Document:

Employment Agreement

 Exhibit 10.25 
 EMPLOYMENT AGREEMENT 
 THIS AGREEMENT is entered into,
by and between Bath & Body Works, Inc. (hereinafter the “Company”), and Diane Neal (the “Executive”) (hereinafter collectively referred to as “the parties”). 
 WHEREAS, the Executive will be employed as the President and Chief Operating Officer for Bath & Body Works, Inc. and will be
experienced in various phases of the Company’s business and will possess an intimate knowledge of the business and affairs of the Company and its policies, procedures, methods, and personnel; and 
 WHEREAS, the Company has determined that it is essential and in its best interests to retain the services of key management personnel and to
ensure their continued dedication and efforts; and 
 NOW, THEREFORE, in consideration of the foregoing and the respective
agreements of the parties contained herein, the parties hereby agree as follows: 
 1. Term. The initial term of
employment under this Agreement shall be for the period commencing on the Executive’s first day of employment with the Company (the “Commencement Date”) and ending on the first anniversary of the Commencement Date (the “Initial
Term”); provided, however, that thereafter this Agreement shall be automatically renewed from year to year, unless (a) either the Company or the Executive shall have given written notice to the other at least thirty
(30) days prior thereto that the term of this Agreement shall not be so renewed or (b) the Agreement is terminated pursuant to the provisions of Section 9 of this Agreement. 
 2. Employment. 
 (a) Position. The Executive shall be employed as the President and Chief Operating Officer of Bath & Body Works, Inc, or such other position of reasonably comparable or greater status and
responsibilities, as may be determined by the Board of Directors, The Executive shall perform the duties, undertake the responsibilities, and exercise the authority customarily performed, undertaken, and exercised by persons employed in a similar
executive capacity. 
 (b) Obligations. The Executive agrees to devote the Executive’s full business
time and attention to the business and affairs of the Company. The Foregoing, however, shall not preclude the Executive from serving on corporate, civic, or charitable boards or committees or managing personal investments, so long as such activities
do not interfere with the performance of the Executive’s responsibilities hereunder, 
 3. Base Salary. The Company
agrees to pay the Executive an annual Base Salary at the rate of $800,000.00, less applicable withholding. This Base Salary will be subject to annual review and may be increased from time to time in the discretion of the Company, based on factors
such as the Executive’s responsibilities, compensation of similar executives within the Company and in other companies, the Executive’s performance, and other pertinent factors. Such Base Salary shall be payable in accordance with the
Company’s customary practices applicable to its executives. 
 4. Equity Compensation. The Company shall use its
best efforts to have the Compensation Committee grant to the Executive, on or about its next regularly scheduled meeting, options to acquire 25,000 shares of the Company stock. In addition, the Company shall use its best efforts to have the
Compensation Committee grant to the

 
Executive on or about its next regularly scheduled meeting 25,000 restricted shares of the Company’s common stock, Further, depending on the Executive’s election, the Company shall use
its best effort to have the Compensation Committee grant to the Executive at the above said meeting either options to acquire an additional 30,000 shares of the Company stock or an additional 10,000 restricted shares of the Company’s common
stock. The stock options and restricted shares shall be priced and vest and become exercisable as set forth in the Executive’s October 17, 2006 Offer Letter (“Offer Letter”) a copy of which is attached as Schedule A and which is
expressly incorporated herein. 
 5. Employee Benefits. The Executive shall be entitled to participate in all employee
benefit plans, practices, and programs maintained by the Company and made available to similarly situated executives generally and as may be in effect from time to time. The Executive’s participation in such plans, practices and programs shall
be on the same basis and terms as are applicable to similarly situated executives of the Company generally. 
 6. Bonus.

 (a) The Executive shall be entitled to participate in the Company’s applicable incentive compensation
plan at a target level of eighty (80%) of the Executive’s Base Salary on such terms and conditions as determined from time to time by the Board. 
 (b) The Company agrees to pay the Executive a separate sign-on bonus in the amount of Five Hundred Sixty Thousand Dollars ($560,000) less applicable tax withholdings, within the first two (2) weeks
of January 2007, The Executive agrees that if she voluntarily resigns (other than for Good Reason or due to Disability, in each case as defined below) prior to her first year anniversary date, she shall pay back to the Company an amount equal to the
after tax portion of the entire amount of the sign-on bonus, and that, if she so resigns (other than for Good Reason or due to Disability) after her first year anniversary date but prior to her second year anniversary date, she shall pay back to the
Company an amount equal to the after-tax portion of one-half of the sign-on bonus. 
 7. Other Benefits. 
 (a) Benefits. The Executive shall be entitled to all other benefits as similarly situated executives. 
 (b) Expenses. Subject to applicable Company policies, the Executive shall be entitled to receive prompt reimbursement
of all expenses reasonably incurred in connection with the performance of the Executive’s duties hereunder or for promoting, pursuing, or otherwise furthering the business or interests of the Company. 
 (c) Office and Facilities. The Executive shall be provided with appropriate offices and with such secretarial and
other support facilities as are commensurate with the Executive’s status with the Company and adequate for the performance of the Executive’s duties hereunder, 
 8. Paid-Time Off (PTO) Program. The Executive shall be entitled to paid time off in accordance with the policies as periodically established by the Company for similarly situated executives of the
Company. 
 9. Termination. The Executive’s employment hereunder is subject to the following terms and conditions:

  

