Document:

Exhibit 10.20

 Exhibit 10.20 
 COMPENSATION FOR NAMED EXECUTIVE OFFICERS 
 For Fiscal 2009 
  

								
	 Name
	  	 Principal Position
	  	Annual
Base Salary	  	Annual
Cash Bonus
	 C. Larry Pope
	  	President and Chief Executive Officer	  	$	1,100,000	  	(1)
	 Robert W. Manly, IV(2)        
	  	Executive Vice President and Chief Financial Officer	  	$	600,000	  	(3)
	 Carey J. Dubois (4)
	  	Vice President, Finance	  	$	325,000	  	(5)
	 George H. Richter
	  	President and Chief Operating Officer, Pork Group	  	$	800,000	  	(6)
	 Joseph B. Sebring
	  	President of John Morrell & Co.	  	$	700,000	  	(7)
	 Joseph W. Luter, IV
	  	Executive Vice President	  	$	700,000	  	(8)

  

	 	(1)	The bonus formula for Mr. Pope is: 

	 	•	 	 0% of the first $100 million of Company net profits before taxes and management incentive payments (“net profits”), 

	 	•	 	 1.5% of Company net profits in excess of $100 million and less than $400 million, and 

	 	•	 	 2% of Company net profits in excess of $400 million. 

  

	 	(2)	Mr. Manly became Chief Financial Officer on July 1, 2008. He was named Executive Vice President on August 31, 2006 and served as interim Chief Financial Officer from
January 1, 2007 to July 1, 2007. 

  

	 	(3)	The bonus formula for Mr. Manly is: 

	 	•	 	 0% of the first $100 million of Company net profits, 

	 	•	 	 0.5% of Company net profits in excess of $100 million and less than $400 million, and 

	 	•	 	 0.75% of Company net profits in excess of $400 million. 

  

	 	(4)	Mr. Dubois became Vice President, Finance on July 1, 2008. He served as Vice President and Chief Financial Officer from July 1, 2007 to June 30, 2008.

  

	 	(5)	Mr. Dubois is eligible to receive a discretionary bonus. 

  

	 	(6)	The bonus formula for Mr. Richter is: 

	 	•	 	 0% of the first $60 million of net profits of the Company’s Pork Group, 

	 	•	 	 1% of Pork Group net profits in excess of $60 million and less than $150 million, 

	 	•	 	 1.5% of Pork Group net profits in excess of $150 million and less than $300 million, and 

	 	•	 	 2% of Pork Group net profits in excess of $300 million. 

	 	•	 	 Total annual cash bonus may not exceed $3 million. 

  

	 	(7)	The bonus formula for Mr. Sebring is: 

	 	•	 	 0% of the first $20 million of net profits of the Company’s subsidiary, John Morrell & Co., including the Armour-Eckrich operations (“John
Morrell”), 

	 	•	 	 1% of John Morrell net profits in excess of $20 million and less than $50 million, and 

	 	•	 	 1.5% of John Morrell net profits in excess of $50 million; 

 plus 

	 	•	 	 0% of the first $60 million of net profits of the Pork Group, and 

	 	•	 	 0.5% of Pork Group net profits in excess of $60 million; 

 with each component of the bonus multiplied by 50%. 

	 	•	 	 Total annual cash bonus may not exceed $1.5 million. 

  

	 	(8)	The bonus formula for Mr. Luter is: 

	 	•	 	 0% of the first $60 million of net profits of the Pork Group, 

	 	•	 	 0.5% of Pork Group net profits in excess of $60 million and less than $150 million, 

	 	•	 	 0.75% of Pork Group net profits in excess of $150 million and less than $300 million, and 

	 	•	 	 1% of Pork Group net profits in excess of $300 million. 

	 	•	 	 Total annual cash bonus may not exceed $2.5 million.Amendment to Employment Agreement

 EXHIBIT 10.1 
 EMPLOYMENT AGREEMENT AMENDMENT 
 This Amendment to the Employment Agreement effective September 5, 2008
(as herein after defined) is entered into between Limited Brands, Inc. (the “Company”) and Stuart Burgdoerfer (the “Executive”) and shall for all purposes constitute and be deemed an amendment to the Employment Agreement entered
into as of April 9, 2007, by and between the Company, and the Executive. The Employment Agreement, as modified by this Amendment, shall govern the terms and conditions of Executive’s employment relationship with the Company. 
 WHEREAS, nothing in this Amendment shall cancel or modify any previous grant of stock options or restrictive stock which was previously granted to the
Executive or any rights to repurchase shares represented by such grants; 
 WHEREAS, the Executive and the Company desire to cause the
Employment Agreement to be amended as provided herein; and 
 NOW, THEREFORE, in consideration of the foregoing and the respective agreements
of the parties contained herein, the parties agree to amend the Executive’s Employment Agreement as follows: 
 1. Section 1 is
amended in its entirety as follows: 
 Term. The initial term of employment under this Amendment shall be for a period commencing on
September 5, 2008 (the “Commencement Date”) and ending on the sixth anniversary of the Commencement Date (the “Initial Term”); provided however, that thereafter the Employment Agreement as amended by the Amendment
shall be automatically renewed from year to year, unless either the Company or the Executive shall have given written notice to the other at least ninety (90) days prior thereto that the term of the Employment Agreement as amended shall not be
so renewed. 
 2. Section (3) is amended in its entirety as follows: 
 Base Salary. The Company agrees to pay or cause to be paid to the Executive during the term of this Agreement an annual base salary at the rate of
Seven Hundred Twenty-five Thousand Dollars ($725,000), less applicable withholding. This base salary will be subject to annual review and may be increased from time to time by the Board considering factors such as the Executive’s
responsibilities, compensation of similar executives within the company and in other companies, performance of the Executive, and other pertinent factors (hereinafter referred to as the “Base Salary”). Such Base Salary shall be payable in
accordance with the Company’s customary practices applicable to its executives. 
 3. Section (4) is amended in its entirety as
follows: 
 Equity Compensation. Pursuant both to the Company’s Stock Option and Performance Incentive Plan and to such terms and
conditions as set forth in any stock grant, the Executive shall also be eligible for such other additional equity-based awards as may be commensurate with his position and performance as determined by the Compensation Committee. 

