<SEC-DOCUMENT>0000950103-20-024018.txt : 20201209
<SEC-HEADER>0000950103-20-024018.hdr.sgml : 20201209
<ACCEPTANCE-DATETIME>20201209161558
ACCESSION NUMBER:		0000950103-20-024018
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20201209
DATE AS OF CHANGE:		20201209
EFFECTIVENESS DATE:		20201209

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			L Brands, Inc.
		CENTRAL INDEX KEY:			0000701985
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-WOMEN'S CLOTHING STORES [5621]
		IRS NUMBER:				311029810
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0130

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-251226
		FILM NUMBER:		201378011

	BUSINESS ADDRESS:	
		STREET 1:		THREE LIMITED PKWY
		STREET 2:		P O BOX 16000
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43216
		BUSINESS PHONE:		6144157000

	MAIL ADDRESS:	
		STREET 1:		THREE LIMITED PARKWAY
		STREET 2:		P.O. BOX 16000
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43216

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LIMITED BRANDS INC
		DATE OF NAME CHANGE:	20020613

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LIMITED INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>dp142457_s8.htm
<DESCRIPTION>FORM S-8
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on December 9, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.1pt 0pt 0; text-align: right"><B>Registration No. 333-________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.1pt 0pt 0; text-align: left"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B>&nbsp;</P>

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    <TD STYLE="border-bottom: Black 1pt solid; width: 100%"><FONT STYLE="font-size: 1px">&nbsp;</FONT></TD></TR>
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-8</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT UNDER</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE SECURITIES ACT OF 1933</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 25%">
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>



<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>L BRANDS, INC. </B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in
its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 28%; text-align: center"><B>Delaware<BR></B></TD>
    <TD STYLE="vertical-align: bottom; width: 44%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 28%; text-align: center"><B>31-1029810</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or Other Jurisdiction of <BR>
Incorporation or Organization)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer <BR>
Identification Number)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Three
Limited Parkway</B>&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Columbus, Ohio
        43230</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Telephone: (614)
        415-7000</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant&rsquo;s Principal Executive Offices)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 25%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%"><FONT STYLE="font-size: 1px">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 25%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<B>L BRANDS, INC. 2020 STOCK
OPTION AND PERFORMANCE INCENTIVE PLAN </B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Full Title of the Plan)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 48%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Stuart B. Burgdoerfer</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Executive Vice
        President and Chief Financial Officer</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>L Brands, Inc.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Three Limited
        Parkway</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Columbus, Ohio
        43230</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Telephone: (614)
        415-7000</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></P></TD>
    <TD STYLE="width: 25%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name and Address for Agent of Service)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Telephone number, including area code,
        of agent for service)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 25%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%"><FONT STYLE="font-size: 1px">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center"><I>With a copy to:</I></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 33%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 34%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white"><B>Edmond
        T. FitzGerald, Esq.</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Davis Polk &amp; Wardwell LLP</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>450 Lexington Avenue</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, NY 10017</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(212) 450-4000</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="vertical-align: top; width: 33%; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth
company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting
company&rdquo; and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Large accelerated filer </B></FONT>&#9746;</TD>
    <TD STYLE="width: 37%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Accelerated filer </B></FONT>&#9744;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Non-accelerated filer </B>&#9744;<B>&nbsp;(Do not check if a
    smaller reporting company)</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Smaller reporting company </B></FONT>&#9744;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Emerging growth company </B></FONT>&#9744;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>If an emerging growth
company, indicate by check mark if the registrant has elected not to use the extended transition period for </B>&#9744;</FONT> <FONT STYLE="font-size: 10pt"><B>complying
with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities
Act.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <TD COLSPAN="5" STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: center"><FONT STYLE="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4pt; width: 37%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-weight: bold; padding-left: 4pt">Title Of Securities To Be Registered</TD>
    <TD STYLE="padding-right: 4pt; width: 17%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-weight: bold; padding-left: 4pt">Amount To Be Registered(1)</TD>
    <TD STYLE="padding-right: 4pt; width: 14%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-weight: bold; padding-left: 4pt">Proposed Maximum Offering Price Per Share(2)</TD>
    <TD STYLE="padding-right: 4pt; width: 17%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-weight: bold; padding-left: 4pt">Proposed Maximum Aggregate Offering Price(1)(2)</TD>
    <TD STYLE="padding-right: 4pt; width: 15%; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-left: 4pt">Amount Of<BR>
Registration Fee(1) (3)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 4pt; border-right: Black 1pt solid; border-bottom: Black 1.5pt double">L Brands, Inc. Common Stock, $0.50 par value&#9;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: center">13,733,119</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: center">$37.48</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: center">$514,717,300.12</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; text-align: center">$56,155.66</TD></TR>
</TABLE>
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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>This Registration Statement on Form S-8 (this &ldquo;Registration Statement&rdquo;) covers shares of common stock, $0.50 par
value per share (&ldquo;Common Stock&rdquo;), of L Brands, Inc. (the &ldquo;Registrant&rdquo;) (i) authorized for issuance under
the L Brands, Inc. 2020 Stock Option and Performance Incentive Plan (the &ldquo;Incentive Plan&rdquo;) and (ii) pursuant to Rule
416(a) under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), any additional shares of Common Stock that
may become issuable under the Incentive Plan by reason of any stock dividend, stock split or other similar transaction.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Estimated solely for purposes of calculating the registration fee pursuant to Rule 457(h) and Rule 457(c) under the Securities Act. The
proposed maximum offering price per share and the proposed maximum aggregate offering price are based on the average of the high ($38.45)
and low ($36.51) prices of the Registrant's Common Stock as reported on the New York Stock Exchange on December 4, 2020.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>Rounded up to the nearest penny.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION 10(a)
PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The information specified in Item 1 and
Item 2 of Part I of this Registration Statement is omitted from this filing in accordance with the provisions of Rule 428 under
the 1933 Act and the introductory note to Part I of the Registration Statement on Form S-8. The documents containing the information
specified in Part I will be delivered to the participants in the Incentive Plan covered by this Registration Statement as required
by Rule 428(b)(1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II<BR>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 3. INCORPORATION OF DOCUMENTS BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Registrant hereby incorporates herein by
reference the following documents filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) pursuant to
the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registrant&rsquo;s Annual Report on Form 10-K for the fiscal year ended February 1, 2020 (the &ldquo;Annual Report&rdquo;), filed
with the Commission on March 30, 2020 pursuant to Section 13(a) of the Exchange Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">The
Registrant&rsquo;s Quarterly Reports on Form 10-Q for the fiscal quarters ended May 2, 2020, August 1, 2020 and October 31, 2020;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant&rsquo;s current report on Form 8-K filed with the Commission on November 13, 2020; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
description of the Registrant&rsquo;s Common Stock contained in the Registrant&rsquo;s Form 8 Amendment to its Form 8-A filed with
the Commission on September 1, 1989 pursuant to the 1934 Act, including any amendment thereto or report filed for the purpose of
updating such description.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All documents filed by the Registrant pursuant
to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, after the date of this Registration Statement and prior to the filing
of a post-effective amendment that indicates that all securities offered hereby have been sold or which deregisters all securities
then remaining unsold, are incorporated by reference in this Registration Statement and are a part hereof from the date of filing
of such documents; except as to any portion of any future annual or quarterly report to stockholders or document or current report
furnished under current Items 2.02 or 7.01 of Form 8-K that is not deemed filed under such provisions. Any statement contained
in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes
of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which
also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or
superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><B>Item
4. DESCRIPTION OF SECURITIES</B></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5. INTERESTS OF NAMED EXPERTS AND COUNSEL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><B>Item
6. INDEMNIFICATION OF DIRECTORS AND OFFICERS</B></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Registrant is a Delaware corporation.
Section 102(b)(7) of the Delaware General Corporation Law (the &ldquo;DGCL&rdquo;) enables a corporation to eliminate or limit
the personal liability of a director to the corporation or its stockholders for monetary damages for breach of the director&rsquo;s
fiduciary duty, except:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>for any breach of the director&rsquo;s duty of loyalty to the corporation or its stockholders;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>pursuant to Section 174 of the DGCL (providing for liability of directors for unlawful payment of dividends or unlawful stock
purchases or redemptions); or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>for any transaction from which the director derived an improper personal benefit.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In accordance with Section 102(b)(7) of
the DGCL, the Certificate of Incorporation of the Registrant includes a provision eliminating, to the fullest extent permitted
by the DGCL, the liability of the Registrant&rsquo;s directors to the Registrant or its stockholders for monetary damages for breach
of fiduciary as director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Section 145(a) of the DGCL empowers a corporation
to indemnify any present or former director, officer, employee or agent of the corporation, or any individual serving at the corporation&rsquo;s
request as a director, officer, employee or agent of another organization, who was or is a party or is threatened to be made a
party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative
(other than an action by or in the right of the corporation), against expenses (including attorneys&rsquo; fees), judgments, fines
and amounts paid in settlement actually and reasonably incurred by the person in connection with such action, suit or proceeding
provided that such director, officer, employee or agent acted in good faith and in a manner he or she reasonably believed to be
in, or not opposed to, the best interests of the corporation, and, with respect to any criminal action or proceeding, provided
further that such director, officer, employee or agent had no reasonable cause to believe his or her conduct was unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The DGCL provides that the indemnification
described above shall not be deemed exclusive of any other indemnification that may be granted by a corporation pursuant to its
by-laws, disinterested directors&rsquo; vote, stockholders&rsquo; vote, agreement or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The DGCL also provides corporations with
the power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the
corporation, or is or was serving at the request of the corporation in a similar capacity for another corporation, partnership,
joint venture, trust or other enterprise, against any liability asserted against him or her in any such capacity, or arising out
of his or her status as such, whether or not the corporation would have the power to indemnify him or her against such liability
as described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In accordance with Section l45(a) of the
DGCL, the Registrant&rsquo;s Amended and Restated By-Laws provide that every person who was or is a party or is threatened to be
made a party to any threatened, pending or completed action, suit, or proceeding, whether civil, criminal, administrative or investigative,
by reason of the fact that such person, or such person&rsquo;s testator or intestate, is or was serving as a director or officer
of the Registrant or is or was serving at the request of the Registrant as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust, or other enterprise, or as a member of any committee or similar body, shall be indemnified and
held harmless to the fullest extent legally permissible under the DGCL against all expenses (including attorney&rsquo;s fees),
judgments, penalties, fines and amounts paid in settlement and reasonably incurred by such person in connection with such action,
suit or proceeding (including appeals) or the defense or settlement thereof or any claim, issue, or matter therein. Expenses incurred
by a director or officer in defending such an action, suit or proceeding shall be paid by the Registrant in advance of the final
disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such person to repay any amount
if it is ultimately determined that such director or officer is not entitled to indemnification by the Registrant as authorized
by the relevant sections of the DGCL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><B>Item
7. EXEMPTION FROM REGISTRATION CLAIMED</B></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 8. EXHIBITS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; border-bottom: Black 1pt solid; width: 11%; text-align: center; padding-bottom: 4pt"><P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>Exhibit</B></P>
                                                                               <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>Number</B></P></TD>
