Document:

riii_ex102.htm

EXHIBIT 10.2
  
 REGISTRATION RIGHTS AGREEMENT
  
 This REGISTRATION RIGHTS AGREEMENT (the “Agreement”), dated as of June 18, 2021 (the “Execution Date”), is entered into by and between Renavotio, Inc., a Nevada corporation with its principal executive office at 601 South Boulder Ave., Suite 600 Tulsa, OK 74119, (the “Company”), and GHS Investments LLC, a Nevada limited liability company, with offices at 420 Jericho Turnpike, Suite 102 Jericho, NY 11753 (the “Investor”). 
  
 RECITALS:
  
 Whereas, pursuant to the Equity Financing Agreement entered into by and between the Company and the Investor of even date (the “Equity Financing Agreement”), the Company has agreed to issue and sell to the Investor an indeterminate number of shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), up to an aggregate purchase price of Ten Million Dollars ($10,000,000);
  
 Whereas, as an inducement to the Investor to execute and deliver the Equity Financing Agreement, the Company has agreed to provide certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute (collectively, the “1933 Act”), and applicable state securities laws, with respect to the shares of Common Stock issuable pursuant to the Equity Financing Agreement.
  
 Now therefore, in consideration of the foregoing promises and the mutual covenants contained hereinafter and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Investor hereby agree as follows:
  
 SECTION I
DEFINITIONS
  
 As used in this Agreement, the following terms shall have the following meanings:
  
 “Execution Date” shall have the meaning set forth in the preambles.
  
 “Investor” shall have the meaning set forth in the preambles.
  
 “Person” means a corporation, a limited liability company, an association, a partnership, an organization, a business, an individual, a governmental or political subdivision thereof or a governmental agency.
  
 “Register,” “Registered,” and “Registration” refer to the Registration effected by preparing and filing one (1) or more Registration Statements in compliance with the 1933 Act and pursuant to Rule 415 under the 1933 Act or any successor rule providing for offering securities on a continuous basis (“Rule 415”), and the declaration or ordering of effectiveness of such Registration Statement(s) by the United States Securities and Exchange Commission (the “SEC”).
  
 “Registrable Securities” means (i) the shares of Common Stock issued or issuable pursuant to the Equity Financing Agreement, and (ii) any shares of capital stock issued or issuable with respect to such shares of Common Stock, if any, as a result of any stock split, stock dividend, recapitalization, exchange or similar event or otherwise, which have not been (x) included in the Registration Statement that has been declared effective by the SEC, or (y) sold under circumstances meeting all of the applicable conditions of Rule 144 (or any similar provision then in force) under the 1933 Act.
  
 	 
	1
	

	 

  
 “Registration Statement” means the registration statement of the Company filed under the 1933 Act covering the Registrable Securities.
  
 “Registered Offering Transaction Documents” shall mean this Agreement and the Equity Financing Agreement between the Company and the Investor as of the date hereof.
  
 All capitalized terms used in this Agreement and not otherwise defined herein shall have the same meaning ascribed to them as in the Equity Financing Agreement.
  
 SECTION II
REGISTRATION
  
 2.1 The Company shall, within thirty (30) calendar days upon the date of execution of this Agreement, use its best efforts to file with the SEC a Registration Statement or Registration Statements (as is necessary) on Form S-1 (or, if such form is unavailable for such a registration, on such other form as is available for such registration), covering the resale of all of the Registrable Securities, which Registration Statement(s) shall state that, in accordance with Rule 416 promulgated under the 1933 Act, such Registration Statement also covers such indeterminate number of additional shares of Common Stock as may become issuable upon stock splits, stock dividends or similar transactions. The Company shall initially register for resale all of the Registrable Securities which would be issuable on the date preceding the filing of the Registration Statement based on the closing bid price of the Company’s Common Stock on such date and the amount reasonably calculated that represents Common Stock issuable to other parties as set forth in the Equity Financing Agreement except to the extent that the SEC requires the share amount to be reduced as a condition of effectiveness.
  
 2.2 The Company shall use all commercially reasonable efforts to have the Registration Statement(s) declared effective by the SEC within thirty (30) calendar days, but no more than ninety (90) calendar days after the Company has filed the Registration Statement.
  
 2.3 The Company agrees not to include any other securities in the Registration Statement covering the Registrable Securities without Investor’s prior written consent which Investor may withhold in its sole discretion. Furthermore, the Company agrees that it will not file any other Registration Statement for other securities, until thirty calendar days after the Registration Statement for the Registrable Securities is declared effective by the SEC.
  
 2.4 Notwithstanding the registration obligations set forth in Section 2.1, if the staff of the SEC (the “Staff”) or the SEC informs the Company that all of the unregistered Registrable Securities cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering on a single Registration Statement, the Company agrees to promptly (i) inform the Investor and use its commercially reasonable efforts to file amendments to the Registration Statement as required by the SEC and/or (ii) withdraw the Registration Statement and file a new registration statement (the “New Registration Statement”), in either case covering the maximum number of Registrable Securities permitted to be registered by the SEC, on Form S-1 to register for resale the Registrable Securities as a secondary offering. If the Company amends the Registration Statement or files a New Registration Statement, as the case may be, under clauses (i) or (ii) above, the Company will use its commercially reasonable efforts to file with the SEC, as promptly as allowed by the Staff or SEC, one or more registration statements on Form S-1 to register for resale those Registrable Securities that were not registered for resale on the Registration Statement, as amended, or the New Registration Statement (each, an “Additional Registration Statement”).
  
 	 
	2
	

	 

  
 SECTION III
RELATED OBLIGATIONS
  
 At such time as the Company is obligated to prepare and file the Registration Statement with the SEC pursuant to Section 2.1, the Company will affect the registration of the Registrable Securities in accordance with the intended method of disposition thereof and, with respect thereto, the Company shall have the following obligations: 
  
 3.1 The Company shall use all commercially reasonable efforts to cause such Registration Statement relating to the Registrable Securities to become effective and shall keep such Registration Statement effective until the earlier to occur of the date on which (A) the Investor shall have sold all the Registrable Securities; or (B) the Investor has no right to acquire any additional shares of Common Stock under the Equity Financing Agreement (the “Registration Period”). The Registration Statement (including any amendments or supplements thereto and prospectuses contained therein) shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading. The Company shall use all commercially reasonable efforts to respond to all SEC comments within ten (10) business days from receipt of such comments by the Company. The Company shall use all commercially reasonable efforts to cause the Registration Statement relating to the Registrable Securities to become effective no later than three (3) business days after notice from the SEC that the Registration Statement may be declared effective. The Investor agrees to provide all information which is required by law to provide to the Company, including the intended method of disposition of the Registrable Securities, and the Company’s obligations set forth above shall be conditioned on the receipt of such information.
  
