Document:

Exhibit 10.3

    

    

    FORM OF

    

    

    TAX MATTERS AGREEMENT

    

    

    between

    

    

    L BRANDS, INC.,

    on behalf of itself

    and the members

    of the L Brands Group

    

    

    and

    

    

    VICTORIA’S SECRET & CO.,

    on behalf of itself

    and the members

    of the VS Group

    

    

    Dated as of [__], 2021

    
      
        

    

    

    

    TABLE OF CONTENTS

    

    

    	 	 	
            Page

          
	 	 	 
	
            Section 1.

          	
            Definitions

          	
            1

          
	
            Section 2.

          	
            Sole Tax Sharing Agreement

          	
            7

          
	
            Section 3.

          	
            Allocation of Taxes

          	
            8

          
	
            Section 4.

          	
            Preparation and Filing of Tax Returns

          	
            9

          
	
            Section 5.

          	
            Apportionment of Earnings and Profits and Tax Attributes

          	
            12

          
	
            Section 6.

          	
            Utilization of Tax Attributes

          	
            12

          
	
            Section 7.

          	
            Deductions and Reporting for Certain Awards

          	
            13

          
	
            Section 8.

          	
            Tax Benefits

          	
            14

          
	
            Section 9.

          	
            Certain Representations and Covenants

          	
            15

          
	
            Section 10.

          	
            Tax Receivables Arrangements

          	
            18

          
	
            Section 11.

          	
            Indemnities

          	
            18

          
	
            Section 12.

          	
            Payments

          	
            20

            

          
	
            Section 13.

          	
            Guarantees

          	
            21

          
	
            Section 14.

          	
            Communication and Cooperation

          	
            21

          
	
            Section 15.

          	
            Audits and Contest

          	
            22

          
	
            Section 16.

          	
            Notices

          	
            23

          
	
            Section 17.

          	
            Costs and Expenses

          	
            24

          
	
            Section 18.

          	
            Effectiveness; Termination and Survival

          	
            24

          
	
            Section 19.

          	
            Specific Performance

          	
            24

          
	
            Section 20.

          	
            Construction.

          	
            24

          
	
            Section 21.

          	
            Entire Agreement; Amendments and Waivers

          	
            26

          
	
            Section 22.

          	
            Governing Law

          	
            27

          
	
            Section 23.

          	
            Jurisdiction

          	
            27

          
	
            Section 24.

          	
            Waiver of Jury Trial

          	
            27

          
	
            Section 25.

          	
            Dispute Resolution

          	
            27

          
	
            Section 26.

          	
            Counterparts; Effectiveness; Third-Party Beneficiaries

          	
            28

          
	
            Section 27.

          	
            Successors and Assigns

          	
            28

          
	Section 28.

          	Authorization 

          	28

          
	
            Section 29.

          	
            Change in Tax Law

          	
            28

          
	
            Section 30.

          	
            Performance

          	
            28

          

     

      Schedules

      

      
        	Schedule A

              	Internal Tax-Free Transactions

              
	
                Schedule B

                

              	Cash Management Transfers

              
	Schedule C-1

              	Subsidiary 1 Business

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

              
	Schedule D-2	VS Specified Tax Attributes

              
	Schedule E

              	Specified Administrative Matter

              

      

      

    

    i

    

    
      
        

    

    
    

    

    TAX MATTERS AGREEMENT

    

    

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

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

    

    

    W I T N E S S E T H:

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

    Section 1.          Definitions.   

     

    

    (a)          As used in this Agreement:

    

    

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

    

    

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

    

    

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

    

    

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

    
      1

      
        

    

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    
      2

      
        

    

    

    

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

    

    

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

    

    

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

    

    

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

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    
      3

      
        

    

    

    

    “IRS” means the United States Internal Revenue Service.

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    
      4

      
        

    

    

    

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

    

    

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

    

    

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

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

    

    

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

    

    

    “Tax Benefit” means any Tax refund, credit in lieu thereof, offset or other similar item that
      results in a reduction in otherwise required Tax payments.

    

    

    “Tax Adviser” means Davis Polk & Wardwell LLP.

    

    

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

    

    

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

    

    

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

    

    

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

    
      5

      
        

    

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    
      6

      
        

    

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

    
      	
              Term

            	
              Section

            
	
              Due Date

            	
              Section 12(a)

            
	
              Internal Tax-Free Transactions

            	
              Schedule A

            
	
              Past Practices

            	
              Section 4(f)(i)

            
	
              Reimbursable Payment

            	
              Section 7(b)

            
	
              Reimbursement Adjustment

            	
              Section 7(b)

            
	
              Section 336(e) Election

            	
              Section 10(a)

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

            	
              Section 9(b)(iv)(F)

            
	
              Tax Arbiter

            	
              Section 25

            
	
              Tax Benefit Recipient

            	
              Section 8(c)

            

    

    

    

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

    

    

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

    
      7

      
        

    

    

    

    Section 3.          Allocation of Taxes.

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

    (iii)          Taxes Not Reported on Tax Returns.

    

    

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

    

    

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

    

    

    (b)          Allocation Conventions.

    

    

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

    

    

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

    
      8

      
        

    

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

    Section 4.          Preparation and Filing of Tax Returns.

    

    

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

    
      9

      
        

    

    

    

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

    

    

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

    

    

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

    

    

    (e)          Right to Review.

    

    

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

    

    

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

    
      10

      
        

    

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

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

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

        12.

    
      11

      
        

    

    

    

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

    

    

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

    

    

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

    

    

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

    

    

    Section 6.          Utilization of Tax Attributes.

    

    

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

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

    

    

    	

          	(c)	
            VS Carrybacks.

          

    

    

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

    

    

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

    

    

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

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

    

    

    Section 7.          Deductions and Reporting for Certain Awards.

    

    

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

    
      13

      
        

    

    

    

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

    

    

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

    

    

    Section 8.          Tax Benefits.

    

    

    (a)          L Brands Tax Benefits. L Brands shall be entitled to any Tax Benefits (including, in the case of any refund received, any interest actually received on or in
      respect thereof) received by any member of the L Brands Group or any member of the VS Group, other than any Tax Benefits (or any amounts in respect of Tax Benefits) to which VS is entitled pursuant to Section 8(b) (or, with respect to any VS
      Carried Item, Section 6).  VS shall not be entitled to any Tax Benefits received by any member of the L Brands Group or the VS Group, except as set forth in Section 8(b).

    

    

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

    

    

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

    
      14

      
        

    

    

    

    Section 9.          Certain Representations and Covenants.

    

    

    (a)          Representations.

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

    (b)          Covenants.

    

    

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

    

    

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

    

    

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

    
      15

      
        

    

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    
      16

      
        

    

    

    

    (E)          VS shall not, and shall not permit any other member of the VS Group to (I) solicit any Person to make a tender offer for, or otherwise acquire or sell, the Equity Interests of VS or
      any member of the VS Group, (II) participate in or support any unsolicited tender offer for, or other acquisition, issuance or disposition of, the Equity Interests of VS or any member of the VS Group or (III) approve or otherwise permit any proposed
      business combination or any transaction which, in the case of clauses (I) or (II), individually or in the aggregate, together with any transaction occurring within the four-year period beginning on the date which is two years before the Distribution
      Date and any other transaction which is part of a plan or series of related transactions (within the meaning of Section 355(e) of the Code) that includes the Distribution, could result in one or more Persons acquiring (except for acquisitions that
      otherwise satisfy Safe Harbor VIII (relating to acquisitions in connection with a person’s performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan of an employer) of Treasury Regulation Section 1.355-7(d)) directly
      or indirectly stock representing a 25% or greater interest, by vote or value, in VS, [__] or [__] (or any successor thereto) (any such transaction, a “Proposed Acquisition Transaction”); provided further that any clarification of, or change in, the statute or regulations promulgated under Section 355(e) of the Code shall be incorporated in the restrictions in this clause (iv) and the
      interpretation thereof;

    

    

    (F)          if any member of the VS Group proposes to enter into any transaction or series of transactions that is not a Proposed Acquisition Transaction but would be a Proposed Acquisition
      Transaction if the percentage reflected in the definition of Proposed Acquisition Transaction were 15% instead of 25% (a “Section 9(b)(iv)(F) Acquisition Transaction”) or, to the extent VS has the right to
      prohibit any Section 9(b)(iv)(F) Acquisition Transaction, proposes to permit any Section 9(b)(iv)(F) Acquisition Transaction to occur, in each case, VS shall provide L Brands, no later than 10 Business Days following the signing of any written
      agreement with respect to the Section 9(b)(iv)(F) Acquisition Transaction, a written description of such transaction (including the type and amount of Equity Interests to be issued or sold in such transaction) and a certificate of the board of
      directors of VS to the effect that the Section 9(b)(iv)(F) Acquisition Transaction is not a Proposed Acquisition Transaction; and

    

    

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

    

    

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

    

    

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

    
      17

      
        

    

    

    

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

    

    

    Section 10.          Tax Receivables Arrangements.

    

    

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

    

    

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

    

    

    Section 11.          Indemnities.

    

    

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

    

    

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

    
      18

      
        

    

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

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

    
      19

      
        

    

    

    

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

    

    

    Section 12.          Payments.

    

    

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

    

    

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

    

    

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

    
      20

      
        

    

    

    

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

    

    

    Section 14.          Communication and Cooperation.

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    
      21

      
        

    

    

    

    Section 15.          Audits and Contest.

    

    

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

    

    

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

    

    

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

    
      22

      
        

    

    

    

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

    

    

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

    

    

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

    

    

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

    

    

    L Brands Corporation

    Three Limited Parkway

    Columbus, Ohio 43230

    Attention: [__]

    Email: [__]

    

    

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

    

    

    Davis Polk & Wardwell LLP

    450 Lexington Avenue

    New York, New York 10017

    Attention: [__]

    Email: [__]

    

    

    if to VS or the VS Group, to:

    

    

    Victoria’s Secret & Co.

    4 Limited Parkway East

    Reynoldsburg, Ohio 43068

    Attention: [__]

    Email: [__]

    
      23

      
        

    

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    
      24

      
        

    

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    
      25

      
        

    

    

    

    Section 21.          Entire Agreement; Amendments and Waivers.

    

    

    (a)          Entire Agreement.

    

    

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

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

    

    

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

    

    

    (b)          Amendments and Waivers.

    

    

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

    

    

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

    
      26

      
        

    

    

    

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

    

    

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

    

    

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

    

    

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

    
      27

      
        

    

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

    [SIGNATURE PAGE FOLLOWS]

    
      28

      
        

    

    

    

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

    

    

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

          
	 	
            By:

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

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

          
	 	
            By:

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    [SIGNATURE PAGE]Exhibit 10.6

     

   
  

     

   
  
    FORM OF VICTORIA’S SECRET & CO.

