Document:

Unit Purchase Agreement

 Exhibit 10.10 
 UNIT PURCHASE AGREEMENT 
 dated as of 
 May 15, 2007 
 among 
 EXPRESS INVESTMENT CORP., 
 LIMITED BRANDS STORE OPERATIONS, INC., 
 EXPRESS HOLDING, LLC

 and 
 LIMITED BRANDS, INC. 
 relating to the purchase and sale 
 of 
 66 2/3% of
the Units 
 of 
 EXPRESS HOLDING, LLC 

 TABLE OF CONTENTS 
  
  
  

					
	 	  	 	  	PAGE
	 ARTICLE 1
 DEFINITIONS

			
	 Section 1.01.
	  	Definitions	  	1
	 Section 1.02.
	  	Other Definitional and Interpretative Provisions	  	8
	
	 ARTICLE 2
 PURCHASE AND SALE

			
	 Section 2.01.
	  	Purchase and Sale; Debt Incurrence; Distribution	  	9
	 Section 2.02.
	  	Closing	  	9
	 Section 2.03.
	  	Estimated Closing Net Tangible Assets	  	10
	 Section 2.04.
	  	Closing Net Tangible Assets	  	10
	 Section 2.05.
	  	Post-Closing Adjustment	  	12
	 Section 2.06.
	  	Payment of Indebtedness	  	12
	 Section 2.07.
	  	Additional Understanding	  	12
	
	 ARTICLE 3
 REPRESENTATIONS AND WARRANTIES OF SELLER

			
	 Section 3.01.
	  	Corporate Existence and Power	  	13
	 Section 3.02.
	  	Corporate Authorization	  	13
	 Section 3.03.
	  	Governmental Authorization	  	13
	 Section 3.04.
	  	Noncontravention	  	14
	 Section 3.05.
	  	Capitalization	  	14
	 Section 3.06.
	  	Ownership and Transfer of Sold Units	  	14
	 Section 3.07.
	  	Subsidiaries	  	15
	 Section 3.08.
	  	Financial Statements	  	15
	 Section 3.09.
	  	Inventory	  	16
	 Section 3.10.
	  	Absence of Certain Changes	  	16
	 Section 3.11.
	  	No Undisclosed Material Liabilities	  	18
	 Section 3.12.
	  	Material Contracts	  	18
	 Section 3.13.
	  	Certain Related Party Contracts	  	19
	 Section 3.14.
	  	Litigation	  	20
	 Section 3.15.
	  	Properties	  	20
	 Section 3.16.
	  	Sufficiency of Assets	  	21
	 Section 3.17.
	  	Licenses and Permits	  	21
	 Section 3.18.
	  	Environmental Matters	  	21
	 Section 3.19.
	  	Compliance with Laws	  	22
	 Section 3.20.
	  	Intellectual Property	  	22

					
	 Section 3.21.
	  	Finders’ Fees	  	23
	 Section 3.22.
	  	Company Activities	  	23
	
	 ARTICLE 4
 REPRESENTATIONS AND WARRANTIES OF LIMITED BRANDS

			
	 Section 4.01.
	  	Corporate Existence and Power	  	23
	 Section 4.02.
	  	Corporate Authorization	  	23
	 Section 4.03.
	  	Governmental Authorization	  	24
	 Section 4.04.
	  	Noncontravention	  	24
	
	 ARTICLE 5
 REPRESENTATIONS AND WARRANTIES OF BUYER

			
	 Section 5.01.
	  	Corporate Existence and Power	  	24
	 Section 5.02.
	  	Corporate Authorization	  	25
	 Section 5.03.
	  	Governmental Authorization	  	25
	 Section 5.04.
	  	Noncontravention	  	25
	 Section 5.05.
	  	Financing	  	26
	 Section 5.06.
	  	Litigation; Compliance with Laws	  	26
	 Section 5.07.
	  	Finders’ Fees	  	26
	 Section 5.08.
	  	Purchase for Investment	  	26
	
	 ARTICLE 6
 COVENANTS OF SELLER AND LIMITED BRANDS

			
	 Section 6.01.
	  	Conduct of the Company	  	27
	 Section 6.02.
	  	Access to Information	  	28
	 Section 6.03.
	  	Maintenance of Insurance Policies	  	28
	 Section 6.04.
	  	Elimination of Intercompany Accounts	  	29
	 Section 6.05.
	  	Audited Carve-out Financial Statements	  	29
	 Section 6.06.
	  	Transaction Documents	  	29
	
	 ARTICLE 7
 COVENANTS OF BUYER, SELLER AND THE COMPANY

			
	 Section 7.01.
	  	Confidentiality	  	29
	 Section 7.02.
	  	Cooperation on Certain Matters	  	30
	 Section 7.03.
	  	Insurance	  	31
	 Section 7.04.
	  	Guarantees	  	31
	 Section 7.05.
	  	Outstanding Checks; Reimbursement of Payments by Seller	  	32
	 Section 7.06.
	  	Inspections; No Other Representations	  	32

  

 3 

					
	 ARTICLE 8
 COVENANTS OF BUYER, SELLER AND LIMITED BRANDS

			
	 Section 8.01.
	  	Reasonable Best Efforts; Further Assurances	  	33
	 Section 8.02.
	  	Certain Filings	  	33
	 Section 8.03.
	  	Public Announcements	  	34
	 Section 8.04.
	  	Services Agreement	  	34
	 Section 8.05.
	  	LLC Agreement	  	34
	 Section 8.06.
	  	DC Lease	  	34
	 Section 8.07.
	  	Covenant Agreement	  	34
	 Section 8.08.
	  	Master Assignment and Assumption Agreement	  	34
	 Section 8.09.
	  	Master Sublease	  	34
	 Section 8.10.
	  	Store Leases Agreement	  	34
	 Section 8.11.
	  	Retained Leases Assignment and Assumption Agreement	  	34
	 Section 8.12.
	  	LBOS License Agreement	  	34
	 Section 8.13.
	  	Non-LBOS Quitclaim License Agreement	  	34
	 Section 8.14.
	  	Unconditional Guaranty	  	35
	 Section 8.15.
	  	Cancellation of Related Party Contracts	  	35
	 Section 8.16.
	  	Mutual Release	  	35
	 Section 8.17.
	  	Retained Landlord Claims	  	35
	 Section 8.18.
	  	Retained Litigation	  	36
	 Section 8.19.
	  	Litigation Cooperation	  	36
	
	 ARTICLE 9
 TAX MATTERS

			
	 Section 9.01.
	  	Tax Representations	  	37
	 Section 9.02.
	  	Tax Covenants	  	38
	 Section 9.03.
	  	Tax Sharing	  	39
	 Section 9.04.
	  	Indemnification by Seller	  	39
	
	 ARTICLE 10
 EMPLOYEE BENEFITS

			
	 Section 10.01.
	  	Employee Benefits	  	41
	 Section 10.02.
	  	ERISA Representations	  	42
	 Section 10.03.
	  	Compensation and Benefits Following the Closing	  	44
	 Section 10.04.
	  	Savings and Retirement Plan	  	46
	 Section 10.05.
	  	Other Employee Plans and Benefit Arrangements	  	47
	 Section 10.06.
	  	Necessary Action	  	47
	 Section 10.07.
	  	Stock-Based Compensation	  	47
	 Section 10.08.
	  	Third Party Beneficiaries	  	48

  

 4 

					
	 ARTICLE 11
 CONDITIONS TO CLOSING

			
	 Section 11.01.
	  	Conditions to Obligation of Buyer, Limited Brands and Seller	  	48
	 Section 11.02.
	  	Conditions to Obligation of Buyer	  	48
	 Section 11.03.
	  	Conditions to Obligation of Limited Brands and Seller	  	49
	
	 ARTICLE 12
 SURVIVAL; INDEMNIFICATION

			
	 Section 12.01.
	  	Survival	  	50
	 Section 12.02.
	  	Indemnification	  	50
	 Section 12.03.
	  	Procedures	  	51
	 Section 12.04.
	  	Limitation on Damages	  	53
	 Section 12.05.
	  	Assignment of Claims	  	53
	 Section 12.06.
	  	Exclusivity	  	53
	
	 ARTICLE 13
 TERMINATION

			
	 Section 13.01.
	  	Grounds for Termination	  	54
	 Section 13.02.
	  	Effect of Termination	  	55
	
	 ARTICLE 14
 MISCELLANEOUS

			
	 Section 14.01.
	  	Notices	  	55
	 Section 14.02.
	  	Amendments and Waivers	  	56
	 Section 14.03.
	  	Expenses	  	57
	 Section 14.04.
	  	Waiver of Conflicts Regarding Representation; Nonassertion of Attorney-Client Privilege	  	57
	 Section 14.05.
	  	Successors and Assigns	  	58
	 Section 14.06.
	  	Governing Law	  	58
	 Section 14.07.
	  	Jurisdiction	  	58
	 Section 14.08.
	  	WAIVER OF JURY TRIAL	  	58
	 Section 14.09.
	  	Counterparts; Third Party Beneficiaries	  	58
	 Section 14.10.
	  	Entire Agreement	  	59
	 Section 14.11.
	  	Severability	  	59
	 Section 14.12.
	  	Disclosure Schedules; Certain Updates	  	59

 Appendix 2.04(a)     Base Statement of Net Tangible Assets 
  

			
	Exhibit A	  	Form of Covenant Agreement
	Exhibit B	  	Form of DC Lease
	Exhibit C	  	Form of LBOS License Agreement

  

 5 

			
	Exhibit D	  	Form of LLC Agreement
	Exhibit E	  	Form of Master Assignment and Assumption Agreement
	Exhibit F	  	Form of Master Sublease
	Exhibit G	  	Form of Non-LBOS Quitclaim License Agreement
	Exhibit H	  	Form of Retained Leases Assignment and Assumption Agreement
	Exhibit I	  	Form of Services Agreement
	Exhibit J	  	Form of Store Leases Agreement
	Exhibit K	  	Form of Unconditional Guaranty

  

 6 

 UNIT PURCHASE AGREEMENT 
 AGREEMENT (this “Agreement”) dated as of May 15, 2007 among Express Investment Corp., a Delaware corporation
(“Buyer”), Limited Brands Store Operations, Inc., a Delaware corporation (“Seller”), Limited Brands, Inc., a Delaware corporation (“Limited Brands”) and Express Holding, LLC, a Delaware limited
liability company (the “Company”). 
 W I T N E S S E T H : 
 WHEREAS, Seller owns 99% of the issued and outstanding limited liability company interests (the “Units”) of the Company and
EXP Investments, Inc., a Delaware corporation and wholly owned Subsidiary of Limited Brands (“EXP”), owns 1% of the issued and outstanding Units; 
 WHEREAS, Seller desires to sell Units (the “Sold Units”) representing 66 2/3% of the aggregate Units of the Company, to Buyer, and Buyer desires to purchase the Sold Units from Seller
upon the terms and subject to the conditions hereinafter set forth; and 
 WHEREAS, immediately following the consummation of
the transactions contemplated hereby, Buyer will own 66 2/3% of the aggregate Units of the Company and Seller and EXP will collectively own 33 1/3% of the aggregate Units of the Company. 
 NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements contained herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, hereby agree as follows: 
 ARTICLE 1 
 DEFINITIONS 
 Section 1.01 . Definitions. 
 (a) As used herein, the following terms have the following meanings: 
 “Affiliate” means, with respect to any Person, any Person directly or indirectly controlling, controlled by, or under common control with such other Person. For purposes of this definition, “control” when
used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling”
and “controlled” have meanings correlative to the foregoing. Notwithstanding the foregoing, for purposes of this Agreement, neither the Company nor any of its Subsidiaries shall be considered an Affiliate of Seller or Limited
Brands. 

 “Balance Sheet” means the unaudited consolidated balance sheet of Limited
Brands’ Express division as of the Balance Sheet Date. The Balance Sheet is included in Section 3.08 of the Disclosure Schedule. 
 “Balance Sheet Date” means February 3, 2007. 
 “Base
Net Tangible Assets” means $350,848,000. 
 “Business Day” means a day, other than Saturday, Sunday or
other day on which commercial banks in New York, New York are authorized or required by applicable Law to close. 
 “Closing Date” means the date of the Closing. 
 “Code” means the United States
Internal Revenue Code of 1986, as amended. 
 “Combined Tax” means any state, local or foreign income or
franchise Tax, including payroll and withholding taxes, with respect to which Limited Brands or any of its Affiliates or any predecessors thereof files Returns on a consolidated, combined or unitary basis with the Company or any Subsidiary.

 “Covenant Agreement” means the Covenant Agreement between Limited Brands and the Company, in the form
attached hereto as Exhibit A. 
 “DC Lease” means the Distribution Center Lease between Distribution Land Corp.
and Express, in the form attached hereto as Exhibit B. 
 “Disclosure Schedule” means the disclosure schedules
delivered by Limited Brands and the Seller to Buyer concurrently with the execution of this Agreement. 
 “Debt
Commitment Letter” means the Commitment Letter dated the date hereof between Morgan Stanley Senior Funding, Inc. and Buyer (a copy of which was provided to Seller on the date hereof). 
 “Environmental Laws” means any and all Laws having as their principal purpose the protection of the environment.

 “Equity Commitment Letter” means the Equity Commitment Letter from Golden Gate Private Equity, Inc. to Buyer
dated the date hereof (a copy of which was provided to Seller on the date hereof). 
 “Express” means Express,
LLC, a Delaware limited liability company. 
  

 2 

 “Federal Tax” means any Tax, including payroll and withholding taxes,
imposed under Subtitle A of the Code with respect to which the Company or any Subsidiary or any predecessor thereof has filed or will file a Return with a member of the Limited Tax Group on a consolidated basis. 
 “Financial Statements” means (i) the Balance Sheet and the related unaudited consolidated statements of income and
cash flows of Limited Brands’ Express division for the year ended February 3, 2007, (ii) the unaudited consolidated balance sheet of Limited Brands’ Express division as of January 28, 2006 and the related unaudited
consolidated statements of income and cash flows of Limited Brands’ Express division for the year ended January 28, 2006 and (iii) the unaudited consolidated balance sheet of Limited Brands’ Express division as of
January 29, 2005. The Financial Statements are attached hereto as Section 3.08 of the Disclosure Schedule. 
 “GAAP” means generally accepted accounting principles in the United States. 
 “HSR
Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. 
 “Indemnified Tax”
means (i) Federal Tax, (ii) Combined Tax, and (iii) with respect to each state and local taxing jurisdiction, any income, franchise or similar Tax, payroll and withholding taxes, and any sales, use, escheat or abandoned or unclaimed
property Taxes payable to such state or local taxing jurisdiction by the Company or any Subsidiary or any predecessor thereof. 
 “Intellectual Property” means any (i) tradename, registered and unregistered trademark, service mark and related application, logo, brand name, slogan, trade dress, packaging, product design or configuration (and any
goodwill associated therewith), (ii) patent, patent right, patent application or patent disclosure, (iii) copyright, copyright registration or copyright application, (iv) internet domain name registration or related applications (and
any goodwill associated therewith), (v) trade secret or other proprietary confidential information, (vi) computer software and (vii) any other proprietary intellectual property right. 
 “knowledge of Buyer”, “Buyer’s knowledge” or any other similar knowledge qualification in this
Agreement means to the actual knowledge of Stefan Kaluzny. 
 “knowledge of Seller”, “Seller’s
knowledge” or any other similar knowledge qualification in this Agreement means to the actual knowledge of Douglas L. Williams, Anne Bramman, Gail Stern, Jeff Knudson and Timothy J. Faber. 
  

 3 

 “Law” means any law, statute, regulation, rule, permit, license,
certificate, judgment, order, award or other legally binding decision or requirement of any arbitrator, court, government or governmental agency or instrumentality (domestic or foreign). 
 “LBOS License Agreement” means the LBOS License Agreement between Limited Brands and Express, in the form attached hereto
as Exhibit C. 
 “Lien” means, with respect to any property or asset, any mortgage, lien, pledge, charge or
security interest in respect of such property or asset. 
 “Limited Factoring” means Limited Factoring, Inc., a
Nevada corporation. 
 “Limited Tax Group” means, with respect to federal income Taxes, the affiliated group of
corporations (as defined in Section 1504(a) of the Code) of which Limited Brands is the common parent and, with respect to any Combined Tax, the applicable consolidated, combined or unitary group of which Limited Brands or any of its Affiliates
is a member. 
 “LLC Agreement” means the Amended and Restated Limited Liability Company Agreement of the
Company, in the form attached hereto as Exhibit D. 
 “Material Adverse Effect” means a material adverse effect
on the business, assets or results of operations of the Company and the Subsidiaries, taken as whole, except any such effect resulting from or arising in connection with (1) this Agreement or the transactions contemplated hereby,
(2) changes or conditions affecting the specialty apparel retail industry generally, (3) changes in economic, regulatory or political conditions generally, (4) the announcement, declaration, commencement, occurrence, continuation or
threat of any war or armed hostilities, any act or acts of terrorism or any public health or other public emergency or crisis, (5) seasonal fluctuations affecting the Company or the Subsidiaries or the specialty apparel retail industry
consistent with past fluctuations, (6) changes in applicable Law or GAAP or (7) any adverse change, effect, event, occurrence, state of facts or development that could be reasonably expected to arise from or relate to any matter set forth
on any Appendix, Exhibit or Schedule attached hereto. 
 “Master Assignment and Assumption Agreement” means the
Master Assignment and Assumption Agreement between Express (as assignor) and Limited Brands (as assignee), in the form attached hereto as Exhibit E. 
 “Master Sublease” means the Master Sublease between Limited Brands (as sub-lessor) and Express (as sub-lessee), in the form attached hereto as Exhibit F. 
  

 4 

 “Non-LBOS Quitclaim License Agreement” means the Non-LBOS Quitclaim License
Agreement between Limited Brands and Express, in the form attached hereto as Exhibit G. 
 “Permits” means,
with respect to a Person, all governmental licenses, permits, certificates, consents, approvals, or other governmental authorizations owned or held by, granted to, or held for the benefit of, such Person. 
 “Permitted Liens and Exceptions” means (1) Liens disclosed in the Disclosure Schedule; (2) Liens disclosed on the
Balance Sheet or notes thereto or securing liabilities reflected on the Balance Sheet or notes thereto; (3) Liens for Taxes, assessments and similar charges that are not yet due and payable; (4) mechanic’s, materialman’s,
carrier’s, repairer’s and other similar Liens arising or incurred in the ordinary course of business or that are not yet due and payable; or (5) other Liens that do not secure payment of indebtedness for borrowed money and would not
reasonably be expected to have a Material Adverse Effect. 
 “Person” means an individual, corporation,
partnership, limited liability company, association, trust or other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 
 “Pre Closing Tax Period” means (1) any Tax period ending on or before the Closing Date and (2) with respect to a
Straddle Period, the portion of such period ending on and including the Closing Date. 
 “Reference Rate” means
the rate per annum equal to the “Prime Rate” as published in The Wall Street Journal, Eastern Edition. 
 “Retail Factoring” means Retail Factoring, LLC, a Nevada limited liability company. 
 “Retained Leases Assignment and Assumption Agreement” means the Retained Leases Assignment and Assumption Agreement between Express (as assignor) and Limited Brands (as assignee), in the form attached hereto as Exhibit H.