 3.2 The Company shall prepare and file with the SEC such amendments (including post-effective amendments) and supplements to the Registration Statement and the prospectus used in connection with such Registration Statement, which prospectus is to be filed pursuant to Rule 424 promulgated under the 1933 Act, as may be necessary to keep such Registration Statement effective during the Registration Period, and, during such period, comply with the provisions of the 1933 Act with respect to the disposition of all Registrable Securities of the Company covered by such Registration Statement until such time as all of such Registrable Securities shall have been disposed of in accordance with the intended methods of disposition by the Investor thereof as set forth in such Registration Statement. In the event the number of shares of Common Stock covered by the Registration Statement filed pursuant to this Agreement is at any time insufficient to cover all of the Registrable Securities, the Company shall amend such Registration Statement, or file a new Registration Statement (on the short form available therefor, if applicable), or both, so as to cover all of the Registrable Securities, in each case, as soon as practicable, but in any event within thirty (30) calendar days after the necessity therefor arises (based on the then Purchase Price of the Common Stock and other relevant factors on which the Company reasonably elects to rely), assuming the Company has sufficient authorized shares at that time, and if it does not, within thirty (30) calendar days after such shares are authorized. The Company shall use commercially reasonable efforts to cause such amendment and/or new Registration Statement to become effective as soon as practicable following the filing thereof.
  
 3.3 The Company shall make available to the Investor and its legal counsel without charge (i) promptly after the same is prepared and filed with the SEC at least one (1) copy of such Registration Statement and any amendment(s) thereto, including financial statements and schedules, all documents incorporated therein by reference and all exhibits, the prospectus included in such Registration Statement (including each preliminary prospectus) and, with regards to such Registration Statement(s), any correspondence by or on behalf of the Company to the SEC or the staff of the SEC and any correspondence from the SEC or the staff of the SEC to the Company or its representatives; (ii) upon the effectiveness of any Registration Statement, the Company shall make available copies of the prospectus, via EDGAR, included in such Registration Statement and all amendments and supplements thereto; and (iii) such other documents, including copies of any preliminary or final prospectus, as the Investor may reasonably request from time to time to facilitate the disposition of the Registrable Securities. 
  
 	 
	3
	

	 

  
 3.4 The Company shall use commercially reasonable efforts to (i) register and qualify the Registrable Securities covered by the Registration Statement under such other securities or “blue sky” laws of such states in the United States as the Investor reasonably requests; (ii) prepare and file in those jurisdictions, such amendments (including post-effective amendments) and supplements to such registrations and qualifications as may be necessary to maintain the effectiveness thereof during the Registration Period; (iii) take such other actions as may be necessary to maintain such registrations and qualifications in effect at all times during the Registration Period, and (iv) take all other actions reasonably necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (x) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 3.4, or (y) subject itself to general taxation in any such jurisdiction. The Company shall promptly notify the Investor of the receipt by the Company of any notification with respect to the suspension of the registration or qualification of any of the Registrable Securities for sale under the securities or “blue sky” laws of any jurisdiction in the United States or its receipt of actual notice of the initiation or threatening of any proceeding for such purpose.
  
 3.5 As promptly as practicable after becoming aware of such event, the Company shall notify Investor in writing of the happening of any event as a result of which the prospectus included in the Registration Statement, as then in effect, includes an untrue statement of a material fact or omission to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading (“Registration Default”) and use all diligent efforts to promptly prepare a supplement or amendment to such Registration Statement and take any other necessary steps to cure the Registration Default (which, if such Registration Statement is on Form S-3, may consist of a document to be filed by the Company with the SEC pursuant to Section 13(a), 13(c), 14 or 15(d) of the 1934 Act (as defined below) and to be incorporated by reference in the prospectus) to correct such untrue statement or omission, and make available copies of such supplement or amendment to the Investor. The Company shall also promptly notify the Investor (i) when a prospectus or any prospectus supplement or post-effective amendment has been filed, and when the Registration Statement or any post-effective amendment has become effective (the Company will prepare notification of such effectiveness which shall be delivered to the Investor on the same day of such effectiveness and by overnight mail), additionally, the Company will promptly provide to the Investor, a copy of the effectiveness order prepared by the SEC once it is received by the Company; (ii) of any request by the SEC for amendments or supplements to the Registration Statement or related prospectus or related information, (iii) of the Company’s reasonable determination that a post-effective amendment to the Registration Statement would be appropriate, (iv) in the event the Registration Statement is no longer effective, or (v) if the Registration Statement is stale as a result of the Company’s failure to timely file its financials or otherwise
  
 3.6 The Company shall use all commercially reasonable efforts to prevent the issuance of any stop order or other suspension of effectiveness of the Registration Statement, or the suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction and, if such an order or suspension is issued, to obtain the withdrawal of such order or suspension at the earliest possible moment and to notify the Investor holding Registrable Securities being sold of the issuance of such order and the resolution thereof or its receipt of actual notice of the initiation or threat of any proceeding concerning the effectiveness of the registration statement.
   
 	 
	4
	

	 

  
 3.7 The Company shall permit the Investor and one (1) legal counsel, designated by the Investor, to review and comment upon the Registration Statement and all amendments and supplements thereto at least one (1) calendar day prior to their filing with the SEC. However, any postponement of a filing of a Registration Statement or any postponement of a request for acceleration or any postponement of the effective date or effectiveness of a Registration Statement by written request of the Investor (collectively, the “Investor’s Delay”) shall not act to trigger any penalty of any kind, or any cash amount due or any in-kind amount due the Investor from the Company under any and all agreements of any nature or kind between the Company and the Investor. The event(s) of an Investor’s Delay shall act to suspend all obligations of any kind or nature of the Company under any and all agreements of any nature or kind between the Company and the Investor.
  
 3.8 At the request of the Investor, the Company’s counsel shall furnish to the Investor, within two (2) business days, an opinion letter confirming the effectiveness of the registration statement. Such opinion letter shall be issued as of the date of the effectiveness of the registration statement, in a form suitable to the Investor. 
  
 3.9 The Company shall hold in confidence and not make any disclosure of information concerning the Investor unless (i) disclosure of such information is necessary to comply with federal or state securities laws, (ii) the disclosure of such information is necessary to avoid or correct a misstatement or omission in any Registration Statement, or (iii) the release of such information is ordered pursuant to a subpoena or other final, non-appealable order from a court or governmental body of competent jurisdiction. The Company agrees that it shall, upon learning that disclosure of such information concerning the Investor is sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt written notice to the Investor and allow the Investor, at the Investor’s expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order covering such information.
  