    2021 STOCK OPTION AND PERFORMANCE INCENTIVE PLAN

    EFFECTIVE [●], 2021

    

       

    ARTICLE I

    

       

    ESTABLISHMENT AND PURPOSE

    

       

    1.01. Establishment and Effective Date. Effective on [●], 2021 (the “Effective Date”),
      Victoria’s Secret & Co., a Delaware corporation (including any successor in name or interest thereto, the “Company”), hereby establishes this stock incentive plan known as the “Victoria’s Secret & Co.
      2021 Stock Option and Performance Incentive Plan” (the “Plan”).

    

       

    1.02. Purpose. The Company desires to attract and retain the best available executive and key management associates,
      consultants and other advisors, for itself and its subsidiaries and affiliates and to encourage the highest level of performance by such individuals in order to serve the best interests of the Company and its stockholders. The Plan is expected to
      contribute to the attainment of these objectives by offering eligible associates, consultants and other advisors the opportunity to acquire stock ownership interests in the Company, and other rights with respect to stock of the Company, and to
      thereby provide them with incentives to put forth maximum effort for the success of the Company and its subsidiaries.

    

       

    1.03. Definitions. Unless otherwise defined elsewhere in the Plan, all capitalized terms used in the Plan shall have the
      meanings set forth in Article XXI.

    

       

    ARTICLE II

    

       

    AWARDS

    

       

    2.01. Form of Awards. Awards under the Plan may be granted in any one or all of the following forms: 1) incentive stock
      options (“Incentive Stock Options”) meeting the requirements of Section 422 of the Code; 2) nonstatutory stock options (“Nonstatutory Stock Options”) (unless otherwise
      indicated, references in the Plan to Options shall include both Incentive Stock Options and Nonstatutory Stock Options); 3) stock appreciation rights (“Stock Appreciation Rights”), as described in Article VII,
      which may be awarded either in tandem with Options (“Tandem Stock Appreciation Rights”) or on a stand-alone basis (“Nontandem Stock Appreciation Rights”); 4) shares of
      Common Stock which are subject to certain restrictions as provided in Article X (“Restricted Shares”); 5) units representing shares of Common Stock which are restricted as provided in Article XI (“Restricted Share Units” or “RSUs”); 6) units representing shares of Common Stock, as described in Article XII (“Performance Units”),
      and 7) shares of unrestricted Common Stock (“Unrestricted Shares”), as described in Article XIII. In addition, Awards may be granted as (i) “Substitute Awards,” which are
      Awards granted in assumption of, or in substitution for, any outstanding awards previously granted by a company acquired by the Company (or a subsidiary or affiliate thereof) or with which the Company (or a subsidiary or affiliate thereof) combines,
      (ii) “Converted Awards”, which are awards originally granted under an L Brands Equity Plan (as defined in the Employee Matters Agreement) that are converted into Awards with respect to shares of Common Stock
      pursuant to Section 8.01, 8.02 or 8.03 of the Employee Matters Agreement or (iii)  “Replacement Awards,” which are “Replacement VS Awards” (as defined under the Employee Matters Agreement) granted pursuant to
      Section 8.05(a) of the Employee Matters Agreement. Substitute Awards shall be granted in accordance with procedures complying with Section 409A of the Code and the regulations thereunder.

    

       

    
      
        

    

    
    2.02. Maximum Shares Available. Subject to adjustment pursuant to Article XVI, the maximum aggregate number of shares of
      Common Stock available for issuance pursuant to Awards (including any Replacement Awards) as of the Effective Date is (i) [●]1 shares of Common Stock, plus (ii) the number of shares of Common Stock issuable upon the exercise or settlement of Substitute Awards and Converted Awards.

    

       

    2.03. Share Recycling. Shares of Common Stock issued pursuant to the Plan may be either authorized but unissued shares or
      issued shares reacquired by the Company. In the event that any Award (including any Replacement Award) expires unexercised or is terminated, surrendered or canceled without being exercised or settled for shares for any reason, or any Restricted Share
      Award under the Plan is forfeited, then the shares of Common Stock to which any such Award relates may be made available for subsequent Awards, upon such terms as the Committee may determine; provided, however,
      that the foregoing shall not apply to or in respect of Substitute Awards or Converted Awards. The following shares of Common Stock may not again be made available for issuance as Awards: 1) shares of Common Stock not issued or delivered as a result
      of the net settlement of an outstanding Stock Appreciation Right or Option, or 2) shares of Common Stock used to pay the exercise price or withholding taxes related to settlement of an outstanding Award.

    

       

    2.04. ISO Limit. Notwithstanding anything to the contrary in the Plan, a maximum of [●]2 shares of Common Stock are available for award under the Plan in the form of Incentive Stock Options.

    

       

    ARTICLE III

    

       

    ADMINISTRATION

    

       

    3.01. Committee. The Plan shall be administered by the Committee. Notwithstanding anything to the contrary contained
      herein, the Board may, in its sole discretion, at any time and from time to time, grant Awards under the Plan or administer the Plan. In any such case, the Board shall have all of the authority and responsibility granted to the Committee herein.

     

       

    
      

       

         

    

    
      
        
          
            	 	
                    1

                  	
                    To be equivalent to 12% of the total outstanding shares of common stock of the Company on a fully diluted basis.

                  

          

        

      

    

    

       

    
      	 	
              2

            	
              To be equal to total number of shares set forth in Section 2.02(i).

            

    

     

       

    
      2

      
        

    

    3.02. Powers of Committee. Subject to the
        express provisions of the Plan, the Committee shall have the power and authority 1) to grant Options and to determine the purchase price of the Common Stock covered by each Option, the term of each Option, the number of shares of Common Stock to be
        covered by each Option and any performance objectives or vesting standards applicable to each Option; 2) to designate Options as Incentive Stock Options or Nonstatutory Stock Options and to determine which Options, if any, shall be accompanied by
        Tandem Stock Appreciation Rights; 3) to grant Tandem Stock Appreciation Rights and Nontandem Stock Appreciation Rights and to determine the terms and conditions of such rights; 4) to grant Restricted Shares and Restricted Share Units and to
        determine the term of the Restricted Period (as described in Section 11.02) and other conditions and restrictions applicable to such grants; 5) to grant Performance Units and to determine the performance objectives, performance periods and other
        conditions applicable to such units; 6) to grant Unrestricted Shares (subject to the limitation contained in this plan); 7) to determine the associates to whom, and the time or times at which, Options, Stock Appreciation Rights, Restricted Shares,
        Restricted Share Units, Performance Units and Unrestricted Shares shall be granted; 8) to determine the terms and conditions of any Award and prescribe the form of each Award Agreement, which need not be identical for each Participant; 9)  to
        determine whether, to what extent, under what circumstances and by which methods Awards may be settled or exercised in cash, shares, other awards, other property, net settlement (including broker-assisted cashless exercise), or any combination
        thereof, or canceled, forfeited or suspended; 10)  to determine whether, to what extent and under what circumstances cash, shares, other awards, other property and other amounts payable with respect to an Award shall be deferred either
        automatically or at the election of the holder thereof or of the Committee; 11)  to correct any defect, supply any omission and reconcile any inconsistency in the Plan or any Award Agreement, in the manner and to the extent it shall deem desirable
        to carry the Plan into effect; 12)  to establish, amend, suspend or waive such rules and regulations and appoint such agents, trustees, brokers, depositories and advisors and determine such terms of their engagement as it shall deem appropriate for
        the proper administration of the Plan and due compliance with applicable law, stock market or exchange rules and regulations or accounting or tax rules and extent permitted under applicable regulations of any stock exchange on which the Company is
        listed; and 13) to make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan and due compliance with applicable law, stock market or exchange rules and regulations or
        accounting or tax rules and regulations.

  

   

  
  
    3.03. Delegation. To the extent permitted by applicable law, including under Section 157(c) of the Delaware General Corporation Law, the
      Committee may delegate to one or more of its members, one or more committees of the Board (which may consist of solely one director) or any other person or persons, including, without limitation, the officers of the Company or such administrator as
      it deems appropriate, such duties and responsibilities (including any ministerial duties), including the authority to grant Awards, as it may deem advisable; provided, however, that the Committee may not
      delegate any of its responsibilities hereunder if such delegation will cause transactions under the Plan to fail to comply with any intended exemption under Section 16 of the Act. The Committee may also employ attorneys, consultants, accountants or
      other professional advisors and shall be entitled to rely upon the advice, opinions or valuations of any such advisors.

    

       

    3.04. Interpretations. The Committee shall have sole discretionary authority to interpret the terms of the Plan, to adopt and revise rules,
      regulations and policies to administer the Plan and to make any other factual determinations which it believes to be necessary or advisable for the administration of the Plan. All actions taken and interpretations and determinations made by the
      Committee in good faith shall be final and binding upon the Company, all associates who have received Awards and all other interested persons.

     

       

    
      3

      
        

    

    3.05. Liability; Indemnification. No member of the Committee, nor any person to whom duties have been delegated, shall be personally liable for
      any action, interpretation or determination made with respect to the Plan or Award Agreements made thereunder, and each member of the Committee shall be fully indemnified and protected by the Company with respect to any liability he or she may incur
      with respect to any such action, interpretation or determination, to the extent permitted by applicable law and to the extent provided in the Company’s Certificate of Incorporation and Bylaws, as amended from time to time.

    

       

    ARTICLE IV

    

       

    ELIGIBILITY

    

       

    4.01. Eligibility. Any associate, consultant, director or other advisor of, or any other individual who provides services to (x) the Company or
      any subsidiary or affiliate or (y) any joint venture in which the Company or any subsidiary or affiliate holds at least a 20% interest, shall be eligible to be selected to receive a compensatory award under or to be a “participant” in the Plan. In
      determining the individuals to whom Awards shall be granted and the number of shares to be covered by each Award, the Committee shall take into account the nature of the services rendered by such individuals, their present and potential contributions
      to the success of the Company and its subsidiaries and such other factors as the Committee in its sole discretion shall deem relevant. The Committee shall ensure that Common Stock underlying any Award hereunder qualifies as “service recipient stock,”
      within the meaning of Section 409A of the Code and the regulations thereunder.  Notwithstanding anything to the contrary herein, Converted Awards and Replacement Awards may be granted under the Plan in accordance with the terms of the Employee
      Matters Agreement.

    

       

    4.02. Certain Limitations. Awards granted under the Plan shall be subject to a minimum one year vesting period following the grant date of such
      Award; provided that the following actions and Awards shall not be subject to the foregoing minimum vesting requirement: 1) the acceleration of Awards pursuant to Section 19.01, 2) the grant of Substitute Awards, Converted Awards or Replacement
      Awards or 3) the grant of Awards relating to 5% of the shares of Common Stock available for issuance under the Plan pursuant to Section 2.02; and, provided further, that the foregoing restriction does not apply to the provision for accelerated
      exercisability or vesting of an Award in cases of involuntary termination without Cause, Retirement, death or Disability.

    

       

    4.03. Non-Employee Director Limitations.  No non-employee director of the Company may receive compensation for any fiscal year in excess of
      $1,000,000 in the aggregate, including cash payments and Awards under the Plan (with the value of any Award for purposes of the limit in this Section 4.03 determined based on the grant date fair value of such Award for financial reporting purposes);
      provided that the limit in this Section 4.03 shall not apply with respect to any Converted Awards or Replacement Awards.

