Document:

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                                                                   Exhibit 10.18
                                                                   -------------

                              EMPLOYMENT AGREEMENT

     THIS AGREEMENT is entered into as of July 27, 1998, by and between The
Limited Inc. and The Limited Service Corporation a Delaware corporation (the
"Company"), and Daniel P. Finkelman (the "Executive")(hereinafter collectively
referred to as "the parties").

     WHEREAS, the Executive has heretofore been employed as Senior Vice
President, Brand and Business Planning of The Limited, Inc. and is experienced
in all phases of its business and possesses an intimate knowledge of the
business and affairs of the Company and its policies, procedures, methods and
personnel; and

     WHEREAS, the Company has determined that it is essential and in its best
interests to retain the services of key management personnel and to ensure their
continued dedication and efforts; and

     WHEREAS, the Compensation Committee of the Board of Directors of the
Company (the "Board") has determined that it is in the best interest of the
Company to secure the continued services and employment of the Executive and the
Executive is willing to render such services on the terms and conditions set
forth herein.

     NOW, THEREFORE, in consideration of the foregoing and the respective
agreements of the parties contained herein, the parties hereby agree as follows:

     1.     Term. The initial term of employment under this Agreement shall be
            ----
for the period commencing on the date hereof (the "Commencement Date") and
ending on the sixth anniversary of the Commencement Date (the "Initial Term");
provided, however, that upon the expiration of the Initial Term, this Agreement
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shall be automatically extended for a period of one year, unless either the
Company or the Executive shall have given written notice to the other at least
ninety (90) days prior thereto that the term of this Agreement shall not be so
extended.

     2.     Employment.
            ----------

            a.   Position. The Executive shall be employed as the Senior Vice
                 --------
President, Brand and Business Planning of The Limited, Inc. or such other
position of reasonably comparable or greater status and responsibilities as may
be determined by the Board with any division, subsidiary or affiliate of the
Company. The Executive shall perform the duties, undertake the responsibilities
and exercise the authority customarily performed, undertaken and exercised by
persons employed in a similar executive capacity. The Executive shall report to
the Chairman and CEO of The Limited, Inc., or other designee as appointed by
the Chairman.

            b.   Obligations. The Executive agrees to devote his full business
                 -----------
time and attention to the business and affairs of the Company. The foregoing,
however, shall not

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preclude the Executive from serving on corporate, civil or charitable boards or
committees of managing personal investments, so long as such activities do not
interfere with the performance of the Executive's responsibilities hereunder.

     3.     Base Salary. The Company agrees to pay or cause to be paid to the
            -----------
Executive during the term of this Agreement a base salary at the rate of
$450,000. This base salary will be subject to annual review and may be increased
from time to time by the Board considering factors such as the executive's
responsibilities, compensation of similar executives within the company and in
other companies, performance of the executive and other pertinent factors
(hereinafter referred to as the "Base Salary"). Such Base Salary shall be
payable in accordance with the Company's customary practices applicable to its
executives.

     4.     Equity Compensation. The Company has granted to the Executive
            -------------------
options to acquire 100,000 shares of the Company's common stock pursuant to the
terms of the agreement attached hereto as Exhibit A.

     5.     Employee Benefits. The Executive shall be entitled to participate in
            -----------------
all employee benefit plans, practices and programs maintained by the Company and
made available to senior executives generally and as may be in effect from time
to time. The Executive's participation in such plans, practices and programs
shall be on the same basis and terms as are applicable to senior executives of
the Company generally.

     6.     Bonus. The Executive shall be entitled to participate in the
            -----
Company's applicable incentive compensation plan on such terms and conditions as
may be determined from time to time by the Board.

     7.     Other Benefits.
            --------------

            (a)     Life Insurance.
                    --------------

                    (1)   During the term of the Agreement, the Company shall
maintain term life insurance coverage on the life of the Executive in the amount
of $2,000,000, the proceeds of which shall be payable to the beneficiary or
beneficiaries designated by the Executive. The Executive agrees to undergo any
reasonable physical examination and other procedures as may be necessary to
maintain such policy. If the Company is not able to obtain such policy due to
Executive's physical examination results, an AD&D (accidental death and
dismemberment) policy of an equivalent amount will be obtained in lieu of the
term life insurance coverage.

                    (2)   During the term of this Agreement, the Company shall
be entitled to maintain a "key person" term life insurance policy on the life of
the Executive, the proceeds of which shall be payable to the Company or its
designees. The Executive agrees to undergo any reasonable physical examination
and other procedures as may be necessary to maintain such policy.

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            (b)   Expenses. Subject to applicable Company policies, the
                  --------
Executive shall be entitled to receive prompt reimbursement of all expenses
reasonably incurred by him in connection with the performance of his duties
hereunder or for promoting, pursuing or otherwise furthering the business or
interests of the Company.

            (c)   Office and Facilities. The Executive shall be provided with an
                  ---------------------
appropriate office and with such secretarial and other support facilities as
are commensurate with the Executive's status with the Company and adequate for
the performance of those duties hereunder.

      8.    Vacation. The Executive shall be entitled to annual vacation in
            --------
accordance with the policies as periodically established by the Board for
similarly situated executives of the Company.

      9.    Termination. The Executive's employment hereunder may be terminated
            -----------
under the following circumstances:

            (a)   Disability. The Company shall be entitled to terminate the
                  ----------
Executive's employment after having established the Executive's Disability. For
purposes of this Agreement, "Disability" means a physical or mental infirmity
which impairs the Executive's ability to substantially perform those duties
under this Agreement for a period of at least six (6) months in any 12 month
calendar period as determined in accordance with the The Limited, Inc. Long-Term
Disability Plan.

            (b)   Cause. The Company shall be entitled to terminate the
                  -----
Executive's employment for "Cause" without prior written notice. For purposes of
this Agreement, "Cause" shall mean that the Executive (1) willfully failed to
perform those duties with the Company (other than a failure resulting from the
Executive's incapacity due to physical or mental illness); or (2) has plead
"guilty" or "no contest" to or has been convicted of an act which is defined as
a felony under federal or state law; or (3) engaged in willful misconduct in bad
faith which could reasonably be expected to materially harm the Company's
business or its reputation.

            The Executive shall be given written notice by the Board of
termination for Cause, such notice to state in detail the particular act or acts
or failure or failures to act that constitute the grounds on which the proposed
termination for Cause is based. The Executive shall be entitled to a hearing
before the Board or a committee thereof established for such purpose and to be
accompanied by legal counsel. Such hearing shall be held within 15 days of
notice to the Company by the Executive, provided the Executive requests such
hearing within 30 days of the written notice from the Board of the termination
for Cause.

