Document:

Exhibit
4.2

 

Form
of Representative’s Warrant to Purchase Ordinary Shares

 

THE
REGISTERED HOLDER OF THIS REPRESENTATIVE’S WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS
REPRESENTATIVE’S WARRANT EXCEPT AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS REPRESENTATIVE’S WARRANT AGREES THAT
IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS REPRESENTATIVE’S WARRANT OR CAUSE IT TO BE THE SUBJECT OF ANY HEDGING,
SHORT SALE, DERIVATIVE, PUT, OR CALL TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION OF THIS REPRESENTATIVE’S
WARRANT BY ANY PERSON FOR A PERIOD OF ONE HUNDRED EIGHTY (180) DAYS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE OTHER THAN
(I) VIEWTRADE SECURITIES, INC. OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR
PARTNER, ASSOCIATED PERSON OR AFFILIATE OF VIEWTRADE SECURITIES, INC. OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER AND IN ACCORDANCE
WITH FINRA RULE 5110(E)(2).

 

THIS
WARRANT IS VOID AFTER 5:00 P.M., EASTERN TIME, [●], 2027.1

 

REPRESENTATIVE’S
WARRANT

 

For
the Purchase of [●] Ordinary Shares

of

J-STAR
HOLDING CO., LTD.

 

1.
Representative’s Warrant. THIS CERTIFIES THAT, pursuant to that certain Underwriting Agreement, dated [●], 2022 (the
“Underwriting Agreement”), by and between J-STAR HOLDING CO., LTD. (the “Company”), and
ViewTrade Securities, Inc., as representative of the underwriters named on Annex A thereto, providing for the initial public offering
(the “Offering”) of ordinary share, par value US$0.50 per share, of the Company (the “Ordinary Shares”),
ViewTrade Securities, Inc. or its assigns (“Holder”), as registered owner of this Purchase Warrant, is entitled, at
any time or from time to time on or after [●], 2022 (the “Commencement Date”)2, and at or before
5:00 p.m., Eastern time, [●], 20273 (the “Expiration Date”), but not thereafter, to subscribe
for, purchase and receive, in whole or in part, up to [●]4 Ordinary Share (the “Shares”),
subject to adjustment as provided in Section 6 hereof. If the Expiration Date is a day on which banking institutions are authorized
by law or executive order to close, then this Representative’s Warrant may be exercised on the next succeeding day which is not
such a day in accordance with the terms herein. During the period commencing on the date hereof and ending on the Expiration Date, the
Company agrees not to take any action that would terminate this Representative’s Warrant. This Representative’s Warrant is
initially exercisable at $[●] per Share5; provided, however, that upon the occurrence of any of
the events specified in Section 6 hereof, the rights granted by this Representative’s Warrant, including the exercise price per
Share and the number of Shares to be received upon such exercise, shall be adjusted as therein specified. This Representative’s
Warrant is being issued pursuant to the terms of the Underwriting Agreement providing for the Offering. The term “Effective
Date” shall mean the effective date of the registration statement in connection with the Offering. The term “Exercise
Price” shall mean the initial exercise price or the adjusted exercise price, depending on the context.

 

1
Date that is five years from the Effective Date.

2
Six months from Effective Date.

3
Date that is five years from the Effective Date.

4
10% of the Shares sold in the Offering.

5
125% of the price of the Shares sold in the Offering.

 

    	 

     

     

2.
Exercise.

 

2.1
Exercise Form. In order to exercise this Representative’s Warrant, the exercise form attached hereto must be duly executed
and completed and delivered to the Company, together with this Representative’s Warrant and payment of the Exercise Price for the
Shares being purchased payable in cash by wire transfer of immediately available funds to an account designated by the Company or by
certified check or official bank check to the order of the Company. If the subscription rights represented hereby shall not be exercised
at or before 5:00 p.m., Eastern time, on the Expiration Date, this Representative’s Warrant shall become and be void without further
force or effect, and all rights represented hereby shall cease and expire.

 

2.2
Cashless Exercise. At any time after the Commencement Date, in lieu of exercising this Representative’s Warrant by payment
of cash or check payable to the order of the Company pursuant to Section 2.1 above, Holder may elect to receive the number of
Shares equal to the value of this Representative’s Warrant (or the portion thereof being exercised) by surrender of this Representative’s
Warrant to the Company, together with the exercise form attached hereto, in which event the Company shall issue to Holder Shares in accordance
with the following formula:

 

Y(A-B)

X
= A

 

Where,

 

X
= The number of Shares to be issued to Holder;

Y
= The number of Shares that would be issuable upon exercise of this Representative’s Warrant if such exercise were by means of
a cash exercise pursuant to Section 2.1 rather than a cashless exercise pursuant to this Section 2.2;

A
= The fair market value of one Share, as determined in accordance with the provisions of this Section 2; and

B
= The Exercise Price in effect under this Representative’s Warrant at the time the election to exercise this Representative’s
Warrant on a cashless basis is made pursuant to this Section 2.

 

For
purposes of this Section 2.2, the fair market value of a Share is defined as follows:

 

(i)
if the Ordinary Shares are traded on a national securities exchange, the fair market value shall be deemed to be the closing sales price
on such exchange on the Trading Day immediately prior to the date the exercise form is submitted to the Company in connection with the
exercise of this Representative’s Warrant; or

 

(ii)
if the Ordinary Shares are traded over-the-counter (i.e., on the OTCQB or OTCQX Markets operated by OTC Markets Group, Inc., or any similar
over-the-counter market), the fair market value shall be deemed to be the closing bid price on the Trading Day immediately prior to the
date the exercise form is submitted to the Company in connection with the exercise of this Representative’s Warrant; or

 

(iii)
if there is no active public market for the Ordinary Shares, the value shall be the fair market value thereof, as determined in good
faith by the Company’s Board of Directors.

 

“Trading
Day” means a date on which the Ordinary Shares are traded on the NYSE, the Nasdaq Capital Market, the Nasdaq Global Market,
the Nasdaq Global Select Market, the New York Stock Exchange or the OTC Bulletin Board (or any successors to any of the foregoing).

 

For
the avoidance of doubt, if there is no effective registration statement registering, or no current prospectus available for, the resale
of the Shares underlying this Representative’s Warrant by the Holder, then this Representative’s Warrant may be exercised,
in whole or in part, at such time by means of a cashless exercise in accordance with the provisions of this Representative’s Warrant.

 

    	 

     

     

2.3
Mechanics of Exercise.

 

(i)
Delivery of Shares Upon Exercise. The Company shall use commercially reasonable efforts to cause the Shares purchased hereunder
to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s prime broker with The Depository
Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant
in such system and either (A) there is an effective registration statement permitting the issuance of the Shares or resale of the Shares
or (B) this Representative’s Warrant is being exercised via cashless exercise, and otherwise by delivery to the address specified
by the Holder in the Notice of Exercise by the date that is two Trading Days after the latest of (A) the delivery to the Company of the
Notice of Exercise, (B) surrender of this Representative’s Warrant (if required) and (C) receipt by the Company of the aggregate
Exercise Price as set forth above (including by cashless exercise, if permitted) (such date, the “Share Delivery Date”).
The Shares shall be deemed to have been issued, and the Holder or any other person so designated to be named therein shall be deemed
to have become a holder of record of such Shares for all purposes, as of the date the Representative’s Warrant has been exercised
and payment to the Company of the aggregate Exercise Price (or by cashless exercise, if permitted) has been received by the Company and
all taxes required to be paid by the Holder, if any, pursuant to Section 2.3(vi) prior to the issuance of such Shares have been
paid.

 

(ii)
Delivery of New Warrants Upon Exercise. If this Representative’s Warrant shall have been exercised in part, the Company
shall, at the written request of the Holder and upon surrender of this Representative’s Warrant, at the time of delivery of the
Shares, deliver to the Holder a new Representative’s Warrant evidencing the rights of the Holder to purchase the unpurchased Shares
called for by this Representative’s Warrant, which new Representative’s Warrant shall in all other respects be identical
with this Representative’s Warrant.

 

(iii)
Rescission Rights. If the Company fails to cause its transfer agent to transmit to the Holder the Shares pursuant to Section
2.3(i) by the Share Delivery Date, unless such failure was not caused by the fault or negligence of the Company, then the Holder
will have the right to rescind such exercise upon written notice to the Company within one Trading Day after the Share Delivery Date.