 3.10 The Company shall use all commercially reasonable efforts to maintain designation and quotation of all the Registrable Securities covered by any Registration Statement on the Principal Market. If, despite the Company’s commercially reasonable efforts, the Company is unsuccessful in satisfying the preceding sentence, it shall use commercially reasonable efforts to cause all the Registrable Securities covered by any Registration Statement to be listed on each other national securities exchange and automated quotation system, if any, on which securities of the same class or series issued by the Company are then listed, if any, if the listing of such Registrable Securities is then permitted under the rules of such exchange or system. The Company shall pay all fees and expenses in connection with satisfying its obligation under this Section 3.10.
  
 3.11 The Company shall cooperate with the Investor to facilitate the prompt preparation and delivery of the Registrable Securities to be offered pursuant to the Registration Statement and enable such Registrable Securities to be in such denominations or amounts, as the case may be, as the Investor may reasonably request.
  
 3.12 The Company shall provide a transfer agent for all the Registrable Securities not later than the effective date of the first Registration Statement filed pursuant hereto.
  
 3.13 If requested by the Investor, the Company shall (i) as soon as reasonably practical incorporate in a prospectus supplement or post-effective amendment such information as the Investor reasonably determines should be included therein relating to the sale and distribution of Registrable Securities, including, without limitation, information with respect to the offering of the Registrable Securities to be sold in such offering; (ii) make all required filings of such prospectus supplement or post-effective amendment as soon as reasonably possible after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment; and (iii) supplement or make amendments to any Registration Statement if reasonably requested by the Investor.
  
 	 
	5
	

	 

  
 3.14 The Company shall use all commercially reasonable efforts to cause the Registrable Securities covered by the applicable Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to facilitate the disposition of such Registrable Securities.
  
 3.15 The Company shall otherwise use all commercially reasonable efforts to comply with all applicable rules and regulations of the SEC in connection with any registration hereunder. 
  
 3.16 Within three (3) business day after the Registration Statement is declared effective by the SEC, the Company shall deliver to the transfer agent for such Registrable Securities, with copies to the Investor, confirmation that such Registration Statement has been declared effective by the SEC.
  
 3.17 The Company shall take all other reasonable actions necessary to expedite and facilitate disposition by the Investor of Registrable Securities pursuant to the Registration Statement.
  
 SECTION IV
OBLIGATIONS OF THE INVESTOR
    
 4.1 At least five (5) calendar days prior to the first anticipated filing date of the Registration Statement, the Company shall notify the Investor in writing of the information the Company requires from the Investor for the Registration Statement. It shall be a condition precedent to the obligations of the Company to complete the registration pursuant to this Agreement with respect to the Registrable Securities and the Investor agrees to furnish to the Company that information regarding itself, the Registrable Securities and the intended method of disposition of the Registrable Securities as shall reasonably be required to effect the registration of such Registrable Securities and the Investor shall execute such documents in connection with such registration as the Company may reasonably request. The Investor covenants and agrees that, in connection with any sale of Registrable Securities by it pursuant to the Registration Statement, it shall comply with the “Plan of Distribution” section of the then current prospectus relating to such Registration Statement.
  
 4.2 The Investor, by its acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing of any Registration Statement hereunder, unless the Investor has notified the Company in writing of an election to exclude all of the Investor’s Registrable Securities from such Registration Statement.
  
 4.3 The Investor agrees that, upon receipt of written notice from the Company of the happening of any event of the kind described in Section 3.6 or the first sentence of 3.5, the Investor will immediately discontinue disposition of Registrable Securities pursuant to any Registration Statement(s) covering such Registrable Securities until the Investor’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 3.6 or the first sentence of 3.5.
  
 SECTION V
EXPENSES OF REGISTRATION
  
 All legal expenses, other than underwriting discounts and commissions and other than as set forth in the Equity Financing Agreement, incurred in connection with registrations including comments, filings or qualifications pursuant to Sections 2 and 3, including, without limitation, all registration, listing and qualifications fees, and printing fees shall be paid by the Company.
  
 	 
	6
	

	 

  
 SECTION VI
INDEMNIFICATION
  
 In the event any Registrable Securities are included in the Registration Statement under this Agreement: 
  
 6.1 To the fullest extent permitted by law, the Company, under this Agreement, will, and hereby does, indemnify, hold harmless and defend the Investor who holds Registrable Securities, the directors, officers, partners, employees, counsel, agents, representatives of, and each Person, if any, who controls, any Investor within the meaning of the 1933 Act or the Securities Exchange Act of 1934, as amended (the “1934 Act”) (each, an “Indemnified Person”), against any losses, claims, damages, liabilities, judgments, fines, penalties, charges, costs, attorneys’ fees, amounts paid in settlement or expenses, joint or several (collectively, “Claims”), incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative or other regulatory agency, body or the SEC, whether pending or threatened, whether or not an indemnified party is or may be a party thereto (“Indemnified Damages”), to which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in the Registration Statement or any post-effective amendment thereto or in any filing made in connection with the qualification of the offering under the securities or other “blue sky” laws of any jurisdiction in which the Investor has requested in writing that the Company register or qualify the Shares (“Blue Sky Filing”), or the omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which the statements therein were made, not misleading, (ii) any untrue statement or alleged untrue statement of a material fact contained in the final prospectus (as amended or supplemented, if the Company files any amendment thereof or supplement thereto with the SEC) or the omission or alleged omission to state therein any material fact necessary to make the statements made therein, in light of the circumstances under which the statements therein were made, not misleading, or (iii) any violation or alleged violation by the Company of the 1933 Act, the 1934 Act, any other law, including, without limitation, any state securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to the Registration Statement (the matters in the foregoing clauses (i) through (iii) being, collectively, “Violations”). Subject to the restrictions set forth in Section 6.3 the Company shall reimburse the Investor and each such controlling person, promptly as such expenses are incurred and are due and payable, for any reasonable legal fees or other reasonable expenses incurred by them in connection with investigating or defending any such Claim. Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this Section 6.1: (i) shall not apply to a Claim arising out of or based upon a Violation which is due to the inclusion in the Registration Statement of the information furnished to the Company by any Indemnified Person expressly for use in connection with the preparation of the Registration Statement or any such amendment thereof or supplement thereto; (ii) shall not be available to the extent such Claim is based on (a) a failure of the Investor to deliver or to cause to be delivered the prospectus made available by the Company or (b) the Indemnified Person’s use of an incorrect prospectus despite being promptly advised in advance by the Company in writing not to use such incorrect prospectus; (iii) any claims based on the manner of sale of the Registrable Securities by the Investor or of the Investor’s failure to register as a dealer under applicable securities laws; (iv) any omission of the Investor to notify the Company of any material fact that should be stated in the Registration Statement or prospectus relating to the Investor or the manner of sale; and (v) any amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified Person and shall survive the resale of the Registrable Securities by the Investor pursuant to the Registration Statement.
  