            (c)   Termination by the Executive. The Executive may terminate
                  ----------------------------
employment hereunder for "Good Reason" by delivering to the Company (1) a
Preliminary Notice of Good Reason (as defined below), and (2) not earlier than
thirty (30) days from the delivery of such Preliminary Notice, a Notice of
Termination. For purposes of this Agreement, "Good Reason" means (i) the failure
to continue the Executive as Senior Vice President, Brand

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and Business Planning of The Limited, Inc. or such other capacity as
contemplated by Section 2 hereof; (ii) the assignment to the Executive of any
duties materially inconsistent with the Executive's positions, duties,
authority, responsibilities and reporting requirements as set forth in Section 2
hereof; (iii) a reduction in or a material delay in payment of the Executive's
total cash compensation and benefits from those required to be provided in
accordance with the provisions of this Agreement; (iv) the Company, the Board or
any person controlling the Company requires the Executive to be based outside of
the United States, other than on travel reasonably required to carry out the
Executive's obligations under the Agreement or (v) the failure of the Company to
obtain the assumption in writing of its obligation to perform this Agreement by
any successor to all or substantially all of the assets of the Company within 15
days after a merger, consolidation, sale or similar transaction; provided,
                                                                --------
however, that "Good Reason" shall not include (A) acts not taken in bad faith
-------
which are cured by the Company in all respects not later than thirty (30) days
from the date of receipt by the Company of a written notice from the Executive
identifying in reasonable detail the act or acts constituting "Good Reason" (a
"Preliminary Notice of Good Reason") or (B) acts taken by the Company by reason
of the Executive's physical or mental infirmity which impairs the Executive's
ability to substantially perform the duties under this Agreement. A Preliminary
Notice of Good Reason shall not, by itself, constitute a Notice of Termination.

            (d)    Notice of Termination. Subject to SEction 9(b), any
                   ---------------------
purported termination by the Company or by the Executive shall be communicated
by a written Notice of Termination to the other two weeks prior to the
Termination Date (as defined below). For purposes of this Agreement, a "Notice
of Termination" shall mean a notice which indicates the specific termination
provision in this Agreement relied upon and shall set forth in reasonable detail
the facts and circumstances claimed to provide a basis for termination of the
Executive's employment under the provision so indicated. For purposes of this
Agreement, no such purported termination of employment shall be effective
without such Notice of Termination.

            (e)    Termination Date, Etc. "Termination Date" shall mean in the
                   ---------------------
case of the Executive's death, the date of death, or in all other cases, the
date specified in the Notice of Termination; provided, however, that if the
                                             --------  -------
Executive's employment is terminated by the Company due to Disability, the date
specified in the Notice of Termination shall be at least thirty (30) days from
the date the Notice of Termination is given to the Executive.

       10.  Compensation Upon Termination.
            -----------------------------

            (a)    If during the term of this Agreement (including any
extensions thereof), the Executive's employment is terminated by the Company for
Cause, by reason of the Executive's death or if the Executive gives written
notice not to extend the term of this Agreement, the Company's sole obligation
hereunder shall be to pay the Executive the following amounts earned hereunder
but not paid as of the Termination Date: (i) Base Salary, (ii) reimbursement for
any and all monies advanced or expenses incurred pursuant to Section 7(b)
through the Termination Date, and (iii) any earned compensation which the
Executive had previously deferred (including any interest earned or credited
thereon) (collectively, "Accrued

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Compensation"), provided, however, that if the Executive gives such written
                --------  -------
notice not to extend, the Company shall continue to pay the premiums provided
for in Section 7(a)(1) through the end of the calendar year in which the
Executive's termination occurs. The Executive's entitlement to any other
benefits shall be determined in accordance with the Company's employee benefit
plans then in effect.

         (b)   If the Executive's employment is terminated by the Company other
than for Cause or by the Executive for Good Reason, the Company's sole
obligation hereunder shall be as follows:

               (i)   the Company shall pay the Executive the Accrued
          Compensation;

               (ii)  the Company shall continue to pay the Executive the Base
          Salary for a period of one (1) year following the Termination Date;
          and

               (iii) the Company shall continue to pay the premiums provided for
          in Section 7(a)(1) hereof through the end of the calendar year in
          which such termination occurs.

         (c)   If the Executive's employment is terminated by the Company by
reason of the Executive's Disability, the Company's sole obligation hereunder
shall be as follows:

               (i)   the Company shall pay the Executive the Accrued
          Compensation;

               (ii)  the Company shall continue to pay the Executive 100% of the
          Base Salary for the first twelve months following the Termination
          Date, 80% of the Base Salary for the second twelve months following
          the Termination Date, and 60% of the Base Salary for the third twelve
          months following the Termination Date; provided, however, that such
                                                 --------  -------
          Base Salary shall be reduced by the amount of any benefits the
          Executive receives by reason of his Disability under the Company's
          relevant disability plan or plans; and

               (iii) if the Executive is disabled beyond thirty-six (36) months,
          the Company shall continue to pay the Executive 60% of Base Salary up
          to a maximum of $250,000 per year for the period of the Executive's
          Disability, as defined in the Company's relevant disability plans;
          provided, however, that such payments shall be reduced by the amount
          --------  -------
          of any benefits the Executive receives by reason of his Disability
          under the Company's relevant disability plan or plans; and

<PAGE>

               (iv)  the Company shall continue to pay the premiums provided for
          in Section 7(a)(1) hereof through the end of the calendar year in
          which such termination occurs.

     (d) If the Executive's employment is terminated by reason of the Company's
written notice to the Executive of its decision not to extend the term of this
Agreement as contemplated in Section 1 hereof, the Company's sole obligation
hereunder shall be as follows:

               (i)   the Company shall pay the Executive the Accrued
          Compensation;

               (ii)  the Company shall continue to pay the Executive the Base
          Salary for a period of one (1) year following the expiration of such
          term; and

               (iii) the Company shall continue to pay the premiums provided for
          in Section 7(a)(1) hereof through the end of the calendar year in
          which the Executive's termination occurs.

     (e) During the period the Executive is receiving salary continuation
pursuant to Section 10(b)(ii), 10(c)(ii) or 10(d)(ii) hereof, the Company
shall, at its expense, provide to the Executive and the Executive's
beneficiaries medical and dental benefits substantially similar in the aggregate
to those provided to the Executive immediately prior to the date of the
Executive's termination of employment; provided, however, that the Company's
                                       --------  -------
obligation with respect to the foregoing benefits shall be reduced to the extent
that the Executive or the Executive's beneficiaries obtains any such benefits
pursuant to a subsequent employer's benefit plans.

     (f) The Executive shall not be required to mitigate the amount of any
payment provided for in this Agreement by seeking other employment or otherwise
and no such payment shall be offset or reduced by the amount of any compensation
provided to the Executive in any subsequent employment.

 11. Employee Covenants.
     ------------------

     (a) Unauthorized Disclosure. The Executive shall not, during the term of
         -----------------------
this Agreement and thereafter, make any Unauthorized Disclosure. For purposes of
this Ageement, "Unauthorized Disclosure" shall mean disclosure by the Executive
without the prior written consent of the Board to any person, other than an
employee of the Company or a person to whom disclosure is reasonably necessary
or appropriate in connection with the performance by the Executive of duties as
an executive of the Company or as may be legally required, of any information
relating to the business or prospects of the Company (including, but not limited
to, any confidential information with respect to any of the Company's customers,
products, methods of distribution, strategies, business and marketing plans and
business policies and practices); provided, however, that such term shall not
                                  --------  -------
include the use or

<PAGE>

disclosure by the Executive, without consent, of any information known generally
to the public (other than as a result of disclosure by the Executive in
violation of this Section 11(a)). This confidentiality covenant has no temporal,
geographical or territorial restriction.

     (b) Non-Competition. During the Non-Competition Period described below, the
         ---------------
Executive shall not, directly or indirectly, without the prior written consent
of the Company, own, manage, operate, join, control, be employed by, consult
with or participate in the ownership, management, operation or control of, or be
connected with (as a stockholder, partner, or otherwise), any business,
individual, partner, firm, corporation, or other entity that competes, directly
or indirectly, with the Company or any division, subsidiary or affiliate of the
Company; provided, however, that the "beneficial ownership" by the Executive
         --------  -------
after termination of employment with the Company, either individually or as a
member of a "group," as such terms are used in Rule 13d of the General Rules and
Regulations under the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), of not more than two percent (2%) of the voting stock of any publicly
held corporation shall not be a violation of Section 11 of this Agreement.

