring 2021 performance period will remain eligible to receive a
        cash bonus in respect of such performance period in accordance with the terms of L Brands 2015 Bonus Plan (the “Spring 2021 L Brands Cash Bonuses”).  Any Spring 2021 L Brands Cash
        Bonuses payable to VS Participants under the L Brands 2015 Bonus Plan will be paid by VS on behalf of L Brands in accordance with the terms of the L Brands 2015 Bonus Plan (including terms relating to the timing of payment); provided that (i) the L Brands Compensation Committee may, in its discretion, adjust the applicable performance conditions in light of the
        Distribution and (ii) L Brands will reimburse VS for the Spring 2021 L Brands Cash Bonuses paid by VS to VS Participants under this Section 7.01(a), which such reimbursement amount will constitute an L Brands Retained Employee Liability.

    

    

    (b)          Each VS
        Participant participating in any L Brands Bonus Plan other than the L Brands 2015 Bonus Plan with respect to any monthly or quarterly performance period during which the Distribution Date occurs will remain eligible to receive a cash bonus in
        respect of such applicable monthly or quarterly performance period in accordance with the terms of such L Brands Bonus Plan (the “Other L Brands Cash
          Bonuses”).  Any Other L Brands Cash Bonuses payable to VS Participants under such L Brands Bonus Plans for such applicable monthly or quarterly performance period will be paid by VS on behalf of L Brands in accordance with the terms of the
        applicable L Brands Bonus Plan (including terms relating to the timing of payment); provided that the L Brands Compensation Committee may, in
        its discretion, adjust the applicable performance conditions in light of the Distribution. For the avoidance of doubt, unless otherwise mutually agreed by the Parties, L Brands will not be required to reimburse VS for the cost of such Other L
        Brands Cash Bonuses paid by VS to VS Participants under this Section 7.01(b).

    

    

    Section 7.02.          VS Cash Bonus Plans.

    

    

    (a)          Each VS
        Participant participating in any VS Plan that is a cash bonus or cash incentive plan, including, for the avoidance of doubt, the VS 2021 Bonus Plan, each Victoria’s Secret Stores, LLC Store Management Fiscal Monthly Incentive Bonus Program and the
        2019 RM Bonus and Incentive Program (each, a “VS Bonus Plan”), with respect to any performance period continuing as of the Distribution Date (or,
        if applicable, the Delayed Transfer Date) (the “VS Cash Bonuses”) shall accrue service credit for any time the VS Participant is employed by or
        provides services to any member of the L Brands Group during the applicable performance period.  Any VS Cash Bonuses payable to VS Participants under such VS Bonus Plans will be paid by VS in accordance with the terms of the applicable VS Bonus
        Plan (including with respect to the bonuses payable under the VS 2021 Bonus Plan in respect of the fall 2021 performance period), which such amounts shall constitute VS Assumed Employee Liabilities.

    

    

    (b)          Each VS
        Participant participating in any L Brands Bonus Plan as of immediately prior to the Distribution Date (or, in the case of a Delayed VS Transfer Employee, the applicable Delayed Transfer Date), will be eligible to participate in a VS Bonus Plan upon
        commencement of employment with a member of the VS Group, subject to the terms of such VS Bonus Plan, with respect to the remainder of the applicable performance period during which the Distribution Date (or, if applicable, the Delayed Transfer
        Date) occurs.

    
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    (c)          Without
        limiting the generality of Section 7.02(b), effective as of the Distribution Date, VS shall establish a VS Bonus Plan (or otherwise permit
        participation in an existing VS Bonus Plan) for the benefit of each VS Participant (other than a Delayed VS Transfer Employee) participating in any L Brands Bonus Plan as of immediately prior to the Distribution Date for the remainder of the
        applicable performance period. As soon as practicable following the Distribution Date, the VS Compensation Committee shall establish the performance targets for the post-Distribution performance period under any such applicable VS Bonus Plans,
        including the fall 2021 performance period under the VS 2021 Bonus Plan.

    

    

    Section 7.03.          L Brands 2021 Retention Bonus Program.  Each VS Participant who, as of immediately prior to the Distribution Date, is eligible to receive a cash
        retention bonus that is scheduled to become payable during August 2021 under any L Brands Plan or any employment or retention agreement applicable to such VS Participant (each, an “August 2021 Retention Bonus”), will remain eligible to receive his or her August 2021 Retention Bonus
        following the Distribution Date in accordance with the terms of the applicable L Brands Plan or employment or retention agreement.  Any August 2021 Retention Bonuses that become payable to VS Participants will be paid by VS on behalf of L Brands in
        accordance with the terms of the applicable L Brands Plan or employment or retention agreement (including terms relating to the timing of payment); provided
        that L Brands will reimburse VS for the aggregate amount of the August 2021 Retention Bonuses paid by VS to VS Participants, which such reimbursement amount will constitute an L Brands Retained Employee Liability.

    

    

    ARTICLE 8

    Treatment of Outstanding Equity Awards

    

    

    Section 8.01.          RSUs.