 	 
	7
	

	 

  
 6.2 In connection with any Registration Statement in which Investor is participating, the Investor agrees to severally and jointly indemnify, hold harmless and defend, to the same extent and in the same manner as is set forth in Section 6.1, the Company, each of its directors, each of its officers who signs the Registration Statement, each Person, if any, who controls the Company within the meaning of the 1933 Act or the 1934 Act and the Company’s agents (collectively and together with an Indemnified Person, an “Indemnified Party”), against any Claim or Indemnified Damages to which any of them may become subject, under the 1933 Act, the 1934 Act or otherwise, insofar as such Claim or Indemnified Damages arise out of or are based upon any Violation, in each case to the extent, and only to the extent, that such Violation is due to the inclusion in the Registration Statement of the written information furnished to the Company by the Investor expressly for use in connection with such Registration Statement; and, subject to Section 6.3, the Investor will reimburse any legal or other expenses reasonably incurred by them in connection with investigating or defending any such Claim; provided, however, that the indemnity agreement contained in this Section 6.2 and the agreement with respect to contribution contained in Section 7 shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Investor, which consent shall not be unreasonably withheld; provided, further, however, that the Investor shall only be liable under this Section 6.2 for that amount of a Claim or Indemnified Damages as does not exceed the net proceeds to such Investor as a result of the sale of Registrable Securities pursuant to such Registration Statement. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Indemnified Party and shall survive the resale of the Registrable Securities by the Investor pursuant to the Registration Statement. Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this Section 6.2 with respect to any preliminary prospectus shall not inure to the benefit of any Indemnified Party if the untrue statement or omission of material fact contained in the preliminary prospectus were corrected on a timely basis in the prospectus, as then amended or supplemented. This indemnification provision shall apply separately to each Investor and liability hereunder shall not be joint and several.
  
 6.3 Promptly after receipt by an Indemnified Person or Indemnified Party under this Section 6 of notice of the commencement of any action or proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person or Indemnified Party shall, if a Claim in respect thereof is to be made against any indemnifying party under this Section 6, deliver to the indemnifying party a written notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the Indemnified Party, as the case may be; provided, however, that an Indemnified Person or Indemnified Party shall have the right to retain its own counsel with the fees and expenses to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the Indemnified Person or Indemnified Party, the representation by counsel of the Indemnified Person or Indemnified Party and the indemnifying party would be inappropriate due to actual or potential differing interests between such Indemnified Person or Indemnified Party and any other party represented by such counsel in such proceeding. The indemnifying party shall pay for only one (1) separate legal counsel for the Indemnified Persons or the Indemnified Parties, as applicable, and such counsel shall be selected by the Investor, if the Investor is entitled to indemnification hereunder, or the Company, if the Company is entitled to indemnification hereunder, as applicable. The Indemnified Party or Indemnified Person shall cooperate fully with the indemnifying party in connection with any negotiation or defense of any such action or Claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the Indemnified Party or Indemnified Person which relates to such action or Claim. The indemnifying party shall keep the Indemnified Party or Indemnified Person fully apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for any settlement of any action, claim or proceeding affected without its written consent, provided, however, that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the consent of the Indemnified Party or Indemnified Person, consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party or Indemnified Person of a release from all liability in respect to such Claim. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified Party or Indemnified Person with respect to all third parties, firms or corporations relating to the matter for which indemnification has been made. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to the Indemnified Person or Indemnified Party under this Section 6, except to the extent that the indemnifying party is prejudiced in its ability to defend such action.
  
 	 
	8
	

	 

  
 6.4 The indemnity agreements contained herein shall be in addition to (I) any cause of action or similar right of the Indemnified Party or Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject to pursuant to the law.
  
 SECTION VII
 CONTRIBUTION
  
 7.1 To the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the maximum contribution with respect to any amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted by law; provided, however, that: (i) no contribution shall be made under circumstances where the maker would not have been liable for indemnification under the fault standards set forth in Section 6; (ii) no seller of Registrable Securities guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from any seller of Registrable Securities who was not guilty of fraudulent misrepresentation; and (iii) contribution by any seller of Registrable Securities shall be limited in amount to the net amount of proceeds received by such seller from the sale of such Registrable Securities.
  
 SECTION VIII
 REPORTS UNDER THE 1934 ACT
  
 8.1 With a view to making available to the Investor the benefits of Rule 144 promulgated under the 1933 Act or any other similar rule or regulation of the SEC that may at any time permit the Investor to sell securities of the Company to the public without registration (“Rule 144”), provided that the Investor holds any Registrable Securities are eligible for resale under Rule 144, the Company agrees to:
  
 a. make and keep adequate current public information available, as those terms are understood and defined in Rule 144;
  
 b. file with the SEC in a timely manner all reports and other documents required of the Company under the 1933 Act and the 1934 Act so long as the Company remains subject to such requirements (it being understood that nothing herein shall limit the Company’s obligations under Section 5(c) of the Equity Financing Agreement) and the filing of such reports and other documents is required for the applicable provisions of Rule 144;
  
 c. Filing in a timely manner shall include when the Company files for an extension with respect to a periodic report and files for an extension to file such report and files such report within the time period required pursuant to such extension report. 
  
 d. furnish to the Investor, promptly upon request, (I) a written statement by the Company that it has complied with the reporting requirements of Rule 144, the 1933 Act and the 1934 Act, (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested to permit the Investor to sell such securities pursuant to Rule 144 without registration.
  
 	 
	9
	

	 

   
 SECTION X
 MISCELLANEOUS
  
 9.1 NOTICES. Any notices or other communications required or permitted to be given under the terms of this Agreement that must be in writing will be deemed to have been delivered (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by email; or (iii) one (1) day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the same. The addresses for such communications shall be:
  
 	 If to the Company:
  
  
  
  
  
 With Copy to:
 (which copy shall not constitute notice
	  
	 Attn: William C. Robinson, CEO
 601 South Boulder Ave.
 Suite 600
 Tulsa, OK 74119
  
  

	  
	  
	  

	 If to the Investor:
	  
	 GHS Investments, LLC
 420 Jericho Turnpike, Suite 102
Jericho, NY 11753

  
 Each party shall provide five (5) business days prior notice to the other party of any change in address, phone number or facsimile number.
  
 9.2 NO WAIVERS. Failure of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or remedy, shall not operate as a waiver thereof.
  