     The "Non-Competition Period" means the period the Executive is employed by
the Company plus one (1) year from the Termination Date if the Executive's
employment is terminated (i) by the Company for any reason, (ii) by the
Executive for any reason, or (iii) by reason of either the Company's or the
Executive's decision not to extend the term of this Agreement as contemplated by
Section 1 hereof.

     (c) Non-Solicitation. During the No-Raid Period described below, the
         ----------------
Executive shall not, either directly or indirectly, alone or in conjunction with
another party, interfere with or harm, or attempt to interfere with or harm, the
relationship of the Company, its subsidiaries and/or affiliates, with any person
who at any time was an employee, customer or supplier of the Company, its
subsidiaries and/or affiliates or otherwise had a business relationship with the
Company, its subsidiaries and/or affiliates.

     The "No-Raid Period" means the period the Executive is employed by the
Company plus one (1) year from the Termination Date if the Executive's
employment is terminated (i) by the Company for any reason except by reason of
the Executive's Disability, (ii) by the Executive for any reason, or (iii) by
reason of either the Company's or the Executive's decision not to extend the
term of this Agreement as contemplated by Section 1 hereof.

     (d) Remedies. The Executive agrees that any breach of the terms of this
         --------
Section 11 would result in irreparable injury and damage to the Company for
which the Company would have no adequate remedy at law; the Executive therefore
also agrees that in the event of said breach or any threat of breach, the
Company shall be entitled to an immediate injunction and restraining order to
prevent such breach and/or threatened breach and/or continued breach by the
Executive and/or any and all persons and/or entities acting for and/or with the
Executive, without having to prove damages, and to all costs and expenses,
including

<PAGE>

reasonable attorneys' fees and costs, in addition to any other remedies to which
the Company may be entitled at law or in equity. The terms of this paragraph
shall not prevent the Company from pursuing any other available remedies for any
breach or threatened breach hereof, including but not limited to the recovery of
damages from the Executive. The Executive and the Company further agree that the
provisions of the covenants not to compete and solicit are reasonable and that
the Company would not have entered into this Agreement but for the inclusion of
such covenants herein. Should a court determine, however, that any provision of
the covenants is unreasonable, either in period of time, geographical area, or
otherwise, the parties hereto agree that the covenant should be interpreted and
enforced to the maximum extent which such court or arbitrator deems reasonable.

     The provisions of this Section 11 shall survive any termination of this
Agreement, and the existence of any claim or cause of action by the Executive
against the Company, whether predicated on this Agreement or otherwise, shall
not constitute a defense to the enforcement by the Company of the covenants and
agreements of this Section 11; provided, however, that this paragraph shall not,
                               --------  -------
in and of itself, preclude the Executive from defending himself against the
enforceability of the covenants and agreements of this Section 11.

 12. Limitation of Payments.
     ----------------------

     (a) Gross-Up Payment. In the event it shall be determined that any payment
         ----------------
or distribution of any type to or for the benefit of the Executive, by the
Company, any of its affiliates, any Person who acquires ownership or effective
control of the Company or ownership of a substantial portion of the Company's
assets (within the meaning of Section 280G of the Internal Revenue Code of 1986,
as amended (the "Code"), and the regulations thereunder) or any affiliate of
such Person, whether paid or payable or distributed or distributable pursuant to
the terms of this Agreement or otherwise (the "Total Payments"), would be
subject to the excise tax imposed by Section 4999 of the Code or any interest or
penalties with respect to such excise tax (such excise tax, together with any
such interest and penalties, are collectively referred to as the "Excise Tax"),
then the Executive shall be entitled to receive an additional payment (a
"Gross-Up Payment") in an amount such that after payment by the Executive of all
taxes (including any interest or penalties imposed with respect to such taxes),
including any Excise Tax, imposed upon the Gross-Up Payment, the Executive
retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon
the Total Payments (not including any Gross-Up Payment).

     (b) All determinations as to whether any of the Total Payments are
"parachute payments" (within the meaning of Section 280G of the Code), whether a
Gross-Up Payment is required, the amount of such Gross-Up Payment and any
amounts relevant to the last sentence of Subsection 12(a), shall be made by an
independent accounting firm selected by the Company from among the largest six
accounting firms in the United States (the "Accounting Firm"). The Accounting
Firm shall provide its determination (the "Determination"), together with
detailed supporting calculations regarding the amount of any Gross-Up Payment
and any other relevant matter, both to the Company and the Executive

<PAGE>

within five (5) days of the Termination Date, if applicable, or such earlier
time as is requested by the Company or the Executive (if the Executive
reasonably believes that any of the Total Payments may be subject to the Excise
Tax). Any determination by the Accounting Firm shall be binding upon the Company
and the Executive. As a result of uncertainty in the application of Section 4999
of the Code at the time of the initial determination by the Accounting Firm
hereunder, it is possible that the Company should have made Gross-Up Payments
("Underpayment"), or that Gross-Up Payments will have been made by the Company
which should not have been made ("Overpayments"). In either such event, the
Accounting Firm shall determine the amount of the Underpayment or Overpayment
that has occurred. In the case of an Underpayment, the amount of such
Underpayment shall be promptly paid by the Company to or for the benefit of the
Executive. In the case of an Overpayment, the Executive shall, at the direction
and expense of the Company, take such steps as are reasonably necessary
(including the filing of returns and claims for refund), follow reasonable
instructions from, and procedures established by, the Company, and otherwise
reasonably cooperate with the Company to correct such Overpayment.

      13.   Employee Representation. The Executive expressly represents and
            -----------------------
warrants to the Company that the Executive is not a party to any contract or
agreement and is not otherwise obligated in any way, and is not subject to any
rules or regulations, whether governmentally imposed or otherwise, which will or
may restrict in any way the Executive's ability to fully perform the Executive's
duties and responsibilities under this Agreement.

      14.   Successors and Assigns.
            ----------------------

            (a)   This Agreement shall be binding upon and shall inure to the
benefit of the Company, its successors and assigns and the Company shall require
any successor or assign to expressly assume and agree to perform this Agreement
in the same manner and to the same extent that the Company would be required to
perform it if no such succession or assignment had taken place. The term "the
Company" as used herein shall include any such successors and assigns to the
Company's business and/or assets. The term "successors and assigns" as used
herein shall mean a corporation or other entity acquiring or otherwise
succeeding to, directly or indirectly, all or substantially all the assets and
business of the Company (including this Agreement) whether by operation of law
or otherwise.

            (b)   Neither this Agreement nor any right or interest hereunder
shall be assignable or transferable by the Executive, the Executive's
beneficiaries or legal representatives, except by will or by the laws of descent
and distribution. This Agreement shall inure to the benefit of and be
enforceable by the Executive's legal personal representative.