    

    

    (a)          Effective
        as of the Distribution Date, each L Brands RSU that is outstanding as of immediately prior to the Distribution Date and held by a VS Participant who is not a Former VS Employee shall be converted into a restricted share unit with respect to VS
        Common Stock (each, a “VS RSU”).  The number of shares of VS Common Stock subject to such VS RSU shall be determined by the L Brands Compensation
        Committee in a manner intended to preserve (and without enlarging) the value of such L Brands RSU by taking into account the relative values of the L Brands Pre-Distribution Stock Value and the VS Stock Value.  Each such VS RSU shall be subject to
        the same terms and conditions (including vesting and payment schedules) as applicable to the corresponding L Brands RSU as of immediately prior to the Distribution Date.

    

    

    (b)          Effective
        as of the Distribution Date, each L Brands RSU that is outstanding as of immediately prior to the Distribution Date and held by an L Brands Participant or a Former VS Employee shall be adjusted to reflect the Distribution and become an Adjusted L
        Brands RSU.  The number of shares of L Brands Common Stock subject to such Adjusted L Brands RSU shall be determined by the L Brands Compensation Committee in a manner intended to preserve (and without enlarging) the value of such L Brands RSU by
        taking into account the relative values of the L Brands Pre-Distribution Stock Value and the L Brands Post-Distribution Stock Value.  Each such Adjusted L Brands RSU shall be subject to the same terms and conditions (including vesting and payment
        schedules) as applicable to the corresponding L Brands RSU as of immediately prior to the Distribution Date.

    
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    Section 8.02.          PSUs.

    

    

    (a)          Effective
        as of the Distribution Date, each L Brands PSU that is outstanding as of immediately prior to the Distribution Date and held by a VS Participant who is not a Former VS Employee shall be converted into a performance share unit with respect to VS
        Common Stock (each, a “VS PSU”).  The number of shares of VS Common Stock subject to such VS PSU shall be determined by the L Brands Compensation
        Committee in a manner intended to preserve (and without enlarging) the value of such L Brands PSU by taking into account the relative values of the L Brands Pre-Distribution Stock Value and the VS Stock Value.  Each such VS PSU shall be subject to
        the same terms and conditions (including vesting and payment schedules); provided that (i) any such VS PSUs that correspond to L Brands PSUs
        granted prior to January 30, 2021 shall be deemed to have achieved the applicable performance-based vesting conditions at the target performance level and (ii) any such VS PSUs that correspond to L Brands PSUs granted on or following January 30,
        2021 shall remain subject to the applicable performance-based vesting conditions (and applicable threshold, target and maximum performance payout levels) as were applicable to the corresponding L Brands PSUs as of immediately prior to the
        Distribution Date (subject to adjustment by the VS Compensation Committee following the Distribution Date in its discretion to reflect the Distribution in accordance with the terms of the applicable VS Equity Plan and the applicable award agreement
        thereunder).

    

    

    (b)          Effective
        as of the Distribution Date, each L Brands PSU that is outstanding as of immediately prior to the Distribution Date and held by an L Brands Participant or a Former VS Employee shall be adjusted to reflect the Distribution and become an Adjusted L
        Brands PSU.  The number of shares of L Brands Common Stock subject to such Adjusted L Brands PSU shall be determined by the L Brands Compensation Committee in a manner intended to preserve (and without enlarging) the value of such L Brands PSU by
        taking into account the relative values of the L Brands Pre-Distribution Stock Value and the L Brands Post-Distribution Stock Value.  Each such Adjusted L Brands PSU shall be subject to the same terms and conditions (including vesting and payment
        schedules) as applicable to the corresponding L Brands PSU as of immediately prior to the Distribution Date; provided that, in the sole
        discretion of the L Brands Compensation Committee, the performance-based metrics underlying each such Adjusted L Brands PSU may be adjusted, as determined by the L Brands Compensation Committee, to reflect the Distribution.

    

    

    Section 8.03.          Stock Options.

    

    

    (a)          Effective
        as of the Distribution Date, each L Brands Option (whether vested or unvested) that is outstanding as of immediately prior to the Distribution Date and held by a VS Participant who is not a Former VS Employee shall be converted into an option to
        acquire VS Common Stock (each, a “VS Option”) and shall be subject to the same terms and conditions (including vesting) as applicable to the
        corresponding L Brands Option as of immediately prior to the Distribution Date; provided, that from and after the Distribution Date, the number
        of shares of VS Common Stock subject to, and the exercise price per share of, such VS Option shall be determined by the L Brands Compensation Committee in a manner consistent with Section 409A of the Code and intended to preserve (and without
        enlarging) the value of such L Brands Option by taking into account (i) the exercise price per share of such L Brands Option and (ii) the relative values of the L Brands Pre-Distribution Stock Value and the VS Stock Value.

