Document:

Exhibit 10.2

      

      

      FORM OF

      

      

      VS TO L BRANDS TRANSITION SERVICES AGREEMENT

      

      

      dated as of

      

      

      [__], 2021

      

      

      by and between

      

      

      L BRANDS, INC.

      

      

      and

      

      

      VICTORIA’S SECRET & CO.

      

      

      
        
          

      

      
      

      

       TABLE OF CONTENTS

      

      

      PAGE

       

        

      	
              ARTICLE 1

              DEFINITIONS

                

            
	
              Section 1.01.

            	
              Definitions

            	
              1

            
	
              Section 1.02.

            	
              Other Definitional and Interpretive Provisions

            	
              3

            
	
               

              

              ARTICLE 2

              SERVICES

                

            
	
              Section 2.01.

            	
              Services

            	
              3

            
	
              Section 2.02.

            	
              Service Provider’s Affiliates and Third Party Providers

            	
              3

            
	
              Section 2.03.

            	
              General Standard of Service

            	
              4

            
	
              Section 2.04.

            	
              Compliance with Applicable Law

            	
              4

            
	
              Section 2.05.

            	
              Force Majeure

            	
              4

            
	
              Section 2.06.

            	
              Limitations

            	
              4

            
	
              Section 2.07.

            	
              Labor Matters

            	
              5

            
	
              Section 2.08.

            	
              Facilities; Cooperation; Further Actions

            	
              5

            
	
              Section 2.09.

            	
              Intellectual Property

            	
              5

            
	
              Section 2.10.

            	
              Data Ownership and Data Protection

            	
              6

            
	
              Section 2.11.

            	
              Information Technology

            	
              7

            
	
              Section 2.12.

            	
              Policies and Procedures

            	
              7

            
	
              Section 2.13.

            	
              Access to Information

            	
              7

            
	
              Section 2.14.

            	
              Transition Governance

            	
              8

            
	
               

              

              ARTICLE 3

              SERVICE FEES

                

            
	
              Section 3.01.

            	
              Fees for Services

            	
              8

            
	
              Section 3.02.

            	
              Customary Billing

            	
              9

            
	
              Section 3.03.

            	
              Pass-Through Billing

            	
              9

            
	
              Section 3.04.

            	
              Percent of Sales Billing

            	
              9

            
	
              Section 3.05.

            	
              Fixed Fee Billing

            	
              10

            
	
              Section 3.06.

            	
              Invoicing of Fees

            	
              10

            
	
              Section 3.07.

            	
              Right to Set Off

            	
              10

            
	
              Section 3.08.

            	
              Taxes

            	
              10

            
	
              Section 3.09.

            	
              Audits

            	11
	
               

              

              ARTICLE 4

              RETENTION AND TRANSFER OF CERTAIN TSA EMPLOYEES

                

            
	
              Section 4.01.

            	
              Employment of Transition Employees

            	
              11

            
	
              Section 4.02.

            	
              Transfer of Transition Employees

            	
              12

            

      

      

      
        i

        
          

      

      
        	
                 

                

                ARTICLE 5

                CONFIDENTIALITY

                  

              
	
                Section 5.01.

              	
                Confidentiality

              	
                13

              
	
                Section 5.02.

              	
                No Rights to Confidential Information

              	
                13

              
	
                Section 5.03.

              	
                Third Party Non-Disclosure Agreements

              	
                13

              
	
                Section 5.04.

              	
                Safeguards

              	
                13

              
	
                 

                

                ARTICLE 6

                INDEMNIFICATION; LIMITATION OF LIABILITY

                  

              
	
                Section 6.01.

              	
                Indemnification

              	
                14

              
	
                Section 6.02.

              	
                Third Party Claim Procedures

              	
                14

              
	
                Section 6.03.

              	
                Direct Claim Procedures

              	
                15

              
	
                Section 6.04.

              	
                Calculation of Damages

              	
                15

              
	
                Section 6.05.

              	
                No Warranties

              	
                15

              
	
                Section 6.06.

              	
                Limitation of Liability; Exclusion of Damages

              	
                15

              

      

      	
               

              

              ARTICLE 7

              TERMINATION OF SERVICES

                

            
	
              Section 7.01.

            	
              Termination

            	
              16

            
	
              Section 7.02.

            	
              Effect of Termination

            	
              17

            
	
               

              

              ARTICLE 8

              REPRESENTATIONS AND WARRANTIES

                

            
	
              Section 8.01.

            	
              Representations and Warranties of Service Provider

            	
              17

            
	
              Section 8.02.

            	
              Representations and Warranties of L Brands

            	
              18

            
	
               

              

              ARTICLE 9

              MISCELLANEOUS

                

            
	
              Section 9.01.

            	
              Notices

            	
              18

            
	
              Section 9.02.

            	
              Amendments; No Waivers

            	
              19

            
	
              Section 9.03.

            	
              Expenses

            	
              19

            
	
              Section 9.04.

            	
              Independent Contractor Status

            	
              19

            
	
              Section 9.05.

            	
              Successors and Assigns

            	
              19

            
	
              Section 9.06.

            	
              Governing Law

            	
              19

            
	
              Section 9.07.

            	
              Dispute Resolution

            	
              20

            
	
              Section 9.08.

            	
              Jurisdiction

            	
              20

            
	
              Section 9.09.

            	
              WAIVER OF JURY TRIAL

            	
              21

            
	
              Section 9.10.

            	
              Counterparts; Effectiveness; Third Party Beneficiaries

            	
              21

            
	
              Section 9.11.

            	
              Entire Agreement

            	
              21

            
	
              Section 9.12.

            	
              Severability

            	
              21

            
	
              Section 9.13.

            	
              Specific Performance

            	
              21

            
	
              Section 9.14.

            	
              Interpretation

            	
              21

            
	
              Section 9.15.

            	
              Integration

            	
              22

            

      

      

      SCHEDULES

      

      

      
        Schedule A          Service Schedules

      

      

      

      ANNEXES

      

      

      
        Annex A          Data Processing Addendum

      

      

      

      
        ii

        
          

      

      

      

      VS TO L BRANDS TRANSITION SERVICES AGREEMENT

      

      

      VS TO L BRANDS TRANSITION SERVICES AGREEMENT (this “Agreement”) dated as of [__], 2021 (the “Effective Date”) between Victoria’s Secret
        & Co., a Delaware corporation (“Service Provider”), and L Brands, Inc., a Delaware corporation (“L Brands”).

      

      

      W I T N E S S E T H :

      

      

      WHEREAS, L Brands and Service Provider have entered into a Separation and Distribution Agreement dated as of [__], 2021 (the “Separation Agreement”), pursuant to which and on the
        terms and conditions set forth therein, among other things, L Brands has agreed to distribute the VS Business to the holders of the L Brands Common Stock as of the Record Date;

      

      

      WHEREAS, pursuant to the Separation Agreement, Service Provider has agreed to enter into this Agreement to cause to be provided certain services to the Service Recipients on the terms and conditions set forth herein in
        connection with the transactions contemplated by the Separation Agreement; and

      

      

      WHEREAS, Service Provider has agreed to cause the Services to be provided in accordance with the terms hereof in order to facilitate the orderly separation of the L Brands Business from the VS Business.

      

      

      NOW, THEREFORE, in consideration of the covenants and agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby mutually acknowledged, the parties hereto
        hereby agree as follows:

      

      

      ARTICLE 1

      DEFINITIONS

      

      

      Section 1.01.          Definitions.  (a) As used herein, the following terms shall have the following meanings:

      

      

      “Dependent Services” means, with respect to any specified Service (or portion thereof), any and all Services (or portion thereof) that, in Service Provider’s good faith
        reasonable determination, are dependent on the continuation of such specified Service (or portion thereof) or would be adversely affected by the termination or suspension of such specified Service (or portion thereof).

      

      

      “Disengagement Costs” means any and all costs, charges and expenses of any kind incurred by Service Provider or any of its Affiliates in connection with the termination of this
        Agreement or relating to the cessation of any Services hereunder, including all third party charges, costs or fees, all third party cancellation or termination charges, costs or fees and the market value of all Disengagement Services provided by
        other Persons.

      

      

      “Disengagement Services” means all services (other than the Services) provided hereunder at the request of L Brands primarily for the purpose of disengaging and transitioning
        Services from Service Provider and its Affiliates to L Brands or any of its Affiliates.

      

      

      “Service Costs” means the Service Fees and Service Taxes.

      

      

      “Services” means, subject to the limitations set forth herein and solely to the extent related to the L Brands Business, the transition services described on Schedules A-1
          through A-[__]; each such schedule a “Service Schedule” and collectively the “Service Schedules”.

      

      

      “TSA Employee” means each individual who (i) is employed by Service Provider or any of its Affiliates (other than, for the avoidance of doubt, any employee of any Service
        Recipient) and (ii) provides Services (or any portion thereof) pursuant to this Agreement.

      

      

      
        
          

      

      
      

      

      (b)          All capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Separation Agreement.

      

      

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

      

      

      	
              Term

            	
              Section

            
	Additional Service 

            	2.01(c) 

            
	
              Administrative Charge

            	
              3.01(c)

            
	
              Agreement

            	
              Preamble

            
	
              Allocated Cost

            	
              3.01(c)

            
	
              Applicable Agreements

            	
              9.15

            
	
              Arbitration Association

            	
              9.07(c)

            
	Cap 

            	6.06(b) 

            
	
              Confidential Information

            	
              5.01

            
	
              Cost Components

            	
              3.01(c)

            
	
              Customary Billing

            	
              3.01(b)

            
	
              Damages

            	
              6.01(a)

            
	
              Developed Intellectual Property

            	
              2.09(d)

            
	
              Dispute

            	
              9.07(a)

            
	
              Effective Date

            	
              Preamble

            
	
              Fixed Fee Billing

            	
              3.01(b)

            
	
              Indemnified Party

            	
              6.02(a)

            
	
              Indemnifying Party

            	
              6.02(a)

            
	
              Integrated Agreements

            	
              9.15

            
	
              IT Breach

            	
              2.11

            
	
              Mediation Notice

            	
              9.07(b)

            
	
              Mediation Period

            	
              9.07(c)

            
	
              L Brands

            	
              Preamble

            
	
              L Brands Developed Intellectual Property

            	
              2.09(d)

            
	
              L Brands to VS TSA

            	
              9.15

            
	
              Net Sales Ratio

            	
              3.04

            
	
              Pass-Through Billing

            	
              3.01(b)

            
	
              Payment Date

            	
              3.06(b)

            
	
              Percent of Sales Billing

            	
              3.01(b)

            
	
              Representatives

            	
              2.12

            
	
              Separation Agreement

            	
              Recitals

            
	
              Service Fees

            	
              3.01(b)

            
	
              Service Manager

            	
              2.14

            
	
              Service Provider

            	
              Preamble

            
	
              Service Provider Indemnitees

            	
              6.01(a)

            
	
              Service Provider Party

            	
              2.02

            
	
              Service Recipients

            	
              2.01(a)

            
	
              Service Recipient Indemnitees

            	
              6.01(b)

            
	
              Service Taxes

            	
              3.08(a)

            
	
              Specific Billing

            	
              3.01(b)

            
	
              Term

            	
              2.01(b)

            
	
              Termination Fees

            	
              7.02

            
	
              Third Party Claim

            	
              6.02(a)

            
	
              Third Party Consent Costs

            	
              2.08(a)

            
	
              Third Party Provider

            	
              2.02

            
	
              Transition Date

            	
              4.01(c)(ii)

            
	
              Transition Employee

            	
              4.01(c)(i)

            

      

      

      
        2

        
          

      

      

      

      Section 1.02.          Other Definitional and Interpretive 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, Exhibits, Appendices, Annexes and Schedules are to Articles, Sections, Exhibits, Appendices, Annexes and Schedules of this Agreement unless otherwise specified.  All Exhibits, Appendices, Annexes 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 Exhibit, Appendix, Annex 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 statute shall be deemed to refer to such statute as amended from time to time and to any rules or regulations promulgated thereunder.  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 Applicable Law.  The word “or” means “and/or” unless
        the context provides otherwise.  References to “dollars” or “$” shall mean U.S. dollars, and whenever conversion of values to or from any currency other than U.S. dollars for a particular date shall be required, such conversion shall be made using
        the closing rate provided by Bloomberg as of the date that is one Business Day prior to such date.  References to one gender shall be held to include the other gender as the context requires. In the event of any inconsistency between the terms of
        this Agreement and the terms set forth in any Service Schedule, the terms set forth in the applicable Service Schedule shall prevail unless expressly provided otherwise.

      

      

      ARTICLE 2

      SERVICES

      

      

      Section 2.01.          Services.  (a) Subject to the terms and conditions set forth herein, Service Provider shall cause the Service Provider Parties to provide to L Brands and
        its Affiliates (collectively the “Service Recipients”), and the Service Recipients shall receive, the Services for the term indicated in Section 2.01(b).  A detailed description of each Service to be provided
        by the Service Provider Parties to the Service Recipients hereunder is set forth in the Service Schedules.

      

      

      (b)          Service Provider shall cause the Service Provider Parties to provide, and the Service Recipients shall receive, each Service for the period specified for such Service in the applicable Service Schedule
        (each such period, a “Term”).  The Term for each Service may be (i) extended or shortened by mutual written agreement of L Brands and Service Provider, and (ii) terminated by L Brands or Service Provider, as
        applicable, pursuant to Section 7.01, in each case to be reflected in an amendment to the applicable Service Schedule.

       

      

      (c)          In addition to the Services to be provided or procured by Service Provider in accordance with Section 2.01(a), if due to a good faith oversight, the Service Schedules fail to identify a service provided by
        the Service Provider Parties to the L Brands Business during the twelve month period prior to the date hereof (an “Additional Service”), and such Additional Service is necessary for the Service Recipients
        during the term of this Agreement to operate the L Brands Business in substantially the same manner as the L Brands Business had been operated during the twelve month period prior to the date hereof, upon written request of any Service Recipient
        that identifies and states its desire to receive such Additional Service, the parties hereto shall negotiate in good faith for Service Provider to provide or cause to be provided such Additional Service; provided
        that (i) nothing herein shall obligate either party hereto to agree to any such terms or to provide or receive any such Additional Service unless agreed in writing by both parties hereto and (ii) no Additional Service shall be provided for a Term
        extending beyond 24 months following the Distribution Date. To the extent the parties hereto reach a written agreement with respect to providing such Additional Service, the parties shall cooperate and act in good faith to add such Additional
        Service to the Service Schedules and mutually agree in good faith to a description of such Additional Service, the Term during which such Additional Service would be provided, the Service Fees for such Additional Service and any other terms
        applicable thereto. Upon amendment of the Service Schedules to include such Additional Service, such Additional Service shall be deemed part of the “Services” provided under this Agreement subject to the terms and conditions of this Agreement.