    <TD STYLE="padding-top: 4pt; width: 89%; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/701985/000095010320009937/dp128284_ex0301.htm">4.1</A></TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/701985/000095010320009937/dp128284_ex0301.htm">Amended and Restated Certificate of Incorporation of the Registrant incorporated by reference to Exhibit 3.1 to the Registrant&rsquo;s Form 8-K dated May 20, 2020.*</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/701985/000070198520000022/ex31lb-20202qbylawsame.htm">4.2</A></TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/701985/000070198520000022/ex31lb-20202qbylawsame.htm">Amended and Restated Bylaws of the Registrant incorporated by reference to Exhibit 3.1 to the Registrant&rsquo;s Form 8-K dated June 19, 2020.*</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt"><A HREF="dp142457_ex0501.htm">5.1</A></TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt"><A HREF="dp142457_ex0501.htm">Opinion of Davis Polk &amp; Wardwell LLP (filed herewith)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt"><A HREF="dp142457_ex1501.htm">15.1</A></TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt"><A HREF="dp142457_ex1501.htm">Letter from Ernst &amp; Young regarding Unaudited Interim Financial Statements (filed herewith)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt"><A HREF="dp142457_ex2301.htm">23.1</A></TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt"><A HREF="dp142457_ex2301.htm">Consent of Ernst &amp; Young LLP (filed herewith)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt"><A HREF="dp142457_ex0501.htm">23.2</A></TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt"><A HREF="dp142457_ex0501.htm">Consent of Davis Polk &amp; Wardwell LLP (included in Exhibit 5.1)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt"><A HREF="#poa">24.1</A></TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt"><A HREF="#poa">Power of Attorney (included on the signature pages of this Registration Statement)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; border-bottom: Black 1pt solid; padding-bottom: 4pt"><A HREF="dp142457_ex9901.htm">99.1</A></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt"><A HREF="dp142457_ex9901.htm">L Brands, Inc. 2020 Stock Option and Performance Incentive Plan (filed herewith)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">*Incorporated herein by reference</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 9. UNDERTAKINGS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;The
undersigned Registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(1)&nbsp;&nbsp;&nbsp;To
file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(i)&nbsp;&nbsp;&nbsp;&nbsp;To
include any prospectus required by Section 10(a)(3) of the Securities Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(ii)&nbsp;&nbsp;&nbsp;To
reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
forth in this Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate
offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in this registration statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(iii)&nbsp;&nbsp;To
include any material information with respect to the Incentive Plan not previously disclosed in this Registration Statement or
any material change to such information in this Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><I>provided</I>, <I>however</I>,
that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment
by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section
13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(2)&nbsp;&nbsp;&nbsp;That,
for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(3)&nbsp;&nbsp;&nbsp;To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp;&nbsp;&nbsp;The
undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing
of the Registrant&rsquo;s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable,
each filing of an employee benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated
by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c)&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons
of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant
of expenses incurred or paid by a director, officer, or controlling person of the Registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered
hereunder, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit
to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed
in the Securities Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the City of Columbus, State of Ohio, on the 9<SUP>th</SUP> day of December, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 45%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><B>L BRANDS, INC.</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">By:</TD>
    <TD COLSPAN="2">/s/ Stuart B. Burgdoerfer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; text-align: justify">Name:</TD>
    <TD STYLE="width: 63%; border-top: Black 1pt solid">Stuart B. Burgdoerfer</TD>
    <TD STYLE="width: 16%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Title:</TD>
    <TD>Executive Vice President and Chief Financial Officer</TD>
    <TD>&nbsp;</TD></TR>
</TABLE><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="poa"></A>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#9;KNOW ALL PERSONS BY THESE PRESENTS,
that each person whose signature appears below, constitutes and appoints Andrew Meslow and Stuart B. Burgdoerfer and each of them,
our true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, to do any and all acts and
things and execute, in the name of the undersigned, any and all instruments which said attorneys-in-fact and agents may deem necessary
or advisable in order to enable L Brands, Inc. to comply with the Securities Act of 1933, as amended, and any requirements of the
Securities and Exchange Commission in respect thereof, in connection with the filing with the Securities and Exchange Commission
of one or more registration statements on Form S-8 under the Securities Act of 1933, as amended, including, specifically, but without
limitation, power and authority to sign the name of the undersigned to any such registration statement, and any amendments to any
such registration statement (including post-effective amendments), and to file the same with all exhibits thereto and other documents
in connection therewith, with the Securities and Exchange Commission, to sign any and all applications, registration statements,
notices or other documents necessary or advisable to comply with applicable state securities laws, and to file the same, together
with other documents in connection therewith with the appropriate state securities authorities, granting unto said attorneys-in-fact
and agents, and each of them, full power and authority to do and to perform each and every act and thing requisite or necessary
to be done in and about the premises, as fully and to all intents and purposes as the undersigned might or could do in person,
hereby ratifying and confirming all that said attorneys-in-fact and agents, and any of them, or their substitutes, may lawfully
do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates
indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 31%; border-bottom: Black 1pt solid; text-align: center"><B>Signature</B></TD>
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid; text-align: center"><B>Title</B></TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; text-align: center"><B>Date</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 9pt; text-align: center; text-indent: -9pt">/s/ Andrew Meslow</TD>
    <TD ROWSPAN="2" STYLE="text-align: center">Director and Chief Executive Officer<BR>
(principal executive officer)</TD>
    <TD ROWSPAN="2" STYLE="text-align: center">December 9, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: center; text-indent: -9pt">Andrew Meslow</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 9pt; text-align: center; text-indent: -9pt">/s/ Stuart B. Burgdoerfer</TD>
    <TD STYLE="text-align: center">Chief Financial Officer</TD>
    <TD STYLE="text-align: center">December 9, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: center; text-indent: -9pt">Stuart B. Burgdoerfer</TD>
    <TD STYLE="text-align: center">(principal financial and principal accounting officer)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 9pt; text-align: center; text-indent: -9pt">/s/ Sarah E. Nash</TD>
    <TD STYLE="text-align: center">Director and Chair</TD>
    <TD STYLE="text-align: center">December 9, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: center; text-indent: -9pt">Sarah E. Nash</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 9pt; text-align: center; text-indent: -9pt">/s/ Leslie H. Wexner</TD>
    <TD STYLE="text-align: center">Director and Chair Emeritus</TD>
    <TD STYLE="text-align: center">December 9, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: center; text-indent: -9pt">Leslie H. Wexner</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">/s/ Abigail S. Wexner</TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">December 9, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Abigail S. Wexner</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 9pt; text-align: center; text-indent: -9pt">/s/ Patricia S. Bellinger</TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">December 9, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: center; text-indent: -9pt">Patricia S. Bellinger</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 9pt; text-align: center; text-indent: -9pt">/s/ Donna A. James</TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">December 9, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: center; text-indent: -9pt">Donna A. James</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: center; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: center; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 9pt; text-align: center; text-indent: -9pt">/s/ Michael G. Morris</TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">December 9, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: center; text-indent: -9pt">Michael G. Morris</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: center; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;</P></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 9pt; text-align: center; text-indent: -9pt; width: 31%">/s/ Robert H. Schottenstein</TD>
    <TD STYLE="text-align: center; width: 37%">Director</TD>
    <TD STYLE="text-align: center; width: 32%">December 9, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: center; text-indent: -9pt">Robert H. Schottenstein</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: center; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: center; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 9pt; text-align: center; text-indent: -9pt">/s/ Anne Sheehan</TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">December 9, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: center; text-indent: -9pt">Anne Sheehan</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: center; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: center; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 9pt; text-align: center; text-indent: -9pt">/s/ Stephen D. Steinour</TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">December 9, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: center; text-indent: -9pt">Stephen D. Steinour</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: center; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: center; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
</TABLE>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>dp142457_ex0501.htm
<DESCRIPTION>EXHIBITS 5.1 AND 23.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0pt"><B>EXHIBITS 5.1 AND 23.2</B></P>

<P STYLE="margin: 0pt; text-align: right">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72%; font-size: 12pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 17%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 9pt">New York<BR>
    Northern California<BR>
    Washington DC<BR>
    S&atilde;o Paulo<BR>
    London</FONT></TD>
    <TD STYLE="width: 11%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 9pt">Paris<BR>
    Madrid<BR>
    Tokyo<BR>
    Beijing<BR>
    Hong Kong</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><IMG SRC="image_001.jpg" ALT="DavisPolk" STYLE="height: 30px; width: 155px"></P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Davis
                           Polk &amp; Wardwell LLP</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">450 Lexington Avenue<BR>
        New York, NY 10017&nbsp;</FONT></P></TD>
    <TD STYLE="width: 48%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">212
                           450 4000 tel</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">212 701 5800 fax&nbsp;</FONT></P></TD>
    <TD STYLE="width: 28%; font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">OPINION OF DAVIS POLK &amp; WARDWELL
LLP</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">December 9, 2020</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">L Brands, Inc.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Three Limited Parkway</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">P.O. Box 16000</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Columbus, Ohio 43216</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We have acted as special counsel to L Brands, Inc., a Delaware
corporation (the &ldquo;<B>Company</B>&rdquo;), and are delivering this opinion in connection with the Company&rsquo;s Registration
Statement on Form S-8 (the &ldquo;<B>Registration Statement</B>&rdquo;) filed with the Securities and Exchange Commission pursuant
to the Securities Act of 1933, as amended, for the registration of 13,733,119 shares of the Company&rsquo;s common stock, par value
$0.50 per share (the &ldquo;<B>Shares</B>&rdquo;), issuable pursuant to the L Brands, Inc. 2020 Stock Option and Performance Incentive
Plan (the &ldquo;<B>Incentive Plan</B>&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We, as your counsel, have examined originals or copies of such
documents, corporate records, certificates of public officials and other instruments as we have deemed necessary or advisable for
the purpose of rendering this opinion.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In rendering the opinion expressed herein, we have, without independent
inquiry or investigation, assumed that (i) all documents submitted to us as originals are authentic and complete, (ii) all documents
submitted to us as copies conform to authentic, complete originals, (iii) all signatures on all documents that we reviewed are
genuine, (iv) all natural persons executing documents had and have the legal capacity to do so, (v) all statements in certificates
of public officials and officers of the Company that we reviewed were and are accurate and (vi) all representations made by the
Company as to matters of fact in the documents that we reviewed were and are accurate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">On the basis of the foregoing, we are of the opinion that the
Shares have been duly authorized and, when and to the extent issued pursuant to the Plan upon receipt by the Company of the consideration
for the Shares specified therein, if and as applicable, will be validly issued, fully paid and non-assessable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We are members of the Bar of the State of New York and the foregoing
opinion is limited to the laws of the State of New York and the General Corporation Law of the State of Delaware.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We hereby consent to the filing of this opinion as an exhibit
to the Registration Statement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Very truly yours,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">/s/ Davis Polk &amp; Wardwell LLP</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-15.1
<SEQUENCE>3
<FILENAME>dp142457_ex1501.htm
<DESCRIPTION>EXHIBIT 15.1
<TEXT>
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<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXHIBIT 15.1</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Letter
from Ernst &amp; Young, LLP Regarding Unaudited Interim Financial Information</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Board of Directors and Shareholders of L Brands, Inc.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We are aware of the incorporation by reference in the Registration Statement (Form S-8) of L Brands, Inc. (&ldquo;the Company&rdquo;),
for the registration of 13,733,119 shares of its Common Stock pertaining to the L Brands, Inc. 2020 Stock Option and Performance Incentive
Plan, of our reports dated June 3, 2020, September 3, 2020 and December 4, 2020 relating to the unaudited consolidated interim financial
statements of the Company that are included in its Forms 10-Q for the quarters ended May 2, 2020, August 1, 2020 and October 31, 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
Ernst &amp; Young LLP</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Grandview
Heights, Ohio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
9, 2020</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>dp142457_ex2301.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXHIBIT 23.1</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent
of Independent Registered Public Accounting Firm</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
consent to the incorporation by reference in the Registration Statement (Form S-8) pertaining to the L Brands, Inc. 2020 Stock
Option and Performance Incentive Plan of L Brands, Inc. (&ldquo;the Company&rdquo;) of our reports dated March 27, 2020, with
respect to the consolidated financial statements of the Company and the effectiveness of internal control over financial reporting
of L Brands, Inc. included in its Annual Report (Form 10-K) for the year ended February 1, 2020, filed with the Securities and
Exchange Commission.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
Ernst &amp; Young LLP</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Grandview
Heights, Ohio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
9, 2020</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>5
<FILENAME>dp142457_ex9901.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>EXHIBIT 99.1</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>L BRANDS, INC.<BR>
2020 STOCK OPTION AND PERFORMANCE INCENTIVE PLAN<BR>
EFFECTIVE MAY 14, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE I<BR>
&emsp;<BR>
ESTABLISHMENT AND PURPOSE </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">1.01. <I>Establishment
and Effective Date</I>. Effective on May&nbsp;26, 2011, L Brands, Inc. (formerly known as Limited Brands, Inc.), a Delaware corporation
(including any successor in name or interest thereto, the &ldquo;<B>Company</B>&rdquo;), established the stock incentive plan known
as the &ldquo;L Brands, Inc. 2011 Stock Option and Performance Incentive Plan,&rdquo; (the &ldquo;<B>2011 Plan</B>&rdquo;), which
was amended and restated, effective May&nbsp;21, 2015 (the &ldquo;<B>2015 Plan</B>&rdquo;). Subject to stockholder approval, the
2015 Plan was amended and restated, effective May&nbsp;14, 2020 (the &ldquo;<B>Plan</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">1.02. <I>Purpose</I>.