    

    

    (b)          Effective
        as of the Distribution Date, each L Brands Option (whether vested or unvested) that is outstanding as of immediately prior to the Distribution Date and held by an L Brands Participant or a Former VS Employee shall be adjusted to reflect the
        Distribution and become an Adjusted L Brands Option.  The number of shares of L Brands Common Stock subject to, and the exercise price per share of, such Adjusted L Brands Option shall be determined by the L Brands Compensation Committee in a
        manner consistent with Section 409A of the Code and intended to preserve (and without enlarging) the value of such L Brands Option by taking into account (i) the exercise price per share of such L Brands Option and (ii) the relative values of the L
        Brands Pre-Distribution Stock Value and the L Brands Post-Distribution Stock Value.  Each such Adjusted L Brands Option shall be subject to the same terms and conditions (including vesting) as applicable to the corresponding L Brands Option as of
        immediately prior to the Distribution Date.

    
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    (c)          Notwithstanding

        anything to the contrary in this Section 8.03, the exercise price, the number of shares of L Brands Common Stock or VS Common Stock, as applicable, and the terms and conditions of exercise applicable to any Adjusted L Brands Option or VS Option, as
        the case may be, shall be determined in a manner consistent with the requirements of Section 409A of the Code.

    

    

    Section 8.04.          Miscellaneous Terms and Actions; Tax Reporting and Withholding.

    

    

    (a)          Effective
        on or before the Distribution Date, VS shall adopt an equity incentive compensation plan for the benefit of eligible participants (as may be amended from time to time, and together with any successor plan, the “VS Equity Plan”).  Prior to the Distribution Date, each of L Brands and VS shall take any actions necessary to give effect
          to the transactions contemplated by this Article 8, including, in the case of VS, the reservation, issuance and listing of shares of VS
        Common Stock as is necessary to effectuate the transactions contemplated by this Article 8.  From and after the Distribution Date, (i) VS shall retain the VS Equity Plan, and all Liabilities thereunder shall constitute VS Assumed Employee
        Liabilities, and (ii) L Brands shall retain the L Brands Equity Plans, and all Liabilities thereunder shall constitute L Brands Retained Employee Liabilities.  From and after the Distribution Date, all Adjusted L Brands Awards, regardless of by
        whom held, shall be granted under and subject to the terms of the L Brands Equity Plans and shall be settled by L Brands, and all VS Awards, regardless of by whom held, shall be granted under and subject to the terms of the VS Equity Plan and shall
        be settled by VS.

    

    

    (b)          From and
        after the Distribution Date, for purposes of the L Brands Awards converted into VS Awards or Adjusted L Brands Awards pursuant to this Article 8, (i) a VS Participant’s employment with or service to any member of the VS Group and/or L Brands Group,
        as applicable, shall be treated as employment with and service to the VS Group and/or the L Brands Group, as applicable, (ii) any reference to “cause,” “good reason,” “disability,” “willful” or other similar terms applicable to such Adjusted L
        Brands Awards shall be deemed to refer to the definitions of “cause,” “good reason,” “disability,” “willful” or other similar terms set forth in the L Brands Equity Plans and (iii) any reference to “cause,” “good reason,” “disability,” “willful” or
        other similar terms applicable to such VS Awards shall be deemed to refer to the definitions of “cause,” “good reason,” “disability,” “willful” or other similar terms set forth in the VS Equity Plan.

    

    

    (c)          From and
        after the Distribution Date, (i) any reference to a “change in control,” “change of control” or similar term applicable to any Adjusted L Brands Award contained in any applicable award agreement, employment or services agreement or the L Brands
        Equity Plans shall be deemed to refer to a “change in control,” “change of control” or similar term as defined in such award agreement, employment or services agreement or the L Brands Equity Plans (an “L Brands Change in Control”) and (ii) any reference to a “change in control,” “change of control” or similar term applicable to any VS Award contained in any applicable award agreement,
        employment or services agreement or the VS Equity Plan shall be deemed to refer to a “change in control,” “change of control” or similar term as defined in the VS Equity Plan (a “VS Change in Control”).

    

    

    (d)          For the
        avoidance of doubt, except as expressly provided in this Article 8 (including, without limitation, pursuant to Section 8.05), neither the Distribution nor any assignment, transfer or continuation of the employment of employees as contemplated by
        Article 3 shall be deemed a termination of employment or service of any VS Participant or L Brands Participant for purposes of any L Brands Award or VS Award.  The Distribution shall not be treated as an L Brands Change in Control or VS Change in
        Control for purposes of the L Brands Equity Plans or the VS Equity Plan, respectively, any applicable award agreements for an L Brands Award, Adjusted L Brands Award or VS Award outstanding thereunder, or any other applicable employment- or
        service-related agreement.  Without limiting the generality of the foregoing, to the extent L Brands determines it necessary or desirable, each award agreement for an L Brands RSU, L Brands PSU or L Brands Option, as the case may be, shall be
        amended to expressly clarify the same.