      

      

      

      Section 2.02.          Service Provider’s Affiliates and Third Party Providers.  In providing, or otherwise making available, the Services to the Service Recipients, Service
        Provider may use, at its discretion, its own personnel or the personnel of any of its Affiliates (including the TSA Employees) or employ the services of contractors, subcontractors, vendors or other third parties (each, a “Third Party Provider”); provided that Service Provider shall remain responsible for ensuring that its obligations with respect to such Services, including the general standard of service described below under Section 2.03, are
        satisfied with respect to all Services provided by any Service Provider Party.  Each of Service Provider, its Affiliates and any Third Party Provider that provides Services shall be referred to as a “Service
          Provider Party”.

      

      

      
        3

        
          

      

      

      

      Section 2.03.          General Standard of Service.  Except as otherwise agreed in writing by the parties hereto or expressly provided in this Agreement, each Service Provider
        Party shall provide Services in all material respects in substantially the same manner in terms of the nature, quality and standard of care as such services have been provided to the Affiliates and other businesses of Service Provider or L Brands,
        as applicable, during the twelve month period prior to the date hereof and after the date hereof.  Service Provider shall not be responsible for any inability to provide a Service or any delay in doing so to the extent that such inability or delay
        is the result of the failure of any Service Recipient to timely provide the information, access or other cooperation necessary for a Service Provider Party to provide such Service.  Service Provider’s obligation to cause the Services to be provided
        in accordance with the standards set forth in this Section 2.03 shall be subject to Service Provider’s right to supplement, modify, substitute or otherwise alter any of the Services from time to time in a manner that is generally consistent with
        supplements, modifications, substitutions or alterations made for similar services provided or otherwise made available by a Service Provider Party to Service Provider or any of its Affiliates or as required by Applicable Law.

      

      

      Section 2.04.          Compliance with Applicable Law.  The parties hereto will comply, and will cause their Affiliates and their respective employees to comply, with all
        Applicable Law in the performance of this Agreement.

      

      

      Section 2.05.          Force Majeure.  Neither party hereto shall be liable to the other party hereto for any interruption of service, any delays or any failure to perform
        under this Agreement caused by matters or events occurring that are beyond the reasonable control of such party, including, strikes, lockouts or other labor difficulties; fires, floods, acts of God, extremes of weather, earthquakes, tornadoes, or
        similar occurrences; riot, insurrection or other hostilities; embargo; fuel or energy shortage; delays by unaffiliated suppliers or carriers; inability to obtain necessary labor, materials or utilities; or any epidemic, pandemic or disease outbreak
        (including COVID-19) or worsening thereof.  Any delays, interruptions or failures to perform caused by such occurrences shall not be deemed to be a breach or failure to perform under this Agreement; provided
        that (i) this Section 2.05 only operates to suspend, and not to discharge, a party’s obligations under this Agreement, and that when the causes of the failure or delay are removed or alleviated, the affected party shall resume performance of its
        obligations hereunder and to the extent such suspension adversely impacts the progress of the transition of any Service to a Service Recipient, the Service Recipient may request in writing that the Term for such Service shall be tolled for the
        duration of such suspension and (ii) this Section 2.05 shall not excuse a party’s obligation to pay money; provided, further, that L Brands shall not be obligated
        to pay (other than previously accrued Service Costs) for any particular Service during the pendency of Service Provider’s failure to provide such particular Service.  Each party hereto shall use its good faith efforts to promptly notify the other
        upon learning of the occurrence of such event of a force majeure and (x) the affected party shall use its commercially reasonable efforts to mitigate and eliminate the force majeure in order to resume performance as promptly as practicable,
        provided that such affected party will have no obligation to incur any costs or liabilities to do so, and (y) the unaffected party shall have no obligation hereunder with respect to the obligations the affected party is unable to perform due to the
        force majeure event. If Service Provider is unable to provide any of the Services due to a force majeure event, the parties hereto shall use commercially reasonably efforts to cooperatively seek a solution that is mutually satisfactory, such as the
        subcontracting of all or part of the provision of the Services under the supervision of Service Provider for the period of time during or affected by the force majeure.

      

      

      Section 2.06.          Limitations.  (a) L Brands agrees that the Services will be used by each Service Recipient solely in connection with the operation of the L Brands
        Business and to facilitate an orderly separation of the L Brands Business from the VS Business following the Distribution Time.  No member of the L Brands Group may resell, license the use of or otherwise permit the use by any Person other than the
        Service Recipients of any Services, except with the prior written consent of Service Provider.

      

      

      (b)          In providing the Services, no Service Provider Party shall be obligated to, unless expressly agreed in writing by the parties or expressly set forth on the applicable Service Schedule: (i) hire any
        additional employees; (ii) maintain the employment of any specific employee; (iii) purchase, lease or license any additional equipment, hardware, Intellectual Property Right or software, except to the extent (A) software is reasonably necessary for
        the performance or receipt of a Service and (B) L Brands agrees to solely bear the applicable cost and expense (and which shall be subject to L Brands’ prior written approval) or (iv) provide any Service to any Service Recipient for any fiscal year
        at a volume or level that is more than 120% of the volume or level of such Service in the preceding fiscal year.

      

      

      
        4

        
          

      

      

      

      Section 2.07.          Labor Matters.  All labor matters relating to any TSA Employees shall be within the exclusive control of Service Provider (or its applicable Affiliate or
        Third Party Provider), and L Brands and its Affiliates shall not take any action affecting such matters.  Except as expressly provided in Article 4, nothing in this Agreement is intended to transfer the employment of any TSA Employee to L Brands or
        any of its Affiliates.  All TSA Employees will be deemed for all compensation, employee benefits, tax and social security contribution purposes to be employees of Service Provider (or its applicable Affiliate or Third Party Provider) and not
        employees of L Brands or any of its Affiliates.  In providing the Services, the TSA Employees will be under the direction, control and supervision of Service Provider or its Affiliates or Third Party Provider and not of L Brands or any of its
        Affiliates. Except with respect to the L Brands Assets, or any other assets and materials provided by L Brands in accordance with Section 2.08(b), all procedures, methods, systems, strategies, tools, equipment, facilities and other resources of any
        Service Provider Party that are used by any Service Provider Party in connection with the provision of Services hereunder (including any Intellectual Property Right whether existing or created in connection with the provision of the Services or
        otherwise) shall remain the property of such Service Provider Party and shall at all times be under the sole direction and control of Service Provider.

      

      

      Section 2.08.          Facilities; Cooperation; Further Actions.  (a) Service Provider and L Brands shall use commercially reasonable efforts to obtain, and to keep and
        maintain in effect (or to cause their respective Affiliates to obtain, and to keep and maintain in effect), all governmental or third party licenses and consents required for the provision of any Service by a Service Provider Party in accordance
        with the terms of this Agreement; provided that if Service Provider or any of its Affiliates is unable to obtain any such license or consent, Service Provider shall promptly notify L Brands in writing and shall, and shall cause its Affiliates to,
        use commercially reasonable efforts to implement an appropriate alternative arrangement.  The costs relating to obtaining any such licenses or consents shall be borne solely by L Brands (the “Third Party Consent
          Costs”) and none of Service Provider or any of its Affiliates shall be required to pay any money or other consideration or grant any other accommodation to any Person (including any amendment to any contract) or initiate any action, suit
        or proceeding against any Person to obtain any such license or consent; provided that Service Provider and its Affiliates shall not incur any such costs without the prior written consent of L Brands.  If any such license, consent or alternative
        arrangement is not available despite the commercially reasonable efforts of Service Provider and its Affiliates or as a result of L Brands failing to consent to the incurrence of costs relating to obtaining any such license or consent, Service
        Provider shall not be required to cause to be provided the affected Services.

      

      

      (b)          To the extent necessary, or upon Service Provider’s reasonable request, L Brands shall make all L Brands Assets or other facilities (including all ancillary facilities-related services), assets,
        information technology systems and applications or materials of the Service Recipients available to Service Provider or the applicable Service Provider Party for the provision of the Services (it being understood that, as between the parties
        hereto, title to all L Brands Assets and such other facilities, assets, information technology systems and applications or materials shall at all times remain with the applicable Service Recipient and such Service Recipient shall at all times be
        the owner of record of such L Brands Assets and other facilities, assets, information technology systems and applications or materials and shall be solely responsible for any matters arising therefrom or related thereto); provided that in the event
        L Brands fails to make any such L Brands Assets or other facilities, assets, information technology systems and applications or materials available to Service Provider or the applicable Service Provider Party, Service Provider shall have no further
        obligation to provide any affected Services to the extent such L Brands Assets or other facilities, assets, information technology systems and applications or materials are required for the provision of such Services.

      

      

      Section 2.09.          Intellectual Property.  (a) Subject to the terms and conditions of this Agreement, with respect to each Service, Service Provider (on behalf of itself
        and its Affiliates) hereby grants to each Service Recipient and its Affiliates a limited, non-exclusive, non-sublicenseable, non-assignable (except as expressly provided for in Section 9.04) license, solely during the Term for such Service, to use
        any Intellectual Property Right (other than Trademarks), software and data that is (i) owned by Service Provider or its Affiliates and (ii) provided or otherwise made available by Service Provider or its Affiliates to such Service Recipient as part
        of such Service, but in each case solely to the extent necessary for such Service Recipient and its Affiliates to receive and use such Service as provided for and in accordance with this Agreement, subject to any applicable third party restrictions
        or limitations.

      

      

      
        5

        
          

      

      

      

      (b)          Subject to the terms and conditions of this Agreement, with respect to each Service, each Service Recipient (on behalf of itself and its Affiliates) hereby grants to Service Provider and its Affiliates a
        limited, non-exclusive, royalty-free, non-sublicenseable (except as expressly set forth herein), non-assignable (except as expressly provided for in Section 9.04) license, solely during the Term for such Service, in and to any Intellectual Property
        Right (other than Trademarks), software and data owned or controlled by such Service Recipient or any of its Affiliates, but in each case solely to the extent necessary for Service Provider, its Affiliates or any Third Party Provider to perform
        such Service as provided for and in accordance with this Agreement, subject to any applicable third party restrictions or limitations (it being understood that Service Provider shall have the right to grant a sublicense under the foregoing license
        to any Third Party Provider).

      

      

      (c)          ALL SERVICES AND INTELLECTUAL PROPERTY RIGHTS LICENSED HEREUNDER ARE PROVIDED ON AN “AS IS” BASIS WITH NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, OF ANY KIND, INCLUDING WITH RESPECT TO
        MERCHANTABILITY, FITNESS FOR PARTICULAR PURPOSE OR NON-INFRINGEMENT.  EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, NO LICENSES OR OTHER RIGHTS TO ANY SOFTWARE, INTELLECTUAL PROPERTY RIGHTS, DATA OR OTHER ASSETS ARE GRANTED TO EITHER PARTY
        HERETO UNDER THIS AGREEMENT, WHETHER BY IMPLICATION, ESTOPPEL, EXHAUSTION OR OTHERWISE, AND EACH PARTY HERETO RETAINS AND RESERVES ALL RIGHTS NOT EXPRESSLY GRANTED UNDER THIS AGREEMENT.

      

      

      (d)          The parties hereto acknowledge and agree that, as between the parties, Service Provider shall solely own all right, title and interest in and to all Intellectual Property Rights (other than Trademarks)
        authored, conceived, developed or reduced to practice by any Service Provider Party (whether solely or jointly with others) in connection with the Services (“Developed Intellectual Property”), provided that L Brands shall own all right, title and interest in and to all Developed Intellectual Property exclusively used in the L Brands Business (“L Brands Developed
          Intellectual Property”). L Brands hereby irrevocably assigns, and shall cause the other Service Recipients to assign, to Service Provider all of its or their right, title and interest in and to all Developed Intellectual Property (other
        than L Brands Developed Intellectual Property), and hereby waives any and all moral rights that it or they may have in all such Developed Intellectual Property. Service Provider hereby irrevocably assigns, and shall cause the other Service Provider
        Parties to assign, to L Brands all of its or their right, title and interest in and to all L Brands Developed Intellectual Property, and hereby waives any and all moral rights that it or they may have in any L Brands Developed Intellectual
        Property. The parties hereto agree to execute all other documents and take all actions as may be necessary or desirable to enable the other party to prosecute, perfect, enforce, defend, register and/or record its right, title and interest in, to
        and under the Developed Intellectual Property or L Brands Developed Intellectual Property, as applicable.

      

      

      Section 2.10.          Data Ownership and Data Protection.  As between the parties hereto, the applicable Service Recipient shall be the owner of all data collected, used,
        stored or otherwise processed by or on behalf of such Service Recipient under this Agreement to the extent related to the L Brands Business. Service Provider shall, and L Brands shall cause the Service Recipients to, comply with the Data Processing
        Addendum attached as Annex A hereto and all applicable privacy and data protection laws that are or that may in the future be applicable to the provision of Services hereunder.

      

      

      
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      Section 2.11.          Information Technology.  L Brands shall cause each Service Recipient, its employees and any subcontractors to: (a) not attempt to obtain access to or use
        any information technology systems of any Service Provider Party, or any data owned by any Service Provider Party, or any data used or processed by any Service Provider Party (other than any data of any Service Recipient), except to the extent
        required to receive the Services; (b) maintain reasonable security measures to protect the systems of each Service Provider Party to which it has access pursuant to this Agreement from access by unauthorized third parties, and any “back door”,
        “time bomb”, “Trojan Horse”, “worm”, “drop dead device”, “virus” or other computer software routine intended or designed to disrupt, disable, harm or otherwise impede in any manner the operation of such systems; (c) not permit access or use of
        information technology systems of any Service Provider Party by a third party other than as authorized by prior written consent of Service Provider; (d) not disable, damage or erase or disrupt or impair the normal operation of the information
        technology systems of any Service Provider Party; and (e) comply with the security policies and procedures of each Service Provider Party (to the extent previously provided to each Service Recipient in writing).  Each party hereto shall promptly
        notify the other party in the event it or any of its respective Affiliates becomes aware of or suspects that there has been a breach of security or a loss, theft or unauthorized access, use or disclosure of any information technology systems
        (collectively, “IT Breach”) of any Service Provider Party or any Service Recipient to the extent such (i) IT Breach could adversely affect the provision or receipt of the Services hereunder or such other
        party’s data or Confidential Information or (ii) notice is required by Applicable Law.