     

       

    
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    ARTICLE V

    

       

    STOCK OPTIONS

    

       

    5.01. Grant of Options. Options may be granted under the Plan for the purchase of shares of Common Stock. Options shall be granted in such form
      and upon such terms and conditions, including the satisfaction of corporate or individual performance objectives and other vesting standards, as the Committee shall from time to time determine. On or before the date of grant of an Option, the
      Committee shall designate the number of shares of Common Stock covered by such Option, the option price of such Option, and the recipient of the Option.

    

       

    5.02. Option Price. The option price of each Option to purchase Common Stock shall be determined by the Committee not later than the date of the
      grant, but (except in the case of Converted Awards and Substitute Awards) shall not be less than 100 percent of the Fair Market Value of the Common Stock subject to such Option on the date of grant. The option price so determined shall also be
      applicable in connection with the exercise of any Tandem Stock Appreciation Right granted with respect to such Option.

    

       

    5.03. Term of Options. The term of each Option granted under the Plan shall not exceed ten (10) years from the date of grant, subject to earlier
      termination as provided in Articles IX and X, except as otherwise provided in Section 6.01 with respect to ten (10) percent stockholders of the Company.

    

       

    5.04. Exercise of Options. Subject to the provisions of Article XIX, an Option may be exercised, in whole or in part, at such time or times as
      the Committee shall determine; provided, however, that, except to the extent provided in Section 4.02 and Section 19.01, each Option granted under the Plan shall have
      a minimum vesting period of one year. Subject to the forgoing, the Committee may, in its discretion, accelerate the exercisability of any Option at any time. Options may be exercised by a Participant by giving notice in such manner as the Committee
      may permit, stating the number of shares of Common Stock with respect to which the Option is being exercised and tendering payment therefor. Payment for the shares of Common Stock issuable upon exercise of the Option shall be made in full in cash or
      by certified check or, if the Committee, in its sole discretion, permits, in shares of Common Stock (valued at Fair Market Value on the date of exercise). As soon as reasonably practicable following such exercise, a certificate representing the
      shares of Common Stock purchased, registered in the name of the Participant, shall be delivered to the Participant. Until the issuance of the shares of Common Stock upon the exercise of the Option, no right to vote or receive dividends or any other
      rights as a shareholder shall exist with respect to the shares of Common Stock that are subject to the Option.

    

       

    5.05. Cancellation of Stock Appreciation Rights. Upon exercise of all or a portion of an Option, any related Tandem Stock Appreciation Rights
      shall be canceled with respect to an equal number of shares of Common Stock.

     

       

    
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    ARTICLE VI

    

       

    SPECIAL RULES APPLICABLE TO INCENTIVE STOCK OPTIONS

    

       

    6.01. Ten Percent Stockholder. Notwithstanding any other provision of the Plan to the contrary, any associates who are full-time employees of
      the Company and its present and future subsidiaries, shall be eligible for Awards of Incentive Stock Options. However, no such associate may receive an Incentive Stock Option under the Plan if such associate, at the time the Award is granted, owns
      (after application of the rules contained in Section 424(d) of the Code) stock possessing more than ten (10) percent of the total combined voting power of all classes of stock of the Company or its subsidiaries, unless 1) the option price for such
      Incentive Stock Option is at least 110 percent of the Fair Market Value of the Common Stock subject to such Incentive Stock Option on the date of grant and 2) such Option is not exercisable after the date five (5) years from the date such Incentive
      Stock Option is granted.

    

       

    6.02. Limitation on Grants. The aggregate Fair Market Value (determined with respect to each Incentive Stock Option at the time such Incentive
      Stock Option is granted) of the shares of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by an associate during any calendar year (under this Plan or any other plan of the Company or a subsidiary) shall
      not exceed $100,000.

    

       

    6.03. Limitations on Time of Grant. No grant of an Incentive Stock Option shall be made under the Plan more than ten (10) years after the
      earlier of the date of adoption of the Plan by the Board or the date the Plan is approved by stockholders.

    

       

    ARTICLE VII

    

       

    STOCK APPRECIATION RIGHTS

    

       

    7.01. Grants of Stock Appreciation Rights. Tandem Stock Appreciation Rights may be awarded by the Committee in connection with any Option
      granted under the Plan, at the time the Option is granted, and shall be subject to the same terms and conditions as the related Option, except that the medium of payment may differ. Nontandem Stock Appreciation Rights may be granted by the Committee
      at any time. On or before the date of grant of a Nontandem Stock Appreciation Right, the Committee shall specify the number of shares of Common Stock covered by such right, the base price of shares of Common Stock to be used in connection with the
      calculation described in Section 7.05 below, and the recipient of the Award. Except in the case of a Converted Award or a Substitute Award, the base price of a Nontandem Stock Appreciation Right shall be not less than 100 percent of the Fair Market
      Value of a share of Common Stock on the date of grant. Stock Appreciation Rights shall be subject to such terms and conditions not inconsistent with the other provisions of this Plan as the Committee shall determine. Until the issuance of shares of
      Common Stock upon the surrender or exchange of Tandem Stock Appreciation Rights or exercise of Nontandem Stock Appreciation Right, no right to vote or receive dividends or any other rights as a shareholder shall exist with respect to the shares of
      Common Stock that are subject to the Tandem or Nontandem Stock Appreciation Right.

    

       

    7.02. Limitations on Exercise. Subject to the provisions of Articles IX, X and XX, a Tandem Stock Appreciation Right shall be exercisable only
      to the extent that the related Option is exercisable and shall be subject to the same exercise period as the related Option, which shall be set forth in the applicable agreement on or before the date of grant. Upon the exercise of all or a portion of
      Tandem Stock Appreciation Rights, the related Option shall be canceled with respect to an equal number of shares of Common Stock. Shares of Common Stock subject to Options, or portions thereof, surrendered upon exercise of a Tandem Stock Appreciation
      Right, shall not be available for subsequent Awards. Subject to the provisions of Article XX, a Nontandem Stock Appreciation Right shall be exercisable during such period as the Committee shall determine, which shall be set forth in the applicable
      agreement on or before the date of grant.

     

       

    
      6

      
        

    

    7.03. Term of Stock Appreciation Rights. The term of each Stock Appreciation Right granted under the Plan shall not exceed ten (10) years from
      the date of grant, subject to earlier termination as provided in Articles  IX and X.

    

       

    7.04. Surrender or Exchange of Tandem Stock Appreciation Rights. A Tandem Stock Appreciation Right shall entitle the Participant to surrender to
      the Company unexercised the related Option, or any portion thereof, and to receive from the Company in exchange therefor that number of shares of Common Stock having an aggregate Fair Market Value equal to (A) the excess of 1) the Fair Market Value
      of one (1) share of Common Stock as of the date the Tandem Stock Appreciation Right is exercised over 2) the option price per share specified in such Option, multiplied by (B) the number of shares of Common Stock subject to the Option, or portion
      thereof, which is surrendered. Cash shall be delivered in lieu of any fractional shares.

    

       

    7.05. Exercise of Nontandem Stock Appreciation Rights. The exercise of a Nontandem Stock Appreciation Right shall entitle the Participant to
      receive from the Company that number of shares of Common Stock having an aggregate Fair Market Value equal to (A) the excess of 1) the Fair Market Value of one (1) share of Common Stock as of the date on which the Nontandem Stock Appreciation Right
      is exercised over 2) the base price of the shares covered by the Nontandem Stock Appreciation Right, multiplied by (B) the number of shares of Common Stock covered by the Nontandem Stock Appreciation Right, or the portion thereof being exercised.
      Cash shall be delivered in lieu of any fractional shares.

    

       

    7.06. Settlement of Stock Appreciation Rights. As soon as is reasonably practicable after the exercise of a Stock Appreciation Right, the
      Company shall 1) issue, in the name of the Participant, stock certificates representing the total number of full shares of Common Stock to which the Participant is entitled pursuant to Section 7.04 or 7.05 hereof, and cash in an amount equal to the
      Fair Market Value, as of the date of exercise, of any resulting fractional shares and 2) if the Committee causes the Company to elect to settle all or part of its obligations arising out of the exercise of the Stock Appreciation Right in cash
      pursuant to Section 7.07, deliver to the Participant an amount in cash equal to the Fair Market Value, as of the date of exercise, of the shares of Common Stock it would otherwise be obligated to deliver.

    

       

    7.07. Cash Settlement. The Committee, in its discretion, may cause the Company to settle all or any part of its obligation arising out of the
      exercise of a Stock Appreciation Right by the payment of cash in lieu of all or part of the shares of Common Stock it would otherwise be obligated to deliver in an amount equal to the Fair Market Value of such shares on the date of exercise.

     

       

    
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    ARTICLE VIII

    

       

    NONTRANSFERABILITY OF AWARDS

    

       

    8.01. Nontransferability of Awards. Except to the extent permitted under Section 8.02, no Award may be transferred, assigned, pledged or
      hypothecated (whether by operation of law or otherwise), except as provided by will or the applicable laws of descent and distribution, and no Award shall be subject to
      execution, attachment or similar process. Any attempted assignment, transfer, pledge, hypothecation or other disposition of an Award not specifically permitted herein shall be null and void and without effect. An Award may be exercised by a
      Participant, or otherwise settle, only during the Participant’s lifetime, or following the Participant’s death, pursuant to Article X.

    

       

    8.02. Limited Exception to Nontransferability. Notwithstanding Section 8.01, the Committee may determine that a Nonstatutory Stock Option may be
      transferred by a Participant to one or more members of such Participant’s immediate family, to a partnership of which the only partners are members of such Participant’s immediate family, or to a trust established by a Participant for the benefit of
      one or more members of such Participant’s immediate family. For this purpose, immediate family means a Participant’s spouse, parents, children, grandchildren and the spouses of such parents, children and grandchildren. A transferee described in this
      Section 8.02 may not further transfer such Nonstatutory Stock Option. A trust described in this Section 8.02 may not be amended to benefit any person other than a member of the Participant’s immediate family. A Nonstatutory Stock Option transferred
      pursuant to this Section 8.02 shall remain subject to the provisions of the Plan, including, but not limited to, the provisions of Articles 9 and 10 relating to the effect on the Nonstatutory Stock Option of the Termination of Service, Total
      Disability or death of the Participant, and shall be subject to such other rules as the Committee shall determine.