 

(iv)
Compensation for Buy-In on Failure to Timely Deliver Shares Upon Exercise. In addition to any other rights available to the Holder,
if the Holder has taken all actions necessary under the terms of this Representative’s Warrant for such Holder to receive the Shares,
if the Company fails to cause the Transfer Agent to transmit to the Holder the Shares pursuant to an exercise on or before the Share
Delivery Date, unless such failure was not caused by the fault or negligence of the Company, and if after such date the Holder is required
by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, Ordinary
Shares to deliver in satisfaction of a sale by the Holder of the which the Holder anticipated receiving upon such exercise (a “Buy-In”),
then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including
brokerage commissions and any other applicable fees, if any) for the Ordinary Shares so purchased exceeds (y) the amount obtained by
multiplying (1) the number of Shares that the Company was required to deliver to the Holder in connection with the exercise at issue
times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder,
either reinstate the portion of the Representative’s Warrant and equivalent number of Shares for which such exercise was not honored
(in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of Ordinary Shares that would have been issued
had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Ordinary Shares
having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of Shares with an aggregate sale price
giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required
to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect
of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right
to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance
and/or injunctive relief with respect to the Company’s failure to timely deliver Ordinary Shares upon exercise of the Representative’s
Warrant as required pursuant to the terms hereof.

 

(v)
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Representative’s Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such
exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such
fraction multiplied by the Exercise Price or round up to the next whole share.

 

    	 

     

     

(vi)
Charges, Taxes and Expenses. Issuance of Shares shall be made without charge to the Holder for any issue or transfer tax or other
incidental expense in respect of the issuance of such Shares, all of which taxes and expenses shall be paid by the Company, and such
Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however,
that, in the event Shares are to be issued in a name other than the name of the Holder, this Representative’s Warrant when surrendered
for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as
a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all
transfer agent fees required for same-day processing of any Notice of Exercise.

 

3.
Transfer - General Restrictions. The Holder agrees by his, her or its acceptance hereof, that such Holder will not: (a) sell,
transfer, assign, pledge or hypothecate this Representative’s Warrant for a period of one hundred eighty (180) days following the
Effective Date to anyone other than: (i) ViewTrade Securities, Inc. or another underwriter or a selected dealer participating in the
Offering, or (ii) a bona fide officer or partner of ViewTrade Securities, Inc. or of any such underwriter or selected dealer, in each
case in accordance with FINRA Rule 5110(e)(1), or (b) cause this Representative’s Warrant or the securities issuable hereunder
to be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition
of this Representative’s Warrant or the securities hereunder, except as provided for in FINRA Rule 5110(e)(2). One hundred eighty
(180) days after the Effective Date, transfers to others may be made subject to compliance with or exemptions from applicable securities
laws. In order to make any permitted assignment, the Holder must deliver to the Company the assignment form attached hereto duly executed
and completed, together with this Representative’s Warrant and payment of all transfer taxes, if any, payable in connection therewith.
The Company shall within five (5) business days transfer this Representative’s Warrant on the books of the Company and shall execute
and deliver a new Representative’s Warrant or Representative’s Warrants of like tenor to the appropriate assignee(s) expressly
evidencing the right to purchase the aggregate number of Shares purchasable hereunder or such portion of such number as shall be contemplated
by any such assignment. The Company shall register this Representative’s Warrant, upon records to be maintained by the Company
for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company
may deem and treat the registered Holder of this Representative’s Warrant as the absolute owner hereof for the purpose of any exercise
hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

 

4.
Registration. The Company shall be required to keep a registration statement effective on Form F-1 (or Form F-3, if the Company
is eligible to use such form) until such date that is the earlier of the date when all of the Shares underlying this Representative’s
Warrant have been publicly sold by the Holder or such time as Rule 144 or another similar exemption under the Securities Act of 1933,
as amended, is available for the sale of all of such Holder’s Shares underlying this Representative’s Warrant without limitation
during a three-month period without registration.

 

5.
New Representative’s Warrants to be Issued.

 

5.1
Partial Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Representative’s Warrant may
be exercised or assigned in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this
Representative’s Warrant for cancellation, together with the duly executed exercise or assignment form and funds sufficient to
pay any Exercise Price and/or transfer tax if exercised pursuant to Section 2 hereto, the Company shall cause to be delivered
to the Holder without charge a new Representative’s Warrant of like tenor to this Representative’s Warrant in the name of
the Holder evidencing the right of the Holder to purchase the number of Shares purchasable hereunder as to which this Representative’s
Warrant has not been exercised or assigned.

 

5.2
Replacement on Loss. Upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or
mutilation of this Representative’s Warrant, the Company, at its own expense, shall execute and deliver a new Representative’s
Warrant of like tenor and date. Any such new Representative’s Warrant executed and delivered as a result of such loss, theft, mutilation
or destruction shall constitute a substitute contractual obligation on the part of the Company.

 

    	 

     

     

6.
Adjustments.

 

6.1
Adjustments to Exercise Price and Number of Shares. The Exercise Price and the number of Shares underlying this Representative’s
Warrant shall be subject to adjustment from time to time as hereinafter set forth:

 

6.1.1
Share Dividends; Split Ups. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of
outstanding Ordinary Shares is increased by a stock dividend payable in Ordinary Shares or by a split up of Ordinary Shares, spin off,
reclassification, corporate rearrangement, scheme of arrangement or other similar transaction, then, on the effective day thereof, the
number of Shares purchasable hereunder shall be increased in proportion to such increase in outstanding Ordinary Shares, and the Exercise
Price shall be proportionately decreased. Any adjustment made pursuant to this Section 6.1.1 shall become effective immediately
after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective
immediately after the effective date in the case of a subdivision, combination or re-classification.

 

6.1.2
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 6.1.1 above, if at any time during which
this Representative’s Warrant is outstanding the Company grants, issues or sells any securities of the Company which by their terms
are convertible into or exercisable for Ordinary Shares (“Ordinary Share Equivalents”) or other rights to purchase
stock, warrants, securities or other property, pro rata to all of the record holders of the Ordinary Shares (the “Purchase Rights”),
and not the Holder, then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase
Rights which the Holder could have acquired if the Holder had held the number of Ordinary Shares acquirable upon complete exercise of
this Representative’s Warrant immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase
Rights, or, if no such record is taken, the date as of which the record holders of Ordinary Shares are to be determined for the grant,
issue or sale of such Purchase Rights. The provisions of this Section 6.1.2 will not apply to any grant, issuance or sale of Ordinary
Share Equivalents or other rights to purchase stock, warrants, securities or other property of the Company which is not made pro rata
to all of the record holders of Ordinary Shares.

 

6.1.3
Aggregation of Shares. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding
Ordinary Shares is decreased by a consolidation, combination or reclassification of Ordinary Shares or other similar event, then, on
the effective date thereof, the number of Shares purchasable hereunder shall be decreased in proportion to such decrease in outstanding
Shares, and the Exercise Price shall be proportionately increased.

 

6.1.4
Replacement of Shares upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Ordinary
Shares other than a change covered by Section 6.1.1, 6.1.2 or 6.1.3 hereof or that solely affects the par value of such
Ordinary Shares, or in the case of any share reconstruction or amalgamation or merger or consolidation of the Company with or into another
corporation or other entity (other than a consolidation or share reconstruction or amalgamation in which the Company is the continuing
corporation and that does not result in any reclassification or reorganization of the outstanding Ordinary Shares), or in the case of
any sale or conveyance to another corporation or entity of the property of the Company as an entirety or substantially as an entirety,
or in the case any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another person) is
completed pursuant to which holders of Ordinary Shares are permitted to sell, tender or exchange their shares for other securities, cash
or property and has been accepted by the holders of 50% or more of the outstanding Ordinary Shares, or in the case the Company, directly
or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Ordinary Shares
or any compulsory share exchange pursuant to which the Ordinary Shares are effectively converted into or exchanged for other securities,
cash or property, or (in the case the Company, directly or indirectly, in one or more related transactions consummates a stock or share
purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme
of arrangement) with another person or group of persons, whereby such other Person or group acquires more than 50% of the outstanding
Ordinary Shares (not including any Ordinary Shares held by the other Person or other Persons making or party to, or associated or affiliated
with the other Persons making or party to, such stock or share purchase agreement or other business combination), then the Holder of
this Representative’s Warrant shall have the right thereafter (until the expiration of the right of exercise of this Representative’s
Warrant) to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event,
the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization,
share reconstruction or amalgamation, or consolidation, or upon a dissolution following any such sale or transfer, by a Holder of the
number of Shares of the Company obtainable upon exercise of this Representative’s Warrant immediately prior to such event; and
if any reclassification also results in a change in Shares covered by Section 6.1.1, 6.1.2 or 6.1.3, then such adjustment
shall be made pursuant to Sections 6.1.1, 6.1.2 or 6.1.3 and this Section 6.1.4. The provisions of this Section
6.1.4 shall similarly apply to successive reclassifications, reorganizations, share reconstructions or amalgamations, or consolidations,
sales or other transfers.