      

      

      Section 2.12.          Policies and Procedures.  L Brands shall cause each Service Recipient and its employees, officers, directors, advisors and representatives (collectively,
        “Representatives”) and any subcontractors to comply with the internal policies, procedures, rules and regulations of the Service Provider Parties (as may be updated from time to time) applicable to (a) the
        use of the Service Provider Parties’ information technology systems, computers, networks, telephone systems, software, data, equipment or other facilities in connection with the Services or (b) such Service Recipient’s conduct while on a Service
        Provider Party’s premises or utilizing a Service Provider Party’s facilities in connection with the Services, in each case to the extent such policies, procedures, rules or regulations are generally applicable to such Service Provider Party’s own
        organization.

      

      

      Section 2.13.          Access to Information.  (a) Subject to Applicable Law, L Brands shall, and shall cause the other Service Recipients to, with respect to any Service
        during the Term of such Service, upon reasonable advance notice, afford Service Provider and its Representatives, including Service Provider’s internal and external auditors, reasonable access, during normal business hours, to the employees,
        properties, books and records and other documents of the Service Recipients that are reasonably requested by Service Provider in connection with the provision and receipt of such Service hereunder.

      

      

      (b)          Subject to Applicable Law, Service Provider shall, upon reasonable advance notice, afford L Brands’ internal audit associates and L Brands’ current external audit firm (who has executed an appropriate
        confidentiality agreement reasonably acceptable to Service Provider) reasonable access, during normal business hours, to the information technology systems used by Service Provider with respect to the provision of any Service hereunder solely
        during the Term of such Service and solely for the purpose of performing audit procedures to support the audit of L Brands’ financial statements and L Brands’ internal control environment, including L Brands’ Report on Internal Control over
        Financial Reporting. L Brands’ internal audit associates and L Brands’ external audit firm shall be authorized to maintain documentation supporting the findings of their respective audit procedures. If L Brands wishes to use a new external audit
        firm for its 2021 or 2022 fiscal year audits, L Brands must obtain prior written consent from Service Provider, and such new firm must execute an appropriate confidentiality agreement reasonable acceptable to Service Provider, before such new firm
        is granted access to Service Provider’s information technology systems pursuant to this Section 2.13(b).

      

      

      
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      Section 2.14.          Transition Governance.  Service Provider, on the one hand, and L Brands, on the other hand, shall each designate a service manager (that party’s “Service Manager”), who shall be directly responsible for coordinating and managing for the party he or she represents all activities undertaken by such party hereunder, including making available to the other
        party the information, facilities, resources and other support services required for the performance of, or receipt of, the Services in accordance with the terms of this Agreement.  The Service Managers shall meet or confer, by telephone or in
        person, from time to time as necessary, and at least once per month or otherwise as the parties agree, during the term of this Agreement in order to promote open and efficient communication regarding effective and coordinated performance of, and
        the resolution of questions and issues related to, the Services.  The Service Managers shall also discuss progress in the transition of the Services hereunder and may establish a set of procedures, including frequency of meetings and reporting, and
        other reasonable structures for their cooperation and the cooperation of the parties in the execution of their obligations pursuant to this Agreement.  Service Provider, on the one hand, and L Brands, on the other hand, may, in its sole discretion,
        replace its respective Service Manager from time to time with a substitute upon notice to the other party.

      

      

      ARTICLE 3

      SERVICE FEES

      

      

      Section 3.01.          Fees for Services.

      

      

      (a)          In consideration for the Services provided under this Agreement, L Brands shall pay to Service Provider (or the Service Provider Party designated by Service Provider) the fees for each Service, as
        calculated below.

      

      

      (b)          Each Service Schedule indicates, with respect to each Service listed therein, whether the costs to be charged to the Service Recipients for such Service are determined by (i) the customary billing method
        described in Section 3.02 (“Customary Billing”), (ii) the pass-through billing method described in Section 3.03 (“Pass-Through Billing”), (iii) the percentage of net
        sales method described in Section 3.04 (“Percent of Sales Billing”), (iv) the fixed fee method described in Section 3.05 (“Fixed Fee Billing”), (v) a specific billing
        method to be mutually agreed upon by the applicable Service Recipients and Service Provider (“Specific Billing”) or (vi) some combination thereof.  The amounts calculated by the Service Provider pursuant to
        the Customary Billing, Pass-Through Billing, Percent of Sales Billing, Fixed Fee Billing and Specific Billing methods applicable to Services provided to the Service Recipients and charged to the Service Recipients as provided herein, together with
        any and all Disengagement Costs incurred in connection with the provision of any and all Disengagement Services, are collectively referred to herein as the “Service Fees.”

      

      

      (c)          The Service Fees calculated pursuant to each of the specific billing methods described herein may include without limitation (and without duplication) one or more of the following costs: (i) direct (i.e.,
        out-of-pocket) costs incurred by the Service Provider Parties in providing the Services, (ii) subject to the express terms of any applicable Service Schedule, a reasonably and fairly allocated portion of costs or expenses (including the allocable
        portion of the compensation, benefits and other employment-related costs relating to the TSA Employees (including with respect to participation by such TSA Employees in any VS H&W Plan (as defined in the Employee Matters Agreement)) and
        service-specific overhead costs and the costs of depreciation of new and existing assets) incurred by one or more of the Service Provider Parties in providing services to one or more of the Service Provider and its Affiliates and the Service
        Recipients (each, an “Allocated Cost”), and (iii) third party costs, including but not limited to Third Party Consent Costs, incurred by one or more of the Service Provider Parties in providing the Services
        (each of (i)-(iii), a “Cost Component,” and collectively, the “Cost Components”). To the extent expressly set forth in the Service Schedules, the Service Fees may
        include a cost-plus billing method based upon the aggregate costs incurred by Service Provider or its Affiliates relative to a particular Service plus a percentage of such costs in consideration of Service Provider’s or its Affiliates’ procurement
        and administration (“Administrative Charge”) of such Service.

      

      

      
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      (d)          The parties hereto intend and agree that this Agreement provides for the orderly and efficient separation of the L Brands Business from the VS Business following the Distribution Time and that the methods
        of calculation of the Service Fees hereunder shall permit the Service Provider (or its Affiliates, if so designated) to receive full reimbursement for all overhead, administrative and supervisory costs and expenses incurred directly or indirectly
        by the Service Provider Parties in connection with the provision of the Services consistent with the manner in which the Service Provider Party charges and/or receives reimbursement from its Affiliates from time to time (including one or more of
        the Cost Components, together with any other amounts agreed to by the parties hereto) as provided in the applicable Service Schedule or as otherwise agreed by the parties hereto.  It is further understood and agreed that when any Service Fees for
        Services hereunder are to be determined or agreed upon by Service Provider and L Brands (whether before or after the Distribution Time), such Service Fees shall, except as otherwise set forth in this Agreement, in all events include all pertinent
        Cost Components and any other amounts therefor mutually agreed to by the parties hereto, including any Administrative Charge to the extent expressly set forth in the Service Schedule.

      

      

      Section 3.02.          Customary Billing.  The Service Fees to which the Customary Billing method applies shall, subject to Section 3.01(c) and (d), be calculated on a basis
        that is substantially equivalent to the basis on which costs are attributed (whether through direct or indirect charges, allocations or otherwise) from time to time, now or in the future, to other companies or businesses operated by Service
        Provider for the same or comparable services (including one or more of the Cost Components); provided, that (i) in respect of any particular Services, if Service Provider does not generally attribute costs associated with the same or comparable
        services to other companies or businesses operated by Service Provider as provided above, then the Customary Billing method for such Services shall be equivalent to the market value of all Services provided by Service Provider personnel and other
        Persons (including all Cost Components) which are reasonably allocable to the provision of such Services to the Service Recipients and (ii) if Service Provider provides financial relief from time to time to any companies or businesses operated by
        Service Provider with respect to any costs, fees, expenses and/or allocations that are otherwise generally allocated to or paid by companies or businesses operated by Service Provider, the Service Recipients shall not be entitled to the same
        financial relief.

      

      

      Section 3.03.          Pass-Through Billing.  The costs of Services to which the Pass-Through Billing method applies shall, subject to Section 3.01(c) and (d), be equal to the
        aggregate amount of the third-party costs and expenses incurred (which costs shall include but not be limited to adjustments for attributable rebates and Third Party Consent Costs) by any Service Provider Party on behalf of the Service Recipients.

      

      

      Section 3.04.          Percent of Sales Billing.  The costs of Services to which the Percent-of-Sales Billing method applies shall, subject to Section 3.01(c) and (d), be equal
        to the amount obtained by multiplying (x) the aggregate cost incurred each month by the Service Provider and its Affiliates in providing such Services to one or more businesses of Service Provider or its Affiliates and to all Service Recipients by
        (y) the Net Sales Ratio for such month.  “Net Sales Ratio” means the net sales of the applicable Service Recipients for a particular month divided by the aggregate net sales of all businesses of Service
        Provider, combined with (i) the net sales of the Service Recipient to which costs for such month are being allocated and (ii) the net sales of any Service Recipient other than the Service Recipient identified in clause (i) receiving such Services
        to which costs for such month are being allocated.  In order to permit Service Provider to calculate the billing method provided for in this Section 3.04 (and for no other purpose), the applicable Service Recipient shall provide Service Provider
        with all reasonably necessary sales information not later than the close of business on the first Business Day immediately following such calendar month.

      

      

      
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      Section 3.05.          Fixed Fee Billing.  The cost of Services to which the Fixed Fee Billing method applies shall be in the amount set forth in the applicable Service
        Schedule.

      

      

      Section 3.06.          Invoicing of Fees.  (a) Service Provider shall invoice, or shall cause the applicable Service Provider Party to invoice, L Brands on a monthly basis (not
        later than the fifteenth day of the following month), for the Service Costs and any applicable Disengagement Costs incurred in the prior month, including reasonable supporting data.  Service Provider shall use its commercially reasonable efforts to
        cause invoices to be presented to L Brands on the schedule set forth in this Section 3.06, but no delay in presentation of an invoice shall affect L Brands’ obligation to pay the full amount of such invoice, when presented, on the terms set forth
        herein.

      

      

      (b)          Except as specifically provided on the applicable Service Schedule,  L Brands shall pay, or shall cause to be paid, each invoice delivered pursuant to Section 3.06(a) on or before the date (each, a “Payment Date”) that is 30 days after the date of receipt of such invoice.  Such payments shall be made by wire transfer of immediately available funds to an account designated by Service Provider.

      

      

      (c)          If L Brands fails to pay the full amount of any invoice under this Agreement within 15 days of the applicable Payment Date, L Brands shall be obligated to pay, in addition to the amount due on such Payment
        Date, interest on such amount at the rate of 12% per annum, compounded monthly from the applicable Payment Date through the date of payment; provided that such interest rate shall not exceed the maximum rate permitted by Applicable Law.  All
        payments made shall be applied first to unpaid interest and then to amounts invoiced but unpaid.  If L Brands fails to pay the full amount of any invoice within 30 days of the applicable Payment Date, such failure shall be considered a material
        breach of this Agreement, and to the extent the aggregate amount of such overdue unpaid invoices exceeds $1,000,000, Service Provider may, after 10 days’ prior notice to L Brands, elect to suspend, without liability, its obligations hereunder to
        cause to be provided any or all Services to L Brands until such time as such invoices have been paid in full.

      

      

      (d)          If any Service requires any Service Provider Party to make any payment to any third party on behalf of any Service Recipient or any of its Affiliates,  L Brands shall deposit, by wire transfer of
        immediately available funds to an account designated by Service Provider, the amount of such payment at least one Business Day prior to the date on which such payment is to be made; provided that, notwithstanding anything to the contrary in this
        Agreement, Service Provider shall have no obligation to cause any such payment to be made unless and until L Brands deposits the full amount of any such payment in accordance with this Section 3.06(d).

      

      

      Section 3.07.          Right to Set Off.  Notwithstanding anything in this Agreement or the L Brands to VS TSA to the contrary and without limiting any of L Brands’ or any of
        its Affiliates’ other remedies under contract or Applicable Law, L Brands shall have the right, but not the obligation, to set off any payments that are past due by Service Provider or any member of the VS Group under the L Brands to VS TSA and not
        yet paid by Service Provider or any such VS Group member against any Service Fees that have become payable and not yet been paid by L Brands hereunder; provided that such set off amount shall be identified in reasonable detail in the next
        applicable invoice sent to Service Provider. Except as set forth herein, L Brands hereby unconditionally and irrevocably waives any rights of set off, netting, offset, recoupment or similar right that L Brands has or may have with respect to the
        payment of the Service Fees or any other payments to be made by L Brands pursuant to this Agreement.

      

      

      Section 3.08.          Taxes.  (a) L Brands shall bear and pay all applicable sales, use, transaction, consumption, excise, services, value added, transfer, payroll, employment
        and other similar Taxes (and any related interest, penalty, addition to tax or additional amount imposed) incurred or imposed with respect to the provision of the Services, to this Agreement or to any payment hereunder (“Service Taxes”), whether or not such Service Taxes are shown on any invoices. If any Service Provider Party pays any portion of such Service Taxes, L Brands shall reimburse such Service Provider Party within five (5) days of receipt
        of evidence that such Service Taxes have been paid. Any Service Taxes shall be incremental to other payments or charges identified in this Agreement.

      

      

      
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      (b)          All sums payable under this Agreement shall be paid free and clear of all deductions or withholdings unless such deduction or withholding is required by Applicable Law, in which event L Brands shall
        promptly inform the Service Provider Party of such required deduction or withholding and the amount of the payment due from L Brands shall be increased to an amount that after any deduction or withholding leaves an amount equal to the payment that
        would have been due if no such deduction or withholding had been required. L Brands shall pay (or cause to be paid) such deducted or withheld amounts over to the applicable Governmental Authority in accordance with the requirements of Applicable
        Law and provide the applicable Service Provider Party with an official receipt confirming payment.