 “Retained Litigation” means the matters set forth on Section 1.01(a) of the Disclosure Schedule.

 “Senior Credit Agreement” means the senior credit agreement among the Company and/or certain of its
Subsidiaries and the lenders and agents named therein, which may be entered into on or about the Closing Date, substantially on the terms set forth in the Debt Commitment Letter. 
 “Services Agreement” means the Services Agreement between Limited Brands and Express, in the form attached hereto as
Exhibit I. 
  

 5 

 “Store Leases Agreement” means the Store Leases Agreement among Limited
Stores, LLC, Bath and Body Works, LLC, Victoria’s Secret Stores, LLC, Diva US, LLC, Express and Limited Brands, in the form attached hereto as Exhibit J. 
 “Straddle Period” means any Tax period that begins on or before the Closing Date and ends after the Closing Date. 
 “Subsidiary” means any entity of which securities or other ownership interests having ordinary voting power to elect a
majority of the board of directors or other persons performing similar functions are at the time directly or indirectly owned by the Company; provided that each entity identified as a Subsidiary on Section 3.07 of the Disclosure Schedule shall
be considered a Subsidiary; provided further that Limited Factoring shall not be considered a Subsidiary. 
 “Tax” means (1) any tax, governmental fee or other like assessment or charge of any kind whatsoever; including, but not limited to, withholding on amounts paid to or by any Person, federal and state income taxes, real
property gains taxes, sales and use taxes, escheat taxes, abandoned or unclaimed property taxes, ad valorem taxes, excise taxes, franchise taxes, gross receipts taxes, business license taxes, capital stock taxes, real and personal property taxes,
environmental taxes, transfer taxes, severance taxes, alternative or add-on minimum taxes, and custom duties, together with any interest, penalty, addition to tax or additional amount imposed by any governmental authority (whether federal, state,
local, municipal, foreign or otherwise) responsible for the imposition of any such tax (a “Taxing Authority”) and (2) any liability for the payment of any amount of the type described in the immediately preceding clause
(1) as a result of the Company or any Subsidiary being a member of an affiliated, consolidated or combined group with any other corporation at any time on or prior to the Closing Date. 
 “Tax Asset” means any net operating loss, net capital loss, investment tax credit, foreign tax credit, charitable deduction
or any other credit or tax attribute that could be carried forward or back to reduce income or franchise Taxes (including, without limitation, deductions and credits related to alternative minimum Taxes) and losses or deductions deferred by the Code
or other applicable law. 
 “Transaction Documents” means this Agreement, the Covenant Agreement, the DC Lease,
the LBOS License Agreement, the LLC Agreement, the Master Assignment and Assumption Agreement, the Master Sublease, the Non-LBOS Quitclaim License Agreement, the Retained Leases Assignment and Assumption Agreement, the Services Agreement, the Store
Leases Agreement and the Unconditional Guaranty. 
  

 6 

 “Unconditional Guaranty” means the Unconditional Guaranty by the Company,
in the form attached hereto as Exhibit K. 
 (b) Each of the following terms is defined in the Section set forth opposite such
term: 
  

				
	 Term
	  	Section	 
	 Agreement
	  	Preamble	  
	 Alternative 743(b) Statement
	  	9.02	  
	 Buyer
	  	Preamble	  
	 Claim
	  	12.03	  
	 Closing
	  	2.02	  
	 Closing Net Tangible Assets
	  	2.04	  
	 Closing Payment
	  	2.01	(a) 
	 Closing Statement of Net Tangible Assets
	  	2.04	  
	 Company
	  	Preamble	  
	 Company IP
	  	3.20	  
	 Company Securities
	  	3.05	  
	 Confidentiality Agreement
	  	7.01	  
	 Current Representation
	  	14.04	  
	 Damages
	  	12.02	  
	 Delinquent Payment
	  	8.17	  
	 Designated Person
	  	14.04	  
	 Domain Names
	  	3.20	  
	 Estimate Certificate
	  	2.03	  
	 Estimated Closing Net Tangible Assets
	  	2.03	  
	 EXP
	  	Recitals	  
	 Express Holding
	  	Preamble	  
	 Final 743(b) Statement
	  	9.02	  
	 Final Net Tangible Assets
	  	2.05	  
	 Financial Support Arrangements
	  	7.04	  
	 Indemnified Party
	  	12.03	  
	 Indemnifying Party
	  	12.03	  
	 Lease
	  	3.15	  
	 Limited Brands
	  	Preamble	  
	 Marks
	  	3.20	  
	 Other Taxes
	  	9.02	(c) 
	 Payment Date
	  	7.05	  
	 Post-Closing Invoices
	  	7.05	  
	 Post-Closing Representation
	  	14.04	  
	 Potential Contributor
	  	12.05	  
	 Purchase Price
	  	2.01	(a) 
	 Real Property
	  	3.15	  
	 Related Party Agreements
	  	3.13	  
	 Retained Landlord Claims
	  	8.17	  

  

 7 

				
	 Returns
	  	9.01	  
	 Seller
	  	Preamble	  
	 743(b) Statement
	  	9.02	(a) 
	 Sold Units
	  	Recitals	  
	 Subsidiary Securities
	  	3.07	  
	 Surviving Representations and Warranties
	  	12.01	  
	 Tax Benefit
	  	9.04	(d) 
	 Tax Loss
	  	9.04	(a) 
	 Termination Date
	  	13.01	  
	 Third Party Claim
	  	12.03	  
	 Transaction Expenses
	  	14.03	  
	 Transfer Taxes
	  	9.02	(c) 
	 Transferred Marks and Domain Names
	  	3.20	  
	 Units
	  	Recitals	  
	 Warranty Breach
	  	12.02	  

 Section 1.02. Other Definitional and Interpretative Provisions. The words
“hereof”, “herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The captions herein
are included for convenience of reference only and shall be ignored in the construction or interpretation hereof. References to Articles, Sections, Appendices, Exhibits and Schedules are to Articles, Sections, Appendices, Exhibits and Schedules of
this Agreement unless otherwise specified. All Appendices, Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any
Appendix, Exhibit or Schedule but not otherwise defined therein, shall have the meaning as defined in this Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words
“include”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed by
those words or words of like import. “Writing”, “written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. References to any
agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance with the terms hereof and thereof. References to any Person include the successors and permitted assigns of that Person.
References from or through any date mean, unless otherwise specified, from and including or through and including, respectively. References to “law”, “laws” or to a particular statute or law shall be deemed also to
include any and all Laws. 
  

 8 

 ARTICLE 2 
 PURCHASE AND SALE 
 Section 2.01.
Purchase and Sale; Debt Incurrence; Distribution. 
 (a) Upon the terms and subject to the conditions of this Agreement,
at the Closing, Seller agrees to sell to Buyer, and Buyer agrees to purchase from Seller, the Sold Units. The amount payable to Seller at the Closing is $548,000,000 in cash (the “Closing Payment”) consisting of: 
 (i) $431,000,000 in cash from Buyer representing the purchase price for the Sold Units (the “Purchase
Price”), plus 
 (ii) $117,000,000 in cash pursuant to the borrowings and distributions contemplated by
Section 2.01(b) which shall occur immediately prior to the purchase and sale of the Sold Units. 
 (b) If the Senior Credit
Agreement shall have been entered into as of immediately prior to Closing, (i) the Company shall cause Express to obtain an aggregate of $131,000,000 pursuant to the Senior Credit Agreement ($125,000,000 of which shall be pursuant to a term
loan and $6,000,000 of which shall be pursuant to an asset-based revolving credit facility) immediately prior to Closing and (ii) immediately following the receipt of such amount, Express shall distribute $117,000,000 to the Company and the
Company shall distribute such $117,000,000 to Seller and EXP (pro rata to their respective interests). Buyer acknowledges and agrees that if any portion of the term loan or revolver loan described in the preceding sentence is not obtained pursuant
to the Senior Credit Agreement, (i) Buyer shall make a term loan to Express upon the terms set forth in the Debt Commitment Letter in an amount such that the aggregate proceeds to Express pursuant to this Section 2.01(b) are equal to
$131,000,000 in order to enable Express and the Company to make the distributions in full contemplated by the preceding sentence and (ii) Buyer will nonetheless be required to consummate the transactions contemplated hereby on the terms set
forth herein. In addition, the Company will be permitted to incur additional indebtedness to fund any payment from the Company to Seller (or Limited Brands) pursuant to Section 2.03 or Section 2.05. 
 Section 2.02. Closing. The closing (the “Closing”) of the purchase and sale of the Sold Units hereunder shall take
place at the offices of Davis Polk & Wardwell, 450 Lexington Avenue, New York, New York on the last to occur of (x) two Business Days following the satisfaction (or, to the extent permitted under Law, waiver) of the conditions set
forth in Article 11 and (y) June 15, 2007 (or as promptly after June 15, 2007 as practicable). The Closing shall be deemed to occur at the close of business on the Closing Date. At the Closing: 
 (i) Immediately following the borrowings and distributions contemplated by Section 2.01(b), Buyer shall deliver to
Seller the Purchase Price in immediately available funds by wire transfer to an account of Seller designated by Seller, by notice to Buyer, which notice shall be delivered not later than two Business Days prior to the Closing Date (or if not so
designated, then by certified or official bank check payable in immediately available funds to the order of Seller in such amount). 
  

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 (ii) Limited Brands, Seller and Buyer shall each deliver such other
documents, instruments and agreements as are required to be delivered by such party at the Closing pursuant to this Agreement. 
 Section 2.03. Estimated Closing Net Tangible Assets. Not less than five Business Days prior to the Closing Date, Seller shall deliver to Buyer a certificate (the “Estimate Certificate”) of an executive officer of
Seller setting forth Seller’s good faith estimate of the amount of Closing Net Tangible Assets (the “Estimated Closing Net Tangible Assets”). The amounts set forth on the Estimate Certificate shall be calculated in accordance
with the provisions of Section 2.04(a) applicable to the calculation of the Closing Statement of Net Tangible Assets, including Appendix 2.04(a). If Estimated Closing Net Tangible Assets exceed Base Net Tangible Assets, the Company shall pay to
Seller (or Limited Brands) the amount of such excess prior to Closing. If Base Net Tangible Assets exceed Estimated Closing Net Tangible Assets, Seller (or Limited Brands) shall pay to the Company the amount of such excess prior to Closing.

 Section 2.04. Closing Net Tangible Assets. 
 (a) As promptly as practicable, but no later than 60 days, after the Closing Date, Seller will cause to be prepared and delivered to Buyer
the Closing Statement of Net Tangible Assets (the “Closing Statement of Net Tangible Assets”). The Closing Statement of Net Tangible Assets will be accompanied by a certificate of an executive officer of Seller specifying that the
Closing Statement of Net Tangible Assets was prepared in accordance with the provisions of this Section 2.04(a). The Closing Statement of Net Tangible Assets shall include only those categories of assets and liabilities and line items included
in, and be in form consistent with, the Base Statement of Net Tangible Assets set forth in Appendix 2.04(a). The determination of the Closing Net Tangible Assets shall be made by applying the principles, policies and practices used in connection
with the preparation of the relevant portions of the Balance Sheet so long as they are in accordance with GAAP, but shall be subject to the adjustments and clarifications set forth in Appendix 2.04(a). “Closing Net Tangible Assets”
means total tangible assets minus total liabilities of the Company and the Subsidiaries as of the Closing Date as shown on the Closing Statement of Net Tangible Assets, determined as set forth in this Section 2.04(a). 
  

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 (b) If Buyer disagrees with Seller’s calculation of the Closing Net Tangible Assets
delivered pursuant to Section 2.04(a), Buyer may, within 30 days after delivery of the certificate referred to in Section 2.04(a), deliver a notice to Seller disagreeing with such calculation and setting forth Buyer’s calculation of
such amount. Any such notice of disagreement shall specify those items or amounts as to which Buyer disagrees, and Buyer shall be deemed to have agreed with all other items and amounts contained in the Closing Statement of Net Tangible Assets
delivered pursuant to Section 2.04(a). 
 (c) If a notice of disagreement shall be duly delivered pursuant to
Section 2.04(b), Buyer and Seller shall, during the 30 days following such delivery, use their reasonable best efforts to reach agreement on the disputed items or amounts of Closing Net Tangible Assets. If, during such period, Buyer and Seller
are unable to reach such agreement, they shall promptly thereafter cause an independent accountant of nationally recognized standing reasonably satisfactory to Buyer and Seller (who shall not have any material relationship with Buyer or Seller),
promptly to review this Agreement and the disputed items or amounts for the purpose of calculating the Closing Net Tangible Assets. In making such calculation, such independent accountant shall consider only those items or amounts in the Closing Net
Tangible Assets as to which Buyer has disagreed. Such independent accountant shall deliver to Buyer and Seller, as promptly as practicable, a report setting forth such calculation, it being understood that the amount of the disputed items or amounts
calculated by the independent accountant shall not be more than the amount thereof shown in Seller’s calculations delivered pursuant to Section 2.04(a) nor less than the amount thereof shown in Buyer’s calculation delivered pursuant
to Section 2.04(b). Such report shall be final and binding upon the parties hereto. The cost of such review and report shall be borne by Seller if the difference between the Final Net Tangible Assets and Seller’s calculation of the Closing
Net Tangible Assets delivered pursuant to Section 2.04(a) is greater than the difference between the Final Net Tangible Assets and Buyer’s calculation of the Closing Net Tangible Assets delivered pursuant to Section 2.04(b), by Buyer
if the first such difference is less than the second such difference and otherwise equally by Buyer and Seller. 
 (d) Buyer and
Seller agree that they will, and agree to cause their respective independent accountants and the Company and each Subsidiary to, cooperate and assist in the preparation of the Closing Statement of Net Tangible Assets and the calculation of the
Closing Net Tangible Assets and in the conduct of the audits or reviews referred to in Section 2.04(c) and with respect to any review requested by Buyer to prepare any notice of disagreement referred to in Section 2.04(b), including,
without limitation, the making available to the extent necessary of books, records, work papers and personnel. 
  

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 Section 2.05. Post-Closing Adjustment. 
 (a) If Estimated Closing Net Tangible Assets exceeds Final Net Tangible Assets, Seller (or Limited Brands) shall pay to the Company, in the
manner and with interest as provided in Section 2.05(b), the amount of such excess. If Final Net Tangible Assets exceeds Estimated Closing Net Tangible Assets, the Company shall pay to Seller (or Limited Brands), in the manner and with interest
as provided in Section 2.05(b), the amount of such excess. “Final Net Tangible Assets” means Closing Net Tangible Assets as shown in Seller’s calculation delivered pursuant to Section 2.04(a), if no notice of
disagreement with respect thereto is duly delivered pursuant to Section 2.04(b), or if such a notice of disagreement is delivered, as agreed by Buyer and Seller pursuant to Section 2.04(c) or in the absence of such agreement, as shown in
the independent accountant’s calculation delivered pursuant to Section 2.04(c); provided that, in no event shall Final Net Tangible Assets be more than Seller’s calculation of Closing Net Tangible Assets delivered pursuant to
Section 2.04(a) or less than Buyer’s calculation of Closing Net Tangible Assets delivered pursuant to Section 2.04(b). 
 (b) Any payment made by the Company or Seller (or Limited Brands) pursuant to Section 2.05(a) shall be made in cash within five days after such calculation has been determined by delivery by the Company or Seller, as the case may be,
in immediately available funds by wire transfer to an account of Seller (in the case of a payment by the Company) or the Company (in the case of a payment by Seller or Limited Brands) or by causing such payment to be credited to such account of the
receiving party as may be designated by such party. Any amount payable shall bear interest from and including the Closing Date to but excluding the actual date of payment at the Reference Rate. Such interest shall be payable at the same time as the
payment to which it relates and shall be calculated daily on the basis of a year of 365 days and the actual number of days elapsed. 
 Section 2.06. Payment of Indebtedness. At the Closing, upon receipt of the Closing Payment, the Seller shall repay all indebtedness for borrowed money (including any capital leases) of the Company and its Subsidiaries outstanding
immediately prior to the Closing, of any kind or nature whatsoever, including any obligations related thereto (including any accrued interest or prepayment penalties) (but excluding the indebtedness for borrowed money incurred by the Company and/or
its Subsidiaries at or prior to the Closing pursuant to Section 2.01(b) or otherwise in connection with the transactions contemplated hereby as agreed by Seller and Buyer). At Closing, the Seller shall deliver Buyer customary payoff letters
from each holder of any indebtedness of the Company and its Subsidiaries to be repaid at the Closing. 
 Section 2.07.
Additional Understanding. It is understood and agreed that the establishment of $350,848,000 as the amount of Base Net Tangible Assets (i) was a negotiated result to establish the base from which any adjustment pursuant to
Section 2.03 is to be calculated, (ii) differs from the amount that was calculated simply by adding the amounts shown on the Base Statement of Net Tangible

  

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Assets included as Appendix 2.04(a) (i.e., the amount shown thereon of $326,322,000) and (iii) the fact of the difference between the negotiated amount of Base Net Tangible Assets referred
to in clause (i) and the calculated amount described in clause (ii) will not influence or affect in any respect the calculation of Closing Net Tangible Assets. Nothing in this Section 2.07 or in Appendix 2.04(a) shall modify in any
respect the procedures set forth in Section 2.03 with respect to the calculation of Estimated Closing Net Tangible Assets. 
 ARTICLE 3 
 REPRESENTATIONS AND WARRANTIES OF
SELLER 
 Except as set forth in the Disclosure Schedule, Seller represents and warrants to Buyer as of the date
hereof that: 
 Section 3.01. Corporate Existence and Power. Seller is a corporation duly incorporated, validly existing
and in good standing under the laws of its jurisdiction of incorporation. The Company is a limited liability company duly organized, validly existing and in good standing under the laws of its jurisdiction of organization and has all limited
liability company powers to carry on its business as now conducted. The Company is duly qualified to do business as a foreign corporation and is in good standing in each jurisdiction where such qualification is necessary, except for those
jurisdictions where the failure to be so qualified would not, individually or in the aggregate, have a Material Adverse Effect. 
 Section 3.02. Corporate Authorization. The execution, delivery and performance by Seller of the Transaction Documents to which it is or will be a party and the consummation of the transactions contemplated thereby are within the
corporate powers and authority of Seller and have been duly authorized by all necessary corporate action on the part of Seller. Each of the Transaction Documents to which it is or will be a party constitutes, or will when executed constitute, the
legal, valid and binding obligation of Seller enforceable against Seller in accordance with its respective terms, (a) except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws now or
hereafter in effect relating to or affecting creditors’ rights generally, including the effect of statutory and other laws concerning fraudulent conveyances and preferential transfers and (b) subject to the limitations imposed by general
equitable principles (regardless of whether such enforceability is considered in proceeding at law or in equity). 
 Section
3.03. Governmental Authorization. The execution, delivery and performance by Seller of each of the Transaction Documents to which it is or will be a party and the consummation of the transactions contemplated thereby require no action,
consent or approval by or in respect of, filing with or notice to, any governmental body, agency or official other than: (a) compliance with any applicable requirements of the HSR Act; and (b) any other such action or filing as to which the
failure to make or obtain would not have, individually or in the aggregate, a Material Adverse Effect. 
  