    
      25

      
        

    

    

    

    (e)          Unless
        otherwise required by Applicable Law, (i) the applicable member of the VS Group shall be responsible for all applicable income, payroll, employment and other similar tax withholding, remittance and reporting obligations in respect of VS
        Participants relating to any VS Awards and (ii) the applicable member of the L Brands Group shall be responsible for all applicable income, payroll, employment and other similar tax withholding, remittance and reporting obligations in respect of L
        Brands Participants relating to any Adjusted L Brands Awards.

    

    

    (f)          VS shall
        be responsible for the settlement of cash dividend equivalents on any VS Awards, and L Brands shall be responsible for the settlement of cash dividend equivalents on any Adjusted L Brands Awards.

    

    

    (g)          VS shall
        prepare and file with the SEC a registration statement on an appropriate form with respect to the shares of VS Common Stock subject to the L Brands Awards converted into VS Awards pursuant to this Article 8 and shall use its reasonable best efforts
        to have such registration statement declared effective on or before the Distribution Date and to maintain the effectiveness of such registration statement covering such VS Awards (and to maintain the current status of the prospectus contained
        therein) for so long as any such VS Awards remain outstanding.

    

    

    (h)          Prior to
        the Distribution Date, each Party shall take all such steps as may be required to cause any dispositions of L Brands Common Stock (including Adjusted L Brands Awards or any other derivative securities with respect to L Brands Common Stock) or
        acquisitions of VS Common Stock (including VS Awards or any other derivative securities with respect to VS Common Stock) resulting from the Distribution or the transactions contemplated by this Agreement or the Separation Agreement by each
        individual who is subject to the reporting requirements of Section 16(a) of the Exchange Act with respect to L Brands or who are or will become subject to such reporting requirements with respect to VS to be exempt under Rule 16b-3 promulgated
        under the Exchange Act.  With respect to those individuals, if any, who, subsequent to the Distribution Date, are or become subject to the reporting requirements under Section 16(a) of the Exchange Act, as applicable, VS shall administer any L
        Brands Award converted into a VS Award pursuant to this Article 8 in a manner that complies with Rule 16b-3 promulgated under the Exchange Act to the extent such converted L Brands Award complied with such rule prior to the Distribution Date.

    
      26

      
        

    

    

    

    Section 8.05.          Treatment of Equity Awards Held by Delayed Transfer Employees.

    

    

    (a)          Notwithstanding

        anything to the contrary herein, any L Brands Awards held by any Delayed VS Transfer Employees shall be adjusted into Adjusted L Brands Awards as of the Distribution Date in the manner set forth in Section 8.01(b), Section 8.02(b) or Section
        8.03(b), as applicable. Upon the applicable Delayed Transfer Date, the applicable Delayed VS Transfer Employee will be deemed to have terminated employment with the L Brands Group for purposes of the L Brands Equity Plans and the applicable award
        agreements evidencing his or her Adjusted L Brands Awards and, to the extent unvested, will cease vesting and will forfeit his or her L Brands Awards (including any Adjusted L Brands Awards that remain outstanding as of such date and any L Brands
        Awards granted to such Delayed VS Transfer Employee following the Distribution Date) (collectively, the “Forfeited LB Awards”). As of the
        applicable Delayed Transfer Date, VS shall, on an award-by-award basis, grant each such Delayed VS Transfer Employee VS Awards corresponding to the type of each of the Forfeited LB Awards forfeited by such Delayed VS Transfer Employee on the
        Delayed Transfer Date, each with a dollar value equal to the intrinsic dollar value of the corresponding Forfeited LB Award (each such replacement award, a “Replacement VS Award”). For purposes of this Section 8.05(a), (i) the intrinsic dollar value of any Forfeited LB Award shall be
        equal to the product of (A) the volume-weighted average price of L Brands Common Stock on the New York Stock Exchange (as reported by Bloomberg L.P.) during the 20 trading days ending with the last trading day prior to the applicable Delayed
        Transfer Date (minus, in the case of any Forfeited LB Award that is an Adjusted L Brands Option, the exercise price per share applicable to such
        Forfeited LB Award) multiplied by (B)
        the number of shares of L Brands Common Stock underlying such Forfeited LB Award and (ii) the dollar value of any Replacement VS Award that is a VS Option will be determined based on a Black-scholes valuation of such VS Option or pursuant to such
        other valuation methodology mutually determined by the Parties. The Replacement VS Awards shall be subject to vesting and payment or settlement terms and conditions that are no less favorable to the applicable Delayed VS Transfer Employee than the
        vesting and payment or settlement terms and conditions in effect with respect to his or her corresponding Forfeited LB Awards (determined on an award-by-award basis) as of immediately prior to the applicable Delayed Transfer Date. For the avoidance
        of doubt, any L Brands Options (including any Adjusted L Brands Options granted pursuant to this Article 8) held by a Delayed VS Transfer Employee that are outstanding and vested as of the applicable Delayed Transfer Date will remain outstanding
        and exercisable following the applicable Delayed Transfer Date in accordance with the terms of the applicable L Brands Equity Plan and the applicable award agreement thereunder.