 9.3 NO ASSIGNMENTS. The rights and obligations under this Agreement shall not be assignable.
  
 9.4 ENTIRE AGREEMENT/AMENDMENT. This Agreement and the Registered Offering Transaction Documents constitute the entire agreement among the parties hereto with respect to the subject matter hereof and thereof. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein and therein. This Agreement and the Registered Offering Transaction Documents supersede all prior agreements and understandings among the parties hereto with respect to the subject matter hereof and thereof. The provisions of this Agreement may be amended only with the written consent of the Company and Investor.
  
 9.5 HEADINGS. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. Whenever required by the context of this Agreement, the singular shall include the plural and masculine shall include the feminine. This Agreement shall not be construed as if it had been prepared by one of the parties, but rather as if all the parties had prepared the same.
  
 	 
	10
	

	 

  
 9.6 COUNTERPARTS. This Agreement may be executed in any number of counterparts and by the different signatories hereto on separate counterparts, each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute but one and the same instrument. This Agreement may be executed by facsimile transmission, PDF, electronic signature or other similar electronic means with the same force and effect as if such signature page were an original thereof.
  
 9.7 FURTHER ASSURANCES. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.
  
 9.8 SEVERABILITY. In case any provision of this Agreement is held by a court of competent jurisdiction to be excessive in scope or otherwise invalid or unenforceable, such provision shall be adjusted rather than voided, if possible, so that it is enforceable to the maximum extent possible, and the validity and enforceability of the remaining provisions of this Agreement will not in any way be affected or impaired thereby.
  
 9.9 Law Governing this Agreement. This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada without regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated by this Agreement shall be brought only in the state or federal courts located in New York City, New York. The parties to this Agreement hereby irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. The parties executing this Agreement and other agreements referred to herein or delivered in connection herewith on behalf of the Company agree to submit to the in personam jurisdiction of such courts and hereby irrevocably waive trial by jury. The prevailing party shall be entitled to recover from the other party its reasonable attorney’s fees and costs. In the event that any provision of this Agreement or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement. Each party hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding in connection with this Agreement or any other Registered Offering Transaction Documents by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.
  
 9.10 NO THIRD PARTY BENEFICIARIES. This Agreement is intended for the benefit of the parties hereto and is not for the benefit of, nor may any provision hereof be enforced by, any other person, except that the Company acknowledges that the rights of the Investor may be enforced by its general partner. 
  
 [Signature page follows]
  
 	 
	11
	

	 

  
 Your signature on this Signature Page evidences your agreement to be bound by the terms and conditions of the Registration Rights Agreement as of the date first written above. The undersigned signatory hereby certifies that he has read and understands the Registration Rights Agreement, and the representations made by the undersigned in this Registration Rights Agreement are true and accurate, and agrees to be bound by its terms.
  
 	 	GHS INVESTMENTS, LLC.	
	 	  	 	 
		By:	/s/ Sarfraz Hajee	
	  
	 Name:
	Sarfraz Hajee	 
	 	Title:	 Member
	 
	 	 	 	 
	  
	 RENAVOTIO, INC.
	  

	  
	  
	  
	  

	  
	 By:
	 /s/ William C. Robinson
	  

	  
	 Name:
	 William C. Robinson
	  

	  
	 Title:
	 CEO 
	  

  
  
 [SIGNATURE PAGE OF REGISTRATION RIGHTS AGREEMENT]
  
 	 
	12Exhibit 10.1

    

     

    

    

    
      FORM OF

      

      

      L BRANDS TO VS TRANSITION SERVICES AGREEMENT

      

      

      dated as of

      

      

      [__], 2021

      

      

      by and between

      

      

      L BRANDS, INC.

      

      

      and

      

      

      VICTORIA’S SECRET & CO.

      
        
          

      

      
      TABLE OF CONTENTS

      Page

      	
              ARTICLE 1

              Definitions

               

            
	
              Section 1.01.

            	
              Definitions

            	
              1

            
	
              Section 1.02.

            	
              Other Definitional and Interpretive Provisions

            	
              3

            
	
               

              

              ARTICLE 2

              Services

               

            
	
              Section 2.01.

            	
              Services

            	
              3

            
	
              Section 2.02.

            	
              Service Provider’s Affiliates and Third Party Providers

            	
              3

            
	
              Section 2.03.

            	
              General Standard of Service

            	
              4

            
	
              Section 2.04.

            	
              Compliance with Applicable Law

            	
              4

            
	
              Section 2.05.

            	
              Force Majeure

            	
              4

            
	
              Section 2.06.

            	
              Limitations

            	
              4

            
	
              Section 2.07.

            	
              Labor Matters

            	
              5

            
	
              Section 2.08.

            	
              Facilities; Cooperation; Further Actions

            	
              5

            
	
              Section 2.09.

            	
              Intellectual Property

            	
              6

            
	
              Section 2.10.

            	
              Data Ownership and Data Protection

            	
              6

            
	
              Section 2.11.

            	
              Information Technology

            	
              7

            
	
              Section 2.12.

            	
              Policies and Procedures

            	
              7

            
	
              Section 2.13.

            	
              Access to Information

            	
              7

            
	
              Section 2.14.

            	
              Transition Governance

            	
              8

            
	
               

              

              ARTICLE 3

              Service Fees

               

            
	
              Section 3.01.

            	
              Fees for Services

            	
              8

            
	
              Section 3.02.

            	
              Customary Billing

            	
              9

            
	
              Section 3.03.

            	
              Pass-Through Billing

            	
              9

            
	
              Section 3.04.

            	
              Percent of Sales Billing

            	
              9

            
	
              Section 3.05.

            	
              Fixed Fee Billing

            	
              9

            
	
              Section 3.06.

            	
              Invoicing of Fees

            	
              10

            
	
              Section 3.07.

            	
              Right to Set Off

            	
              10

            
	
              Section 3.08.

            	
              Taxes

            	
              10

            
	
              Section 3.09.

            	
              Audits

            	
              11

            
	
              

                ARTICLE 4

              Retention and Transfer of Certain TSA Employees

               

            
	
              Section 4.01.

            	
              Employment of Transition Employees

            	
              11

            
	
              Section 4.02.

            	
              Transfer of Transition Employees

            	
              12

            
	
               

              

              ARTICLE 5

              Confidentiality

               

            
	
              Section 5.01.

            	
              Confidentiality

            	
              13

            
	
              Section 5.02.

            	
              No Rights to Confidential Information

            	
              13

            
	
              Section 5.03.

            	
              Third Party Non-Disclosure Agreements

            	
              13

            
	
              Section 5.04.

            	
              Safeguards

            	
              13

            

      

      

      
        i

        
          

      

      

      

      
        	
                ARTICLE 6

                Indemnification; Limitation of Liability

                 

              
	
                Section 6.01.

              	
                Indemnification

              	
                13

              
	
                Section 6.02.