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 Section 3.04. Noncontravention. The execution, delivery and performance by Seller of
any of the Transaction Documents to which it is or will be a party, and the consummation of the transactions contemplated thereby do not and will not (a) violate or conflict with the organizational documents of Seller, or the Company or any
Subsidiary, (b) assuming compliance with the matters referred to in Section 3.03, contravene or conflict with or constitute a violation of any provision of any Law binding upon or applicable to Seller, or the Company or any Subsidiary,
(c) with or without the giving of notice or the lapse of time, or both, constitute a default under or give rise to any right of termination, cancellation or acceleration of any right or obligation of Seller, or the Company or any Subsidiary, or
to a loss of any benefit to which Seller, or the Company or any Subsidiary is entitled, under any provision of any agreement, contract or other instrument to which Seller, or the Company or any Subsidiary, is a party or by which any of them or their
respective properties or assets is bound or (d) result in the creation or imposition of any Lien (other than Permitted Liens and Exceptions) upon or with respect to the Company, any Subsidiary, any of their respective properties or assets or
the Sold Units, except, in the case of clauses (b), (c) and (d), for any such contravention, conflict, violation, default, termination, cancellation, acceleration or loss that would not have, individually or in the aggregate, a Material Adverse
Effect. 
 Section 3.05. Capitalization. The authorized equity interests in the Company consist of 300 Units, of which
297 Units have been issued to Seller and 3 Units have been issued to EXP. All Units have been duly authorized and validly issued and are fully paid and non-assessable. Other than the Units, there are no outstanding (i) limited liability company
interests or other voting securities of the Company, (ii) securities of the Company convertible into or exchangeable for limited liability company interests or other voting securities of the Company or (iii) options or other rights to
acquire from the Company, or other obligation of the Company to issue, any limited liability company interests or other voting securities of the Company or securities convertible into or exchangeable for limited liability company interests or other
voting securities of the Company (the items in clauses (i) through (iii) being referred to collectively as the “Company Securities”). There are no outstanding obligations of the Company to repurchase, redeem or otherwise
acquire any Company Securities. Except for this Agreement, there are no agreements or other instruments relating to the issuance, sale or transfer of any Units or any Company Securities. 
 Section 3.06. Ownership and Transfer of Sold Units. Seller is the record and beneficial owner of the Sold Units, free and clear of
any Lien. Subject to compliance with the matters referred to in Section 3.03, Seller has the absolute right, authority and power to sell, assign and transfer the Sold Units to Buyer free and clear of any Lien. At the Closing, Buyer will acquire
good, valid and marketable title to the Sold Units, free and clear of any Lien, other than as a result of any action by Buyer or any of its Affiliates. 
  

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 Section 3.07. Subsidiaries. 
 (a) Each Subsidiary is a corporation or other organization duly organized, validly existing and in good standing under the laws of its
jurisdiction of organization and has all necessary power and authority to carry on its business as now conducted, except as would not have, individually or in the aggregate, a Material Adverse Effect. The name and jurisdiction of organization of
each Subsidiary is identified in Section 3.07 of the Disclosure Schedule. Each Subsidiary is duly qualified to do business as a foreign corporation and is in good standing in each jurisdiction where such qualification is necessary, except for
those jurisdictions where the failure to be so qualified would not, individually or in the aggregate, have a Material Adverse Effect. 
 (b) All of the issued and outstanding equity interests of each Subsidiary have been duly authorized and validly issued and are fully paid and non-assessable. All of the outstanding capital stock or other equity securities of each Subsidiary
is owned by the Company, directly or indirectly, free and clear of any Lien. There are no outstanding (i) shares of capital stock or other securities of any Subsidiary convertible into or exchangeable for shares of capital stock or other
securities of any Subsidiary or (ii) options or other rights to acquire from the Company or any Subsidiary, or other obligation of the Company or any Subsidiary to issue, any capital stock, other securities or securities convertible into or
exchangeable for capital stock or other securities of any Subsidiary (the items in clauses (i) and (ii) being referred to collectively as the “Subsidiary Securities”). There are no outstanding obligations of the Company or
any Subsidiary or any other Person to repurchase, redeem or otherwise acquire any Subsidiary Securities. There are no agreements or other instruments relating to the issuance, sale or transfer of any Subsidiary Securities. Neither the Company nor
any of its Subsidiaries controls directly or indirectly or has any direct or indirect equity participation in any corporation, partnership, trust, or other business association that is not a Subsidiary of the Company. 
 Section 3.08. Financial Statements. The Financial Statements attached hereto as Section 3.08 of the Disclosure Schedule fairly
present in all material respects the consolidated financial condition, cash flows and results of operations of Limited Brands’ Express division as at the respective dates thereof and for the periods therein referred to, all in accordance with
GAAP as consistently applied, except to the extent that the Financial Statements do not reflect (i) federal and state income taxes (including provision for income taxes, income taxes payable and deferred income taxes); (ii) liabilities
associated with terminated leases and assets related to prepayments of rent; (iii) liabilities associated with the California wage and hour litigation described on Section 1.01(a) of the Disclosure Schedule

  

 15 

 
and other legal matters (including certain Retained Litigation); (iv) liabilities associated with Limited Brands’ non-qualified retirement and deferred compensation plan obligations
related to Company Employees; (v) liabilities associated with an accrual for sales returns (prior to September 2006); (vi) adjustments associated with the capitalization of outbound freight (prior to September 2006); (vii) certain
inventory adjustments related to the retail method of accounting for inventory (prior to January 2006) and the cumulative impact of converting to cost method of accounting for inventory in fiscal year 2005; (viii) the costs related to share
based compensation accounted for under Statement of Financial Accounting Standard No. 123R; (ix) certain other miscellaneous assets and liabilities accounted for on a centralized basis (including miscellaneous real estate and construction
assets and liabilities) that were not material, individually or in the aggregate, to the Company and its Subsidiaries; and (x) costs not allocated to the Company and its Subsidiaries. 
 Section 3.09. Inventory. Subject to any reserve therefor included in the Balance Sheet, at the Balance Sheet Date, all inventories of
the Company and its Subsidiaries (including inventory ordered but not yet received) consisted of items of a quality usable or saleable in the normal course of the business of the Company consistent with past practices and were in quantities
sufficient for the normal operation of the business of the Company in accordance with past practices. The values at which inventories are shown on the Balance Sheet have been determined in accordance with the customary valuation policy of the
Company (which is the lower of average cost or market), including any procedures normally performed only at fiscal quarter end or at the end of each fall or spring season, and in accordance with GAAP, as consistently applied by the Company. Since
the Balance Sheet Date, the Company has continued to replenish its inventory and to dispose of out-of-season and slow-moving inventory in a normal and customary manner consistent with past practices prevailing in the business of the Company.

 Section 3.10. Absence of Certain Changes. Except as set forth in Section 3.10 of the Disclosure Schedule and
except as expressly contemplated by the Transaction Documents, since the Balance Sheet Date through the date of this Agreement (other than with respect to Section 3.10(i)), the business of the Company and its Subsidiaries has been conducted in
the ordinary course consistent with past practices and there has not been: 
 (i) any event, occurrence or
development which has had or is reasonably likely to have a Material Adverse Effect; 
 (ii) any declaration,
setting aside or payment of any dividend or other distribution with respect to any membership interest or shares of capital stock, as the case may be, of the Company or by any Subsidiary to any Person other than a Subsidiary or the Company, or any
repurchase, redemption or other acquisition by the Company or any Subsidiary of any outstanding membership interests or shares of capital stock or other securities of the Company, any Subsidiary or any other entity; 
  

 16 

 (iii) any amendment of any term of any outstanding security of the Company
or any Subsidiary; 
 (iv) any incurrence, assumption or guarantee by the Company or any Subsidiary of any
indebtedness for borrowed money other than in the ordinary course of business consistent with past practice; 
 (v) any making of any loan, advance or capital contributions to or investment in any Person by the Company or any Subsidiary other than loans, advances or capital contributions to a Subsidiary or investments made in a Subsidiary in the
ordinary course of business consistent with past practice and other than travel, relocation and similar advances to employees in the ordinary course of business; 
 (vi) any material change in any method of accounting or accounting practice by the Company or any Subsidiary (except for any
such change required by reason of a concurrent change in required GAAP); 
 (vii) any sale (other than sales of
inventory, whether through retail channels or sales through jobbers, in the ordinary course of business), assignment, lease or other disposition of any material asset or property of the Company or any Subsidiary or imposition of any Lien on any
material asset or property of the Company or any Subsidiary; 
 (viii) any (A) employment, deferred
compensation, severance, retirement or other similar agreement entered into with any director, officer or employee of the Company or any Subsidiary (or any amendment to any such existing agreement), (B) grant of any severance or termination pay
to any director, officer or employee of the Company or any Subsidiary, or (C) change in compensation or other benefits payable to any director, officer or employee of the Company or any Subsidiary, in each case other than in the ordinary course
of business consistent with past practice; 
 (ix) any adoption of or change in any Employee Plan or Benefit
Arrangement maintained by the Company or any Subsidiary or any compensation or labor policy; 
 (x) made any
material capital expenditures or commitments therefor, other than in the ordinary course of business consistent with past practice; or 
 (xi) any agreement, whether or not in writing, to do any of the foregoing by the Company or any Subsidiary. 
  

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 Section 3.11. No Undisclosed Material Liabilities. There are no liabilities of the
Company or its Subsidiaries of any kind, other than: 
 (a) liabilities provided for in the Balance Sheet or disclosed in the
notes thereto; 
 (b) liabilities not required under GAAP to be shown on the Balance Sheet for reasons other than the contingent
nature thereof or the difficulty of determining the amount thereof; 
 (c) liabilities incurred in the ordinary course of
business (none of which arises out of or relates to any breach of contract, breach of warranty, tort, infringement or violation of law); and 
 (d) other undisclosed liabilities that would not, individually or in the aggregate, have a Material Adverse Effect. 
 Section 3.12. Material Contracts. 
 (a) Except as set forth in
Section 3.12 of the Disclosure Schedule, as of the date of this Agreement, none of the Company nor any Subsidiary has or is bound by: 
 (i) any agreement, indenture or other instrument relating to the borrowing of money (other than any such agreement with Seller or any of its Affiliates), other than in connection with the issuance of
letters of credit or factoring arrangements in the ordinary course of business; 
 (ii) any material agreement,
license, contract or commitment pursuant to which any trade secret, confidential or other proprietary information, or any customer information of the Company or any Subsidiary may be transferred, disclosed to or used by any third party; 

(iii) any agreement, contract or commitment, for the purchase of materials, supplies, goods, services or equipment
providing for either (A) annual payments of $500,000 or more or (B) aggregate payments of $1,000,000 or more, in each case (x) that cannot be terminated on not more than one year’s notice without payment of any material penalty
and (y) excluding purchases of inventory in the ordinary course of business; 
 (iv) any agreement, contract
or commitment, or group of related agreements, contracts or commitment, relating to a single capital expenditure of greater than $250,000, except for expenditures reflected in the Company’s capital expenditures budget provided to Buyer prior to
the date hereof; 
  

 18 

 (v) any loan or advance to, or investment in, any Person or any agreement, contract or
commitment relating to the making of any such loan, advance or investment, other than travel, relocation and similar advances to employees in the ordinary course of business; 
 (vi) any material management service, sales agency, sales representative, distributorship or any other similar type contract, except for any
such agreements with Seller or any of its Affiliates; 
 (vii) any material partnership, joint venture or similar agreement or
arrangement; 
 (viii) any agreement, contract or commitment limiting the freedom of the Company or any Subsidiary to engage in
any line of business or to compete with any Person except for customary exclusives and restrictions as may be contained in leases or other occupancy contracts that relate to a certain shopping center and not the business generally; 
 (ix) any collective bargaining agreement; or 
 (x) any agreement for the lease of personal property to or from any Person providing for lease payments in excess of $250,000 per annum. 
 Seller has furnished or made available to Buyer true and complete copies of each agreement, lease, plan or other document required to be
disclosed in Section 3.12 of the Disclosure Schedule. 
 (b) Each material contract, agreement or commitment required to be
disclosed in Section 3.12 of the Disclosure Schedule is in full force and effect and is valid, binding and enforceable against the parties thereto in accordance with its terms, except as the same may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws now or hereafter in effect relating to the enforcement of creditors’ rights generally or by principles governing the availability of equitable remedies. None of the Company or any
Subsidiary or, to the knowledge of Seller, any other party thereto, is in default or breach in any respect under the terms of any such contract, agreement or commitment, except for any such defaults or breaches which would not have, individually or
in the aggregate, a Material Adverse Effect. 
 Section 3.13. Certain Related Party Contracts. Except as set forth on
Section 3.13 of the Disclosure Schedule, as otherwise provided in the Transaction Documents, or to the extent arising out of ordinary course commercial dealings of the business of the Company and its Subsidiaries, there are no agreements,
contracts, commitments or understandings, other than any such agreements, contracts, commitments or understandings that will be terminated as of Closing without any further liability or obligation on the part of the Company or any

  

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Subsidiary, by and between Seller or its Affiliates, on the one hand, and the Company or any Subsidiary, on the other hand, which are material to the business of the Company, including, without
limitation, any such agreements, contracts, commitments or understandings pursuant to which Seller or such Affiliate provides or receives any information, assets, properties, support or other services to or from the Company or any Subsidiary
(including, but not limited to accounting, tax, data processing, information technology and legal services) (collectively, “Related Party Agreements”). 
 Section 3.14. Litigation. There is no claim, action, suit, investigation or proceeding pending against, or to the knowledge of Seller, threatened against, the Company or any Subsidiary or any of
their respective properties before any court or arbitrator or any governmental body, agency or official which would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. Section 3.14 of the Disclosure
Schedule lists, as of the date hereof, each material known claim, action, suit, investigation or proceeding pending or threatened against the Company or any Subsidiary or any of their respective properties, and all known material orders or other
decrees binding on the Company or any Subsidiary or any of their respective properties. 
 Section 3.15. Properties.

 (a) Section 3.15 of the Disclosure Schedule correctly lists each parcel of real property leased or subleased by the
Company or any Subsidiary as of the date hereof (the “Real Property”). The Company and its Subsidiaries do not own any Real Property in fee simple. 
 (b) Except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect: (i) each material lease of Real Property, together with all amendments and
modifications thereto (each, a “Lease”) is in full force and effect in accordance with its terms; (ii) all material amounts due and payable as rent due under each such Lease have been paid in full (except that routine
reconciliations of typical lease charges such as taxes, common area maintenance payments, insurance and the like may still be owed for prior years if such amounts have not been billed by landlords or are in the routine process of payment on the date
hereof or are being disputed); (iii) in each case the lessee or an affiliate has been in peaceable possession since the commencement of the original term of such Lease and no material waiver, indulgence or postponement of the lessee’s
obligations thereunder has been granted by the lessor; and (iv) to Seller’s knowledge, there exists no material default or event, occurrence, condition or act which, with the giving of notice or the lapse of time or both, would become a
default under such Lease allowing the landlord to terminate such Lease. Neither the Company nor any Subsidiary or, to the knowledge of Seller, any other party thereto, has violated any of the terms or conditions under any such Lease, except for any
such violations which would not have, individually or in the aggregate, a Material Adverse Effect. The Company

  

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and its Subsidiaries have adequate rights of ingress and egress and adequate electric, light, telephone and water utilities with respect to all Real Property for operation of the business of the
Company and its Subsidiaries in the ordinary course and consistent in all material respects with past practice and with the business plans of the Company and its Subsidiaries as in effect on the date hereof, except for the failure of the Company or
its Subsidiaries to have such rights as would not constitute, individually or in the aggregate, a Material Adverse Effect. Except as would not have, individually or in the aggregate, a Material Adverse Effect, no condemnation proceeding or other
litigation is pending or, to the knowledge of Seller, threatened which would preclude or impair the use of any such Real Property by the Company and its Subsidiaries for the purposes for which it is currently used or proposed to be used as of the
date hereof. 
 Section 3.16. Sufficiency of Assets. As of the Closing, the assets of the Company and its Subsidiaries,
together with the services and assets provided to the Company and its Subsidiaries pursuant to the Transaction Documents, will be sufficient to conduct the business of the Company and its Subsidiaries substantially as conducted on the date hereof.
The Company and its Subsidiaries own good and marketable title to, or a valid leasehold interest in, all of the assets (both tangible and intangible), free and clear of Liens (other than Permitted Liens and Exceptions) reflected on the Balance Sheet
(other than those disposed of in the ordinary course of business prior to the date hereof or disposed of after the date hereof as permitted by this Agreement) or acquired thereafter or otherwise used by them in their business. 
 Section 3.17. Licenses and Permits. The Company and its Subsidiaries have all Permits necessary for the operation of the business of
the Company and its Subsidiaries as such business is being conducted as of the date hereof, except for the absence of such Permits as would not have, individually or in the aggregate, a Material Adverse Effect. Neither the Company nor any Subsidiary
is in default in any material respect under any of such Permits. 
 Section 3.18. Environmental Matters. Except as to
matters that would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect: 
 (a) No
written notice, request for information, order, complaint or penalty has been received by Seller or any of its Affiliates, the Company or any Subsidiary within the two years preceding the date hereof or as to matters that have not been resolved, and
there are no judicial, administrative or other actions, suits or proceedings pending or, to the knowledge of Seller threatened, which allege a violation of any Environmental Law, in each case relating to the Company or any Subsidiary or any property
currently owned, leased or operated by the Company or any Subsidiary and arising out of any Environmental Law; 
  

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 (b) The Company and each Subsidiary, any property currently owned or operated by the Company
or any Subsidiary and any property currently leased by the Company or any Subsidiary, have in full force and effect all material Permits necessary for their operations to comply with all applicable Environmental Laws and are in material compliance
with the terms of such Permits and with all other applicable Environmental Laws; and 
 (c) There has been no environmental
audit, investigation, report, sampling report, remediation report or other related report conducted within the past five years by or on behalf of Seller, the Company or any Subsidiary of or related to the environmental condition of any property
currently owned, leased or operated by the Company or any Subsidiary which has not been delivered or made available to Buyer prior to the date hereof and listed on Section 3.18 of the Disclosure Schedule. 
 Section 3.19. Compliance with Laws. The Company and each Subsidiary, and their respective predecessors with respect to the business
of the Company and each Subsidiary, are, and at all times since January 1, 2006 have been, in compliance with all applicable Laws, except for violations that have not had and would not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect. 
 Section 3.20. Intellectual Property. 
 (a) Section 3.20(a)(i) of the Disclosure Schedule sets forth each material (i) registered trademark, service mark and related
application (the “Marks”) and (ii) internet domain name registration and related application (the “Domain Names”), in each case owned by the Company or any Subsidiary as of the date hereof. Neither the Company
nor any Subsidiary owns any registration or application for registration of any Intellectual Property other than the Marks and the Domain Names. Section 3.20(a)(ii) of the Disclosure Schedule sets forth all material license agreements to which
the Company or any Subsidiary is a party with respect to any Marks or Domain Names as of the date hereof. The Intellectual Property owned or licensed by the Company and its Subsidiaries (collectively, the “Company IP”) is sufficient
for the continued conduct of the respective businesses of the Company and its Subsidiaries after the Closing in the same manner as such businesses were conducted prior to the Closing in all material respects. To the knowledge of Seller, the
operation of the business of the Company and its Subsidiaries does not infringe, misappropriate, dilute or otherwise violate the Intellectual Property of any third party in any material respect. 
 (b) Except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect (i) each Mark and
Domain Name listed in Section 3.20(a)(i) of the Disclosure Schedule (the “Transferred Marks and Domain Names”) is registered in the name of the Company or one of its