The Company desires to attract and retain the best available executive and key management associates, consultants and other advisors,
for itself and its subsidiaries and affiliates and to encourage the highest level of performance by such individuals in order to
serve the best interests of the Company and its stockholders. The Plan is expected to contribute to the attainment of these objectives
by offering eligible associates, consultants and other advisors the opportunity to acquire stock ownership interests in the Company,
and other rights with respect to stock of the Company, and to thereby provide them with incentives to put forth maximum effort
for the success of the Company and its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">1.03. <I>Definitions</I>.
Unless otherwise defined elsewhere in the Plan, all capitalized terms used in the Plan shall have the meanings set forth in Article
XX.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE II<BR>
&emsp;<BR>
AWARDS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">2.01. <I>Form of Awards</I>.
Awards under the Plan may be granted in any one or all of the following forms: (i)&nbsp;incentive stock options (&ldquo;<B>Incentive
Stock Options</B>&rdquo;) meeting the requirements of Code Section 422; (ii)&nbsp;nonstatutory stock options (&ldquo;<B>Nonstatutory
Stock Options</B>&rdquo;) (unless otherwise indicated, references in the Plan to Options shall include both Incentive Stock Options
and Nonstatutory Stock Options); (iii)&nbsp;stock appreciation rights (&ldquo;<B>Stock Appreciation Rights</B>&rdquo;), as described
in Article VII, which may be awarded either in tandem with Options (&ldquo;<B>Tandem Stock Appreciation Rights</B>&rdquo;) or on
a stand-alone basis (&ldquo;<B>Nontandem Stock Appreciation Rights</B>&rdquo;); (iv)&nbsp;shares of Common Stock which are subject
to certain restrictions as provided in Article X (&ldquo;<B>Restricted Shares</B>&rdquo;); (v)&nbsp;units representing shares of
Common Stock which are restricted as provided in Article XI (&ldquo;<B>Restricted Share Units</B>&rdquo; or &ldquo;<B>RSUs</B>&rdquo;);
(vi)&nbsp;units representing shares of Common Stock, as described in Article XII (&ldquo;<B>Performance Units</B>&rdquo;) and (vii)&nbsp;shares
of unrestricted Common Stock (&ldquo;<B>Unrestricted Shares</B>&rdquo;), as described in Article XIII. In addition, awards may
be granted as &ldquo;Substitute Awards,&rdquo; which are awards granted in assumption of, or in substitution for, any outstanding
awards previously granted by a company acquired by the Company (or a subsidiary or affiliate thereof) or with which the Company
(or a subsidiary or affiliate thereof) combines. Substitute Awards shall be granted in accordance with procedures complying with
Section 409A of the Code and the regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">2.02. <I>Maximum Shares
Available</I>. The maximum aggregate number of shares of Common Stock available for award under this Plan as of the Plan&rsquo;s
effective date is 6,400,000 plus shares of Common Stock previously authorized under the 2015 Plan at the Company's 2015 Annual
Meeting, subject to adjustment pursuant to Article XV, plus shares of Common Stock issuable upon the exercise of Substitute Awards.
All shares available for award under the Plan may be awarded in the form of Incentive Stock Options. Shares of Common Stock issued
pursuant to the Plan may be either authorized but unissued shares or issued shares reacquired by the Company. In the event that
any award granted under the Plan, the 2015 Plan, the 2011 Plan or any Preexisting Plan expires unexercised or is terminated, surrendered
or canceled without being exercised or settled for shares for any reason, or any Restricted stock award under such plans are forfeited,
then the shares to which any such award relates may, at the discretion of the Committee, be made available for subsequent awards
under the Plan, upon such terms as the Committee may determine; <I>provided, however</I>, that the foregoing shall not apply to
or in respect of Substitute Awards. The following</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">shares of Common Stock may not again be
made available for issuance as awards under the Plan: (i)&nbsp;shares of Common Stock not issued or delivered as a result of the
net settlement of an outstanding Stock Appreciation Right or Option, or (ii)&nbsp;shares of Common Stock used to pay the exercise
price or withholding taxes related to settlement of an outstanding award under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE III<BR>
&emsp;<BR>
ADMINISTRATION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">3.01. <I>Committee</I>.
The Plan shall be administered by the Compensation Committee appointed by the Board and consisting of not less than two (2) members
of the Board. Each member of the Committee shall be a &ldquo;non-employee director&rdquo; (within the meaning of Rule 16b-3(b)(3)(i)&nbsp;under
the Act) and &ldquo;independent&rdquo; to the extent required by applicable law or rules of the New York Stock Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">3.02. <I>Powers of Committee</I>.
Subject to the express provisions of the Plan, the Committee shall have the power and authority (i)&nbsp;to grant Options and to
determine the purchase price of the Common Stock covered by each Option, the term of each Option, the number of shares of Common
Stock to be covered by each Option and any performance objectives or vesting standards applicable to each Option; (ii)&nbsp;to
designate Options as Incentive Stock Options or Nonstatutory Stock Options and to determine which Options, if any, shall be accompanied
by Tandem Stock Appreciation Rights; (iii)&nbsp;to grant Tandem Stock Appreciation Rights and Nontandem Stock Appreciation Rights
and to determine the terms and conditions of such rights; (iv)&nbsp;to grant Restricted Shares and Restricted Share Units and to
determine the term of the Restricted Period (as described in Section 11.02) and other conditions and restrictions applicable to
such grants; (v)&nbsp;to grant Performance Units and to determine the performance objectives, performance periods and other conditions
applicable to such units; (vi)&nbsp;to grant Unrestricted Shares (subject to the limitation contained in this plan) and (vii)&nbsp;to
determine the associates to whom, and the time or times at which, Options, Stock Appreciation Rights, Restricted Shares, Restricted
Share Units, Performance Units and Unrestricted Shares shall be granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">3.03. <I>Delegation</I>.
The Committee may delegate to one or more of its members or to any other person or persons such ministerial duties as it may deem
advisable; <I>provided, however</I>, that the Committee may not delegate any of its responsibilities hereunder if such delegation
will cause transactions under the Plan to fail to comply with any intended exemption under Section 16 of the Act. The Committee
may also employ attorneys, consultants, accountants or other professional advisors and shall be entitled to rely upon the advice,
opinions or valuations of any such advisors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">3.04. <I>Interpretations</I>.
The Committee shall have sole discretionary authority to interpret the terms of the Plan, to adopt and revise rules, regulations
and policies to administer the Plan and to make any other factual determinations which it believes to be necessary or advisable
for the administration of the Plan. All actions taken and interpretations and determinations made by the Committee in good faith
shall be final and binding upon the Company, all associates who have received awards under the Plan and all other interested persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">3.05. <I>Liability;
Indemnification</I>. No member of the Committee, nor any person to whom duties have been delegated, shall be personally liable
for any action, interpretation or determination made with respect to the Plan or awards made thereunder, and each member of the
Committee shall be fully indemnified and protected by the Company with respect to any liability he or she may incur with respect
to any such action, interpretation or determination, to the extent permitted by applicable law and to the extent provided in the
Company&rsquo;s Certificate of Incorporation and Bylaws, as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE IV<BR>
&emsp;<BR>
ELIGIBILITY </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">4.01. <I>Eligibility</I>.
Any associate, consultant, director or other advisor of, or any other individual who provides services to (x)&nbsp;the Company
or any subsidiary or affiliate or (y) any joint venture in which the Company or any subsidiary or affiliate holds at least a 20%
interest, shall be eligible to be selected to receive a compensatory award under or to be a &ldquo;participant&rdquo; in the Plan.
In determining the individuals to whom awards shall be granted and the number of shares to be covered by each award, the Committee
shall take into account the nature of the services rendered by such individuals, their present and potential contributions to the
success of the Company and its subsidiaries and such other factors as the Committee in its sole discretion shall deem relevant.
The Committee shall ensure that Common Stock underlying any award hereunder qualifies as &ldquo;service recipient stock,&rdquo;
within the meaning</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">of Code Section 409A and the regulations
thereunder. No non-employee director of the Company may be granted in any calendar year awards covering more than 50,000 shares
of Common Stock (unless the grant of any award in excess of this limit is approved by disinterested directors).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">4.02. <I>Certain Limitations</I>.
Awards granted under the Plan shall be subject to a minimum one year vesting period following the grant date of such award; provided
that the following actions and awards shall not be subject to the foregoing minimum vesting requirement: (i)&nbsp;the acceleration
of awards pursuant to Section 18.01, (ii)&nbsp;the grant of Substitute Awards or (iii)&nbsp;the grant of awards relating to 5%
of the shares available for issuance under this Plan pursuant to Section 2.02; and, provided further, that the foregoing restriction
does not apply to the provision for accelerated exercisability or vesting of an award in cases of involuntary termination without
Cause, Retirement, death or Disability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE V<BR>
&emsp;<BR>
STOCK OPTIONS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">5.01. <I>Grant of Options</I>.
Options may be granted under the Plan for the purchase of shares of Common Stock. Options shall be granted in such form and upon
such terms and conditions, including the satisfaction of corporate or individual performance objectives and other vesting standards,
as the Committee shall from time to time determine. On or before the date of grant of an Option, the Committee shall designate
the number of shares of Common Stock covered by such Option, the option price of such Option, and the recipient of the Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">5.02. <I>Option Price</I>.
The option price of each Option to purchase Common Stock shall be determined by the Committee not later than the date of the grant,
but (except in the case of Substitute Awards) shall not be less than 100 percent of the Fair Market Value of the Common Stock subject
to such Option on the date of grant. The option price so determined shall also be applicable in connection with the exercise of
any Tandem Stock Appreciation Right granted with respect to such Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">5.03. <I>Term of Options</I>.
The term of each Option granted under the Plan shall not exceed ten (10) years from the date of grant, subject to earlier termination
as provided in Articles IX and X, except as otherwise provided in Section&nbsp;6.01 with respect to ten (10) percent stockholders
of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">5.04<I>. Exercise of
Options</I>. Subject to the provisions of Article XIX, an Option may be exercised, in whole or in part, at such time or times as
the Committee shall determine; <I>provided</I>, <I>however</I>, that, except to the extent provided in Sections 4.02 and 18.01,
each Option granted under the Plan shall have a minimum vesting period of one year. Subject to the forgoing, the Committee may,
in its discretion, accelerate the exercisability of any Option at any time. Options may be exercised by a Participant by giving
notice in such manner as the Committee may permit, stating the number of shares of Common Stock with respect to which the Option
is being exercised and tendering payment therefor. Payment for the shares of Common Stock issuable upon exercise of the Option
shall be made in full in cash or by certified check or, if the Committee, in its sole discretion, permits, in shares of Common
Stock (valued at Fair Market Value on the date of exercise). As soon as reasonably practicable following such exercise, a certificate
representing the shares of Common Stock purchased, registered in the name of the Participant, shall be delivered to the Participant.