              	
                Third Party Claim Procedures

              	
                14

              
	
                Section 6.03.

              	
                Direct Claim Procedures

              	
                14

              
	
                Section 6.04.

              	
                Calculation of Damages

              	
                15

              
	
                Section 6.05.

              	
                No Warranties

              	
                15

              
	
                Section 6.06.

              	
                Limitation of Liability; Exclusion of Damages

              	
                15

              
	
                 

                

                ARTICLE 7

                Termination of Services

                 

              
	
                Section 7.01.

              	
                Termination

              	
                15

              
	
                Section 7.02.

              	
                Effect of Termination

              	
                16

              
	
                 

                

                ARTICLE 8

                Representations And Warranties

                 

              
	
                Section 8.01.

              	
                Representations and Warranties of Service Provider

              	
                17

              
	
                Section 8.02.

              	
                Representations and Warranties of VS

              	
                17

              
	
                 

                

                ARTICLE 9

                Miscellaneous

                 

              
	
                Section 9.01.

              	
                Notices

              	
                18

              
	
                Section 9.02.

              	
                Amendments; No Waivers

              	
                18

              
	
                Section 9.03.

              	
                Expenses

              	
                19

              
	
                Section 9.04.

              	
                Independent Contractor Status

              	
                19

              
	
                Section 9.05.

              	
                Successors and Assigns

              	
                19

              
	
                Section 9.06.

              	
                Governing Law

              	
                19

              
	
                Section 9.07.

              	
                Dispute Resolution

              	
                19

              
	
                Section 9.08.

              	
                Jurisdiction

              	
                20

              
	
                Section 9.09.

              	
                WAIVER OF JURY TRIAL

              	
                20

              
	
                Section 9.10.

              	
                Counterparts; Effectiveness; Third Party Beneficiaries

              	
                20

              
	
                Section 9.11.

              	
                Entire Agreement

              	
                20

              
	
                Section 9.12.

              	
                Severability

              	
                21

              
	
                Section 9.13.

              	
                Specific Performance

              	
                21

              
	
                Section 9.14.

              	
                Interpretation

              	
                21

              
	
                Section 9.15.

              	
                Integration

              	
                21

              

      

      

      

      SCHEDULES

      

      

      Schedule A          Service Schedules

      

      

      ANNEXES

      

      

      Annex A          Data Processing Addendum

      

      

      
        ii

        
          

      

      L BRANDS TO VS TRANSITION SERVICES AGREEMENT

      

      

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

      

      

      W I T N E S S E T H :

      

      

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

      

      

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

      

      

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

      

      

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

      

      

      ARTICLE 1

      Definitions

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      
        
          

      

      
      

      

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

      

      

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

      

      

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

      	
              Term

            	
              Section

            
	
              Administrative Charge

            	
              3.01(c)

            
	
              Agreement

            	
              Preamble

            
	
              Allocated Cost

            	
              3.01(c)

            
	
              Applicable Agreements

            	
              9.15

            
	
              Arbitration Association

            	
              9.07(c)

            
	
              Confidential Information

            	
              5.01

            
	
              Cost Components

            	
              3.01(c)

            
	
              Customary Billing

            	
              3.01(b)

            
	
              Damages

            	
              6.01(a)

            
	
              Developed Intellectual Property

            	
              2.09(d)

            
	
              Dispute

            	
              9.07(a)

            
	
              Effective Date

            	
              Preamble

            
	
              Fixed Fee Billing

            	
              3.01(b)

            
	
              Indemnified Party

            	
              6.02(a)

            
	
              Indemnifying Party

            	
              6.02(a)

            
	
              Integrated Agreements

            	
              9.15

            
	
              IT Breach

            	
              2.11

            
	
              Mediation Notice

            	
              9.07(b)

            
	
              Mediation Period

            	
              9.07(c)

            
	
              Net Sales Ratio

            	
              3.04

            
	
              Pass-Through Billing

            	
              3.01(b)

            
	
              Payment Date

            	
              3.06(b)

            
	
              Percent of Sales Billing

            	
              3.01(b)

            
	
              Representatives

            	
              2.12

            
	
              Separation Agreement

            	
              Recitals

            
	
              Service Fees

            	
              3.01(b)

            
	
              Service Manager

            	
              2.14

            
	
              Service Provider

            	
              Preamble

            
	
              Service Provider Indemnitees

            	
              6.01(a)

            
	
              Service Provider Party

            	
              2.02

            
	
              Service Recipients

            	
              2.01(a)

            
	
              Service Recipient Indemnitees

            	
              6.01(b)

            
	
              Service Taxes

            	
              3.08(a)

            
	
              Specific Billing

            	
              3.01(b)

            
	
              Term

            	
              2.01(b)

            
	
              Termination Fees

            	
              7.02

            
	
              Third Party Claim

            	
              6.02(a)

            
	
              Third Party Consent Costs

            	
              2.08(a)

            
	
              Third Party Provider

            	
              2.02

            
	
              Transition Date

            	
              4.01(c)(ii)

            
	
              Transition Employee

            	
              4.01(c)(i)

            
	
              VS

            	
              Preamble

            
	
              VS Developed Intellectual Property

            	
              2.09(d)

            
	
              VS to L Brands TSA

            	
              9.15

            

      

      

      
        2

        
          

      

      

      

      Section 1.02.          Other Definitional and Interpretive Provisions.  The words “hereof”, “herein” and “hereunder” and words of like
        import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.  The captions herein are included for convenience of reference only and shall be ignored in the construction or
        interpretation hereof.  References to Articles, Sections, Exhibits, Appendices, Annexes and Schedules are to Articles, Sections, Exhibits, Appendices, Annexes and Schedules of this Agreement unless otherwise specified.  All Exhibits, Appendices,
        Annexes and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein.  Any capitalized terms used in any Exhibit, Appendix, Annex or Schedule but not otherwise
        defined therein, shall have the meaning as defined in this Agreement.  Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular.  Whenever the words “include”, “includes” or “including” are used in
        this Agreement, they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those words or words of like import.  “Writing”, “written” and comparable terms refer to printing, typing and other
        means of reproducing words (including electronic media) in a visible form.  References to any statute shall be deemed to refer to such statute as amended from time to time and to any rules or regulations promulgated thereunder.  References to any
        agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance with the terms hereof and thereof.  References to any Person include the successors and permitted assigns of that Person. 
        References from or through any date mean, unless otherwise specified, from and including or through and including, respectively.  References to “law”, “laws” or to a particular statute or law shall be deemed also to include any and all Applicable
        Law.  The word “or” means “and/or” unless the context provides otherwise.  References to “dollars” or “$” shall mean U.S. dollars, and whenever conversion of values to or from any currency other than U.S. dollars for a particular date shall be
        required, such conversion shall be made using the closing rate provided by Bloomberg as of the date that is one Business Day prior to such date.  References to one gender shall be held to include the other gender as the context requires. In the
        event of any inconsistency between the terms of this Agreement and the terms set forth in any Service Schedule, the terms set forth in the applicable Service Schedule shall prevail unless expressly provided otherwise.

