Document:

Amendment and Restatement Agreement - Term Loan Credit Agreement

 Exhibit 4.8 
 AMENDMENT AND RESTATEMENT AGREEMENT 
 (TERM LOAN) 
 dated as of 
 March 22, 2006 
 among 
 LIMITED BRANDS, INC., 
 The Lenders Party Hereto 
 JPMORGAN CHASE
BANK, N.A., 
 as Administrative Agent 
  

 J.P. MORGAN SECURITIES INC., BANC OF AMERICA SECURITIES LLC and 
 CITIGROUP GLOBAL MARKETS INC., 
 as Joint Lead
Arrangers and Joint Bookrunners 
 and 
 BANK OF AMERICA, N.A. and CITICORP NORTH AMERICA, INC., 
 as Co-Syndication Agents 

 AMENDMENT AND RESTATEMENT AGREEMENT dated as of March 22, 2006 (this “Amendment and
Restatement”), in respect of the AMENDED AND RESTATED TERM LOAN CREDIT AGREEMENT dated as of November 5, 2004 (the “Existing Credit Agreement”), amending and restating the Term Loan Credit Agreement dated as of
October 6, 2004, among LIMITED BRANDS, INC., a Delaware corporation (the “Borrower”): the LENDERS from time to time party hereto (the “Lenders”): and JPMORGAN CHASE BANK, N.A., as Administrative Agent (in such
capacity, the “Administrative Agent”). 
 The Borrower has requested that the Existing Credit Agreement be amended and restated as set forth
in Section 1 below and the other parties hereto are willing so to amend and restate the Existing Credit Agreement. Each capitalized term used but not defined herein has the meaning assigned thereto in the Existing Credit Agreement as amended
and restated hereby. 
 In consideration of the premises and the agreements herein contained, the parties hereto hereby agree, on the terms and subject to
the conditions set forth herein, as follows: 
 SECTION 1. Amendment and Restatement. Upon the effectiveness of this Amendment and Restatement as
provided in Section 3 below, the Existing Credit Agreement shall be amended and restated in the form in which it exists on the date hereof but with the following revisions (the Existing Credit Agreement, as so amended and restated, being called
the “Restated Credit Agreement”): 
 (a) Preamble. The first sentence of the preamble is hereby deleted and replaced with the
following sentence: 
 Reference is made to the Amended and Restated Term Loan Credit Agreement dated as of November 5, 2004 (the
“Existing Credit Agreement”), amending and restating the Term Loan Credit Agreement dated as of October 6,2004, among Limited Brands, Inc., the Lenders party thereto and JPMorgan Chase Bank, N.A., as successor to JPMorgan Chase
Bank, as Administrative Agent. The Borrower has requested the Lenders to amend and restate the Existing Credit Agreement in order to, among other things, (a) extend the Maturity Date (such term and each other capitalized term used and not
otherwise defined herein having the meaning assigned to it in Article I) and (b) amend the Applicable Rate. 

 (b) Section 1.01. Section 1.01 is hereby amended by deleting the definitions of the terms
“Administrative Agent”, “Applicable Rate”, “Availability Period”, “Maturity Date” and “Test Date” and adding the following definitions in proper alphabetical order to read as follows: 
 “Administrative Agent” means JPMorgan Chase Bank, N.A., in its capacity as administrative agent for the Lenders hereunder. 
 “Applicable Rate” means, for any day, with respect to any Eurodollar Loan or ABR Loan, the applicable rate per annum set forth below
under the caption “Eurodollar Spread” or “ABR Spread”, as the case may be, based upon the highest two of the three ratings by Fitch, S&P and Moody’s, respectively, applicable on such date to the Index Debt: 

 

							
	 Index Debt Ratings:
	  	Eurodollar Spread	 	 	ABR Spread	 
	 Category 1
	  	0.400	%	 	0.000	%
	 > A-/A-/A3
	  			 		
			
	 Category 2
	  	0.500	%	 	0.000	%
	 BBB+/BBB+/Baal
	  			 		
			
	 Category 3
	  	0.550	%	 	0.000	%
	 BBB/BBB/Baa2
	  			 		
			
	 Category 4
	  	0.750	%	 	0.000	%
	 BBB-/BBB-/Baa3
	  			 		
			
	 Category 5
	  	1.000	%	 	0.000	%
	 Lower
	  			 		

 For purposes of the foregoing, (a) if any of Fitch, S&P or Moody’s shall not have in
effect a rating for the Index Debt (other than by reason of the circumstances referred to in the last sentence of this definition) the Applicable Rate shall be determined on the basis of the rating agency or rating agencies that do then have ratings
for the Index Debt in effect, provided that if there are only two such ratings in effect and such ratings are not in the same Category, then the Applicable Rate will be determined by reference to the Category next above that of the lower of
such two ratings, (b) if none of Fitch, S&P and Moody’s has in effect a rating for the Index Debt (other than by reason of the circumstances referred to in the last sentence of this definition) then the Index Debt shall be deemed to be
rated in Category 5, (c) the Index Debt shall be deemed to be rated in Category 5 at any time that an Event of Default has occurred and is continuing, (d) if all three ratings exist and the highest two of three ratings established or
deemed to have been established by Fitch, S&P and Moody’s for the Index Debt are not in the same Category, then the Applicable Rate will be determined by reference to the Category of the lower of such two ratings and (e) if the ratings
established or deemed to have been established by Fitch, S&P and Moody’s for the Index Debt shall be changed (other than as a result of a change in the rating system of Fitch, S&P or Moody’s), such change shall be effective as of
the date on which it 
  

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 is first announced by the applicable rating agency. Each change in an Applicable Rate shall apply during
the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of Fitch, S&P or Moody’s shall change, or if any such rating agency
shall cease to be in the business of rating corporate debt obligations, the Borrower and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system, or the unavailability of ratings from such rating
agency and, pending the effectiveness of any such amendment, each Applicable Rate shall be determined by reference to the rating most recently in effect prior to such change or cessation. 
 “Fitch” means Fitch Ratings, Inc. 
 “Maturity Date” means the date that is five years after the Restatement Date. 
 “2006 Amendment and
Restatement” means the Amendment and Restatement Agreement dated as of March 22, 2006, relating to this Agreement. 
 “Replacement Loan Commitment” means, with respect to each Lender identified on Schedule 2.01A, the commitment of such Lender to make Loans hereunder on the Restatement Date, expressed as an amount representing the maximum
aggregate amount of Loans to be made by such Lender hereunder on the Restatement Date. The amount of each such Lender’s Replacement Loan Commitment is set forth on Schedule 2.01 A. 
 “Restatement Date” means the date on which the conditions specified in Section 3 of the 2006 Amendment and Restatement are satisfied
(or waived in accordance with Section 8.02). 
 “Test Date” means, if at the time the rating of any two of Fitch,
S&P and Moody’s with respect to the Index Debt (or if any such rating agency does not provide a rating with respect to the Index Debt, either of such other two rating agencies) shall be less than BBB–, BBB– or Baa3 and the rating
of the other such rating agency with respect to the Index Debt shall not be at least BBB–, BBB– or Baa3 (with, in the case of a rating of BBB–, BBB– or Baa3, stable outlook), or if there shall not be a rating in effect from such
other rating agency of the Index Debt, the date of any Borrowing hereunder. 
 (c) Section 2.01. Section 2.01 is hereby amended by deleting
such Section in its entirety and substituting in lieu thereof the following: 
  