Until the issuance of the shares of Common Stock upon the exercise of the Option, no right to vote or receive dividends or any
other rights as a shareholder shall exist with respect to the shares of Common Stock that are subject to the Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">5.05. <I>Cancellation
of Stock Appreciation Rights</I>. Upon exercise of all or a portion of an Option, the related Tandem Stock Appreciation Rights
shall be canceled with respect to an equal number of shares of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE VI<BR>
&emsp;<BR>
SPECIAL RULES APPLICABLE TO INCENTIVE STOCK OPTIONS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">6.01. <I>Ten Percent
Stockholder</I>. Notwithstanding any other provision of this Plan to the contrary, any associates who are full-time employees of
the Company and its present and future subsidiaries, shall be eligible for awards of Incentive Stock Options. However, no such
associate may receive an Incentive Stock Option under the Plan if such associate, at the time the award is granted, owns (after
application of the rules contained in Code Section 424(d)) stock possessing more than ten (10) percent of the total combined voting
power of all classes of stock of the Company or its subsidiaries, unless (i)&nbsp;the option price for such Incentive Stock Option
is at least 110 percent of the Fair Market</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Value of the Common Stock subject to such
Incentive Stock Option on the date of grant and (ii)&nbsp;such Option is not exercisable after the date five (5) years from the
date such Incentive Stock Option is granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">6.02. <I>Limitation
on Grants</I>. The aggregate Fair Market Value (determined with respect to each Incentive Stock Option at the time such Incentive
Stock Option is granted) of the shares of Common Stock with respect to which Incentive Stock Options are exercisable for the first
time by an associate during any calendar year (under this Plan or any other plan of the Company or a subsidiary) shall not exceed
$100,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">6.03. <I>Limitations
on Time of Grant</I>. No grant of an Incentive Stock Option shall be made under this Plan more than ten (10) years after the earlier
of the date of adoption of the Plan by the Board or the date the Plan is approved by stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE VII<BR>
&emsp;<BR>
STOCK APPRECIATION RIGHTS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">7.01. <I>Grants of Stock
Appreciation Rights</I>. Tandem Stock Appreciation Rights may be awarded by the Committee in connection with any Option granted
under the Plan, at the time the Option is granted, and shall be subject to the same terms and conditions as the related Option,
except that the medium of payment may differ. Nontandem Stock Appreciation Rights may be granted by the Committee at any time.
On or before the date of grant of a Nontandem Stock Appreciation Right, the Committee shall specify the number of shares of Common
Stock covered by such right, the base price of shares of Common Stock to be used in connection with the calculation described in
Section 7.05 below, and the recipient of the award. Except in the case of a Substitute Award, the base price of a Nontandem Stock
Appreciation Right shall be not less than 100 percent of the Fair Market Value of a share of Common Stock on the date of grant.
Stock Appreciation Rights shall be subject to such terms and conditions not inconsistent with the other provisions of this Plan
as the Committee shall determine. Until the issuance of shares of Common Stock upon the surrender or exchange of Tandem Stock Appreciation
Rights or exercise of Nontandem Stock Appreciation Right, no right to vote or receive dividends or any other rights as a shareholder
shall exist with respect to the shares of Common Stock that are subject to the Tandem or Nontandem Stock Appreciation Right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">7.02. <I>Limitations
on Exercise</I>. Subject to the provisions of Articles IX, X and XIX, a Tandem Stock Appreciation Right shall be exercisable only
to the extent that the related Option is exercisable and shall be subject to the same exercise period as the related Option, which
shall be set forth in the applicable agreement on or before the date of grant. Upon the exercise of all or a portion of Tandem
Stock Appreciation Rights, the related Option shall be canceled with respect to an equal number of shares of Common Stock. Shares
of Common Stock subject to Options, or portions thereof, surrendered upon exercise of a Tandem Stock Appreciation Right, shall
not be available for subsequent awards under the Plan. Subject to the provisions of Article XIX, a Nontandem Stock Appreciation
Right shall be exercisable during such period as the Committee shall determine, which shall be set forth in the applicable agreement
on or before the date of grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">7.03. <I>Term of Stock
Appreciation Rights. </I>The term of each Stock Appreciation Right granted under the Plan shall not exceed ten (10) years from
the date of grant, subject to earlier termination as provided in Articles IX and X.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">7.04. <I>Surrender or
Exchange of Tandem Stock Appreciation Rights</I>. A Tandem Stock Appreciation Right shall entitle the Participant to surrender
to the Company unexercised the related option, or any portion thereof, and to receive from the Company in exchange therefor that
number of shares of Common Stock having an aggregate Fair Market Value equal to (A) the excess of (i)&nbsp;the Fair Market Value
of one (1) share of Common Stock as of the date the Tandem Stock Appreciation Right is exercised over (ii)&nbsp;the option price
per share specified in such Option, multiplied by (B) the number of shares of Common Stock subject to the Option, or portion thereof,
which is surrendered. Cash shall be delivered in lieu of any fractional shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">7.05. <I>Exercise of
Nontandem Stock Appreciation Rights</I>. The exercise of a Nontandem Stock Appreciation Right shall entitle the Participant to
receive from the Company that number of shares of Common Stock having an aggregate Fair Market Value equal to (A) the excess of
(i)&nbsp;the Fair Market Value of one (1) share of Common Stock as of the date on which the Nontandem Stock Appreciation Right
is exercised over (ii)&nbsp;the base price of the shares covered by the Nontandem Stock Appreciation Right, multiplied by (B) the
number of shares of Common Stock covered by the Nontandem Stock Appreciation Right, or the portion thereof being exercised. Cash
shall be delivered in lieu of any fractional shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">7.06. <I>Settlement
of Stock Appreciation Rights</I>. As soon as is reasonably practicable after the exercise of a Stock Appreciation Right, the Company
shall (i)&nbsp;issue, in the name of the Participant, stock certificates representing the total number of full shares of Common
Stock to which the Participant is entitled pursuant to Section 7.04 or 7.05 hereof, and cash in an amount equal to the Fair Market
Value, as of the date of exercise, of any resulting fractional shares and (ii)&nbsp;if the Committee causes the Company to elect
to settle all or part of its obligations arising out of the exercise of the Stock Appreciation Right in cash pursuant to Section
7.07, deliver to the Participant an amount in cash equal to the Fair Market Value, as of the date of exercise, of the shares of
Common Stock it would otherwise be obligated to deliver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">7.07. <I>Cash Settlement</I>.
The Committee, in its discretion, may cause the Company to settle all or any part of its obligation arising out of the exercise
of a Stock Appreciation Right by the payment of cash in lieu of all or part of the shares of Common Stock it would otherwise be
obligated to deliver in an amount equal to the Fair Market Value of such shares on the date of exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE VIII<BR>
&emsp;<BR>
NONTRANSFERABILITY OF AWARDS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">8.01. <I>Nontransferability
of Awards</I>. Except to the extent permitted under Section 8.02, no Award may be transferred, assigned, pledged or hypothecated
(whether by operation of law or otherwise), except as provided by will or the applicable laws of descent and distribution, and
no Award shall be subject to execution, attachment or similar process. Any attempted assignment, transfer, pledge, hypothecation
or other disposition of an Award not specifically permitted herein shall be null and void and without effect. An Award may be exercised
by a Participant, or otherwise settle, only during the Participant&rsquo;s lifetime, or following the Participant&rsquo;s death,
pursuant to Article X.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">8.02. <I>Limited Exception
to Nontransferability</I>. Notwithstanding Section 8.01, the Committee may determine that a Nonstatutory Stock Option may be transferred
by a Participant to one or more members of such Participant&rsquo;s immediate family, to a partnership of which the only partners
are members of such Participant&rsquo;s immediate family, or to a trust established by a Participant for the benefit of one or
more members of such Participant&rsquo;s immediate family. For this purpose, immediate family means a Participant&rsquo;s spouse,
parents, children, grandchildren and the spouses of such parents, children and grandchildren. A transferee described in this Section
8.02 may not further transfer such Nonstatutory Stock Option. A trust described in this Section 8.02 may not be amended to benefit
any person other than a member of the Participant&rsquo;s immediate family. A Nonstatutory Stock Option transferred pursuant to
this Section 8.02 shall remain subject to the provisions of the Plan, including, but not limited to, the provisions of Articles
9 and 10 relating to the effect on the Nonstatutory Stock Option of the Termination of Employment, Total Disability or death of
the Participant, and shall be subject to such other rules as the Committee shall determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE IX<BR>
&emsp;<BR>
TERMINATION OF EMPLOYMENT </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">9.01. <I>Exercise after
Termination of Employment</I>. Except as the Committee may at any time provide, in the event that the employment of a Participant
shall be terminated either by the Participant or by the Participant&rsquo;s employer (for&nbsp;reasons other than death, Total
Disability or Cause), any Option or Stock Appreciation Right granted to such Participant may be exercised (to the extent that the
Participant was entitled to do so at the time of Participant&rsquo;s Termination of Employment) at any time within one (1) year
after such Termination of Employment, but in no case later than the date of expiration of the original term of the Option or Stock
Appreciation Right; <I>provided, however</I>, that if an Incentive Stock Option is not exercised within three (3) months following
Termination of Employment, it shall be treated as a Nonstatutory Stock Option. If the Participant&rsquo;s employment is terminated
by the Participant&rsquo;s employer for Cause, except as the Committee may at any time provide, any Option or Stock Appreciation
Right may be exercised (to the extent that the Participant was entitled to do so at the time of the Termination of Employment)
at any time within thirty (30) days after such Termination of Employment, but in no case later than the date of expiration of the
original term of the Option or Stock Appreciation Right. Except to the extent otherwise set forth herein, any Options or Stock
Appreciation Rights that are not exercisable on the date of a Termination of Employment for any reason shall lapse. In no event
may an Option or Stock Appreciation Right be exercised after the expiration of the original term of the Option or Stock Appreciation
Right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">9.02. <I>Total Disability</I>.
If a Participant to whom an Option or Stock Appreciation Right has been granted under the Plan shall have incurred a Total Disability,
such Option or Stock Appreciation Right, to the extent not vested on the date of such Participant&rsquo;s Termination of Employment
due to Total Disability (it being understood that such termination occurs after nine (9) months of absence from work due to the
Total Disability), shall continue to vest during the period of such Participant&rsquo;s Total Disability, and, upon becoming vested,
such award shall be exercisable within the one (1) year period after the applicable vesting date, but in no event later than the
date of expiration of the original term of the Option or Stock Appreciation Right. To the extent that an Option or Stock Appreciation
Right held by a Participant is vested on the date of such Participant&rsquo;s Termination of Employment due to Total Disability,
such Option or Stock Appreciation Right shall be exercisable within the one (1) year period after the date of such Termination
of Employment, but in no event later than the date of expiration of the original term of the Option or Stock Appreciation Right.
In the event of the death of a Participant following such Participant&rsquo;s Termination of Employment due to Total Disability,
any unvested Option or Stock Appreciation Right shall be fully vested on the date of such Participant&rsquo;s death and shall be
exercisable within the one (1) year period after the date of such Participant&rsquo;s death, but in no event later than the expiration
of the original term of the Option or Stock Appreciation Right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Notwithstanding the
foregoing, for purposes of exercising Incentive Stock Options, a Participant shall be deemed to have a Termination of Employment
if the Participant is absent from work for three (3) months due to Total Disability, where the date of such Termination of Employment
shall be the last date of active employment before the three (3) month period; in this event, if such Participant fails to exercise
his or her Incentive Stock Option within three (3) months following such deemed Termination of Employment, such Incentive Stock
Option shall be treated as a Nonstatutory Stock Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE X<BR>
&emsp;<BR>
DEATH OF PARTICIPANT </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">10.01. <I>Death of Participant
While Employed</I>. If a Participant to whom an Option or Stock Appreciation Right has been granted under the Plan shall die while
employed by or otherwise providing services to the Company or one of its subsidiaries or affiliates, such Option or Stock Appreciation
Right shall become fully exercisable by the Participant&rsquo;s beneficiary (as designated by the Participant on the appropriate
form provided by the Company), or if no beneficiary is so designated, then by the estate or person who acquires the right to exercise
such Option or Stock Appreciation Right upon the Participant&rsquo;s death by bequest or inheritance. Such exercise may occur at
any time within one (1) year after the date of the Participant&rsquo;s death (or such other period as the Committee may at any
time provide), but in no case later than the date of expiration of the original term of the Option or Stock Appreciation Right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">10.02. <I>Death of Participant
Following Termination of Employment</I>. Except in the case of death during the period of Total Disability, which shall be governed
by Section 9.02, if a Participant to whom an Option or Stock Appreciation Right has been granted under the Plan shall die after
the date of the Participant&rsquo;s Termination of Employment, but before the end of the period provided under the Plan by which
a terminated Participant may exercise such Option or Stock Appreciation Right, such Option or Stock Appreciation Right may be exercised,
to the extent that the Participant was entitled to do so at the time of the Participant&rsquo;s death, by the Participant&rsquo;s
beneficiary (as designated by the Participant on the appropriate form provided by the Company), or if no beneficiary is so designated,
then by the estate or person who acquires the right to exercise such Option or Stock Appreciation Right upon the Participant&rsquo;s
death by bequest or inheritance. Such exercise may occur at any time within the period in which the terminated Participant could
have exercised such Option or Stock Appreciation Right if the Participant had not died (or such other period as the Committee may
at any time provide), but in no case later than the date of expiration of the original term of the Option or Stock Appreciation
Right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE XI<BR>
&emsp;<BR>
RESTRICTED SHARES<BR>
and<BR>
RESTRICTED SHARE UNITS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">11.01. <I>Grant of Restricted
Shares and Restricted Share Units</I>. The Committee may from time to time cause the Company to grant Restricted Shares and RSUs
under the Plan to Participants, subject to such restrictions, conditions and other terms as the Committee may determine. Restricted
Shares are shares of Common Stock which are subject to such conditions and restrictions as determined by the Committee, including
conditions and restrictions relating to transferability. RSU awards represent an unfunded promise to pay the Participant a specified
number of shares of Common Stock (or cash equivalent, as applicable) in the future if the conditions of the RSU award are satisfied
and the RSU award is not otherwise forfeited prior to the stated date of delivery, under the terms and conditions applicable to
such award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">11.02. <I>Restrictions</I>.