      

      

      ARTICLE 2

      Services

      

      

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

      

      

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

      

      

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

      
        3

        
          

      

      

      

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

      

      

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

      

      

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

      

      

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

      
        4

        
          

      

      

      

      

      

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

      

      

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

      

      

      Section 2.08.          Facilities; Cooperation; Further Actions.  (a) Service Provider and VS shall use commercially reasonable efforts to obtain, and to keep and maintain in effect (or
        to cause their respective Affiliates to obtain, and to keep and maintain in effect), all governmental or third party licenses and consents required for the provision of any Service by a Service Provider Party in accordance with the terms of this
        Agreement; provided that if Service Provider or any of its Affiliates is unable to obtain any such license or consent, Service

        Provider shall promptly notify VS in writing and shall, and shall cause its Affiliates to, use commercially reasonable efforts to implement an appropriate alternative arrangement. 
        The costs relating to obtaining any such licenses or consents shall be borne solely by VS (the “Third Party Consent Costs”) and none of Service Provider or any of its Affiliates shall be required to
        pay any money or other consideration or grant any other accommodation to any Person (including any amendment to any contract) or initiate any action, suit or proceeding against any Person to obtain any such license or consent; provided that Service Provider and its Affiliates shall not incur any such costs without the prior written consent of VS.  If any such license, consent or alternative arrangement is not available despite the
        commercially reasonable efforts of Service Provider and its Affiliates or as a result of VS failing to consent to the incurrence of costs relating to obtaining any such license or consent, Service Provider shall not be required to cause to be
        provided the affected Services.

      

      

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

      
        5

        
          

      

      

      

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      
        6

        
          

      

      

      

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

      

      

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

      

      

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

      

      

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

      
        7

        
          

      

      

      

      

      

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

      

      

      ARTICLE 3

      Service Fees

      

      

      Section 3.01.          Fees for Services.

      

      

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

      

      

      (b)          Each Service Schedule indicates, with respect to each Service listed therein, whether the costs to be charged to the Service Recipients for such Service are
        determined by (i) the customary billing method described in Section 3.02 (“Customary Billing”), (ii) the pass-through billing method described in Section 3.03 (“Pass-Through
          Billing”), (iii) the percentage of net sales method described in Section 3.04 (“Percent of Sales Billing”), (iv) the fixed fee method described in Section 3.05 (“Fixed

          Fee Billing”), (v) a specific billing method to be mutually agreed upon by the applicable Service Recipients and Service Provider (“Specific Billing”) or (vi) some combination thereof.  The amounts
        calculated by the Service Provider pursuant to the Customary Billing, Pass-Through Billing, Percent of Sales Billing, Fixed Fee Billing and Specific Billing methods applicable to Services provided to the Service Recipients and charged to the
        Service Recipients as provided herein, together with any and all Disengagement Costs incurred in connection with the provision of any and all Disengagement Services, are collectively referred to herein as the “Service

          Fees.”

      

      

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

      
        8

        
          

      

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      
        9

        
          

      

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      
        10

        
          

      

      

      

      

      

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

      

      

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

      

      

      ARTICLE 4

      Retention and Transfer of Certain TSA Employees

      

      

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

      

      

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

      

      

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

      

      

      
        11

        
          

      

      

      

      (c)          For these purposes:

      

      

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

      

      

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

      

      

      Section 4.02.          Transfer of Transition Employees.

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      
        12

        
          

      

      

      

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

      

      

      ARTICLE 5

      Confidentiality

      

      

      Section 5.01.          Confidentiality.  From and after the Effective Date, each party hereto shall hold, and cause its Representatives to
        hold, in confidence, unless compelled to disclose by judicial or administrative process or by other requirements of law (in which event the disclosing party first notifies the other party hereto of such process or requirement and allows such party
        a reasonable opportunity to seek a protective order or other appropriate remedy to prevent such disclosure), all documents and information concerning the other party hereto provided to it pursuant to this Agreement (“Confidential Information”), and shall not, without the prior written consent of the other party hereto, disclose or use any Confidential Information of the other party hereto except as necessary in the performance of its obligations
        under this Agreement; provided that the term “Confidential Information” (a) does not include information that is or becomes generally available to the public (other than as a result of a breach of this
        Agreement), (b) does not include information that was available to the receiving party or any of its Affiliates on a non-confidential basis prior to its disclosure to such receiving party or its Affiliates pursuant to this Agreement (except that
        this clause (b) shall not apply to information of either party hereto in the possession of the other party prior to the date hereof by virtue of their previous Affiliate relationship), (c) does not include information that is or becomes available
        to the receiving party or any of its Affiliates from a third party not known by the receiving party or its Affiliates to be bound by a confidentiality agreement or any legal, fiduciary or other obligation restricting disclosure of such information
        and (d) does not include information that is or was independently developed by the receiving party or any of its Affiliates without use of Confidential Information or otherwise violating this Agreement.  Nothing in this Section 5.01 shall limit any
        other confidentiality obligations among the parties to this Agreement pursuant to any other agreement among such parties.

      

      

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

      

      

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

      

      

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

      

      

      ARTICLE 6

      Indemnification; Limitation of Liability

      

      

      Section 6.01.          Indemnification.  (a) VS agrees to indemnify and hold harmless Service Provider and each other Service Provider
        Party, their respective Affiliates and their and their respective Representatives (collectively, the “Service Provider Indemnitees”) from and against any and all damage, loss and expense (including reasonable
        expenses of investigation and reasonable attorneys’ fees and expenses in connection with any action, suit or proceeding whether involving a third party claim or a claim solely between the parties hereto) (“Damages”)

        asserted against or incurred by any Service Provider Indemnitee as a result or arising out of (i) a Service Recipient’s or any of its Affiliates’ breach of this Agreement, (ii) the provision of the Services by such Service Provider Indemnitee or
        the use of the Services by a Service Recipient or any of its Affiliates or (iii) a Service Recipient’s or any of its Affiliates’ gross negligence, fraud or willful misconduct; provided that VS shall not be
        responsible for any Damages to the extent Service Provider is required to indemnify a Service Recipient Indemnitee pursuant to Section 6.01(b).