 

    	 

     

     

6.1.5
Changes in Form of Representative’s Warrant. This form of Representative’s Warrant need not be changed because of
any change pursuant to this Section 6.1, and any Representative’s Warrant issued after such change may state the same Exercise
Price and the same number of Shares as are stated in the initial Representative’s Warrant. The acceptance by the Holder of the
issuance of a new Representative’s Warrant reflecting a required or permissive change shall not be deemed to waive any rights to
an adjustment occurring after the Commencement Date or the computation thereof.

 

6.2
Substitute Representative’s Warrant. In case of any consolidation of the Company with, or share reconstruction or amalgamation
of the Company with or into, another corporation or other entity (other than a consolidation or share reconstruction or amalgamation
which does not result in any reclassification or change of the outstanding Ordinary Shares), the corporation or other entity formed by
such consolidation or share reconstruction or amalgamation shall execute and deliver to the Holder a supplemental Representative’s
Warrant providing that the holder of each Representative’s Warrant then outstanding or to be outstanding shall have the right thereafter
(until the stated expiration of such Representative’s Warrant) to receive, upon exercise of such Representative’s Warrant,
the kind and amount of shares of stock and other securities and property receivable upon such consolidation or share reconstruction or
amalgamation, by a holder of the number of Shares of the Company for which such Representative’s Warrant might have been exercised
immediately prior to such consolidation, share reconstruction or amalgamation, sale or transfer. Such supplemental Representative’s
Warrant shall provide for adjustments which shall be identical to the adjustments provided for in this Section 6. The above provision
of this Section shall similarly apply to successive consolidations or share reconstructions or amalgamations.

 

6.3
Elimination of Fractional Interests. The Company shall not be required to issue fractions of Shares upon the exercise of this
Representative’s Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it being the
intent of the parties that all fractional interests shall be eliminated by rounding any fraction up or down, as the case may be, to the
nearest whole number of Shares or other securities, properties or rights.

 

6.4
Notice to Holder.

 

6.4.1
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 6, the
Company shall promptly provide the Holder with a notice setting forth the Exercise Price after such adjustment and any resulting adjustment
to the number of Shares and setting forth a brief statement of the facts requiring such adjustment.

 

6.4.2
Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on
the Ordinary Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary Shares, (C)
the Company shall authorize the granting to all holders of the Ordinary Shares rights or warrants to subscribe for or purchase any shares
of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with
any reclassification of the Ordinary Shares, any consolidation or merger to which the Company is a party, any sale or transfer of all
or substantially all of the assets of the Company, or any compulsory share exchange whereby the Ordinary Shares are converted into other
securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up
of the affairs of the Company, then, in each case, the Company shall provide the Holder with, at least 10 days prior to the applicable
record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such
dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Ordinary
Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date
on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and
the date as of which it is expected that holders of the Ordinary Shares of record shall be entitled to exchange their Ordinary Shares
for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange;
provided that the failure to provide such notice or any defect therein or in the provision thereof shall not affect the validity
of the corporate action required to be specified in such notice. The Holder shall remain entitled to exercise this Representative’s
Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may
otherwise be expressly set forth herein. Notwithstanding the foregoing, no notice need be given to the Holder if the Company makes a
public announcement of the applicable event via nationally distributed press release or via a publicly available and legally compliant
filing with the U.S. Securities and Exchange Commission.

 

    	 

     

     

7.
Reservation and Listing; Registration Rights.

 

7.1
The Company shall at all times reserve and keep available out of its authorized Ordinary Shares, solely for the purpose of issuance upon
exercise of this Representative’s Warrant, such number of Shares or other securities, properties or rights as shall be issuable
upon the exercise thereof. The Company covenants and agrees that, upon exercise of this Representative’s Warrant and payment of
the Exercise Price therefor, in accordance with the terms hereby, all Shares and other securities issuable upon such exercise shall be
duly and validly issued, fully paid and non-assessable and not subject to preemptive or similar rights of any stockholder and free and
clear of all liens, taxes and charges. As long as this Representative’s Warrant shall be outstanding, the Company shall use commercially
reasonable efforts to cause all Shares issuable upon exercise of this Representative’s Warrant to be listed (subject to official
notice of issuance) on all national securities exchanges (or, if applicable, on the OTCQB or OTCQX Markets operated by OTC Markets Group,
Inc., or any similar over-the-counter market) on which the Shares issued to the public in the Offering may then be listed and/or quoted.

 

7.2
To the extent the Company does not maintain an effective registration statement for the Shares and cashless exercise is unavailable to
any Holder under Section 2.2 hereof pursuant to which all of the Shares issuable upon exercise of this Representative’s
Warrant under Section 2.2 would be tradable upon exercise of this Representative’s Warrant upon issuance, and in the further
event that the Company files a registration statement with the Securities and Exchange Commission to register its Ordinary Shares (other
than a registration statement on Form F-4 or S-8, or on another form, or in another context, in which such “piggyback” registration
would be inappropriate (including, without limitation, a “universal shelf” registration statement or any prospectus supplement
related thereto)), then, for the term of this Representative’s Warrant, the Company shall give written notice of such proposed
filing to the Holder as soon as practicable but in no event less than 10 days before the anticipated filing date, which notice shall
describe the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the
proposed managing underwriter or underwriters, if any, of the offering, and offer to the Holder in such notice the opportunity to register
the sale of such number of Shares as such Holder may request in writing within five days following receipt of such notice (a “Piggyback
Registration”). The Company shall use commercially reasonable efforts to cause such Shares to be included in such registration
and shall use commercially reasonable efforts to cause the managing underwriter or underwriters of a proposed underwritten offering to
permit the Shares requested to be included in a Piggyback Registration on the same terms and conditions as any similar securities of
the Company and to permit the sale or other disposition of such Shares in accordance with the intended method(s) of distribution thereof.
All Holders proposing to distribute their securities through a Piggyback Registration that involves an underwriter or underwriters shall
enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such Piggyback Registration.
Notwithstanding the provisions of this Section 7.2, such right to request Piggyback Registration shall terminate on the fifth anniversary
of the Effective Date, in accordance with FINRA Rule 5110(g)(8)(D).

 

8.
Certain Notice Requirements.

 

8.1
Holder’s Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holder the right to vote or consent
or to receive notice as a stockholder for the election of directors or any other matter, or as having any rights whatsoever as a stockholder
of the Company. If, however, at any time prior to the expiration of this Representative’s Warrant and its exercise, any of the
events described in Section 8.2 shall occur, then, in one or more of said events, the Company shall give written notice of such
event at least five (5) days prior to the date fixed as a record date or the date of closing the transfer books (the “Notice
Date”) for the determination of the stockholders entitled to such dividend, distribution, conversion or exchange of securities
or subscription rights, or entitled to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify
such record date or the date of the closing of the transfer books, as the case may be. Notwithstanding the foregoing, the Company shall
deliver to each Holder a copy of each notice given to the other stockholders of the Company at the same time and in the same manner that
such notice is given to the stockholders; provided, however, that the Company shall not be obligated to provide any written notice under
this Section 8 if it makes a public announcement of the applicable event via nationally distributed press release or via a publicly
available and legally compliant filing with the U.S. Securities and Exchange Commission.

 

    	 

     

     

8.2
Events Requiring Notice. The Company shall be required to give the notice described in this Section 8 upon one or more
of the following events: (i) if the Company shall take a record of the holders of its shares for the purpose of entitling them to receive
a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of retained
earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company, (ii) the Company shall
offer to all the holders of its shares any additional shares of capital stock of the Company or securities convertible into or exchangeable
for shares of capital stock of the Company, or any option, right or warrant to subscribe therefor, or (iii) a dissolution, liquidation
or winding up of the Company (other than in connection with a consolidation or share reconstruction or amalgamation) or a sale of all
or substantially all of its property, assets and business shall be proposed.