At the time a grant of Restricted Shares or RSUs is made, the Committee shall establish the Restricted Period applicable to such
Restricted Shares or RSUs. Each grant of Restricted Shares or RSUs may be subject to a different Restricted Period. The Committee
may, in its sole discretion, at the time a grant is made, prescribe restrictions in addition to or other than the expiration of
the Restricted Period, including the satisfaction of corporate or individual service or performance objectives, which shall be
applicable to all or any portion of the Restricted Shares or RSUs. The Committee may also, in its sole discretion, waive any performance-based
restrictions applicable to all or a portion of such Restricted Shares or RSUs, provided that the applicable terms and conditions
are set forth on or before the date of grant of the award to the extent required to comply with Code Section&nbsp;409A and the
regulations thereunder. In the event of a Participant&rsquo;s Termination of Employment for Total Disability, Restricted Shares
or RSUs held by such Participant shall continue to vest during the period of Total Disability. Unless otherwise provided under
the terms of the award, upon the death of a Participant, including during a Participant&rsquo;s Total Disability, any performance
conditions applicable to Restricted Shares or RSUs which have been granted to such Participant will be deemed to have been satisfied
at target, if applicable, and the Restricted Period, if any, applicable to Restricted Shares or RSUs held by such Participant,
will be deemed to have expired. Unless otherwise provided under the terms of the award, upon the Retirement of a Participant, the
service restrictions and conditions, if any, applicable to any Restricted Shares or RSUs which have been granted to such Participant
will be deemed to have been satisfied with respect to that percentage of the Restricted Shares or RSUs equal to (i)&nbsp;the number
of complete months between the first day of the Restricted Period and the date of the Participant&rsquo;s Retirement, divided by
(ii)&nbsp;the number of complete months in the Restricted Period. Any Restricted Shares or RSUs granted to a Participant for which
the restrictions and conditions are not deemed to have expired pursuant to the preceding sentence shall be forfeited in accordance
with Section 11.05. Subject to Sections 4.02 and 18.01, an award may also provide for full or pro-rata vesting upon other events,
such as upon a Change in Control or for other reasons, provided that any such applicable terms and conditions are set forth on
or before the date of grant of the award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">11.03. <I>Rights of
Holders of Restricted Shares</I>. Participants to whom Restricted Shares have been granted shall not have the right to vote such
shares or the right to receive any dividends with respect to such Restricted Shares. In the event of the payment of a dividend
or other distribution in connection with the shares of Common Stock, Participants may, at the discretion of the Committee, receive
such dividend or distribution equivalent subject to the same restrictions and vesting conditions as the underlying Restricted Shares.
The Committee may, in its discretion, specify in the applicable award agreement that any or all dividend or other distribution
equivalents paid on Restricted Shares prior to vesting be credited to the Participant in cash or in a number of additional Restricted
Shares having an aggregate Fair Market Value equal to the dividend per share paid on the Common Stock multiplied by the number
of Restricted Shares credited to the Participant&rsquo;s account at the time the dividend was declared, subject to such terms and
conditions, including such restrictions, of the applicable Restricted Shares. Such cash right or additional Restricted Shares credited
to a Participant in relation to dividend or other distribution equivalents with respect to a Restricted Share shall be subject
to the same restrictions as such Restricted Share. All distributions or credits in respect of such distributions, if any, received
by a Participant with respect to Restricted Shares as a result of any stock split-up, stock distribution, a combination of shares,
or other similar transaction shall be subject to the restrictions of this Article XI and the adjustment provisions of Article XV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">11.04. <I>Rights of
Holders of Restricted Share Units</I>. Participants to whom RSUs have been granted shall not have the right to vote the shares
subject to such RSUs or the right to receive any dividends with respect to the shares subject to such RSUs. In the event of the
payment of a dividend or other distribution in connection with the shares of Common</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Stock, Participants may, at the discretion
of the Committee, receive such dividend or distribution equivalent subject to the same restrictions and vesting conditions as the
underlying RSUs. The Committee may, in its discretion, specify in the applicable award agreement that any or all dividend or other
distribution equivalents paid on the shares of Common Stock underlying a Participant&rsquo;s RSUs prior to the vesting of the Participant&rsquo;s
RSUs be credited to the Participant in cash or in a number of additional RSUs having an aggregate Fair Market Value equal to the
dividend per share paid on the Common Stock multiplied by the number of RSUs credited to the Participant&rsquo;s account at the
time the dividend was declared. Such cash right or additional RSUs credited to the Participant in relation to dividend or other
distribution equivalents paid with respect to an RSU shall be subject to the same restrictions as such RSU. All distributions or
credits in respect of such distributions, if any, received by a Participant with respect to RSUs as a result of any stock split-up,
stock distribution, a combination of shares, or other similar transaction shall be subject to the restrictions of this Article
XI and the adjustment provisions of Article XV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">11.05. <I>Forfeiture
Upon Termination of Employment</I>. Except as provided in Section 11.02 and Section 18.01, and as the Committee may at any time
provide, any Restricted Shares or RSUs granted to a Participant pursuant to the Plan shall be forfeited if the Participant experiences
a Termination of Employment either by the Participant or by the Participant&rsquo;s employer for reasons other than death or Total
Disability prior to the expiration of the Restricted Period and the satisfaction of any other conditions applicable to such Restricted
Shares or RSUs. In addition, if the Participant&rsquo;s Termination of Employment occurs as a result of Retirement, any Restricted
Shares or RSUs which do not vest in accordance with Section 11.02 shall be forfeited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">11.06. <I>Delivery of
Shares</I>. Delivery of shares of Common Stock in respect of Restricted Shares shall be made promptly following lapse or termination
of the Restricted Period and satisfaction of any related conditions. Unless, in the case of RSUs, an election is made under Section
11.08 to defer the settlement of RSUs, and unless otherwise provided in the terms of any award, upon the expiration or termination
of the Restricted Period and the satisfaction of any other conditions prescribed by the Committee, RSUs shall be settled by delivery
of a stock certificate for the number of shares of Common Stock associated with the award with respect to which the restrictions
have expired or the terms and conditions have been satisfied to the Participant or the Participant&rsquo;s beneficiary or estate,
as the case may be. Such payment in settlement of RSUs shall be made promptly, but in any event not later than (i)&nbsp;the end
of the year in which the Restricted Period ended and the conditions were satisfied or (ii)&nbsp;if later, the 15<SUP>th</SUP> day
of the third calendar month following the date on which the Restricted Period ended, provided that the award holder will not be
permitted, directly or indirectly, to designate the taxable year of settlement. The Participant may be required to execute a release
of claims against the Company and its subsidiaries in this event. If an election is made under Section&nbsp;11.08 to defer the
settlement of RSUs, delivery shall occur as described here but upon the date or dates of delivery in accordance with Section 11.09
and the deferral election. Notwithstanding the above, if the Participant is a Specified Employee, and is entitled to receive a
payment in respect of RSUs upon Termination of Employment or on a date determinable based on the date of Termination of Employment
(and not a pre-determined fixed date or schedule), then, except in the event of the Participant&rsquo;s death after such Termination
of Employment, such payment shall be delayed by at least six (6) months after the date of such Participant&rsquo;s Termination
of Employment to the extent required by Code Section 409A and the regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">11.07. <I>Performance-Based
Objectives</I>. At the time of the grant of Restricted Shares or RSUs to a Participant, and prior to the beginning of the performance
period to which performance objectives relate, the Committee may establish performance objectives based on criteria selected by
the Committee, including any one or more of the following, which may be expressed with respect to the Company or one or more operating
units or groups, as the Committee may determine: price of Common Stock, or the common stock of any affiliate, shareholder return,
return on equity, return on investment, return on capital, sales productivity, comparable store sales growth, economic profit,
economic value added, net income, operating income, gross margin, sales, free cash flow, earnings per share, operating company
contribution or market share. These factors shall have a minimum performance standard below which, and a maximum performance standard
above which, no payments will be made. These performance goals may be based on an analysis of historical performance and growth
expectations for the business, financial results of other comparable businesses, and progress towards achieving the long-range
strategic plan for the business. These performance goals and determination of results shall be based entirely on financial measures.