      

      

      Section 3.09.          Audits.  Throughout the term of this Agreement and for one year thereafter, L Brands shall have the right once within each calendar year, at its own
        expense and on 30 days’ advance written notice to Service Provider, to have an independent auditor reasonably acceptable to Service Provider (and who has executed an appropriate confidentiality agreement reasonably acceptable to Service Provider)
        audit the books and records of Service Provider or any of its Affiliates for the sole purpose of certifying the accuracy of the Service Fees and Cost Components charged by Service Provider to the Service Recipients in accordance with the terms of
        this Agreement for the preceding calendar year; provided that (i) any such audit shall take place during reasonable business hours on a mutually agreed upon date, (ii) such auditor shall in no event be
        entitled to any contingency fee (or otherwise have any portion of its compensation be directly or indirectly determined based on the outcome of such audit) and (iii) no such books and records may be audited more than one time. Service Provider may
        designate competitively sensitive information which such auditor may see and review but which it may not disclose to L Brands and all such books and records, and any applicable audit report and findings, shall be the Confidential Information of
        Service Provider.  L Brands shall provide to Service Provider a copy of each such audit report promptly after its receipt thereof.  In the event that any such audit indicates any overpayment or underpayment of amounts paid to Service Provider by
        any Service Recipient, the applicable party shall pay to the other party (within 30 days following the date of delivery of such audit report to Service Provider) the amount of such overpayment or underpayment, as the case may be, plus (if the
        overpayment or underpayment amount exceeds $250,000.00) interest accruing monthly from the date of such overpayment or underpayment until such amount is paid at 12% per annum, compounded monthly from the relevant payment due date through the date
        of payment (provided that such interest rate shall not exceed the maximum rate permitted by Applicable Law). If either party hereto has a good faith dispute with respect to the findings of such audit, the parties shall follow the dispute resolution
        procedures set forth in Section 9.07.

      

      

      ARTICLE 4

      RETENTION AND TRANSFER OF CERTAIN TSA EMPLOYEES

      

      

      Section 4.01.          Employment of Transition Employees.  Notwithstanding anything to the contrary in this Agreement or in the Employee Matters Agreement:

      

      

      (a)          Service Provider or an Affiliate of Service Provider shall retain in its employ each Transition Employee until the Transition Date applicable to such Transition Employee (unless the employment of the
        relevant Transition Employee is otherwise terminated by such Transition Employee or by the employer of such Transition Employee in the ordinary course of business); and

      

      

      (b)          L Brands shall, or shall cause one of its Affiliates to, offer employment to each Transition Employee, effective as of the Transition Date applicable to such Transition Employee, in accordance with Section
        4.02 below.

      

      

      (c)          For these purposes:

       

      

      (i)          “Transition Employee” means each TSA Employee with
        respect to whom Service Provider and L Brands have mutually identified and agreed in writing will transfer employment from Service Provider or one of its Affiliates to L Brands or one of its Affiliates. 

       

      

      (ii)          “Transition Date” means, with respect to each
        Transition Employee who accepts an offer of employment from L Brands or its applicable Affiliate pursuant to this Article 4, the date on which such Transition Employee’s employment commences with L Brands or an applicable Affiliate of L Brands,
        which shall be the earliest of (A) the first day immediately following the last day of the applicable Term, as identified in the applicable Service Schedule, (B) the termination of (x) the applicable Service in which such Transition Employee is
        engaged or (y) this Agreement, in each case pursuant to Section 7.01 or (C) any other day mutually agreed upon in writing by L Brands and Service Provider. 

      

      

      
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      Section 4.02.          Transfer of Transition Employees.

      

      

      (a)          Each of Service Provider and L Brands will cooperate in good faith to mutually identify the Transition Employees as promptly as practicable following the date of this Agreement.

      

      

      (b)          L Brands shall, or shall cause an Affiliate of L Brands to, offer employment to each Transition Employee on terms and conditions consistent with (i) the Employee Matters Agreement and (ii) the terms and
        conditions of employment applicable to such Transition Employee as of immediately prior to the applicable Transition Date.  Subject to such Transition Employee’s acceptance of such offer, such employment shall commence effective as of the
        Transition Date applicable to such Transition Employee.  Such offer of employment shall be communicated by L Brands (or its applicable Affiliate) to such Transition Employee in a reasonable amount of time prior to such Transition Date in accordance
        with procedures to be mutually determined by Service Provider and L Brands.

      

      

      (c)          Subject to such Transition Employee’s acceptance of such offer of employment, such Transition Employee shall be deemed a Delayed L Brands Transfer Employee (as defined in the Employee Matters Agreement),
        effective as of such Transition Employee’s applicable Transition Date, for all purposes under the Employee Matters Agreement, and the provisions of Employee Matters Agreement shall apply with respect to such Transition Employee.

      

      

      (d)          As provided under the Employee Matters Agreement, and without limiting any other provisions of this Agreement or the Employee Matters Agreement, L Brands (or its applicable Affiliate) will take all
        measures that are required or appropriate in order to (i) effectuate the transfer of employment of each Transition Employee to L Brands (or its applicable Affiliate) as of the Transition Date applicable to such Transition Employee (including by
        making an offer of employment to such Transition Employee in accordance with the terms of this Article 4) and (ii) avoid and mitigate, to the maximum extent possible, the incurrence of any severance obligations or termination-related obligations
        (including by the provision of all appropriate notices, assurances and offers of employment and the assignment and assumption of obligations or undertakings with respect to the employment, compensation, benefits, protections or other obligations
        relating to any such Transition Employee).

      

      

      (e)          Service Provider and L Brands shall reasonably cooperate to (i) enable L Brands and its applicable Affiliates to communicate with the Transition Employees and receive information with respect to the terms
        of employment of the Transition Employees as necessary and appropriate to facilitate L Brands’ obligations under this Article 4 and (ii) transfer and assign to L Brands (or its applicable Affiliate), and effectuate the assumption by L Brands (or
        its applicable Affiliate), all employment- and benefit-related obligations of the Service Provider (and its Affiliates) with respect to each Transition Employee who accepts and commences employment with L Brands (or its applicable Affiliate) in
        accordance with the Employee Matters Agreement, other than the obligations expressly retained by the Service Provider (and its Affiliates) pursuant to the Employee Matters Agreement.  L Brands shall notify Service Provider in writing of each offer
        of employment made by L Brands (or its applicable Affiliate) to each Transition Employee, including the date of the offer, the proposed employment date and the terms and conditions of the offer.

      

      

      
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      (f)          Each of Service Provider and L Brands agree and acknowledge that, to the extent applicable and mutually agreed between the parties hereto, each applicable Service Schedule shall set forth the terms and
        conditions relating to the allocation of responsibility between Service Provider and L Brands with respect to any severance or other termination-related payments or benefits that may become payable to any TSA Employees.

      

      

      ARTICLE 5

      CONFIDENTIALITY

      

      

      Section 5.01.          Confidentiality.  From and after the Effective Date, each party hereto shall hold, and cause its Representatives to hold, in confidence, unless compelled
        to disclose by judicial or administrative process or by other requirements of law (in which event the disclosing party first notifies the other party hereto of such process or requirement and allows such party a reasonable opportunity to seek a
        protective order or other appropriate remedy to prevent such disclosure), all documents and information concerning the other party hereto provided to it pursuant to this Agreement (“Confidential Information”),

        and shall not, without the prior written consent of the other party hereto, disclose or use any Confidential Information of the other party hereto except as necessary in the performance of its obligations under this Agreement; provided that the
        term “Confidential Information” (a) does not include information that is or becomes generally available to the public (other than as a result of a breach of this Agreement), (b) does not include information that was available to the receiving party
        or any of its Affiliates on a non-confidential basis prior to its disclosure to such receiving party or its Affiliates pursuant to this Agreement (except that this clause (b) shall not apply to information of either party hereto in the possession
        of the other party prior to the date hereof by virtue of their previous Affiliate relationship), (c) does not include information that is or becomes available to the receiving party or any of its Affiliates from a third party not known by the
        receiving party or its Affiliates to be bound by a confidentiality agreement or any legal, fiduciary or other obligation restricting disclosure of such information and (d) does not include information that is or was independently developed by the
        receiving party or any of its Affiliates without use of Confidential Information or otherwise violating this Agreement.  Nothing in this Section 5.01 shall limit any other confidentiality obligations among the parties to this Agreement pursuant to
        any other agreement among such parties.

      

      

      Section 5.02.          No Rights to Confidential Information.  Each party hereto acknowledges that it will not acquire any right, title or interest in or to any Confidential
        Information of the other party hereto by reason of this Agreement or the provision or receipt of Services hereunder.

      

      

      Section 5.03.          Third Party Non-Disclosure Agreements.  To the extent that any third party proprietor of information or software to be disclosed or made available to any
        Service Recipient in connection with the performance of Services requires a specific form of non-disclosure agreement as a condition of its consent to use of the same for the benefit of such Service Recipient or to permit any Service Recipient
        access to such information or software, L Brands shall cause such Service Recipient to execute (and will cause such Service Recipient’s employees to execute, if required) any such form.

      

      

      Section 5.04.          Safeguards.  Each party hereto agrees to establish and maintain administrative, physical and technical safeguards, information technology and data security procedures and other protections
        against the destruction, loss, unauthorized access or alteration of the other party’s Confidential Information which are no less rigorous than those otherwise maintained for its own Confidential Information.

      

      

      
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      ARTICLE 6

      INDEMNIFICATION; LIMITATION OF LIABILITY

      

      

      Section 6.01.          Indemnification.  (a) L Brands agrees to indemnify and hold harmless Service Provider and each other Service Provider Party, their respective Affiliates
        and their and their respective Representatives (collectively, the “Service Provider Indemnitees”) from and against any and all damage, loss and expense (including reasonable expenses of investigation and
        reasonable attorneys’ fees and expenses in connection with any action, suit or proceeding whether involving a third party claim or a claim solely between the parties hereto) (“Damages”) asserted against or
        incurred by any Service Provider Indemnitee as a result or arising out of (i) a Service Recipient’s or any of its Affiliates’ breach of this Agreement, (ii) the provision of the Services by such Service Provider Indemnitee or the use of the
        Services by a Service Recipient or any of its Affiliates or (iii) a Service Recipient’s or any of its Affiliates’ gross negligence, fraud or willful misconduct; provided that L Brands shall not be
        responsible for any Damages to the extent Service Provider is required to indemnify a Service Recipient Indemnitee pursuant to Section 6.01(b).

      

      

      (b)          Service Provider agrees to indemnify and hold harmless each Service Recipient, its Affiliates and its and their respective Representatives (collectively, the “Service
          Recipient Indemnitees”) from and against any and all Damages asserted against or incurred by any Service Recipient Indemnitee as a result or arising out of (i) a Service Provider Party’s breach of this Agreement or (ii) a Service
        Provider’s gross negligence, fraud or willful misconduct; provided that Service Provider shall not be responsible for any Damages to the extent L Brands is required to indemnify a Service Provider
        Indemnitee pursuant to Section 6.01(a).

      

      

      Section 6.02.          Third Party Claim Procedures.  (a) The party seeking indemnification under Section 6.01 (the “Indemnified Party”)
        agrees to give prompt notice in writing to the party against whom indemnity is to be sought (the “Indemnifying Party”) of the assertion of any claim or the commencement of any suit, action or proceeding by
        any third party (“Third Party Claim”) in respect of which indemnity may be sought under such Section.  Such notice shall set forth in reasonable detail such Third Party Claim and the basis for indemnification
        (taking into account the information then available to the Indemnified Party).  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
        materially and adversely prejudiced the Indemnifying Party.

      

      

      (b)          The Indemnifying Party shall be entitled to participate in the defense of any Third Party Claim and, subject to the limitations set forth in this Section, shall be entitled to control and appoint lead
        counsel for such defense, in each case at its own expense.

      

      

      (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 6.02, (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 and its Affiliates 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 or any of its Affiliates and (ii) the Indemnified Party shall be entitled to participate
        in the defense of any 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 hereto 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.

      

      

      
        14

        
          

      

      

      

      Section 6.03.          Direct Claim Procedures.  In the event an Indemnified Party has a claim for indemnity under Section 6.01 against an Indemnifying Party that does not
        involve a Third Party Claim, the Indemnified Party agrees to give prompt notice in writing of such claim to the Indemnifying Party.  Such notice shall set forth in reasonable detail such claim and the basis for indemnification (taking into account
        the information then available to the Indemnified Party).  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 materially and adversely
        prejudiced the Indemnifying Party.  If the Indemnifying Party does not notify the Indemnified Party within 30 days following the receipt of a notice with respect to any such claim that the Indemnifying Party disputes its indemnity obligation to the
        Indemnified Party for any Damages with respect to such claim, such Damages shall be conclusively deemed a liability of the Indemnifying Party and the Indemnifying Party shall promptly pay to the Indemnified Party any and all Damages arising out of
        such claim.  If the Indemnifying Party has timely disputed its indemnity obligation for any Damages with respect to such claim, the parties shall follow the dispute resolution procedures set forth in Section 9.07.

      

      

      Section 6.04.          Calculation of Damages.  The amount of any Damages payable under Section 6.01 by the Indemnifying Party shall be net of any amounts recovered by the
        Indemnified Party under applicable insurance policies or from any other Person alleged to be responsible therefor.  If the Indemnified Party receives any amounts under applicable insurance policies, or from any other Person alleged to be
        responsible for any Damages, subsequent to an indemnification payment by the Indemnifying Party, then such Indemnified Party shall promptly reimburse the Indemnifying Party for any payment made or expense incurred by such Indemnifying Party in
        connection with providing such indemnification payment up to the amount received by the Indemnified Party, net of any expenses incurred by such Indemnified Party in collecting such amount.

      

      

      Section 6.05.          No Warranties.  Except as expressly set forth in this Agreement, neither party hereto makes, and no party hereto is relying on, any warranty, express or
        implied, with respect to the Services and each party hereto hereby specifically disclaims any implied warranty of reasonable care or workmanlike effort.