 

8.3
Notice of Change in Exercise Price; Notice of Exercise Price. The Company shall, within five (5) business days after an event
requiring a change in the Exercise Price pursuant to Section 6 hereof, send notice to the Holder of such event and change (“Price
Notice”). The Price Notice shall describe the event causing the change and the method of calculating the same and shall be
certified as being true and accurate by the Company’s Chief Executive Officer and Chief Financial Officer. The Company shall, within
five (5) business days after receipt by the Company of a written request by the Holder, send notice to the Holder of the Exercise Price
then in effect and the number of Shares or the amount, if any, of other shares of stock, securities or assets then issuable upon exercise
of this Representative’s Warrant and shall be certified as being true and accurate by the Company’s Chief Executive Officer
and Chief Financial Officer.

 

8.4
Transmittal of Notices. All notices, requests, consents and other communications under this Representative’s Warrant shall
be in writing and shall be deemed to have been duly made when (1) hand delivered, (2) mailed by express mail or private courier service,
or (3) if sent by electronic mail, on the day the notice was sent if during regular business hours and, if sent outside of regular business
hours, on the following business day, to following addresses or to such other addresses as the Company or Holder may designate by notice
to the other party:

 

If
to the Holder:

 

ViewTrade
Securities, Inc.

7280
West Palmetto Park Road, Suite 310

Boca
Raton, FL 33433

Attention:
Douglas Aguililla

Email:
dougagui@viewtrade.com

 

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

 

Ellenoff
Grossman & Schole LLP

1345
Avenue of the Americas

New
York, New York 10105

Attention:
Richard I. Anslow, Esq.

Email:
ranslow@egsllp.com

 

If
to the Company:

 

J-Star
Holding Co., Ltd.

7/F-1,
No. 633, Sec. 2, Taiwan Blvd.,

Xitun
District, Taichung City 407,

Taiwan
(R.O.C.)

Attention:
Jing-Bin Chiang

Email:
jonathan.chiang@ymaunivers.com

 

with
a copy (which shall not constitute notice) to:choco.chen@ymaunivers.com

 

Loeb
& Loeb LLP

2206-19
Jardine House

1
Connaught Place,

Central,
Hong Kong SAR

Attention:
Lawrence S. Venick, Esq.

Email:
lvenick@loeb.com

 

    	 

     

     

9.
Miscellaneous.

 

9.1
Amendments. The Company and the Holder may from time to time supplement, modify or amend this Representative’s Warrant by
a written agreement signed by the Company and the Holder. All modifications or amendments shall require the written consent of and be
signed by the party against whom enforcement of the modification or amendment is sought.

 

9.2
Headings. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or
affect the meaning or interpretation of any of the terms or provisions of this Representative’s Warrant.

 

9.3
Entire Agreement. This Representative’s Warrant (together with the other agreements and documents being delivered pursuant
to or in connection with this Representative’s Warrant) constitutes the entire agreement of the parties hereto with respect to
the subject matter hereof, and supersedes all prior agreements and understandings of the parties, oral and written, with respect to the
subject matter hereof.

 

9.4
Binding Effect. This Representative’s Warrant shall inure solely to the benefit of and shall be binding upon, the Holder
and the Company and their permitted assignees, respective successors, legal representative and assigns, and no other person shall have
or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Representative’s
Warrant or any provisions herein contained.

 

9.5
Governing Law; Submission to Jurisdiction; Trial by Jury. This Representative’s Warrant shall be governed by and construed
and enforced in accordance with the internal laws of the State of Florida, without giving effect to conflict of laws principles thereof.
The Company hereby agrees that any action, proceeding or claim against it arising out of, or relating in any way to this Representative’s
Warrant shall be brought and enforced in the U.S. federal and state courts in the Seventeenth Judicial Circuit Court in and for Palm
Beach County, Florida or the United States District Court for the Southern District of Florida, Fort Lauderdale Division, and irrevocably
submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction
and that such courts represent an inconvenient forum. Any process or summons to be served upon the Company may be served by transmitting
a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in
Section 8.4 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action,
proceeding or claim. The Company and the Holder agree that the prevailing party(ies) in any such action shall be entitled to recover
from the other party(ies) all of its reasonable attorneys’ fees and expenses relating to such action or proceeding and/or incurred
in connection with the preparation therefor. The Company (on its behalf and, to the extent permitted by applicable law, on behalf of
its stockholders and affiliates) and the Holder hereby irrevocably waive, to the fullest extent permitted by applicable law, any and
all right to trial by jury in any legal proceeding arising out of or relating to this Representative’s Warrant or the transactions
contemplated hereby.

 

9.6
Waiver, etc. The failure of the Company or the Holder to at any time enforce any of the provisions of this Representative’s
Warrant shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Representative’s
Warrant or any provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this Representative’s
Warrant. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Representative’s Warrant shall
be effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver
is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other
or subsequent breach, non-compliance or non-fulfillment.

 

    	 

     

     

9.7
Successors and Assigns. Subject to applicable securities laws, this Representative’s Warrant and the rights and obligations
evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors
and permitted assigns of Holder. The provisions of this Representative’s Warrant are intended to be for the benefit of any Holder
from time to time of this Representative’s Warrant and shall be enforceable by the Holder or holder of this Representative’s
Warrant.

 

9.8
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Representative’s Warrant or any stock certificate relating
to the Shares, if stock certificates are issued, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory
to it (which, in the case of the Representative’s Warrant, shall not include the posting of any bond), and upon surrender and cancellation
of such Representative’s Warrant or stock certificate, if stock certificates are issued, if mutilated, the Company will make and
deliver a new Representative’s Warrant or stock certificate, if stock certificates are issued, of like tenor and dated as of such
cancellation, in lieu of such Representative’s Warrant or stock certificate, if stock certificates are issued.

 

9.9
Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will
be entitled to specific performance of its rights under this Representative’s Warrant. The Company agrees that monetary damages
would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Representative’s
Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance or other equitable remedy that
a remedy at law would be adequate.

 

9.10
Severability. Wherever possible, each provision of this Representative’s Warrant shall be interpreted in such manner as
to be effective and valid under applicable law, but if any provision of this Representative’s Warrant shall be prohibited by or
invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating
the remainder of such provision or the remaining provisions of this Representative’s Warrant.

 

9.11
Execution in Counterparts. This Representative’s Warrant may be executed in one or more counterparts, and by the different
parties hereto in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute
one and the same agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and
delivered to each of the other parties hereto. Such counterparts may be delivered by facsimile transmission or other electronic transmission.

 

[Signature
Page Follows]

 

    	 

     

     

IN
WITNESS WHEREOF, the Company has caused this Representative’s Warrant to be signed by its duly authorized officer as of the _______
day of ___________.

 

	J-STAR
    HOLDING CO., LTD.	 
	 	 	 
	By:	           	 
	Name:	 	 
	Title:	 	 

 

Acknowledged
and Agreed

 

	VIEWTRADE
    SECURITIES, INC.	 
	 	 	 
	By:	           	 
	Name:	 	 
	Title:	 	 

 

    	 

     

     

Form
of Exercise

 

The
undersigned holder hereby exercises the right to purchase _________________ shares (“Warrant Shares”) of J-STAR
HOLDING CO., LTD. (the “Company”), evidenced by the attached Representative’s Warrant (the “Representative’s
Warrant”). Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Representative’s
Warrant. Please issue the Warrant Shares as to which the Representative’s Warrant is exercised in accordance with the instructions
given below and, if applicable, a new Representative’s Warrant representing the number of Warrant Shares for which the Representative’s
Warrant has not been exercised.

 

1.
Form of Exercise Price. The Holder intends that payment of the Exercise Price shall be made as:

 

____________
a “Cash Exercise” with respect to _________________ Warrant Shares; and/or

 

____________
a “Cashless Exercise” with respect to _______________ Warrant Shares.

 

2.
Payment of Exercise Price. In the event that the holder has elected a Cash Exercise with respect to some or all of the Warrant
Shares to be issued pursuant hereto, the holder shall pay the aggregate Exercise Price in the sum of $________ to the Company in accordance
with the terms of the Representative’s Warrant.

 

3.
Delivery of Warrant Shares. The Company shall deliver to the holder __________ Warrant Shares in accordance with the terms of
the Representative’s Warrant. Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified
below:

 

_______________________________

 

The
Warrant Shares shall be delivered to the following DWAC Account Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

Date:
_______________ __, ______

 

	Name
    of Registered Holder	 
	 	 	 
	By:	           	 
	Name:	 	 
	Title:	 	 

 

    	 

     

     

INSTRUCTIONS
FOR REGISTRATION OF SECURITIES

 

	Name:	 	 
	 	(Print
    in Block Letters)	 
	 	 	 
	Address:
    	 	 
	 	 	 
	 	 	 
	 	 	 

 

NOTICE:
The signature to this form must correspond with the name as written upon the face of the Representative’s Warrant without alteration
or enlargement or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm
having membership on a registered national securities exchange.