  

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Subsidiaries, as indicated in Section 3.20(a)(i) of the Disclosure Schedule, none of the material Marks are abandoned and all of the material Marks are subsisting, (ii) as of the date
hereof, to the knowledge of Seller, there is no infringement of the Transferred Marks and Domain Names or any other Company IP by any third party and (iii) to the knowledge of Seller, the continued use of the Transferred Marks and Domain Names
in the business will not result in any infringement or dilution of the Intellectual Property rights of any third party in the United States and there is no claim as to any Transferred Marks and Domain Names registered in the foreign countries
identified in Section 3.20(b) of the Disclosure Schedule. 
 Section 3.21. Finders’ Fees. Except for Banc of
America Securities LLC, whose fees will be paid by Seller or an Affiliate of Seller, there is no investment banker, broker, finder or other intermediary which has been retained by or is authorized to act on behalf of Seller or any of its Affiliates,
the Company or any Subsidiary which might be entitled to any fee or commission in connection with the transactions contemplated by this Agreement. 
 Section 3.22. Company Activities. The Company was duly formed on May 9, 2007 in accordance with the Delaware Limited Liability Company Act. As of the date hereof, the Company has no assets or
liabilities, and has conducted no business, operations or activities since its formation, except for such activities as are incidental to its formation or to the execution and delivery of this Agreement, the Transaction Documents and the
transactions contemplated hereby and thereby. 
 ARTICLE 4 
 REPRESENTATIONS AND WARRANTIES OF LIMITED BRANDS 
 Except as set forth in the Disclosure Schedule, Limited Brands represents and warrants to Buyer as of the date hereof that: 
 Section 4.01. Corporate Existence and Power. Limited Brands is a corporation duly incorporated, validly existing and in good standing
under the laws of its jurisdiction of incorporation. 
 Section 4.02. Corporate Authorization. The execution, delivery
and performance by Limited Brands of the Transaction Documents to which it is or will be a party and the consummation of the transactions contemplated thereby are within the corporate powers and authority of Limited Brands and have been duly
authorized by all necessary corporate action on the part of Limited Brands. Each of the Transaction Documents to which it is or will be a party constitutes, or will when executed constitute, the legal, valid and binding obligation of Limited Brands,
enforceable against Limited Brands in accordance with its respective terms, (a) except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws now or hereafter in effect

  

 23 

 
relating to or affecting creditors’ rights generally, including the effect of statutory and other laws concerning fraudulent conveyances and preferential transfers and (b) subject to the
limitations imposed by general equitable principles (regardless of whether such enforceability is considered in proceeding at law or in equity). No approval of the stockholders of Limited Brands is required in connection with the execution, delivery
and performance by Limited Brands of the Transaction Documents to which it is or will be a party and the consummation of the transactions contemplated thereby. 
 Section 4.03. Governmental Authorization. The execution, delivery and performance by Limited Brands of each of the Transaction Documents to which it is or will be a party and the consummation of
the transactions contemplated thereby require no action, consent or approval by or in respect of, filing with or notice to, any governmental body, agency or official other than: (1) compliance with any applicable requirements of the HSR Act;
and (2) any other such action or filing as to which the failure to make or obtain would not have, individually or in the aggregate, a Material Adverse Effect. 
 Section 4.04. Noncontravention. The execution, delivery and performance by Limited Brands of any of the Transaction Documents to which it is or will be a party, and the consummation of the
transactions contemplated thereby do not and will not (a) violate or conflict with the organizational documents of Limited Brands, (b) assuming compliance with the matters referred to in Section 4.03, contravene or conflict with or
constitute a violation of any provision of any Law binding upon or applicable to Limited Brands or (c) with or without the giving of notice or the lapse of time, or both, constitute a default under or give rise to any right of termination,
cancellation or acceleration of any right or obligation of Limited Brands, or to a loss of any benefit to which Limited Brands is entitled, under any provision of any agreement, contract or other instrument to which Limited Brands is a party or by
which any of them or their respective properties or assets is bound, except, in the case of clauses (a) and (b), for any such contravention, conflict, violation, default, termination, cancellation, acceleration or loss that would not have,
individually or in the aggregate, a Material Adverse Effect. 
 ARTICLE 5 
 REPRESENTATIONS AND WARRANTIES OF BUYER 
 Buyer represents and warrants to Seller, as of the date hereof, that: 
 Section 5.01. Corporate Existence and Power. Buyer is a corporation duly organized, validly existing and in good standing under the
laws of its jurisdiction of organization and has all necessary corporate or other power and authority, and all material Permits, required to carry on its business as now conducted, to own and lease assets which it owns and leases and to perform all
of

  

 24 

 
its obligations under each agreement to which it is a party or by which it is bound. Buyer is duly qualified to do business as a foreign corporation and is in good standing in each jurisdiction
where such qualification is necessary, except for those jurisdictions in which the failure to be so qualified would not, individually or in the aggregate, impair the ability of Buyer to consummate the transactions contemplated by the Transaction
Documents. 
 Section 5.02. Corporate Authorization. The execution, delivery and performance by Buyer of the Transaction
Documents to which it is or will be a party and the consummation of the transactions contemplated thereby are within the corporate powers and authority of Buyer and have been duly authorized by all necessary corporate action on the part of Buyer.
Each of the Transaction Documents to which it is or will be a party constitutes, or will when executed constitute, the legal, valid and binding obligation of Buyer, as applicable, enforceable against Buyer in accordance with its respective terms,
(i) except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws now or hereafter in effect relating to or affecting creditors’ rights generally, including the effect of statutory
and other laws concerning fraudulent conveyances and preferential transfers and (ii) subject to the limitations imposed by general equitable principles (regardless of whether such enforceability is considered in a proceeding at law or in
equity). 
 Section 5.03. Governmental Authorization. The execution, delivery and performance by Buyer of each of the
Transaction Documents to which it is or will be a party and the consummation of the transactions contemplated thereby require no material action, consent or approval by or in respect of, material filing with or material notice to, any governmental
body, agency or official other than (a) compliance with any applicable requirements of the HSR Act and (b) any other such action or filing as to which the failure to make or obtain would not impair the ability of Buyer to consummate the
transactions contemplated by the Transaction Documents. 
 Section 5.04. Noncontravention. The execution, delivery and
performance by Buyer of the Transaction Documents to which it is or will be a party and the consummation of the transactions contemplated thereby do not and will not (i) violate or conflict with the certificate of incorporation or bylaws (or
other organizational documents) of Buyer, (ii) assuming compliance with the matters referred to in Section 5.03, contravene or conflict with or constitute a violation of any provision of any Law binding upon or applicable to Buyer or
(iii) with or without the giving of notice or the lapse of time, or both, constitute a default under or give rise to any right of termination, cancellation or acceleration of any material right or obligation of Buyer, or to a loss of any
material benefit to which Buyer is entitled under any provision of any agreement, contract or other instrument to which Buyer is a party or by which Buyer or its properties or assets is bound. 
  

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 Section 5.05. Financing. Buyer has and will have prior to the Closing sufficient
cash, available lines of credit or other sources of immediately available funds necessary to enable it to pay the Closing Payment at Closing and any other amounts payable by Buyer hereunder. 
 Section 5.06. Litigation; Compliance with Laws. There are no claims, actions, suits, investigations or proceedings pending against,
or to the knowledge of Buyer, threatened against or affecting, Buyer or any subsidiary of Buyer, any of their respective properties before any court or arbitrator or any governmental body, agency or official which in any manner challenges or seeks
to prevent, enjoin, alter or materially delay the transactions contemplated by the Transaction Documents as of the date hereof. Buyer and its subsidiaries are in compliance in all material respects with all applicable Laws, and neither Buyer nor any
subsidiary of Buyer has any basis to expect any notice, order or other written communication from any governmental agency or instrumentality thereof alleging any actual or potential material violation of or failure to comply with any Law.

 Section 5.07. Finders’ Fees. There is no investment banker, broker, finder or other intermediary which has been
retained by or is authorized to act on behalf of Buyer who might be entitled to any fee or commission in connection with the transactions contemplated by this Agreement. 
 Section 5.08. Purchase for Investment. Buyer is purchasing the Sold Units for investment for its own account and not with a view to, or for sale in connection with, any distribution thereof. Buyer
(either alone or together with its advisors) has sufficient knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of its investment in the Sold Units and is capable of bearing the economic
risks of such investment. Buyer is an informed and sophisticated purchaser, and has engaged expert advisors, experienced in the evaluation and purchase of investments such as the Sold Units as contemplated hereunder. Buyer has undertaken such
investigation as it has deemed necessary to enable it to make an informed and intelligent decision with respect to the execution, delivery and performance of the Transaction Documents. Buyer acknowledges that Seller and its Affiliates have given
Buyer access to key employees, documents and facilities of the Company and its Subsidiaries and, to the extent related to the Company or any Subsidiary, Seller and its Affiliates. Buyer is purchasing the Sold Units for investment for its own account
and not with a view to, or for sale in connection with, any distribution thereof. 
  

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 ARTICLE 6 
 COVENANTS OF SELLER AND LIMITED BRANDS 
 Seller agrees that: 
 Section 6.01. Conduct of the Company. From the date hereof until the Closing Date, except as set forth in the Disclosure Schedule or as contemplated by any of the Transaction Documents, Limited Brands and Seller shall cause the
Company and each Subsidiary to (i) conduct its business in the ordinary course in a manner consistent with past practice and (ii) use its reasonable efforts to preserve intact its business organizations and relationships and goodwill with
third parties and to keep available the services of its present employees. Without limiting the generality of the foregoing, from the date hereof until the Closing Date, except as required by Law, as set forth in the Disclosure Schedule or as
contemplated by the Transaction Documents, Limited Brands and Seller will not, to the extent relating to the Company and its Subsidiaries, without the prior consent of Buyer (not to be unreasonably withheld), permit the Company or any of the
Subsidiaries to: 
 (a) adopt or propose any change in its organizational documents; 
 (b) merge or consolidate with any other Person or acquire a material amount of assets from any other Person other than (i) pursuant to
existing contracts, agreements or commitments that are disclosed herein or in the Disclosure Schedule and (ii) the acquisition of inventory, materials or supplies in the ordinary course of business; 
 (c) sell, lease, license or otherwise dispose of any material assets or property except (i) pursuant to existing contracts or
commitments, (ii) for the sale of inventory in the ordinary course of business or (iii) for the sale, lease, disposition or encumbrance of amounts of assets no longer used in the ordinary course of business; 
 (d) make any loan, advance or capital contribution to or investment in any Person, except for travel, relocation and similar advances in the
ordinary course of business; 
 (e) incur, assume or guarantee any material indebtedness for borrowed money, other than letters
of credit incurred or entered into in the ordinary course of business; 
 (f) except as required by Law or any pre-existing
contract as in effect as of the date hereof, make, grant or promise any compensation or employee benefit increase or change to any non-store level employee, other than in the ordinary course of business consistent with past custom and practice; or

 (g) enter into a binding agreement to do any of the foregoing. 
  

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 Section 6.02. Access to Information. 
 (a) Access to Information Prior to Closing. From the date hereof until the Closing Date, Limited Brands and Seller will
(i) give, and will cause the Company and its Subsidiaries to give, Buyer and its counsel, financial advisors, auditors and other authorized representatives, reasonable access to the offices, properties, books and records of the Company and its
Subsidiaries and, to the extent related primarily to the Company and its Subsidiaries, to the books and records of Limited Brands and Seller, during normal business hours and upon reasonable prior notice, (ii) furnish, and will cause the
Company and its Subsidiaries to furnish, to Buyer and its counsel, financial advisors, auditors and other authorized representatives, such financial and operating data and other information relating to the Company and its Subsidiaries as such
Persons may reasonably request and (iii) instruct the employees, counsel and financial advisors of Limited Brands, Seller, the Company and its Subsidiaries to cooperate with Buyer in its investigation of the Company and its Subsidiaries. Any
investigation pursuant to this Section 6.02 shall be conducted in such a manner as not to interfere unreasonably with the conduct of the business of Limited Brands or any of its Affiliates, the Company or any Subsidiary. Notwithstanding the
foregoing, Buyer shall not have access to personnel records relating to individual performance or evaluation records, medical histories or other information the disclosure of which in Limited Brands’ good faith opinion could subject Limited
Brand or any of its Affiliates, the Company or any Subsidiary to risk of liability. 
 (b) Access to Information Following
Closing. From and after the Closing Date, Limited Brands and Seller will afford promptly to Buyer and its counsel, auditors and other authorized representatives reasonable access to its books of account, financial and other records, employees
and auditors to the extent they relate to the Company or its Subsidiaries and to the extent necessary to permit Buyer to determine any matter relating to its rights and obligations in connection with any audit, investigation, dispute or litigation
or any other reasonable business purpose relating to the Company or its Subsidiaries or Buyer’s rights or obligations under any of the Transaction Documents; provided that any such access by Buyer and its counsel, auditors and other authorized
representatives shall not unreasonably interfere with the conduct of the business of Limited Brands or any of its Affiliates. 
 Section 6.03. Maintenance of Insurance Policies. Prior to the Closing, Seller and its Affiliates will use reasonable efforts to maintain insurance policies for the Company and the Subsidiaries and their assets, properties and
employees in an amount and scope consistent with any such insurance policies in effect as of the date hereof. The Company and the Subsidiaries shall after the Closing continue to have coverage under any such insurance policies in effect at the
Closing with respect to, but only with respect to, events occurring prior to the Closing (except that, with respect to claims made policies, the Company and the Subsidiaries shall have coverage after the Closing only with respect to claims made
prior to the Closing), and it is understood that (i) the Company and the

  

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Subsidiaries shall continue to be responsible for amounts (including deductibles) not covered by such insurance policies and (ii) the provisions of this Section 6.03 shall not obligate
Seller or any of its Affiliates to pay any money with respect to any insurance policies (including, without limitation, with respect to insurance policies in effect on or prior to the Closing) after the Closing. 
 Section 6.04. Elimination of Intercompany Accounts. Immediately prior to the Closing, Seller shall cause any and all intercompany
accounts of any kind or nature whatsoever (other than intercompany accounts arising out of ordinary course commercial dealings of the business of the Company and its Subsidiaries which will be reflected in the Closing Net Tangible Assets
determination), between Seller and any of its Affiliates, on the one hand, and the Company and its Subsidiaries on the other, to be collected, paid, eliminated or otherwise settled. 
 Section 6.05. Audited Carve-out Financial Statements. Seller shall use commercially reasonable efforts to prepare and deliver to
Buyer by July 6, 2007 (or earlier if reasonably practicable), an audited carve-out consolidated balance sheet of the Company and its Subsidiaries as of the Balance Sheet Date, together with the related audited carve-out consolidated statements
of income and cash flows of the Company and its Subsidiaries for the year ended February 3, 2007. For the avoidance of doubt, Buyer acknowledges and agrees that so long as Seller has used commercially reasonable efforts to prepare and deliver
the financial statements referred to in the preceding sentence by July 6, 2007, the failure of Seller to actually deliver such financial statements by July 6, 2007 shall not be a breach of this Agreement by Seller, provided that it is
understood that, if the Closing occurs, Seller shall continue to use commercially reasonable efforts after such date to prepare and deliver such financial statements. 
 Section 6.06. Transaction Documents. Buyer acknowledges that from and after Closing, each of the Company and Express will be subject to each of the Transaction Documents to which it is party
delivered by Seller or Limited Brands pursuant to Section 11.02(b). 
 ARTICLE 7 
 COVENANTS OF BUYER, SELLER AND THE
COMPANY 
 Buyer, Seller and the Company agree that: 
 Section 7.01. Confidentiality. All information provided or made available to Buyer or any of its Representatives (as such term is
defined in the Confidentiality Agreement) will be subject to the Confidentiality Agreement dated February 23, 2007 between Buyer and Limited Brands (the “Confidentiality Agreement”), which agreement shall remain in full force
and effect until the Closing and shall thereupon terminate except that the disclosure, but not the use (to the extent necessary to operate the Company and the

  

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Subsidiaries in the ordinary course) of any Confidential Information (as defined in the Confidentiality Agreement) to the extent related solely to Seller or its Affiliates shall continue to be
governed by the terms of the Confidentiality Agreement. 
 Section 7.02. Cooperation on Certain Matters. 
 (a) Access to Information Following Closing. From and after the Closing Date, Buyer will afford, and will cause the Company and each
Subsidiary to afford, promptly to Seller and its Affiliates and their counsel, auditors and other authorized representatives reasonable access to their books of account, financial and other records, employees and auditors to the extent they relate
to the Company or its Subsidiaries (including the Retained Litigation and the Retained Landlord Claims) and to the extent necessary to permit Seller and its Affiliates to determine any matter relating to their rights and obligations in connection
with any audit, investigation, dispute or litigation (including the Retained Litigation and the Retained Landlord Claims) or any other reasonable business purpose relating to the Company or its Subsidiaries or Seller’s or any of its
Affiliate’s rights or obligations under any of the Transaction Documents; provided that any such access by Seller and its Affiliates and their counsel, auditors and other authorized representatives shall not unreasonably interfere with the
conduct of the business of Buyer, its Affiliates, the Company or any of its Subsidiaries. Notwithstanding the foregoing, Seller and its Affiliates shall not have access to personnel records relating to individual performance or evaluation records,
medical histories or other information the disclosure of which in Buyer’s good faith opinion would subject Buyer or any of its Affiliates, the Company or any Subsidiary to risk of liability, except, in each case, to the extent determined by
Seller or its Affiliates in good faith to be necessary or appropriate in connection with any of their respective rights or obligations under any of the Transaction Documents or with respect to the Retained Litigation. 
 (b) Retention of Records. From and after the Closing Date, except as otherwise required by law or agreed to in writing, Buyer and its
Affiliates shall, and shall cause the Company and its Subsidiaries to, retain all information and records (including, without limitation, records relating to Taxes) relating to the businesses of the Company and its Subsidiaries that were in the
possession of the Company or any Subsidiary as of the Closing Date and, with respect to Taxes, all records related to Returns for Straddle Periods. In addition, Buyer and its Affiliates shall retain all information and records relating to any matter
as to which Limited Brands or Seller seeks or may seek indemnification from Buyer hereunder, in each case until final resolution of the matter to which such information and records relate. Notwithstanding the prior two sentences of this
Section 7.02(b), Buyer and its Affiliates may destroy or otherwise dispose of any such information and records at any time, provided that, prior to such destruction or disposal, (i) Buyer shall provide not less than 90 days’ prior
written notice to Seller, specifying the information and records proposed to be destroyed or

  

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disposed of, and (ii) if Seller shall request in writing prior to the scheduled date for such destruction or disposal that any of the information and records proposed to be destroyed or
disposed of be delivered to Seller, Buyer shall promptly arrange for the delivery of such of the information and records as was requested. 
 Section 7.03. Insurance. Buyer agrees that, subject to Section 6.03, all insurance policies covering the Company or any Subsidiary maintained by or on behalf of Seller or its Affiliates shall
not provide coverage to the Company or the Subsidiaries following the Closing and that, after the Closing, Seller and its Affiliates shall have no obligation of any kind to maintain any form of insurance covering the Company or any Subsidiary.