 4. Section (6) is amended in its entirety as follows: 
 Bonus. 
 The Executive shall be
entitled to participate in the Company’s incentive compensation plan at a target level of one hundred percent (100%) of the Executive’s base salary, on such terms and conditions as determined from time to time by the Compensation
Committee. 
 5. Section 9 (d) is amended in part as follows: 
 (d) Executive agrees that as part of the consideration for the Special Grant that if he decides to resign his employment with the Company to provide the
Company with three (3) months prior written notice. 
 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. 
  

			
	 LIMITED BRANDS, INC.

		
	 By:
	 	 /s/ MARTYN REDGRAVE

	 Name:
	 	Martyn Redgrave
	 Title:
	 	Chief Administrative Officer
	
	 /s/ STUART BURGDOERFER

	Stuart Burgdoerfer

  

 2Amendment to Employment Agreement

 EXHIBIT 10.2 
 EMPLOYMENT AGREEMENT AMENDMENT 
 This Amendment to the Employment Agreement effective September 5, 2008
(as herein after defined) is entered into between Bath & Body Works Brand Management, Inc. (the “Company”) and Diane Neal (the “Executive”) and shall for all purposes constitute and be deemed an amendment to the
Employment Agreement entered into as of October 18, 2006, by and between Limited Brands, Inc., Bath & Body Works Brand Management, Inc. and the Executive. The Employment Agreement, as modified by this Amendment, shall govern the terms
and conditions of Executive’s employment relationship with the Company. 
 WHEREAS, nothing in this Amendment shall cancel or modify any
previous grant of stock options or restrictive stock which was previously granted to the Executive or any rights to repurchase shares represented by such grants; 
 WHEREAS, the Executive and the Company desire to cause the Employment Agreement to be amended as provided herein; and 
 NOW, THEREFORE, in consideration of the foregoing and the respective agreements of the parties contained herein, the parties agree to amend the Executive’s Employment Agreement as follows: 
 1. Section 1 is amended in its entirety as follows: 
 Term. The initial term of employment under this Amendment shall be for a period commencing on September 5, 2008 (the “Commencement Date”) and ending on the sixth anniversary of the Commencement
Date (the “Initial Term”); provided however, that thereafter the Employment Agreement as amended by the Amendment shall be automatically renewed from year to year, unless either the Company or the Executive shall have given written
notice to the other at least ninety (90) days prior thereto that the term of the Employment Agreement as amended shall not be so renewed. 
 2. Section 2 (a) is amended in its entirety as follows: 
 (a) Position. The Executive shall be employed as the
Chief Executive 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. 
 3. Section (3) is amended in its entirety as follows: 
 Base Salary. The Company agrees to pay or cause to be paid to
the Executive during the term of this Agreement an annual base salary at the rate of Nine Hundred Twenty-seven Thousand Dollars ($927,000.00), less applicable withholding. This base salary will be subject to annual review and may be increased from
time to time by the Board considering factors such as the Executive’s responsibilities, compensation of similar executives within the company and in other companies, performance of the Executive, and other pertinent factors (hereinafter
referred to as the “Base Salary”). Such Base Salary shall be payable in accordance with the Company’s customary practices applicable to its executives. 

 4. Section (4) is amended in its entirety as follows: 
 Equity Compensation. Pursuant both to the Company’s Stock Option and Performance Incentive Plan and to such terms and conditions as set forth
in any stock grant, the Executive shall also be eligible for such other additional equity-based awards as may be commensurate with her position and performance as determined by the Compensation Committee. 
 5. Section 6 (a) is amended in its entirety as follows: 
 Bonus. 
 The Executive shall be entitled to participate in the Company’s incentive compensation
plan at a target level of one hundred and ten percent (110%) of the Executive’s base salary, on such terms and conditions as determined from time to time by the Compensation Committee. 
 6. Section 9 (d) is amended in part as follows: 
 (d) Executive agrees that if she decides to resign her employment with the Company to provide the Company with three (3) months prior written notice. 
 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. 
  

			
	 LIMITED BRANDS, INC.

		
	 By:
	 	 /s/ LESLIE H. WEXNER

	 Name:
	 	Leslie H. Wexner
	 Title:
	 	Chairman of the Board
	
	 /s/ DIANE NEAL

	 Diane Neal

  

 2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}]]