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 (a) Disability. The Company shall be entitled to terminate the
Executive’s employment after having established the Executive’s Disability. For purposes of this Agreement, “Disability” means a physical or mental infirmity which impairs the Executive’s ability to substantially perform the
Executive’s duties under this Agreement for a period of at least six months in any twelve-month calendar period as determined in accordance with the Company’s Long-Term Disability Plan. 
 (b) Cause. The Company shall be entitled to terminate the Executive’s employment for “Cause” without
prior written notice. For purposes of this Agreement, “Cause” shall mean that the Executive (1) failed to perform the Executive’s duties with the Company (other than a failure resulting from the Executive’s incapacity due to
physical or mental illness); or (2) has plead “guilty” or “no contest” to or has been convicted of an act which is defined as a felony under federal or state law; or (3) engaged in misconduct in bad faith which could
reasonably be expected to materially harm the Company’s business or its reputation. The Executive shall be given written notice by the Company of a termination for Cause, which shall state in detail the particular act or acts or failures to act
that constitute the grounds on which the termination for Cause is based. 
 (c) Termination by the
Executive. The Executive may terminate employment hereunder without “Good Reason” by delivering to the Company, not less than thirty (30) days prior to the Termination Date, a written Notice of Termination. The Executive may
terminate employment hereunder for “Good Reason” by delivering to the Company not less than thirty (30) days prior to the Termination Date, a written Notice of Termination setting forth in reasonable detail the facts and circumstances
which constitute Good Reason. For purposes of this Agreement, “Good Reason” means (i) the failure to continue the Executive in a capacity contemplated by Section 2, above; (ii) the assignment to the Executive of any duties materially
inconsistent with the Executive’s positions, duties, authority, responsibilities or reporting requirements as set forth in Section 2 hereof; (iii) a reduction in or a material delay in payment of the Executive’s total cash
compensation and benefits from those required to be provided in accordance with the provisions of this Agreement; (iv) the Company, the Board or any person controlling the Company requires the Executive to be based outside of the United States,
other than on travel reasonably required to carry out the Executive’s obligations under the Agreement; or (v) the failure of the Company to obtain the assumption in writing of its obligation to perform this Agreement by any successor to
all or substantially all of the assets of the Company within 15 days after a merger, consolidation, sale, or similar transaction provided, however, that “Good Reason” shall not include (A) acts not taken in bad faith
which are cured by the Company in all material respects not later than thirty (30) days from the date of receipt by the Company of a written Notice of Termination identifying in reasonable detail the act or acts constituting “Good
Reason” or (B) acts taken by the Company by reason of the Executive’s physical or mental infirmity which infirmity impairs the Executive’s ability to substantially perform his duties under this Agreement, 
 (d) Termination for Reasons Other Than for Cause. The Company shall be entitled to terminate the Executive’s
employment for reasons other than cause by providing the Executive with at least Thirty (30) days written notice of the “Termination Date”. 
 10. Compensation Upon Certain Terminations by the Company not Following a Change in Control. 
 (a) If during the term of the Agreement (including any extensions thereof), whether or not following a Change in Control (as defined in the applicable Change in Control Agreement), the Executive’s
employment is terminated by the Company for Cause

  

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or by reason of the Executive’s death, or if the Executive gives the Company a written Notice of Termination other than one for Good Reason, the Company’s sole obligations hereunder
shall be to pay the Executive the following amounts earned hereunder but not paid as of the Termination Date: (i) Base Salary, (ii) reimbursement for any and all monies advanced or expenses incurred pursuant to Section 7(b) through
the Termination Date, and (iii) any earned compensation which the Executive had previously deferred (including any interest earned or credited thereon) (collectively, “Accrued Compensation”). The Executive’s entitlement to any
other benefits shall be determined in accordance with the Company’s employee benefit plans then in effect. 
 (b) If the Executive’s employment is terminated by the Company other than for Cause (including a termination by reason of the Company’s written notice to the Executive of its decision not to extend the Employment Agreement
pursuant to Section 1 hereof) or by the Executive for Good Reason, in each case other than during the 24-month period immediately following a Change in Control (as defined in the applicable Change in Control Agreement), the Company’s sole
obligations hereunder shall be as follows; 
 (i) the Company shall pay the Executive the Accrued Compensation;

 (ii) the Company shall continue to pay the Executive the Base Salary for a period of one (1) year
following the Termination Date; 
 (iii) in consideration of the Executive signing a General Release, the Company
shall (A) pay the Executive any incentive compensation under the plan described in Section 6 that the Executive would have received if the Executive had remained employed with the Company for a period of one (1) year after the
Termination Date; (B) pay the Executive her Base Salary for one additional year after payments have ended under Section 10(b)(ii); and 
 (iv) provided, however, that in the event Executive becomes entitled to any payments resulting from a Change in Control, the Company’s obligations to Executive pursuant to the Change in Control shall
thereafter be determined solely by the terms of the applicable Change in Control Agreement. 
 (c) If the
Executive’s employment is terminated by the Company by reason of the Executive’s Disability, the Company’s sole obligations hereunder shall be as follows: 
 (i) the Company shall pay the Executive the Accrued Compensation; and 
 (ii) the Executive shall be entitled to receive any disability benefits available under the applicable Long Term Disability
Plan. 
 (d) For up to twelve (12) months during the period the Executive is receiving salary continuation
pursuant to
 Section 10(b)(ii) hereof, the Company shall, at its expense, provide to the Executive and the Executive’s beneficiaries medical and dental benefits substantially similar in the aggregate to the those provided to the
Executive immediately prior to the date of the Executive’s termination of employment; provided, however, that the Company’s obligation to provide such benefits shall cease upon the earlier of (i) Executive’s becoming eligible for
such benefits as the result of employment

  