    

       

    ARTICLE IX

    

       

    TERMINATION OF SERVICE

    

       

    9.01. Exercise after Termination of Service. Except as the Committee may at any time provide, in the event that the employment of a Participant
      shall be terminated either by the Participant or by the Participant’s employer (for reasons other than death, Total Disability or Cause), any Option or Stock Appreciation Right granted to such Participant may be exercised (to the extent that the
      Participant was entitled to do so at the time of Participant’s Termination of Service) at any time within one (1) year after such Termination of Service, but in no case later than the date of expiration of the original term of the Option or Stock
      Appreciation Right; provided, however, that if an Incentive Stock Option is not exercised within three (3) months following Termination of Service, it shall be treated as a Nonstatutory Stock Option. If the
      Participant’s employment is terminated by the Participant’s employer for Cause, except as the Committee may at any time provide, any Option or Stock Appreciation Right may be exercised (to the extent that the Participant was entitled to do so at the
      time of the Termination of Service) at any time within thirty (30) days after such Termination of Service, but in no case later than the date of expiration of the original term of the Option or Stock Appreciation Right. Except to the extent otherwise
      set forth herein, any Options or Stock Appreciation Rights that are not exercisable on the date of a Termination of Service for any reason shall lapse. In no event may an Option or Stock Appreciation Right be exercised after the expiration of the
      original term of the Option or Stock Appreciation Right.

     

       

    
      8

      
        

    

    9.02. Total Disability. If a Participant to whom an Option or Stock Appreciation Right has been granted under the Plan shall have incurred a
      Total Disability, such Option or Stock Appreciation Right, to the extent not vested on the date of such Participant’s Termination of Service due to Total Disability (it being understood that such termination occurs after nine (9) months of absence
      from work due to the Total Disability), shall continue to vest during the period of such Participant’s Total Disability, and, upon becoming vested, such Award shall be exercisable within the one (1) year period after the applicable vesting date, but
      in no event later than the date of expiration of the original term of the Option or Stock Appreciation Right. To the extent that an Option or Stock Appreciation Right held by a Participant is vested on the date of such Participant’s Termination of
      Service due to Total Disability, such Option or Stock Appreciation Right shall be exercisable within the one (1) year period after the date of such Termination of Service, but in no event later than the date of expiration of the original term of the
      Option or Stock Appreciation Right. In the event of the death of a Participant following such Participant’s Termination of Service due to Total Disability, any unvested Option or Stock Appreciation Right shall be fully vested on the date of such
      Participant’s death and shall be exercisable within the one (1) year period after the date of such Participant’s death, but in no event later than the expiration of the original term of the Option or Stock Appreciation Right.

    

       

    Notwithstanding the foregoing, for purposes of exercising Incentive Stock Options, a Participant shall be deemed to have a Termination of Service if the Participant is absent from work
      for three (3) months due to Total Disability, where the date of such Termination of Service shall be the last date of active employment before the three (3) month period; in this event, if such Participant fails to exercise his or her Incentive Stock
      Option within three (3) months following such deemed Termination of Service, such Incentive Stock Option shall be treated as a Nonstatutory Stock Option.

    

       

    ARTICLE X

    

       

    DEATH OF PARTICIPANT

    

       

    10.01. Death of Participant While Employed. If a Participant to whom an Option or Stock Appreciation Right has been granted under the Plan shall
      die while employed by or otherwise providing services to the Company or one of its subsidiaries or affiliates, such Option or Stock Appreciation Right shall become fully exercisable by the Participant’s beneficiary (as designated by the Participant
      on the appropriate form provided by the Company), or if no beneficiary is so designated, then by the estate or person who acquires the right to exercise such Option or Stock Appreciation Right upon the Participant’s death by bequest or inheritance.
      Such exercise may occur at any time within one (1) year after the date of the Participant’s death (or such other period as the Committee may at any time provide), but in no case later than the date of expiration of the original term of the Option or
      Stock Appreciation Right.

     

       

    
      9

      
        

    

    10.02. Death of Participant Following Termination of Service. Except in the case of death during the period of Total Disability, which shall be
      governed by Section 9.02, if a Participant to whom an Option or Stock Appreciation Right has been granted under the Plan shall die after the date of the Participant’s Termination of Service, but before the end of the period provided under the Plan by
      which a terminated Participant may exercise such Option or Stock Appreciation Right, such Option or Stock Appreciation Right may be exercised, to the extent that the Participant was entitled to do so at the time of the Participant’s death, by the
      Participant’s beneficiary (as designated by the Participant on the appropriate form provided by the Company), or if no beneficiary is so designated, then by the estate or person who acquires the right to exercise such Option or Stock Appreciation
      Right upon the Participant’s death by bequest or inheritance. Such exercise may occur at any time within the period in which the terminated Participant could have exercised such Option or Stock Appreciation Right if the Participant had not died (or
      such other period as the Committee may at any time provide), but in no case later than the date of expiration of the original term of the Option or Stock Appreciation Right.

    

       

    ARTICLE XI

    

       

    RESTRICTED SHARES

    AND

    RESTRICTED SHARE UNITS

    

       

    11.01. Grant of Restricted Shares and Restricted Share Units. The Committee may from time to time cause the Company to grant Restricted Shares
      and RSUs under the Plan to Participants, subject to such restrictions, conditions and other terms as the Committee may determine. Restricted Shares are shares of Common Stock which are subject to such conditions and restrictions as determined by the
      Committee, including conditions and restrictions relating to transferability. RSU Awards represent an unfunded promise to pay the Participant a specified number of shares of Common Stock (or cash equivalent, as applicable) in the future if the
      conditions of the RSU Award are satisfied and the RSU Award is not otherwise forfeited prior to the stated date of delivery, under the terms and conditions applicable to such Award.

    

       

    11.02. Restrictions. At the time a grant of Restricted Shares or RSUs is made, the Committee shall establish the Restricted Period applicable to
      such Restricted Shares or RSUs. Each grant of Restricted Shares or RSUs may be subject to a different Restricted Period. The Committee may, in its sole discretion, at the time a grant is made, prescribe restrictions in addition to or other than the
      expiration of the Restricted Period, including the satisfaction of corporate or individual service or performance objectives, which shall be applicable to all or any portion of the Restricted Shares or RSUs. The Committee may also, in its sole
      discretion, waive any performance-based restrictions applicable to all or a portion of such Restricted Shares or RSUs, provided that the applicable terms and conditions are set forth on or before the date of grant of the Award to the extent required
      to comply with Section 409A of the Code and the regulations thereunder. In the event of a Participant’s Termination of Service for Total Disability, Restricted Shares or RSUs held by such Participant shall continue to vest during the period of Total
      Disability. Unless otherwise provided under the terms of the Award, upon the death of a Participant, including during a Participant’s Total Disability, any performance conditions applicable to Restricted Shares or RSUs which have been granted to such
      Participant will be deemed to have been satisfied at target, if applicable, and the Restricted Period, if any, applicable to Restricted Shares or RSUs held by such Participant, will be deemed to have expired. At the discretion of the Committee
      (including as provided in any applicable Award Agreement), upon the Retirement of a Participant, the service restrictions and conditions, if any, applicable to any Restricted Shares or RSUs which have been granted to such Participant will be deemed
      to have been satisfied with respect to that percentage of the Restricted Shares or RSUs equal to 1) the number of complete months between the first day of the Restricted Period and the date of the Participant’s Retirement, divided by 2) the number of
      complete months in the Restricted Period. Any Restricted Shares or RSUs granted to a Participant for which the restrictions and conditions are not deemed to have expired pursuant to the preceding sentence shall be forfeited in accordance with Section
      11.03. Subject to Section 4.02 and Section 19.01, an Award may also provide for full or pro-rata vesting upon other events, such as upon a Change in Control or for other reasons, provided that any such applicable terms and conditions are set forth on
      or before the date of grant of the Award.

     

       

    
      10

      
        

    

    11.03. Rights of Holders of Restricted Shares. Participants to whom Restricted Shares have been granted shall not have the right to vote such
      shares or the right to receive any dividends with respect to such Restricted Shares. In the event of the payment of a dividend or other distribution in connection with the shares of Common Stock, Participants may, at the discretion of the Committee,
      receive such dividend or distribution equivalent subject to the same restrictions and vesting conditions as the underlying Restricted Shares. The Committee may, in its discretion, specify in the applicable Award Agreement that any or all dividend or
      other distribution equivalents paid on Restricted Shares prior to vesting be credited to the Participant in cash or in a number of additional Restricted Shares having an aggregate Fair Market Value equal to the dividend per share paid on the Common
      Stock multiplied by the number of Restricted Shares credited to the Participant’s account at the time the dividend was declared, subject to such terms and conditions, including such restrictions, of the applicable Restricted Shares. Such cash right
      or additional Restricted Shares credited to a Participant in relation to dividend or other distribution equivalents with respect to a Restricted Share shall be subject to the same restrictions as such Restricted Share. All distributions or credits in
      respect of such distributions, if any, received by a Participant with respect to Restricted Shares as a result of any stock split-up, stock distribution, a combination of shares, or other similar transaction shall be subject to the restrictions of
      this Article XI and the adjustment provisions of Article XVI.

    

       

    11.04. Rights of Holders of Restricted Share Units. Participants to whom RSUs have been granted shall not have the right to vote the shares of
      Common Stock subject to such RSUs or the right to receive any dividends with respect to the shares of Common Stock subject to such RSUs. In the event of the payment of a dividend or other distribution in connection with the shares of Common Stock,
      Participants may, at the discretion of the Committee, receive such dividend or distribution equivalent subject to the same restrictions and vesting conditions as the underlying RSUs. The Committee may, in its discretion, specify in the applicable
      Award Agreement that any or all dividend or other distribution equivalents paid on the shares of Common Stock underlying a Participant’s RSUs prior to the vesting of the Participant’s RSUs be credited to the Participant in cash or in a number of
      additional RSUs having an aggregate Fair Market Value equal to the dividend per share paid on the Common Stock multiplied by the number of RSUs credited to the Participant’s account at the time the dividend was declared. Such cash right or additional
      RSUs credited to the Participant in relation to dividend or other distribution equivalents paid with respect to an RSU shall be subject to the same restrictions as such RSU. All distributions or credits in respect of such distributions, if any,
      received by a Participant with respect to RSUs as a result of any stock split-up, stock distribution, a combination of shares, or other similar transaction shall be subject to the restrictions of this Article XI and the adjustment provisions of
      Article XVI.

     

       

    
      11

      
        

    

    11.05. Forfeiture Upon Termination of Service. Except as provided in Section 11.02 and Section 19.01, and as the Committee may at any time
      provide, any Restricted Shares or RSUs granted to a Participant pursuant to the Plan shall be forfeited if the Participant experiences a Termination of Service either by the Participant or by the Participant’s employer for reasons other than death or
      Total Disability prior to the expiration of the Restricted Period and the satisfaction of any other conditions applicable to such Restricted Shares or RSUs. In addition, if the Participant’s Termination of Service occurs as a result of Retirement,
      any Restricted Shares or RSUs which do not vest in accordance with Section 11.02 (any such vesting to be determined by the Committee in its discretion) shall be forfeited.