    
      27

      
        

    

    

    

    (b)          Notwithstanding

        anything to the contrary herein, any L Brands Awards held by any Delayed LB Transfer Employees shall be adjusted into VS Awards as of the Distribution Date in the manner set forth in Section 8.01(a), Section 8.02(a) or Section 8.03(a), as
        applicable. Upon the applicable Delayed Transfer Date, the applicable Delayed LB Transfer Employee will be deemed to have terminated employment with the VS Group for purposes of the VS Equity Plan and the applicable award agreements evidencing his
        or her VS Awards and, to the extent unvested, will cease vesting and will forfeit his or her VS Awards (the “Forfeited VS Awards”). As of the
        applicable Delayed Transfer Date, L Brands shall, on an award-by-award basis, grant each such Delayed LB Transfer Employee L Brands Awards corresponding to the type of each of the Forfeited VS Awards forfeited by such Delayed LB Transfer Employee
        on the Delayed Transfer Date, each with a dollar value equal to the intrinsic dollar value of the corresponding Forfeited VS Award (including any VS Awards granted pursuant to this Article 8 that remain outstanding as of such date and any VS Awards
        granted to such Delayed LB Transfer Employee following the Distribution Date) (each such replacement award, a “Replacement LB Award”). For
        purposes of this Section 8.05(b), (i) the intrinsic dollar value of any Forfeited VS Award shall be equal to the product of (A) the volume-weighted
        average price of VS Common Stock on the New York Stock Exchange (as reported by Bloomberg L.P.) during the 20 trading days ending with the last trading day prior to the applicable Delayed Transfer Date (minus, in the case of any Forfeited VS Award that is a VS Option, the exercise price per share applicable to such Forfeited VS Award) multiplied by (B) the number of shares of VS Common Stock underlying such Forfeited VS
        Award and (ii) the dollar value of any Replacement LB Award that is an L Brands Option will be determined based on a Black-scholes valuation of such L Brands Option or pursuant to such other valuation methodology mutually determined by the Parties.
        The Replacement LB Awards shall be subject to vesting and payment or settlement terms and conditions that are no less favorable to the applicable Delayed LB Transfer Employee than the vesting and payment or settlement terms and conditions in effect
        with respect to his or her corresponding Forfeited VS Awards (determined on an award-by-award basis) as of immediately prior to the applicable Delayed Transfer Date. For the avoidance of doubt, any VS Options (including any VS Options granted
        pursuant to this Article 8) held by a Delayed VS Transfer Employee that are outstanding and vested as of the applicable Delayed Transfer Date will remain outstanding and exercisable following the applicable Delayed Transfer Date in accordance with
        the terms of the applicable VS Equity Plan and the applicable award agreement thereunder.

    

    

    Section 8.06.          Employee Stock Purchase Plan.  Effective as of the Distribution Date (or, if applicable, the Delayed Transfer Date), each VS Participant shall
        cease participation in the L Brands ESPP. Effective on or before the Distribution Date, VS shall adopt an employee stock purchase plan for the benefit of eligible VS Participants (the “VS ESPP”).

    

    

    ARTICLE 9

    Personnel Records; Payroll and Tax Withholding

    

    

    Section 9.01.          Personnel Records.  To the extent permitted by Applicable Law, each of the VS Group and the L Brands Group shall be permitted by the other to access
        and retain copies of such records, data and other personnel-related information in any form (“Personnel Records”) as may be necessary or
        appropriate to carry out their respective obligations under Applicable Law, the Separation Agreement or any of the Ancillary Agreements, and for the purposes of administering their respective employee benefit plans and policies.  All Personnel
        Records shall be accessed, retained, held, used, copied and transmitted in accordance with all Applicable Laws, policies and agreements between the Parties.

    
      28

      
        

    

    

    

    Section 9.02.          Payroll; Tax Reporting and Withholding.

    

    

    (a)          Subject
        to the obligations of the Parties as set forth in the L Brands to VS Transition Services Agreement or any other applicable Ancillary Agreement, effective as of no later than the Distribution Date (or, in the case of any Delayed VS Transfer
        Employees or Delayed LB Transfer Employees, as applicable, the applicable Delayed Transfer Date), (A) the members of the VS Group shall be solely responsible for providing payroll services (including for any payroll period already in progress) to
        the VS Employees and for any Liabilities with respect to garnishments of the salary and wages thereof and (B) the members of the L Brands Group shall be solely responsible for providing payroll services (including for any payroll period already in
        progress) to the L Brands Employees and for any Liabilities with respect to garnishments of the salary and wages thereof.

    

    

    (b)          To the
        extent permitted by Applicable Law, the Party that is responsible for making a payment hereunder shall be responsible for (i) making the appropriate withholdings, if any, attributable to such payments and (ii) preparing and filing all related
        required forms and returns with the appropriate Governmental Authority.

    

    

    (c)          With
        respect to VS Employees, the Parties shall (i) treat VS (or the applicable member of the VS Group) as a “successor employer” and L Brands (or the applicable member of the L Brands Group) as a “predecessor,” within the meaning of Sections 3121(a)(1)
        and 3306(b)(1) of the Code, for purposes of taxes imposed under the U.S. Federal Unemployment Tax Act or the U.S. Federal Insurance Contributions Act, and (ii) cooperate and use reasonable best efforts to implement the alternate procedure described
        in Section 5 of Revenue Procedure 2004-53.