 4 

 
with another employer or (ii) the expiration of Executive’s rights to continue such medical and dental benefits under COBRA. 
 (e) Executive shall not be required to mitigate the amount of any payment provided for in this Section 10 by seeking
other employment or otherwise and no such payment or benefit shall be eliminated, offset or reduced by the amount of any compensation provided to the Executive in any subsequent employment, except as provided in Section 10(e). 
 11. Employee Covenants. 
 (a) For the purposes of this Section 11, the term “Company” shall include Limited Brands, Inc. and all of its subsidiaries and affiliates thereof. 
 (b) Confidentiality. The Executive shall not, during the term of this Agreement and thereafter, make any Unauthorized
Disclosure. For purposes of this Agreement, “Unauthorized Disclosure” shall mean use by the Executive for his own benefit, or disclosure by the Executive to any person other than a person to whom disclosure is reasonably necessary or
appropriate in connection with the performance by the Executive of duties as an executive of the Company or as may be legally required, of any confidential information relating to the business or prospects of the Company (including, but not limited
to, any information and materials pertaining to any Intellectual Property as defined below); provided, however, that Unauthorized Disclosure shall not include the use or disclosure by the Executive of any publicly available information (other than
information available as a result of disclosure by the Executive in violation of this Section 11(b)). This confidentiality covenant has no temporal, geographical or territorial restriction. 
 (c) Non-Competition. During the Non-Competition Period described below, the Executive shall not, directly or
indirectly, without the prior written consent of the Company, own, manage, operate, join, control, be employed by, consult with or participate in the ownership, management, operation or control of, or be connected with (as a stockholder, partner, or
otherwise), any business, individual, partner, firm, corporation, or other entity that competes or plans to compete, directly or indirectly, with the Company, or any of its products; provided, however, that the “beneficial ownership” by
the Executive after termination of employment with the Company, either individually or as a member of a “group,” as such terms are used in Rule 13d of the General Rules and Regulations under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), of not more than two percent (2%) of the voting stock of any publicly held corporation shall not be a violation of Section 11 of this Agreement. 
 The “Non-Competition Period” means the period the Executive is employed by the Company plus the longer of
(a) one (1) year from the Termination Date or (b) the period during which the Executive receives salary continuation as described in Section 10(b) above. 
 (d) Non-Solicitation. During the No-Raid Period described below, the Executive shall not directly or indirectly
solicit, induce or attempt to influence any employee to leave the employment of the Company, nor assist anyone else in doing so, Further, during the No-Raid Period, the Executive shall not, either directly or indirectly, alone or in conjunction with
another party, interfere with or harm, or attempt to interfere with or harm, the relationship of the Company, with any person who at any time was an employee, customer or supplier of the Company, or otherwise had a business relationship with the
Company. 
  

 5 

 The “No-Raid Period” means the period the Executive is employed by
the Company plus the longer of (a) one (1) year from the Termination Date or (b) the period during which the Executive receives salary continuation as described in
 Section 10(b), above. 
 (e) Intellectual Property. The Executive agrees that all inventions, designs and ideas conceived, produced, created,
or reduced to practice, either solely or jointly with others, during the Executive’s employment with the Company including those developed on the Executive’s own time, which relates to or is useful in the Company’s business
(“Intellectual Property”) shall be owned solely by the Company. The Executive understands that whether in preliminary or final form, such Intellectual Property includes, for example, all ideas, inventions, discoveries, designs,
innovations, improvements, trade secrets, and other intellectual property. All Intellectual Property is either work made for hire for the Company within the meaning of the United States Copyright Act, or, if such Intellectual Property is determined
not to be work made for hire, then the Executive irrevocably assigns all rights, titles and interests in and to the Intellectual Property to the Company, including all copyrights, patents, and/or trademarks. The Executive agrees to, without any
additional consideration, execute all documents and take all other actions needed to convey the Executive’s complete ownership of the Intellectual Property to the Company so that the Company may own and protect such Intellectual Property and
obtain patent, copyright and trademark registrations for it. The Executive also agrees that the Company may alter or modify the Intellectual Property at the Company’s sole discretion, and the Executive waives all right to claim or disclaim
authorship. The Executive represents and warrants that any Intellectual Property that the Executive assigns to the Company, except as otherwise disclosed in writing at the time of assignment, will be the Executive’s sole exclusive original
work. The Executive also represents that the Executive has not previously invented any Intellectual Property or has advised the Company in writing of any prior inventions or ideas. 
 (f) Remedies. The Executive agrees that any breach of the terms of this Section 11 would result in irreparable
injury and damage to the Company for which the Company would have no adequate remedy at law; the Executive therefore also agrees that in the event of said breach or any threat of breach, the Company shall be entitled to an immediate injunction and
restraining order to prevent, such breach and/or threatened breach and/or continued breach by the Executive and/or any and all persons and/or entities acting for and/or with the Executive, without having to prove damages. The terms of this paragraph
shall not prevent the Company from pursuing any other available remedies for any breach or threatened breach hereof, including but not limited to the recovery of damages from the Executive. The Executive and the Company further agree that the
confidentiality provisions and the covenants not to compete and solicit contained in this Section 11 are reasonable and that the Company would not have entered into this Agreement but for the inclusion of such covenants herein. The parties
agree that the prevailing party shall be entitled to all costs and expenses, including reasonable attorneys’ fees and costs, in addition to any other remedies to which either may be entitled at law or in equity. Should a court determine,
however, that any provision of the covenants is unreasonable, either in period of time, geographical area, or otherwise, the parties hereto agree that the covenant should be interpreted and enforced to the maximum extent which such court deems
reasonable. 
 The provisions of this Section 11 shall survive any termination of this Agreement, and the
existence of any claim or cause of action by the Executive against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of the covenants and agreements of this
Section 11; provided, however, that this paragraph shall not, in and of

  