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 SECTION 2.01. Replacement Loan Commitments. Subject to the terms and conditions set forth in the
2006 Amendment and Restatement, each Lender identified on Schedule 2.01A agrees to make a Loan to the Borrower on the Restatement Date, in an aggregate principal amount not exceeding such Lender’s Replacement Loan Commitment; provided
that the aggregate principal amount of Loans so made shall not exceed the aggregate principal amount of “Loans” under (and as defined in) the Existing Credit Agreement that are required to be prepaid on the Restatement Date, as
contemplated by paragraph (e) of Section 3 of the 2006 Amendment and Restatement. The Replacement Loan Commitments shall terminate at the close of business on the Restatement Date. Notwithstanding any contrary provisions herein, the
proceeds of all Loans made on the Restatement Date shall not be advanced to the Borrower, but shall be applied by the Administrative Agent, on behalf of the Borrower, to prepay the principal of the “Loans” under (and as defined in) the
Existing Credit Agreement that are required to be prepaid on the Restatement Date, as contemplated by paragraph (e) of Section 3 of the 2006 Amendment and Restatement. 
 (d) Section 2.07(f). Clauses (i), (ii) and (iii) of Section 2.07(f) are hereby amended by deleting such clauses in their entirety and substituting in lieu thereof the following: 

(i) Intentionally Omitted. 
 (ii) The
Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Loan on the Maturity Date. 
 (iii) Intentionally Omitted. 
 (e)
Section 3.04(a). Paragraph (a) of Section 3.04 is hereby amended by deleting the words “Fiscal Year 2003” and substituting therefor “Fiscal Year 2004” in each instance they appear and by deleting the words
“second fiscal quarter of Fiscal Year 2004” and substituting therefor “third fiscal quarter of Fiscal Year 2005”. 
 (f)
Section 3.04(b). Paragraph (b) of Section 3.04 is hereby amended by deleting the date “January 31, 2004” and substituting therefor “January 29, 2005”. 
 (g) Conditions. Section 4.01 is hereby deleted and replaced with: 
 SECTION 4.01. Intentionally Omitted. 
 (h) Section 5.01. Section 5.01 is hereby amended by adding at the
end thereof the following: 
  

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 (c) The Borrower may provide for electronic delivery of the financial statements, certificates, reports
and registration statements described in clauses (i), (ii), (iii), (iv),(v) and (vi)of paragraph (a) of this Section by posting such financial statements, certificates, reports and registration statements on Intralinks or any similar service
approved by the Administrative Agent, or delivering such financial statements, certificates, reports and registration statements to the Administrative Agent for posting on Intralinks (or any such similar service). 
 (i) Section 5.08. Section 5.08 is hereby amended by deleting each occurrence of the phrase “the date hereof and substituting therefor
“November 5, 2004”. 
 (j) Schedules. Schedule 3.05 is hereby deleted and replaced with Schedule 3.05 to this Amendment and Restatement. The
Existing Credit Agreement is hereby amended by the addition thereto of Schedule 2.01 A to this Amendment and Restatement. 
 (k) Restatement Date.
From and after the Restatement Date (as defined below), all references in the Restated Credit Agreement to “the date hereof, “the date of this Agreement” or other words or phrases of similar import shall be deemed references to the
date of this Amendment and Restatement. 
 SECTION 2. Representations and Warranties. The Borrower represents and warrants that: 
 (a) At the time of and after giving effect to this Amendment and Restatement, the representations and warranties set forth in the Restated Credit Agreement are true and
correct with the same effect as if made on the Restatement Date, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties are true and correct as of such earlier
date). 
 (b) At the time of and after giving effect to this Amendment and Restatement, no Default has occurred and is continuing. 
 SECTION 3. Conditions to Effectiveness. This Amendment and Restatement and the obligations of any Lender to make Loans under Section 2.01 of the Restated
Credit Agreement shall become effective on the date (the ”Restatement Date”) on which each of the following conditions is satisfied (or waived in accordance with Section 8.02 of the Restated Credit Agreement): 
 (a) The Administrative Agent (or its counsel) shall have received from each party hereto either (i) a counterpart of this Amendment and Restatement signed on behalf
of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page of this Amendment and Restatement) that such party has signed a counterpart of this Amendment and
Restatement. 
  

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 (b) The Administrative Agent shall have received a written opinion (addressed to the Administrative Agent and the Lenders
and dated the Restatement Date) of each of (i) Samuel P. Fried, Esq., General Counsel of the Borrower, and (ii) Davis Polk & Wardwell, counsel for the Borrower, substantially in the form of Exhibits B-l and B-2, respectively, and
covering such other matters relating to the Borrower, this Amendment and Restatement, the Restated Credit Agreement or the Transactions as the Required Lenders shall reasonably request. The Borrower hereby requests such counsel to deliver such
opinions. 
 (c) The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably
request relating to the organization, existence and good standing of the Borrower, the authorization of this Amendment and Restatement and any other legal matters relating to the Borrower, this Amendment and Restatement or the Restated Credit
Agreement, all in form and substance satisfactory to the Administrative Agent and its counsel. 
 (d) The Administrative Agent shall have received a
certificate, dated the Restatement Date and signed by the President, a Vice President or a Financial Officer of the Borrower, confirming the representations and warranties set forth in paragraphs (a) and (b) of Section 2 of this
Amendment and Restatement. 
 (e) If any “Lender” under (and as defined in) the Existing Credit Agreement is not a party to this Amendment and
Restatement (any such “Lender”, a “Non-Continuing Lender”), then (i) this Amendment and Restatement shall have been signed by Lenders constituting the “Required Lenders” under (and as defined in) the
Existing Credit Agreement, (ii) on the Restatement Date, the Borrower shall pay all fees and interest accrued for the account of all the “Lenders” under (and as defined in) the Existing Credit Agreement, and (iii) on the
Restatement Date, the Borrower shall prepay, in accordance with the Existing Credit Agreement but subject to Section 4 below, any and all “Loans” outstanding under (and as defined in) the Existing Credit Agreement that are held by
Non-Continuing Lenders, and shall finance the principal amount of such prepayments by borrowing Loans on the Restatement Date pursuant to Section 2.01 of the Restated Credit Agreement (subject to Section 4 below). 
 (f) The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Restatement Date, including, to the extent invoiced,
reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder. 
 (g) The Administrative Agent shall be
satisfied that the Amendment and Restatement Agreement dated as of the date hereof, with respect to the Amended and Restated Five-Year Revolving Credit Agreement dated as of November 5, 2004, among the Borrower, the Lenders party there and
JPMorgan Chase Bank, N.A., as administrative agent, shall become effective in accordance with its terms concurrently with the effectiveness of this Amendment and Restatement. 
  

 6 

 (h) The Administrative Agent shall have received all documentation and other information reasonably requested by it to
satisfy the requirements of bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act. 
 The Administrative Agent shall notify the Borrower and the Lenders in writing of the Restatement Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing, this Amendment and Restatement
shall not become effective unless each of the foregoing conditions is satisfied (or waived pursuant to Section 8.02 of the Restated Credit Agreement) at or prior to 3:00 p.m., New York City time, on March 31, 2006 (and, in the event such
conditions are not so satisfied or waived, this Amendment and Restatement shall terminate at such time). 
 SECTION 4. Non-Pro Rata Payments and
Borrowings. (a) Each of the parties hereto hereby waives the provisions of Sections 2.08 and 2.15 of the Existing Credit Agreement to the extent, but only to the extent, necessary to permit the prepayment of “Loans” under (and as
defined in) the Existing Credit Agreement as contemplated in Section 3(e) hereof without prepaying pro rata the other such “Loans” outstanding and without provision of the notice otherwise required under Section 2.08(b) of the
Existing Credit Agreement. 
 (b) If any Loans are required to be made on the Restatement Date as contemplated by Section 3(e) hereof, such Loans shall
be made as Eurodollar Loans pursuant to a single Eurodollar Borrowing (the “Interim Eurodollar Borrowing”) with an Interest Period commencing on the Restatement Date and ending on the last day of the Interest Period then in effect
for the Eurodollar Borrowing then outstanding under the Existing Credit Agreement (or, if there is more than one such outstanding Eurodollar Borrowing, the outstanding Eurodollar Borrowing with the Interest Period ending on the earliest date after
the Restatement Date). It is understood that the Interim Eurodollar Borrowing will result in Borrowings outstanding under the Restated Credit Agreement in which the Lenders do not participate ratably. Accordingly the parties hereto agree that,
notwithstanding any provisions of the Restated Credit Agreement to the contrary: 
 (i) Until such time as the Lenders participate ratably in
all outstanding Borrowings under the Restated Credit Agreement, any payment of principal of any Borrowing or Borrowings shall be made in a manner that results in each Lender receiving a pro rata share of such payment in proportion to its share of
the total principal amount of the outstanding Loans. 
 (ii) On the last day of the Interest Period for the Interim Eurodollar Borrowing (or
on any earlier date on which the Borrower elects, pursuant to Section 2.05 of the Restated Credit Agreement, to convert any outstanding Borrowing to a different Type or to change the Interest Period of any outstanding Eurodollar Borrowing), the
Borrower shall take such action as shall be necessary under Section 2.05 of the 
  