      

      

      Section 6.06.          Limitation of Liability; Exclusion of Damages.  (a) TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EXCEPT FOR A PARTY’S BREACH OF ITS CONFIDENTIALITY
        OBLIGATIONS HEREUNDER OR A PARTY’S GROSS NEGLIGENCE, FRAUD OR WILLFUL MISCONDUCT, NO PARTY HERETO WILL BE LIABLE FOR ANY (I) PUNITIVE, SPECIAL, CONSEQUENTIAL, EXEMPLARY OR TREBLED DAMAGES (IN EACH CASE, EXCEPT TO THE EXTENT PAYABLE TO A THIRD PARTY
        IN RESPECT OF A THIRD PARTY PROCEEDING BASED ON A FINAL JUDGMENT OF A COURT OF COMPETENT JURISDICTION) OR (II) LOST PROFITS, DIMINUTION IN VALUE, MULTIPLE-BASED OR OTHER DAMAGES CALCULATED BASED ON A MULTIPLE OF ANOTHER FINANCIAL MEASURE, IN EACH
        CASE, ARISING OUT OF OR RELATING TO THIS AGREEMENT EVEN IF THE OTHER PARTY HAD BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

      

      

      (b)          NOTWITHSTANDING ANYTHING ELSE HEREIN TO THE CONTRARY, EXCEPT FOR SERVICE PROVIDER’S GROSS NEGLIGENCE, FRAUD OR WILLFUL MISCONDUCT, THE MAXIMUM AGGREGATE LIABILITY OF SERVICE PROVIDER TO THE SERVICE
        RECIPIENTS OR TO ANY THIRD PARTY UNDER OR IN CONNECTION WITH THIS AGREEMENT SHALL NOT EXCEED AND SHALL BE LIMITED TO THE FEES ACTUALLY RECEIVED BY SERVICE PROVIDER FOR THE SERVICES HEREUNDER (THE “CAP”); PROVIDED THAT, WITH RESPECT TO ANY DAMAGES FOR WHICH SERVICE PROVIDER IS OBLIGATED TO INDEMNIFY L BRANDS UNDER SECTION 6.01(b) AND THAT RELATE TO DATA PRIVACY, CYBERSECURITY OR OTHER SIMILAR MATTERS, IF SERVICE
        PROVIDER, USING COMMERCIALLY REASONABLE EFFORTS AND EXERCISING GOOD FAITH, IS ABLE TO RECOVER AN AMOUNT GREATER THAN THE CAP FROM ITS APPLICABLE THIRD-PARTY SERVICE PROVIDERS, SUCH EXCESS RECOVERY SHALL BE PASSED THROUGH TO L BRANDS ON A PRO-RATA
        BASIS TO THE EXTENT OF SUCH DAMAGES.

      

      

      
        15

        
          

      

      

      

      ARTICLE 7

      TERMINATION OF SERVICES

      

      

      Section 7.01.          Termination.  (a) Notwithstanding Section 2.01, except as expressly set forth otherwise in the applicable Service Schedule, L Brands may, at any time
        during the term of this Agreement and for any reason, terminate Service Provider’s obligations to cause to be provided any or all Services, or any part of any Service, by giving at least 60 days’ prior written notice of such termination to Service
        Provider; provided that in the event L Brands elects to terminate any (but not all) of the Services, (i) Service Provider may, within 10 Business Days following its receipt of such termination notice, provide L Brands with written notice of all
        applicable Dependent Services, (ii) upon receiving Service Provider’s notice pursuant to the foregoing clause (i), L Brands may provide notice within 5 Business Days of such receipt of its withdrawal of its termination notice and (iii) if L Brands
        does not withdraw its termination notice within such 5 Business Day period, the Dependent Services shall automatically terminate upon the effective date of termination of such terminated Service. If L Brands notifies Service Provider of its intent
        to terminate any Service in part or reduce any Service, the Service Fees shall be reduced accordingly. For the avoidance of doubt, subject to the first sentence of this Section 7.01(a), if L Brands elects to terminate the provision of less than all
        Services, Service Provider shall continue to be obligated to cause to be provided any and all remaining Services.

      

      

      (b)          Service Provider may terminate its obligations to cause to be provided any or all Services at any time if L Brands shall have failed to perform any of its material obligations under this Agreement relating
        to any such Service (including the failure to provide any access, information or data required to effectuate such Service), but only if Service Provider shall have notified L Brands in writing of such failure and such failure shall have continued
        for a period of 30 days after receipt by L Brands of such written notice.

      

      

      (c)          If the performance of any Service subjects any Service Provider Party to a reasonable risk of violating an Applicable Law or would reasonably be expected to, individually or in the aggregate, materially
        and adversely affect the business of Service Provider or its Affiliates, then the relevant Service Provider Party (i) in the case of a violation of an Applicable Law, may immediately upon Service Provider providing written notice of such fact and
        the applicable Dependent Services to L Brands (it being understood that Service Provider shall provide L Brands with as much advance notice as is reasonably practicable under the circumstances and permitted by Applicable Law), suspend performance
        of such Service and any and all Dependent Services without liability to Service Provider or any Service Provider Party and (ii) in the case of a material and adverse effect to the business of Service Provider or its Affiliates, may, upon Service
        Provider providing written notice of such fact to L Brands sufficiently in advance to permit L Brands (acting reasonably) to arrange for replacement services, suspend performance of such Service without liability; provided
        that, (A) following delivery of such notice, the parties hereto will cooperate in good faith to promptly amend this Agreement to the extent necessary to eliminate such violation of Applicable Law or such effect while as nearly as possible
        accomplishing the purpose of the intended Service in a mutually satisfactory manner and (B) L Brands shall not be obligated to pay for any such suspended Services during the pendency of any Service Provider Party’s suspension of such Services (it
        being understood that L Brands shall remain liable for any Service Costs incurred or accrued for such Services prior to such suspension).  If the parties hereto are unable to agree upon such an amendment to this Agreement within 30 days of such
        notification, then either party hereto may terminate its obligation with respect to such suspended Services upon written notice to the other party hereto; provided that the applicable Dependent Services shall also automatically terminate upon the
        effective date of termination of such suspended Services.

      

      

      (d)          L Brands may terminate Service Provider’s obligation to cause to be provided any Service at any time if Service Provider shall have failed to perform any of its material obligations under this Agreement
        relating to such Service, but only if L Brands shall have notified Service Provider in writing of such failure and such failure shall have continued for a period of 30 days after receipt by Service Provider of such written notice.

      

      

      
        16

        
          

      

      

      

      

      

      (e)          Subject to Section 7.02, this Agreement shall terminate in its entirety on the date when no additional Services are to be provided as set forth in each applicable Service Schedules, as the same may
        hereafter be amended.

      

      

      Section 7.02.          Effect of Termination.  Other than as required by Applicable Law, upon expiration or termination of any or all Service(s) pursuant to Section 7.01 or
        otherwise pursuant to this Agreement, Service Provider shall have no further obligation to cause to be provided the terminated Service(s) and L Brands shall have no obligation to pay any Service Fees relating to such terminated Service(s); provided
        that, notwithstanding such termination, the Service Recipients shall remain liable to Service Provider for (a) Service Costs incurred prior to the effective date of the expiration or termination of such Service(s), (b) the Disengagement Costs
        relating to the termination of such Service(s), and (c) in the case of a termination under Section 7.01(a), Section 7.01(b) or Section 7.01(c), without duplication of any Disengagement Costs, any fees, costs and expenses incurred by Service
        Provider (or any of its Affiliates) between the time of such termination and the time the provision of such Service(s) would have terminated under this Agreement absent such early termination (including early termination charges, kill fees,
        wind-down costs, reasonable minimum volume make-up fees and other fees and costs, in each case actually payable or that have been paid in advance by any Service Provider Party to a third party, and unamortized costs that Service Provider or its
        Affiliates previously incurred or are required to pay to a third party for services, equipment, licenses or other assets used for the provisions of such terminated Service) (collectively, “Termination Fees”)
        to the extent Service Provider or such other Service Provider Party cannot avoid the incurrence of any such Termination Fees using commercially reasonable efforts. For clarity, no Disengagement Costs are payable in case of a termination under
        Section 7.01(d) or upon the expiration of the Term of any Service.  All amounts payable pursuant to this Section 7.02 shall be invoiced to and payable by L Brands within 30 days after the date of invoice and otherwise in accordance with Section
        3.06.  Notwithstanding any expiration or termination pursuant to Section 7.01, Section 2.10 (but solely with respect to the first sentence), Section 3.08 and Articles 4, 5, 6, 7, and 9 shall survive any such expiration or termination indefinitely.

      

      

      ARTICLE 8

      REPRESENTATIONS AND WARRANTIES

      

      

      Section 8.01.          Representations and Warranties of Service Provider.  Service Provider represents and warrants to L Brands that:

      

      

      (a)          Service Provider is an entity duly organized, validly existing and in good standing (with respect to jurisdictions that recognize such concept) under the laws of its jurisdiction of organization and has
        all corporate powers required to carry on its business as now conducted.

      

      

      (b)          The execution, delivery and performance by Service Provider of this Agreement and the consummation of the transactions contemplated hereby by Service Provider are within Service Provider’s corporate powers
        and have been duly authorized by all necessary corporate action on the part of Service Provider.  This Agreement constitutes a valid and binding agreement of Service Provider enforceable against Service Provider in accordance with its terms
        (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors’ rights generally and general principles of equity).

      

      

      (c)          The execution, delivery and performance by Service Provider of this Agreement and the consummation of the transactions contemplated hereby by Service Provider require no action by or in respect of, or
        filing with, any Governmental Authority other than any such action or filing that has already been taken or made or as to which the failure to make or obtain would not reasonably be expected to materially impede or delay the performance by Service
        Provider of its obligations hereunder.

      

      

      
        17

        
          

      

      

      

      

      

      Section 8.02.          Representations and Warranties of L Brands.  L Brands represents and warrants to Service Provider that:

      

      

      (a)          L Brands is a corporation duly incorporated, validly existing and in good standing (with respect to jurisdictions that recognize such concept) under the laws of Delaware and has all corporate powers
        required to carry on its business as now conducted.

      

      

      (b)          The execution, delivery and performance by L Brands of this Agreement and the consummation of the transactions contemplated hereby by L Brands are within L Brands’ corporate powers and have been duly
        authorized by all necessary corporate action on the part of L Brands.  This Agreement constitutes a valid and binding agreement of L Brands, enforceable against L Brands accordance with its terms (subject to applicable bankruptcy, insolvency,
        fraudulent transfer, reorganization, moratorium and other laws affecting creditors’ rights generally and general principles of equity).

      

      

      (c)          The execution, delivery and performance by L Brands of this Agreement and the consummation of the transactions contemplated hereby by L Brands require no action by or in respect of, or filing with, any
        Governmental Authority other than any such action or filing that has already been taken or made or as to which the failure to make or obtain would not reasonably be expected to materially impede or delay the performance by L Brands of its
        obligations hereunder.

      

      

      ARTICLE 9

      MISCELLANEOUS

      

      

      Section 9.01.          Notices.  Any notice, instruction, direction or demand under the terms of this Agreement required to be in writing shall be duly given upon delivery, if
        delivered by hand, facsimile transmission, mail, or e-mail transmission to the following addresses:

      

      

      if to Service Provider, to:

      

      

      	 	
              Victoria’s Secret & Co.

            
	 	
              4 Limited Parkway East

            
	 	
              Reynoldsburg, Ohio 43068

            
	 	
              Attention:

            	
              [__]

            
	 	
              E-mail:

            	
              [__]

            

      

      

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

      

      

      	 	
              Davis Polk & Wardwell LLP

            
	 	
              450 Lexington Avenue

            
	 	
              New York, New York 10017

            
	 	
              Attention:

            	
              William H. Aaronson

            
	 	 	
              Cheryl Chan

            
	 	
              E-mail:

            	
              william.aaronson@davispolk.com

            
	 	 	
              cheryl.chan@davispolk.com

            

      

      

      if to L Brands, to:

      

      

      	 	
              L Brands, Inc.

            
	 	
              Three Limited Parkway

            
	 	
              Columbus, Ohio 43230

            
	 	
              Attention:

            	
              Tim Faber

            
	 	
              E-mail:

            	
              TFaber@lb.com

            

      

      

      

      

      
        18

        
          

      

      

      

      

      

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

      

      

      	 	
              Davis Polk & Wardwell LLP

            
	 	
              450 Lexington Avenue

            
	 	
              New York, New York 10017

            
	 	
              Attention:

            	
              William H. Aaronson

            
	 	 	
              Cheryl Chan

            
	 	
              E-mail:

            	
              william.aaronson@davispolk.com

            
	 	 	
              cheryl.chan@davispolk.com

            

      

      

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

      

      

      Section 9.02.          Amendments; No 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 hereto 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.  Except as set forth in Section 6.06, the rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law.

      

      

      Section 9.03.          Expenses.  Except as otherwise provided herein, all third-party fees, costs and expenses paid or incurred in connection with this Agreement shall be paid
        by the party hereto incurring such fees, cost or expenses.

      

      

      Section 9.04.          Independent Contractor Status.  Nothing in this Agreement shall constitute or be deemed to constitute a partnership or joint venture between the parties
        hereto.  Neither party hereto is now, nor shall it be made by this Agreement, an agent, employee or legal representative of the other party hereto or any of its Affiliates for any purpose.  Each party hereto acknowledges and agrees that neither
        party hereto shall have authority or power to bind the other party hereto or any of its Affiliates or to contract in the name of, or create a liability against, the other party hereto or any of its Affiliates in any way or for any purpose, to
        accept any service of process upon the other party hereto or any of its Affiliates or to receive any notices of any kind on behalf of the other party hereto or any of its Affiliates.  Each party hereto is and shall be an independent contractor in
        the performance of Services hereunder and nothing herein shall be construed to be inconsistent with this status.

      

      

      Section 9.05.          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. Neither this Agreement nor any right, remedy, obligations or liability arising hereunder or by reason hereof nor any of the documents executed in connection herewith may be assigned by any party hereto without the consent of
        the other party, which consent may be granted or withheld in the discretion of such other party. Notwithstanding the foregoing, either party hereto may assign or transfer this Agreement and all of its rights and obligations hereunder to an
        Affiliate or to any third party that acquires all or substantially all of such party’s assets or business to which this Agreement relates (whether by sale of assets, stock, merger, consolidation, reorganization or otherwise); provided that this
        Agreement and the Services shall not apply to any other business of such third party acquirer.

      

      

      Section 9.06.          Governing Law.  This Agreement shall be governed by and construed in accordance with the law of the State of Delaware, without regard to the conflicts of
        law rules of such state.