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itself, preclude the Executive from asserting or defending a legal claim regarding the enforceability of the covenants and agreements of this Section 11. 
 12. Employee Representation. The Executive expressly represents and warrants to the Company that the Executive is not a party to any
contract or agreement and is not otherwise obligated in any way, and is not subject to any rules or regulations, whether governmentally imposed or otherwise, which will or may restrict in any way the Executive’s ability to fully perform the
Executive’s duties and responsibilities under this Agreement. 
 13. Successors and Assigns. 
 (a) This Agreement shall be binding upon and shall inure to the benefit of the Company, its successors and assigns, and the
Company shall require any successor or assign to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession or assignment had taken place. The
term “the Company” as used herein shall include any such successors and assigns to the Company’s business and/or assets. The term “successors and assigns” as used herein shall mean a corporation or other entity acquiring or
otherwise succeeding to, directly or indirectly, all or substantially all the assets and business of the Company (including this Agreement) whether by operation of law or otherwise. 
 (b) Neither this Agreement nor any right or interest hereunder shall be assignable or transferable by the Executive, the
Executive’s beneficiaries or legal representatives, except: by will or by the laws of descent and distribution, This Agreement shall inure to the benefit of and be enforceable by the Executive’s legal personal representative. 

14. Arbitration. Except with respect to the remedies set forth in Section 11(f) hereof, any controversy or claim between the
Company or any of its affiliates and the Executive arising out of or relating to this Agreement or its termination shall be settled and determined by a single arbitrator whose award shall be accepted as final and binding upon the parties. The
American Arbitration Association, under its Employment Arbitration Rules, shall administer the binding arbitration. The arbitration shall take place in Columbus, Ohio. The Company and the Executive each waive any right to a jury trial or to a
petition for stay in any action or proceeding of any kind arising out of or relating to this Agreement or its termination and agree that the arbitrator shall have the authority to award costs and attorney fees to the prevailing party. 
 15. Notice. For the purposes of this Agreement, notices and all other communications provided for in the Agreement (including the
Notice of Termination) shall be in writing and shall be deemed to have been duly given when personally delivered or sent by registered or certified mail, return receipt requested, postage prepaid, or upon receipt if overnight delivery service or
facsimile is used, addressed as follows: 
 To the Executive: 
 Diane Neal 
 3439
Sacramento Street, #302 
 San Francisco, CA 94118 
 To the Company: 
 Limited Brands, Inc. 
 Three Limited Parkway 
 Columbus, Ohio 43230 
 Attn: Secretary 
  

 7 

 16. Settlement of Claims. The Company’s obligation to make the payments provided
for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any circumstances, including, without limitation, any set-off, counterclaim, recoupment, defense, or other right which the Company may have against the
Executive or others. 
 17. Miscellaneous. No provision of this Agreement may be modified, waived, or discharged unless
such waiver, modification, or discharge is agreed to in writing and signed by the Executive and the Company. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of
this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreement or representations, oral or otherwise, express or implied,
with respect to the subject matter hereof have been made by either party which are not expressly set forth in this Agreement. 
 18. Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Ohio without giving effect to the conflict of law principles thereof, 
 19. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision
shall not affect the validity or enforceability of the other provisions hereof. 
 20. Entire Agreement. This Agreement
along with the Executive’s Offer Letter constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements, if any, understandings and arrangements, oral or written, between
the parties hereto with respect to the subject matter hereof. 
 IN WITNESS WHEREOF, the Company has caused this Agreement to be
executed by its duly authorized officer and the Executive has executed this Agreement as of the day and year first above written. 
  

							
	BATH & BODY WORKS, INC.	 		 	
				
	By:	 	 	 		 	 
	Name:	 	Neil Fiske	 		 	Date
	Title:	 	Chief Executive Officer	 		 	
				
		 	/S/    DIANE
NEAL        	 		 	10/18/06
		 	Diane Neal	 		 	Date

  

 8 

 AMENDMENT TO AGREEMENT 
 WHEREAS, Limited Brands, Inc. (the “Company”), and Diane Neal, an employee of the Company (the “Executive”) have
previously entered into an agreement regarding the terms and conditions of Executive’s employment with the Company, October 18, 2006 (the “Agreement”); and 
 WHEREAS, the parties desire to amend the Agreement in a manner that reflects the parties best good faith efforts to comply with the
provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), for the benefit of the Executive. 
 NOW, THEREFORE, the Company and the Executive, intending to be legally bound hereby agree that the Agreement will be amended as follows: 
 1. Section 6(a) of the Agreement is amended by adding the following new sentence at the end thereof: 
 “The bonus will be paid at such time and in such manner as set forth in the applicable incentive compensation plan.” 
 2. Section 7(b) of the Agreement is amended by inserting the following new sentence at the end thereof: 
 “In no event shall such an expense be reimbursed after the last day of the year following the year in which the expense was
incurred.” 
 3. Section 10(a) of the Agreement is amended by adding the following after the first sentence therein:

 “In the event the Executive’s employment is terminated under this Subsection (a), Accrued Compensation will be paid
within 60 days of the date of the Executive’s Termination Date or death.” 
 4. Section 10(b)(i) of the Agreement
is amended by inserting the following at the end thereof: 
 “within 60 days of the Executive’s Termination Date.”