      15.   Arbitration. Except with respect to the remedies set forth in
            -----------
Section 11(d) hereof, if in the event of any controversy or claim between the
Company or any of its affiliates and the Executive arising out of or relating to
this Agreement, either party delivers to the other party a written demand for
arbitration of a controversy or claim then such claim or controversy

<PAGE>

shall be submitted to binding arbitration. The binding arbitration shall be
administered by the American Arbitration Association under its Commercial
Arbitration Rules. The arbitration shall take place in Columbus, Ohio. Each of
the Company and the Executive shall appoint one person to act as an arbitrator,
and a third arbitrator shall be chosen by the first two arbitrators (such three
arbitrators, the "Panel"). The Panel shall have no authority to award punitive
damages against the Company or the Executive. The arbitrator shall have no
authority to add to, alter, amend or refuse to enforce any portion of the
disputed agreements. The Company and the Executive each waive any right to a
jury trial or to petition for stay in any action or proceeding of any kind
arising out of or relating to this Agreement.

      16.     Notice. For the purposes of this Agreement, notices and all other
              ------
communications provided for in the Agreement (including the Notice of
Termination) shall be in writing and shall be deemed to have been duly given
when personally delivered or sent by registered or certified mail, return
receipt requested, postage prepaid, or upon receipt if overnight delivery
service or facsimile is used, addressed as follows:

To the Executive:
----------------

      Daniel P. Finkelman
      39 South Parkview Avenue
      Bexley, Ohio 43209

To the Company:
--------------

      The Limited, Inc.
      3 Limited Parkway
      Columbus, Ohio 43230
      Attn: Secretary

      17.     Settlement of Claims. The Company's obligation to make the
              --------------------
payments provided for in this Agreement and otherwise to perform its obligations
hereunder shall not be affected by any circumstances, including, without
limitation, any set-off, counterclaim, recoupment, defense or other right which
the Company may have against the Executive or others.

      18.     Miscellaneous. No provision of this Agreement may be modified,
              -------------
waived or discharged unless such waiver, modification or discharge is agreed to
in writing and signed by the Executive and the Company. No waiver by either
party hereto at any time of any breach by the other party hereto of, or
compliance with, any condition or provision of this Agreement to be performed by
such other party shall be deemed a waiver of similar or dissimilar provisions or
conditions at the same or at any prior or subsequent time. No agreement or

<PAGE>

representations, oral or otherwise, express or implied, with respect to the
subject matter hereof have been made by either party which are not expressly set
forth in this Agreement.

       19.    Governing Law. This Agreement shall be governed by and construed
              -------------
and enforced in accordance with the laws of the State of Ohio without giving
effect to the conflict of law principles thereof.

       20.    Severability. The provisions of this Agreement shall be deemed
              ------------
severable and the invalidity or unenforceability of any provision shall not
affect the validity or enforceability of the other provisions hereof.

       21.    Entire Agreement. This Agreement constitutes the entire agreement
              ----------------
between the parties hereto with respect to the subject matter hereof and
supersedes all prior agreements, if any, understandings and arrangements, oral
or written, between the parties hereto with respect to the subject matter
hereof.

       IN WITNESS WHEREOF, the Company has caused this Agreement to be
executed by its duly authorized officer and the Executive has executed this
Agreement as of the day and year first above written.

                                    THE LIMITED, INC.

                                    By: /s/ Leslie H. Wexner
                                       -----------------------------------
                                    Name:    Leslie H. Wexner
                                    Title:   Chairman of the Board

                                    /s/ D.P. Finkelman
                                    --------------------------------------
                                    Daniel P. Finkelman<PAGE>
                                                                   Exhibit 10.19
                                                                   -------------

                            INDEMNIFICATION AGREEMENT

THIS AGREEMENT is made and entered into as of the 4th day of September, 1996 by
and between THE LIMITED, INC., a Delaware corporation (the "Company"), and the
undersigned (the "Indemnitee").

                                    RECITALS

     WHEREAS, it is essential to the Company that it attract and retain as
directors and officers the most capable persons available; and

     WHEREAS, Indemnitee is an officer of the Company; and

     WHEREAS, both the Company and Indemnitee recognize the increased risk of
litigation and other claims being asserted against directors and officers of
public companies in the current environment; and

     WHEREAS, in recognition of Indemnitee's need for protection against
personal liability in order to enhance Indemnitee's continued service to the
Company in an effective manner, and in order to induce Indemnitee to continue to
provide services to the Company as an officer thereof, the Company wishes to
provide in this Agreement for the indemnification of Indemnitee to the fullest
extent permitted by law and as set forth in this Agreement;

     NOW THEREFORE, in consideration of the foregoing, the covenants contained
herein and Indemnitee's continued service to the Company, the Company and
Indemnitee, intending to be legally bound, hereby agree as follows:

     Section 1. Definitions. The following terms, as used herein, shall have the
following respective meanings:

           "Affiliate" of any specified Person means any other Person directly
or indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For the purposes of this definition,
"control" when used with respect to any specified 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 relative to the
foregoing.

           "Change in control" shall be deemed to have occurred if, other than
as approved by a majority of the Board of Directors of the Company in office
immediately prior to such event (a) any person, other than (i) a trustee or
other fiduciary holding Voting Securities under an employee benefit plan of the
Company, (ii) a corporation owned directly or indirectly by the stockholders of
the Company in substantially the same proportions as their ownership of stock of
the Company or (iii) Leslie H. Wexner, his heirs, executors or administrators,
is or becomes the "beneficial owner" (as defined in Rule 13d-3 under the
Securities Exchange Act of 1934, as amended) of Voting Securities representing
20% or more of the total voting power represented by the Company's then
outstanding Voting Securities, or (b) during any period of two consecutive
years, individuals who at the beginning of such period constituted the Board of
Directors of the Company and any new director whose election by the Board of
Directors or nomination for election by the Company's stockholders was approved
by a vote of at least incurred in connection with investigating, prosecuting or
defending, being a witness in or participating in

<PAGE>

     "Independent Legal Counsel" shall mean a law firm or a member of a law firm
that (a) neither is nor in the past five years has been retained to represent in
any material matter the Company, any Subsidiary, Indemnitee or any other party
to the Claim, (b) under applicable standards of professional conduct then
prevailing would not have a conflict of interest in representing either the
Company or Indemnitee in an action to determine Indemnitee's rights to
indemnification under this Agreement and (c) is reasonably acceptable to the
Company and Indemnitee.

     "Loss" means any amount which Indemnitee is legally obligated to pay as a
result of any Claim, including, without limitation (a) all judgments, penalties
and fines, and amounts paid or to be paid in settlement, (b) all interest,
assessments and other charges paid or payable in connection therewith and (c)
any federal, state, local or foreign taxes imposed (net of the value to
Indemnitee of any tax benefits resulting from tax deductions or otherwise) as a
result of the actual or deemed receipt of any payments under this Agreement,
including the creation of the Trust.

     "Other Enterprise" means any corporation (other than the Company or any
Subsidiary), partnership, joint venture, association, employee benefit plan,
trust or other enterprise or organization for which Indemnitee acts as a Company
Agent at the request of the Company or any Subsidiary. Indemnitee shall be
deemed to be acting as a Company Agent of an Other Enterprise at the request of
the Company with respect to any Other Enterprise in which the Company or any
Subsidiary has an investment as to which Indemnitee shall act as a Company Agent
from time to time. Indemnitee shall be deemed to be acting as a Company Agent of
an Other Enterprise at the request of the Company, if Indemnitee acts as a
Company Agent of an Other Enterprise at the written or oral request of the Board
of Directors of the Company or of any Subsidiary by which the Indemnitee is
employed from time to time, at the written or oral request of an Executive
Officer of the Company or of any Subsidiary by which the Indemnitee is employed
from time to time or if Indemnitee acts as a Company Agent of an Other
Enterprise by reason of being requested, elected, hired or retained to succeed
or assume the responsibilities of a Person who previously acted as a Company
Agent of an Other Enterprise at the request of the Company.