 Section 7.04. Guarantees. 
 (a) From and after the date hereof (including after the Closing Date), to the extent reasonably requested by Seller, the Company shall use its reasonable best efforts to cause the unconditional release of
Seller and its Affiliates from their obligations under any guarantees (including, without limitation, guarantees of lease obligations), letters of credit, surety bonds and other financial support arrangements maintained by Seller or any of its
Affiliates in connection with the business or operations of the Company or any of its Subsidiaries and listed on Section 7.04 of the Disclosure Schedule (collectively, the “Financial Support Arrangements”). It is understood and
agreed that in no event shall Buyer, the Company or any Subsidiary be obligated to pay any money to any Person to obtain any such unconditional release. 
 (b) If, from and after the Closing, (i) any amounts are drawn or required to be paid under any Financial Support Arrangement by Seller or any of its Affiliates in connection with events or other
matters occurring after the Closing Date or (ii) Seller or any of its Affiliates is required to pay any fees, costs or expenses under the terms of any Financial Support Arrangement, then Seller shall promptly provide the Company with written
evidence of the underlying payment obligation. Upon receipt of such notice, the Company shall promptly satisfy such payment obligation on behalf of Seller or its Affiliates, or, if Seller or any of its Affiliates has made such payments itself, the
Company shall reimburse Seller for such amounts promptly after receipt from Seller of proof of payment. 
 (c) Any amount
payable pursuant to Section 7.04(b) shall bear interest at the Reference Rate commencing on the date such amount is paid by Seller or its Affiliates in connection with such Financial Support Arrangements. Such interest shall be payable at the
same time as the payment to which it relates and shall be calculated daily on the basis of a year of 365 days and the actual number of days elapsed. 
  

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 Section 7.05. Outstanding Checks; Reimbursement of Payments by Seller. 
 (a) Seller shall ensure that checks written but not cashed before the Closing in respect of obligations of the Company or any of its
Subsidiaries shall be paid. 
 (b) It is the intent of the parties that, except as contemplated by any of the Transaction
Documents, all invoices relating to the Company or any of its Subsidiaries received from a third party after the Closing be paid by the Company or a Subsidiary (as opposed to Seller or any of its Affiliates) and, in furtherance of such intent,
Seller will use its reasonable commercial efforts to promptly forward to the Company all invoices relating to the Company or any of its Subsidiaries which are received by Seller or any of its Affiliates after the Closing (“Post-Closing
Invoices”). It is understood, however, that there may be circumstances in which, notwithstanding the use of such reasonable commercial efforts, Seller or one of its Affiliates will pay a Post-Closing Invoice on behalf of the Company or one
of its Subsidiaries. It is agreed that Buyer shall cause the Company to reimburse Seller, or an Affiliate of Seller, as Seller may designate, for all amounts paid by Seller or any of its Affiliates in respect of Post-Closing Invoices within ten
(10) days after receipt from Seller of a notice thereof accompanied by written evidence of the underlying payment (each, a “Payment Date”). If the Company fails to pay any payment within thirty (30) days of the relevant
Payment Date, the Company shall be obligated to pay, in addition to the amount due on such Payment Date, interest on such amount at the Reference Rate, plus 3% per annum compounded monthly from the relevant Payment Date through the date of
payment. 
 Section 7.06. Inspections; No Other Representations. Buyer will undertake prior to Closing such further
investigation and request such additional documents and information as it deems necessary. Buyer agrees to accept the Sold Units in the condition they are in on the Closing Date based upon its own inspection, examination and determination with
respect thereto as to all matters, and without reliance upon any express or implied representations or warranties of any nature, whether in writing, oral or otherwise, made by or on behalf of or imputed to Seller or any of its Affiliates, except as
expressly set forth in this Agreement. Without limiting the generality of the foregoing, Buyer acknowledges that Seller and its Affiliates make no representation or warranty with respect to any projections, estimates or budgets delivered to or made
available to Buyer of future revenues, future results of operations (or any component thereof), future cash flows or future financial condition (or any component thereof) of the Company and its Subsidiaries or the future business and operations of
the Company and its Subsidiaries or any other information or documents made available to Buyer or its counsel, accountants or advisors with respect to the Company, its Subsidiaries, Seller, any of Seller’s Affiliates or any of the foregoing
business, assets, liabilities or operations, except as expressly set forth in this Agreement. 
  

 32 

 ARTICLE 8 
 COVENANTS OF BUYER, SELLER AND LIMITED BRANDS 
 Buyer and Seller agree that: 
 Section 8.01. Reasonable Best Efforts; Further Assurances. Subject to the terms and conditions of this Agreement, Buyer and Seller will use their reasonable best efforts to take, or cause to be
taken, all actions and to do, or cause to be done, all things necessary or desirable to consummate the transactions contemplated by any of the Transaction Documents. Seller and Buyer shall execute and deliver, and Seller, prior to the Closing, and
Buyer, after the Closing, shall cause the Company and each Subsidiary to execute and deliver, such other documents, certificates, agreements and other writings and to take such other actions as may be necessary or appropriate in order to consummate
or implement expeditiously the transactions contemplated by any of the Transaction Documents. 
 Section 8.02. Certain
Filings. 
 (a) Seller and Buyer shall cooperate with one another (i) in determining whether any action by or in
respect of, or filing with, any governmental body, agency, official or authority is required, or any actions, consents, approvals or waivers are required to be obtained from parties to any material contracts, in connection with the consummation of
the transactions contemplated by any of the Transaction Documents and (ii) subject to the terms and conditions of this Agreement, in taking such actions or making any such filings, furnishing information required in connection therewith and
seeking timely to obtain any such actions, consents, approvals or waivers. In furtherance and not in limitation of the foregoing, if required, each of Buyer and Seller shall make an appropriate filing of a Notification and Report Form pursuant to
the HSR Act with respect to the transactions contemplated hereby as promptly as practicable after the date hereof (and in any event, within 5 Business Days of the date hereof) and to supply as promptly as practicable any additional information and
documentary material that may be requested pursuant to the HSR Act and to take all other actions necessary to cause the expiration or termination of the applicable waiting periods under the HSR Act as soon as practicable. 
 (b) If any objections are asserted with respect to the transactions contemplated by the Transaction Documents under any antitrust Law or if
any action, suit or other proceeding is instituted or threatened by any governmental authority or any private party challenging any of the transactions contemplated hereby as violative of any antitrust Law, Buyer and Seller shall use their
respective reasonable best efforts promptly to resolve such objections. 
 (c) Buyer and Seller shall use their respective
reasonable best efforts to keep the other party informed in all material respects with respect to any communication given or received in connection with any filing, submission, investigation or proceeding relating to the transactions contemplated by
the Transaction Documents. 
  

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 Section 8.03. Public Announcements. The parties shall consult with each other before
issuing any press release or making any public statement with respect to any Transaction Document or the transactions contemplated thereby and will not issue any such press release or make any such public statement prior to such consultation.
Notwithstanding the foregoing, except as provided by Section 7.01, no provision of this Agreement shall relieve Buyer or any of its Representatives (as such term is defined in the Confidentiality Agreement) from any of its obligations under the
Confidentiality Agreement. 
 Section 8.04. Services Agreement. At the Closing, Limited Brands will enter into (and will
cause Express to enter into) the Services Agreement. 
 Section 8.05. LLC Agreement. At the Closing, the parties shall
enter into the Limited Liability Company Agreement. 
 Section 8.06. DC Lease. At the Closing, Limited Brands will cause
each of Distribution Land Corp. and Express to enter into the DC Lease. 
 Section 8.07. Covenant Agreement. At the
Closing, Limited Brands will enter into (and will cause the Company to enter into) the Covenant Agreement. 
 Section 8.08.
Master Assignment and Assumption Agreement. At the Closing, Limited Brands will enter into (and will cause Express to enter into) the Master Assignment and Assumption Agreement. 
 Section 8.09. Master Sublease. At the Closing, Limited Brands will enter into (and will cause Express to enter into) the Master
Sublease. 
 Section 8.10. Store Leases Agreement. At the Closing, Limited Brands will enter into (and will cause Express
and each other party thereto to enter into) the Store Leases Agreement. 
 Section 8.11. Retained Leases Assignment and
Assumption Agreement. At the Closing, Limited Brands will enter into (and will cause Express to enter into) the Retained Leases Assignment and Assumption Agreement. 
 Section 8.12. LBOS License Agreement. At the Closing, Limited Brands will enter into (and will cause Express to enter into) the LBOS License Agreement. 
 Section 8.13. Non-LBOS Quitclaim License Agreement. At the Closing, Limited Brands will enter into (and will cause Express to enter
into) the Non-LBOS Quitclaim License Agreement. 
  

 34 

 Section 8.14. Unconditional Guaranty. At the Closing, the Company will enter into the
Unconditional Guaranty. 
 Section 8.15. Cancellation of Related Party Contracts. Except as contemplated by any of the
Transaction Documents, as set forth on Section 8.15 of the Disclosure Schedule or to the extent arising prior to the Closing out of ordinary course commercial dealings of the business of the Company and its Subsidiaries, all Related Party
Agreements shall be cancelled as of the Closing Date and no party thereto shall have any further liability or obligation with respect thereto. From and after the Closing, all transactions between the Company or any Subsidiary, on the one hand, and
Seller or its Affiliates, on the other hand, shall be governed by the Transaction Documents. 
 Section 8.16. Mutual
Release. 
 (a) Effective immediately prior to the Closing, Seller hereby irrevocably waives, releases and discharges the
Company and its Subsidiaries from any and all liabilities and obligations to Seller and its Affiliates of any kind or nature whatsoever (including, without limitation, in respect of rights of contribution or indemnification), in each case whether
absolute or contingent, liquidated or unliquidated, and whether arising under any agreement or understanding, or the limited liability agreement, articles, bylaws, or other constitutive documents of the Company or any of its Subsidiaries or
otherwise at law or equity. The foregoing waiver, release and discharge shall not apply in respect of any liability or obligation arising under (i) any of the Transaction Documents (including, without limitation, indemnification obligations
arising under Article 9 or Article 12 of this Agreement) or (ii) any agreement entered into on or after the Closing Date. 
 (b) At the Closing, Buyer shall cause the Company to irrevocably waive, release and discharge Seller and its Affiliates from any and all liabilities and obligations to the Company and its Subsidiaries of any kind or nature whatsoever
(including, without limitation, in respect of rights of contribution or indemnification), in each case whether absolute or contingent, liquidated or unliquidated, and whether arising under any agreement or understanding, or the articles, bylaws, or
other constitutive documents of the Company or any of its Subsidiaries or otherwise at law or equity. The foregoing waiver, release and discharge shall not apply in respect of any liability or obligation arising under (i) any of the Transaction
Documents (including, without limitation, indemnification obligations arising under Article 9 or Article 12 of this Agreement) or (ii) any agreement entered into on or after the Closing Date. 
 Section 8.17. Retained Landlord Claims. It is understood and agreed that (i) effective at Closing, the Company and its
Subsidiaries shall assign to Seller or an Affiliate designated by Seller all of their rights to pursue claims for overpayments in respect of any of the Leases to the extent, but only to the extent,

  

 35 

 
such overpayments relate to payments made prior to the Closing in respect of periods prior to the Closing (the “Retained Landlord Claims”) and (ii) at and after the Closing,
the Company and its Subsidiaries shall execute such additional written assignments or other agreements as Seller shall reasonably request to implement or evidence the assignment of the Retained Landlord Claims. Without limiting the generality of the
foregoing, it is understood and agreed that Seller (i) at its expense, shall control the pursuit and defense of any and all Retained Landlord Claims and shall be entitled to pursue and control the prosecution and defense of litigation or
similar proceedings in respect of any such Claim and (ii) shall be entitled to all proceeds, awards, judgments and settlements in respect of any Retained Landlord Claims; provided that if, in connection with the pursuit of a Retained Landlord
Claim, it is determined that rent, additional rent or percentage rent (however characterized) due and payable prior to the Closing in respect of the relevant lease was not paid in full prior to the Closing (a “Delinquent Payment”),
Seller shall be responsible for such Delinquent Payment. Seller shall use good faith efforts to pursue Retained Landlord Claims in a way that reduces the risk of material impairment to the conduct of business at any affected leasehold (it being
understood that, notwithstanding the foregoing, (i) Seller is entitled to pursue the Retained Landlord Claims and (ii) the pursuit of Retained Landlord Claims could result in material impairment to the conduct of business at any affected
leasehold). 
 Section 8.18. Retained Litigation. It is understood and agreed that (i) effective at Closing, the
Company and its Subsidiaries shall assign to Seller or an Affiliate designated by Seller all of their rights with respect to the Retained Litigation and (ii) at and after the Closing, Buyer shall cause the Company and its Subsidiaries to
execute such additional written assignments or other agreements as Seller shall reasonably request to implement or evidence the assignment of the Retained Litigation. Without limiting the generality of the foregoing, it is understood and agreed that
Seller (i) at its expense, shall control the pursuit and defense of any and all Retained Litigation and shall be entitled to pursue and control the prosecution and defense of any such Retained Litigation and (ii) shall be entitled to all
proceeds, awards, judgments and settlements in respect of, and shall be responsible for all Damages arising out of, any Retained Litigation. 
 Section 8.19. Litigation Cooperation. Without limiting the generality of Section 7.02(a), from and after Closing, Buyer shall, and shall cause the Company and its Subsidiaries to, make
available to Seller and its Affiliates and their accountants, counsel, and other designated representatives, at Seller’s cost and upon written request, the officers, employees and representatives of Buyer, its controlled Affiliates and the
Company and its Subsidiaries as witnesses, and shall otherwise cooperate with Seller and its Affiliates, and furnish or cause to be furnished such records, information and testimony, and attend such conferences, discovery proceedings, hearings,
trials or appeals, in each case to the extent reasonably required in connection with any legal, administrative or other

  

 36 

 
proceeding arising out of (i) the Company’s or any of its Subsidiaries’ business and operations prior to the Closing Date in which Seller or any of its Affiliates may from time to
time be involved or otherwise related to any of the Transaction Documents (other than with respect to proceedings involving disputes between Buyer, on the one hand, and Seller and its Affiliates, on the other hand), (ii) the Retained Litigation
or (iii) the Retained Landlord Claims; provided, that Seller shall use its reasonable best efforts to pursue the Retained Litigation and the Retained Landlord Claims in a manner that does not involve Buyer, its Affiliates, the Company or
any Subsidiary, or their respective directors, officers, employees or representatives (including, without limitation, to the extent feasible, pursuing litigation or similar proceedings in the name of Seller or one of its Affiliates); provided
further that any such cooperation by Buyer, its Affiliates, the Company or its Subsidiaries shall not unreasonably interfere with the conduct of the business of Buyer, its Affiliates or the Company or its Subsidiaries, as applicable. If Seller
is unable to pursue the Retained Landlord Claims or the Retained Litigation without involving Buyer, its controlled Affiliates or the Company or its Subsidiaries, Buyer and its controlled Affiliates will, and Buyer will cause the Company and any
Subsidiary to, execute all complaints and other court or similar papers reasonably requested in order to assist Seller and its Affiliates in their efforts to pursue the Retained Landlord Claims and the Retained Litigation. 
 ARTICLE 9 
 TAX MATTERS 
 Section 9.01. Tax Representations. Seller represents and warrants
to Buyer as of the date hereof that, except as set forth in the Balance Sheet (including the notes thereto) or in Section 9.01 of the Disclosure Schedule, (a) all Tax returns, statements, reports and forms (collectively,
“Returns”) that are material and are required to be filed with any Taxing Authority by, or with respect to, the Company or any Subsidiary on or before the Closing Date (taking into account any duly obtained extensions) have been, or
will be, timely filed, (b) the Company and the Subsidiaries (or, in the case of a Return of a Limited Tax Group, Limited Brands) have timely paid all Taxes shown as due and payable on the Returns that have been filed, (c) the Returns that
have been filed are true, correct and complete in all material respects, (d) there is no action, suit, proceeding, investigation, audit or claim now proposed or pending against or with respect to the Company or any Subsidiary in respect of any
material Tax, (e) each of the Company and its Subsidiaries has properly withheld and paid all Taxes required to have been withheld and paid in connection with amounts paid or owing to any shareholder, employee, creditor, independent contractor,
or other third party, (f) there is no claim pending or to Seller’s knowledge proposed or threatened by a taxing authority in a jurisdiction where the Company or any of its Subsidiaries does not file Returns that such Person is or may be
subject to taxation in such jurisdiction, (g) none of the Company or its Subsidiaries has consented to extend

  

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the time, or is the beneficiary of any extension of time, in which any Tax may be assessed or collected by any taxing authority, and (h) each of the Company and its Subsidiaries (other than
Expressco, Inc., prior to its merger into Express) has been at all times classified as a partnership or disregarded entity within the meaning of Treasury Regulation Section 301.7701-2(a) and none has made an election to be treated as an
association within the meaning of Treasury Regulation Section 301.7701-3. 
 Section 9.02. Tax Covenants.