    

       

    11.06. Delivery of Shares. Delivery of shares of Common Stock in respect of Restricted Shares shall be made promptly following lapse or
      termination of the Restricted Period and satisfaction of any related conditions. Unless, in the case of RSUs, an election is made under Section 11.08 to defer the settlement of RSUs, and unless otherwise provided in the terms of any Award Agreement,
      upon the expiration or termination of the Restricted Period and the satisfaction of any other conditions prescribed by the Committee, RSUs shall be settled by delivery of a stock certificate for the number of shares of Common Stock associated with
      the Award with respect to which the restrictions have expired or the terms and conditions have been satisfied to the Participant or the Participant’s beneficiary or estate, as the case may be. Such payment in settlement of RSUs shall be made
      promptly, but in any event not later than 1) the end of the year in which the Restricted Period ended and the conditions were satisfied or 2) if later, the 15th day of the third calendar month following the date on which the Restricted Period ended,
      provided that the Award holder will not be permitted, directly or indirectly, to designate the taxable year of settlement. The Participant may be required to execute a release of claims against the Company and its subsidiaries in this event. If an
      election is made under Section 11.08 to defer the settlement of RSUs, delivery shall occur as described here but upon the date or dates of delivery in accordance with Section 11.09 and the deferral election. Notwithstanding the above, if the
      Participant is a Specified Employee, and is entitled to receive a payment in respect of RSUs upon Termination of Service or on a date determinable based on the date of Termination of Service (and not a pre-determined fixed date or schedule), then,
      except in the event of the Participant’s death after such Termination of Service, such payment shall be delayed by at least six (6) months after the date of such Participant’s Termination of Service to the extent required by Section 409A of the Code
      and the regulations thereunder.

    

       

    11.07. Performance-Based Objectives. At the time of the grant of Restricted Shares or RSUs to a Participant, and prior to the beginning of the
      performance period to which performance objectives relate, the Committee may establish performance objectives based on criteria selected by the Committee, including, without limitation, any one or more of the following, which may be expressed with
      respect to the Company or one or more operating units or groups, as the Committee may determine: price of Common Stock, or the common stock of any affiliate, shareholder return, return on equity, return on investment, return on capital, sales
      productivity, comparable store sales growth, economic profit, economic value added, net income, operating income, gross margin, sales, free cash flow, earnings per share, operating company contribution or market share. These factors shall have a
      minimum performance standard below which, and a maximum performance standard above which, no payments will be made. These performance goals may be based on, among other things, an analysis of historical performance and growth expectations for the
      business, financial results of other comparable businesses, and progress towards achieving the long-range strategic plan for the business.  These performance goals and determination of results shall be based entirely on financial measures.  The
      Committee shall determine how any performance objectives shall be adjusted to the extent necessary to prevent dilution or enlargement of any Award as a result of extraordinary events or circumstances, as determined by the Committee, or to exclude the
      effects of extraordinary, unusual, or non-recurring items; changes in applicable laws, regulations, or accounting principles; currency fluctuations; discontinued operations; non-cash items, such as amortization, depreciation, or reserves; asset
      impairment; or any recapitalization, restructuring, reorganization, merger, acquisition, divestiture, consolidation, spin-off, split-up, combination, liquidation, dissolution, sale of assets, or other similar corporation transaction. To the extent
      that the Award is subject to Section 409A of the Code, and to the extent intended and necessary to comply with change in control payment or toggle rules under Section 409A of the Code, payment in connection with a Change in Control must be made in
      respect of a Change in Control that satisfies the definition of “change in control event” in Section 409A of the Code and the regulations thereunder, unless otherwise permitted in satisfaction of the alternative payment rules under Section 409A of
      the Code and the regulations thereunder.

     

       

    
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    11.08. Deferred Restricted Share Units. The Committee may permit a Participant who has been designated to receive an RSU Award to elect to defer
      the receipt of the shares in settlement of such RSU Award as well as the form of payment of such deferred RSUs.

    

       

    All elections under this Section 11.08 to defer the settlement of an RSU Award must be made in accordance with the requirements of Section 409A of the Code and the regulations
      thereunder. Any election not in compliance with such requirements shall be treated as invalid and the deferral election shall be disregarded and distribution of the shares of Common Stock upon settlement of the Award shall be made as though the
      Participant did not elect to defer. For this purpose, an invalid deferral election shall include (but is not limited to) a deferral election that (i) is not executed (regardless of when received), (ii) is executed but received after the applicable
      irrevocable date or (iii) cannot otherwise become effective under applicable rules. If a valid deferral election is incomplete, the deferral election shall be honored and distribution of the shares of Common Stock attributable to the Award shall be
      made as though the Participant elected a deferred lump sum payment. For this purpose, a valid but incomplete deferral election is one that has been received and executed on or before the applicable irrevocable date, but does not indicate the form of
      payment (lump sum versus installments), or indicates an election for installment payments but not the number of installment payments. Unless the Award Agreement and terms and conditions accompanying specific Awards indicate otherwise, or as otherwise
      provided in the Plan, the deferred RSUs shall be subject to the same restrictions, conditions and forfeiture provisions as the associated nondeferred RSUs.

    

       

    During the Restricted Period with respect to RSUs, Participants shall not have the right to receive any dividends. After the end of the Restricted Period and prior to the time that
      shares of Common Stock are transferred to the Participant, within sixty (60) days after the date of payment of a dividend by the Company on its shares of Common Stock, the Participant shall be credited with “dividend equivalents” with respect to each
      outstanding RSU in an amount equal to the amount the Participant would have received as dividends if the RSUs were actual shares of Common Stock. Such dividend equivalents will be converted into additional RSUs based on the Fair Market Value of the
      Common Stock on the dividend payment date, in accordance with the procedures established by the Committee, and paid at the same time and in the same manner as the underlying RSUs.

     

       

    
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    At no time shall any assets of the Company be segregated for payment of RSUs hereunder. Participants who have elected to defer the settlement of RSUs shall at all times have the status
      of general unsecured creditors of the Company and shall not have any rights in or against specific assets of the Company. The Plan constitutes a mere promise by the Company to make payments attributable to RSUs in the future, in accordance with the
      applicable terms and conditions.

    

       

    11.09. Payment of Deferred Restricted Share Units. RSUs are payable solely in shares of unrestricted Common Stock, and shall be paid in
      accordance with the terms of delivery under Section 11.06 and this Section 11.09. Shares attributable to deferred RSUs that are vested in accordance with the terms and conditions applicable to such Awards shall be transferred to the Participant at
      the time and in the form as elected by the Participant and as set forth in the terms and conditions applicable to such Awards, which shall be either in a single payment or in up to ten (10) installment payments.

    

       

    If a lump sum distribution is elected, the payment shall be made on the date provided in, and in accordance with, the terms and conditions applicable to the Award. If installment
      distributions are elected, the initial installment shall be paid on the date provided in, and in accordance with, the terms and conditions applicable to the Award. Subsequent installments shall be made on each anniversary of the initial installment
      and shall continue for the duration of the selected distribution period. If the Participant dies prior to the time all shares of Common Stock have been distributed, distribution shall be made to the Participant’s beneficiary or estate on the payment
      date provided in, and in accordance with, the terms and conditions applicable to the RSU Award. If Termination of Service occurs during the Restricted Period, the terms and conditions shall set forth the rights of the Participant to payment, as well
      as the time and form of distribution of such Awards, if any, to the Participant. A participant shall have no rights as a shareholder with respect to deferred RSUs until such time, if any, as shares of Common Stock are transferred to the Participant
      (or the Participant’s beneficiary or estate, if applicable). Notwithstanding the above, if the Participant is a Specified Employee and is entitled to receive payment upon Termination of Service or on a date determinable based on the date of
      Termination of Service (and not a pre-determined fixed date or schedule), then, except in the event of the Participant’s death after such Termination of Service, such payment (or in the case of installments, the first payment) shall be delayed by at
      least six (6) months after the date of such Participant’s Termination of Service, to the extent required by Section 409A of the Code and the regulations thereunder; in this event, subsequent installment payments shall occur on the anniversary of the
      first delayed installment payment.

     

       

    
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    Provided that the terms and conditions applicable to a deferred RSU Award permit it, a Participant may change the Participant’s distribution election, provided such change in
      distribution election is made not less than 12 months before the date the payment (or in the case of installments, the first payment) is scheduled to be made, and is irrevocable after this date. Such an election may be made to change payment(s) from
      a single lump sum payment to installment payments, from installment payments to a single lump sum payment, or from one number of installment payments to another number of installment payments, by submitting such election to the Company; provided, (i) such election does not become effective until at least twelve (12) months after the date on which the election is made and (ii) except in the case of payment permissible upon the Participant’s death,
      the payment (or in the case of installments the first payment) must be deferred for a period of not less than five (5) years from the date such payment would have been made or commenced if there had been no election to change the form of payment. For
      this purpose, all installment payments are treated as a single payment. Any election not made in accordance with such procedures shall be treated as invalid, and the change in distribution election shall be disregarded and distribution of the shares
      of Common Stock attributable to the Awards shall be made as though the Participant did not elect to change the time and form of distribution. For this purpose, an invalid change in distribution election shall include (but is not limited to) an
      election that (i) is not executed (regardless of when received), (ii) is executed but received after the applicable irrevocable date or (iii) cannot otherwise become effective under applicable rules. If a valid change in distribution election is
      incomplete, the change in distribution election shall be honored and distribution of the shares attributable to the Awards shall be made as though the Participant elected a change in distribution to a deferred lump sum payment. For this purpose, a
      valid but incomplete change in distribution election is one that has been received and executed on or before the applicable irrevocable date, but does not indicate the form of payment (lump sum versus installments), or indicates an election for
      installment payments but not the number of installment payments.

    

       

    ARTICLE XII

    

       

    PERFORMANCE UNITS

    

       

    12.01. Award of Performance Units. For each Performance Period, Performance Units may be granted under the Plan to such Participants as the
      Committee shall determine. The Award Agreement covering such Performance Units shall specify the Ending Value. If necessary to make the calculation of the amount to be paid to the Participant pursuant to Sections 12.03 and 12.04, the Committee shall
      also state in the Award Agreement the Initial Value. The Award Agreement may also specify that each Performance Unit is deemed to be equivalent to one (1) share of Common Stock. Performance Units granted to a Participant shall be credited to a
      Performance Unit Account established and maintained for such Participant.

    

       

    12.02. Performance Period. Different Performance Periods may be established for different Participants receiving Performance Units. Performance
      Periods may run consecutively or concurrently.

    

       

    12.03. Right to Payment of Performance Units. All applicable terms and conditions shall be set forth in the Award Agreement and/or in
      accompanying terms and conditions on or before the date of grant of Performance Units. With respect to each Award of Performance Units under this Plan, the Committee shall specify the Performance Objectives. If the Performance Objectives established
      for a Participant for the Performance Period are partially but not fully met, the Committee may, nonetheless, in its sole discretion, determine that all or a portion of the Performance Units have vested but such determination shall not change the
      date of payment of the Awards. If the Performance Objectives for a Performance Period are exceeded, the Committee may, in its sole discretion, grant additional, fully vested Performance Units to the Participant. Except as provided in Section 19.01,
      on or before the date of grant, the Committee may also determine, in its sole discretion, that Performance Units awarded to a Participant shall become partially or fully vested upon the Participant’s death, Total Disability or Retirement, or upon the
      Participant’s Termination of Service prior to the end of the Performance Period but such determination shall not change the date of payment of the Awards. Performance Unit Awards represent an unfunded promise to pay the Participant the value
      specified in the Award Agreement and/or applicable terms and conditions in the future if the conditions associated with the Performance Unit Award are satisfied and the Performance Units are not otherwise forfeited prior to the stated date of
      payment, under the terms and conditions applicable to such Award.