The Committee shall specify how any performance objectives shall be adjusted to the extent necessary to prevent dilution or enlargement
of any award as a result of extraordinary events or circumstances, as determined by the Committee, or to exclude the effects of
extraordinary, unusual, or non-recurring items; changes in applicable laws, regulations, or accounting principles; currency fluctuations;
discontinued operations; non-cash items, such as amortization, depreciation, or reserves; asset impairment; or any recapitalization,
restructuring, reorganization, merger, acquisition, divestiture, consolidation, spin-</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">off, split-up, combination, liquidation,
dissolution, sale of assets, or other similar corporation transaction. To the extent that the award is subject to Code Section
409A, and to the extent intended and necessary to comply with change in control payment or toggle rules under Code Section 409A,
payment in connection with a Change in Control must be made in respect of a Change in Control that satisfies the definition of
&ldquo;change in control event&rdquo; in Code Section 409A and the regulations thereunder, unless otherwise permitted in satisfaction
of the alternative payment rules under Code Section 409A and the regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">11.08. <I>Deferred Restricted
Share Units</I>. The Committee may permit a Participant who has been designated to receive an RSU award to elect to defer the receipt
of the shares in settlement of such RSU award as well as the form of payment of such deferred RSUs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">All elections under
this Section 11.08 to defer the settlement of an RSU award must be made in accordance with the requirements of Code Section 409A
and the regulations thereunder. Any election not in compliance with such requirements shall be treated as invalid and the deferral
election shall be disregarded and distribution of the shares upon settlement of the awards shall be made as though the Participant
did not elect to defer. For this purpose, an invalid deferral election shall include (but is not limited to) a deferral election
that (i)&nbsp;is not executed (regardless of when received), (ii)&nbsp;is executed but received after the applicable irrevocable
date or (iii)&nbsp;cannot otherwise become effective under applicable rules. If a valid deferral election is incomplete, the deferral
election shall be honored and distribution of the shares attributable to the awards shall be made as though the Participant elected
a deferred lump sum payment. For this purpose, a valid but incomplete deferral election is one that has been received and executed
on or before the applicable irrevocable date, but does not indicate the form of payment (lump sum versus installments), or indicates
an election for installment payments but not the number of installment payments. Unless the award agreement and terms and conditions
accompanying specific awards indicate otherwise, or as otherwise provided in the Plan, the deferred RSUs shall be subject to the
same restrictions, conditions and forfeiture provisions as the associated nondeferred RSUs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">During the Restricted
Period with respect to RSUs, Participants shall not have the right to receive any dividends. After the end of the Restricted Period
and prior to the time that shares of Common Stock are transferred to the Participant, within sixty (60) days after the date of
payment of a dividend by the Company on its shares of Common Stock, the Participant shall be credited with &ldquo;dividend equivalents&rdquo;
with respect to each outstanding RSU in an amount equal to the amount the Participant would have received as dividends if the RSUs
were actual shares of Common Stock. Such dividend equivalents will be converted into additional RSUs based on the Fair Market Value
of the Common Stock on the dividend payment date, in accordance with the procedures established by the Committee, and paid at the
same time and in the same manner as the underlying RSUs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">At no time shall any
assets of the Company be segregated for payment of RSUs hereunder. Participants who have elected to defer the settlement of RSUs
shall at all times have the status of general unsecured creditors of the Company and shall not have any rights in or against specific
assets of the Company. The Plan constitutes a mere promise by the Company to make payments attributable to RSUs in the future,
in accordance with the applicable terms and conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">11.09. <I>Payment of
Deferred Restricted Share Units</I>. RSUs are payable solely in shares of unrestricted Common Stock, and shall be paid in accordance
with the terms of delivery under Section 11.06 and this Section 11.09. Shares attributable to deferred RSUs that are vested in
accordance with the terms and conditions applicable to such awards shall be transferred to the Participant at the time and in the
form as elected by the Participant and as set forth in the terms and conditions applicable to such awards, which shall be either
in a single payment or in up to ten (10) installment payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">If a lump sum distribution
is elected, the payment shall be made on the date provided in, and in accordance with, the terms and conditions applicable to the
award. If installment distributions are elected, the initial installment shall be paid on the date provided in, and in accordance
with, the terms and conditions applicable to the award. Subsequent installments shall be made on each anniversary of the initial
installment and shall continue for the duration of the selected distribution period. If the Participant dies prior to the time
all shares have been distributed, distribution shall be made to the Participant&rsquo;s beneficiary or estate on the payment date
provided in, and in accordance with, the terms and conditions applicable to the RSU award. If Termination of Employment occurs
during the Restricted Period, the terms and conditions shall set forth the rights of the Participant to payment, as well as the
time and form of distribution of such awards, if any, to the Participant. A participant shall have no rights as a shareholder with
respect to deferred RSUs until such time, if any, as shares of Common Stock are transferred to the Participant (or the Participant&rsquo;s
beneficiary or estate, if applicable). Notwithstanding the above, if the Participant is a Specified Employee and is entitled to
receive payment upon Termination of Employment or on a date determinable based on the date of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Termination of Employment (and not a pre-determined
fixed date or schedule), then, except in the event of the Participant&rsquo;s death after such Termination of Employment, such
payment (or in the case of installments, the first payment) shall be delayed by at least six (6) months after the date of such
Participant&rsquo;s Termination of Employment, to the extent required by Code Section 409A and the regulations thereunder; in this
event, subsequent installment payments shall occur on the anniversary of the first delayed installment payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Provided that the terms
and conditions applicable to a deferred RSU award permit it, a Participant may change the Participant&rsquo;s distribution election,
provided such change in distribution election is made not less than 12&nbsp;months before the date the payment (or in the case
of installments, the first payment) is scheduled to be made, and is irrevocable after this date. Such an election may be made to
change payment(s) from a single lump sum payment to installment payments, from installment payments to a single lump sum payment,
or from one number of installment payments to another number of installment payments, by submitting such election to the Company;
<I>provided</I>, (i)&nbsp;such election does not become effective until at least twelve (12) months after the date on which the
election is made and (ii)&nbsp;except in the case of payment permissible upon the Participant&rsquo;s death, the payment (or in
the case of installments the first payment) must be deferred for a period of not less than five (5) years from the date such payment
would have been made or commenced if there had been no election to change the form of payment. For this purpose, all installment
payments are treated as a single payment. Any election not made in accordance with such procedures shall be treated as invalid,
and the change in distribution election shall be disregarded and distribution of the shares of Common Stock attributable to the
awards shall be made as though the Participant did not elect to change the time and form of distribution. For this purpose, an
invalid change in distribution election shall include (but is not limited to) an election that (i)&nbsp;is not executed (regardless
of when received), (ii)&nbsp;is executed but received after the applicable irrevocable date or (iii)&nbsp;cannot otherwise become
effective under applicable rules. If a valid change in distribution election is incomplete, the change in distribution election
shall be honored and distribution of the shares attributable to the awards shall be made as though the Participant elected a change
in distribution to a deferred lump sum payment. For this purpose, a valid but incomplete change in distribution election is one
that has been received and executed on or before the applicable irrevocable date, but does not indicate the form of payment (lump
sum versus installments), or indicates an election for installment payments but not the number of installment payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE XII<BR>
&emsp;<BR>
PERFORMANCE UNITS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">12.01. <I>Award of Performance
Units</I>. For each Performance Period, Performance Units may be granted under the Plan to such Participants as the Committee shall
determine. The award agreement covering such Performance Units shall specify the Ending Value. If necessary to make the calculation
of the amount to be paid to the Participant pursuant to Sections 12.03 and 12.04, the Committee shall also state in the award agreement
the Initial Value. The award agreement may also specify that each Performance Unit is deemed to be equivalent to one (1) share
of Common Stock. Performance Units granted to a Participant shall be credited to a Performance Unit Account established and maintained
for such Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">12.02. <I>Performance
Period</I>. Different Performance Periods may be established for different Participants receiving Performance Units. Performance
Periods may run consecutively or concurrently.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">12.03. <I>Right to Payment
of Performance Units</I>. All applicable terms and conditions shall be set forth in the award agreement and/or in accompanying
terms and conditions on or before the date of grant of Performance Units. With respect to each award of Performance Units under
this Plan, the Committee shall specify the Performance Objectives. If the Performance Objectives established for a Participant
for the Performance Period are partially but not fully met, the Committee may, nonetheless, in its sole discretion, determine that
all or a portion of the Performance Units have vested but such determination shall not change the date of payment of the awards.
If the Performance Objectives for a Performance Period are exceeded, the Committee may, in its sole discretion, grant additional,
fully vested Performance Units to the Participant. Except as provided in Section 18.01, on or before the date of grant, the Committee
may also determine, in its sole discretion, that Performance Units awarded to a Participant shall become partially or fully vested
upon the Participant&rsquo;s death, Total Disability or Retirement, or upon the Participant&rsquo;s Termination of Employment prior
to the end of the Performance Period but such determination shall not change the date of payment of the awards. Performance Unit
awards represent an unfunded promise to pay the Participant the value specified in the award agreement and/or applicable terms
and conditions in the future if the conditions associated with the Performance Unit award are satisfied and the Performance Units
are not otherwise forfeited prior to the stated date of payment, under the terms and conditions applicable to such award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">12.04. <I>Payment for
Performance Units</I>. As soon as practicable following the end of a Performance Period but not later than 90 days after the end
of a Performance Period, the Committee shall determine whether the Performance Objectives for the Performance Period have been
achieved (or partially achieved to the extent necessary to permit partial vesting at the discretion of the Committee pursuant to
Section 12.03). If the Performance Objectives for the Performance Period have been exceeded, the Committee shall determine whether
additional Performance Units shall be granted to the Participant pursuant to Section 12.03. Within 90 days after the end of a Performance
Period, provided the Committee determines the Performance Objectives have been achieved or partially achieved pursuant to Section
12.03, if the award agreement specifies that each Performance Unit is deemed to be equivalent to one (1) share of Common Stock,
the Company shall pay to the Participant an amount with respect to each vested Performance Unit equal to the Fair Market Value
of a share of Common Stock on such payment date or, if the Committee shall so specify at the time of grant, an amount equal to
(i)&nbsp;the Fair Market Value of a share of Common Stock on the payment date less (ii)&nbsp;the Fair Market Value of a share of
Common Stock on the date of grant of the Performance Unit. If the award agreement specifies a value for each Performance Unit or
sets forth a formula for determining the value of each Performance Unit at the time of payment, then within 90 days after the end
of a Performance Period, provided the Committee determines the Performance Objectives have been achieved or partially achieved
pursuant to Section 12.03, the Company shall pay to the Participant an amount with respect to each vested Performance Unit equal
to the Ending Value of the Performance Unit or, if the Committee shall so specify at the time of grant, an amount equal to (i)&nbsp;the
Ending Value of the Performance Unit less (ii)&nbsp;the Initial Value of the Performance Unit. Payment shall be made entirely in
cash, entirely in Common Stock or in such combination of cash and Common Stock as the Committee shall determine. The Committee
may, in its discretion, permit the deferral of settlement of vested Performance Units pursuant to procedures consistent with those
applicable to the deferral of settlement of RSUs under Sections 11.08 and 11.09 above, subject to any exceptions or requirements
under Section 409A of the Code and the regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">12.05. <I>Voting and
Dividend Rights</I>. No Participant shall be entitled to any voting rights, to receive any dividends, or to have his or her Performance
Unit Account credited or increased as a result of any dividends or other distribution with respect to Common Stock. In the event
of the payment of a dividend or other distribution in connection with the shares of Common Stock, Participants may, at the discretion
of the Committee, receive such dividend or distribution equivalent subject to the same restrictions and vesting conditions as the
underlying Performance Units. The Committee may, in its discretion, specify in the applicable award agreement that any or all dividend
or other distribution equivalents paid on the shares of Common Stock underlying a Participant&rsquo;s Performance Units prior to
the vesting of the Participant&rsquo;s Performance Units be credited to the Participant in cash or in a number of additional Performance
Units having an aggregate Fair Market Value equal to the dividend per share paid on the Common Stock multiplied by the number of
Performance Units credited to the Participant&rsquo;s account at the time the dividend was declared. Such cash right or additional
Performance Units credited to the Participant in relation to dividend or other distribution equivalents paid with respect to a
Performance Unit shall be subject to the same restrictions and satisfaction of the same Performance Objectives as applicable to
such Performance Unit. All distributions or credits in respect of distributions, if any, received by a Participant with respect
to Performance Units as a result of any stock split-up, stock distribution, a combination of shares, or other similar transaction
shall be subject to the restrictions of this Article XII and the adjustment provisions of Article XV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE XIII<BR>
&emsp;<BR>
UNRESTRICTED SHARES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">13.01. <I>Award of Unrestricted
Shares</I>. The Committee may cause the Company to grant Unrestricted Shares to associates at such time or times, in such amounts
and for such reasons as the Committee, in its sole discretion, shall determine. Except to the extent required by applicable law,
no payment shall be required for Unrestricted Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">13.02. <I>Delivery of
Unrestricted Shares</I>. The Company shall issue, in the name of each Participant to whom Unrestricted Shares have been granted,
stock certificates representing the total number of Unrestricted Shares granted to the Participant, and shall deliver such certificates
to the Participant on a fixed or objectively determinable date of payment, which shall be set forth at the time of grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">13.03. <I>Deferred Share
Units</I>. The Committee may permit a Participant who has been designated to receive an Unrestricted Share award to elect to receive
such Unrestricted Share award in the form of Deferred Share Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Any such election must
be made on or before December 31 of the calendar year prior to the year the compensation attributable to such award (or any portion
of such award) is earned, and shall be irrevocable after such date, and further shall comply with the rules set forth in Section
11.08, which apply to deferral elections, including such rules relating to invalid and valid but incomplete deferral elections.
At no time shall any assets of the Company be segregated for payment of Deferred Share Units hereunder. Participants who have elected
to receive Unrestricted Shares in the form of Deferred Share Units shall at all times have the status of general unsecured creditors
of the Company and shall not have any rights in or against specific assets of the Company. The Plan constitutes a mere promise
by the Company to make payments on Deferred Share Units in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">After the award of Deferred
Share Units to the Participant and prior to the time that shares of Common Stock are transferred to the Participant pursuant to
Section 13.04, within sixty (60) days after the date of payment of a dividend by the Company on its shares of Common Stock, the
Participant shall be credited with &ldquo;dividend equivalents&rdquo; with respect to each outstanding Deferred Share Unit in an
amount equal to the amount the Participant would have received as dividends if the Deferred Share Units were actual shares of Common
Stock. Such dividend equivalents will be converted into additional Deferred Share Units based on the Fair Market Value of the Common
Stock on the dividend payment date, in accordance with the procedures established by the Committee, and paid at the same time and
in the same manner as the underlying Deferred Share Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">13.04. <I>Payment of
Deferred Share Units</I>. Deferred Share Units are payable solely in shares of unrestricted Common Stock, and shall be paid in
accordance with the terms of delivery under Section 13.03 and this Section&nbsp;13.04. Shares applicable to such awards shall be
transferred to the Participant at the time and in the form as elected by the Participant and as set forth in the terms and conditions
applicable to such awards, which shall be either in a single payment or in up to ten (10) installment payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">If a lump sum distribution
is elected, the payment shall be made on the date provided in, and in accordance with, the terms and conditions applicable to the
award. If installment distributions are elected, the initial installment shall be paid on the date provided in, and in accordance
with, the terms and conditions applicable to the award. Subsequent installments shall be made on each anniversary of the initial
installment and shall continue for the duration of the selected distribution period. If the Participant dies prior to the time
all shares have been distributed, distribution shall be made to the Participant&rsquo;s beneficiary or estate on the payment date
provided in, and in accordance with, the terms and conditions applicable to the award. A Participant shall have no rights as a
shareholder with respect to Deferred Share Units until such time, if any, as shares of Common Stock are transferred to the Participant
(or the Participant&rsquo;s beneficiary or estate, if applicable). Notwithstanding the above, if the Participant is a Specified
Employee and is entitled to receive payment upon Termination of Employment or on a date determinable based on the date of Termination
of Employment (and not a pre-determined fixed date or schedule), then, except in the event of the Participant&rsquo;s death after
such Termination of Employment, such payment (or in the case of installments, the first payment) shall be delayed by at least six
(6) months after the date of such Participant&rsquo;s Termination of Employment, to the extent required by Code Section 409A and
the regulations thereunder; in this event, subsequent installment payments shall occur on the anniversary of the first delayed
installment payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Provided that the terms
and conditions applicable to a Deferred Share Unit award permit it, a Participant may change the Participant&rsquo;s distribution
election, provided such change in distribution election shall comply with the procedures and rules set forth in Section 11.09 which
apply to change in distribution elections, including such rules relating to invalid and valid but incomplete change in distribution
elections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE XIV<BR>
&emsp;<BR>
CLAWBACK </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">14.01. <I>Clawback</I>.