 (a) Seller and Buyer shall cause the Company to make an election under Section 754 of the Code effective for the taxable
year of the Company in which the Closing occurs. Buyer shall prepare and deliver to Seller for its review and comment a statement (the “743(b) Statement”) as promptly as practicable after the determination of Final Net Tangible
Assets, setting forth the allocation of the adjustment to the bases of the Company’s assets. If Seller disagrees with the allocation on the 743(b) Statement, Seller may deliver a notice to Buyer specifying those items as to which Seller
disagrees or setting forth an alternative 743(b) Statement (the “Alternative 743(b) Statement”). Seller and Buyer shall use their reasonable best efforts to resolve any issues arising from the 743(b) Statement. If Seller and Buyer
are unable to reach such agreement, they shall promptly thereafter cause an independent accountant of nationally recognized standing reasonably satisfactory to Seller and Buyer (who shall not have any material relationship with Seller or Buyer)
promptly to review the 743(b) Statement and the notice specifying the disputed items or the Alternative 743(b) Statement for purposes of determining the proper allocation of the adjustment to the bases of the Company’s assets. Such independent
accountant shall deliver to Seller and Buyer, as promptly as practicable, a final 743(b) Statement (the “Final 743(b) Statement”), it being understood that such Final 743(b) Statement shall be final and binding upon the parties
hereto. The cost of such review and preparation of the Final 743(b) Statement shall be borne by Seller and Buyer equally. Seller and Buyer agree to be bound by the 743(b) Statement (or the Final 743(b) Statement, if applicable) and act in accordance
therewith in the preparation, filing and audit of any Return. 
 (b) Seller shall prepare and timely file all Returns reflecting
the income of the Company or any Subsidiary for all Pre-Closing Tax Periods. Seller and Buyer shall cause the Company to provide Seller at least 60 days before the applicable Returns are due such information as Seller may reasonably require in the
preparation of such Returns. 
 (c) All transfer, documentary, sales, use, stamp, registration and other such Taxes and fees
(including any penalties and interest) incurred in connection with transactions contemplated by this Agreement (including any real property transfer Tax and any similar Tax) (all such Taxes, excluding Other Taxes (as defined below),
“Transfer Taxes”) shall be paid by the party having liability

  

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therefor under applicable Law (or, if both Buyer or one of its Affiliates, on the one hand, and Seller or one of its Affiliates, on the other hand, have liability under applicable Law, then 50%
of such Tax shall be paid by Buyer and the remaining 50% shall be paid by Seller), and such party (or, in the case of Taxes paid by both Buyer and Seller, both parties) will file all necessary Returns and other documentation with respect to all such
Taxes and fees, and, if required by applicable Law, the other party will, and will cause its Affiliates to, join in the execution of any such Returns and other documentation; provided that Buyer, on the one hand, and Seller, on the other hand, will
each bear 50% of the economic burden of any Transfer Tax and of the expenses of preparing and filing all necessary Transfer Tax returns and other documentation, and Buyer and Seller shall make all such payments to one another as are necessary to
achieve such allocation of such economic burden; and provided further that a reasonable period of time in advance of paying any Transfer Tax or filing any related return or other documentation, the parties will consult with one another in good faith
in order to agree whether the payment of such Transfer Tax or filing of such return or other documentation is required under applicable Law. Notwithstanding any other provision of this Agreement, the Company or its Subsidiaries shall be liable for
and bear the entire economic burden of any Taxes or other payments to be made to a governmental authority as a result of the transactions contemplated by this Agreement for the purpose of having the Buyer, any of its Affiliates, the Company or any
Subsidiary qualify to do business in a jurisdiction, be authorized to collect sales tax, receive applicable vendors’ or other licenses, or receive other, similar authorizations, licenses, qualifications or permissions (“Other
Taxes”). The provisions of this Section 9.02(c), and no other provision (including Section 9.04), will govern the allocation between the parties of the economic burden of Transfer Taxes and Other Taxes. 
 Section 9.03. Tax Sharing. Any and all existing Tax sharing, Tax indemnity or Tax allocation agreements or arrangements between the
Company or any Subsidiary and any member of any Limited Tax Group shall be terminated as of the Closing Date. After such date neither the Company, any Subsidiary, Limited Brands nor any Affiliate of Limited Brands shall have any further rights or
liabilities thereunder. 
 Section 9.04. Indemnification by Seller. 
 (a) Seller hereby indemnifies Buyer and its Affiliates and, after the Closing, the Company and the Subsidiaries against and agrees to hold
them harmless from any (i) Indemnified Tax of the Company or any Subsidiary relating to a Pre-Closing Tax Period and (ii) liabilities, costs and expenses (including, without limitation, reasonable expenses of investigation and
attorneys’ fees and expenses) arising out of or incident to the imposition, assessment or assertion of any Tax described in (i), including those liabilities, costs and expenses incurred in the contest in good faith in appropriate proceedings
relating to the imposition, assessment or assertion of any such Tax, in each case incurred or suffered by the Company or any Subsidiary after the Closing (the sum of (i) and (ii) being referred to as a “Tax Loss”).

  

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 (b) For purposes of this Section 9.04, in the case of any Indemnified Tax that is
payable for a Straddle Period, the portion of such Indemnified Tax related to the portion of such Straddle Period ending on the Closing Date based on or measured by income or receipts of the Company or any of its Subsidiaries shall be determined
based on an interim closing of the books as of the close of business on the Closing Date, and the amount of other Indemnified Taxes for a Straddle Period which relate to the Pre-Closing Tax Period shall be deemed to be the amount of such Indemnified
Tax for the entire taxable period multiplied by a fraction the numerator of which is the number of days in the taxable period ending on the Closing Date and the denominator of which is the number of days in the Straddle Period. 
 (c) If any claim or demand for Taxes in respect of which indemnity may be sought pursuant to this Section 9.04 is asserted against the
Company, any Subsidiary or any of its Affiliates, the Company, the Subsidiary or the Affiliate shall notify Seller of such claim or demand within 10 days of receipt thereof, or such earlier time that would allow Seller to timely respond to such
claim or demand, and shall give Seller such information with respect thereto as Seller may reasonably request. Seller may discharge, at any time, its indemnification obligation under this Section 9.04 by paying to the Company, the Subsidiary or
the Affiliate the amount of the applicable Tax Loss, calculated on the date of such payment subject to the approval of Buyer. Seller shall have the right to assume and control at its own expense, and the Company, the Subsidiary or the Affiliate
shall take all steps reasonably requested by Seller in order to fully effectuate Seller’s assumption and control of, the conduct of any contest or proceeding (including, without limitation, a Tax audit) relating to Federal Taxes, Combined Taxes
or any other Taxes for which indemnification may be sought from Seller under this Section 9.04. Without limiting the foregoing, in order to effectuate such assumption and control, the Company, the Subsidiaries and the Company’s Affiliates
hereby authorize and appoint as their exclusive agents Seller and any other person Seller may designate to conduct any such contest or proceeding and to take all actions and make, in Seller’s or its designee’s sole discretion, all
decisions necessary or incidental to such conduct, including preparing and filing briefs and other submissions, appearing before applicable authorities for conferences and oral arguments, and determining whether and on what terms to settle any such
contest or proceeding, and Company, the Subsidiaries and the Company’s Affiliates shall take such further actions as Seller requests to evidence such authority (including without limitation executing powers of attorney). The Company, the
Subsidiaries and the Company’s Affiliates shall each have the right, but not the duty, to participate in any such contest or proceeding at its own expense, subject to Seller’s right to control such contest or proceeding as described in the
two preceding sentences. Seller shall not settle or conclude any

  

 40 

 
such contest or proceeding addressed by this Section 9.04(c) without Buyer’s approval, not to be unreasonably withheld, if the settlement or proposed resolution of such contest or
proceeding could reasonably be expected to adversely affect the Company, any Subsidiary, Buyer or its Affiliates for any taxable period beginning or portion thereof after the Closing Date. Seller shall not be liable under this Section 9.04 for
any amount arising out of a contest or proceeding of which Seller was not notified as required under this Section 9.04(c) to the extent that the failure to so notify Seller prejudiced Seller. 
 (d) Notwithstanding Section 9.04(a), if Seller’s indemnification obligation under this Section 9.04 arises in respect of an
adjustment which makes allowable to the Company, any Subsidiary, or any of its Affiliates any deduction, amortization, exclusion from income or other allowance for any taxable period beginning after the Closing Date (a “Tax
Benefit”) which would not, but for such adjustment, be allowable, then the Company, its Affiliate or any Subsidiary, as applicable, shall pay over to Seller the tax savings attributable to such Tax Benefit (calculated on a with-and-without
basis) as and when realized by the Company, its Affiliate or any Subsidiary, as applicable; provided, however, that the amount paid to Seller pursuant to this provision with respect to any indemnification obligation shall not exceed the amount paid
by Seller pursuant to Section 9.04(a) with respect to such indemnification obligation. 
 ARTICLE 10 
 EMPLOYEE BENEFITS 
 Section 10.01. Employee Benefits. 
 (a) The following terms, as used
herein, having the following meanings: 
 “COBRA” means the “continuation coverage
requirements” of “group health plans” as set forth in Section 4980B of the Code and Part 6 of Subtitle B of Title I of ERISA. 
 “Company Employee” means each individual who is a current or former employee of the Company or any of its Subsidiaries. 
 “Employee Plan” means each material “employee benefit plan,” as such term is defined in
Section 3(3) of ERISA, and each material employment, severance, continuation pay, termination pay, layoff, or other similar written contract, arrangement or policy and each material plan or arrangement providing for health, medical, life or
other welfare benefit insurance coverage (including any insured, self-insured or other arrangements), workers’ compensation, disability benefits, supplemental unemployment benefits, holiday, dependent care assistance, education or vacation
benefits, retirement benefits or deferred compensation, profit-sharing, bonuses, stock options, stock purchase, stock

  

 41 

 
appreciation or other forms of incentive compensation or post-retirement insurance, compensation or benefits which (1) is or has been entered into, maintained, administered or contributed
to, as the case may be, by Seller, any of its Affiliates, the Company or any Subsidiary and (2) covers any Company Employee or with respect to which the Company or any Subsidiary has any liability. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated
thereunder. 
 “ERISA Affiliate” of any entity means any other entity which, together with such entity, is or
was, at the relevant time, treated as a single employer under Section 414 of the Code. 
 “HIPAA” means
Section 9801 of the Code and Part 7 of Subtitle B of Title I of ERISA. 
 “Stock Plan” means the Limited
Brands, Inc. Stock Option and Performance Incentive Plan, as amended from time to time. 
 (b) Each of the following terms is
defined in the Section set forth opposite such term: 
  

			
	 Term
	  	Section
	 Buyer NQDCP
	  	10.05
	 Buyer’s Welfare Benefit Plans
	  	10.03
	 Company’s FSA
	  	10.03
	 Covered Employee
	  	10.03
	 Defined Benefit Plan
	  	10.02
	 Multiemployer Plan
	  	10.02
	 Post-Closing DC Plan
	  	10.04
	 Seller’s FSA
	  	10.03
	 Seller Savings Plans
	  	10.04
	 SRDCP
	  	10.05

 Section 10.02. ERISA Representations. Seller represents and warrants to Buyer
as of the date hereof that: 
 (a) Section 10.02(a) of the Disclosure Schedule sets forth each Employee Plan, including all
employment agreements to which the Company is a party. With respect to each such Employee Plan, Seller has furnished or made available to Buyer a true and complete copy of the plan document of each such Employee Plan. Each Employee Plan has been
maintained in material compliance with its terms and with the requirements prescribed by any and all applicable statutes, orders, rules and regulations, including but not limited to ERISA and the Code. 
  

 42 

 (b) The Internal Revenue Service has issued a favorable determination letter with respect to
each Employee Plan that is intended to qualify under Section 401(a) of the Code, and to the knowledge of Seller no event has occurred before or after the date of such letter that would disqualify such Employee Plan. 
 (c) Limited Brands, the Company and/or the Subsidiaries have each made full payment of all amounts as required, under applicable Law or the
terms of each Employee Plan on behalf of each Company Employee, to have contributed thereto before the Closing Date (including any employee salary reduction contributions described in Section 125 or Section 401(k) of the Code) for all
periods through and including the Closing Date, or proper accruals for such contributions have been made and are reflected on the Company’s Balance Sheet and books and records. Limited Brands, the Company and/or the Subsidiaries will pay such
contributions to the Employee Plans on behalf of Company Employees in respect of benefits payable, or otherwise made available, to the Company Employees for all periods prior to the Closing Date, or, if any such contributions will not be due prior
to the Closing Date, adequate provision for reserves therefor shall be made on the Closing Statement of Net Tangible Assets. 
 (d) Neither Limited Brands, the Company nor any Subsidiary has within the past six years made any contributions (or has been obligated to make any contributions) on behalf of Company Employees to a “Multiemployer
Plan,” as defined in Section 3(37) of ERISA or to a “Defined Benefit Plan,” as defined in Section 3(35) of ERISA. Neither the Company nor any Subsidiary has any liability with respect to a Multiemployer
Plan or a Defined Benefit Plan, including without limitation as a result of the Company or any Subsidiary being treated as a single employer with any other Person under Section 414 of the Code. 
 (e) No Employee Plan provides (or will provide) medical, life insurance or death benefits with respect to former employees (including
retirees) of the Company or any Subsidiary, other than benefits that are required to be provided pursuant to (i) Section 4980B of the Code, or (ii) the agreements listed on Section 10.02(e)(ii) of the Disclosure Schedule.

 (f) There are no investigations, audits, claims or lawsuits which have been asserted or instituted involving any aspect of
any Employee Plan (other than routine benefit claims) which are likely to result in material liability to the Company or any Subsidiary. 
 (g) Neither the Company, any Subsidiary nor any “party in interest” (as defined in Section 3(14) of ERISA) or “disqualified person” (as defined in
Section 4975(e)(2) of the Code) with respect to any Employee Plan has engaged in a material “prohibited transaction” within the meaning of Part 4 of Subtitle B of Title I of ERISA or Section 4975 of the Code for which a
statutory, administrative, or regulatory exemption is not available. 
  

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 (h) The consummation of the transactions contemplated by this Agreement will not, separately
or together, except as set forth on Section 10.02(h) of the Disclosure Schedule, entitle any Company Employee to receive from the Company or any Subsidiary severance pay, unemployment compensation, or any other payment, or except as set forth
in Section 10.07, accelerate the time of payment or vesting of, or increase the amount of, compensation due to any such Company Employee. 
 (i) Consummation of the transactions contemplated by this Agreement will not result in any “excess parachute payments” within the meaning of Section 280G(b) of the Code. There are no change
in control payments payable to Company Employees other than any such payments which are the responsibility of Limited Brands, other than payments in respect of the termination by the Company of such Company Employees after the Closing. There are no
retention payments payable to Company Employees other than any such payments which are the responsibility of Limited Brands. 
 Section 10.03. Compensation and Benefits Following the Closing. 
 (a) (i) Notwithstanding anything herein to
the contrary, for a period from the Closing Date through the one year anniversary of the Closing Date, Buyer shall, or shall cause the Company to, provide all Covered Employees with base compensation, bonus opportunity and benefits that are
substantially comparable in the aggregate to the compensation, bonus opportunity and benefits (excluding equity incentive compensation) such Covered Employees were receiving or eligible to receive immediately prior to the Closing Date (excluding
equity incentive compensation). For purposes of this Agreement, a “Covered Employee” means each individual who is employed by the Company or its Subsidiaries on the Closing Date, including any such individual on approved leave of
absence (including maternity and paternity leave, vacation, sick leave, short-term disability, long-term disability, military leave, jury duty, or bereavement leave). (ii) Buyer agrees that the Company shall assume and be responsible for, and
that neither Seller nor Limited Brands shall have any liability for or in respect of, any and all bonus payments due Company Employees under Limited Brands’ Incentive Compensation Plan in respect of the Spring season performance period ending
August 1, 2007 to the extent accrued on the books and records of the Company or its Subsidiaries. 
 (b) For a period from
the Closing Date through the one year anniversary of the Closing Date, Buyer shall, or shall cause the Company to, provide severance benefits to each Covered Employee on terms that are no less favorable than those set forth in Section 10.03 of
the Disclosure Schedule. 
 (c) Buyer shall credit the Covered Employees for service with the Company and its Subsidiaries prior
to the Closing Date for purposes of eligibility to participate in, and to receive benefits under, benefit plans following the Closing Date, vesting of benefits, and benefit accrual (provided, however, that credited service for benefit accrual
purposes shall apply solely for purposes of vacation, paid time off and severance benefits). 
  

 44 

 (d) Buyer covenants that the welfare benefit plans in which Covered Employees participate on
or following the Closing Date (or, if later, the end of any applicable transition period under the Services Agreement) (“Buyer’s Welfare Benefit Plans”) shall credit each Covered Employee for any coinsurance or deductibles paid
prior to the date the Covered Employee becomes a participant in Buyer’s Welfare Benefit Plans, 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 Buyer’s Welfare Benefit Plans in which the Covered Employee is eligible to participate after the Closing Date (or, if later, the end of the applicable transition period). As of
the Closing Date, the Company shall establish flexible spending accounts for medical and dependent care expenses under a new or existing plan (“Company’s FSA”) for each Covered Employee who, on or prior to the Closing Date, is
a participant in a flexible spending account for medical and dependent care expenses under an Employee Plan (“Seller’s FSA”) or who elects to participate in Company’s FSA. Subject to Buyer and the Company being provided
all information reasonably necessary to permit the administrator of Company’s FSA to accommodate the inclusion of the Covered Employees in Company’s FSA on the basis described herein, the Company shall credit or debit, as applicable,
effective as of the Closing Date, the applicable account of each Covered Employee under Company’s FSA with an amount equal to the balance of each such Covered Employee’s account under Seller’s FSA as of immediately prior to the
Closing Date. As soon as practicable after the Closing, Seller shall pay to Buyer the net aggregate amount of the account balances credited under the Company’s FSA, if such amount is positive, and the Company shall pay to Seller the net
aggregate amount of the account balances credited under Company’s FSA, if such amount is negative. 
 (e) Buyer covenants
that, with respect to the Company Employees, Buyer’s Welfare Benefit Plans shall not treat any transaction contemplated hereby as an event which, in and of itself, would cause the Company Employees to be subject to any preexisting condition
limitation and shall otherwise satisfy the requirements of Section 4980B(f) of the Code with respect to any “qualifying events” (as such term is defined under Section 4980B(f)(3) of the Code) that occur under Buyer’s
Welfare Benefit Plans on or after the Closing Date. 
 (f) (i) Buyer, the Company and their Affiliates shall be responsible for
and shall indemnify and hold Seller and its Affiliates harmless for all liabilities incurred after the effectiveness of the Closing relating to any employee benefit plan maintained or contributed to by Buyer, the Company, or any Subsidiary or
Affiliate thereof, with respect to any Covered Employee; provided that the allocation of liabilities and costs relating to the continued participation under the

  

 45 

 
Employee Plans by Covered Employees following the Closing Date shall be solely governed by the Services Agreement. For purposes of this Section 10.03, a medical or dental claim shall be
“incurred” when the relevant service is provided or item purchased. (ii) Effective as of the Closing Date, the Company shall cause Express to assume all obligations and liabilities of Limited Brands and its Affiliates under the
employment agreements listed on Section 10.03(f)(ii) of the Disclosure Schedule. 
 (g) Except as expressly assumed by the
Company under this Section 10.03, Section 10.04 and Section 10.05 or to the extent provided in the Services Agreement, Seller and its Affiliates shall be responsible for and shall indemnify and hold the Company and its Subsidiaries
harmless for all liabilities (i) relating to any employee benefit plan currently or formerly maintained or contributed to by Limited Brands, the Company or any Subsidiary or any ERISA Affiliate thereof and (ii) incurred prior to the
effectiveness of the Closing with respect to any Company Employee. 
 (h) The Company’s obligations under this
Section 10.03 are in addition to the Company’s obligations under Section 10.04 and Section 10.05. 
 (i) Nothing contained in this Agreement, express or implied (A) shall be construed to establish, amend, or modify any benefit plan, program, agreement or arrangement; (B) shall alter or limit the ability of Buyer, the Company or
its Subsidiaries to amend, modify or terminate any benefit plan, program, agreement or arrangement at any time assumed, established, sponsored or maintained by any of them; (C) is intended to confer upon any Person any right to employment or
continued employment for any period of time by reason of this Agreement, or any right to a particular term or condition of employment; or (D) is intended to confer upon any Person any other rights as a third-party beneficiary of this Agreement.