    

    

    (d)          With
        respect to Delayed LB Transfer Employees, the Parties shall (i) treat L Brands (or the applicable member of the L Brands Group) as a “successor employer” and VS (or the applicable member of the VS Group) as a “predecessor,” within the meaning of
        Sections 3121(a)(1) and 3306(b)(1) of the Code, for purposes of taxes imposed under the U.S. Federal Unemployment Tax Act or the U.S. Federal Insurance Contributions Act, and (ii) cooperate and use reasonable best efforts to implement the alternate
        procedure described in Section 5 of Revenue Procedure 2004-53.

    

    

    ARTICLE 10

    Non-U.S. Employees and Employee Plans

    

    

    Section 10.01.          Special Provisions for Employees and Employee Plans Outside of the United States.  From and after the date hereof, to the extent not
        addressed in this Agreement, the L Brands to VS Transition Services Agreement or the VS to L Brands Transition Services Agreement, the Parties shall reasonably cooperate in good faith to effect the provisions of this Agreement with respect to (a)
        Non-U.S. LB Participants and Non-U.S. VS Participants and (b) employee-, compensation- and benefits-related matters outside of the United States with respect to Non-U.S. LB Participants and Non-U.S. VS Participants, including under Non-U.S. LB
        Plans and Non-U.S. VS Plans, which in all cases shall be consistent with the general approach and philosophy regarding the allocation of assets and Liabilities (as expressly set forth in the recitals to this Agreement).

    
      29

      
        

    

    

    

    ARTICLE 11

    General and Administrative

    

    

    Section 11.01.          Sharing of Participant Information.  Without limiting the generality of any of the provisions of any other Ancillary Agreements, to the
        maximum extent permitted under Applicable Law, L Brands and VS shall, and shall cause each member of the L Brands Group and the VS Group, respectively, to reasonably cooperate with the other Party hereto to, (A) share with each other and their
        respective agents and vendors all participant information reasonably necessary for the efficient and accurate administration of each of the L Brands Plans and the VS Plans, (ii) provide prompt written notification regarding the termination of
        employment or service of any VS Participant or L Brands Participant to the extent relevant to the administration of an L Brands Plan or VS Plan, (iii) facilitate the transactions and activities contemplated by this Agreement and (iv) resolve any
        and all employment-related claims regarding VS Participants and L Brands Participants.

    

    

    Section 11.02.          Cooperation.  Following the date of this Agreement, each of VS and L Brands shall, and shall cause the members of the VS Group and the
        L Brands Group, respectively, to, cooperate in good faith with respect to any employee compensation or benefits matters that either party reasonably determines require the cooperation of the other Party in order to accomplish the objectives of this
        Agreement (including, without limitation, relating to any audits by any Governmental Authorities); provided that nothing herein shall be deemed
        to require any member of the VS Group to administer any L Brands Plan or to require any member of the L Brands Group to administer any VS Plan, in each case at any time on or following the Distribution Date.

    

    

    Section 11.03.          Vendor Contracts.  Prior to the Distribution Date, L Brands and VS will cooperate in good faith and use reasonable best efforts to (a)
        negotiate with the current third-party providers to separate and assign to the VS Group or VS Plan or the L Brands Group or L Brands Plan, as applicable, the applicable rights and obligations under each group insurance policy, health maintenance
        organization, administrative services contract, third-party administrator agreement, letter of understanding or arrangement that pertains to one or more L Brands Plans or VS Plans, respectively (each, a “Vendor Contract”), to the extent that such rights or obligations pertain to VS Participants or L Brands Participants, respectively, or, in the alternative, to negotiate with the current
        third-party providers to provide substantially similar services to a VS Plan or L Brands Plan, respectively, on substantially similar terms under separate contracts with a member of the VS Group or the VS Plans or L Brands Group or the L Brands
        Plans, respectively, as applicable and (b) to the extent permitted by the applicable third-party provider, obtain and maintain pricing discounts or other preferential terms under the applicable Vendor Contracts.

    

    

    Section 11.04.          Data Privacy.  Notwithstanding anything to the contrary herein, the Parties agree that any applicable data privacy laws and any other
        obligations of the L Brands Group and the VS Group to maintain the confidentiality of any employee information held by any member of the L Brands Group or the VS Group, as applicable, or any information held in connection with any Employee Plans in
        accordance with Applicable Law will govern the disclosure of employee information between the Parties under this Agreement. Each of L Brands and VS will ensure that it has in place appropriate technical and organizational security measures to
        protect the personal data of the L Brands Participants and VS Participants, respectively.