If the Committee determines in good faith either that: (i)&nbsp;if required by applicable law with respect to a Participant or
(ii) (x)&nbsp;a Participant engaged in fraudulent conduct or activities relating to the Company, (y) a Participant has knowledge
of such conduct or activities or (z) a Participant, based upon the Participant&rsquo;s position, duties or responsibilities, should
have had knowledge of such conduct or activities, the Committee shall have the power and authority under the Plan to terminate
without payment all outstanding awards under the Plan. If required by applicable law with respect to a Participant or if a Participant
described in (ii)&nbsp;above has received any compensation pursuant to an award granted under the Plan that is based on or results
from such conduct or activities, such Participant shall promptly reimburse to the Company a sum equal to either an amount required
by such law or the amount of such compensation paid in respect of the year in which such conduct or activities occurred, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE XV<BR>
&emsp;<BR>
ADJUSTMENTS; REPRICING </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">15.01. <I>Adjustments</I>.
Notwithstanding any other provision of the Plan, the Committee shall make or provide for such adjustments to the Plan, to the number
and class of shares available thereunder or to any outstanding Options, Stock Appreciation Rights, Restricted Shares, RSUs, Performance
Units or other awards as it shall deem appropriate to prevent dilution or enlargement of rights, including adjustments in the event
of changes in the number of shares of outstanding Common Stock by reason of stock dividends, extraordinary cash dividends, split-ups,
recapitalizations, mergers, consolidations, combinations or exchanges of shares, separations, reorganizations, liquidations and
the like. However, any such adjustment with respect to Options and Stock Appreciation Rights shall satisfy the requirements of
Reg. &sect;1.409A-1(b)(5)(v)(D) and shall otherwise ensure that such awards continue to be exempt from Code Section 409A, and any
such adjustment to awards that are subject to Code Section 409A, including RSUs and Performance Units, shall be made to the extent
compliant with Code Section 409A and the regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">15.02. <I>Repricing</I>.
Except as provided above in connection with a corporate transaction involving the Company (including, without limitation, any stock
dividend, stock split, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off,
combination or exchange of shares), the terms of outstanding awards may not be amended to reduce the exercise price of outstanding
Options or Stock Appreciation Rights or cancel outstanding Options or Stock Appreciation Rights in exchange for cash, other awards
or Options or Stock Appreciation Rights with an exercise price that is less than the exercise price of the original Options or
Stock Appreciation Rights without stockholder approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE XVI<BR>
&emsp;<BR>
AMENDMENT AND TERMINATION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">16.01. <I>Amendment
and Termination</I>. The Board may suspend, terminate, modify or amend the Plan, provided that any amendment that would constitute
a &ldquo;material revision&rdquo; of the Plan within the meaning of New York Stock Exchange Rule 303A(8) shall be subject to the
approval of the Company&rsquo;s stockholders. If the Plan is terminated, the terms of the Plan shall, notwithstanding such termination,
continue to apply to awards granted prior to such termination. No suspension, termination, modification or amendment of the Plan
may, without the consent of the Participant to whom an award shall theretofore have been granted, materially adversely affect the
rights of such Participant under such award, except to the extent any such action is undertaken to cause the Plan to comply with
applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE XVII<BR>
&emsp;<BR>
WRITTEN AGREEMENT </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">17.01. <I>Written Agreements</I>.
Each award of Options, Stock Appreciation Rights, Restricted Shares, RSUs, Performance Units and Unrestricted Shares shall be evidenced
by a written agreement, executed by the Participant and the Company, and containing such restrictions, terms and conditions, if
any, as the Committee may require. In the event of any conflict between a written agreement and the Plan, the terms of the Plan
shall govern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE XVIII<BR>
&emsp;<BR>
CHANGE IN CONTROL </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">18.01. <I>Effect of
Change in Control</I>. In the event that a Participant&rsquo;s employment or service is terminated by the Company other than for
Cause or, to the extent provided in an employment agreement between the Company and a Participant, a Participant resigns for Good
Reason, in either case during the 24-month period beginning on the date of a Change in Control, (i)&nbsp;Options and Stock Appreciation
Rights granted to such Participant which are not yet exercisable shall become fully exercisable; (ii)&nbsp;any restrictions applicable
to any Restricted Shares and RSUs awarded to such Participant shall be deemed to have been satisfied at target and the Restricted
Period, if any, as applicable to such Restricted Shares and RSUs held by such Participant shall be deemed to have expired; and
(iii) any Performance Objectives applicable to any Performance Units awarded to such Participant shall be deemed to have been satisfied
at target and the Performance Period, if any, as applicable to such Performance Units held by such Participant shall be deemed
to have expired. Notwithstanding the foregoing, or the provisions of Sections 11.06 or 12.04, if the accelerated</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">settlement of any RSU or Performance Unit
would cause the application of additional taxes under Code Section 409A, such RSU or Performance Unit will be settled on the date
it would otherwise have been settled in the absence of a Change in Control, unless the transaction constituting the Change in Control
falls within the definition of a Change in Control Event within the meaning of Code Section 409A and the regulations thereunder.
Notwithstanding the foregoing, for the avoidance of doubt, the Committee in place prior to a Change in Control may in its discretion
provide for alternative treatment of awards in connection with the Change in Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE XIX<BR>
&emsp;<BR>
MISCELLANEOUS PROVISIONS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">19.01 <I>Awards to Participants
Outside the United States</I>. The Committee may modify the terms of any outstanding or new award under the Plan granted to a Participant
who is, at the time of grant or during the term of the award, resident or primarily employed outside of the United States in any
manner deemed by the Committee to be necessary or appropriate in order that such award shall conform to laws, regulations and customs
of the country in which the Participant is then resident or primarily employed. An award may be modified under this Section&nbsp;19.01
in a manner that is inconsistent with the express terms of the Plan, so long as such modifications will not contravene any applicable
law or regulation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">19.02. <I>Tax Withholding</I>.
The Company shall have the right to require Participants or their beneficiaries or legal representatives to remit to the Company
an amount sufficient to satisfy federal, state and local withholding tax requirements, or to deduct from all payments under this
Plan amounts sufficient to satisfy all withholding tax requirements. Whenever payments under the Plan are to be made to a Participant
in cash, such payments shall be net of any amounts sufficient to satisfy all federal, state and local withholding tax requirements.
The Committee may, in its discretion, permit a Participant to satisfy the Participant&rsquo;s tax withholding obligation either
by (i)&nbsp;surrendering shares of Common Stock owned by the Participant or (ii)&nbsp;having the Company withhold from shares of
Common Stock otherwise deliverable to the Participant. Shares of Common Stock surrendered or withheld shall be valued at their
Fair Market Value as of the date on which income is required to be recognized for income tax purposes. In the case of an award
of Incentive Stock Options, the foregoing right shall be deemed to be provided to the Participant at the time of such award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">19.03. <I>Compliance
With Section 16(b)</I>. In the case of Participants who are or may be subject to Section 16 of the Act, it is the intent of the
Company that the Plan and any award granted hereunder satisfy and be interpreted in a manner that satisfies the applicable requirements
of Rule 16b-3 under the Act, so that such persons will be entitled to the benefits of Rule 16b-3 under the Act or other exemptive
rules under Section 16 of the Act and will not be subjected to liability thereunder. If any provision of the Plan or any award
would otherwise conflict with the intent expressed herein, that provision, to the extent possible, shall be interpreted and deemed
amended so as to avoid such conflict. To the extent of any remaining irreconcilable conflict with such intent, such provision shall
be deemed void as applicable to Participants who are or may be subject to Section 16 of the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">19.04. <I>Successors</I>.
The obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the
merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially
all of the assets and businesses of the Company. In the event of any of the foregoing, the Committee may, at its discretion prior
to the consummation of the transaction, cancel, offer to purchase, exchange, adjust or modify any outstanding awards, at such time
and in such manner as the Committee deems appropriate and in accordance with applicable law and the provisions of Article XV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">19.05. <I>General Creditor
Status</I>. Participants shall have no right, title or interest whatsoever in or to any investments which the Participant may make
to aid it in meeting its obligations under the Plan. Nothing contained in the Plan, and no action taken pursuant to its provisions,
shall create or be construed to create a trust of any kind, or a fiduciary relationship between the Company and any Participant
or beneficiary or legal representative of such Participant. To the extent that any person acquires a right to receive payments
from the Company under the Plan, such right shall be no greater than the right of an unsecured general creditor of the Company.
All payments to be made hereunder shall be paid from the general funds of the Company and no special or separate fund shall be
established and no segregation of assets shall be made to assure payment of such amounts except as expressly set forth in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">19.06. <I>No Right to
Employment</I>. Nothing in the Plan or in any written agreement entered into pursuant to Article&nbsp;XVII, nor the grant of any
award, shall confer upon any Participant any right to continue in the employ of the Company or a subsidiary or to be entitled to
any remuneration or benefits not set forth in the Plan or such written</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">agreement or interfere with or limit the
right of the Company or a subsidiary to modify the terms of or terminate such Participant&rsquo;s employment at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">19.07. <I>No Rights
to Awards; No Rights to Additional Payments</I>. No Participant shall have any claim to be granted any award under the Plan, and
there is no obligation for uniformity of treatment of Participants. All grants of awards and deliveries of Common Stock, cash or
other property under the Plan shall constitute a special discretionary incentive payment to the Participant and shall not be required
to be taken into account in computing any contributions to or any benefits under any retirement, profit-sharing, severance or other
benefit plan of the Company or any subsidiary or affiliate, unless the Committee expressly provides otherwise in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">19.08. <I>Notices</I>.
Notices required or permitted to be made under the Plan shall be sufficiently made if sent by registered or certified mail addressed
(a) to the Participant at the Participant&rsquo;s address set forth in the books and records of the Company or its subsidiaries
or (b) to the Company or the Committee at the principal office of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">19.09. <I>Severability</I>.
In the event that any provision of the Plan shall be held illegal or invalid for any reason, such illegality or invalidity shall
not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision
had not been included.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">19.10. <I>Governing
Law</I>. To the extent not preempted by federal law, the Plan, and all agreements hereunder, shall be construed in accordance with
and governed by the laws of the State of Delaware.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">19.11. <I>Term of Plan</I>.