 5. Section 10(b)(ii) of the Agreement is amended by inserting the following new paragraph at the end thereof 

“Each of the payments of severance under this Section l0(b)(ii) are designated as separate payments for purposes of determining if
the payment qualifies as a Short-Term Deferral or as Involuntary Separation Pay. Payments that are (i) Short-Term Deferrals, and (ii) any additional payments that are Involuntary Separation Pay are excepted from the requirements of Code
Section 409A. To the

 
extent payments of severance under this Section 10(b)(ii) during the first six month period following Executive’s Termination Date do not qualify as a Short-Term Deferral or Involuntary
Separation Pay, the payments shall be withheld and the amount of the payments withheld will be paid in a lump sum on the last day that any such severance is considered a Short-Term Deferral or Involuntary Separation Pay.” 
 6. Subclause (A) of Section 10(b)(iii) is amended by inserting the following at the end thereof: 
 “, at such time and in such manner as set forth in the applicable incentive compensation plan; and” 
 7. Section 10(c)(i) of the Agreement is by inserting the following at the end thereof: 
 “within 60 days of the Executive’s Termination Date.” 
 8. The following new Section 10(f) is added to the Agreement as follows: 
 “(f) Certain Definitions. 
 (i) For purposes of this Agreement, ‘Short-Term Deferral’ means payments pursuant to the rules
under Treasury Regulation Section 1.409A-1(b)(4)(i) that are made on or before the 15th day of the third month of (i) the calendar year following the applicable year of termination, or (ii) if later, the Company’s tax year
following the applicable year of termination. Such amounts are excepted from Code Section 409A. A payment that will or may occur later than the end of the applicable 2 1/2 month period is not considered to be a Short-Term Deferral. 

 (ii) For purposes of this Agreement ‘Involuntary Separation Pay’ means payments pursuant to the
rules under Treasury Regulation Section 1.409A-1(b)(9)(iii) that are made on or before the last day of the second calendar year following the year of Executive’s involuntary separation from service and do not exceed the lesser of two times
Base Salary or two times the limit under Code Section 401(a)(17) then in effect.” 

 IN WITNESS WHEREOF, the parties have executed this amendment, in duplicate, on the dates set
forth below. 
  

			
	LIMITED BRANDS, INC.	  	
		
	By:	  	
	
	 
	 Douglas L. Williams
 Senior
Vice President,
 General Counsel
	  	Date Signed
		
	EXECUTIVE	  	
	
	 
	Diane Neal	  	Date SignedForm of Subscription Agreement with Consent to Electronic Delivery Form

 Exhibit 4.1 

 

 

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	  1.  Investment Information	 	 	 		 	  2.  Type of Ownership
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	  3.  Registration and Contact Information

  

	
	      ̈  Mr.       ̈  Mrs.       ̈  Ms.       ̈  M.D.       ̈  Ph.D.       ̈  D.D.S.       ̈  Other
                                         
                                         
  

  

							
	
	  

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	  6. Dividend Information

 If you elect to participate in the Distribution Reinvestment Plan, you must agree that, if at any
time you fail to meet the applicable income and net worth standards or you cannot make the other investor representations or warranties set forth in the then current Prospectus or the Subscription Agreement relating to such investment, you will
promptly notify Wells Timberland REIT in writing of that fact. 
 ONLY ONE OF THE FOLLOWING OPTIONS MAY BE SELECTED. If
this section is not completed, distributions will be paid to the registered owner (or custodian, if applicable) at the address above. 
  

	 ̈	 I prefer to participate in the Distribution Reinvestment Plan. (If selling commission is being waived, attach the Distribution Reinvestment Plan
— Discounted Shares form.) 

  

	 ̈	 I prefer to receive a distribution check at the address of record for my account. 

  

	 ̈	 I prefer to receive my distributions via Electronic Funds Transfer into the following checking account: 

  

							
	  

	 Institution Name
	 	Account Name	 	Institution ABA Number	 	Account Number

  

													
	
 

	  	 TERMS OF AGREEMENT: I/we authorize and direct Wells Timberland REIT to begin making electronic
deposits into the checking account designated above or on the attached voided check. An automated deposit entry shall constitute my/our receipt for each transaction. This authority is to remain in force until Wells Timberland REIT has received
written notification from me/us of its termination at such time and in such manner as to give Wells Timberland REIT reasonable time to act on it.
  
  ̈       I prefer
to have my distributions paid to a third party for the benefit of the registered owner at the following address:

			
	  
	  		  	  

	 Last Name/Third-Party Institution
	  	First	  		  	Middle	  		  	 Telephone Number

			
	  
	  		  	
	 Address
	  		  		  		  		  	
			
	  
	  		  	  

	 City
	  		  	State	  	Zip	  		  	 External Account Number

  

	
	  7.
Subscriber Signatures

 Please separately initial each of the representations in (a) through
(d) below, and the remaining representations as applicable. Except in the case of fiduciary accounts, you may not grant any person a power of attorney to make such representations on your behalf. In order to induce Wells Timberland REIT, Inc.
(the “Company”) to accept this subscription, I hereby represent and warrant to you as follows: 
  

							
	 Primary
 Investor
	  	Joint Investor	  	Joint Investor	  	
	  
	  	  
	  	  
	  	 (a) I have received a final Prospectus and accept the conditions of the Wells Real Estate Funds Privacy Notice. I acknowledge that the Company will
not complete a sale of shares to me until at least five business days after the date I have received a final prospectus. I will receive a written confirmation of purchase. If the sale is not completed, I am entitled to a refund of my subscription
amount upon written request to the Company.

	 Initials	  	Initials	  	Initials	  
		  		  		  
		  		  		  
		  		  		  
	  
	  	  
	  	  
	  	  
 (b) I have (1) a net worth
(exclusive of home, home furnishings, and automobiles) of $250,000 or more; or (2) a net worth (as described above) of at least $70,000 and had during the last tax year or estimate that I will have during the current tax year a minimum of $70,000
gross annual income, or I meet the higher income and net worth requirements imposed by my state of primary residence as set forth in the Prospectus under “Suitability Standards.” I will not purchase additional Shares unless I meet these
income and net worth requirements at the time of final purchase.

	  Initials
	  	Initials	  	Initials	  
		  		  		  
		  		  		  
		  		  		  
		  		  		  
	  
	  	  
	  	  
	  	  
 (c) I acknowledge that the Shares
are not liquid and that the Company has not yet elected nor qualified to be taxed as a REIT. I further acknowledge that it is not anticipated that the Company will qualify for REIT tax status prior to the taxable year ending December 31,
2009.