 Section 10.04. Savings and Retirement Plan. 
 (a) Effective as of the Closing Date, Limited Brands shall amend each of the tax-qualified defined contribution plans in which Covered
Employees participate (the “Seller Savings Plans”) to cause the active participation of each Covered Employee in the Seller Savings Plans to cease as of the Closing Date. 
 (b) Seller shall take any steps necessary to (i) cause each Covered Employee to be fully vested in their account balances under the
relevant Seller Savings Plan as of the Closing Date and (ii) permit the Covered Employees to receive a distribution of their account balances under each of the Seller Savings Plans as a result of the transactions contemplated by this Agreement.
On or following the Closing Date, a tax-qualified savings plan established or maintained by Buyer or one of its affiliates, including the Company, (the “Post-Closing DC

  

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Plan”) shall (if elected by Covered Employees) accept individual rollovers in cash of Covered Employees’ distributions from the Seller Savings Plans, subject to the terms and
conditions of the Post-Closing DC Plan and applicable Law. Limited Brands and Buyer shall reasonably cooperate in good faith to effect such transfers or distributions as soon as practicable after the Effective Time. 
 Section 10.05. Other Employee Plans and Benefit Arrangements. On or prior to the Closing Date, Buyer shall, or shall cause the
Company to, establish a nonqualified deferred compensation plan (“Buyer NQDCP”) that mirrors Limited Brands Supplemental Retirement Plan (the “SRDCP”). Seller shall take any steps necessary to cause each Covered
Employee participating in the SRDCP to be fully vested in their account balances thereunder as of the Closing Date. Effective as of the Closing Date, Buyer shall cause the Company to (1) accept the transfer (in the form of cash) from Seller of
participant account balances from the SRDCP to the Buyer NQDCP with respect to benefits payable to Covered Employees who are participants in the SRDCP as of the Closing Date, and (2) assume all obligations and liabilities attributable to such
account balances. On the Closing Date, Seller shall provide Buyer with a true and correct schedule setting forth the following information regarding each Covered Employee who is a participant in the SRDCP on the Closing Date: the name of the Covered
Employee, his/her job title, and the amounts credited to his/her SRDCP account as of the Closing Date. 
 Section 10.06.
Necessary Action. Limited Brands, Seller and Buyer agree to take all action, or cause such action to be taken, which may be necessary in order to effectuate the transactions contemplated by this Article, including, without limitation,
adopting any necessary amendments to the Employee Plans and making all filings and submissions to the appropriate governmental agencies required to be made in connection with the events contemplated by Section 10.04. 
 Section 10.07. Stock-Based Compensation. As soon as commercially practicable after the date hereof, Limited Brands shall recommend to
the Compensation Committee of its Board of Directors that the Committee cause each outstanding unvested stock option, restricted share or restricted stock unit granted under the Stock Plan and held by a Company Employee that would otherwise become
exercisable or vested, as applicable, during the twelve month period following the Closing Date to become exercisable or vested, as applicable, immediately prior to the Closing Date. Subject to the foregoing, following the Closing Date the treatment
of all stock options, restricted shares or restricted stock units held by Company Employees, whether vested or unvested, shall be governed by the terms of such options and the Stock Plan. On the Closing Date, the Company shall pay to Limited Brands
an amount in cash, not to exceed $7,000,000, equal to the accounting charge recognized by Limited Brands and any other charges or out-of-pocket costs incurred by Limited Brands in connection with the acceleration of unvested stock options,
restricted shares or restricted stock units referred to in this Section 10.07. It is understood and agreed that the Closing Payment includes the amounts owed by the Company to Seller pursuant to the preceding sentence. 
  

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 Section 10.08. Third Party Beneficiaries. No provision of this Article shall create
any third party beneficiary rights in any Company Employee (including any beneficiary or dependent thereof). 
 ARTICLE 11

 CONDITIONS TO CLOSING 
 Section 11.01. Conditions to Obligation of Buyer, Limited Brands and Seller. The obligations of Buyer, Limited Brands and Seller to
consummate the Closing are subject to the satisfaction (or, to the extent permitted by Law, waiver by the relevant party) of the following conditions: 
 (a) Any applicable waiting period under the HSR Act relating to the transactions contemplated by the Transaction Documents shall have expired or been terminated. 
 (b) No provision of any applicable Law and no judgment, injunction, order or decree shall prohibit the consummation of the Closing.

 Section 11.02. Conditions to Obligation of Buyer. The obligation of Buyer to consummate the Closing is subject to the
satisfaction (or, to the extent permitted by Law, waiver by Buyer) of the following further conditions: 
 (a) (i) Limited
Brands and Seller shall have performed or complied in all material respects with all of the agreements and covenants required by the Transaction Documents to be performed or complied with by them at or prior to the Closing Date, (ii) the
representations and warranties of Seller and Limited Brands contained in this Agreement and in any certificate or other writing delivered by Seller or Limited Brands pursuant hereto, disregarding any qualifications or exceptions contained in such
representations or warranties relating to materiality or Material Adverse Effect, shall be true and accurate at and as of the Closing Date, as if made at and as of such time (other than any representations and warranties that address matters as of a
specific date, which shall be true and accurate as of such date), except for any inaccuracies which, individually or in the aggregate, would not constitute a Material Adverse Effect and (iii) Buyer shall have received a certificate signed by an
executive officer of Seller to the foregoing effect. 
 (b) Seller or Limited Brands shall have caused the following fully
executed documents to be delivered to Buyer: 
 (i) letters of resignation from the officers and directors of the
Company and each Subsidiary, to the extent any such officer or director will remain an employee of Seller or any of its Affiliates after the Closing; 
  

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 (ii) such documents regarding the corporate organization, existence,
authorization and similar matters relating to Limited Brands, Seller, the Company or any Subsidiary as Buyer may reasonably request; 
 (iii) the Services Agreement; 
 (iv) the LLC Agreement; 

(v) the DC Lease; 
 (vi) the Covenant Agreement; 
 (vii) the Master Assignment and
Assumption Agreement; 
 (viii) the Master Sublease; 
 (ix) the Store Leases Agreement; 
 (x) the Retained Leases Assignment and Assumption Agreement; 
 (xi) the Non-LBOS Quitclaim License Agreement; 
 (xii) the LBOS License Agreement; and 
 (xiii) the Unconditional Guaranty. 
 Section 11.03. Conditions to Obligation of Limited Brands and Seller. The obligation of Limited Brands and Seller to consummate the Closing is subject to the satisfaction (or, to the extent
permitted by Law, waiver by Seller) of the following further conditions: 
 (a) (i) Buyer shall have performed or complied in
all material respects with all of the agreements, covenants and conditions required by the Transaction Documents to be performed or complied with by it on or prior to the Closing Date, (ii) the representations and warranties of Buyer contained
in this Agreement and in any certificate or other writing delivered by Buyer pursuant hereto shall be true and accurate in all material respects at and as of the Closing Date, as if made at and as of such time (other than any representations and
warranties that address matters as of a specific date, which shall be true and accurate as of such date) and (iii) Seller shall have received a certificate signed by an executive officer of Buyer to the foregoing effect. 
  

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 (b) Buyer shall have caused the following documents to be delivered to Seller: 

(i) such documents regarding the corporate organization, existence, authorization and similar matters relating to Buyer as
Seller may reasonably request; and 
 (ii) the LLC Agreement. 
 ARTICLE 12 
 SURVIVAL; INDEMNIFICATION 
 Section 12.01. Survival. None of the representations
and warranties of Limited Brands, Seller or Buyer contained in this Agreement shall survive the Closing Date, except that the representations and warranties contained in (i) Section 3.01, Section 3.02, Section 3.05,
Section 3.06, Section 3.21, Section 4.01, Section 4.02, Section 5.01, Section 5.02, Section 5.07, Section 5.08 and Section 10.02(i) shall survive until the latest date permitted by Law, and
(ii) Section 3.08 and Section 3.16 shall survive until the first anniversary of the Closing Date (the representations and warranties listed in clauses (i) and (ii), the “Surviving Representations and
Warranties”). Except as specifically set forth in the preceding sentence, no other representation or warranty of any party set forth in this Agreement will survive the Closing, and no party will have any rights or remedies after the Closing
with respect to any misrepresentation of or inaccuracy in any such representation or warranty. Except as otherwise provided in this Agreement, the covenants and agreements of Buyer, Limited Brands and Seller contained in this Agreement shall survive
Closing and shall continue in full force and effect indefinitely or for the shorter period specified in this Agreement. Any breach of representation, warranty, covenant or agreement in respect of which indemnity may be sought under this Agreement
shall survive the time at which it would otherwise terminate pursuant to Section 12.01 if notice of the inaccuracy or breach thereof giving rise to such right of indemnity shall have been given to the party against whom such indemnity may be
sought prior to such time. 
 Section 12.02. Indemnification. 
 (a) From and after Closing, Limited Brands hereby indemnifies Buyer and its Affiliates against and agrees to hold each of them harmless from
any and all damage, loss, liability and expense (including, without limitation, reasonable expenses of investigation and reasonable attorneys’ fees and expenses in connection with any action, suit or proceeding) (“Damages”)
actually incurred or suffered by Buyer or any of its Affiliates arising out of or resulting from (i) any inaccuracy or breach of any Surviving Representation and Warranty (each such inaccuracy and breach, a “Warranty Breach”)
or breach of a covenant, in each case of Limited Brands or Seller contained in this Agreement (it being agreed that,

  

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in the case of the inaccuracy or breach of the representation and warranty contained in Section 3.16, in addition to any other rights that Seller may have under this Agreement or under
applicable Law, Seller shall first have ten (10) Business Days following delivery of notice by Buyer of an alleged breach thereof to cure such breach to the reasonable satisfaction of Buyer) and (ii) the Retained Litigation. 
 (b) From and after Closing, Buyer hereby indemnifies Limited Brands and its Affiliates against and agrees to hold each of them harmless from
any and all Damages actually incurred or suffered by Limited Brands or any of its Affiliates arising out of or related in any way to any Warranty Breach or breach of a covenant, in each case of Buyer contained in this Agreement. 
 (c) From and after Closing, the Company hereby indemnifies Limited Brands and its Affiliates against and agrees to hold each of them
harmless from any and all Damages actually incurred or suffered by Limited Brands or any of its Affiliates arising out of or related in any way to, to the extent contemplated by Section 7.04(b), any Financial Support Arrangements in connection
with the business, liabilities, obligations or operations of the Company or any of its Subsidiaries with respect to which Limited Brands and its Affiliates have not been unconditionally released from their obligations thereunder. 
 (d) Notwithstanding anything to the contrary herein, (i) Buyer and its Affiliates shall not be indemnified for Damages pursuant to this
Section 12.02 (in the absence of fraud or intentional misrepresentation) with respect to any Warranty Breach of the representations and warranties contained in Section 3.08 and Section 3.16 unless and until the aggregate amount of all
such Damages exceeds $10,000,000, and then only to the extent of such excess, and (ii) the total liability of Limited Brands to indemnify and hold Buyer and its Affiliates harmless in respect of Damages arising as a result of a Warranty Breach
of the representations and warranties contained in Section 3.08 and Section 3.16 shall be limited (in the absence of fraud or intentional misrepresentation) to $100,000,000 in the aggregate. 
 (e) Notwithstanding any of the provisions of this Article 12, Section 9.04 shall provide the exclusive remedy for Buyer’s and its
Affiliates’ (and, after the Closing, the Company’s and its Subsidiaries’) recovery of any Tax Loss from Seller and its Affiliates, and the procedures set forth in Section 9.04 shall govern any claim for indemnification under such
provision. 
 Section 12.03. Procedures. 
 (a) The party seeking indemnification under Section 12.02 (the “Indemnified Party”) agrees to give prompt notice to the party against whom indemnity is sought (the
“Indemnifying Party”) of the assertion of any claim, or the commencement of any suit, action or proceeding (“Claim”) in respect of

  

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which indemnity may be sought under such Section and will provide the Indemnifying Party such information with respect thereto that the Indemnifying Party may reasonably request. The failure to
so notify the Indemnifying Party shall not relieve the Indemnifying Party of its obligations hereunder, except to the extent such failure shall have adversely prejudiced the Indemnifying Party. 
 (b) The Indemnifying Party shall be entitled to participate in the defense of any Claim asserted by any third party (“Third Party
Claim”) and, subject to the limitations set forth in this Section, shall be entitled to control the defense of such Third Party Claim and appoint lead counsel for such defense, in each case at its expense; provided that Limited Brands or
its Affiliates shall control the defense of, and appoint the lead counsel in connection with, the Retained Litigation. 
 (c) If
the Indemnifying Party shall assume the control of the defense of any Third Party Claim in accordance with the provisions of this Section 12.03, (i) the Indemnifying Party shall obtain the prior written consent of the Indemnified Party
(which shall not be unreasonably withheld, conditioned or delayed) before entering into any settlement of such Third Party Claim, if the settlement does not release the Indemnified Party from all liabilities and obligations with respect to such
Third Party Claim or the settlement imposes injunctive or other equitable relief against the Indemnified Party and (ii) the Indemnified Party shall be entitled to participate in the defense of such Third Party Claim and to employ separate
counsel of its choice for such purpose. The fees and expenses of such separate counsel shall be paid by the Indemnified Party. 
 (d) Each party shall cooperate, and cause their respective Affiliates to cooperate, in the defense or prosecution of any Third Party Claim and shall furnish or cause to be furnished such records, information and testimony, and attend such
conferences, discovery proceedings, hearings, trials or appeals, as may be reasonably requested in connection therewith. 
 (e)
Each Indemnified Party must mitigate in accordance with applicable Law any loss for which such Indemnified Party seeks indemnification under this Agreement. If such Indemnified Party mitigates its loss after the Indemnifying Party has paid the
Indemnified Party under any indemnification provision of this Agreement in respect of that loss, the Indemnified Party must notify the Indemnifying Party and pay to the Indemnifying Party the extent of the value of the benefit (or, if less, the
amount of any such loss previously paid by the Indemnifying Party) to the Indemnified Party of that mitigation (less the Indemnified Party’s reasonable costs of mitigation) within two Business Days after the benefit is received. 
 (f) Each Indemnified Party shall use reasonable efforts to collect any amounts available under insurance coverage, or from any other Person
alleged to be responsible, for any Damages payable under Section 12.02. 
  

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 Section 12.04. Limitation on Damages. 
 (a) The amount of any Damages payable under Section 12.02 by the Indemnifying Party shall be net of (i) any amounts recovered by
the Indemnified Party under applicable insurance policies and (ii) the amount of any Tax Benefit actually realized by the Indemnified Party arising from the incurrence or payment of any such Damages (net of any Tax detriment arising from
receipt of any indemnification payment). 
 (b) The Indemnifying Party shall not be liable under Section 12.02 for any
(i) Damages relating to any matter to the extent that (A) there is included in the Closing Statement of Net Tangible Assets an identifiable liability or reserve (including liabilities or reserves that are not individual line items, but are
identifiable components of a line item) specifically relating to such matter (it being understood that the Indemnifying Party shall be liable for the excess of the Damages over such identifiable liability or reserve) or (B) the Indemnified
Party had otherwise been compensated for such matter pursuant to the purchase price adjustment mechanism contemplated by Section 2.04 and Section 2.05 (it being understood that the Indemnifying Party shall be liable only for the excess of
the Damages over such purchase price adjustment compensation), (ii) special, punitive, indirect or consequential Damages (including diminution in value of the Sold Units) or (iii) Damages for lost profits. 
 (c) Notwithstanding anything in this Agreement to the contrary, no Damages shall be determined or increased based on any multiple of any
financial measure (including earnings, sales or other benchmarks) that might have been used by Buyer in the valuation of the Company and its Subsidiaries or their businesses and operations. 
 Section 12.05. Assignment of Claims. If the Indemnified Party receives any payment from an Indemnifying Party in respect of any
Damages pursuant to Section 12.02 and the Indemnified Party could have recovered all or a part of such Damages from a third party (other than from the Company, any Subsidiary, any Affiliate of the Company or any current or former employee or
agent of any such Persons) (a “Potential Contributor”) based on the underlying Claim asserted against the Indemnifying Party, the Indemnified Party shall assign such of its rights to proceed against the Potential Contributor as are
necessary to permit the Indemnifying Party to recover from the Potential Contributor the amount of such payment. 
 Section
12.06. Exclusivity. Except as specifically set forth in this Agreement, Buyer waives any rights and claims Buyer and its Affiliates may have against Seller and its Affiliates, whether in law or in equity, relating to the Company or any of its
Subsidiaries or any of their respective assets, business or operations, the Sold Units or the transactions contemplated hereby, and Seller waives any such rights and claims Seller and its Affiliates may have against

  

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Buyer and its Affiliates, the Company or any of its Subsidiaries, except in either case, any claim for fraud. The rights and claims waived hereby include, without limitation, claims for
contribution or other rights of recovery arising out of or relating to any Environmental Law, claims for breach of contract, breach of representation or warranty, negligent misrepresentation and all other claims for breach of duty other than fraud.
After the Closing, Article 9 and Section 12.02 will provide the exclusive remedy for any misrepresentation, breach of warranty, covenant or other agreement (other than those contained in Section 2.05, Section 6.02, Section 7.02,
Section 7.04 or Section 7.05) or other claim arising out of this Agreement or the transactions contemplated hereby, other than any claim for fraud. Notwithstanding the foregoing, except as otherwise provided in Article 13, it is understood
that nothing herein shall prohibit any party hereto from exercising its rights to seek equitable relief with respect to a breach of covenant or agreement under any Transaction Document. 
 ARTICLE 13 
 TERMINATION 
 Section 13.01. Grounds for Termination. This Agreement may be terminated and the transactions contemplated herein may be abandoned at
any time prior to the Closing: 
 (a) by mutual written agreement of Limited Brands and Buyer; 
 (b) by either Limited Brands or Buyer if the Closing shall not have been consummated on or before July 6, 2007 (the
“Termination Date”); provided that neither of the parties may terminate this Agreement pursuant to this clause if the Closing shall not have been consummated by the Termination Date by reason of the failure of such party or any of
its Affiliates to perform in all material respects any of its or their respective covenants or agreements contained in this Agreement; 
 (c) by either Buyer, on the one hand, or Limited Brands, on the other hand, if a material breach of any provision of this Agreement has been committed by the other party or any of its Affiliates and such breach is not capable of being
satisfied or cured by the Termination Date; or 
 (d) by either Limited Brands or Buyer if consummation of the transactions
contemplated hereby would violate any nonappealable final order, decree or judgment of any court or governmental body having competent jurisdiction. 
 The party desiring to terminate this Agreement pursuant to Section 13.01(b)-(d) shall give notice of such termination to the other party. 
  