Unless earlier terminated pursuant to Article XVI hereof, the Plan shall terminate on May&nbsp;14, 2030.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE XX<BR>
&emsp;<BR>
DEFINITIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">20.01As used in the Plan, the following terms shall have the
respective meanings indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">(a)&emsp;&ldquo;<B>Act</B>&rdquo; means the Securities Exchange
Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">(b)&emsp;&ldquo;<B>Board</B>&rdquo; means the Company&rsquo;s
Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">(c)&emsp;&ldquo;<B>Cause</B>&rdquo;
means that the Participant (1) was grossly negligent in the performance of the Participant&rsquo;s duties with the Company (other
than a failure resulting from the Participant&rsquo;s incapacity due to physical or mental illness); (2) has plead &ldquo;guilty&rdquo;
or &ldquo;no contest&rdquo; to or has been convicted of an act which is defined as a felony under federal or state law; or (3)
engaged in misconduct in bad faith which could reasonably be expected to materially harm the Company&rsquo;s business or its reputation.
The Participant shall be given written notice by the Company of a termination for Cause, which shall state in detail the particular
act or acts or failures to act that constitute the grounds on which the termination for Cause is based.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">(d)&emsp;&ldquo;<B>Change
in Control</B>&rdquo; means, and shall be deemed to have occurred upon, the occurrence of any of the following events:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: 20pt">1)&emsp;Any
Person (other than an Excluded Person) becomes, together with all &ldquo;affiliates&rdquo; and &ldquo;associates&rdquo; (each as
defined under Rule 12b-2 of the Act) the &ldquo;beneficial owner&rdquo; (as defined under Rule&nbsp;13d-3 of the Act) of securities
representing 33% or more of the combined voting power of the Voting Stock of the Company then outstanding, unless such Person becomes
the &ldquo;beneficial owner&rdquo; of 33% or more of the combined voting power of such Voting Stock then outstanding solely as
a result of an acquisition of such Voting Stock by the Company which, by reducing the Voting Stock of the Company outstanding,
increases the proportionate Voting Stock beneficially owned by such Person (together with all &ldquo;affiliates&rdquo; and &ldquo;associates&rdquo;
of such Person) to 33% or more of the combined voting power of the Voting Stock of the Company then outstanding; <I>provided </I>that
if a Person shall become the &ldquo;beneficial owner&rdquo; of 33% or more of the combined voting power of the Voting Stock of
the Company then outstanding by reason of such Voting Stock acquisition by the Company and shall thereafter become the &ldquo;beneficial
owner&rdquo; of any additional Voting Stock of the Company which causes the proportionate voting power of Voting Stock beneficially
owned by such Person to increase to 33% or more of the combined voting power of the Voting Stock of the Company then outstanding,
such Person shall, upon becoming the &ldquo;beneficial owner&rdquo; of such additional Voting Stock of the Company, be deemed to
have become the &ldquo;beneficial owner&rdquo; of 33% or more</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: 20pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">of the combined voting power of the Voting
Stock then outstanding other than solely as a result of such Voting Stock acquisition by the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: 20pt">2)&emsp;During any period
of 24 consecutive months, individuals who at the beginning of such period constitute the Board of Directors of the Company (and
any new Director, whose election by such Board or nomination for election by the stockholders of the Company was approved by a
vote of at least two-thirds of the Directors then still in office who either were Directors at the beginning of the period or whose
election or nomination for election was so approved), cease for any reason to constitute a majority of Directors then constituting
such Board;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: 20pt">3)&emsp;A reorganization,
merger or consolidation of the Company is consummated, in each case, unless, immediately following such reorganization, merger
or consolidation, (i)&nbsp;more than 50% of, respectively, the then-outstanding shares of common stock of the corporation resulting
from such reorganization, merger or consolidation and the combined voting power of the then-outstanding voting securities of such
corporation entitled to vote generally in the election of directors is then beneficially owned, directly or indirectly, by all
or substantially all of the individuals and entities who were the &ldquo;beneficial owners&rdquo; of the Voting Stock of the Company
outstanding immediately prior to such reorganization, merger or consolidation, (ii)&nbsp;no Person (but excluding for this purpose
any Excluded Person and any Person beneficially owning, immediately prior to such reorganization, merger or consolidation, directly
or indirectly, 33% or more of the voting power of the outstanding Voting Stock of the Company) beneficially owns, directly or indirectly,
33% or more of, respectively, the then-outstanding shares of common stock of the corporation resulting from such reorganization,
merger or consolidation or the combined voting power of the then-outstanding voting securities of such corporation entitled to
vote generally in the election of directors and (iii)&nbsp;at least a majority of the members of the board of directors of the
corporation resulting from such reorganization, merger or consolidation were members of the Board of Directors of the Company at
the time of the execution of the initial agreement providing for such reorganization, merger or consolidation; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: 20pt">4)&emsp;The consummation
of (i)&nbsp;a complete liquidation or dissolution of the Company or (ii)&nbsp;the sale or other disposition of all or substantially
all of the assets of the Company, other than to any corporation with respect to which, immediately following such sale or other
disposition, (A) more than 50% of, respectively, the then-outstanding shares of common stock of such corporation and the combined
voting power of the then-outstanding voting securities of such corporation entitled to vote generally in the election of directors
is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were the &ldquo;beneficial
owners&rdquo; of the Voting Stock of the Company outstanding immediately prior to such sale or other disposition of assets, (B)
no Person (but excluding for this purpose any Excluded Person and any Person beneficially owning, immediately prior to such sale
or other disposition, directly or indirectly, 33% or more of the voting power of the outstanding Voting Stock of the Company) beneficially
owns, directly or indirectly, 33% or more of, respectively, the then-outstanding shares of common stock of such corporation or
the combined voting power of the then-outstanding voting securities of such corporation entitled to vote generally in the election
of directors and (C) at least a majority of the members of the board of directors of such corporation were members of the Board
of Directors of the Company at the time of the execution of the initial agreement or action of the Board providing for such sale
or other disposition of assets of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the foregoing, in no event
shall a &ldquo;Change in Control&rdquo; be deemed to have occurred (i)&nbsp;as a result of the formation of a Holding Company or
(ii)&nbsp;with respect to a Participant, if the Participant is part of a &ldquo;group,&rdquo; within the meaning of Section 13(d)(3)
of the Act as in effect on the Plan&rsquo;s effective date, which consummates the Change in Control transaction. In addition, for
purposes of the definition of &ldquo;Change in Control&rdquo; a Person engaged in business as an underwriter of securities shall
not be deemed to be the &ldquo;beneficial owner&rdquo; of, or to &ldquo;beneficially own,&rdquo; any securities acquired through
such Person&rsquo;s participation in good faith in a firm commitment underwriting until the expiration of forty (40) days after
the date of such acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">(e)&emsp;&ldquo;<B>Change in Control Event</B>&rdquo; has the
meaning set forth in Code Section 409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">(f)&emsp;&ldquo;<B>Code</B>&rdquo; means the Internal Revenue
Code of 1986, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">(g)&emsp;&ldquo;<B>Committee</B>&rdquo; means the Compensation
Committee of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">(h)&emsp;&ldquo;<B>Common Stock</B>&rdquo; means shares of the
Company&rsquo;s common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">(i)&emsp;&ldquo;<B>Deferred Share Unit</B>&rdquo; means the
right to receive a share of Common Stock in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">(j)&emsp;&ldquo;<B>Ending
Value</B>&rdquo; means the value for each Performance Unit or formula for determining the value of each Performance Unit at the
time of payment, in each case as provided for in the applicable award agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">(k)&emsp;&ldquo;<B>Excluded
Person</B>&rdquo; means (i)&nbsp;the Company; (ii)&nbsp;any of the Company&rsquo;s subsidiaries; (iii)&nbsp;any Holding Company;
(iv)&nbsp;any employee benefit plan of the Company, any of its subsidiaries or a Holding Company; or (v)&nbsp;any Person organized,
appointed or established by the Company, any of its subsidiaries or a Holding Company for or pursuant to the terms of any plan
described in clause (iv).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">(l)&emsp;&ldquo;<B>Fair
Market Value</B>&rdquo; means the closing price of the Common Stock as reported on the principal exchange on which the shares are
listed for the date on which the grant, exercise or other transaction occurs, or if there were no sales on such date, the most
recent prior date on which there were sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">(m)&emsp;&ldquo;<B>Good Reason</B>&rdquo; has the meaning set
forth in a Participant&rsquo;s employment agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">(n)&emsp;&ldquo;<B>Holding
Company</B>&rdquo; means an entity that becomes a holding company for the Company or its businesses as a part of any reorganization,
merger, consolidation or other transaction, provided that the outstanding shares of common stock of such entity and the combined
voting power of the then-outstanding voting securities of such entity entitled to vote generally in the election of directors is,
immediately after such reorganization, merger, consolidation or other transaction, beneficially owned, directly or indirectly,
by all or substantially all of the individuals and entities who were the &ldquo;beneficial owners,&rdquo; respectively, of the
Voting Stock of the Company outstanding immediately prior to such reorganization, merger, consolidation or other transaction in
substantially the same proportions as their ownership, immediately prior to such reorganization, merger, consolidation or other
transaction, of such outstanding Voting Stock of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">(o)&emsp;&ldquo;<B>Incentive Stock Option</B>&rdquo; has the
meaning set forth in Section 2.01 of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">(p)&emsp;&ldquo;<B>Initial
Value</B>&rdquo; means the initial value for each Performance Unit as provided for in the applicable award agreement and as necessary
to make the calculation of the amount to be paid to a Participant pursuant to Sections&nbsp;12.03 and 12.04 of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">(q)&emsp;&ldquo;<B>Nonstatutory Stock Option</B>&rdquo; has
the meaning set forth in Section 2.01 of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">(r)&emsp;&ldquo;<B>Nontandem Stock Appreciation Right</B>&rdquo;
has the meaning set forth in Section 2.01 of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">(s)&emsp;&ldquo;<B>Participant</B>&rdquo; means any individual
who receives an award pursuant to Section 4.01 of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">(t)&emsp;&ldquo;<B>Performance
Objectives</B>&rdquo; means the performance objectives, as specified by the Committee, which must be satisfied in order for the
Participant to vest in the Performance Units which have been awarded to the Participant for the Performance Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">(u)&emsp;&ldquo;<B>Performance
Period</B>&rdquo; means the period of time, as established by the Committee in its sole discretion, applicable to Performance Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">(v)&emsp;&ldquo;<B>Performance
Unit Account</B>&rdquo; means an account established and maintained for a Participant who is granted Performance Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">(w)&emsp;&ldquo;<B>Performance Units</B>&rdquo; has the meaning
set forth in Section 2.01 of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">(x)&emsp;&ldquo;<B>Person</B>&rdquo;
means any individual composition, partnership, limited liability company, associations, trust or other entity or organization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">(y)&emsp;&ldquo;<B>Preexisting Plan</B>&rdquo; means the 1993
Stock Option and Performance Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">(z)&emsp;&ldquo;<B>Restricted
Period</B>&rdquo; means the period of time, as established by the Committee, applicable to Restricted Shares and RSUs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">(aa)&emsp;&ldquo;<B>Restricted Share Unit</B>&rdquo; or &ldquo;<B>RSU</B>&rdquo;
has the meaning set forth in Section 2.01 of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">(bb)&emsp;&ldquo;<B>Restricted Share</B>&rdquo; has the meaning
set forth in Section 2.01 of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">(cc)&emsp;&ldquo;<B>Retirement</B>&rdquo;
means, for purposes of Article XI of the Plan, a Participant&rsquo;s Termination of Employment following the date on which a Participant
has attained age 55 and completed seven years of service with the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">(dd)&emsp;&ldquo;<B>Specified
Employee</B>&rdquo; has the meaning set forth in Code Section 409A and the regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">(ee)&emsp;&ldquo;<B>Stock Appreciation Rights</B>&rdquo; has
the meaning set forth in Section 2.01 of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">(ff)&emsp;&ldquo;<B>Tandem Stock Appreciation Rights</B>&rdquo;
has the meaning set forth in Section 2.01 of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">(gg)&emsp;&ldquo;<B>Termination
of Employment</B>&rdquo; means a &ldquo;separation from service&rdquo; as that term is defined in Code Section 409A and the regulations
thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">(hh)&emsp;&ldquo;<B>Total
Disability</B>&rdquo; has the meaning set forth in the L Brands, Inc. Long-Term Disability Plan or any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">(ii)&emsp;&ldquo;<B>Unrestricted Shares</B>&rdquo; has the meaning
set forth in Section 2.01 of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">(jj)&emsp;&ldquo;<B>Voting
Stock</B>&rdquo; means securities of the Company entitled to vote generally in the election of the Company&rsquo;s Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