 7 

 Restated Credit Agreement so that, on and after such date, each Lender participates ratably in all
outstanding Borrowings under the Restated Credit Agreement. 
 SECTION 5. Agreement. Except as specifically stated herein, the provisions of the
Existing Credit Agreement are and shall remain in full force and effect. As used therein, the terms “Credit Agreement”, “herein”, “hereunder”, “hereinafter”, “hereto”, “hereof” and words of
similar import shall, unless the context otherwise requires, refer to the Restated Credit Agreement. 
 SECTION 6. Expenses. The Borrower agrees to
reimburse the Administrative Agent for the out-of-pocket expenses incurred by it in connection with this Amendment and Restatement, including the reasonable fees, charges and disbursements of Cravath, Swaine & Moore LLP, counsel for the
Administrative Agent. 
 SECTION 7. Counterparts. This Amendment and Restatement may be executed in any number of counterparts and by different
parties hereto on separate counterparts, each of which when so executed and delivered shall be deemed an original, but all of which when taken together shall constitute a single instrument. Delivery of an executed counterpart of a signature page of
this Amendment and Restatement by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof. 
 SECTION 8.
Applicable Law. THIS AMENDMENT AND RESTATEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 9. Headings. The headings of this Amendment and Restatement are for purposes of reference only and shall not limit or otherwise affect the meaning hereof. 
  

 8 

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

			
	LIMITED BRANDS, INC.
		
	by	 	 /s/ Timothy J. Faber

	Name	 	Timothy J. Faber
	Title:	 	Vice President, Treasurer
	
	 JPMORGAN CHASE BANK, N.A.,
 individually and
as Administrative Agent,

		
	by	 	 /s/ Barry Bergman

	Name:	 	Barry Bergman
	Title:	 	Managing Director

  

 9 

			
	SIGNATURE PAGE TO AMENDMENT AND RESTATEMENT DATED AS OF MARCH 22, 2006, TO THE AMENDED AND RESTATED TERM LOAN CREDIT AGREEMENT DATED AS OF NOVEMBER 5, 2004, AMONG LIMITED BRANDS,
INC., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT
	
	Name of Institution: Bank of America, N.A.
		
	by	 	 /s/ John Pocalyko

	Name:	 	John Pocalyko
	Title:	 	Senior Vice President

			
	SIGNATURE PAGE TO AMENDMENT AND RESTATEMENT DATED AS OF MARCH 22, 2006, TO THE AMENDED AND RESTATED TERM LOAN CREDIT AGREEMENT DATED AS OF NOVEMBER 5, 2004, AMONG LIMITED BRANDS,
INC., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT
	
	Name of Institution: HSBC BANK USA, N.A.
		
	by	 	 /s/ Sam Opitz

	Name:	 	Sam Opitz
	Title	 	AVP 

			
	SIGNATURE PAGE TO AMENDMENT AND RESTATEMENT DATED AS OF MARCH 22, 2006, TO THE AMENDED AND RESTATED TERM LOAN CREDIT AGREEMENT DATED AS OF NOVEMBER 5, 2004, AMONG LIMITED BRANDS,
INC., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT
	
	 Name of Institution: Wachovia Bank, National
                                   Association

		
	by	 	 /s/ Susan T. Gallagher

	Name:	 	Susan T. Gallagher
	Title:	 	Vice President

			
	SIGNATURE PAGE TO AMENDMENT AND RESTATEMENT DATED AS OF MARCH 22, 2006, TO THE AMENDED AND RESTATED TERM LOAN CREDIT AGREEMENT DATED AS OF NOVEMBER 5, 2004, AMONG LIMITED BRANDS,
INC., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT
	
	Name of Institution: THE BANK OF NEW YORK
		
	By	 	 /s/ Randolph E.J. Medrano

	Name:	 	Randolph E.J. Medrano
	Title:	 	Vice President

			
	SIGNATURE PAGE TO AMENDMENT AND RESTATEMENT DATED AS OF MARCH 22, 2006, TO THE AMENDED AND RESTATED TERM LOAN CREDIT AGREEMENT DATED AS OF NOVEMBER 5, 2004, AMONG LIMITED BRANDS,
INC., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT
	
	Name of Institution: Mizuho Corporate Bank, Ltd.
		
	by	 	 /s/ Bertram H. Tang

	Name:	 	Bertram Tang
	Title:	 	Senior Vice President & Team Leader

			
	SIGNATURE PAGE TO AMENDMENT AND RESTATEMENT DATED AS OF MARCH 22, 2006, TO THE AMENDED AND RESTATED TERM LOAN CREDIT AGREEMENT DATED AS OF NOVEMBER 5, 2004, AMONG LIMITED BRANDS,
INC., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT
	
	 The Bank of Tokyo-Mitsubishi UFJ, Ltd.
 Chicago Branch

		
	by	 	 /s/ Tsuguyuki Umene

	Name	 	TSUGUYUKI UMENE
	Title	 	DEPUTY GENERAL MANAGER

			
	SIGNATURE PAGE TO AMENDMENT AND RESTATEMENT DATED AS OF MARCH 22, 2006, TO THE AMENDED AND RESTATED TERM LOAN CREDIT AGREEMENT DATED AS OF NOVEMBER 5, 2004, AMONG LIMITED BRANDS,
INC., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT
	
	Name of Institution: BNP Paribas
		
	by	 	 /s/ Curt Price

	Name:	 	Curt Price
	Title:	 	Managing Director
		
		 	 /s/ Paul Harris

	Name:	 	Paul Harris
	Title:	 	Managing Director

			
	SIGNATURE PAGE TO AMENDMENT AND RESTATEMENT DATED AS OF MARCH 22, 2006, TO THE AMENDED AND RESTATED TERM LOAN CREDIT AGREEMENT DATED AS OF NOVEMBER 5, 2004, AMONG LIMITED BRANDS,
INC., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT
	
	Name of Institution: KeyBank National Association
		
	by	 	 /s/ Marianne T. Meil

	Name:	 	Marianne T. Meil
	Title:	 	Senior Vice President

			
	SIGNATURE PAGE TO AMENDMENT AND RESTATEMENT DATED AS OF MARCH 22, 2006, TO THE AMENDED AND RESTATED TERM LOAN CREDIT AGREEMENT DATED AS OF NOVEMBER 5, 2004, AMONG LIMITED BRANDS,
INC., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT
	