     "Parent" shall have the meaning set forth in the regulations of the
Securities and Exchange Commission under the Securities Act of 1933, as amended;
provided the term "Parent" shall not include the board of directors of a
corporation in its capacity as a board of directors, and provided further that
if the other party to any transaction referred to in Section 12.1.2 has no
Parent as so defined above, "Parent" shall mean such other party.

     "Person" means any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization or
government (or any subdivision, department, commission or agency thereof), and
includes without limitation any "person", as such term is used in Sections 13(d)
and 14(d) of the Securities Exchange Act of 1934, as amended.

     "Potential Change in Control" shall be deemed to have occurred if (a) the
Company enters into an agreement or arrangement the consummation of which would
result in the occurrence of a Change in Control, (b) any Person (including the
Company) publicly two-thirds of the directors then still in office who either
were directors at the beginning of the period or whose election or nomination
for election was previously so approved, cease for any reason to constitute a
majority thereof, or (c) the stockholders of the Company approve (i) a merger or
consolidation of the Company with any other corporation, other than a merger or
consolidation which would result in the Voting

<PAGE>

Securities outstanding immediately prior thereto continuing to represent (either
by remaining outstanding or by being converted into Voting Securities of the
surviving entity) at least 80% of the total voting power represented by the
Voting Securities of the Company or such surviving entity outstanding
immediately after such merger or consolidation, or (ii) a plan of complete
liquidation of the Company or an agreement for the sale or disposition by the
Company (in one transaction or a series of transactions) of all or substantially
all of the Company's assets.

     "Claim" means (a) any threatened, pending or completed action, suit,
proceeding or arbitration or other alternative dispute resolution mechanism, or
(b) any inquiry, hearing or investigation, whether conducted by the Company or
any other Person, that Indemnitee in good faith believes might lead to the
institution of any such action, suit, proceeding or arbitration or other
alternative dispute resolution mechanism, in each case whether civil, criminal,
administrative or other (whether or not the claims or allegations therein are
groundless, false or fraudulent) and includes, without limitation, those brought
by or in the name of the Company or any director or officer of the Company.

     "Company Agent" means serving as a director, officer, partner, employee,
agent, trustee or fiduciary of the Company, any Subsidiary or any Other
Enterprise. "Covered Event" means any event or occurrence on or after the date
of this Agreement related to the fact that Indemnitee is or was a Company Agent
or related to anything done or not done by Indemnitee in any such capacity, and
includes, without limitation, any such event or occurrence (a) arising from
performance of the responsibilities, obligations or duties imposed by ERISA or
any similar applicable provisions of state or common law, or (b) arising from
any merger, consolidation or other business combination involving the Company,
any Subsidiary or any Other Enterprise, including without limitation any sale or
other transfer of all or substantially all of the business or assets of the
Company, any Subsidiary or any Other Enterprise.

     "D & 0 Insurance" means the directors' and officers' liability insurance of
the Company in effect on the date of this Agreement, and any replacement or
substitute policies issued by one or more reputable insurers providing in all
respects coverage at least comparable to and in the same amount as that provided
by the policy in effect on the date of this Agreement.

     "Determination" means a determination made by (a) a majority vote of a
quorum of Disinterested Directors; (b) Independent Legal Counsel, in a written
opinion addressed to the Company and Indemnitee; (c) the stockholders of the
Company; or (d) a decision by a court of competent jurisdiction not subject to
further appeal.

     "Disinterested Director" shall be a director of the Company who is not or
was not a party to the Claim giving rise to the subject matter of a
Determination.

     "Expenses" includes attorneys' fees and all other costs, travel expenses,
fees of experts, transcript costs, filing fees, witness fees, telephone charges,
postage, copying costs, delivery services fees and other expenses and
obligations of any nature whatsoever paid or announces an intention to take or
to consider taking actions which if consummated would constitute a Change in
Control or (C) the Board of Directors of the Company adopts a resolution to the
effect that, for purposes of this Agreement, a Potential Change in Control has
occurred.

     "Subsidiary" means any corporation of which more than 50% of the
outstanding stock having ordinary voting power to elect a majority of the board
of directors of such corporation is now or hereafter owned, directly or
indirectly, by the Company.

<PAGE>

       "Trust" has the meaning set forth in Section 9.2.

       "Voting Securities" means any securities of the Company which vote
generally in the election of directors.

    Section 2. Indemnification.

       2.1.  General Indemnity Obligation.
             ----------------------------

             2.1.1. Subject to the remaining provisions of this Agreement, the
Company hereby indemnifies and holds Indemnitee harmless for any Losses or
Expenses arising from any Claims relating to (or arising in whole or in part out
of) any Covered Event, including, without limitation, any Claim the basis of
which is any actual or alleged breach of duty, neglect, error, misstatement,
misleading statement, omission or other act done or attempted by Indemnitee in
the capacity as a Company Agent, whether or not Indemnitee is acting or serving
in such capacity at the date of this Agreement, at the time liability is
incurred or at the time the Claim is initiated.

             2.1.2. The obligations of the Company under this Agreement shall
apply to the fullest extent authorized or permitted by the provisions of
applicable law, as presently in effect or as changed after the date of this
Agreement, whether by statute or judicial decision (but, in the case of any
subsequent change, only to the extent that such change permits the Company to
provide broader indemnification than permitted prior to giving effect thereto).

             2.1.3. Indemnitee shall not be entitled to indemnification
pursuant to this Agreement in connection with any Claim initiated by Indemnitee
against the Company or any director or officer of the Company, unless the
Company has joined in or consented to the initiation of such Claim; provided,
the provisions of this Section 2.1.3 shall not apply following a Change in
Control to Claims seeking enforcement of this Agreement, the Certificate of
Incorporation or Bylaws of the Company or any other agreement now or hereafter
in effect relating to indemnification for Covered Events.

             2.1.4. If Indemnitee is entitled under any provision of this
Agreement to indemnification by the Company for some or a portion of the Losses
or Expenses paid with respect to a Claim but not, however, for the total amount
thereof, the Company shall nevertheless indemnify and hold Indemnitee harmless
against the portion thereof to which Indemnitee is entitled.

             2.1.5. Notwithstanding any other provision of this Agreement, to
the extent that Indemnitee has been successful on the merits or otherwise in
defense of any or all Claims relating to (or arising in whole or in part out of)
a Covered Event or in defense of any issue or matter therein, including
dismissal without prejudice, the Company shall indemnify and hold Indemnitee
harmless against all expenses incurred in connection therewith.

       2.2.  Indemnification for Serving as Witness and Certain Other Claims.
             ---------------------------------------------------------------
Notwithstanding any other provision of this Agreement, the Company hereby
indemnifies and holds Indemnitee harmless for all Expenses in connection with
(a) the preparation to serve or service as a witness in any Claim in which
Indemnitee is not a party, if such actual or proposed service as a witness arose
by reason of Indemnitee having served as a Company Agent on or the date of this
Agreement and (b) any Claim initiated by Indemnitee on or after the date of this
Agreement (i) for recovery under any directors' and

<PAGE>

officers' liability insurance maintained by the Company or (ii) following a
Change in Control, for enforcement of the indemnification obligations of the
Company under this Agreement, the [Certificate]/[Articles] of Incorporation or
Bylaws/[Code of regulations] of the Company or any other agreement now or
hereafter in effect relating to indemnification for Covered Events, regardless
of whether Indemnitee ultimately is determined to be entitled to such insurance
recovery or indemnification, as the case may be.