	  Initials
	  	Initials	  	Initials	  
		  		  		  
				
	  
	  	  
	  	  
	  	 (d) I am purchasing the Shares for my own account. (Fiduciaries should make the representation if purchasing for the fiduciary
account.)

	  Initials
	  	Initials	  	Initials	  
				
	  
	  	  
	  	  
	  	 (e) If I am an Alabama investor, I must have either (1) net worth of at least $350,000 or (2) annual gross income of at least $70,000 and a
minimum net worth of $100,000. In addition, I must have a liquid net worth of at least 10 times my investment in this program and in other similar programs. If I am an Alabama investor, I am not eligible to participate in the Company’s
automatic investment plan.

	  Initials
	  	Initials	  	Initials	  
		  		  		  
		  		  		  
		  		  		  
				
	  
	  	  
	  	  
	  	 (f) If I am an Arizona or Pennsylvania investor, I have either (1) a net worth of at least $500,000 or (2) an annual gross income of at
least $140,000 and a net worth of at least $140,000. Additionally, I have a net worth of at least 10 times my investment in the Company.

	  Initials
	  	Initials	  	Initials	  
		  		  		  
				
	  
	  	  
	  	  
	  	 (g) If I am a California, Massachusetts, Ohio, or Oregon investor, in addition to the suitability requirements in 7(b)
above, my investment in the Company may not exceed 10% of my liquid net worth.

	  Initials
	  	Initials	  	Initials	  
		  		  		  
				
	  
	  	  
	  	  
	  	 (h) If I am an Iowa investor, I have either (1) a minimum annual gross income of $70,000 and a minimum net worth of $100,000 or (2) a minimum
net worth of $350,000. Additionally, I may investment no more than 10% of my liquid net worth in the Company or its affiliated programs.

	  Initials
	  	Initials	  	Initials	  
		  		  		  
				
	  
	  	  
	  	  
	  	 (i) If I am a Kansas investor, in addition to the suitability requirements in 7(b) above, I understand that the state of Kansas recommends
that my aggregate investment in the Company and similar direct participation investments should not exceed 10% of my liquid net worth, which is defined as that portion of net worth which consists of cash, cash equivalents, and readily marketable
securities.

	  Initials
	  	Initials	  	Initials	  
		  		  		  
		  		  		  
				
	  
	  	  
	  	  
	  	 (j) If I am a Kentucky investor, I have either (1) a minimum annual gross income of $85,000 and a minimum net worth of $85,000 or (2) a
minimum net worth of $300,000. Additionally, my investment in the Company may not exceed 10% of my liquid net worth.

	  Initials
	  	Initials	  	Initials	  
		  		  		  
				
	  
	  	  
	  	  
	  	 (k) If I am a Michigan investor, in addition to the suitability requirements in 7(b) above, my aggregate investment in the Company and similar
direct participation investments may not exceed 10% of my liquid net worth.

	  Initials
	  	Initials	  	Initials	  
		  		  		  
				
	  
	  	  
	  	  
	  	 (l) If I am a New Jersey investor, I must have either (1) a minimum annual gross income of $200,000 and a minimum net worth of $200,000 or (2)
a minimum net worth of $500,000 exclusive of home, home furnishings, and automobiles. Additionally, I may invest no more than 10% of my liquid net worth in the Company and affiliated programs.

	  Initials
	  	Initials	  	Initials	  
		  		  		  
		  		  		  
				
	  
	  	  
	  	  
	  	 (m) If I am a Tennessee investor, I must have either (1) a minimum annual gross income of $150,000 and a minimum net worth of $150,000 or (2)
a minimum net worth of $500,000, exclusive of home, home furnishings, and automobiles.

	  Initials
	  	Initials	  	Initials	  
		  		  		  

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 I declare that the information supplied above is true and correct and may be relied upon by Wells
Timberland REIT, Inc. in connection with my investment in the Company. 
 Under penalty of perjury, by signing this Signature
Page, I hereby certify that (a) I have provided herein my correct Social Security or Taxpayer Identification Number; (b) I am not subject to backup withholding as a result of a failure to report all interest or dividends, or the Internal
Revenue Service has notified me that I am no longer subject to backup withholding; and (c) I am a U.S. Citizen unless I have indicated otherwise in Section 3. 
 I understand that I will not be admitted as a stockholder until my investment has been accepted. Depositing of my check alone does not constitute acceptance. The acceptance process
includes, but is not limited to, reviewing the Subscription Agreement for completeness and signatures, conducting an Anti-Money Laundering check as required by the USA Patriot Act, and depositing of funds. 
 I represent that I am not a person with whom dealings by U.S. persons are, unless licensed, prohibited under any Executive Order or federal
regulation administered by the U.S. Treasury Department’s Office of Foreign Assets Control. 
 The Internal Revenue
Service does not require your consent to any provision of this document other than the certifications required to avoid backup withholding. 
  

															
	  
	  		  	  
	  		  	  

	 Signature of Investor or Trustee
	 	 Date    
	  		  	 Signature of Joint Owner, if applicable
	  	 Date    
	  		  	 Signature of Joint Owner, if applicable
	  	Date    

 PLEASE NOTE THAT THIS MUST BE SIGNED AND INITIALED BY TRUSTEE(S) IF A QUALIFIED PLAN. THIS APPLICATION WILL NOT BE PROCESSED IF ANY SIGNATURES OR INITIALS ARE MISSING. 
  

	
	  8. Broker/Dealer or
Registered Investment Adviser (RIA) Information

  

													
	 The Broker/Dealer or RIA must make the representations described in the instructions to this Agreement by signing below to complete the order.