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 Section 13.02. Effect of Termination. If this Agreement is terminated as permitted by
Section 13.01, such termination shall be without liability of any party (or any Affiliate, stockholder, director, officer, employee, agent, consultant or representative of such party) to any other party to this Agreement; provided that if such
termination shall result from the (i) willful failure of any party to fulfill a condition to the performance of the obligations of the other parties, (ii) willful failure of any party to this Agreement to perform a covenant or agreement
contained in this Agreement or (iii) willful breach by any party hereto of any representation or warranty contained herein made as of the date of this Agreement, such party shall be fully liable for any and all Damages incurred or suffered by
any other party as a result of such failure or breach; provided that, notwithstanding anything to the contrary contained in this Agreement, the parties hereto acknowledge and agree that if Buyer fails to consummate the transactions
contemplated by this Agreement as a result of Buyer’s material breach of this Agreement which is not cured by the Termination Date, then (i) none of Limited Brands, the Company, LBSO or any of their respective Affiliates shall be entitled
to equitable relief, including specific performance, with respect to any such failure to consummate the transactions contemplated hereby on account of such breach and (ii) the sole and exclusive remedy of Limited Brands, the Company, LBSO, and
each of their respective Affiliates shall be to recover from Buyer the termination fee set forth in the Equity Commitment Letter. The provisions of Section 7.01 (it being understood that all provisions of the Confidentiality Agreement will
remain in full force and effect), Section 13.02 and Article 14 shall survive any termination hereof pursuant to Section 13.01. 
 ARTICLE 14 
 MISCELLANEOUS 
 Section 14.01. Notices. All notices, requests and other communications to any party hereunder shall be in writing (including
facsimile transmission) and shall be given, 
 if to Buyer, to: 
 Express Investment Corp. 
 c/o Golden Gate Private Equity, Inc. 
 One Embarcadero Center, 33rd
Floor 
 San Francisco, California 94111 
 Attention: Stefan Kaluzny 
 Fax: (415) 627-4501 
 with a copy (which shall not constitute
notice) to: 
 Kirkland & Ellis LLP 
 200 E. Randolph Drive 
 Chicago, Illinois 60601 
 Attention: Gary M. Holihan, P.C.

 Fax: (312) 861-2200 
  

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 if to Limited Brands or Seller, to: 
 Limited Brands, Inc. 
 Three Limited Parkway 
 Columbus, Ohio 43230 
 Attention: Douglas L. Williams 
 Facsimile No.: 614-415-7188 
 with a copy (which shall not
constitute notice) to: 
 Davis Polk & Wardwell 
 450 Lexington Avenue 
 New York, New York 10017 
 Attention: David L. Caplan 

Fax: (212) 450 3800 
 or to such other address or telecopy number and with such other copies, as such party may hereafter specify for the purpose by notice to the other parties. 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 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. Each such notice, request or other communication shall be effective (1) if given by telecopy, when such telecopy is transmitted to the
telecopy number specified in this Section and evidence of receipt is received or (2) if given by any other means, upon delivery or refusal of delivery at the address specified in this Section 14.01. 
 Section 14.02. Amendments and Waivers. 
 (a) Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and is signed, in the case of an amendment, by each party to this Agreement, or in the
case of a waiver, by the party against whom the waiver is to be effective. 
 (b) No failure or delay by any party in exercising
any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies
herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. 
  

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 Section 14.03. Expenses. Except to the extent otherwise expressly provided in any of
the Transaction Documents, at or promptly following Closing, Buyer and Seller shall cause the Company to reimburse each of Buyer and Seller for all reasonable out-of-pocket costs and expenses incurred by each of them as of Closing in connection with
the negotiation, preparation, execution and delivery of this Agreement and the Transaction Documents and the consummation of the Closing and the financing of the transactions contemplated hereby and thereby (collectively, “Transaction
Expenses”); provided that the aggregate reimbursement to be paid by the Company to Buyer shall not exceed $14,000,000 and the aggregate reimbursement to paid by the Company to Seller shall not exceed $7,000,000. To the extent any
Transaction Expenses are not reimbursed by the Company pursuant to the preceding sentence, all such Transaction Expenses shall be paid by the party incurring such cost or expense. It is understood and agreed that the Closing Payment includes the
amounts owed by the Company to Seller pursuant to this Section 14.03. 
 Section 14.04. Waiver of Conflicts Regarding
Representation; Nonassertion of Attorney-Client Privilege. 
 (a) Buyer waives and will not assert, and, after the Closing,
will cause the Company and its Subsidiaries to waive and not to assert, any conflict of interest arising out of or relating to the representation, after the Closing (the “Post-Closing Representation”), of Limited Brands, the Seller,
or any stockholder, officer, employee or director of the Company or any of its Subsidiaries, or any Affiliate of any of the foregoing (any such Person, a “Designated Person”) in any matter involving this Agreement, the Transaction
Documents or any other agreements or transactions contemplated thereby, by any legal counsel currently representing Limited Brands, the Seller or the Company or any Subsidiary in connection with this Agreement, the Transaction Documents or any other
agreements or transactions contemplated thereby (the “Current Representation”). 
 (b) Buyer waives and will
not assert, and after the Closing, will cause the Company and its Subsidiaries to waive and not to assert, any attorney-client privilege with respect to any communication between any legal counsel and any Designated Person occurring during the
Current Representation in connection with any Post-Closing Representation, including in connection with a dispute with Buyer, and following the Closing, with the Company or any of its Subsidiaries, it being the intention of the parties hereto that
all such rights to such attorney-client privilege and to control such attorney-client privilege shall be retained by Limited Brands or Seller; provided that the foregoing waiver and acknowledgment of retention shall not extend to any communication
not involving this Agreement, the Transaction Documents or any other agreements or transactions contemplated thereby, or to communications with any Person other than the Designated Persons. 
  

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 Section 14.05. 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 assigns; provided that no party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement without the consent of
each other party hereto. 
 Section 14.06. Governing Law. This Agreement shall be governed by and construed in accordance
with the law of the State of New York, without regard to the conflicts of law rules of such state. 
 Section 14.07.
Jurisdiction. Except as otherwise expressly provided in this Agreement, the parties hereto 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, any of the
Transaction Documents or the transactions contemplated thereby shall be brought in the United States District Court for the Southern District of New York or any New York State court sitting in New York City, Borough of Manhattan, so long as one of
such courts shall have subject matter jurisdiction over such suit, action or proceeding, and that any cause of action arising out of any of the Transaction Documents shall be deemed to have arisen from a transaction of business in the State of New
York, and each of the parties hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) 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 which is 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 14.01 shall be deemed effective service of process on such party. 
 Section 14.08. 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 14.09. Counterparts; 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. Each Transaction Document shall become effective when each party thereto shall have received a counterpart thereof signed by the other
party thereto. No Transaction Document is intended to confer upon any Person other than the parties thereto any rights or remedies hereunder. 
  

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 Section 14.10. Entire Agreement. The Transaction Documents, together with the
Confidentiality Agreement, constitute the entire agreement between the parties with respect to the subject matter of this Agreement and supersedes all prior agreements and understandings, both oral and written, between the parties with respect to
the subject matter of this Agreement. No representation, inducement, promise, understanding, condition or warranty not set forth herein has been made or relied upon by any party hereto. 
 Section 14.11. Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent
jurisdiction or other governmental authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired
or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination, the parties shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 
 Section 14.12. Disclosure Schedules; Certain Updates. 
 (a) The parties acknowledge and agree that (i) the Disclosure Schedule to this Agreement may include certain items and information solely for informational purposes for the convenience of Buyer and
(ii) the disclosure by Limited Brands or Seller of any matter in the Disclosure Schedule shall not be deemed to constitute an acknowledgment by Limited Brands or Seller that the matter is required to be disclosed by the terms of this Agreement
or that the matter is material. If any section of the Disclosure Schedule discloses an item or information in such a way as to make its relevance to the disclosure required by another section of the Disclosure Schedule reasonably apparent, the
matter shall be deemed to have been disclosed in such other section of the Disclosure Schedule, notwithstanding the omission of an appropriate cross-reference to such other section of the Disclosure Schedule. The parties further acknowledge and
agree that neither the specification in any provision of this Agreement nor the inclusion in any section of the Disclosure Schedule of any dollar amount or any item or matter is intended to imply or shall be deemed to constitute an acknowledgment by
Limited Brands or Seller that such amount (or higher or lower amount) or such item or matter (or other items or matters) are or are not (x) material or rise to the level of any materiality or Material Adverse Effect standard for purposes of
this Agreement or the Disclosure Schedule, (y) in the ordinary course of business of the Company or any of its Subsidiaries or (z) required to be disclosed by the terms of this Agreement. No party shall use the fact of any such
specification or inclusion (or lack thereof) in any dispute or controversy among the parties as to the foregoing matters. 
  

 59 

 (b) The parties acknowledge and agree that certain schedules contained in the Store Leases
Agreement, the Master Assignment and Assumption Agreement, the Master Sublease, Schedule IV – Appendices A and B of the Services Agreement and Section 7.04 of the Disclosure Schedule may be updated by Seller prior to Closing in order to
reflect changes thereto resulting from the ordinary course of business of the Company and its Subsidiaries from the date hereof until Closing (it being understood that Seller or Limited Brands shall not increase the aggregate amount of the Financial
Support Arrangements above the amount outstanding on the date hereof). 
 [Remainder of page intentionally left blank; next
page is signature page] 
  

 60 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers as of the day and year first above written. 
  

					
	EXPRESS INVESTMENT CORP.
		
	By:	 	/s/ Stefan Kaluzny
		 	Name: 	 	Stefan Kaluzny
		 	Title:	 	President
	
	LIMITED BRANDS STORE OPERATIONS, INC.
		
	By:	 	/s/ Douglas L. Williams
		 	Name:	 	Douglas L. Williams
		 	Title:	 	SVP, General Counsel
	
	LIMITED BRANDS, INC.
		
	By:	 	/s/ Douglas L. Williams
		 	Name:	 	Douglas L. Williams
		 	Title:	 	SVP, General Counsel
	
	EXPRESS HOLDING, LLC
		
	By:	 	Limited Brands Store Operations, Inc.: Member
		
	By:	 	/s/ Douglas L. Williams
		 	Name:	 	Douglas L. Williams
		 	Title:	 	SVP, General Counsel
	
	EXPRESS HOLDING, LLC
		
	By:	 	EXP Investments, Inc.: Member
		
	By:	 	/s/ Timothy J. Faber
		 	Name:	 	Timothy J. Faber
		 	Title:	 	Vice PresidentAmendment No. 1 to Unit Purchase Agreement

 Exhibit 10.11 
 AMENDMENT NO. 1 TO UNIT PURCHASE AGREEMENT 
 AMENDMENT
NO. 1 TO UNIT PURCHASE AGREEMENT (this “Amendment”), dated as of July 6, 2007, among Express Investment Corp., a Delaware corporation (“Buyer”), Limited Brands Store Operations, Inc., a Delaware corporation
(“Seller”), Limited Brands, Inc., a Delaware corporation (“Limited Brands”), and Express Holding, LLC, a Delaware limited liability company (the “Company”). 
 WHEREAS, the parties hereto have entered into a Unit Purchase Agreement dated as of May 15, 2007 (the “Purchase
Agreement”); 
 WHEREAS, Section 14.02(a) of the Purchase Agreement provides that the Purchase Agreement may be
amended in writing if signed by each party to the Purchase Agreement; and 
 WHEREAS, the parties hereto desire to amend the
Purchase Agreement as set forth herein. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows: 
 Section 1. Definitions. All capitalized terms used
herein but not defined herein shall have the meanings ascribed to them in the Purchase Agreement. 
 Section
2. Increase in Units Sold to Buyer. The Purchase Agreement is hereby amended to provide for the sale by Seller to Buyer of additional Units representing 8 1/3% of the aggregate Units of the Company in exchange for the payment
by Buyer to Seller of an additional $53,875,000, as follows: 
 (a) The cover page of the Purchase Agreement and the
recitals to the Purchase Agreement are each amended by replacing all references to “66 2/3%” and “33 1/3%” with “75%” and “25%”, respectively. 
 (b) Section 2.01(a) of the Purchase Agreement is amended by adding the following sentence immediately after the first full sentence set
forth therein: 
 “The aggregate purchase price for the Sold Units is $484,875,000 in cash, payable in
installments, with the Closing Purchase Price to be paid at the Closing in accordance with this Section 2.01(a) and Section 2.02(i) and the Installment Purchase Price to be paid on or prior to the Installment Payment Date in accordance
with Section 2.01(c).” 

 (c) Section 2.01(a)(i) of the Purchase Agreement is deleted in its entirety and
replaced with the following: 
 “(i) $431,000,000 in cash from Buyer representing the portion of the
purchase price for the Sold Units to be paid at Closing (the “Closing Purchase Price”), plus” 
 (d) All
references to “Purchase Price” in the Purchase Agreement are replaced with the words “Closing Purchase Price”. 
 (e) Section 2.01 of the Purchase Agreement is amended by inserting a new Section 2.01(c) as follows: 
 “(c) No later than July 31, 2007 (the “Installment Payment Date”), Buyer shall pay to Seller $53,875,000 (the “Installment Purchase Price”), representing the portion of the purchase price for the
Sold Units not paid at Closing. Buyer shall deliver to Seller the Installment Purchase Price in immediately available funds by wire transfer to the account designated by Seller pursuant to Section 2.02(i) with respect to the Closing Purchase
Price (or if not so designated, then by certified or official bank check payable in immediately available funds to the order of Seller in such amount).” 
 (f) Section 5.05 of the Purchase Agreement is deleted in its entirety and replaced with the following: 
 “Section 5.05. Financing. Buyer has and will have prior to the Closing sufficient cash, available lines of credit or other sources of immediately available funds necessary to enable it to pay
the Closing Payment at Closing and any other amounts payable by Buyer hereunder when due. Buyer will have on or prior to the Installment Payment Date sufficient cash, available lines of credit or other sources of immediately available funds
necessary to enable it to pay the Installment Purchase Price on the Installment Payment Date. As of the date hereof, Buyer has received and furnished a copy to Seller of the equity commitment letter dated as of the date hereof between Golden Gate
Private Equity, Inc. and Buyer pursuant to which Golden Gate Private Equity, Inc. has agreed to make an equity commitment to Buyer no later than the Installment Payment Date in an aggregate amount equal to the Installment Purchase Price.”

  

 2 

 Section 3. Flexible Spending Account Plan. The third, fourth and fifth sentences of
Section 10.03(d) of the Purchase Agreement are hereby deleted in their entirety and replaced with the following: 
 “As of January 1, 2008, the Company shall establish flexible spending accounts for medical and dependent care expenses under a new or existing plan (“Company’s FSA”) for each Covered Employee who elects to
participate in the Company’s FSA. On May 1, 2008 or as soon as practicable thereafter, Seller shall pay to the Company the net aggregate amount of the Covered Employees’ account balances credited under the Seller’s flexible
spending account plan (“Seller’s FSA”), if such amount is positive, and the Company shall pay to Seller the net aggregate amount of the Covered Employees’ account balances credited under Seller’s FSA, if such amount
is negative.” 
 Section 4. Indemnification for Liabilities under Employee Benefit Plans. Section 10.03(g) of
the Purchase Agreement is hereby deleted in its entirety and replaced with the following: 
 “Except as
expressly assumed by the Company under this Section 10.03, Section 10.04 and Section 10.05 or to the extent provided in the Services Agreement, Seller and its Affiliates shall be responsible for and shall indemnify and hold the
Company and its Subsidiaries harmless for all liabilities (i) relating to any employee benefit plan (including any and all worker’s compensation claims) currently or formerly maintained or contributed to by Limited Brands, the Company or
any Subsidiary or any ERISA Affiliate thereof and (ii) incurred prior to the effectiveness of the Closing with respect to any Company Employee. For purposes of this Section 10.03(g), a worker’s compensation claim shall be
“incurred” when the event giving rise to such claim occurred.” 
 Section 5. Savings and Retirement Plan.
Section 10.04(a) of the Purchase Agreement is hereby deleted in its entirety and replaced with the following: 
 “Effective as of the Closing Date, Limited Brands shall amend each of the tax-qualified defined contribution plans in which Covered Employees participate (the “Seller Savings Plans”) to cause the active participation
of each Covered Employee in the Seller Savings Plans to cease as of the end of the payroll period in which the Closing Date occurs.” 
 Section 6. Replacement of Exhibits. Exhibits A, B, C, D, E, F, G, H, I, J and K to the Purchase Agreement are replaced in their entirety by Exhibits A, B, C, D, E, F, G, H, I, J and K attached
hereto, respectively. 
  

 3 

 Section 7. Defined Term References. Section 1.01(b) of the Purchase Agreement is
hereby amended by: 
 (a) deleting the following from the table set forth therein: 
  

				
	 Purchase Price
	  	2.01	(a) 

 (b) inserting, in the appropriate alphabetical order, the following to the table set
forth therein: 
  

				
	 Closing Purchase Price
	  	2.01	(a) 
	 Installment Payment Date
	  	2.01	(c) 
	 Installment Purchase Price
	  	2.01	(c) 

 Section 8. Disclosure Schedule. Section 3.15 of the Disclosure Schedule
is hereby amended to replace the table therein titled “Approved PCRs” with the table attached hereto as Annex A. 
 Section 9. Amendment. Except as expressly set forth in this Amendment, this Amendment shall not constitute an amendment or modification of any other provision of the Purchase Agreement. Each reference to “hereof”,
“hereunder”, “herein” and “hereby” and each other similar reference, and each reference to “this Agreement” and each other similar reference contained in the Purchase Agreement shall refer to the Purchase
Agreement as amended by this Amendment. 
 Section 10. Governing Law. This Amendment shall be governed by and construed
in accordance with the law of the State of New York, without regard to the conflicts of law rules of such state. 
 Section 11.
Counterparts. This Amendment 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 Amendment shall become effective
when each party hereto shall have received counterparts hereof signed by the other party hereto. 
 [Signature page follows]

  

 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of
the day and year first above written. 
  

					
	EXPRESS INVESTMENT CORP.
		
	By:	 	/s/ Stefan Kaluzny
		 	Name:	 	Stefan Kaluzny
		 	Title:	 	President and CEO
	
	LIMITED BRANDS STORE OPERATIONS, INC.
		
	By:	 	/s/ Timothy J. Faber
		 	Name:	 	Timothy J. Faber
		 	Title:	 	Senior Vice President - Treasury/Mergers & Acquisitions
	
	LIMITED BRANDS, INC.
		
	By:	 	/s/ Timothy J. Faber
		 	Name:	 	Timothy J. Faber
		 	Title:	 	Vice President - Treasury/Mergers & Acquisitions
	
	EXPRESS HOLDING, LLC
		
	By:	 	Limited Brands Store Operations, Inc., as Member
		
	By:	 	/s/ Timothy J. Faber
		 	Name:	 	Timothy J. Faber
		 	Title:	 	Senior Vice President - Treasury/Mergers & Acquisitions
		
	By:	 	EXP Investments, Inc., as Member
		
	By:	 	/s/ Douglas L. Williams
		 	Name:	 	Douglas L. Williams
		 	Title:	 	Senior Vice President - Enterprise General Counsel

  

 5

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