	Name of Institution: The Royal Bank of Scotland plc
		
	by	 	 /s/ Michaela V. Galluzzo

	Name:	 	Michaela V. Galluzzo
	Title:	 	Vice President

			
	SIGNATURE PAGE TO AMENDMENT AND RESTATEMENT DATED AS OF MARCH 22, 2006, TO THE AMENDED AND RESTATED TERM LOAN CREDIT AGREEMENT DATED AS OF NOVEMBER 5, 2004, AMONG LIMITED BRANDS,
INC., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT
	
	LaSalle Bank National Association:
		
	By	 	 /s/ Steven P. Shepard

	Name:	 	Steven P. Shepard
	Title:	 	Senior Vice President

					
	SIGNATURE PAGE TO AMENDMENT AND RESTATEMENT DATED AS OF MARCH 22, 2006, TO THE AMENDED AND RESTATED TERM LOAN CREDIT AGREEMENT DATED AS OF NOVEMBER 5, 2004, AMONG LIMITED BRANDS,
INC., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT

  

					
	 Name of Institution: The governor and company of
                                   The Bank of
Ireland

			
	by	 	 /s/ Carla Ryan
	 	 /s/ Philip Allen

	Name:	 	CARLA RYAN	 	PHILIP ALLEN
	Title:	 	Authorised Signatory	 	Authorised Signatory

			
	SIGNATURE PAGE TO AMENDMENT AND RESTATEMENT DATED AS OF MARCH 22, 2006, TO THE AMENDED AND RESTATED TERM LOAN CREDIT AGREEMENT DATED AS OF NOVEMBER 5, 2004, AMONG LIMITED BRANDS,
INC., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT

  

			
		
	Name of Institution:	 	 STANDARD CHARTERED BANK
 ONE MADISON
AVENUE
 NEW YORK, NY 10010-3603

  

			
	by	 	 /s/ Mark Sims

	Name:	 	Mark Sims
	Title:	 	Senior Vice President

  

	
	 /s/ Robert K. Reddington

	 ROBERT K. REDDINGTON
 AVP/CREDIT DOCUMENTATION

CREDIT RISK CONTROL
 STANDARD CHARTERED BANK N.Y.

			
	SIGNATURE PAGE TO AMENDMENT AND RESTATEMENT DATED AS OF MARCH 22, 2006, TO THE AMENDED AND RESTATED TERM LOAN CREDIT AGREEMENT DATED AS OF NOVEMBER 5, 2004, AMONG LIMITED BRANDS,
INC., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT
		
	By	 	
	
	Wells Fargo Bank N. A.
	
	 /s/ Melissa Nachman

	Name:	 	Melissa Nachman
	Title:	 	Vice President
	
	 /s/ Marc-Philippe Piche

	Name:	 	Marc-Philippe Piche
	Title:	 	Associate

			
	SIGNATURE PAGE TO AMENDMENT AND RESTATEMENT DATED AS OF MARCH 22, 2006, TO THE AMENDED AND RESTATED TERM LOAN CREDIT AGREEMENT DATED AS OF NOVEMBER 5, 2004, AMONG LIMITED BRANDS,
INC., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT
	
	Name of Institution: Sun Trust Bank
		
	by	 	 /s/ Heidi M. Khambatta

	Name:	 	Heidi M. Khambatta
	Title:	 	Director

			
	SIGNATURE PAGE TO AMENDMENT AND RESTATEMENT DATED AS OF MARCH 22, 2006, TO THE AMENDED AND RESTATED TERM LOAN CREDIT AGREEMENT DATED AS OF NOVEMBER 5, 2004, AMONG LIMITED BRANDS,
INC., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT
	
	FIFTH THIRD BANK, AN OHIO BANKING CORPORATION
		
	by	 	 /s/ CHRISTOPHER D. JONES

	Name:	 	CHRISTOPHER D. JONES
	Title:	 	VICE PRESIDENT

			
	SIGNATURE PAGE TO AMENDMENT AND RESTATEMENT DATED AS OF MARCH 22, 2006, TO THE AMENDED AND RESTATED TERM LOAN CREDIT AGREEMENT DATED AS OF NOVEMBER 5, 2004, AMONG LIMITED BRANDS,
INC., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT
	
	Name of Institution: National City Bank
		
	by	 	 /s/ Jennifer Taliaferro

	Name:	 	Jennifer Taliaferro
	Title:	 	Relationship Manager

			
	SIGNATURE PAGE TO AMENDMENT AND RESTATEMENT DATED AS OF MARCH 22, 2006, TO THE AMENDED AND RESTATED TERM LOAN CREDIT AGREEMENT DATED AS OF NOVEMBER 5, 2004, AMONG LIMITED BRANDS,
INC., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT
	
	Name of Institution: PNC Bank National Association
		
	by	 	 /s/ Julie S. Springer

	Name:	 	Julie S. Springer
	Title	 	Vice President

			
	SIGNATURE PAGE TO AMENDMENT AND RESTATEMENT DATED AS OF MARCH 22, 2006, TO THE AMENDED AND RESTATED TERM LOAN CREDIT AGREEMENT DATED AS OF NOVEMBER 5, 2004, AMONG LIMITED BRANDS,
INC., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT
	
	Name of Institution: US Bank National Association
		
	by	 	 /s/ Heather Hinkelman

	Name:	 	Heather Hinkelman
	Title:	 	Banking Officer

			
	SIGNATURE PAGE TO AMENDMENT AND RESTATEMENT DATED AS OF MARCH 22, 2006, TO THE AMENDED AND RESTATED TERM LOAN CREDIT AGREEMENT DATED AS OF NOVEMBER 5, 2004, AMONG LIMITED BRANDS,
INC., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT
	
	Name of Institution: Union Bank of California, N.A.
		
	by	 	 /s/ Ching Lim

	Name:	 	Ching Lim
	Title:	 	Vice President

			
	SIGNATURE PAGE TO AMENDMENT AND RESTATEMENT DATED AS OF MARCH 22, 2006, TO THE AMENDED AND RESTATED TERM LOAN CREDIT AGREEMENT DATED AS OF NOVEMBER 5, 2004, AMONG LIMITED BRANDS,
INC., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT
	
	 Name of Institution: BANCO BILBAO VIZCAYA
                                  ARGENTARIA SA

		
	by	 	 /s/ Hector O. Villegas

	Name:	 	HECTOR O. VILLEGAS
	Title	 	Vice President
		 	Global Corporate Banking
		
		 	 /s/ Glampaolo Consigliere

		 	Giampaolo Consigliere
		 	Vice President
		 	Global Trade Finance

			
	SIGNATURE PAGE TO AMENDMENT AND RESTATEMENT DATED AS OF MARCH 22, 2006, TO THE AMENDED AND RESTATED TERM LOAN CREDIT AGREEMENT DATED AS OF NOVEMBER 5, 2004, AMONG LIMITED BRANDS,
INC., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT
	
	 Name of Institution: First Commercial Bank
                                   New York Agency

		
	by	 	 /s/ Bruce M.J. Ju

	Name:	 	Bruce M.J. Ju
	Title:	 	VP & General Manager

			
	SIGNATURE PAGE TO AMENDMENT AND RESTATEMENT DATED AS OF MARCH 22, 2006, TO THE AMENDED AND RESTATED TERM LOAN CREDIT AGREEMENT DATED AS OF NOVEMBER 5, 2004, AMONG LIMITED BRANDS,
INC., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT
	
	Name of Institution: Huntington National Bank
		
	by	 	 /s/ John M. Luehmann

	Name:	 	John M. Luehmann
	Title:	 	Vice President

			
	SIGNATURE PAGE TO AMENDMENT AND RESTATEMENT DATED AS OF MARCH 22, 2006, TO THE AMENDED AND RESTATED TERM LOAN CREDIT AGREEMENT DATED AS OF NOVEMBER 5, 2004, AMONG LIMITED BRANDS,
INC., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT
	