    

    

    Section 11.05.          Notices of Certain Events.  Each of VS and L Brands shall promptly notify and provide copies to the other of (a) written notice from any
        Person alleging that the approval or consent of such Person is or may be required in connection with the transactions contemplated by this Agreement, (b) any written notice or other communication from any Governmental Authority in connection with
        the transactions contemplated by this Agreement or the Separation Agreement and (c) any actions, suits, claims, investigations or proceedings commenced or, to its knowledge, threatened against, relating to or involving or otherwise affecting the VS
        Group or the L Brands Group, as the case may be, that relate to the consummation of the transactions contemplated by this Agreement; provided, that the delivery of any notice pursuant to this Section 11.05 shall not affect the remedies available hereunder to the Party receiving such
        notice.

    
      30

      
        

    

    

    

    Section 11.06.          No Third-Party Beneficiaries.  Notwithstanding anything to the contrary herein, nothing in this Agreement shall (a) create any
        obligation on the part of any member of the VS Group or any member of the L Brands Group to retain the employment or services of any current or former employee, director, independent contractor or other service provider, (b) be construed to create
        any right, or accelerate entitlement, to any compensation or benefit whatsoever on the part of any future, present, or former employee or service provider of any member of the L Brands Group or the VS Group (or any beneficiary or dependent thereof)
        under this Agreement, the Separation Agreement, any L Brands Plan or VS Plan or otherwise, (c) preclude VS or any VS Group member (or, in each case, any successor thereto), at any time after the Distribution Date, from amending, merging, modifying,
        terminating, eliminating, reducing or otherwise altering in any respect any VS Plan, any benefit under any VS Plan or any trust, insurance policy or funding vehicle related to any VS Plan (in each case in accordance with the terms of the applicable
        arrangement), (d) preclude L Brands or any L Brands Group member (or, in each case, any successor thereto), at any time after the Distribution Date, from amending, merging, modifying, terminating, eliminating, reducing, or otherwise altering in any
        respect any L Brands Plan, any benefit under any L Brands Plan or any trust, insurance policy or funding vehicle related to any L Brands Plan (in each case in accordance with the terms of the applicable arrangement) or (e) confer any rights or
        remedies (including any third-party beneficiary rights) on any current or former employee or service provider of any member of the L Brands Group or the VS Group or any beneficiary or dependent thereof or any other Person, including, without
        limitation any L Brands Participants or VS Participants.

    

    

    Section 11.07.          Fiduciary Matters.  L Brands and VS each acknowledge that actions required to be taken pursuant to this Agreement may be subject to
        fiduciary duties or standards of conduct under ERISA or other Applicable Law, and no Party shall be deemed to be in violation of this Agreement if it fails to comply with any provisions hereof based upon its good faith determination (as supported
        by advice from counsel experienced in such matters) that to do so would violate such a fiduciary duty or standard.  Each Party shall be responsible for taking such actions as are deemed necessary and appropriate to comply with its own fiduciary
        responsibilities and shall fully release and indemnify the other Party for any Liabilities caused by the failure to satisfy any such responsibility.

    

    

    Section 11.08.          Consent of Third Parties.  If any provision of this Agreement is dependent on the consent of any third party (such as a vendor or
        Governmental Authority), the Parties shall cooperate in good faith and use reasonable best efforts to obtain such consent, and, if such consent is not obtained, to implement the applicable provisions of this Agreement to the full extent
        practicable.  If any provision of this Agreement cannot be implemented due to the failure of such third party to consent, the Parties shall negotiate in good faith to implement the provision in a mutually satisfactory manner.  A Party’s obligation
        to use its “reasonable best efforts” shall not require such party to take any action to the extent it would reasonably be expected to (a) jeopardize, or result in the loss or waiver of, any attorney-client or other legal privilege, (b) contravene
        any Applicable Law or fiduciary duty, (c) result in the loss of protection of any Intellectual Property or other proprietary information or (d) incur any non-routine or unreasonable cost or expense.

    

    

    Section 11.09.          Section 409A.  The Parties shall cooperate in good faith so that the transactions contemplated by this Agreement and the Separation
        Agreement will not result in adverse tax consequences under Section 409A of the Code to any LB Participant or VS Participant in respect of their benefits under any Employee Plan.

    
      31

      
        

    

    

    

    ARTICLE 12

    Non-Solicit and No-Hire

    

    

    Section 12.01.          No-Hire/Non-Solicitation of Employees.

    

    