      

      

      
        19

        
          

      

      

      

      Section 9.07.          Dispute Resolution.  (a) With respect to matters relating to the Services or under this Agreement requiring dispute resolution (each, a “Dispute”), the disputing party shall notify the other party hereto of such Dispute in writing and, upon the non-disputing party’s receipt of such written notice, the parties’ respective Service Managers shall
        attempt to resolve such Dispute in good faith within 30 days of such receipt, and if such Service Managers are unable to resolve such Dispute in such 30 day period, then such Service Managers shall escalate such Dispute to each party’s Chief
        Financial Officer for resolution.

      

      

      (b)          If the parties’ Chief Financial Officers are unable to resolve such Dispute within 30 days following such receipt of such notice, then either party hereto shall initiate a non-binding mediation by
        providing written notice (“Mediation Notice”) to the other party hereto within five Business Days following the expiration of such 30 day period.

      

      

      (c)          Upon receipt of a Mediation Notice, the applicable Dispute shall be submitted within five Business Days following such receipt of such Mediation Notice for non-binding mediation conducted in accordance
        with the Commercial Mediation Rules of the American Arbitration Association (“Arbitration Association”), and the parties hereto agree to bear equally the costs of such mediation (including any fees or
        expenses of the applicable mediator); provided, however, that each party hereto shall bear its own costs in connection with participating in such mediation. The parties hereto agree to participate in good
        faith in such mediation for a period of 45 days or such longer period as the parties hereto may mutually agree following receipt of such Mediation Notice (the “Mediation Period”).

      

      

      (d)          In connection with such mediation, the parties hereto shall cooperate with the Arbitration Association and with one another in selecting a neutral mediator with relevant industry experience and in
        scheduling the mediation proceedings during the applicable Mediation Period. If the parties hereto are unable to agree on a neutral mediator within five Business Days of submitting a Dispute for mediation pursuant to Section 9.07(c), application
        shall be made by the parties to the Arbitration Association for the Arbitration Association to select and appoint a neutral mediator on the parties’ behalf in accordance with the Commercial Mediation Rules of the Arbitration Association.

      

      

      (e)          The parties hereto further agree that all information, whether oral or written, provided in the course of any such mediation by either party hereto, their agents, employees, experts and attorneys, and by
        the applicable mediator and any employees of the mediation service, is confidential, privileged, and inadmissible for any purpose, including impeachment, in any Action involving the parties hereto; provided that any such information that is
        otherwise admissible or discoverable shall not be rendered inadmissible or non-discoverable as a result of its use in such mediation.

      

      

      (f)          If the parties hereto cannot resolve the Dispute for any reason, on and following the expiration of the Mediation Period, either party may commence litigation in a court of competent jurisdiction pursuant
        to the provisions of Section 9.08. Nothing contained in this Agreement shall deny either party hereto the right to seek injunctive or other equitable relief from a court of competent jurisdiction in the context of a bona fide emergency or
        prospective irreparable harm, and such an Action may be filed and maintained notwithstanding any ongoing efforts under this Section 9.07.

      

      

      Section 9.08.          Jurisdiction.  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, this Agreement or the transactions contemplated hereby shall be brought in the Chancery Court of the State of Delaware and any state appellate court therefrom within the State of Delaware (or if the Chancery Court of the State
        of Delaware declines to accept jurisdiction over a particular matter, any federal or state court sitting in the State of Delaware and any federal or state appellate court therefrom), and each of the parties hereto hereby irrevocably consents to the
        exclusive jurisdiction of such courts (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 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 hereto anywhere in the world, whether within or without the jurisdiction of any such court.  Without limiting the foregoing, each party hereto agrees that service of process on such party as provided in Section 9.01 shall be
        deemed effective service of process on such party.

      

      

      
        20

        
          

      

      

      

      Section 9.09.          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 9.10.          Counterparts; Effectiveness; Third Party Beneficiaries.  This Agreement may be signed in any number of counterparts (which may include counterparts
        delivered by any standard form of telecommunication), each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. The words “execution,” “signed,” “signature,” and words of like
        import in this Agreement or in any other certificate, agreement or document related to this Agreement shall include images of manually executed signatures transmitted by facsimile or other electronic format (including “pdf”, “tif” or “jpg”) and
        other electronic signatures (including DocuSign and AdobeSign). The use of electronic signatures and electronic records (including any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall
        be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based recordkeeping system to the fullest extent permitted by Applicable Law. This Agreement shall become effective when each party hereto
        shall have received a counterpart hereof signed by the other party hereto.  Until and unless each party hereto has received a counterpart hereof signed by the other party hereto, this Agreement shall have no effect and no party hereto shall have
        any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication).  Except for the indemnification and release provisions of Article 6, neither this Agreement nor any provision hereof is intended to
        confer any rights, benefits, remedies, obligations, or liabilities hereunder upon any Person other than the parties hereto and their respective successors and permitted assigns.

      

      

      Section 9.11.          Entire Agreement.  This Agreement, together with the other Distribution Documents, constitutes the entire agreement between the parties hereto 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 or in the other Distribution Documents has been made or relied upon by either party hereto with respect to the transactions contemplated by this Agreement.

      

      

      Section 9.12.          Severability.  If any one or more of the provisions contained in this Agreement should be declared invalid, illegal or unenforceable in any respect, the
        validity, legality and enforceability of the remaining provisions contained in this Agreement shall not in any way be affected or impaired thereby so long as the economic or legal substance of the transactions contemplated hereby is not affected in
        any manner materially adverse to any party hereto.  Upon such a declaration, the parties hereto shall modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner so that the transactions
        contemplated hereby are consummated as originally contemplated to the fullest extent possible.

      

      

      Section 9.13.          Specific Performance.  The parties hereto acknowledge and agree that damages for a breach or threatened breach of any of the provisions of this Agreement
        would be inadequate and irreparable harm would occur.  In recognition of this fact, each party hereto agrees that, if there is a breach or threatened breach, in addition to any damages, the other non-breaching party to this Agreement, without
        posting any bond, shall be entitled to seek and obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction, attachment, or any other equitable remedy which may then be available to
        obligate the breaching party (i) to perform its obligations under this Agreement or (ii) if the breaching party is unable, for whatever reason, to perform those obligations, to take any other actions as are necessary, advisable or appropriate to
        give the other party to this Agreement the economic effect which comes as close as possible to the performance of those obligations (including transferring, or granting liens on, the assets of the breaching party to secure the performance by the
        breaching party of those obligations).

      

      

      Section 9.14.          Interpretation.  In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the
        parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party hereto by virtue of its authorship of any of the provisions of this Agreement.

      

      

      
        21

        
          

      

      

      

      

      

      Section 9.15.          Integration.  The parties hereto agree that each of (a) this Agreement, (b) each of the Service Schedules, (c) the L Brands to VS Transition Services
        Agreement, dated as of the date hereof between L Brands and Service Provider (the “L Brands to VS TSA”), (d) each of the Service Schedules (as defined in the L Brands to VS TSA), and (e) all addenda,
        supplemental agreements, amendments and letter agreements executed in connection with the foregoing, ((a) through (e) collectively, the “Integrated Agreements”) are integrated and non-severable parts of one
        and the same transaction among the parties hereto, each representing an essential, necessary and interdependent component of such transaction forming part of the consideration given by the parties hereto under and in connection with this Agreement,
        and the parties hereto agree that all of the Integrated Agreements comprising such transaction constitute one single agreement and are integrated and non-severable for all purposes at law and equity, including for purposes of section 365 of title
        11 of the United States Code and New York law, and that any breach of any one of such agreements shall be deemed a breach under all such agreements. The Integrated Agreements embody the entire understanding of the parties hereto, and there are no
        further or other agreements or understandings, written or oral, in effect between the parties hereto, relating to the subject matter of this Agreement. In addition to, and without limitation of, the rights of the parties hereto set forth above or
        any right available in law or in equity, pursuant to contract or otherwise, in the event of the failure by a party to this Agreement or any Affiliate of such party to make timely payment of amounts due and owing (following the expiration of any
        relevant cure periods thereunder) under any of the Integrated Agreements, the Separation Agreement or any other agreement related to the transactions contemplated hereby and thereby (together, the “Applicable
          Agreements”), such amounts may at the election of the non-defaulting party be reduced by set-off against any sum or obligation (whether or not matured or contingent and irrespective of the currency or place of payment) owed by the
        non-defaulting party or any Affiliate of the non-defaulting party to the defaulting party or any Affiliate of the defaulting party under any Applicable Agreement.

      

      

      [Signature page follows]

      

      

      
        22

        
          

      

      

      

      

      

      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.

       

      

      	 	
              VICTORIA’S SECRET & CO.

            
	 	 
	 	
              By:

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            

      

      

      	 	
              L BRANDS, INC.

            
	 	 
	 	
              By:

            	 
	 	 	
              Name:

            
	 	 	
              Title:Exhibit 10.3

    

    

    FORM OF

    

    

    TAX MATTERS AGREEMENT

    

    

    between

    

    

    L BRANDS, INC.,

    on behalf of itself

    and the members

    of the L Brands Group

    

    

    and

    

    

    VICTORIA’S SECRET & CO.,

    on behalf of itself

    and the members

    of the VS Group

    

    

    Dated as of [__], 2021

    
      
        

    

    

    

    TABLE OF CONTENTS

    

    

    	 	 	
            Page

          
	 	 	 
	
            Section 1.

          	
            Definitions

          	
            1

          
	
            Section 2.

          	
            Sole Tax Sharing Agreement

          	
            7

          
	
            Section 3.

          	
            Allocation of Taxes

          	
            8

          
	
            Section 4.

          	
            Preparation and Filing of Tax Returns

          	
            9

          
	
            Section 5.

          	
            Apportionment of Earnings and Profits and Tax Attributes

          	
            12

          
	
            Section 6.

          	
            Utilization of Tax Attributes

          	
            12

          
	
            Section 7.

          	
            Deductions and Reporting for Certain Awards

          	
            13

          
	
            Section 8.

          	
            Tax Benefits

          	
            14

          
	
            Section 9.

          	
            Certain Representations and Covenants

          	
            15

          
	
            Section 10.

          	
            Tax Receivables Arrangements

          	
            18

          
	
            Section 11.

          	
            Indemnities

          	
            18

          
	
            Section 12.

          	
            Payments

          	
            20

            

          
	
            Section 13.

          	
            Guarantees

          	
            21

          
	
            Section 14.

          	
            Communication and Cooperation

          	
            21

          
	
            Section 15.

          	
            Audits and Contest

          	
            22

          
	
            Section 16.

          	
            Notices

          	
            23

          
	
            Section 17.

          	
            Costs and Expenses

          	
            24

          
	
            Section 18.

          	
            Effectiveness; Termination and Survival

          	
            24

          
	
            Section 19.

          	
            Specific Performance

          	
            24

          
	
            Section 20.

          	
            Construction.

          	
            24

          
	
            Section 21.

          	
            Entire Agreement; Amendments and Waivers

          	
            26

          
	
            Section 22.

          	
            Governing Law

          	
            27

          
	
            Section 23.

          	
            Jurisdiction

          	
            27

          
	
            Section 24.

          	
            Waiver of Jury Trial

          	
            27

          
	
            Section 25.

          	
            Dispute Resolution

          	
            27

          
	
            Section 26.

          	
            Counterparts; Effectiveness; Third-Party Beneficiaries

          	
            28

          
	
            Section 27.

          	
            Successors and Assigns

          	
            28

          
	Section 28.

          	Authorization 

          	28

          
	
            Section 29.

          	
            Change in Tax Law

          	
            28

          
	
            Section 30.

          	
            Performance

          	
            28

          

     

      Schedules

      

      
        	Schedule A

              	Internal Tax-Free Transactions

              
	
                Schedule B

                

              	Cash Management Transfers

              
	Schedule C-1

              	Subsidiary 1 Business

              
	Schedule C-2	Subsidiary 2 Business 
	Schedule D-1	L Brands Specified Tax Attributes

              
	Schedule D-2	VS Specified Tax Attributes

              
	Schedule E

              	Specified Administrative Matter

              

      

      

    

    i

    

    
      
        

    

    
    

    

    TAX MATTERS AGREEMENT

    

    

    This TAX MATTERS AGREEMENT (the “Agreement”) is entered into as of [__], 2021 between L Brands, Inc., a Delaware corporation (“L Brands”),
      on behalf of itself and the members of the L Brands Group, as defined below, and Victoria’s Secret & Co., a Delaware corporation (“VS,” and together with L Brands, the “Parties”),

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

    

    

    W I T N E S S E T H:

    

    

    WHEREAS, pursuant to the Tax laws of various jurisdictions, certain members of the VS Group presently file certain Tax Returns on an affiliated, consolidated, combined, unitary, fiscal unity or other group basis
      (including as permitted by Section 1501 of the Internal Revenue Code of 1986, as amended (the “Code”)) with certain members of the L Brands Group;

    

    

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

    

    

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

    

    

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

    

    

    NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth, the Parties agree as follows:

    

    

    Section 1.          Definitions.   

     

    

    (a)          As used in this Agreement:

    

    

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

    

    

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

    

    

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

    

    

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

    
      1

      
        

    

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

    “Combined Group” means any group consisting of at least one member that filed or was required to file (or will file or be required to file) a Tax Return on an affiliated,
      consolidated, combined, unitary, fiscal unity or other group basis (including as permitted by Section 1501 of the Code) that includes at least one member of the L Brands Group and at least one member of the VS Group.

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    
      2

      
        

    

    

    

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

    

    

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

    

    

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

    

    

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

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    
      3

      
        

    

    

    

    “IRS” means the United States Internal Revenue Service.

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    
      4

      
        

    

    

    

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

    

    

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

    

    

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

      means (i) any tax, including any net income, gross income, gross receipts, recapture, alternative or add-on minimum, sales, use, business and occupation, value-added, trade, goods and services, ad valorem, franchise, profits, net wealth, license,
      business royalty, withholding, payroll, employment, capital, excise, transfer, recording, severance, stamp, occupation, premium, property, asset, real estate acquisition, environmental, custom duty, impost, obligation, assessment, levy, tariff or
      other tax, governmental fee or other like assessment or charge of any kind whatsoever (including any Escheat Payment), together with any interest and any penalty, addition to tax or additional amount imposed by a Taxing Authority; or (ii) any
      liability of any member of the L Brands Group or the VS Group for the payment of any amounts described in clause (i) as a result of any express or implied obligation to indemnify any other Person.