	Name of Institution: Malayan Banking Berhad
		
	by	 	 /s/ Fauzi Zulkifli

	Name:	 	Fauzi Zulkifli
	Title:	 	General Manager

			
	SIGNATURE PAGE TO AMENDMENT AND RESTATEMENT DATED AS OF MARCH 22, 2006, TO THE AMENDED AND RESTATED TERM LOAN CREDIT AGREEMENT DATED AS OF NOVEMBER 5, 2004, AMONG LIMITED BRANDS,
INC., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT
	
	Name of Institution: Sovereign Bank
		
	by	 	 /s/ Elisabet Hayes

	Name:	 	Elisabet Hayes
	Title	 	Vice President

			
	SIGNATURE PAGE TO AMENDMENT AND RESTATEMENT DATED AS OF MARCH 22, 2006, TO THE AMENDED AND RESTATED TERM LOAN CREDIT AGREEMENT DATED AS OF NOVEMBER 5, 2004, AMONG LIMITED BRANDS,
INC., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT
	
	 Name of Institution: Hua Nan Commercial Bank,
                                   LTD. New York
Agency

		
	by	 	 /s/ Te-Chin Wang

	Name:	 	Te-Chin Wang
	Title:	 	Assistant General Manager

			
	SIGNATURE PAGE TO AMENDMENT AND RESTATEMENT DATED AS OF MARCH 22, 2006, TO THE AMENDED AND RESTATED TERM LOAN CREDIT AGREEMENT DATED AS OF NOVEMBER 5, 2004, AMONG LIMITED BRANDS,
INC., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT
	
	Name of Institution: The Northern Trust Company
		
	by	 	 /s/ John A. Konstantos

	Name:	 	John A. Konstantos
	Title:	 	Vice President

			
	SIGNATURE PAGE TO AMENDMENT AND RESTATEMENT DATED AS OF MARCH 22, 2006, TO THE AMENDED AND RESTATED TERM LOAN CREDIT AGREEMENT DATED AS OF NOVEMBER 5, 2004, AMONG LIMITED BRANDS,
INC., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT
	
	 Name of Institution: E. Sun Commercial Bank, Ltd.
                                   Los Angeles
Branch

		
	by	 	 /s/ Benjamin Lin

	Name:	 	Benjamin Lin
	Title:	 	EVP & General Manager

 Schedule 2.01 A 
  

				
	 Lender
	  	Commitment
	 JPMorgan Chase Bank, N.A.
	  	$	25,000,000.00
		
	 Citicorp North America, Inc.
	  	 	1,666,666.67
		
	 E. Sun Commercial Bank, Ltd. Los Angeles Branch
	  	 	5,000,000
		
	 Mizuho Corporate Bank, Ltd.
	  	 	1,666,667.00
		
	 The Bank of New York
	  	 	5,000,000.00
	TOTAL	  	$	38,333,333.66Executive Employment Agreement, dated as of December 20, 2004

 Exhibit 10.1 
 EXECUTIVE EMPLOYMENT AGREEMENT OF CARROLL C. MARKLEY 
 THIS EMPLOYMENT AGREEMENT (this
“Agreement”) is made and entered into as of the date of the last signature affixed hereto between MILLENNIUM BANK, N.A., a national banking association and its successors and assigns (the “Bank”) and MILLENNIUM BANKSHARES
CORPORATION and its successors and assigns (referred to herein as “Millennium Bankshares” or the “Holding Company”) (the Bank, the Holding Company, and the Successor Employer, as such term is used herein, are collectively
referred to herein as the “Employer”), and CARROLL C. MARKLEY (“Executive”). Whenever the term “Employer” is used herein, that term shall be deemed synonymous with the terms “Bank,” “Holding Company”
or “Boards,” whenever the context so requires. 
 1. EMPLOYMENT DUTIES AND RESPONSIBILITIES 
 1.1 Positions and Titles. The Employer hereby agrees to employ the Executive in the positions of sole Chairman, sole President, and sole Chief
Executive Officer of the Holding Company and sole Chairman and sole Chief Executive Officer of the Bank, and the Executive hereby accepts such positions and agrees to serve the Employer in such capacities during the employment period set forth in
Section 2 below, subject to earlier termination as provided hereunder (the “Employment Period”). The Executive shall serve as Chairman and voting member of the Executive Committees of the Boards of Directors of the Bank and of the
Holding Company and such other committees as the Boards may designate, subject to the terms hereof. The Executive shall perform such job duties and responsibilities as determined in discussion with the Boards of Directors of the Bank and of the
Holding Company (“Boards”) and in accordance with the Employer’s Bylaws. Executive shall be Chief Executive Officer of the Bank and the President of the Holding Company until a suitable replacement has been designated by Employer and
approved by the Office of the Controller of the Currency of the United States (“O.C.C.”) and the Federal Reserve Bank. At such time as a suitable replacement has been designated, and without any loss or change in Executive’s
compensation and benefits, Executive shall retain the titles, positions and duties of Chairman of the Bank and Chairman and Chief Executive Officer of the Holding Company, and, at the Executive’s discretion, the title Chief Executive Officer of
the Bank, and shall perform such services and duties as are customarily performed and exercised by a person holding any such office. 
 1.2
Reporting Relationship. The Executive shall report to the Boards of Directors of the Bank and of the Holding Company (the “Executive’s Manager”). The Executive shall be subject to, and shall act in accordance with, all
reasonable legal instructions and directions of the Executive’s Manager which are commensurate with duties and responsibilities of similar level Executives of institutions comparable to the Employer, as well as any other duties as may from time
to time be reasonably assigned by the Employer that are commensurate with Executive’s position. Regarding the relationships and duties of the parties to this Agreement, the Executive shall not be required by Employer, as a part of his duties,
to perform or to participate in any activity that constitutes a violation of any local, state, or federal law, rule, ordinance, or regulation. 
 1.3 Employer Policies and Procedures. The Executive agrees to abide by all applicable policies and procedures of the Employer that are otherwise consistent with the terms of this Agreement. 
 1.4 Full Attention. During the Employment Period, excluding any periods of vacation and sick leave to which Executive is entitled, Executive shall
devote Executive’s full business time, energy and attention to the performance of Executive’s duties and responsibilities hereunder. During the Employment Period, the Executive shall at all times operate in accordance with the Bank’s
Ethics Policy and may not, without the prior written consent of the Boards of Directors of the Bank and the Holding Company, operate, participate in the management, operations or control of, or act as an employee, officer, consultant, agent or
representative of, any other entity or business that is not related to the Bank and the 

  

			
	 EMPLOYMENT AGREEMENT OF CARROLL C. MARKLEY
	  	PAGE 1                

 
Holding Company, provided that it shall not be a violation of the foregoing for the Executive: (i) to act or serve as a director on the boards of
directors of any type of non-profit, civil, cultural, philanthropic or professional organization; (ii) to manage Executive’s own personal passive investments; or (c) to serve, with the written consent of the Executive’s Manager,
on the board of directors of for-profit entities, so long as such activities do not violate the Employer’s policy on external directorship or materially interfere with the performance of Executive’s duties and responsibilities to the
Employer as provided hereunder. 
 2. TERM OF EMPLOYMENT. 
 2.1 Effective Date. The Effective Date of this Agreement shall be the date as set forth in Addendum A. 
 2.2. Term. The term of this Agreement shall at all times be two (2) years, which means that at the end of every day, the term of this Agreement shall be extended for one day, unless and until the Agreement is terminated by
either party in accordance with Section 4 of this Agreement. 
 3. COMPENSATION 
 3.1 Base Salary. For all services that the Executive may render to Employer during the term hereof, Employer shall pay to Executive, and Executive
shall accept from the Employer, a monthly base salary in the amount set forth on Addendum A attached hereto, payable on the Employer’s standard pay schedule, subject to such deductions as may be required by law. Executive’s base salary may
not be decreased at any time during this Agreement without the express written consent of the Executive. The base salary may be increased at the sole discretion of the Boards but nothing herein shall be deemed to require any such increase.