 

    	 

     

     

FORM
OF ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned registered owner of this Representative’s Warrant to which this form is attached, hereby sells,
assigns and transfers unto the Assignee named below all of the rights of the undersigned to purchase ordinary shares, par value $0.50
per share, of J-STAR HOLDING CO., LTD. (the “Company”), evidenced
by this Representative’s Warrant, with respect to the number of ordinary shares set forth below.

 

	Name
    of Assignee	 	Address
    and Phone Number	 	No.
    of Shares
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

The
undersigned also represents that, by assignment hereof, the Assignee acknowledges that this Representative’s Warrant and the ordinary
shares to be issued upon exercise hereof or conversion thereof are being acquired for investment and that the Assignee will not offer,
sell or otherwise dispose of this Representative’s Warrant or any ordinary shares to be issued upon exercise hereof or conversion
thereof except under circumstances which will not result in a violation of the Securities Act of 1933, as amended, or any state securities
laws. Further, the Assignee has acknowledged that upon exercise of this Representative’s Warrant, the Assignee shall, if requested
by the Company, confirm in writing, in a form satisfactory to the Company, that the ordinary shares so purchased are being acquired for
investment and not with a view toward distribution or resale.

 

	 
	Signature
    of Holder
	 
	Date

 

The
undersigned assignee agrees to be bound by all of the terms and conditions of this Representative’s Warrant.

 

	 
	Signature
    of Assignee
	 
	DateDocument

Exhibit 10.3

EXECUTIVE SEVERANCE AGREEMENT
THIS EXECUTIVE SEVERANCE AGREEMENT (this “Agreement”) is made and entered into as of May 13, 2022 (the “Effective Date”), by and between Bath & Body Works, Inc. and on behalf of all of its subsidiaries and affiliates (collectively, the “Company”) and Wendy C. Arlin (the “Executive”) (hereinafter collectively referred to as the “Parties”).
WHEREAS, the Executive currently serves as a key employee of the Company and the Executive’s services and knowledge are valuable to the Company; and
WHEREAS, in consideration of the Executive’s continued employment, the Company has determined that it is in its best interests to provide the Executive with the severance protections in accordance with the terms and conditions of this Agreement.
NOW, THEREFORE, IN CONSIDERATION of the foregoing, and in view of the promises and other good and valuable consideration described in this Agreement (the sufficiency and receipt of which are hereby acknowledged), the Parties agree as follows:
1.Effective Date and Term of this Agreement.  This Agreement shall be effective on the Effective Date and will remain in effect unless and until (i) the Executive’s employment with the Company is terminated by either Party in accordance with Section 2, and (ii) all payments and/or benefits to which the Executive is entitled under this Agreement, if any, have been made or provided to the Executive in accordance with the terms of this Agreement.
2.Termination of Employment.  The Executive’s employment with the Company shall terminate upon the earlier of: (i) automatically sixty (60) days after the Executive provides a Notice of Termination of the Executive’s resignation for any reason other than for Good Reason; (ii) thirty (30) days following the Executive providing a Notice of Termination indicating the existence of a condition(s) constituting Good Reason other than to the extent that such condition is cured; (iii) immediately upon the Executive’s Total Disability or death; (iv) automatically thirty (30) days after the Executive receives Notice of Termination from the Company of the Executive’s Termination without Cause; or (v) the date set forth in the Notice of Termination from the Company of the Executive’s termination of employment with the Company for Cause (collectively, the earliest of being the “Termination Date”).  The Company may, in its sole discretion, waive all or any part of the notice periods set forth in subsection (i) or (iv) in the immediately preceding sentence and pay the Executive in lieu of any such waived period the compensation and other benefits that the Executive would have otherwise received in such period, but in either case the Executive or the Company, as applicable, will deliver such Notice of Termination.  
3.Non-Qualifying Termination.  
(a)Notwithstanding anything herein or in any other agreement to the contrary, if the Executive’s employment is terminated by the Company for Cause, the Company’s sole obligation shall be to pay the Executive the Accrued Amounts and the Executive shall not be entitled to severance benefits under this Agreement or any other agreement or severance plan, policy or program of the Company.
(b)Notwithstanding anything herein or in any other agreement to the contrary, to the extent that the Executive experiences a Termination for any reason while 
1

a Company-led internal investigation into facts that could reasonably give rise to the Executive’s Termination for Cause is pending: (i) the Executive shall not be entitled to receive any severance benefits under this Agreement (other than the Accrued Amounts) or any other agreement or severance plan, policy or program of the Company; and (ii) the Executive shall not be entitled to vest in or receive any Variable Compensation in either case, unless and until the Company concludes its investigation with a finding that grounds for a Termination for Cause did not in fact exist, and only to the extent provided for under the terms of the applicable agreement, plan, policy or program. 
(c)If the Executive experiences a Termination by reason of the Executive’s death or if the Executive gives the Company a Notice of Termination other than for Good Reason, the Company’s sole obligation shall be to pay the Executive the Accrued Amounts.
(d)If the Executive experiences a Termination by reason of the Executive’s Total Disability, the Company shall provide the Executive with the following: (i) the Accrued Amounts; and (ii) the Executive shall be entitled to receive disability benefits available under the Company’s long-term disability plan as then in effect, to the extent applicable.
4.    Severance Upon a Qualifying Termination Not Within the Protection Period.  If the Executive experiences a Qualifying Termination not within the Protection Period, then, subject to Section 6, the Company shall provide the Executive with the following (collectively, the “Severance Benefits”):
(a)    The Accrued Amounts;
(b)    The Company shall continue to pay the Executive’s Base Salary for a period of two (2) years following the Qualifying Termination, less applicable withholding, payable as follows: (i) on the Company’s first regularly scheduled pay date falling on or after sixty (60) days from the Executive’s Termination Date (the “First Payment Date”), the Company will pay the Executive, without interest, the number of missed payroll installments that would have been paid during the period beginning on the Termination Date and ending on the First Payment Date had the installments been paid on the Company’s regularly scheduled payroll dates, and (ii) each of the remaining installments shall be paid on the Company’s regularly scheduled pay dates during the remainder of such two (2)-year period;
(c)    The Company shall pay the Executive an amount equal two (2) years’ of COBRA premiums (based on the premium rate in effect on the Termination Date) in a single lump sum payment less applicable withholding (“COBRA Payment”).  The COBRA Payment shall be paid (i) on the Company’s first regularly scheduled pay date falling on or after sixty (60) days from the Executive’s Termination Date and (ii) regardless of whether the Executive elects COBRA continuation coverage under the Company’s group health plan; 
(d)    The Company shall pay the Executive any incentive compensation under the IC Plan as follows: (i) the incentive compensation that the Executive would have 
2

received for the season which includes the Executive’s Termination Date if the Executive had remained employed with the Company through the completion of such season, pro-rated to such Termination Date and based on actual performance; and (ii) the incentive compensation under the IC Plan that the Executive would have received if the Executive had remained employed with the Company for a period of two (2) years (i.e., four (4) seasons under the IC Plan) after the Termination Date based on actual performance, less applicable withholding, subject to the terms of the IC Plan.  The foregoing payments shall be paid at the same time as payments under the IC Plan are typically paid, but in no event later than March 15th of the year following the year in which the applicable season is completed; and
(e)    The treatment of any outstanding equity awards shall be determined as follows:
(i)    A pro-rata portion of the outstanding unvested equity awards that are held by the Executive as of the Termination Date and vest only based on the passage of time shall vest and be settled on the First Payment Date, which pro-rata vesting shall be determined by (A) multiplying (x) the number of shares subject to the award by (y) a fraction, the numerator of which is the number of complete months between the first day of the applicable time-based vesting period and the Termination Date, and the denominator of which is the aggregate number of months in the time-based vesting period, less (B) the number of shares subject to the award that had already vested pursuant to the award’s terms prior to the Termination Date, if any;
(ii)    A pro-rata portion of the outstanding unvested equity awards that are held by the Executive as of the Termination Date and vest based, at least in part, on the satisfaction of performance goals shall vest and be settled promptly following the end of the performance period, but in any event not earlier than the First Payment Date or later than the end of the calendar year in which performance period ends, which pro-rata vesting shall be determined by (A) multiplying the number of shares that the Executive would have earned for the entire performance period based on the level of performance determined in accordance with the applicable plan and award agreements by (B) a fraction, the numerator of which is the number of complete months between the first day of the applicable performance period and the Termination Date, and the denominator of which is the aggregate number of months in the vesting period;
(iii)    To the extent that any outstanding unvested equity award that is held by the Executive as of the Termination Date would vest at a greater percentage under the terms of the applicable plan and award agreement than as provided for under Sections 4(e)(i)-(ii), the terms of such award agreement shall instead determine the number of shares covered by such equity award that will vest under this Section 4(e), subject to Sections 4(e)(iv)-(v);
(iv)    Notwithstanding the foregoing, no equity awards that are outstanding as of the Termination Date will be forfeited during the three (3)-month period commencing upon the Termination Date, provided, that, (x) to the extent a Change in Control occurs during such three (3)-month period, any such equity awards that are outstanding and unvested as of the Change in Control will instead be treated in accordance with Section 5; and (y) to the extent a Change in Control does not occur during such three (3)-month period, any portion of the equity awards outstanding as of Termination Date that do not vest pursuant to Sections 4(e)(i)-(iii) shall be forfeited; and
3