     Section 3. Limitations on Indemnification.

          3.1. Coverage Limitations. No indemnification is available pursuant to
               --------------------
the provisions of this Agreement.

               3.1.1. If such indemnification is not lawful;

               3.1.2. If Indemnitee's conduct giving rise to the Claim with
respect to which indemnification is requested was knowingly fraudulent, a
knowing violation of law, deliberately dishonest or in bad faith or constituted
willful misconduct;

               3.1.3. In respect of any Claim based upon or attributable to
Indemnitee gaining in fact any personal profit or advantage to which indemnitee
was not legally entitled;

               3.1.4. In respect of any Claim for an accounting of profits made
from the purchase or sale by Indemnitee of securities of the Company within the
meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended; or

               3.1.5. In respect of any Claim based upon any violation of
Section 174 of the Delaware General Corporation Law, as amended.

          3.2. No Duplication of Payments. The Company shall not be liable under
               --------------------------
this Agreement to make any payment otherwise due and payable to the extent
Indemnitee has otherwise actually received payment (whether under the
Certificate of Incorporation or the Bylaws of the Company, the D & O Insurance
or otherwise) of any amounts otherwise due and payable under this Agreement.

     Section 4. Payments and Determinations.

          4.1. Advancement and Reimbursement of Expenses. If requested by
               -----------------------------------------
indemnitee, the Company shall advance to Indemnitee, no later than two business
days following any such request, any and all Expenses for which indemnification
is available under Section 2. Upon any Determination that indemnitee is not
permitted to be indemnified for any expenses so advanced, Indemnitee hereby
agrees to reimburse the Company (or, as appropriate, any Trust established
pursuant to Section 9.2) for all such amounts previously paid. Such obligation
of reimbursement shall be unsecured and no interest shall be charged thereon.

          4.2. Payment and Determination Procedures.
               ------------------------------------

               4.2.1. To obtain indemnification under this Agreement, Indemnitee
shall submit to the Company a written request, together with such documentation
and information as is reasonably available to Indemnitee and is reasonably
necessary to determine whether and to what extent Indemnitee is entitled to
indemnification. The Secretary of the Company shall, promptly upon receipt of
such a request for

<PAGE>

indemnification, advise the Board of Directors in writing that Indemnitee has
requested indemnification.

             4.2.2. Upon written request by Indemnitee for indemnification
pursuant to Section 4.2.1, a Determination with respect to Indemnitee's
entitlement thereto shall be made in the specific case (a) if a Change in
Control shall have occurred, as provided in Section 9.1; and (b) if a Change in
Control shall not have occurred, by (i) the Board of Directors by a majority
vote of a quorum of Disinterested Directors, (ii) Independent Legal Counsel, if
either (A) a quorum of Disinterested Directors is not obtainable or (B) a
majority vote of a quorum of Disinterested Directors otherwise so directs or
(iii) the stockholders of the Company (if submitted by the Board of Directors).
If a Determination is made that Indemnitee is entitled to indemnification,
payment to Indemnitee shall be made within 10 days after such Determination.

             4.2.3. If no Determination is made within 60 days after receipt by
the Company of a request for indemnification by Indemnitee pursuant to Section
4.2.1, a Determination shall be deemed to have been made that Indemnitee is
entitled to the requested indemnification (and the Company shall pay the related
Losses and Expenses no later than 10 days after the expiration of such 60-day
period), except where such indemnification is not lawful; provided, however,
that (a) such 60-day period may be extended for a reasonable time, not to exceed
an additional 30 days, if the Person or Persons making the Determination in good
faith require such additional time for obtaining or evaluating the documentation
and information relating thereto; and (b) the foregoing provisions of this
Section 4.2.3 shall not apply (i) if the Determination is to be made by the
stockholders of the Company and if (A) within 15 days after receipt by the
Company of the request by Indemnitee pursuant to Section 4.2.1 the Board of
Directors has resolved to submit such Determination to the stockholders at an
annual meeting of the stockholders to be held within 75 days after such receipt,
and such Determination is made at such annual meeting, or (B) a special meeting
of stockholders is called within 15 days after such receipt for the purpose of
making such Determination, such meeting is held for such purpose within 60 days
after having been so called and such Determination is made at such special
meeting, or (ii) if the Determination is to be made by Independent Legal
Counsel.

  Section 5. D & 0 Insurance.

      5.1.   Current Policies. The Company hereby represents and warrants to
             ----------------
Indemnifee that the D & 0 Insurance is in full force and effect.

      5.2.   Continued Coverage. The Company shall maintain the D & 0 Insurance
             ------------------
for so long as this Agreement remains in effect. The Company shall cause the
D & 0 Insurance to cover Indemnitee, in accordance with its terms and at all
times such insurance is in effect, to the maximum extent of the coverage
provided thereby for any director or officer of the Company.

      5.3. Indemnification. In the event of any reduction in, or cancellation
           ---------------
of, the D & 0 Insurance (whether voluntary or involuntary on behalf of the
Company), the Company shall, and hereby agrees to, indemnify and hold Indemnitee
harmless against any Losses or Expenses which Indemnitee is or becomes obligated
to pay as a result of the Company's failure to maintain the D & 0 Insurance in
effect in accordance with the provisions of Section 5.2, to the fullest extent
permitted by applicable law, notwithstanding any provision of the Certificate of
Incorporation or the Bylaws of the Company, or any other agreement now or
hereafter in effect relating to indemnification for Covered Events. The
indemnification available under this Section 5.3 is in addition to all other
obligations of

<PAGE>

indemnification of the Company under this Agreement and shall be the only remedy
of Indemnitee for a breach by the Company of its obligations set forth in
Section 5.2.

   Section 6. Subrogation. In the event of any payment under this Agreement to
or on behalf of Indemnitee, the Company shall be subrogated to the extent of
such payment to all of the rights of recovery of Indemnitee against any Person
other than the Company or Indemnitee in respect of the Claim giving rise to such
payment. Indemnitee shall execute all papers reasonably required and shall do
everything reasonably necessary to secure such rights, including the execution
of such documents reasonably necessary to enable the Company effectively to
bring suit to enforce such rights.

   Section 7. Notifications and Defense of Claims.

       7.1.   Notice by Indemnitee. Indemnitee shall give notice in writing to
              --------------------
the Company as soon as practicable after Indemnitee becomes aware of any Claim
with respect to which indemnification will or could be sought under this
Agreement; provided the failure of Indemnitee to give such notice, or any delay
in giving such notice, shall not relieve the Company of its obligations under
this Agreement except to the extent the Company is actually prejudiced by any
such failure or delay.

       7.2.   Insurance. The Company shall give prompt notice of the
              ---------
commencement of any Claim relating to Covered Events to the insurers on the
D & 0 Insurance, if any, in accordance with the procedures set forth in the
respective policies in favor of Indemnitee. The Company shall thereafter take
all necessary action to cause such insurers to pay, on behalf of Indemnitee, all
amounts payable as a result of such Claims in accordance with the terms of such
policies.