 3.2 Incentive Compensation/Bonus. Executive may be eligible to receive a bonus based upon satisfactory achievement of personal
performance objectives and business performance objectives as set forth in Addendum A hereto. 
 3.3 Stock Options. In addition to the
options granted in Section 5 of the Agreement dated February 8, 2001, which shall continue in accordance with the terms of that Agreement, Executive will be eligible to receive additional stock options and/or restricted stock as may be
awarded by the Board in its sole discretion. 
 3.4. Expenses. Upon Executive’s presentation to Employer of expense reports
acceptable to Employer and which are in sufficient detailed form to comply with standards of deduction of business expenses established from time to time by the Internal Revenue Service, Employer will reimburse Executive for such expenses hereunder,
including but not limited to such expenses set forth in Addendum A. 
 3.5 Benefits. Executive shall receive: health, hospitalization,
dental, and prescription insurance policy covering the Executive at no cost to the Executive other than such medical deductible as may be applicable to all other Executives of the Employer, and, if the Executive desires, covering the dependents and
spouse of the Executive, if any, at no cost to the Employer; Flexible Spending Account; term life insurance and paid time-off benefits as are provided to similarly situated Executives of the Employer; and the opportunity to participate in any
standard Executive benefit as may be in effect during the term of this Agreement. During the Employment Period on and after the Effective Date (except as noted in this paragraph), Employer shall furnish to Executive an automobile of his choice,
which may be leased by Executive or the Employer. 
  

			
	 EMPLOYMENT AGREEMENT OF CARROLL C. MARKLEY
	  	PAGE 2                

 4. TERMINATION OF EMPLOYMENT 
 Executive’s employment with the Employer may be terminated, prior to the expiration of any term of this Employment Agreement, in accordance with any of the following provisions: 
 4.1 Resignation of Executive. The Executive may terminate Executive’s employment by giving the Employer sixty (60) days advance
notification in writing, unless waived by two-thirds majority vote of the Boards, inclusive of the Executive. 
 4.2 Termination By The
Employer For Cause. The Employer, at any time and without notice (except as required below), may terminate the Executive for “Cause.” Termination by the Employer of the Executive for “Cause” shall include but not be limited
to termination based on any of the following grounds: (a) fraud, misappropriation, embezzlement or acts of similar dishonesty; (b) conviction of a crime (other than a minor traffic offense); (c) illegal use of drugs or excessive use
of alcohol in the workplace; (d) intentional and willful misconduct that may subject the Employer to criminal or civil liability; or (e) breach of the Executive’s duty of loyalty to the Employer or diversion or usurpation of corporate
opportunities properly belonging to the Employer; and (f) willful disregard of material Employer policies and procedures. Executive shall not be terminated for cause under subsection (f) unless the Employer first has provided Executive
with written notice that the Employer considers the Executive to be in violation of his obligations under one or more of the foregoing subsections and Executive fails, within sixty (60) days of such notice, to cure the conduct that has given
rise to the notice. 
 Discharge for “Cause” will require a two-thirds majority vote of the Boards, inclusive of Executive.
Termination of Executive’s employment for Cause shall include termination as an employee, officer and director of Employer. 
 In the
event of a termination by the Employer for Cause, Executive shall be entitled to receive only that base salary earned on or before the Executive’s last day of active service and other post-employment benefits required by law or under Employer
policy. Executive shall not be entitled to receive any portion of Executive’s target bonus for the period in which the termination occurs but shall receive any accrued bonus for any performance period completed prior to the date of termination.

 4.3 Termination By The Bank Without Cause. The Employer may terminate Executive’s employment without cause by a two-thirds
majority vote of the Boards, including Executive, at any time during the term of this Agreement, by giving the Executive thirty (30) days’ written notice of such termination, during which notice period Executive will continue to receive
normal compensation and benefits to which Executive would normally be entitled under the terms of this Agreement. During the notice period, Executive must fulfill all of Executive’s duties and responsibilities and use Executive’s best
efforts to train and support Executive’s replacement, if any. Notwithstanding the foregoing, the Bank, at its option, may instruct Executive during such period not to undertake any active duties on behalf of the Bank. 
 If Executive is terminated under this section, within thirty (30) days following the conclusion of the notice period and receipt of the signed
separation agreement described below, the Bank shall provide Executive: (a) a lump sum payment consisting of Executive’s Base Salary for 24 months; (b) a lump sum payment consisting of Executive’s bonus target for the year in
which the termination without cause occurs; and (c) payment by the Bank of Executive’s COBRA coverage for 18 months, provided Executive is covered under the Bank’s health plan and timely elects continued coverage under COBRA.

 Executive expressly agrees and acknowledges that all payments and benefits referenced herein which may be paid to Executive as a result of
a Termination Without Cause are conditioned upon and 

  

			
	 EMPLOYMENT AGREEMENT OF CARROLL C. MARKLEY
	  	PAGE 3                

 
subject to the Executive executing a valid separation agreement and general release, which includes a release of all claims the Executive may have against
the Bank, and all of its respective subsidiaries, affiliates, directors, officers, employees, shareholders and agents (other than rights of indemnification, rights to directors and officers insurance, and any rights to accrued benefits under the
employee benefit plans), a cooperation clause, a non-disparagement clause, and an affirmation of post-employment restrictions previously agreed to by Executive. 
 4.4 Termination By Death, Complete Disability, or Bank Ceasing Operations. The Executive’s employment and rights to compensation under this Employment Agreement shall terminate if the Bank ceases
operations or if the Executive is unable to perform the duties of Executive’s position due to Executive’s death or disability (as defined below). In the event of termination due to death or disability, the Executive’s heirs,
beneficiaries, successors, or assigns shall be entitled only to receive any compensation fully earned prior to the date of the Executive’s death or incapacitation due to disability and shall not be entitled to any other compensation or
benefits, except: (a) to the extent specifically provided in this Employment Agreement; (b) to the extent required by law; or (c) to the extent that such benefit plans or policies under which Executive is covered provide a benefit to
the Executive’s heirs, beneficiaries, successors, or assigns. For purposes of this Agreement, “disability” shall be defined as the Executive’s inability to perform the essential functions of Executive’s position, with or
without reasonable accommodations, as a result of the Executive’s physical or mental impairment or illness, for a period in excess of four months in any twelve month period. 
 5. CONFIDENTIALITY AND NONDISCLOSURE 
 5.1 Non-Disclosure of Confidential Information.
Executive recognizes that Executive’s position with Employer is one of the highest trust and confidence and that Executive will have access to and contact with the trade secrets and confidential and proprietary business information of Employer.
Executive agrees that Executive shall not, while employed by Employer or thereafter, directly or indirectly, use for his own benefit or for the benefit of another, or disclose to another any trade secret or Confidential Information (as defined
below) of the Employer, except such use or disclosure is in the discharge of Executive’s duties and obligations on behalf of the Employer. 
 5.2 Definition of “Confidential Information”. For purposes of this Agreement, “Confidential Information” shall include proprietary or sensitive information, materials, knowledge, data or other information of the
Employer not generally known or available to the public relating to (a) the services, products, customer lists, business plans, marketing plans, pricing strategies, or similar confidential information of the Employer or (b) the business of
any Employer customer, including without limitation, knowledge of the customer’s current financial status, loans, or financial needs. 
 5.3 Return of Materials and Equipment. Executive further agrees that all memoranda, notes, records, drawings, or other documents made or compiled by Executive or made available to Executive while employed by Employer concerning any
Employer activity shall be the property of Employer and shall be delivered to Employer upon termination of Executive’s employment or at any other time upon request. Executive also agrees to return any and all equipment belonging to the Employer
on or before Executive’s last day of employment with Employer. 
 5.4 No Prior Restrictions. The Executive hereby represents and
warrants to the Employer that the execution, delivery, and performance of this Agreement does not violate any provision of any agreement or restrictive covenant which the Executive has with any former employer (a “Former Employer”). The
Executive further acknowledges that to the extent the Executive has an obligation to the Former Employer not to disclose certain confidential information, Executive intends to honor such obligation and the Employer hereby agrees not to knowingly
request the Executive to disclose such confidential information. 
  