(v)    To the extent that the payment or settlement of any equity awards in accordance with the foregoing would constitute an impermissible change in the time or form of payment under Section 409A of the Code, then such portion shall be payable at a time that would be permitted under Section 409A of the Code and that is as near as possible to the payment timing contemplated by the foregoing.
5.    Severance Upon a Qualifying Termination Within the Protection Period.  If the Executive has a Qualifying Termination within the Protection Period, then, subject to Section 6, the Company will provide the Executive with the following (collectively, the “Change in Control Severance Benefits”):
(a)The payments and benefits described in Sections 4(a), (b), and (c); 
(b)A payment equal to the sum of the incentive compensation payouts that the Executive actually received under the IC Plan for the four (4) completed seasons immediately preceding the Termination Date (the “Bonus Amount”).  The Bonus Amount shall be paid, less applicable withholding, in a lump sum cash payment on the First Payment Date;
(c)A payment equal to the product of (i) the average of the incentive compensation payouts that the Executive actually received under the IC Plan for the four (4) completed seasons immediately preceding the Executive’s Termination Date, multiplied by (ii) a fraction, the numerator of which is the number of days in the season (within the meaning of the IC Plan) in which the Termination Date occurs that elapsed through the Termination Date and the denominator of which is the total number of days in such season.  The foregoing payment, less applicable withholding, shall be paid on the First Payment Date; 
(d)If any action at law, in equity, or arbitration, including an action for declaratory relief, is brought by the Executive to obtain or enforce any rights provided by this Section 5, and Executive prevails in such action, the Company shall reimburse the Executive for all documented legal fees and expenses reasonably incurred by the Executive in such action; provided that such reasonable legal fees and expenses incurred by the Executive within the first six (6) months following the Executive’s Termination Date shall be reimbursed by the Company during the seventh (7th) month after the Executive’s Termination Date.  Expenses incurred thereafter shall be reimbursed on a monthly basis for expenses incurred in the preceding month by the Company in accordance with the Company’s expense policies applicable to employees; and 
(e)All of the outstanding and unvested equity awards held by the Executive immediately before such Qualifying Termination will immediately become fully vested and payable on the First Payment Date, provided that, to the extent that paying any portion of such amount in accordance with the foregoing would constitute an impermissible change in the time or form of payment under Section 409A of the Code, then such portion shall be payable at a time that would be permitted under Section 409A of the Code and that is as near as possible to the payment timing contemplated by the foregoing.  To the extent that an equity award vests based on the achievement of performance goals, performance goals will be deemed to be achieved at target levels if less than one-third of the applicable performance period has elapsed as of the date of the Change in Control, otherwise performance goals will be deemed to be achieved at maximum levels. 
4

In the event that the Termination Date occurs during the portion of the Protection Period that precedes a Change in Control and the Executive has already commenced receiving payments and/or benefits under Section 4 prior to the Change in Control, then (i) the Executive will be entitled to the payments and benefits under this Section 5 in lieu of any additional payments or benefits under Section 4, but only to the extent an equivalent payment and/or benefit has not already been paid or provided pursuant to Section 4; and (ii) any payments that the Executive would have otherwise been entitled to under this Section 5 that have not otherwise been paid to the Executive as of the Change in Control will be paid to the Executive in a single lump sum payment as soon as administratively practicable, but no later than sixty (60) calendar days following the occurrence of the Change in Control.
6.Release Requirement.  Notwithstanding any other provisions of this Agreement to the contrary, the Company shall not make or provide the Severance Benefits or the Change in Control Severance Benefits (in each case, other than the Accrued Amounts) or waive its rights under Section 7(e) unless the Executive timely executes and delivers to the Company a release of claims in favor of the Company, its affiliates and their respective officers and directors in a form provided by the Company (the “Release”) and such Release becomes effective and irrevocable within sixty (60) days following the Executive’s Termination Date.  If the foregoing requirements are not satisfied by the Executive, then no Severance Benefits nor Change in Control Severance Benefits (in each case, other than the Accrued Amounts) shall be due to the Executive pursuant to this Agreement. 
7.Effect on Other Plans, Agreements and Benefits.
(a)Any severance benefits payable to the Executive under this Agreement will be in lieu of and not in addition to: (i) any severance benefits to which the Executive would otherwise be entitled under any general severance policy or severance plan maintained by the Company or any agreement between the Executive and the Company that provides for severance benefits (for the avoidance, other than any special written retention agreements); and (ii) any salary continuation provided for under the Confidentiality, Noncompetition and Intellectual Property Agreement.
(b)Any severance benefits payable to the Executive under this Agreement will not be counted as compensation for purposes of determining benefits under any other benefit policies or plans of the Company, except to the extent expressly provided therein.
(c)The Executive’s entitlement to any other benefits not expressly referenced herein shall be determined in accordance with the applicable employee benefit plans then in effect. 
(d)The Executive expressly agrees that any amounts the Executive may owe to the Company as of the Termination Date may be deducted from the amounts that the Company would otherwise owe to the Executive under this Agreement, subject to the requirements of Section 409A of the Code.
(e)Notwithstanding anything herein or in any other agreement to the contrary, if the Executive incurs a Termination for Cause, then all Variable Compensation shall be immediately canceled for no consideration.  If the Executive incurs a Termination for Cause, or the Company becomes aware (after the Executive’s Termination) of conduct on the part of the Executive that would have been grounds for a Termination for Cause, then the Company retains the right to require the Executive to deliver to the Company, immediately upon request, the 
5

Variable Compensation (in shares and/or cash) granted on or after the Effective Date and paid or delivered to the Executive within the three (3) years prior to the Termination Date, including the profit the Executive realized upon the exercise of stock options, if any.
8.Section 280G of the Code.
(a)Notwithstanding anything in this Agreement to the contrary, if the Executive is a “disqualified individual” (as defined in Section 280G(c) of the Code) and the payments and benefits provided for in this Agreement, together with any other payments and benefits which the Executive has the right to receive from the Company or any other person, would constitute a “parachute payment” (as defined in Section 280G(b)(2) of the Code), then the payments and benefits provided for in this Agreement will be either (a) reduced (but not below zero) so that the present value of such total amounts and benefits received by the Executive from the Company and/or such person(s) will be $1.00 less than three (3) times the Executive’s “base amount” (as defined in Section 280G(b)(3) of the Code) and so that no portion of such amounts and benefits received by the Executive will be subject to the excise tax imposed by Section 4999 of the Code or (b) paid in full, whichever produces the better “net after-tax position” to the Executive (taking into account any applicable excise tax under Section 4999 of the Code and any other applicable taxes).  
(b)The reduction of payments and benefits hereunder, if applicable, will be made by reducing, first, payments or benefits to be paid in cash hereunder in the order in which such payment or benefit would be paid or provided (beginning with such payment or benefit that would be made last in time and continuing, to the extent necessary, through to such payment or benefit that would be made first in time) and, then, reducing any benefit to be provided in-kind hereunder in a similar order.
(c)The determination as to whether any such reduction in the amount of the payments and benefits provided hereunder is necessary will be made applying principles, assumptions and procedures consistent with Section 280G of the Code by an accounting firm or law firm of national reputation that is selected for this purpose by the Company in its sole discretion (the “280G Firm”).  In order to assess whether payments under this Agreement or otherwise qualify as reasonable compensation that is exempt from being a parachute payment under Section 280G of the Code, the 280G Firm or the Company may retain the services of an independent valuation expert.
(d)If a reduced payment or benefit is made or provided and through error or otherwise that payment or benefit, when aggregated with other payments and benefits from the Company used in determining if a “parachute payment” exists, exceeds $1.00 less than three (3) times the Executive’s base amount, then the Executive must immediately repay such excess to the Company upon notification that an overpayment has been made.  Nothing in this Section 8 will require the Company to be responsible for, or have any liability or obligation with respect to, the Executive’s excise tax liabilities under Section 4999 of the Code.