	  		  	 FOR EXPEDITED PROCESSING
 Rep. Number Commission Code
	  		  	
	  
 BROKER/DEALER OR
RIA
	  		  	 	  	
			
	  
	  		  	 IARD/CRD number (if applicable)                                
                             

	 Broker/Dealer or RIA Firm Name
	  		  	
			
	  
	  		  	  

	 Authorized Signature (if necessary)                               
                                         
         Date
	  	 Broker/Dealer or RIA Firm Telephone Number
	  		  	
		
	 INDIVIDUAL REPRESENTATIVE(S)
	  	  
 Broker/Dealer Account Number (if applicable)

	
	  

	 Primary Representative Name
	  	                                         
                Telephone Number
	  	 E-mail Address
	  	Split % (if applicable)        
	
	  

	 Secondary Representative Name
	  	                                         
                Telephone Number
	  	 E-mail Address
	  	Split % (if applicable)        
	
	  

	 Tertiary Representative Name
	  	                                         
                Telephone Number
	  	 E-mail Address
	  	Split % (if applicable)        
	
	  

	 Firm Name (if different from Broker/Dealer or RIA name)                Office Address     
                                         
          City                               
          State                               
                      Zip
	  	Office Telephone        

 THIS SUBSCRIPTION WAS MADE AS FOLLOWS: 
  

					
		 	  ̈
	  	 Through a participating Broker/Dealer — Indicate the one correct commission rate below.

			
		 		  	 — (1) Full commission

			
		 		  	 — (2) Waiver of selling commission; purchase through an investment adviser

			
		 		  	 — (3) Waiver of selling commission; purchase is for participating Broker/Dealer or its retirement plan, or for a representative of participating
Broker/Dealer or his or her retirement plan or family member(s)

			
		 	  ̈
	  	 Through a representative and RIA unaffiliated with a Broker/Dealer (Certification of Client Suitability Form must be attached).

I am aware of all of the Prospectus Supplements that constitute a part of the Prospectus as of this date. I have ensured that all such Prospectus
Supplements were delivered to the investor, and applicable state suitability guidelines were reviewed, prior to the investor’s completion of the Subscription Agreement. 
  

															
	  
	  		  	  
	  		  	  

	 Primary Representative Signature
	 	 Date
	  		  	 Secondary Representative Signature
	  	 Date
	  		  	 Tertiary Representative Signature
	  	Date

 PLEASE NOTE THAT
THIS SUBSCRIPTION AGREEMENT CANNOT BE PROCESSED WITHOUT THE SIGNATURES OF ALL REPRESENTATIVES LISTED ABOVE. 
 For
Internal Use Only 
  

													
	 Accepted by:
	 	  
	  		  		  	
							
	 Batch:
	 	  
	 		  	 Cert:
	  	  
	  	 Wells Account:
	  	  

  

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	TMMPFORMP0911-0944-B	 	© 2009 Wells Real Estate Funds

 

 

 Please follow these instructions carefully. Failure to do so may result in the rejection of your
subscription. 
  

	
	1. INVESTMENT INFORMATION

 A minimum investment of $5,000 is required. A check for the full purchase price of the shares subscribed for should be made payable to “Wells Timberland REIT, Inc.” Only persons meeting
the standards set forth under the “Suitability Standards” section of the Prospectus may purchase shares. Please indicate the state in which the sale was made if other than the state of residence. 
 All additional investments must be for a minimum of $100. If additional investments in Wells Timberland REIT, Inc. (the “Company”)
are made, the investor agrees to notify the participating broker/dealer (“Broker/Dealer”) or investment adviser named in Section 8 of the Subscription Agreement. 
 Note: DUE TO ANTI-MONEY LAUNDERING CONSIDERATIONS, THE COMPANY WILL NOT ACCEPT CASH, CASHIER’S CHECKS UNDER $10,000, THIRD-PARTY CHECKS, MONEY ORDERS, TRAVELER’S CHECKS,
STARTER CHECKS, OR COUNTER CHECKS. 
  

	
	2. TYPE OF OWNERSHIP

 Please check the appropriate box to indicate the account type of subscribing investor. 
 In order to effect a Transfer
on Death (TOD) account registration, a Designation of TOD Beneficiary Form must be completed and submitted with the Subscription Agreement. 
  

	
	3. REGISTRATION AND CONTACT INFORMATION

 Please enter the exact name in which the Shares are to be held: 
  

	 	•	 	 Joint tenants with right of survivorship or tenants-in-common, include the names of both investors 

  

	 	•	 	 Partnerships or corporations, include the name of an individual to whom correspondence will be addressed 

  

	 	•	 	 Trusts should include the name(s) of the trustee(s) 

 All investors must complete the space provided for Taxpayer Identification Number or Social Security number. By signing in Section 7, the investor is certifying that this number is correct. Enter the
mailing address and telephone numbers of the registered owner of this investment. In the case of a qualified plan or trust, this will be the address of the trustee. Indicate the birth date of the registered owner unless the registered owner is a
legal entity. 
  

	
	4. INSTITUTIONAL INFORMATION

 If the investment is being made for an account held with a custodian, the custodian information should be entered here. Fill in the Custodian Name, Address, Telephone Number, and Tax ID along with the
Custodian Account Number. An authorized individual must sign the form approving the investment and include either the Custodian’s Signature Guarantee Stamp or a Corporate Resolution naming the authorized signer along with an example of their
signature. 
  