     

       

    
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    12.04. Payment for Performance Units. As soon as practicable following the end of a Performance Period but not later than 90 days after the end
      of a Performance Period, the Committee shall determine whether the Performance Objectives for the Performance Period have been achieved (or partially achieved to the extent necessary to permit partial vesting at the discretion of the Committee
      pursuant to Section 12.03). If the Performance Objectives for the Performance Period have been exceeded, the Committee shall determine whether additional Performance Units shall be granted to the Participant pursuant to Section 12.03. Within 90 days
      after the end of a Performance Period, provided the Committee determines the Performance Objectives have been achieved or partially achieved pursuant to Section 12.03, if the Award Agreement specifies that each Performance Unit is deemed to be
      equivalent to one (1) share of Common Stock, the Company shall pay to the Participant an amount with respect to each vested Performance Unit equal to the Fair Market Value of a share of Common Stock on such payment date or, if the Committee shall so
      specify at the time of grant, an amount equal to 1) the Fair Market Value of a share of Common Stock on the payment date less 2) the Fair Market Value of a share of Common Stock on the date of grant of the Performance Unit. If the Award Agreement
      specifies a value for each Performance Unit or sets forth a formula for determining the value of each Performance Unit at the time of payment, then within 90 days after the end of a Performance Period, provided the Committee determines the
      Performance Objectives have been achieved or partially achieved pursuant to Section 12.03, the Company shall pay to the Participant an amount with respect to each vested Performance Unit equal to the Ending Value of the Performance Unit or, if the
      Committee shall so specify at the time of grant, an amount equal to (i) the Ending Value of the Performance Unit less (ii) the Initial Value of the Performance Unit. Payment shall be made entirely in cash, entirely in Common Stock or in such
      combination of cash and Common Stock as the Committee shall determine. The Committee may, in its discretion, permit the deferral of settlement of vested Performance Units pursuant to procedures consistent with those applicable to the deferral of
      settlement of RSUs under Sections 11.08 and 11.09 above, subject to any exceptions or requirements under Section 409A of the Code and the regulations thereunder.

    

       

    12.05. Voting and Dividend Rights. No Participant shall be entitled to any voting rights, to receive any dividends, or to have his or her
      Performance Unit Account credited or increased as a result of any dividends or other distribution with respect to shares of Common Stock. In the event of the payment of a dividend or other distribution in connection with the shares of Common Stock,
      Participants may, at the discretion of the Committee, receive such dividend or distribution equivalent subject to the same restrictions and vesting conditions as the underlying Performance Units. The Committee may, in its discretion, specify in the
      applicable Award Agreement that any or all dividend or other distribution equivalents paid on the shares of Common Stock underlying a Participant’s Performance Units prior to the vesting of the Participant’s Performance Units be credited to the
      Participant in cash or in a number of additional Performance Units having an aggregate Fair Market Value equal to the dividend per share paid on the Common Stock multiplied by the number of Performance Units credited to the Participant’s account at
      the time the dividend was declared. Such cash right or additional Performance Units credited to the Participant in relation to dividend or other distribution equivalents paid with respect to a Performance Unit shall be subject to the same
      restrictions and satisfaction of the same Performance Objectives as applicable to such Performance Unit. All distributions or credits in respect of distributions, if any, received by a Participant with respect to Performance Units as a result of any
      stock split-up, stock distribution, a combination of shares, or other similar transaction shall be subject to the restrictions of this Article XII and the adjustment provisions of Article XVI.

     

       

    
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    ARTICLE XIII

    

       

    UNRESTRICTED SHARES

    

       

    13.01. Award of Unrestricted Shares. The Committee may cause the Company to grant Unrestricted Shares to associates at such time or times, in
      such amounts and for such reasons as the Committee, in its sole discretion, shall determine. Except to the extent required by applicable law, no payment shall be required for Unrestricted Shares.

    

       

    13.02. Delivery of Unrestricted Shares. The Company shall issue, in the name of each Participant to whom Unrestricted Shares have been granted,
      stock certificates representing the total number of Unrestricted Shares granted to the Participant, and shall deliver such certificates to the Participant on a fixed or objectively determinable date of payment, which shall be set forth at the time of
      grant.

    

       

    13.03. Deferred Share Units. The Committee may permit a Participant who has been designated to receive an Unrestricted Share Award to elect to
      receive such Unrestricted Share Award in the form of Deferred Share Units.

    

       

    Any such election must be made on or before December 31 of the calendar year prior to the year the compensation attributable to such Award (or any portion of such Award) is earned, and
      shall be irrevocable after such date, and further shall comply with the rules set forth in Section 11.08, which apply to deferral elections, including such rules relating to invalid and valid but incomplete deferral elections. At no time shall any
      assets of the Company be segregated for payment of Deferred Share Units hereunder. Participants who have elected to receive Unrestricted Shares in the form of Deferred Share Units shall at all times have the status of general unsecured creditors of
      the Company and shall not have any rights in or against specific assets of the Company. The Plan constitutes a mere promise by the Company to make payments on Deferred Share Units in the future.

    

       

    After the Award of Deferred Share Units to the Participant and prior to the time that shares of Common Stock are transferred to the Participant pursuant to Section 13.04, within sixty
      (60) days after the date of payment of a dividend by the Company on its shares of Common Stock, the Participant shall be credited with “dividend equivalents” with respect to each outstanding Deferred Share Unit in an amount equal to the amount the
      Participant would have received as dividends if the Deferred Share Units were actual shares of Common Stock. Such dividend equivalents will be converted into additional Deferred Share Units based on the Fair Market Value of the Common Stock on the
      dividend payment date, in accordance with the procedures established by the Committee, and paid at the same time and in the same manner as the underlying Deferred Share Units.

     

       

    
      17

      
        

    

    13.04. Payment of Deferred Share Units. Deferred Share Units are payable solely in shares of unrestricted Common Stock, and shall be paid in
      accordance with the terms of delivery under Section 13.03 and this Section 13.04. Shares applicable to such Awards shall be transferred to the Participant at the time and in the form as elected by the Participant and as set forth in the terms and
      conditions applicable to such Awards, which shall be either in a single payment or in up to ten (10) installment payments.

    

       

    If a lump sum distribution is elected, the payment shall be made on the date provided in, and in accordance with, the terms and conditions applicable to the Award. If installment
      distributions are elected, the initial installment shall be paid on the date provided in, and in accordance with, the terms and conditions applicable to the Award. Subsequent installments shall be made on each anniversary of the initial installment
      and shall continue for the duration of the selected distribution period. If the Participant dies prior to the time all shares have been distributed, distribution shall be made to the Participant’s beneficiary or estate on the payment date provided
      in, and in accordance with, the terms and conditions applicable to the Award. A Participant shall have no rights as a shareholder with respect to Deferred Share Units until such time, if any, as shares of Common Stock are transferred to the
      Participant (or the Participant’s beneficiary or estate, if applicable). Notwithstanding the above, if the Participant is a Specified Employee and is entitled to receive payment upon Termination of Service or on a date determinable based on the date
      of Termination of Service (and not a pre-determined fixed date or schedule), then, except in the event of the Participant’s death after such Termination of Service, such payment (or in the case of installments, the first payment) shall be delayed by
      at least six (6) months after the date of such Participant’s Termination of Service, to the extent required by Section 409A of the Code and the regulations thereunder; in this event, subsequent installment payments shall occur on the anniversary of
      the first delayed installment payment.

    

       

    Provided that the terms and conditions applicable to a Deferred Share Unit Award permit it, a Participant may change the Participant’s distribution election, provided such change in
      distribution election shall comply with the procedures and rules set forth in Section 11.09 which apply to change in distribution elections, including such rules relating to invalid and valid but incomplete change in distribution elections.

    

       

    ARTICLE XIV

    

       

    CONVERTED AWARDS AND REPLACEMENT AWARDS

    

       

    14.01. Converted Awards and Replacement Awards. Notwithstanding anything in the Plan to the contrary, Converted Awards and Replacement Awards
      shall be granted under the Plan in accordance with the terms of the Employee Matters Agreement, and may be granted under the Plan in the form of any type of Award, as determined in accordance with the Employee Matters Agreement. Notwithstanding
      anything in the Plan to the contrary, the terms and conditions of the Plan will apply to Converted Awards and Replacement Awards only to the extent that such terms and conditions are not inconsistent with the terms of the Employee Matters Agreement
      and the terms of the applicable Converted Awards and Replacement Awards as contemplated by the Employee Matters Agreement.

     

       

    
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    ARTICLE XV

    

       

    CLAWBACK

    

       

    15.01. Clawback. If the Committee determines in good faith either that: 1) if required by applicable law with respect to a Participant or 2) (x)
      a Participant engaged in fraudulent conduct or activities relating to the Company, (y) a Participant has knowledge of such conduct or activities or (z) a Participant, based upon the Participant’s position, duties or responsibilities, should have had
      knowledge of such conduct or activities, the Committee shall have the power and authority under the Plan to terminate without payment all of such Participant’s outstanding Awards. If required by applicable law with respect to a Participant or if a
      Participant described in (ii) above has received any compensation pursuant to an Award that is based on or results from such conduct or activities, such Participant shall promptly reimburse to the Company a sum equal to either an amount required by
      such law or the amount of such compensation paid in respect of the year in which such conduct or activities occurred, as applicable. Notwithstanding anything to the contrary contained herein, any Awards (including any amounts or benefits arising from
      such Awards) shall be subject to any clawback or recoupment arrangements or policies the Company has in place from time to time, as may be adopted or amended by the Board or the Committee at any time in its discretion, and the Committee may, to the
      extent permitted by applicable law and stock exchange rules or by any applicable Company policy or arrangement, and shall, to the extent required, cancel or require reimbursement of any Awards granted to the Participant or any shares of Common Stock
      issued or cash received upon vesting, exercise or settlement of any such Awards or sale of shares of Common Stock underlying such Awards.

    

       

    ARTICLE XVI

    

       

    ADJUSTMENTS; REPRICING

    

       

    16.01. Adjustments. Notwithstanding any other provision of the Plan, the Committee shall make or provide for such adjustments to the Plan, to
      the number and class of shares available thereunder or to any outstanding Options, Stock Appreciation Rights, Restricted Shares, RSUs, Performance Units or other Awards as it shall deem appropriate to prevent dilution or enlargement of rights,
      including adjustments in the event of changes in the number of shares of outstanding Common Stock by reason of stock dividends, extraordinary cash dividends, split-ups, recapitalizations, mergers, consolidations, combinations or exchanges of shares,
      separations, reorganizations, liquidations and the like. However, any such adjustment with respect to Options and Stock Appreciation Rights shall satisfy the requirements of Treas. Reg. §1.409A-1(b)(5)(v)(D) and shall otherwise ensure that such
      Awards continue to be exempt from Section 409A of the Code, and any such adjustment to Awards that are subject to Section 409A of the Code, including RSUs and Performance Units, shall be made to the extent compliant with Section 409A of the Code and
      the regulations thereunder.