    

    

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

    

    

    “Tax Benefit” means any refund, credit, offset or other reduction in otherwise required Tax
      payments.

    

    

    “Tax Adviser” means Davis Polk & Wardwell LLP.

    

    

    “Tax Item” means any item of income, gain, loss, deduction, credit, recapture of credit or any other item that can increase or decrease Taxes paid or payable.

    

    

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

    

    

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

    

    

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

    
      5

      
        

    

    

    

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

    

    

    “Tax Return” means any Tax return, statement, report, form, election, bill, certificate, claim or surrender (including estimated Tax returns and reports, extension requests and
      forms, and information returns and reports), or statement or other document or written information filed or required to be filed with any Taxing Authority, including any amendment thereof and any appendix, schedule or attachment thereto.

    

    

    “Taxing Authority” means any Governmental Authority (domestic or foreign), including, without limitation, any state, municipality, political subdivision or governmental agency,
      responsible for the imposition, assessment, administration, collection, enforcement or determination of any Tax.

    

    

     “Transfer Taxes” means all U.S. federal, state, local or non-U.S. sales, use, privilege, transfer, documentary, stamp, duties, real estate transfer, controlling interest transfer,
      recording and similar Taxes and fees (including any penalties, interest or additions thereto) imposed upon any member of the L Brands Group or any member of the VS Group in connection with the Restructuring, the Contribution or the Distribution.

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    
      6

      
        

    

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

    
      	
              Term

            	
              Section

            
	
              Due Date

            	
              Section 12(a)

            
	
              Internal Tax-Free Transactions

            	
              Schedule A

            
	
              Past Practices

            	
              Section 4(f)(i)

            
	
              Reimbursable Payment

            	
              Section 7(b)

            
	
              Reimbursement Adjustment

            	
              Section 7(b)

            
	
              Section 336(e) Election

            	
              Section 10(a)

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

            	
              Section 9(b)(iv)(F)

            
	
              Tax Arbiter

            	
              Section 25

            
	
              Tax Benefit Recipient

            	
              Section 8(c)

            

    

    

    

    (c)          All capitalized terms used but not defined herein shall have the same meanings as in the Separation Agreement.  Any term used in this Agreement which is not defined in this Agreement or the Separation
      Agreement shall, to the extent the context requires, have the meaning assigned to it in the Code or the applicable Treasury Regulations thereunder (as interpreted in administrative pronouncements and judicial decisions) or in comparable provisions of
      Applicable Tax Law.

    

    

    Section 2.          Sole Tax Sharing Agreement.  Any and all existing Tax sharing agreements or arrangements, written or unwritten,
      between any member of the L Brands Group, on the one hand, and any member of the VS Group, on the other hand, if not previously terminated, shall be terminated as of the Distribution Date without any further action by the Parties thereto.  Following
      the Distribution, no member of the VS Group or the L Brands Group shall have any further rights or liabilities thereunder, and this Agreement and the Distribution Documents (to the extent such Distribution Documents reflect an agreement between the
      Parties as to Tax sharing) shall be the sole Tax sharing agreements between the members of the VS Group, on the one hand, and the members of the L Brands Group, on the other hand.

    
      7

      
        

    

    

    

    Section 3.          Allocation of Taxes.

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

    (iii)          Taxes Not Reported on Tax Returns.

    

    

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

    

    

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

    

    

    (b)          Allocation Conventions.

    

    

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

    

    

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

    
      8

      
        

    

    

    

    (c)          Special Allocation Rules.  Notwithstanding any other provision in this Section 3, the following Taxes shall be allocated as follows:

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

    Section 4.          Preparation and Filing of Tax Returns.

    

    

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

    
      9

      
        

    

    

    

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

    

    

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

    

    

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

    

    

    (e)          Right to Review.

    

    

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

    

    

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

    
      10

      
        

    

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

    (g)          Payment of Taxes.  L Brands shall pay (or cause to be paid) to the proper Taxing Authority the Tax shown as due on any Tax Return for which a member of the L Brands
      Group is responsible for filing under this Section 4, and VS shall pay (or cause to be paid) to the proper Taxing Authority the Tax shown as due on any Tax Return for which a member of the VS Group is responsible for filing under this Section

        4. If any member of the L Brands Group is required to make a payment to a Taxing Authority for Taxes allocated to VS under Section 3, VS shall pay the amount of such Taxes to L Brands in accordance with Section 11 and Section

        12. If any member of the VS Group is required to make a payment to a Taxing Authority for Taxes allocated to L Brands under Section 3, L Brands shall pay the amount of such Taxes to VS in accordance with Section 11 and Section

        12.

    
      11

      
        

    

    

    

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

    

    

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

    

    

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

    

    

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

    

    

    Section 6.          Utilization of Tax Attributes.

    

    

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

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

    

    

    	

          	(c)	
            VS Carrybacks.

          

    

    

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

    

    

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

    

    

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

        5, and is carried forward to a L Brands Separate Tax Return, any Tax Benefits arising from such carryforward shall be retained by the L Brands Group.

    

    

    Section 7.          Deductions and Reporting for Certain Awards.

    

    

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

    
      13

      
        

    

    

    

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

    

    

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

    

    

    Section 8.          Tax Benefits.

    

    

    (a)          L Brands Tax Benefits. L Brands shall be entitled to any Tax Benefits (including, in the case of any refund received, any interest thereon actually received)
      received by any member of the L Brands Group or any member of the VS Group, other than any Tax Benefits (or any amounts in respect of Tax Benefits) to which VS is entitled pursuant to Section 8(b) (or, with respect to any VS Carried Item, Section

        6).  VS shall not be entitled to any Tax Benefits received by any member of the L Brands Group or the VS Group, except as set forth in Section 8(b).

    

    

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

    

    

    (c)          A Company receiving (or realizing) a Tax Benefit to which another Company is entitled hereunder (a “Tax Benefit Recipient”) shall pay over the amount of such Tax
      Benefit (including interest received from the relevant Taxing Authority, but net of any Taxes imposed with respect to such Tax Benefit and any other reasonable costs associated therewith) within thirty (30) days of receipt thereof (or from the due
      date for payment of any Tax reduced thereby); provided, however, that the other Company, upon the request of such Tax Benefit Recipient, shall repay the amount paid to the other Company (plus any penalties,
      interest or other charges imposed by the relevant Taxing Authority) in the event that, as a result of a subsequent Final Determination, a Tax Benefit that gave rise to such payment is subsequently disallowed.

    
      14

      
        

    

    

    

    Section 9.          Certain Representations and Covenants.

    

    

    (a)          Representations.

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

    (b)          Covenants.

    

    

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

    

    

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

    

    

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

    
      15

      
        

    

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    
      16

      
        

    

    

    

    (E)          VS shall not, and shall not permit any other member of the VS Group to (I) solicit any Person to make a tender offer for, or otherwise acquire or sell, the Equity Interests of VS or
      any member of the VS Group, (II) participate in or support any unsolicited tender offer for, or other acquisition, issuance or disposition of, the Equity Interests of VS or any member of the VS Group or (III) approve or otherwise permit any proposed
      business combination or any transaction which, in the case of clauses (I) or (II), individually or in the aggregate, together with any transaction occurring within the four-year period beginning on the date which is two years before the Distribution
      Date and any other transaction which is part of a plan or series of related transactions (within the meaning of Section 355(e) of the Code) that includes the Distribution, could result in one or more Persons acquiring (except for acquisitions that
      otherwise satisfy Safe Harbor VIII (relating to acquisitions in connection with a person’s performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan of an employer) of Treasury Regulation Section 1.355-7(d)) directly
      or indirectly stock representing a 40% or greater interest, by vote or value, in VS, [__] or [__] (or any successor thereto) (any such transaction, a “Proposed Acquisition Transaction”); provided further that any clarification of, or change in, the statute or regulations promulgated under Section 355(e) of the Code shall be incorporated in the restrictions in this clause (iv) and the
      interpretation thereof;

    

    

    (F)          if any member of the VS Group proposes to enter into any transaction or series of transactions that is not a Proposed Acquisition Transaction but would be a Proposed Acquisition
      Transaction if the percentage reflected in the definition of Proposed Acquisition Transaction were 25% instead of 40% (a “Section 9(b)(iv)(F) Acquisition Transaction”) or, to the extent VS has the right to
      prohibit any Section 9(b)(iv)(F) Acquisition Transaction, proposes to permit any Section 9(b)(iv)(F) Acquisition Transaction to occur, in each case, VS shall provide L Brands, no later than 10 Business Days following the signing of any written
      agreement with respect to the Section 9(b)(iv)(F) Acquisition Transaction, a written description of such transaction (including the type and amount of Equity Interests to be issued or sold in such transaction) and a certificate of the board of
      directors of VS to the effect that the Section 9(b)(iv)(F) Acquisition Transaction is not a Proposed Acquisition Transaction; and

    

    

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

    

    

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

    

    

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

    
      17

      
        

    

    

    

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

    

    

    Section 10.          Tax Receivables Arrangements.

    

    

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

    

    

    (b)          L Brands TRA.  If any Specified Event results in the imposition of a liability for Taxes (including any Taxes attributable to the Section 336(e) Election) that are
      not allocated to VS pursuant to Section 3, (i) L Brands shall be entitled to periodic payments from VS equal to the product of (x) 85% of the Tax Attributes arising from such Specified Event and (y) the percentage of Taxes arising from such
      Specified Event that are not allocated to VS pursuant to Section 3, and (ii) the Parties shall negotiate in good faith the terms of a tax receivable agreement to govern the calculation of such payments; provided
      that any such tax savings in clause (i) shall be determined using a “with and without” methodology (treating any Tax Attribute arising from any Specified Event as the last items claimed for any Taxable year, including after the utilization of any
      carryforwards).  Notwithstanding the foregoing, L Brands may, at its sole discretion, waive its right to receive any and all payments pursuant to this Section 10(b).

    

    

    Section 11.          Indemnities.

    

    

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

    

    

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

    
      18

      
        

    

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

    (c)          Discharge of Indemnity.  VS, L Brands and the members of their respective Groups shall discharge their obligations under Section 11(a) or Section 11(b)
      hereof, respectively, by paying the relevant amount in accordance with Section 12, within thirty (30) Business Days of demand therefor or, to the extent such amount is required to be paid to a Taxing Authority prior to the expiration of such
      thirty (30) Business Days, at least ten (10) Business Days prior to the date by which the demanding party is required to pay the related Tax liability.  Any such demand shall include a statement showing the amount due under Section 11(a) or Section

        11(b), as the case may be. Notwithstanding the foregoing, if any member of the VS Group or any member of the L Brands Group disputes in good faith the fact or the amount of its obligation under Section 11(a) or Section 11(b),
      then no payment of the amount in dispute shall be required until any such good faith dispute is resolved in accordance with Section 25 hereof; provided, however,
      that any amount not paid within thirty (30) Business Days of demand therefor shall bear interest as provided in Section 12.

    
      19

      
        

    

    

    

    (d)          Tax Benefits.  If an indemnification obligation of any member of the L Brands Group or any member of the VS Group, as the case may be, under this Section 11
      arises in respect of an adjustment that makes allowable to an Indemnitee any Tax Benefit which would not, but for such adjustment, be allowable, then any such indemnification obligation shall be an amount equal to (i) the amount otherwise due but for
      this Section 11(d), minus (ii) the reduction in actual cash Taxes payable by the Indemnitee in the Taxable year such indemnification obligation arises, determined on a “with and without” basis.

    

    

    Section 12.          Payments.

    

    

    (a)          Timing.  All payments to be made under this Agreement (excluding, for the avoidance of doubt, any payments to a Taxing Authority described herein) shall be made in
      immediately available funds.  Except as otherwise provided, all such payments will be due thirty (30) Business Days after the receipt of notice of such payment or, where no notice is required, thirty (30) Business Days after the fixing of liability
      or the resolution of a dispute (the “Due Date”).  Payments shall be deemed made when received.  Any payment that is not made on or before the Due Date shall bear interest at the rate equal to the “prime” rate
      as published on such Due Date in the Wall Street Journal, Eastern Edition, for the period from and including the date immediately following the Due Date through and including the date of payment.  With respect to any payment required to be made under
      this Agreement, L Brands has the right to designate, by written notice to VS, which member of the L Brands Group will make or receive such payment.

    

    

    (b)          Treatment of Payments.  To the extent permitted by Applicable Tax Law, any payment made by L Brands or any member of the L Brands Group to VS or any member of the
      VS Group, or by VS or any member of the VS Group to L Brands or any member of the L Brands Group, pursuant to this Agreement, the Separation Agreement or any other Distribution Document that relates to Taxable periods (or portions thereof) ending on
      or before the Distribution Date shall be treated by the parties hereto for all Tax purposes as a distribution by VS to L Brands, or a capital contribution from L Brands to VS, as the case may be; provided, however,
      that any payment made pursuant to Section [__] of the Separation Agreement shall instead be treated as if the party required to make a payment of received amounts had received such amounts as agent for the other party; provided further that any payment made pursuant to Section [__] of the Transition Services Agreement shall instead be treated as a payment for services.  In the event that a Taxing Authority asserts that a party’s treatment of a
      payment described in this Section 12(b) should be other than as required herein, such party shall use its reasonable best efforts to contest such assertion in a manner consistent with Section 15 of this Agreement.

    

    

    (c)          No Duplicative Payment.  It is intended that the provisions of this Agreement shall not result in a duplicative payment of any amount required to be paid under the
      Separation Agreement or any other Distribution Document, and this Agreement shall be construed accordingly.

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

    

    

    Section 14.          Communication and Cooperation.

    

    

    (a)          Consult and Cooperate.  L Brands and VS shall consult and cooperate (and shall cause each other member of their respective Groups to consult and cooperate) fully
      at such time and to the extent reasonably requested by the other party in connection with all matters subject to this Agreement.  Such cooperation shall include, without limitation:

    

    

    (i)          the retention, and provision on reasonable request, of any and all information including all books, records, documentation or other information pertaining to Tax matters relating to the VS
      Group (or, in the case of any Tax Return of the L Brands Group, the portion of such return that relates to Taxes for which the VS Group may be liable pursuant to this Agreement), any necessary explanations of information, and access to personnel,
      until one year after the expiration of the applicable statute of limitation (giving effect to any extension, waiver or mitigation thereof);

    

    

    (ii)          the execution of any document that may be necessary (including to give effect to Section 15) or helpful in connection with any required Tax Return or in connection with any audit,
      proceeding, suit or action; and

    

    

    (iii)          the use of the parties’ commercially reasonable efforts to obtain any documentation from a Governmental Authority or a third party that may be necessary or helpful in connection with the
      foregoing.