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9.Arbitration and Class and Representative Action Waiver.  
(a)The Parties agree that, subject to Section 9(b), any controversy or claim between the Company 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.  If the Executive initiates arbitration, the Executive will be responsible for paying one-half of the filing fee.  Each Party will be responsible for their own attorney’s fees, subject to Section 5(d).  The Parties shall jointly select an arbitrator from JAMS, Inc. (“JAMS”) or the American Arbitration Association (“AAA”) with at least ten (10) years of experience in employment disputes.  The arbitration shall be conducted on a confidential basis by the AAA or JAMS and administered under their Employment Arbitration Rules, which are currently available at http://www.adr.org and http://www.jamsadr.com, respectively.  The arbitrator shall have the authority to allow for appropriate discovery and exchange of information before a hearing, including, but not limited to, production of documents, information requests, depositions and subpoenas.  Unless the arbitrator determines additional discovery is necessary to adequately arbitrate Executive’s claims, discovery shall be conducted in accordance with the then-current version of the Federal Rules of Civil Procedure.  Those rules can be found at https://www.law.cornell.edu/rules/frcp.  The arbitration shall take place in Columbus, Ohio.  Notwithstanding the AAA or JAMS rules, all parties to the arbitration shall have the right to file a dispositive motion and shall not be required to seek permission from the arbitrator to do so.  Any decision or award as a result of any such arbitration proceeding shall be in writing and shall provide an explanation for all conclusions of law and fact and shall include the assessment of costs, expenses, and reasonable attorneys’ fees.  Judgment on the award may be entered in any court having jurisdiction.
(b)This Arbitration provision does not include:
i.Any claim arising under or related to the Confidentiality, Noncompetition and Intellectual Property Agreement;
ii.A claim for workers’ compensation benefits;
iii.A claim for unemployment compensation benefits; 
iv.A claim based upon the Company’s current (successor or future) employee benefits and/or welfare plans that contain an appeal procedure or other procedure for the resolution of disputes under this Agreement; and
v.A claim of sexual harassment, including hostile work environment, “sexual assault” (defined as actual or threatened unwelcomed touching of a sexual nature), gender discrimination, and retaliation related to same.
(c)This Agreement also does not prevent the Executive from filing a claim or charge with a federal, state or local administrative agency, such as the Equal Employment Opportunity Commission, the National Labor Relations Board, or similar state or local agencies.
(d)This Agreement does not prohibit those limited circumstances under which either Party finds it necessary to seek emergency or temporary injunctive relief, such as a preliminary injunction or a temporary restraining order, from a court that may be necessary to protect any rights or property of either Party pending the establishment of the arbitral tribunal or its determination of the merits of the dispute.
(e)CLASS ACTION WAIVER.  To the extent permissible by law, there shall be no right or authority for any dispute to be arbitrated as a class action or collective action 
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(“Class Action Waiver”).  THIS MEANS THAT, EXCEPT AS EXPLICITLY PROVIDED HEREIN, ALL DISPUTES BETWEEN THE PARTIES THAT ARISE, OR HAVE ARISEN, OUT OF EXECUTIVE’S EMPLOYMENT OR THE TERMINATION OF THE EXECUTIVE’S EMPLOYMENT SHALL PROCEED IN ARBITRATION SOLELY ON AN INDIVIDUAL BASIS, AND THAT THE ARBITRATOR’S AUTHORITY TO RESOLVE ANY DISPUTE AND TO MAKE WRITTEN AWARDS WILL BE LIMITED TO THE EXECUTIVE’S INDIVIDUAL CLAIMS.  
(f)REPRESENTATIVE ACTION WAIVER.  To the extent permissible by law, there shall be no right or authority for any dispute to be arbitrated as a representative action or as a private attorney general action, including but not limited to claims brought pursuant to the Private Attorney General Act of 2004, Cal. Lab. Code § 2698, et seq. (“Representative Action Waiver”).  THIS MEANS THAT, TO THE EXTENT CONSISTENT WITH APPLICABLE LAW, THE EXECUTIVE MAY NOT SEEK RELIEF ON BEHALF OF OTHERS IN ARBITRATION, INCLUDING BUT NOT LIMITED TO SIMILARLY AGGRIEVED EMPLOYEES.  THE ARBITRATOR’S AUTHORITY TO RESOLVE ANY DISPUTE AND TO MAKE WRITTEN AWARDS WILL BE LIMITED TO THE EXECUTIVE’S INDIVIDUAL CLAIMS.
(g)The Parties agree that only a court of competent jurisdiction may interpret this Section 9 and resolve challenges to its validity and enforceability, including but not limited to the validity, enforceability and interpretation of the Class Action Waiver and Representative Action Waiver.  The arbitrator shall have no jurisdiction or power to make such determinations. The Federal Arbitration Act, 9 U.S.C. §§ 1-16, shall govern the interpretation and enforcement of the duty to arbitrate found in this Section 9 and all arbitration proceedings under this Agreement. 
(h)Any conflict between the rules and procedures set forth in either the JAMS or AAA rules and those set forth in this Agreement shall be resolved in favor of those in this Agreement.
(i)The burden of proof at an arbitration shall at all times be on the Party seeking relief.
(j)In reaching a decision, the arbitrator shall apply the governing substantive law applicable to the claims, causes of action and defenses asserted by the Parties, as applicable in Ohio.  The arbitrator shall have the power to award all remedies that could be awarded by a court or administrative agency in accordance with the governing and applicable substantive law, including, without limitation, Title VII, the Age Discrimination in Employment Act, and the Family and Medical Leave Act.
(k)The aggrieved Party must give written notice of any claim to the other Party as soon as possible after the aggrieved Party first knew or should have known of the facts giving rise to the claim.  The written notice shall describe the nature of all claims asserted and the facts upon which those claims are based, and shall set forth the aggrieved Party’s intention to pursue arbitration.  The notice shall be mailed to the other Party by certified or registered mail, return receipt requested.  
10.Amendment.  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.  
11.At-Will Employment.  This Agreement does not alter the status of the Executive as an at-will employee of the Company.  Nothing contained herein shall be deemed to give the 
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Executive the right to remain employed by the Company or to interfere with the rights of the Company to terminate the employment of the Executive at any time, with or without Cause.
12.Severability.  The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement.  If any provision of this Agreement is held by a court of competent jurisdiction to be illegal, invalid, void or unenforceable, such provision shall be deemed modified, amended and narrowed to the extent necessary to render such provision legal, valid and enforceable, and the other remaining provisions of this Agreement shall not be affected but shall remain in full force and effect.  If a court of competent jurisdiction finds the Class Action Waiver and/or Representative Action Waiver in Section 9 is unenforceable for any reason, then the unenforceable waiver provision shall be severable from this Agreement, and any claims covered by any deemed unenforceable waiver provision may only be litigated in a court of competent jurisdiction, but the remainder of the Agreement shall be binding and enforceable. 
13.Headings and Subheadings.  Headings and subheadings contained in this Agreement are intended solely for convenience and no provision of this Agreement is to be construed by reference to the heading or subheading of any section or paragraph.
14.Unfunded Obligations.  The amounts to be paid to the Executive under this Agreement are unfunded obligations of the Company.  The Company is not required to segregate any monies or other assets from its general funds with respect to these obligations.  The Executive shall not have any preference or security interest in any assets of the Company other than as a general unsecured creditor.
15.Notice.  For the purposes of this Agreement, notices and all other communications provided for in this Agreement (including the Notice of Termination and a notice of a claim for which a Party seeks arbitration) 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:
At the most recent address contained in the Company’s personnel files.