     

       

    
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    16.02. Repricing. Except as provided above in connection with a corporate transaction involving the Company (including, without limitation, any
      stock dividend, stock split, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination or exchange of shares), the terms of outstanding Awards may not be amended to reduce the exercise price
      of outstanding Options or Stock Appreciation Rights or cancel outstanding Options or Stock Appreciation Rights in exchange for cash, other Awards or Options or Stock Appreciation Rights with an exercise price that is less than the exercise price of
      the original Options or Stock Appreciation Rights without stockholder approval.

    

       

    ARTICLE XVII

    

       

    AMENDMENT AND TERMINATION

    

       

    17.01. Amendment and Termination. The Board may suspend, terminate, modify or amend the Plan, provided that any amendment that would constitute
      a “material revision” of the Plan within the meaning of New York Stock Exchange Rule 303A(8) shall be subject to the approval of the Company’s stockholders. If the Plan is terminated, the terms of the Plan shall, notwithstanding such termination,
      continue to apply to Awards granted prior to such termination. No suspension, termination, modification or amendment of the Plan may, without the consent of the Participant to whom an Award shall theretofore have been granted, materially adversely
      affect the rights of such Participant under such Award, except to the extent any such action is undertaken to cause the Plan to comply with applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations.

    

       

    ARTICLE XVIII

    

       

    WRITTEN AGREEMENT

    

       

    18.01. Written Agreements. Each Award shall be evidenced by a written agreement, contract or other instrument (which may be in electronic form),
      executed or acknowledged by the Participant and the Company in the manner (if any) as determined by the Committee, and containing such restrictions, terms and conditions, if any, as the Committee may require (the “Award
        Agreement”). In the event of any conflict between an Award Agreement and the Plan, the terms of the Plan shall govern.

    

       

    ARTICLE XIX

    

       

    CHANGE IN CONTROL

    

       

    19.01. Effect of Change in Control. In the event that a Participant’s employment or service is terminated by the Company other than for Cause
      or, to the extent provided in an employment agreement between the Company and a Participant, a Participant resigns for Good Reason, in either case during the 24-month period beginning on the date of a Change in Control, 1) Options and Stock
      Appreciation Rights granted to such Participant which are not yet exercisable shall become fully exercisable; 2) any restrictions applicable to any Restricted Shares and RSUs awarded to such Participant shall be deemed to have been satisfied at
      target and the Restricted Period, if any, as applicable to such Restricted Shares and RSUs held by such Participant shall be deemed to have expired; and 3) any Performance Objectives applicable to any Performance Units awarded to such Participant
      shall be deemed to have been satisfied at target and the Performance Period, if any, as applicable to such Performance Units held by such Participant shall be deemed to have expired. Notwithstanding the foregoing, or the provisions of Sections 11.06
      or 12.04, if the accelerated settlement of any RSU or Performance Unit would cause the application of additional taxes under Section 409A of the Code, such RSU or Performance Unit will be settled on the date it would otherwise have been settled in
      the absence of a Change in Control, unless the transaction constituting the Change in Control falls within the definition of a Change in Control Event within the meaning of Section 409A of the Code and the regulations thereunder. Notwithstanding the
      foregoing, for the avoidance of doubt, the Committee in place prior to a Change in Control may in its discretion provide for alternative treatment of Awards in connection with the Change in Control.

     

       

    
      20

      
        

    

    ARTICLE XX

    

       

    MISCELLANEOUS PROVISIONS

    

       

    20.01. Awards to Participants Outside the United States. The Committee may modify the terms of any outstanding or new Award granted to a
      Participant who is, at the time of grant or during the term of the Award, resident or primarily employed outside of the United States in any manner deemed by the Committee to be necessary or appropriate in order that such Award shall conform to laws,
      regulations and customs of the country in which the Participant is then resident or primarily employed. An Award may be modified under this Section 20.01 in a manner that is inconsistent with the express terms of the Plan, so long as such
      modifications will not contravene any applicable law or regulation

    

       

    20.02. Tax Withholding. The Company shall have the right to require Participants or their beneficiaries or legal representatives to remit to the
      Company an amount sufficient to satisfy federal, state and local withholding tax requirements, or to deduct from all payments under this Plan amounts sufficient to satisfy all withholding tax requirements. Whenever payments under the Plan are to be
      made to a Participant in cash, such payments shall be net of any amounts sufficient to satisfy all federal, state and local withholding tax requirements. The Committee may, in its discretion, permit a Participant to satisfy the Participant’s tax
      withholding obligation either by 1) surrendering shares of Common Stock owned by the Participant or 2) having the Company withhold from shares of Common Stock otherwise deliverable to the Participant. Shares of Common Stock surrendered or withheld
      shall be valued at their Fair Market Value as of the date on which income is required to be recognized for income tax purposes. In the case of an Award of Incentive Stock Options, the foregoing right shall be deemed to be provided to the Participant
      at the time of such Award.

    

       

    20.03. Compliance With Section 16(b). In the case of Participants who are or may be subject to Section 16 of the Act, it is the intent of the
      Company that the Plan and any Award granted hereunder satisfy and be interpreted in a manner that satisfies the applicable requirements of Rule 16b-3 under the Act, so that such persons will be entitled to the benefits of Rule 16b-3 under the Act or
      other exemptive rules under Section 16 of the Act and will not be subjected to liability thereunder. If any provision of the Plan or any Award would otherwise conflict with the intent expressed herein, that provision, to the extent possible, shall be
      interpreted and deemed amended so as to avoid such conflict. To the extent of any remaining irreconcilable conflict with such intent, such provision shall be deemed void as applicable to Participants who are or may be subject to Section 16 of the
      Act.

    

       

    20.04. Successors. The obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from
      the merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all of the assets and businesses of the Company. In the event of any of the foregoing, the Committee may,
      at its discretion prior to the consummation of the transaction, cancel, offer to purchase, exchange, adjust or modify any outstanding Awards, at such time and in such manner as the Committee deems appropriate and in accordance with applicable law and
      the provisions of Article XVI.

     

       

    
      21

      
        

    

    20.05. General Creditor Status. Participants shall have no right, title or interest whatsoever in or to any investments which the Participant
      may make to aid it in meeting its obligations under the Plan. Nothing contained in the Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or a fiduciary relationship between the Company
      and any Participant or beneficiary or legal representative of such Participant. To the extent that any person acquires a right to receive payments from the Company under the Plan, such right shall be no greater than the right of an unsecured general
      creditor of the Company. All payments to be made hereunder shall be paid from the general funds of the Company and no special or separate fund shall be established and no segregation of assets shall be made to assure payment of such amounts except as
      expressly set forth in the Plan.

    

       

    20.06. No Right to Employment. Nothing in the Plan or in any written agreement entered into pursuant to Article XVIII, nor the grant of any
      Award, shall confer upon any Participant any right to continue in the employ of the Company or a subsidiary or to be entitled to any remuneration or benefits not set forth in the Plan or such written agreement or interfere with or limit the right of
      the Company or a subsidiary to modify the terms of or terminate such Participant’s employment at any time.

    

       

    20.07. No Rights to Awards; No Rights to Additional Payments. No Participant shall have any claim to be granted any Award, and there is no
      obligation for uniformity of treatment of Participants. All grants of Awards and deliveries of Common Stock, cash or other property under the Plan shall constitute a special discretionary incentive payment to the Participant and shall not be required
      to be taken into account in computing any contributions to or any benefits under any retirement, profit-sharing, severance or other benefit plan of the Company or any subsidiary or affiliate, unless the Committee expressly provides otherwise in
      writing.

    

       

    20.08. Notices. Notices required or permitted to be made under the Plan shall be sufficiently made if sent by registered or certified mail
      addressed (a) to the Participant at the Participant’s address set forth in the books and records of the Company or its subsidiaries or (b) to the Company or the Committee at the principal office of the Company.

    

       

    20.09. Severability. In the event that any provision of the Plan shall be held illegal or invalid for any reason, such illegality or invalidity
      shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included.

     

       

    
      22

      
        

    

    20.10. Governing Law. To the extent not preempted by federal law, the Plan, and all agreements hereunder, shall be construed in accordance with
      and governed by the laws of the State of Delaware.

    

       

    20.11. Term of Plan. Unless earlier terminated pursuant to Article XVII hereof, the Plan shall terminate on the tenth anniversary of the
      Effective Date (such period from the Effective Date to such termination or expiration of the Plan, the “Plan Term”). Following the end of the Plan Term, no additional Awards may be granted under the Plan.
      However, unless otherwise expressly provided in the Plan or in an applicable Award Agreement, any Award theretofore granted may extend beyond such date, and the authority of the Committee to amend, alter, adjust, suspend, discontinue or terminate any
      such Award, or to waive any conditions or rights under any such Award, and the authority of the Board to amend the Plan, shall extend beyond such date.

    

       

    ARTICLE XXI

    

       

    DEFINITIONS

    

       

    21.01. As used in the Plan, the following terms shall have the respective meanings indicated:

    

       

    (a)        “Act” means the Securities Exchange Act of 1934, as amended.

    

       

    (b)       “Award” means any award contemplated by Section 2.01, including, for
        the avoidance of doubt, any Substitute Award, Converted Award and Replacement Award.

    

       

    (c)        “Board” means the Company’s Board of Directors.

    

       

    (d)       “Cause” has the meaning set forth in the Participant’s Service
        Agreement, if any (whether defined as “cause” or a term of similar import), or if not so defined, means, unless otherwise provided in the applicable Award Agreement, that the Participant (1) was grossly negligent in the performance of the
        Participant’s duties with the Company (other than a failure resulting from the Participant’s incapacity due to physical or mental illness); (2) has plead “guilty” or “no contest” to or has been convicted of an act which is defined as a felony under
        federal or state law; or (3) engaged in misconduct in bad faith which could reasonably be expected to materially harm the Company’s business or its reputation. The Participant shall be given written notice by the Company of a termination for Cause,
        which shall state in detail the particular act or acts or failures to act that constitute the grounds on which the termination for Cause is based.