    (a)          During
        the applicable Restricted Period, VS shall not, and shall cause each member of the VS Group not to, (i) solicit or induce, or attempt to solicit or induce, any Covered L Brands Service Provider to terminate his or her employment or service
        relationship with any member of the L Brands Group or (ii) hire any L Brands Employee, New L Brands Employee or LB to VS TSA Service Employee who is or was employed by any member of the L Brands Group at any time prior to the expiration of the
        applicable Restricted Period (other than, for the avoidance of doubt, a VS Employee); provided that (A) the restrictions set forth in clause
        (i) of this Section 12.01(a) shall not prohibit any member of the VS Group from placing public advertisements or conducting any other form of general solicitation that is not specifically targeted toward a Covered L Brands Service Provider (provided that nothing in this proviso shall permit the hiring of an L Brands Employee, New L Brands Employee or LB to VS TSA Service Employee who
        responds to any such public advertisement or general solicitation which would otherwise be restricted by clause (ii) of this Section 12.01(a) (for the avoidance of doubt, the VS Group shall be permitted to hire any such employee who (I) is a retail
        store employee below the store manager level and (II) responds to any such public advertisement or general solicitation)), (B) the restrictions in clause (ii) of this Section 12.01(a) shall not apply to hiring (1) any L Brands Employee, New L
        Brands Employee or LB to VS TSA Service Employee who has ceased employment with the L Brands Group for a period of at least (x) six months, in the case of such employees who are at the manager level or above, and (y) three months, in the case of
        such employees who are below the manager level, (2) any L Brands Employee, New L Brands Employee or LB to VS TSA Service Employee, in each case who is a retail store employee below the store manager level, (3) any L Brands Employee, New L Brands
        Employee or LB to VS TSA Service Employee whose employment was involuntarily terminated by a member of the L Brands Group without cause or (4) any VS TSA Employee who is hired by a member of the VS Group in accordance with the terms of the L Brands
        to VS Transition Services Agreement.  Notwithstanding  anything to the contrary in this Section 12.01(a), subject to approval in the discretion of L Brands’ Chief Executive Officer or L Brands’ Chief Human Resources Officer, the limitations
        provided for in this Section 12.01(a) may be waived at the request of VS or any member of the VS Group.

    
      32

      
        

    

    

    

    (b)          During
        the applicable Restricted Period, L Brands shall not, and shall cause each member of the L Brands Group not to, (i) solicit or induce, or attempt to solicit or induce, any Covered VS Service Provider to terminate his or her employment or service
        relationship with any member of the VS Group or (ii) hire any VS Employee, New VS Employee or VS to LB TSA Service Employee who is or was employed by any member of the VS Group at any time prior to the expiration of the applicable Restricted Period
        (other than, for the avoidance of doubt, any L Brands Employee); provided that (A) the restrictions set forth in clause (i) of this Section
        12.01(b) shall not prohibit any member of the L Brands Group from placing public advertisements or conducting any other form of general solicitation that is not specifically targeted toward a Covered VS Service Provider (provided that  nothing in this proviso shall permit the hiring of a VS Employee, New VS Employee or VS to LB TSA Service Employee who responds to any such public
        advertisement or general solicitation which would otherwise be restricted by clause (ii) of this Section 12.01(b) (for the avoidance of doubt, the L Brands Group shall be permitted to hire any such employee who (I) is a retail store employee below
        the store manager level and (II) responds to any such public advertisement or general solicitation)), (B) the restrictions in clause (ii) of this Section 12.01(b) shall not apply to hiring (1) any VS Employee, New VS Employee or VS to LB TSA
        Service Employee who has ceased employment with the VS Group for a period of at least (x) six months, in the case of such employees who are at the manager level or above, and (y) three months, in the case of such employees who are below the manager
        level, (2) any VS Employee, New VS Employee or VS to LB TSA Service Employee, in each case who is a retail store employee below the store manager level, (3) any VS Employee, New VS Employee or VS to LB TSA Service Employee whose employment was
        involuntarily terminated by a member of the VS Group without cause or (4) any L Brands TSA Employee who is hired by a member of the L Brands Group in accordance with the terms of the VS to L Brands Transition Services Agreement.  Notwithstanding 
        anything to the contrary in this Section 12.01(b), subject to approval in the discretion of VS’ Chief Executive Officer or VS’ Chief Human Resources Officer, the limitations provided for in this Section 12.01(b) may be waived at the request of L
        Brands or any member of the L Brands Group.

    

    

    (c)          Prior to
        the Distribution Date, L Brands’ Chief Human Resources Officer and VS’ Chief Human Resources Officer shall cooperate in good faith to determine whether any categories of employees or other service providers will be excluded from the restrictions
        set forth in Sections 12.01(a) and Section 12.01(b), if any.

    

    

    ARTICLE 13

    Miscellaneous

    

    

    Section 13.01.          General.  The provisions of Section 1.02 of the Separation Agreement and Article 6 of the Separation Agreement (other than Section 6.06
        as it relates to Third-Party Beneficiaries of the Separation Agreement), in each case are hereby incorporated by reference into and deemed part of this Agreement and shall apply, mutatis mutandis, as if fully set forth in this Agreement.

    

    

    [Signature Page Follows]

    
      33

      
        

    

    

    

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

    

    

    

    

    	 	
            L BRANDS, INC.

          
	 	
            By:

          	/s/ Andrew Meslow
	 	 	
            Name: Andrew Meslow

          
	 	 	
            Title: Chief Executive Officer

          

    

    

    	 	
            VICTORIA’S SECRET & CO.

          
	 	
            By:

          	/s/ Martin Waters
	 	 	
            Name: Martin Waters

          
	 	 	
            Title: Chief Executive Officer

          

    

    

    [Signature Page – Employee Matters Agreement]

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