       7.3.   Defense.
              -------

              7.3.1. In the event any Claim relating to Covered Events is by or
in the right of the Company, Indemnitee may, at the option of Indemnitee, either
control the defense therefor or accept the defense provided under the D & 0
Insurance; provided, however, that Indemnitee may not control the defense if
such decision would jeopardize the coverage provided by the D & 0 Insurance, if
any, to the Company or the other directors and officers covered thereby.

              7.3.2. In the event any Claim relating to Covered Events is other
than by or in the right of the Company, Indemnitee may, at the option of
Indemnitee, either control the defense thereof, require the Company to defend or
accept the defense provided under the D & 0 Insurance; provided, however, that
Indemnitee may not control the defense or require the Company to defend if such
decision would jeopardize the coverage provided by the D & 0 Insurance to the
Company or the other directors and officers covered thereby. In the event that
Indemnitee requires the Company to so defend, or in the event that Indemnitee
proceeds under the D & 0 Insurance but Indemnitee determines that such insurers
under the D & 0 Insurance are unable or unwilling to adequately defend
Indemnitee against any such Claim, the Company shall promptly undertake to
defend any such Claim, at the Company's sole cost and expense, utilizing counsel
of Indemnitee's choice who has been approved by the Company. If appropriate, the
Company shall have the right to participate in the defense of any such Claim.

              7.3.3. In the event the Company shall fail, as required by any
election by Indemnitee pursuant to Section 7.3.2, timely to defend Indemnitee
against any such Claim, Indemnitee shall have the right to do so, including
without limitation, the right

<PAGE>

(notwithstanding Section 7.3.4) to make any settlement thereof, and to recover
from the Company, to the extent otherwise permitted by this Agreement, all
Expenses and Losses paid as a result thereof.

               7.3.4. The Company shall have no obligation under this Agreement
with respect to any amounts paid or to be paid in settlement of any Claim
without the express prior written consent of the Company to any related
settlement. In no event shall the Company authorize any settlement imposing any
liability or other obligations on indemnitee without the express prior written
consent of indemnitee. Neither the Company nor Indemnitee shall unreasonably
withhold consent to any proposed settlement.

     Section 8. Determinations and Related Matters.

          8.1. Presumptions.
               ------------

               8.1.1. If a Change in Control shall have occurred, Indemnitee
shall be entitled to a rebuttable presumption that Indemnitee is entitled to
indemnification under this Agreement and the Company shall have the burden of
proof in rebutting such presumption.

               8.1.2. The termination of any Claim by judgment, order,
settlement (whether with or without court approval) or conviction, or upon a
plea of nolo contendere or its equivalent, shall not adversely affect either the
right of Indemnitee to indemnification under this Agreement or the presumptions
to which Indemnitee is otherwise entitled pursuant to the provisions of this
Agreement nor create a presumption that Indemnitee did not meet any particular
standard of conduct or have a particular belief or that a court has determined
that indemnification is not permitted by applicable law.

          8.2. Appeals; Enforcement.
               --------------------

               8.2.1. In the event that (a) a Determination is made that
Indemnitee shall not be entitled to indemnification under this Agreement, (b)
any Determination to be made by Independent Legal Counsel is not made within 90
days of receipt by the Company of a request for indemnification pursuant to
Section 4.2.1 or (c) the Company fails to otherwise perform any of its
obligations under this Agreement (including, without limitation, its obligation
to make payments to Indemnitee following any Determination made or deemed to
have been made that such payments are appropriate), Indemnitee shall have the
right to commence a Claim in any court of competent jurisdiction, as
appropriate, to seek a Determination by the court, to challenge or appeal any
Determination which has been made, or to otherwise enforce this Agreement. If a
Change of Control shall have occurred, Indemnitee shall have the option to have
any such Claim conducted by a single arbitrator pursuant to the rules of the
American Arbitration Association. Any such judicial proceeding challenging or
appealing any Determination shall be deemed to be conducted de novo and withouT
                                                            -- ----
prejudice by reason of any prior Determination to the effect that Indemnitee is
not entitled to indemnification under this Agreement. Any such Claim shall be at
the sole expense of Indemnitee except as provided in Section 9.3.

               8.2.2. If a Determination shall have been made or deemed to have
been made pursuant to this Agreement that Indemnitee is entitled to
indemnification, the Company shall be bound by such Determination in any
judicial proceeding or arbitration commenced pursuant to this Section 8.2,
except if such indemnification is unlawful.

<PAGE>

             8.2.3. The Company shall be precluded from asserting in any
judicial proceeding or arbitration commenced pursuant to this Section 8.2 that
the procedures and presumptions of this Agreement are not valid, binding and
enforceable and shall stipulate in any such court or before any such arbitrator
that the Company is bound by all the provisions of this Agreement. The Company
hereby consents to service of process and to appear in any such judicial or
arbitration proceedings and shall not oppose Indemnitee's right to commence any
such proceedings.

       8.3.  Procedures. Indemnitee shall cooperate with the Company and with
             ----------
any Person making any Determination with respect to any Claim for which a claim
for indemnification under this Agreement has been made, as the Company may
reasonably require. Indemnitee shall provide to the Company or the Person making
any Determination, upon reasonable advance request, any documentation or
information reasonably available to Indemnitee and necessary to (a) the Company
with respect to any such Claim or (b) the Person making any Determination with
respect thereto.

   Section 9. Change in Control Procedures.

       9.1.  Determinations. If there is a Change in Control, any Determination
             --------------
to be made under Section 4 shall be made by Independent Legal Counsel selected
by Indemnitee and approved by the Company (which approval shall not be
unreasonably withheld). The Company shall pay the reasonable fees of the
Independent Legal Counsel and indemnify fully such Independent Legal Counsel
against any and all expenses (including attorneys' fees), claims, liabilities
and damages arising out of or relating to this Agreement or the engagement of
Independent Legal Counsel pursuant hereto.

       9.2.  Establishment of Trust. Following the occurrence of any Potential
             ----------------------
Change in Control, the Company, upon receipt of a written request from
Indemnitee, shall create a Trust (the "Trust") for the benefit of Indemnitee,
the trustee of which shall be a bank or similar financial institution with trust
powers chosen by Indemnitee. From time to time, upon the written request of
Indemnitee, the Company shall fund the Trust in amounts sufficient to satisfy
any and all Losses and Expenses reasonably anticipated at the time of each such
request to be incurred by Indemnitee for which indemnification may be available
under this Agreement. The amount or amounts to be deposited in the Trust
pursuant to the foregoing funding obligation shall be determined by mutual
agreement of Indemnitee and the Company or, if the Company and Indemnitee are
unable to reach such an agreement or, in any event, a Change in Control has
occurred, by Independent Legal Counsel (selected pursuant to Section 9.1). The
terms of the Trust shall provide that, except upon the prior written consent of
Indemnitee and the Company, (a) the Trust shall not be revoked or the principal
thereof invaded, other than to make payments to unsatisfied judgment creditors
of the Company, (b) the Trust shall continue to be funded by the Company in
accordance with the funding obligations set forth in this Section, (c) the
Trustee shall promptly pay or advance to Indemnitee any amounts to which
Indemnitee shall be entitled pursuant to this Agreement, and (d) all unexpended
funds in the Trust shall revert to the Company upon a Determination by
Independent Legal Counsel (selected pursuant to Section 9.1) or a court of
competent jurisdiction that Indemnitee has been fully indemnified under the
terms of this Agreement. All income earned on the assets held in the trust shall
be reported as income by the Company for federal, state, local and foreign tax
purposes.