To the Company:
Bath & Body Works, Inc.
Three Limited Parkway,
Columbus, Ohio 43230
Attn:  Chief Legal Officer
16.Successors and Assigns.  The Company may assign its rights and obligations under this Agreement without the Executive’s consent: to (a) an affiliate of the Company, or (b) in the event that the Company shall hereafter effect a reorganization, consolidate with, or merge into, any other entity or person, or transfer all or substantially all of its properties, stock, or assets to any other entity or person, to the acquirer or resulting entity in such transaction.  This Agreement will be binding upon any successor of the Company (whether direct or indirect, by purchase, merger, consolidation or otherwise) in the same manner and to the same extent that the Company would be obligated under this Agreement if no succession had taken place.  Neither this Agreement nor any right or interest hereunder shall be assignable or transferable by the Executive, the Executive’s beneficiaries or the Executive’s 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.
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17.Waiver.  Any Party’s failure to enforce any provision or provisions of this Agreement will not in any way be construed as a waiver of any such provision or provisions, nor prevent any Party from thereafter enforcing each and every other provision of this Agreement.
18.Counterparts.  This Agreement may be executed in one or more counterparts, all of which taken together shall be deemed to constitute one and the same original.
19.Governing Law.  Unless otherwise noted in this Agreement, this Agreement shall be construed in accordance with and governed by the laws of the State of Ohio without regard to conflicts of law principles.
20.Withholding.  The Company shall have the right to withhold from any amount payable hereunder any Federal, state and local taxes in order for the Company to satisfy any withholding tax obligation it may have under any applicable law or regulation.
21.Section 409A of the Code.  This Agreement is intended to either avoid the application of, or comply with, Section 409A of the Code.  To that end, this Agreement shall at all times be interpreted in a manner that is consistent with Section 409A of the Code.  Notwithstanding any other provision in this Agreement to the contrary, the Company shall have the right, in its sole discretion, to adopt such amendments to this Agreement or take such other actions (including amendments and actions with retroactive effect) as it determines is necessary or appropriate for this Agreement to comply with Section 409A of the Code.  Further:
(a)Any reimbursement of any costs and expenses by the Company to the Executive under this Agreement shall be made by the Company in no event later than the close of the Executive’s taxable year following the taxable year in which the cost or expense is incurred by the Executive.  The expenses incurred by the Executive in any calendar year that are eligible for reimbursement under this Agreement shall not affect the expenses incurred by the Executive in any other calendar year that are eligible for reimbursement hereunder and the Executive’s right to receive any reimbursement hereunder shall not be subject to liquidation or exchange for any other benefit.
(b)Any payment following a separation from service that would be subject to Section 409A(a)(2)(A)(i) of the Code as a distribution following a separation from service of a “specified employee” (as defined under Section 409A(a)(2)(B)(i) of the Code) shall be made on the first to occur of (i) ten (10) days after the expiration of the six (6)-month period following such separation from service, (ii) death, or (iii) such earlier date that complies with Section 409A of the Code.
(c)Each payment that the Executive may receive under this Agreement shall be treated as a “separate payment” for purposes of Section 409A of the Code.
(d)Payments under this Agreement are intended to be exempt from the requirements of Section 409A of the Code to the maximum extent possible, whether pursuant to the short-term deferral exception described in Treasury Regulation Section 1.409A-1(b)(4), the involuntary separation pay plan exception described in Treasury Regulation Section 1.409A-1(b)(9)(iii), or otherwise.  Any payments and benefits provided under this Agreement may be accelerated in time or schedule by the Company, in its sole discretion, to the extent permitted by Section 409A of the Code.
(e)Notwithstanding anything in this Agreement to the contrary, in no event, shall the Company be liable for any tax, interest or penalty imposed on the Executive under Section 409A of the Code or any damages for failing to comply with Section 409A of the Code.
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22.Definitions.  Capitalized terms used but not otherwise defined herein have the meanings set forth in this Section 22.
(a)“2020 Stock Plan” means the Company’s 2020 Stock Option and Performance Incentive Plan, as amended from time to time.
(b)“Accrued Amounts” mean: (i) unpaid Base Salary through the Termination Date; and (ii) unreimbursed business expenses incurred by the Executive on behalf of the Company during the term of their employment in accordance with the Company’s standard policies (including expense verification policies) regarding the reimbursement of business expenses, as the same may be modified from time to time. 
(c)“Base Salary” means the Executive’s annual base salary in effect as of the Termination Date (without giving effect to any reduction resulting in a Qualifying Termination for Good Reason). 
(d)“Cause” means, as determined by the Company in its sole discretion, that the Executive (i) was grossly negligent in the performance of the Executive’s duties with the Company (other than a failure resulting from the Executive’s incapacity due to physical or mental illness); (ii) has pled “guilty” or “no contest” to, or has been convicted of, an act which is defined as a felony under federal or state law; (iii) engaged in misconduct in bad faith that could reasonably be expected to materially harm the Company’s business or its reputation; or (iv) commits or engages in Subject Conduct.  In the event of any of the conditions described above, the Company shall provide the Executive a Notice of Termination stating the grounds for immediate termination.  Notwithstanding anything in this Agreement to the contrary, if the Executive’s experiences a Termination other than by the Company for Cause, the Company shall have the sole discretion to later use after-acquired evidence to retroactively re-characterize the prior Termination as a Termination for Cause if such after-acquired evidences supports such an action.  
(e)“Change in Control” means a “Change in Control” under the 2020 Stock Plan.  
(f)“Code” means the Internal Revenue Code of 1986, as amended.  Any reference to a section of the Code shall be deemed to include a reference to any regulations promulgated thereunder.
(g)“Confidentiality, Noncompetition and Intellectual Property Agreement” means the written Confidentiality, Noncompetition and Intellectual Property Agreement or other similar agreement between the Executive and the Company as may be in effect from time to time.
(h)“Good Reason” means (i) a material diminution in the Executive’s position as of the Effective Date; (ii) the assignment to the Executive of any duties materially inconsistent with and that constitute a material adverse change to the Executive’s duties, authority, responsibilities or reporting requirements or structure, as of the Effective Date, including ceasing being a direct report of the Chief Executive Officer of the Company; (iii) 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 fifteen (15) days after a merger, consolidation, sale, or similar transaction; or (iv) the Executive’s mandatory relocation to an office location more than fifty (50) miles from Executive’s principal office location in the Columbus, Ohio area on the Effective Date.  “Good Reason” shall not include acts taken by the Company by reason of the Executive’s physical or mental infirmity which impairs the Executive’s ability to substantially perform their duties.  Notwithstanding the 
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foregoing provisions of this definition, any assertion by the Executive of a termination for Good Reason shall not be effective unless all of the following conditions are satisfied: (x) the Executive has provided a Notice of Termination to the Company indicating the existence of the condition(s) providing grounds for termination for Good Reason within sixty (60) days of the initial existence of such condition becoming known (or should have become known) to them; (y) the condition(s) specified in such notice must remain uncorrected by the Company for thirty (30) days following the Company’s receipt of such written notice; and (x) the Executive terminates employment immediately following the expiration of such thirty-day (30) period. 
(i)    “IC Plan” means the incentive compensation plan of the Company in which the Executive participates as of the Termination Date.
(j)    “Notice of Termination” means a written notice that (i) indicates the specific termination provision in this Agreement relied upon, if applicable, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for the Executive’s Termination under the provision so indicated, and (iii) if the Termination Date is other than the date of receipt of such notice, specifies the Termination Date. 
(k)     “Protection Period” means, (i) the period beginning three (3) months prior to a Change in Control and ending twenty-four (24) months following a Change in Control.
(l)    “Qualifying Termination” means the Executive’s Termination either: (i) by the Company without Cause; or (ii) by the Executive for Good Reason.
(m)    “Subject Conduct” means sexual harassment (including creation of a hostile work environment), gender discrimination and retaliation related to the foregoing or a violation of any policy of the Company relating to sexual harassment (including creation of a hostile work environment), gender discrimination and retaliation related to the foregoing.
(n)    “Termination” means the Executive’s termination of employment with the Company, for any reason, whether voluntary or involuntary, provided that such termination constitutes a “separation from service” as defined and applied under Section 409A of the Code. 
(o)    “Total Disability” means “total disability” as defined in the Company’s long-term disability plan as in effect from time to time.
(p)    “Variable Compensation” means any cash-based performance or incentive award paid by or any equity or equity-based compensation awarded by the Company, including, but not limited to, under the 2020 Stock Plan (and any successor thereto) and the IC Plan.
[Signature Page Follows]

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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 date(s) set forth below to be effective as of the Effective Date.
WENDY C. ARLIN                    DATE

/s/ Wendy C. Arlin                    5/13/2022            

BATH & BODY WORKS, INC.            DATE

By:     /s/ Sarah E. Nash                5/13/2022            

Title: Executive Chair and Interim
          Chief Executive Officer

[Signature Page to Executive Severance Agreement]
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