			
	 EMPLOYMENT AGREEMENT OF CARROLL C. MARKLEY
	  	PAGE 4                

 6. POST-EMPLOYMENT RESTRICTIONS 
 6.1 Non-Interference With Customers. Executive further agrees that, during the Employment Period and for a period of twelve months thereafter, Executive shall not undertake to interfere with the Employer’s
relationship with any Bank customer. This means, among other things, that Executive shall refrain: (i) from making disparaging comments about the Bank or its management or employees to any customer; (ii) from attempting to persuade any
customer to cease doing business with the Bank; or (iii) from soliciting any customer for the purpose of providing services competitive with the services provided by the Bank; or (iv) from assisting any person or entity in doing any of the
foregoing. 
 6.2 Non-Solicitation and Non-Hiring of Employees. Executive agrees that, during the Employment Period and for a period
of one (1) year following the termination of Executive’s employment for any reason, the Executive shall not, directly or indirectly, on Executive’s own behalf or the behalf of another person or entity: (i) induce or attempt to
induce any person employed by the Bank to leave their employment with the Bank; (ii) hire or employ, or attempt to hire or employ, any person employed by the Bank; or (iii) assist any other person or entity in the hiring of any person
employed by the Bank. These restrictions shall apply only where the services or products provided by the hiring entity are competitive with the services or products provided by the Bank. 
 6.3 Non-Competition. Executive agrees that for one (1) year following the Employment Period he will not engage (either individually or as an
Executive or representative of any other person or entity) in banking activities (other than personal banking), in which chartered national or state banks may at that time legally be engaged, within a ten (10) mile radius of the Bank’s
headquarters. 
 6.4 Reasonableness. Executive understands and acknowledges that the restrictions contained herein are reasonable in
that they do not prohibit Executive from seeking employment with another financial institution or entity (except as set forth in Section 4.1 above), but merely restrict Executive’s ability, during the Employment Period and for a period of
12 months thereafter, to interfere with or hinder the Bank’s relationships with its employees and customers. 
 6.5 Remedies. In
the event that Executive breaches any of the covenants contained herein in paragraphs 6.1 through 6.4, the Employer shall be entitled to its remedies at law and in equity, including but not limited to compensatory and punitive damages. The
prevailing party in the event of such action shall be entitled to recover reasonable attorney’s fees and costs. The parties also recognize that any breach of the covenants contained herein may result in irreparable damage and injury to Employer
which will not be adequately compensable in monetary damages, and that in addition to any remedy that Employer may have at law, the Employer may obtain such preliminary or permanent injunction or decree as may be necessary to protect Employer
against, or on account of, any breach of the provisions contained herein. 
 7. CHANGE IN CONTROL 
 In the event Executive’s employment is terminated within six (6) months prior or twelve (12) months following a Change in Control, the
provisions of this section shall apply. 
 7.1 Change in Control Defined: A “Change in Control” is deemed to have taken
place if any of the following events occurs: (a) The shareholders of Millennium Bankshares approve a transaction for the merger, consolidation, or other combination of Millennium Bankshares with another corporation or 

  

			
	 EMPLOYMENT AGREEMENT OF CARROLL C. MARKLEY
	  	PAGE 5                

 
business entity where the Holding Company is not the Surviving Entity, as defined below; (b) The shareholders of Millennium Bankshares approve the sale
of all or substantially all the assets of Millennium Bankshares where the Holding Company is not the Surviving Entity, as defined below; or (c) A Person which does not presently hold at least 10% of the shares of the Company becomes, directly
or indirectly, the beneficial owner of securities representing 50% or more of the voting power or the Holding Company’s then outstanding securities. “Person” is defined as any individual, entity or group (within the meaning of
Section 13(d) (3) of the Securities and Exchange Act of 1934). 
 7.2 “Surviving Entity” Defined. Millennium
Bankshares shall not be considered the “Surviving Entity” of a transaction described in subparagraphs (a) and (b) if the individuals who constitute the Board of Directors on the date one day prior to the closing date of the
transaction cease to constitute a majority of the board of directors of the Surviving Entity at any time within the three months following the transaction. The surviving entity, if not Millennium Bankshares, shall hereinafter be known as the
“Successor Employer”. 
 7.3 Payout Events. The Executive, without waiving any contractual rights afforded elsewhere in this
Agreement, shall be entitled to the full and complete rights afforded by this section if, during the period that begins six (6) months prior to the Closing Date of a Change in Control event and that ends twelve (12) months following the
Closing Date of a Change in Control event, the Executive: (a) is involuntarily terminated by the Employer or the Successor Employer, unless such termination is for Cause, as such term is defined in this Employment Agreement; or (b) resigns
from employment with the Employer or the Successor Employer following a reduction in the Executive’s base salary or bonus opportunity; or (c) is required by the Employer or the Successor Employer to relocate the Executive’s place of
employment to a location more than 25 miles from the Executive’s current place of employment; or (d) the Successor Employer reassigns Executive to a different position or title, changes or eliminates any of the positions or titles
guaranteed to Executive under Section 1.1, or appoints or assigns another person to share any of the positions or titles guaranteed to Executive under Section 1.1 of this Agreement. “Closing Date” shall mean the date on which
such transaction or stock purchase is signed and finalized. 
 7.4 Benefits Under This Section. If any of the Payout Events described
above occurs, Executive shall be entitled to receive, in addition to any other post-employment benefits to which Executive may be entitled under Employer policy, the following compensation and benefits, provided the Executive has executed the
separation agreement and general release described in Section 4.2 above: (a) a lump sum severance payment in the amount of base salary and target bonus for the greater of (i) the remainder of the applicable Term under this Employment
Agreement or (ii) twenty-four (24) months; and (b) payment by the Employer of Executive’s COBRA coverage for the remainder of the Term of the Agreement or 18 months, whichever is less, provided Executive is covered under the
Employer’s health plan and timely elects continued coverage under COBRA. The compensation to be paid under this section shall offset any compensation owed the Executive for the same period under this Agreement and is not intended to provide
double compensation to the Executive for any period of time. To the extent permitted under the terms of the Employer’s stock option plan and/or stock option agreements with Executive, Executive also shall fully vest in any options or restricted
stock in the event of a change in control. 
 7.5 Excess Payments. If either the Employer or the Executive receives notice from an
independent tax counsel or certified public accounting firm acting on behalf of the Employer (the “Tax Advisor”), that the payment by the Employer to the Executive under this Agreement or otherwise would be considered to be an “excess
parachute payment” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended, or any successor statute then in effect (the “Code”), the aggregate payments by the Employer pursuant to this Agreement shall
be reduced to the highest amount that may be paid to the Executive by the Employer under this Agreement without having any portion of any amount payable to the Executive by the Employer or a related entity under this Agreement or otherwise treated
as 

  

			
	 EMPLOYMENT AGREEMENT OF CARROLL C. MARKLEY
	  	PAGE 6                

 
such an “excess parachute payment”, and, if permitted by applicable law and without adverse tax consequence, such reduction shall be made to the
last payment due hereunder. Any payments made by the Employer to the Executive under this Agreement which are later confirmed by the Tax Advisor to be “excess parachute payments” shall be considered by all parties to have been a loan by
the Employer to the Executive, which loan shall be repaid by the Executive upon demand together with interest calculated at the lowest interest rate authorized for such loans under the Code without a requirement that further interest be imputed.