       9.3.  Expenses. Following any Change in Control, the Company shall be
             --------
liable for, and shall pay the Expenses paid or incurred by Indemnitee in
connection with the making of any Determination (irrespective of the
determination as to Indemnitee's entitlement to indemnification) or the
prosecution of any Claim pursuant to Section 8.2,

<PAGE>

and the Company hereby agrees to indemnify and hold Indemnitee harmless
therefrom. If requested by counsel for Indemnitee, the Company shall promptly
give such counsel an appropriate written agreement with respect to the payment
of its fees and expenses and such other matters as may be reasonably requested
by such counsel.

     Section 10. Period of Limitations. No legal action shall be brought and no
cause of action shall be asserted by or in the right of the Company, any
Subsidiary, any Other Enterprise or any Affiliate of the Company against
Indemnitee or Indemnitee's spouse, heirs, executors, administrators or personal
or legal representatives after the expiration of two years from the date of
accrual of such cause of action, and any claim or cause of action of the
Company, any Subsidiary, any Other Enterprise or any Affiliate of the Company
shall be extinguished and deemed released unless asserted by the timely filing
of a legal action within such two-year period; provided, however, that if any
shorter period of limitations, whether established by statute or judicial
decision, is otherwise applicable to any such cause of action such shorter
period shall govern.

     Section 11. Contribution. If the indemnification provisions of this
Agreement should be unenforceable under applicable law in whole or in part or
insufficient to hold Indemnitee harmless in respect of any Losses and Expenses
incurred by Indemnitee, then for purposes of this Section 11, the Company shall
be treated as if it were, or was threatened to be made, a party defendant to the
subject Claim and the Company shall contribute to the amounts paid or payable by
Indemnitee as a result of such Losses and Expenses incurred by Indemnitee in
such proportion as is appropriate to reflect the relative benefits accruing to
the Company on the one hand and Indemnitee on the other and the relative fault
of the Company on the one hand and Indemnitee on the other in connection with
such Claim, as well as any other relevant equitable considerations. For purposes
of this Section 11 the relative benefit of the Company shall be deemed to be
the benefits accruing to it and to all of its directors, officers, employees and
agents (other than Indemnitee) on the one hand, as a group and treated as one
entity, and the relative benefit of Indemnitee shall be deemed to be an amount
not greater than the Indemnitee's yearly base salary or Indemnitee's
compensation from the Company during the first year in which the Covered Event
forming the basis for the subject Claim was alleged to have occurred. The
relative fault shall be determined by reference to, among other things, the
fault of the Company and all of its directors, officers, employees and agents
(other than Indemnitee) on the one hand, as a group and treated as one entity,
and Indemnitee's and such group's relative intent, knowledge, access to
information and opportunity to have altered or prevented the Covered Event
forming the basis for the subject Claim.

     Section 12. Miscellaneous Provisions.

           12.1. Successors and Assigns, Etc.
                 ---------------------------

                 12.1.1. This Agreement shall be binding upon and inure to the
benefit of (a) the Company, its successors and assigns (including any direct or
indirect successor by merger, consolidation or operation of law or by transfer
of all or substantially all of its assets) and (b) Indemnitee and the heirs,
personal and legal representatives, executors, administrators or assigns of
Indemnitee.

                 12.1.2. The Company shall not consummate any consolidation,
merger or other business combination, nor will it transfer 50% or more of its
assets (in one or a series of related transactions), unless the ultimate Parent
of the successor to the business or assets of the Company shall have first
executed an agreement, in form and substance satisfactory to Indemnitee, to
expressly assume all obligations of the Company under this Agreement and agree
to perform this Agreement in accordance with its terms, in the same manner

<PAGE>

and to the same extent that the Company would be required to perform this
Agreement if no such transaction had taken place; provided that, if the Parent
is not the Company, the legality of payment of indemnity by the Parent shall be
determined by reference to the fact that such indemnity is to be paid by the
Parent rather than the Company.

             12.2. Severability. The provisions of this Agreement are severable.
                   ------------
If any provision of this Agreement shall be held by any court of competent
jurisdiction to be invalid, void or unenforceable, such provision shall be
deemed to be modified to the minimum extent necessary to avoid a violation of
law and, as so modified, such provision and the remaining provisions shall
remain valid and enforceable in accordance with their terms to the fullest
extent permitted by law.

             12.3. Riqhts Not Exclusive; Continuation of Riqht of
                   ----------------------------------------------
Indemnification. Nothing in this Agreement shall be deemed to diminish or
---------------
otherwise restrict Indemnitee's right to indemnification pursuant to any
provision of the [Certificate]/[Articles] of incorporation or Bylaws/[Code of
Regulations] of the Company, any agreement, vote of stockholders or
Disinterested Directors, applicable law or otherwise. This Agreement shall be
effective as of the date first above written and continue in effect until no
Claims relating to any Covered Event may be asserted against Indemnitee and
until any Claims commenced prior thereto are finally terminated and resolved,
regardless of whether Indemnitee continues to serve as an officer of the
Company, any Subsidiary or any Other Enterprise.

             12.4. No Employment Agreement. Nothing contained in this Agreement
                   -----------------------
shall be construed as giving Indemnitee any right to be retained in the employ
of the Company, any Subsidiary or any Other Enterprise.

             12.5. Subsequent Amendment. No amendment, termination or repeal of
                   --------------------
any provision of the [Certificate]/[Articles] of Incorporation or [Bylaws]/[Code
or Regulations] of the Company, or any respective successors thereto, or of any
relevant provision of any applicable law, shall affect or diminish in any way
the rights of Indemnitee to indemnification, or the obligations of the Company,
arising under this Agreement, whether the alleged actions or conduct of
Indemnitee giving rise to the necessity of such indemnification arose before or
after any such amendment, termination or repeal.

             12.6. Notices. Notices required under this Agreement shall be given
                   -------
in writing and shall be deemed given when delivered in person or sent by
certified or registered mail, return receipt requested, postage prepaid. Notices
shall be directed to the Company Three Limited Parkway, Columbus, OH 43230,
Attention: Chairman of the Board, and to Indemnitee at the residential address
as shown on the Company's records (or such other address as either party may
designate in writing to the other).

             12.7. Governing Law. This Agreement shall be governed by and
                   -------------
construed and enforced in accordance with the laws of the State of Delaware
applicable to contracts made and performed in such state without giving effect
to the principles of conflict of laws.

             12.8. Headinqs. The headings of the Sections of this Agreement are
                   --------
inserted for convenience only and shall not be deemed to constitute part of this
Agreement or to affect the construction thereof.

             12.9. Counterparts. This Agreement may be executed in any number of
                   ------------
counterparts all of which taken together shall constitute one instrument.

<PAGE>

             12.10. Modification and Waiver. No supplement, modification or
                    -----------------------
amendment of this Agreement shall be binding unless executed in writing by both
of the parties hereto. No waiver or any of the provisions of this Agreement
shall constitute, or be deemed to constitute, a waiver of any other provision
hereof (whether or not similar) nor shall any such waiver constitute a
continuing waiver.

     The parties hereto have caused this Agreement to be duly executed as of the
day and year first above written.

THE LIMITED, INC.                                  INDEMNITEE

By /s/ Samuel P. Fried                             /s/ Daniel P. Finkelman
  ----------------------------------------         -----------------------------
Name:   Samuel P. Fried                            Name:  Daniel P. Finkelman
Title:  Vice President and General Counsel

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