    

       

    
      23

      
        

    

    (e)      “Change in Control” means, and shall be deemed to have occurred upon,
        the occurrence of any of the following events:

    
      
        
           

            

        

        1)       Any Person (other than an Excluded Person) becomes, together with
            all “affiliates” and “associates” (each as defined under Rule 12b-2 of the Act) the “beneficial owner” (as defined under Rule 13d-3 of the Act) of securities representing 50% or more of the combined voting power of the Voting Stock of the
            Company then outstanding, unless such Person becomes the “beneficial owner” of 50% or more of the combined voting power of such Voting Stock then outstanding solely as a result of an acquisition of such Voting Stock by the Company which, by
            reducing the Voting Stock of the Company outstanding, increases the proportionate Voting Stock beneficially owned by such Person (together with all “affiliates” and “associates” of such Person) to 50% or more of the combined voting power of the
            Voting Stock of the Company then outstanding; provided that if a Person shall become the “beneficial owner” of 50% or more of the combined voting power of the Voting Stock of the Company then
            outstanding by reason of such Voting Stock acquisition by the Company and shall thereafter become the “beneficial owner” of any additional Voting Stock of the Company which causes the proportionate voting power of Voting Stock beneficially
            owned by such Person to increase to 50% or more of the combined voting power of the Voting Stock of the Company then outstanding, such Person shall, upon becoming the “beneficial owner” of such additional Voting Stock of the Company, be deemed
            to have become the “beneficial owner” of 50% or more of the combined voting power of the Voting Stock then outstanding other than solely as a result of such Voting Stock acquisition by the Company;

      

    

    

       

    2)       During any period of 24 consecutive months, individuals who at the
        beginning of such period constitute the Board of Directors of the Company (and any new Director, whose election by such Board or nomination for election by the stockholders of the Company was approved by a vote of at least two-thirds of the
        Directors then still in office who either were Directors at the beginning of the period or whose election or nomination for election was so approved), cease for any reason to constitute a majority of Directors then constituting such Board;

    

       

    3)    A reorganization, merger or consolidation of the Company is consummated, in
        each case, unless, immediately following such reorganization, merger or consolidation, (i) more than 50% of, respectively, the then-outstanding shares of common stock of the corporation resulting from such reorganization, merger or consolidation
        and the combined voting power of the then-outstanding voting securities of such corporation entitled to vote generally in the election of directors is then beneficially owned, directly or indirectly, by all or substantially all of the individuals
        and entities who were the “beneficial owners” of the Voting Stock of the Company outstanding immediately prior to such reorganization, merger or consolidation, (ii) no Person (but excluding for this purpose any Excluded Person and any Person
        beneficially owning, immediately prior to such reorganization, merger or consolidation, directly or indirectly, 50% or more of the voting power of the outstanding Voting Stock of the Company) beneficially owns, directly or indirectly, 50% or more
        of, respectively, the then-outstanding shares of common stock of the corporation resulting from such reorganization, merger or consolidation or the combined voting power of the then-outstanding voting securities of such corporation entitled to vote
        generally in the election of directors and (iii) at least a majority of the members of the board of directors of the corporation resulting from such reorganization, merger or consolidation were members of the Board of Directors of the Company at
        the time of the execution of the initial agreement providing for such reorganization, merger or consolidation; or

    

       

    
      24

      
        

    

    4)      The consummation of (i) a complete liquidation or dissolution of the
        Company or (ii) the sale or other disposition of all or substantially all of the assets of the Company, other than to any corporation with respect to which, immediately following such sale or other disposition, (A) more than 50% of, respectively,
        the then-outstanding shares of common stock of such corporation and the combined voting power of the then-outstanding voting securities of such corporation entitled to vote generally in the election of directors is then beneficially owned, directly
        or indirectly, by all or substantially all of the individuals and entities who were the “beneficial owners” of the Voting Stock of the Company outstanding immediately prior to such sale or other disposition of assets, (B) no Person (but excluding
        for this purpose any Excluded Person and any Person beneficially owning, immediately prior to such sale or other disposition, directly or indirectly, 50% or more of the voting power of the outstanding Voting Stock of the Company) beneficially owns,
        directly or indirectly, 50% or more of, respectively, the then-outstanding shares of common stock of such corporation or the combined voting power of the then-outstanding voting securities of such corporation entitled to vote generally in the
        election of directors and (C) at least a majority of the members of the board of directors of such corporation were members of the Board of Directors of the Company at the time of the execution of the initial agreement or action of the Board
        providing for such sale or other disposition of assets of the Company.

    

       

    Notwithstanding the foregoing, in no event shall a “Change in Control” be deemed to have occurred (i) as a result of the formation of a Holding
      Company or (ii) with respect to a Participant, if the Participant is part of a “group,” within the meaning of Section 13(d)(3) of the Act as in effect on the Plan’s effective date, which consummates the Change in Control transaction. In addition, for
      purposes of the definition of “Change in Control” a Person engaged in business as an underwriter of securities shall not be deemed to be the “beneficial owner” of, or to “beneficially own,” any securities acquired through such Person’s participation
      in good faith in a firm commitment underwriting until the expiration of forty (40) days after the date of such acquisition.

    

       

    (f)        “Change in Control Event” has the meaning set forth in Section 409A
        of the Code.

    

       

    (g)       “Code” means the Internal Revenue Code of 1986, as amended.

    

       

    (h)      “Committee” means the Human Capital and Compensation Committee of the
        Board, or such other committee as designated by the Board.

    

       

    (i)        “Common Stock” means shares of the Company’s common stock, par value
        $0.01 per share.

    

       

    (j)        “Deferred Share Unit” means the right to receive a share of Common
        Stock in the future.

    

       

    (k)     “Employee Matters Agreement” means the Employee Matters Agreement by
        and between L Brands, Inc., a Delaware corporation, and Victoria’s Secret & Co., dated as of [●], 2021, as may be amended from time to time in accordance with its terms.

    

       

    
      25

      
        

    

    (l)      “Ending Value” means the value for each Performance Unit or formula
        for determining the value of each Performance Unit at the time of payment, in each case as provided for in the applicable Award Agreement.

    

       

    (m)      “Excluded Person” means (i) the Company; (ii) any of the Company’s
        subsidiaries; (iii) any Holding Company; (iv) any employee benefit plan of the Company, any of its subsidiaries or a Holding Company; or (v) any Person organized, appointed or established by the Company, any of its subsidiaries or a Holding Company
        for or pursuant to the terms of any plan described in clause (iv).

    

       

    (n)        “Fair Market Value” means the closing price of the Common Stock as
        reported on the principal exchange on which the shares of Common Stock are listed for the date on which the grant, exercise or other transaction occurs, or if there were no sales on such date, the most recent prior date on which there were sales.

    

       

    (o)    “Good Reason” has the meaning set forth in the Participant’s Service
        Agreement, if any, or in the applicable Award Agreement, to the extent applicable.

    

       

    (p)       “Holding Company” means an entity that becomes a holding company for
        the Company or its businesses as a part of any reorganization, merger, consolidation or other transaction, provided that the outstanding shares of common stock of such entity and the combined voting power of the then-outstanding voting securities
        of such entity entitled to vote generally in the election of directors is, immediately after such reorganization, merger, consolidation or other transaction, beneficially owned, directly or indirectly, by all or substantially all of the individuals
        and entities who were the “beneficial owners,” respectively, of the Voting Stock of the Company outstanding immediately prior to such reorganization, merger, consolidation or other transaction in substantially the same proportions as their
        ownership, immediately prior to such reorganization, merger, consolidation or other transaction, of such outstanding Voting Stock of the Company.

    

       

    (q)        “Incentive Stock Option” has the meaning set forth in Section 2.01 of the Plan.

    

       

    (r)       “Initial Value” means the initial value for each Performance Unit as
        provided for in the applicable Award Agreement and as necessary to make the calculation of the amount to be paid to a Participant pursuant to Sections 12.03 and 12.04 of the Plan.

    

       

    (s)        “Nonstatutory Stock Option” has the meaning set forth in Section
        2.01 of the Plan.

    

       

    (t)         “Nontandem Stock Appreciation Right” has the meaning set forth in
        Section 2.01 of the Plan.

    

       

    (u)        “Participant” means any individual who receives an Award pursuant to
        Section 4.01 of the Plan.

    

       

    (v)     “Performance Objectives” means the performance objectives, as specified
        by the Committee, which must be satisfied in order for the Participant to vest in the Performance Units which have been awarded to the Participant for the Performance Period.

    

       

    
      26

      
        

    

    (w)       “Performance Period” means the period of time, as established by the
        Committee in its sole discretion, applicable to Performance Units.

    

       

    (x)     “Performance Unit Account” means an account established and maintained
        for a Participant who is granted Performance Units.

    

       

    (y)        “Performance Units” has the meaning set forth in Section 2.01 of the
        Plan.

    

       

    (z)      “Person” means any individual composition, partnership, limited
        liability company, associations, trust or other entity or organization.

    

       

    (aa)      “Restricted Period” means the period of time, as established by the
        Committee, applicable to Restricted Shares and RSUs.

    

       

    (bb)      “Restricted Share Unit” or “RSU”
        has the meaning set forth in Section 2.01 of the Plan.

    

       

    (cc)      “Restricted Share” has the meaning set forth in Section 2.01 of the
        Plan.

    

       

    (dd)      “Retirement” means, unless otherwise provided in any applicable Award
        Agreement, a Participant’s Termination of Service other than for Cause following the date on which a Participant has attained age 55 and completed seven years of service with the Company.

    

       

    (ee)     “Service Agreement” means any employment, severance, consulting or
        similar agreement between an applicable Participant and the Company or any of its subsidiaries or affiliates.

    

       

    (ff) “Specified Employee” has the meaning set forth in Section 409A of the Code and the regulations thereunder.

    

       

    (gg)      “Stock Appreciation Rights” has the meaning set forth in Section 2.01
        of the Plan.

    

       

    (hh)      “Tandem Stock Appreciation Rights” has the meaning set forth in
        Section 2.01 of the Plan.

    

       

    (ii)      “Termination of Service” means, in the case of a Participant who is
        an employee, cessation of the employment relationship such that the Participant is no longer an employee of the Company or any of its subsidiaries or affiliates, or, in the case of a Participant who is a consultant or director, the date the
        performance of services for the Company and subsidiaries and affiliates has ended; provided, however, that in the case of a Participant who is an employee, the
        transfer of employment from the Company to a subsidiary or affiliate, from a subsidiary or affiliate to the Company, from one subsidiary or affiliate to another subsidiary or affiliate or, unless the Committee determines otherwise, the cessation of
        employee status but the continuation of the performance of services for the Company or a subsidiary or affiliate as a director or consultant shall not be deemed a cessation of service that would constitute a Termination of Service; provided, further, that, unless otherwise determined by the Committee, a Termination of Service shall be deemed to occur for a Participant employed by, or performing
        services for, a subsidiary or affiliate of the Company when such subsidiary or affiliate ceases to be a subsidiary or affiliate of the Company, respectively, unless such Participant’s employment or service continues with the Company or another
        subsidiary or affiliate of the Company.  Notwithstanding the foregoing, with respect to any Award subject to Section 409A of the Code (and not exempt therefrom), a Termination of Service occurs when a Participant experiences a “separation from
        service” (as such term is defined under Section 409A of the Code and the regulations thereunder).

    

       

    
      27

      
        

    

    (jj)     “Total Disability” has the meaning set forth in the Victoria’s Secret
        & Co. Long-Term Disability Plan or any successor thereto.

    

       

    (kk)      “Unrestricted Shares” has the meaning set forth in Section 2.01 of
        the Plan.

    

       

    (ll)       “Voting Stock” means securities of the Company entitled to vote
        generally in the election of the Company’s Board.

     

    

    

       28

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