 8. GENERAL PROVISIONS. 
 8.1
Notices. All notices and other communications required or permitted by this Agreement to be delivered by the Employer or Executive to the other party shall be delivered in writing, either personally or by registered, certified or express
mail, return receipt requested, postage prepaid, respectively, to the headquarters of the Employer, or to the address of record of the Executive on file at the Employer. 
 8.2 Amendments: Entire Agreement. This Agreement may not be amended or modified except by a writing executed by all of the parties hereto. With the exception of Executive’s right to receive compensation
(including, but not limited to performance bonuses), benefits, and/or stock options pursuant to Section 3.3 above, as well as any vested benefits pursuant to any plans of the Employer in which Executive participated or had an interest prior to
this Agreement that are covered by or governed by the Employee Retirement Income Security Act, this Agreement, including any addendums hereto, constitutes the entire agreement between Executive and the Employer relating in any way to the employment
of Executive by the Employer, and supersedes all prior discussions, understandings and agreements between them with respect thereto. 
 8.3
Successors and Assigns. This Agreement is personal to Executive and shall not be assignable by Executive. The Employer will assign its rights hereunder to (a) any corporation resulting from any merger, consolidation or other
reorganization to which the Employer is a party or (b) any corporation, partnership, association or other person to which the Employer may transfer all or substantially all of the assets and business of the Employer existing at such time or
(c) the parent of Bank. All of the terms and provisions of this Agreement shall be binding upon and shall inure to the benefit of and be enforceable by the parties hereto and their respective successors and permitted assigns. 
 8.4 Severability: Provisions Subject to Applicable Law. All provisions of this Agreement shall be applicable only to the extent that they do not
violate any applicable law, and are intended to be limited to the extent necessary so that they will not render this Agreement invalid, illegal or unenforceable under any applicable law. If any provision of this Agreement or any application thereof
shall be held to be invalid, illegal or unenforceable, the validity, legality and enforceability of other provisions of this Agreement or of any other application of such provision shall in no way be affected thereby. 
 8.5 Waiver of Rights. No waiver by the Employer or Executive of a right or remedy hereunder shall be deemed to be a waiver of any other right or
remedy or of any subsequent right or remedy of the same kind. 
 8.6 Definitions, Headings, and Number. A term defined in any part of
this Employment Agreement shall have the defined meaning wherever such term is used herein. The headings contained in this Agreement are for reference purposes only and shall not affect in any manner the meaning or interpretation of this Employment
Agreement. 
  

			
	 EMPLOYMENT AGREEMENT OF CARROLL C. MARKLEY
	  	PAGE 7                

 8.7 Governing Law. This Agreement and the parties’ performance hereunder shall be governed by
and interpreted under the laws of the Commonwealth Of Virginia. Executive agrees to submit to the jurisdiction of the courts of the Commonwealth Of Virginia, and that venue for any action arising out of this Agreement or the parties’
performance hereunder shall be either in the Circuit Court for the County of Fairfax, Virginia or in the United States District Court for the Eastern District of Virginia, Alexandria Division, subject to the court’s subject matter jurisdiction
over such action. 
 8.8. Attorneys’ Fees. In the event of a dispute arising out of the interpretation or enforcement of this
Agreement, the prevailing party shall be entitled to recover reasonable attorneys’ fees and costs. 
 8.9 Construction and
Interpretation. This Agreement has been discussed and negotiated by, all parties hereto and their counsel and shall be given a fair and reasonable interpretation in accordance with the terms hereof, without consideration or weight being given to
its having been drafted by any party hereto or its counsel. 
 IN WITNESS WHEREOF, Millennium Bank, N.A. and Millennium Bankshares
Corporation and Executive have executed and delivered this Agreement as of the date written below. 
  

															
	EXECUTIVE	 		 		 		 	MILLENNIUM BANK, N.A.	 	
		 		 		 		 	A National Banking Association	 	
								
	 /s/ Carroll C. Markley
	 		 	 12/20/04
	 		 	By:	 	 /s/ J. Anthony Fulkerson
	 		 	 12/20/04

	Carroll C. Markley	 		 	Date	 		 		 	J. Anthony Fulkerson	 		 	Date
								
		 		 		 		 	Title:	 	Chairman, Compensation Committee	 		 	
						
		 		 		 		 	MILLENNIUM BANKSHARES CORPORATION	 	
								
		 		 		 		 	By:	 	 /s/ William P. Haggerty
	 		 	 12/20/04

		 		 		 		 		 	William P. Haggerty	 		 	Date
								
		 		 		 		 	Title:	 	Chairman, Compensation Committee	 		 	

  

			
	 EMPLOYMENT AGREEMENT OF CARROLL C. MARKLEY
	  	PAGE 8                

 ADDENDUM A TO 
 EMPLOYMENT AGREEMENT OF CARROLL C. MARKLEY 
 This Addendum A (“Addendum”) to the Employment
Agreement of Carroll C. Markley (“Agreement”) is made of the date of the last signature hereto and supersedes and replaces any prior Addendum A to the Agreement. 
  

	A.	Executive’s title for purposes of Section 1.1 of the Agreement shall be Chairman, President, and Chief Executive Officer of the Holding Company and Chairman and Chief
Executive Officer of the Bank. 

  

	B.	Executive’s Manager for purposes of Section 1.2 of the Agreement shall be the Boards of Directors of the Bank and of the Holding Company. 

  

	C.	The Effective Date of the Agreement is January 1, 2005. 

  

	D.	The Effective Date of this Addendum is January 1, 2005. 

  

	E.	Effective January 1, 2005, Executive’s Base Salary for purposes of Section 3.1 of the Agreement shall be $15,833.33 monthly, which is $190,000
annualized. 

  

	F.	Pursuant to Section 3.2 of the Agreement, Executive shall be eligible to participate in the Millennium Bank Executive Incentive Compensation Plan (the “Incentive Comp
Plan”). Executive’s target bonus eligibility under the Incentive Comp Plan shall be 25% of Executive’s Base Salary (the “Target Bonus”) subject to the terms of the Plan, which shall be provided to Executive at a later
date. 

  

	G.	The reference to “twenty-four (24) months” in Section 7.4(a)(ii) of the Agreement shall be changed to “forty-eight (48) months”.

  

	H.	In addition to other expenses that shall be reimbursed pursuant to Section 3.4 of the Agreement, Bank agrees that it shall further be responsible for the payment of
Executive’s Westwood country club membership dues, as well as any related entertainment expenses as a result of entertaining clients, incurred by Executive during the term of this Agreement 

  

															
	EXECUTIVE	 		 		 		 	MILLENNIUM BANK, N.A.	 	
		 		 		 		 	A National Banking Association	 	
								
	 /s/ Carroll C. Markley
	 		 	 12/20/04
	 		 	By:	 	 /s/ J. Anthony Fulkerson
	 		 	 12/20/04

	Carroll C. Markley	 		 	Date	 		 		 	J. Anthony Fulkerson	 		 	Date
								
		 		 		 		 	Title:	 	Chairman, Compensation Committee	 		 	
						
		 		 		 		 	MILLENNIUM BANKSHARES CORPORATION	 	
								
		 		 		 		 	By:	 	 /s/ William P. Haggerty
	 		 	 12/20/04

		 		 		 		 		 	William P. Haggerty	 		 	Date
								
		 		 		 		 	Title:	 	Chairman, Compensation Committee	 		 	

  

			
	 EMPLOYMENT AGREEMENT OF CARROLL C. MARKLEY
	  	PAGE 9

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