      
        13

        
          

      

      

      

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

      

      

      Section 6.02.          Third Party Claim Procedures.  (a) The party seeking indemnification under Section 6.01 (the “Indemnified Party”) agrees to give prompt notice in writing to the party against whom indemnity is to be sought (the “Indemnifying Party”) of the assertion of any claim or
        the commencement of any suit, action or proceeding by any third party (“Third Party Claim”) in respect of which indemnity may be sought under such Section.  Such notice shall set forth in reasonable detail
        such Third Party Claim and the basis for indemnification (taking into account the information then available to the Indemnified Party).  The failure to so notify the Indemnifying Party shall not relieve the Indemnifying Party of its obligations
        hereunder, except to the extent such failure shall have materially and adversely prejudiced the Indemnifying Party.

      

      

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

      

      

      (c)          If the Indemnifying Party shall assume the control of the defense of any Third Party Claim in accordance with the provisions of this Section 6.02, (i) the
        Indemnifying Party shall obtain the prior written consent of the Indemnified Party (which shall not be unreasonably withheld, conditioned or delayed) before entering into any settlement of such Third Party Claim, if the settlement does not release
        the Indemnified Party and its Affiliates from all liabilities and obligations with respect to such Third Party Claim or the settlement imposes injunctive or other equitable relief against the Indemnified Party or any of its Affiliates and (ii) the
        Indemnified Party shall be entitled to participate in the defense of any Third Party Claim and to employ separate counsel of its choice for such purpose.  The fees and expenses of such separate counsel shall be paid by the Indemnified Party.

      

      

      (d)          Each party hereto shall cooperate, and cause their respective Affiliates to cooperate, in the defense or prosecution of any Third Party Claim and shall furnish or
        cause to be furnished such records, information and testimony, and attend such conferences, discovery proceedings, hearings, trials or appeals, as may be reasonably requested in connection therewith.

      

      

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

      
        14

        
          

      

      

      

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

      

      

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

      

      

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

      

      

      (b)          NOTWITHSTANDING ANYTHING ELSE HEREIN TO THE CONTRARY, EXCEPT FOR SERVICE PROVIDER’S GROSS NEGLIGENCE, FRAUD OR WILLFUL MISCONDUCT, THE MAXIMUM AGGREGATE LIABILITY OF
        SERVICE PROVIDER TO THE SERVICE RECIPIENTS OR TO ANY THIRD PARTY UNDER OR IN CONNECTION WITH THIS AGREEMENT SHALL NOT EXCEED AND SHALL BE LIMITED TO THE FEES ACTUALLY RECEIVED BY SERVICE PROVIDER FOR THE SERVICES HEREUNDER.

      

      

      ARTICLE 7

      Termination of Services

      

      

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

      
        15

        
          

      

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      
        16

        
          

      

      

      

      ARTICLE 8

      Representations And Warranties

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

       

      

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

      

      

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

      

      

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

      

      

      
        17

        
          

      

      

      

      ARTICLE 9

      Miscellaneous

      

      

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

      

      

      if to VS, to:

      

      

      	 	
              Victoria’s Secret & Co.

            
	 	
              4 Limited Parkway East

            
	 	
              Reynoldsburg, Ohio 43068

            
	 	
              Attention:

            	
              [__]

            
	 	
              E-mail:

            	
              [__]

            

      

      

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

      

      

      	 	
              Davis Polk & Wardwell LLP

            
	 	
              450 Lexington Avenue

            
	 	
              New York, New York 10017

            
	 	
              Attention:

            	
              William H. Aaronson

            
	 	 	
              Cheryl Chan

            
	 	
              E-mail:

            	
              william.aaronson@davispolk.com

            
	 	 	
              cheryl.chan@davispolk.com

            

      

      

      if to Service Provider, to:

      

      

      	 	
              L Brands, Inc.

            
	 	
              Three Limited Parkway

            
	 	
              Columbus, Ohio 43230

            
	 	
              Attention:

            	
              Tim Faber

            
	 	
              E-mail:

            	
              TFaber@lb.com

            

      

      

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

      

      

      	 	
              Davis Polk & Wardwell LLP

            
	 	
              450 Lexington Avenue

            
	 	
              New York, New York 10017

            
	 	
              Attention:

            	
              William H. Aaronson

            
	 	 	
              Cheryl Chan

            
	 	
              E-mail:

            	
              william.aaronson@davispolk.com

            
	 	 	
              cheryl.chan@davispolk.com

            

      

      

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

      

      

      Section 9.02.          Amendments; No Waivers.  (a) Any provision of this Agreement may be amended or waived if, but only if, such amendment
        or waiver is in writing and is signed, in the case of an amendment, by each party to this Agreement, or in the case of a waiver, by the party against whom the waiver is to be effective.

      

      

      (b)          No failure or delay by any party hereto in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial
        exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege.  Except as set forth in Section 6.06, the rights and remedies herein provided shall be cumulative and not exclusive of any
        rights or remedies provided by law.

      
        18

        
          

      

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      
        19

        
          

      

      

      

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

      

      

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

      

      

      Section 9.08.          Jurisdiction.  The parties hereto agree that any suit, action or proceeding seeking to enforce any provision of, or
        based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought in the Chancery Court of the State of Delaware and any state appellate court therefrom within the State of Delaware
        (or if the Chancery Court of the State of Delaware declines to accept jurisdiction over a particular matter, any federal or state court sitting in the State of Delaware and any federal or state appellate court therefrom), and each of the parties
        hereto hereby irrevocably consents to the exclusive jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection
        that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.  Process in any
        such suit, action or proceeding may be served on any party hereto anywhere in the world, whether within or without the jurisdiction of any such court.  Without limiting the foregoing, each party hereto agrees that service of process on such party
        as provided in Section 9.01 shall be deemed effective service of process on such party.

      

      

      Section 9.09.          WAIVER OF JURY TRIAL.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY
        LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

      

      

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

      

      

      Section 9.11.          Entire Agreement.  This Agreement, together with the other Distribution Documents, constitutes the entire agreement
        between the parties hereto with respect to the subject matter of this Agreement and supersedes all prior agreements and understandings, both oral and written, between the parties with respect to the subject matter of this Agreement. No
        representation, inducement, promise, understanding, condition or warranty not set forth herein or in the other Distribution Documents has been made or relied upon by either party hereto with respect to the transactions contemplated by this
        Agreement.

      
        20

        
          

      

      

      

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

      

      

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

      

      

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

      

      

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

      

      

      [Signature page follows]

      
        21

        
          

      

      

      

      

      

      IN WITNESS WHEREOF the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.

       

      

      	 	
              VICTORIA’S SECRET & CO.

            
	 	 	 
	 	
              By:

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            

      

      

      	 	
              L BRANDS, INC.

            
	 	 	 
	 	
              By:

            	 
	 	 	
              Name:

            
	 	 	
              Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00329-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00329-of-00352.parquet"}]]