    

    

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

    

    

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

    

    

    (d)          Confidentiality and Privileged Information.  Any information or documents provided under this Agreement shall be kept confidential by the party receiving the
      information or documents, except as may otherwise be necessary in connection with the filing of required Tax Returns or in connection with any audit, proceeding, suit or action.  Without limiting the foregoing (and notwithstanding any other provision
      of this Agreement or any other agreement), (i) no member of the L Brands Group or VS Group, respectively, shall be required to provide any member of the VS Group or L Brands Group, respectively, or any other Person access to or copies of any
      information or procedures other than information or procedures that relate solely to VS, the business or assets of any member of the VS Group, or matters for which VS or L Brands Group, respectively, has an obligation to indemnify under this
      Agreement, and (ii) in no event shall any member of the L Brands Group or the VS Group, respectively, be required to provide any member of the VS Group or L Brands Group, respectively, or any other Person access to or copies of any information if
      such action could reasonably be expected to result in the waiver of any privilege.  Notwithstanding the foregoing, in the event that L Brands or VS, respectively, determines that the provision of any information to any member of the VS Group or L
      Brands Group, respectively, could be commercially detrimental or violate any law or agreement to which L Brands or VS, respectively, is bound, L Brands or VS, respectively, shall not be required to comply with the foregoing terms of this Section
        14(d) except to the extent that it is able, using commercially reasonable efforts, to do so while avoiding such harm or consequence (and shall promptly provide notice to L Brands or VS, to the extent such access to or copies of any information
      is provided to a Person other than a member of the L Brands Group or VS Group (as applicable)).

    
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    Section 15.          Audits and Contest.

    

    

    (a)          Notice.  Each of L Brands or VS shall promptly notify the other in writing upon the receipt of any notice of Tax Proceeding from the relevant Taxing Authority or
      upon becoming aware of an actual or potential Tax Proceeding by a Taxing Authority that may affect the liability of any member of the VS Group or the L Brands Group, respectively, for Taxes under Applicable Law or this Agreement; provided, that a Party’s right to indemnification under this Agreement shall not be limited in any way by a failure to so notify, except to the extent that the indemnifying Party is prejudiced by such failure.

    

    

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

    

    

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

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

    

    

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

    

    

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

    

    

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

    

    

    L Brands Corporation

    Three Limited Parkway

    Columbus, Ohio 43230

    Attention: [__]

    Email: [__]

    

    

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

    

    

    Davis Polk & Wardwell LLP

    450 Lexington Avenue

    New York, New York 10017

    Attention: [__]

    Email: [__]

    

    

    if to VS or the VS Group, to:

    

    

    Victoria’s Secret & Co.

    4 Limited Parkway East

    Reynoldsburg, Ohio 43068

    Attention: [__]

    Email: [__]

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

    

    

    Section 17.          Costs and Expenses.  The Party that prepares any Tax Return shall bear the costs and expenses incurred in the preparation of such Tax Return.  Except as
      expressly set forth in this Agreement or the Separation Agreement, (i) each Party shall bear the costs and expenses incurred pursuant to this Agreement to the extent the costs and expenses are directly allocable to a liability or obligation allocated
      to such Party and (ii) to the extent a cost or expense is not directly allocable to a liability or obligation, it shall be borne by the Party incurring such cost or expense.  For purposes of this Agreement, costs and expenses shall include, but not
      be limited to, reasonable attorneys’ fees, accountants’ fees and other related professional fees and disbursements.

    

    

    Section 18.          Effectiveness; Termination and Survival.  Except as expressly set forth in this Agreement, as between L Brands and VS, this Agreement shall become effective
      upon the consummation of the Distribution.  All rights and obligations arising hereunder shall survive until they are fully effectuated or performed; provided that, notwithstanding anything in this Agreement
      to the contrary, this Agreement shall remain in effect and its provisions shall survive for one year after the full period of all applicable statutes of limitation (giving effect to any extension, waiver or mitigation thereof) and, with respect to
      any claim hereunder initiated prior to the end of such period, until such claim has been satisfied or otherwise resolved.  This agreement shall terminate without any further action at any time before the Distribution upon termination of the
      Separation Agreement.

    

    

    Section 19.          Specific Performance.  Each Party to this Agreement acknowledges and agrees that damages for a breach or threatened breach of any of the provisions of this
      Agreement would be inadequate and irreparable harm would occur.  In recognition of this fact, each Party agrees that, if there is a breach or threatened breach, in addition to any damages, the other nonbreaching Party to this Agreement, without
      posting any bond, shall be entitled to seek and obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction, attachment, or any other equitable remedy which may then be available to
      obligate the breaching Party (i) to perform its obligations under this Agreement or (ii) if the breaching Party is unable, for whatever reason, to perform those obligations, to take any other actions as are necessary, advisable or appropriate to give
      the other Party to this Agreement the economic effect which comes as close as possible to the performance of those obligations (including transferring, or granting liens on, the assets of the breaching party to secure the performance by the breaching
      party of those obligations).

    

    

    Section 20.          Construction. In this Agreement, unless the context clearly indicates otherwise:

    

    

    (a)          words used in the singular include the plural and words used in the plural include the singular;

    
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    (b)          references to any Person include such Person’s successors and assigns but, if applicable, only if such successors and assigns are permitted by this Agreement;

    

    

    (c)          except as otherwise clearly indicated, reference to any gender includes the other gender;

    

    

    (d)          the words “include,” “includes” and “including” shall be deemed to be followed by the words “without limitation”;

    

    

    (e)          reference to any Article, Section, Exhibit or Schedule means such Article or Section of, or such Exhibit or Schedule to, this Agreement, as the case may be, and references in any Section or definition to
      any clause means such clause of such Section or definition;

    

    

    (f)          the words “herein,” “hereunder,” “hereof,” “hereto” and words of similar import shall be deemed references to this Agreement as a whole and not to any particular Section or other provision hereof;

    

    

    (g)          reference to any agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted by the provisions
      thereof and by this Agreement;

    

    

    (h)          reference to any law (including statutes and ordinances) means such law (including all rules and regulations promulgated thereunder) as amended, modified, codified or reenacted, in whole or in part, and in
      effect at the time of determining compliance or applicability;

    

    

    (i)          relative to the determination of any period of time, “from” means “from and including,” “to” means “to and including” and “through” means “through and including”;

    

    

    (j)          the titles to Articles and headings of Sections contained in this Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of or to affect the meaning or
      interpretation of this Agreement;

    

    

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

    

    

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

    
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    Section 21.          Entire Agreement; Amendments and Waivers.

    

    

    (a)          Entire Agreement.

    

    

    (i)          This Agreement and the other Distribution Documents constitute the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior
      agreements, understandings and negotiations, both written and oral, between the parties with respect to the subject matter hereof and thereof.  No representation, inducement, promise, understanding, condition or warranty not set forth herein or in
      the other Distribution Documents has been made or relied upon by any party hereto or any member of their Group with respect to the transactions contemplated by the Distribution Documents.  This Agreement is an “Ancillary

        Agreement” as such term is defined in the Separation Agreement and shall be interpreted in accordance with the terms of the Separation Agreement in all respects, provided that in the event of any
      conflict or inconsistency between the terms of this Agreement and the terms of the Separation Agreement, the terms of this Agreement shall control in all respects.

    

    

    (ii)          THE PARTIES ACKNOWLEDGE AND AGREE THAT NO REPRESENTATION, WARRANTY, PROMISE, INDUCEMENT, UNDERSTANDING, COVENANT OR AGREEMENT HAS BEEN MADE OR RELIED UPON BY ANY PARTY OTHER THAN THOSE
      EXPRESSLY SET FORTH IN THIS AGREEMENT AND IN THE OTHER DISTRIBUTION DOCUMENTS.  WITHOUT LIMITING THE GENERALITY OF THE DISCLAIMER SET FORTH IN THE PRECEDING SENTENCE, NEITHER L BRANDS NOR ANY OF ITS AFFILIATES HAS MADE OR SHALL BE DEEMED TO HAVE MADE
      ANY REPRESENTATIONS OR WARRANTIES IN ANY PRESENTATION OR WRITTEN INFORMATION RELATING TO THE VS BUSINESS GIVEN OR TO BE GIVEN IN CONNECTION WITH THE CONTEMPLATED TRANSACTIONS OR IN ANY FILING MADE OR TO BE MADE BY OR ON BEHALF OF L BRANDS OR ANY OF
      ITS AFFILIATES WITH ANY GOVERNMENTAL AUTHORITY, AND NO STATEMENT MADE IN ANY SUCH PRESENTATION OR WRITTEN MATERIALS, MADE IN ANY SUCH FILING OR CONTAINED IN ANY SUCH OTHER INFORMATION SHALL BE DEEMED A REPRESENTATION OR WARRANTY HEREUNDER OR
      OTHERWISE.  VS ACKNOWLEDGES THAT L BRANDS HAS INFORMED IT THAT NO PERSON HAS BEEN AUTHORIZED BY L BRANDS OR ANY OF ITS AFFILIATES TO MAKE ANY REPRESENTATION OR WARRANTY IN RESPECT OF THE VS BUSINESS OR IN CONNECTION WITH THE CONTEMPLATED
      TRANSACTIONS, UNLESS IN WRITING AND CONTAINED IN THIS AGREEMENT OR IN ANY OF THE OTHER DISTRIBUTION DOCUMENTS TO WHICH THEY ARE A PARTY.

    

    

    (b)          Amendments and Waivers.

    

    

    (i)          Any provision of this Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and is signed, in the case of an amendment, by each of L Brands and VS, or
      in the case of a waiver, by the Party against whom the waiver is to be effective.

    

    

    (ii)          No failure or delay by any Party (or the applicable member of such Party’s Group) in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any
      single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege.  The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies
      provided by Applicable Law.

    
      26

      
        

    

    

    

    Section 22.          Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to the conflicts of
      law rules of such state.

    

    

    Section 23.          Jurisdiction.  The Parties agree that any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in
      connection with, this Agreement or the transactions contemplated hereby shall be brought in the Chancery Court of the State of Delaware and any state appellate court therefrom within the State of Delaware (or if the Chancery Court of the State of
      Delaware declines to accept jurisdiction over a particular matter, any federal or state court sitting in the State of Delaware and any federal or state appellate court therefrom), and each of the Parties hereto hereby irrevocably consents to the
      exclusive jurisdiction of such courts in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or
      proceeding in any such court or that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. Process in any such suit, action or proceeding may be served on any Party anywhere in the world, whether
      within or without the jurisdiction of any such court. Without limiting the foregoing, each Party agrees that service of process on such Party as provided in Section 16 shall be deemed effective service of process on such Party.

    

    

    Section 24.          WAIVER OF JURY TRIAL.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
      RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

    

    

    Section 25.          Dispute Resolution.  In the event of any dispute relating to this Agreement, the Parties shall work together in good faith to resolve such dispute within
      thirty (30) days.  In the event that such dispute is not resolved, upon written notice by a Party after such thirty (30)-day period, the matter shall be referred to a U.S. Tax counsel or other Tax advisor of recognized national standing (the “Tax Arbiter”) that will be jointly chosen by L Brands and VS; provided, however, that, if L Brands and VS do not agree on the selection of the Tax Arbiter after five (5)
      days of good faith negotiation, the Tax Arbiter shall consist of a panel of three U.S. Tax counsel or other Tax advisor of recognized national standing with one member chosen by L Brands, one member chosen by VS, and a third member chosen by mutual
      agreement of the other members within the following ten (10)-day period.  Each decision of a panel Tax Arbiter shall be made by majority vote of the members.  The Tax Arbiter may, in its discretion, obtain the services of any third party necessary to
      assist it in resolving the dispute.  The Tax Arbiter shall furnish written notice to the Parties to the dispute of its resolution of the dispute as soon as practicable, but in any event no later than ninety (90) days after acceptance of the matter
      for resolution.  Any such resolution by the Tax Arbiter shall be binding on the Parties, and the Parties shall take, or cause to be taken, any action necessary to implement such resolution.  All fees and expenses of the Tax Arbiter shall be shared
      equally by the Parties to the dispute.

    
      27

      
        

    

    

    

    Section 26.          Counterparts; Effectiveness; Third-Party Beneficiaries.  This Agreement may be signed in any number of counterparts, each of which shall be an original, with
      the same effect as if the signatures thereto and hereto were upon the same instrument.  This Agreement shall become effective when each Party hereto shall have received a counterpart hereof signed by the other Party hereto.  Until and unless each
      Party has received a counterpart hereof signed by the other Party hereto, this Agreement shall have no effect and no Party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other
      communication).  Except for Section 14(d) and the indemnification and release provisions of Section 11, neither this Agreement nor any provision hereof is intended to confer any rights, benefits, remedies, obligations, or liabilities
      hereunder upon any Person other than the Parties hereto and their respective successors and permitted assigns.

    

    

    Section 27.          Successors and Assigns.  The provisions of this Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective
      successors and permitted assigns; provided that neither Party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement without the consent of the other Party hereto. 
      If any Party or any of its successors or permitted assigns (i) shall consolidate with or merge into any other Person and shall not be the continuing or surviving corporation or entity of such consolidation or merger or (ii) shall transfer all or
      substantially all of its properties and assets to any Person, then, and in each such case, proper provisions shall be made so that the successors and assigns of such Party shall assume all of the obligations of such Party under the Distribution
      Documents.

    

    

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

    

    

    Section 29.          Change in Tax Law.  Any reference to a provision of the Code, Treasury Regulations or any other Applicable Tax Law shall include a reference to any
      applicable successor provision of the Code, Treasury Regulations or other Applicable Tax Law.

    

    

    Section 30.          Performance.  Each party shall cause to be performed all actions, agreements and obligations set forth herein to be performed by any member of such party’s
      Group.

    

    

    [SIGNATURE PAGE FOLLOWS]

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

    

    

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

          
	 	
            By:

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

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

          
	 	
            By:

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    [SIGNATURE PAGE]

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