	
	5. ELECTRONIC DELIVERY ELECTION

 We encourage you to reduce printing and mailing costs and to conserve natural resources by electing to receive electronic delivery of stockholder communications and statement notifications. By consenting
below to electronically receive stockholder communications, including your account-specific information, you authorize Wells Timberland to either (i) e-mail stockholder communications to you directly or (ii) make them available on its
Investor Web site at www.WellsTimberland.com and notify you by e-mail when such documents are available. 
 You will not receive
paper copies of these electronic materials, unless specifically requested. 
 The stockholder communications we may offer
electronically include annual reports, proxy materials, and any other documents that may be required to be delivered under federal or state securities laws as well as account-specific information, such as quarterly account statements or tax
information (“Account information”). In addition, by consenting to electronic access, you will be responsible for your customary Internet Service Provider charges (i.e., online fees) in connection with access to these materials. Account
information may be accessed only via the Investor Web site as described in option (ii) in the above paragraph. Your consent will be effective until you revoke it. 
 JOINT ACCOUNTS: If your Social Security number is the primary number on a joint account and you opt-in to electronic delivery, each consenting stockholder must have access to the e-mail account provided.

 Continued on reverse 

 

 

 

 
  

	
	 6. DISTRIBUTION INFORMATION

 ONLY ONE OF THE OPTIONS MAY BE SELECTED. IF THIS SECTION IS NOT COMPLETED, DISTRIBUTIONS WILL BE PAID TO THE REGISTERED OWNER (OR CUSTODIAN, IF APPLICABLE). 
 Please check the appropriate box to indicate to whom the distributions should be paid, in what form they should be paid, and the address of
the individual(s) or institution receiving the distribution if distributions are to be paid to a third party. If no box is checked in this section, the funds will be paid to the registered owner (or custodian, if applicable). 
 For a discussion of the Distribution Reinvestment Plan, please see the section of the Prospectus entitled “Description of Shares —
Distribution Reinvestment Plan.” 
 To receive your distributions via Electronic Funds Transfer, please check the
highlighted box on the subscription document. 
  

	
	7. SUBSCRIBER SIGNATURES

 Please separately initial the representations where indicated. Note the higher suitability requirements described in the Prospectus and/or supplements for residents of certain states. Many states have
restrictions on net worth and income requirements, and some states have restrictions on concentration in certain types of investments or concentrations of investments offered by the same sponsor. Please initial this only after you have discussed
your specific state requirements with your financial representative. Except in the case of fiduciary accounts, the investor may not grant any person a power of attorney to make such representations on his or her behalf. Each investor must sign and
date this section. If title is to be held jointly, all parties must sign. If the registered owner is a partnership, corporation, or trust, a general partner, officer, or trustee of the entity must sign. 
 Note: THESE SIGNATURES DO NOT HAVE TO BE NOTARIZED. 
  

	
	 8. BROKER/DEALER OR REGISTERED INVESTMENT ADVISER (RIA)
INFORMATION

 Who must sign this section. If the investment is made through an investment adviser
unaffiliated with a broker/dealer (“Registered Investment Adviser”), Section 8 must be signed by an authorized representative of the Registered Investment Adviser. Otherwise, this section must be signed by an authorized representative
of the participating Broker/Dealer. 
 Required Representations. By signing this section, the Broker/Dealer or Registered
Investment Adviser represents that he has made every reasonable effort to determine that the purchase of shares in this offering is a suitable and appropriate investment for each investor based on information provided by the investor regarding the
investor’s financial situation and investment objectives. In making this determination, the Broker/Dealer or Registered Investment Adviser ascertained that the prospective stockholder: 
  

	 	•	 	 meets the minimum income and net worth standards set forth in the Prospectus at “Suitability Standards”; 

  

	 	•	 	 can reasonably benefit from an investment in the shares based on the prospective stockholder’s overall investment objectives and portfolio
structure; 

  

	 	•	 	 is able to bear the economic risk of the investment based on the prospective stockholder’s overall financial situation and has apparent
understanding of: 

  

	 	•	 	 the fundamental risks of the investment; 

  

	 	•	 	 the risk that the stockholder may lose the entire investment; 

  

	 	•	 	 the lack of liquidity of the shares; 

  

	 	•	 	 the restrictions on transferability of the shares; 

  

	 	•	 	 the background and qualifications of Wells TIMO and its affiliates; and 

  

	 	•	 	 the tax consequences of the investment. 

 Relevant information for this purpose will include at least the age, investment objectives, investment experience, income, net worth, financial situation, and other investments of the prospective
stockholder, as well as any other pertinent factors. The Broker/Dealer or Registered Investment Adviser agrees to maintain records of the information used to determine that an investment in shares is suitable and appropriate for the stockholder for
a period of six years. 
 In addition, the registered representative of a Broker/Dealer represents that he or she and the
Broker/Dealer are duly licensed to offer the shares in the state where the investment was made and in the state of the investor’s address set forth in Section 3 of the Subscription Agreement. A Registered Investment Adviser represents that
such adviser is either registered under the Investment Advisers Act of 1940 or exempt from registration. 
 Commission.
Please provide the Representative Number Commission Code to prevent delays in processing. Also, Broker/Dealers should select only one commission rate. “Full commission” may not be selected if the investment is made through an
investment adviser representative compensated on a fee-for-service basis in connection with the sale or if the purchase is for a Broker/Dealer, its retirement plan, or its representative (or the retirement plan or family members of its
representative). 
 Note: The Subscription Agreement, together with a check for the full purchase price, should be delivered or
mailed to one of the addresses noted at the top of the Subscription Agreement by the Broker/Dealer or Registered Investment Adviser, as applicable. Only original, completed copies of Subscription Agreements can be accepted. The Company cannot
accept photocopied or otherwise duplicated Subscription Agreements. 
 IF YOU NEED FURTHER ASSISTANCE IN COMPLETING
THIS SUBSCRIPTION AGREEMENT, PLEASE CALL 800-557-4830. 
  

			
	 TMMPFORMI0911-0944-A
	  	© 2009 Wells Real Estate Funds

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